Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hwang defends Samsung against ‘vulture’ fund
Domestic institutional investors are expected to support the merger plan between Samsung C&T and its sister company Cheil Industries as the head of local investors’ association categorized U.S.-based hedge fund Elliott Management as a speculator looking for short-term gains. Elliott, the largest foreign investor in Samsung’s construction and trading arm with a 7.12 percent stake, has opposed the merger, saying it would dampen the value of shareholders. Korea Financial Investment Association cha
June 14, 2015
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S. Korea's tour biz to be hit by MERS in peak season: acting PM
Acting Prime Minister Choi Kyung-hwan Sunday expressed concerns the ongoing spread of the MERS virus will eat into the local tourism industry during the summer peak season. As of Sunday afternoon, South Korea has reported 15 Middle East Respiratory Syndrome-related deaths, along with seven new cases, which has brought up the total number of patients to 145."We've seen and confirmed the plunge in visitors from abroad," Choi said during a meeting with related industry officials at Incheon Internat
June 14, 2015
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Hyundai Merchant to sell stake in brokerage affiliate to Japanese firm
Hyundai Merchant Marine Co., South Korea's No. 2 shipping line, said Friday that it will sell off its stake in a brokerage affiliate as part of efforts to improve its financial health. In a regulatory filing, the shipping company said that its board has made the decision to sell 53,070,736 shares of Hyundai Securities to Buffalo Finance. They represent 22.4 percent of its outstanding shares. Buffalo Finance is a special purpose company established by Orix Corp., a Japanese financial giant
June 12, 2015
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[Weekender] Burgeoning Korean pet industry going ever more premium
Every day, Lee-seul, Byul and Dal-rae get dropped off at a kindergarten in Seoul by their mom. Throughout the day, they play with their friends under the supervision of their teacher, who instructs them on how to properly behave at home. When evening approaches soon after snack time, the three wrap up their day and head home. This may sound like a typical trio of youngsters, but unlike other kindergartners they are all schanuzers, which Kim Mee-hyun, 57, says are “basically like her children.” A
June 12, 2015
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South Korea to shut down oldest nuke reactor
The Ministry of Trade, Industry and Energy said Friday that it would urge the nation’s nuclear power plant operator to shut down its oldest nuclear reactor ― the 587-megawatt Kori-1 reactor in Busan.The Energy Ministry plans to deliver an official request to the state-run nuclear operator Korea Hydro and Nuclear Power not to extend the reactor’s lifespan beyond its scheduled expiration date on June 18, 2017, effectively shutting down the plant.The decision was reached at the ministry-led 12th Na
June 12, 2015
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Business leaders meet China’s top politician
Zhang Dejiang, chairman of the Standing Committee of China’s National People’s Congress, is meeting South Korean business leaders to discuss their Chinese operations and future investment plans on his visit to Seoul this week. Zhang, who arrived in Seoul on Thursday for a three-day visit, met Hyundai Motor Group chairman Chung Mong-koo and LG Electronics vice chairman Koo Bon-joon. He, along with the Hyundai chairman, looked at the carmaker’s latest environmentally friendly vehicles, including t
June 12, 2015
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Starbucks Korea chief highlights horizontal culture in management
Creating a horizontal culture in a Korean company is always easier said than done. But Starbucks Coffee Korea CEO Lee Seock-koo has managed to defy that norm. “Just call me SK … If my customers call me SK, I will be honored,” Lee said during an interview with The Korea Herald on Thursday. Sixty-five-year-old Lee is referred to as SK by 7,600 "partners" ― conventionally called staff in other firms ― of the company, without a prefix or job title. “I think calling people by first names can consolid
June 12, 2015
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Samsung C&T seeks to delist DRs in Britain
Samsung C&T Co., a construction and trading arm of Samsung Group, said Friday that it is seeking to delist its depositary receipts (DRs) traded on the British stock market in an apparent move to stem a possible lawsuit there by a U.S. hedge fund over its attempt to merge with its sister firm. Samsung C&T said it will report its plan to the Financial Conduct Authority (FCA), which oversees the London Stock Exchange to delist its DRs, or certificates of stock ownership that are traded overseas.
