Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Lotte chief apologizes for family feud, vows governance reform
Shin Dong-bin, the head of the country's No. 5 conglomerate, apologized Tuesday over the group's much-criticized succession feud and pledged to make the retail giant's murky governance structure more transparent. Lotte is embroiled in a bitter family fight over control of the sprawling business empire, which has reignited sentiment against family-controlled conglomerates, known as chaebol here, and prompted an all-out government probe into the group. "This crisis happened as we failed to put
Aug. 11, 2015
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Cabinet approves faster tax refund decree for foreign tourists
The government Tuesday approved a decree that would allow foreign tourists to claim a tax refund up to 50,000 won ($43) without visiting customs offices. Currently, foreigners must present products and receipts at the customs service when the refunded value added tax is more than 10,000 won. The decree approved at a Cabinet meeting presided over by Prime Minister Hwang Kyo-ahn would enhance the convenience of foreign tourists and help them save time at airports. The ordinance is subject to a
Aug. 11, 2015
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S. Korea's ICT sector has highest value added among OECD nations: report
South Korea's information and communications technology sector has the largest portion of the value added against other segments among the Organization for Economic Cooperation and Development members, thanks to its strength in electronics and optical productions, a report showed Tuesday. Asia's fourth-largest economy came first with the value added in its ICT industry standing at 10.7 percent of the country's total as of end-2013, according to the 2015 OECD Digital Economy Outlook, based on a
Aug. 11, 2015
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Savings banks swing to net profit in fiscal 2014
South Korea's savings banks turned to the black for the first time in seven years in fiscal 2014 from a year earlier as they set aside less bad loan reserves, the financial watchdog said Tuesday. The combined net profit of 79 savings banks came to 500.8 billion won ($432.6 million) from July last year to June this year, a turnaround from a net loss of 508.9 billion won in the previous year, according to the Financial Supervisory Service. The banks close their books in June. It is the first bla
Aug. 11, 2015
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Korea should target U.S., Europe to boost exports: report
Shin Dong-bin, the head of the country's No. 5 conglomerate, apologized Tuesday over the group's much-criticized succession feud and pledged to make the retail giant's murky governance structure more transparent. Lotte is embroiled in a bitter family fight over control of the sprawling business empire, which has reignited sentiment against family-controlled conglomerates, known as chaebol here, and prompted an all-out government probe into the group."This crisis happened as we failed to put in
Aug. 11, 2015
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Lotte owner family holds 5.6 tln-won assets in S. Korea
The owner family of Lotte Group, currently under fire for its sibling rivalry over control of the conglomerate, holds assets of over 5 trillion won ($4.31 billion) in South Korea, data showed Tuesday. The combined assets owned by Lotte founder Shin Kyuk-ho, his third wife and his four children, amount to 5.63 trillion won, according to the data compiled by corporate tracker Chaebul.com. The assets include both listed and unlisted stocks, as well as real estate in South Korea. The second el
Aug. 11, 2015
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Lotte head to apologize for family squabble
Shin Dong-bin, the head of the country's No. 5 conglomerate Lotte Group, is set to offer an official apology over a succession feud that has drawn flak for its murky governance structure, the group said Monday. "(Dong-bin) will convey a message in which he, as the person in charge of management, will voice regret over the recent crisis and apologize to the people of Korea, the shareholders and company employees," a group official said. The message is also expected to include his will to swift
Aug. 10, 2015
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Lotte family feud shows no sign of easing
The Lotte founder’s nephew and Lotte Giants chief Shin Dong-in said Monday he would step down from his post in an apparent move to distance himself from a bitter dispute between the estranged siblings over the family-run conglomerate succession. “I will step down from my position by the end of August to bail out of disgrace and misunderstanding (caused by the public spat),” Shin was quoted as saying. Group officials and observers believed that the baseball team owner is siding with the founder
Aug. 10, 2015
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E-Mart faces tax probe: reports
Tax authorities are investigating allegations of a slush fund creation by E-Mart, the discount store chain of Shinsegae Group. According to reports, investigators at the Seoul Regional Tax Offices are probing whether a substantial portion of the company’s stock kept under an executive’s name actually belongs to Shinsegae chairwoman Lee Myung-hee, her son and Shinsegae vice chairman Chung Yong-jin and his younger sister Chung Yoo-kyung. The investigators are also looking into whether the vice cha
Aug. 10, 2015
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Firms willing to do business in N.K.
Eight out of 10 South Korean companies intend to do business in North Korea after unification, a recent survey found Monday, with resource development and infrastructure building cited as their key interests. The Korea Chamber of Commerce and Industry recently conducted the survey on its 500 member companies. Of them, 87.2 percent responded they were willing to carry out North Korea-related projects when the two Koreas are unified. Gaeseong and Haeju, both located near Gyeonggi Province, were p
Aug. 10, 2015
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[Newsmaker] Loss-laden DSME struggles to survive
The money-losing Daewoo Shipbuilding and Marine Engineering, the world’s biggest shipbuilder by order backlog, is desperately struggling to survive in the industry. The industry‘s continued slowdown and the shipbuilder’s record 3.07 trillion won ($2.65 billion) shortfall in its second-quarter operating profit for this year have spawned speculations that DSME is readying a full-fledged restructuring process.While the DSME management had refuted rumors about an imminent workforce cut, tension is r
Aug. 10, 2015
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Hotel Lotte IPO being considered: report