June 12, 2015
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Kaiu eyes global market with Korean-style baby jewelry
Korean-style baby jewelry, such as a necklace engraved with a baby’s footprint or a first-birthday ring, is gaining popularity among American grandparents as gifts for their grandchildren. Korean brand Kaiu (www.kaiujewlry.com) is at the forefront of this trend. Kaiu’s website at www.kaiujewelry.comKaiu, which started online, more recently made its way into Korea’s upscale department stores and posh shopping districts. Now, the company is expanding its presence in other Asian countries and Nort
June 12, 2015
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Industries pledge to maintain investment despite virus outbreak
South Korea’s major business groups pledged Thursday to cooperate with the government to minimize the negative impact of the spread of Middle East respiratory syndrome on industrial activity amid growing concerns over a downswing in consumer and investor sentiment. The five major business lobby groups, including the Federation of Korean Industries, the Korea Chamber of Commerce & Industry and the Korea International Trade Association, said they would “handle the impact of the MERS outbreak undau
June 11, 2015
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[Graphic News] Overseas construction orders of Korean firms surpass $700b
The cumulative overseas construction orders of South Korean builders has exceeded $700 billion since they first ventured abroad in 1965, data showed Thursday.According to the Ministry of Land and the International Construction Information Service, the amount of construction order commissions reported was $699.54 billion as of June 10. However, if Samsung C&T’s order of $694 million for the WestConnex construction in Sydney, Australia, on June 4 it included, the total reaches $700.23 billion.Sout
June 11, 2015
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SK hynix enhances partnership in China
South Korea’s leading chipmaker SK hynix beefed up partnerships with Chinese customers during its 2015 SK hynix Mobile Solution Day event in Shenzhen on Wednesday. Around 300 officials from partner firms in China, including Huawei, Lenovo, and China Mobile, partook in the event themed “Creating the future mobile experience together.”The Korean chipmaker introduced its business strategies to cement its position as a leading player in the Chinese market. In line with the efforts to increase its pr
June 11, 2015
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Hyundai Motor establishes Korean studies program in U.S. think tank
Hyundai Motor will sponsor a Korea-related research unit at the Woodrow Wilson International Center for Scholars in Washington D.C., the company said Thursday.This is the first Korea-oriented scholastic program at the center. “We hope the programs will deepen U.S. opinion leaders’ understanding of Korea and Korean businesses,” Hyundai stated. Hyundai, alongside Korea Foundation, sealed a deal on Wednesday to establish the Hyundai Motor-KF Center for Korean History and Public Policy at the think
June 11, 2015
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Stake sale to KCC to protect long-term gains: Samsung C&T
Samsung C&T said Thursday that its plans to sell 5.76 percent stake to KCC Corp. was aimed at successively attaining the initial goals of the merger with Cheil Industries, involving business diversification and increasing synergy.The Samsung Group unit also noted that the move is believed to protect the company and shareholders’ interests from a foreign hedge fund targeting huge short-term gains.Its statement came after a U.S.-based hedge fund unveiled its plans to apply for another injunction t
June 11, 2015
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SK Innovation mulls selling SK Lubricants
SK Innovation, the energy holding company of SK Group, is reportedly considering selling its subsidiary SK Lubricants to MBK Partners, a homegrown private equity fund, industry sources said Thursday.The deal to buyout SK Lubricants ― which has been preparing for a major initial public offering by the end of this year ― is estimated to be worth 3 trillion won ($2.7 billion), according to local news reports.“As of now, nothing has been conclusively settled. MBK’s offer is just one of the several o
June 11, 2015
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LG wins award for efficient solar power solution
South Korea’s tech giant LG Electronics has won an award for its solar power system, the NeON 2, at the Intersolar Europe exhibition, the world’s leading solar power trade show which is scheduled to run through this Friday in Munich.A judging panel for the Intersolar Award 2015, held on the sidelines of the trade fair, recognized the high efficiency of LG’s solar energy solution, according to the tech giant. The LG solar product, with its cell measuring 15.67 centimeters, deploys top-notch techn
June 11, 2015
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New GM Korea chief renamed AMCHAM chairman
James KimJames Kim ― who was recently named as the new president of GM Korea ― has been reappointed as the chairman of the American Chamber of Commerce in Korea, the group announced Thursday.He is the first ever Korean-American to serve as AMCHAM chairman and will carry out his duties as the chamber’s chief until the end of 2015, leading the organization for two consecutive years.Kim, the current country manager of Microsoft Korea, is scheduled to begin working as GM Korea’s president and chief
June 11, 2015
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Korean tech firms seek Japanese premium
South Korea’s popular navigation app Kimgisa last month started its pilot service in Japan, but for most Korean mobile users, there may be no way to check out the Japanese version. In a market, widely called a “tomb” for Korean companies, especially IT firms, the app has decided to conceal its nationality and take a new Japanese name instead of Kimgisa ― which means “Driver Kim” in Korean. Kimgisa, launched in 2011, has become one of the top-selling navigation apps in Korea. Daum Kakao recently
June 11, 2015
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S. Korea lowers listing rules for start-ups
South Korea's bourse operator said Thursday it will speed up the preliminary process for start-ups hoping to enter the third stock exchange to draw in more venture firms and investors to the fledgling market. The Korea New Exchange was launched two years ago to serve as an incubator for young businesses, adding to the fleet of the main bourse KOSPI and the tech-laden KOSDAQ market. To enter the third market, companies had to meet one of the following terms: capital over 500 million, over 1 b
June 11, 2015
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Elliott claims Samsung C&T's stock sale 'unlawful'
U.S. hedge fund Elliott Management said Thursday it filed a court injunction to stop Samsung C&T Co. from selling treasury shares to chemicals maker KCC Corp., upping the ante in their showdown over a Samsung Group restructuring move. The move came a day after Samsung C&T said it will sell 8.99 million treasury shares, or a 5.79 percent stake, to existing shareholder KCC, in an apparent bid to rally friendly forces ahead of next month's shareholder vote on the merger between Samsung C&T and Che
June 11, 2015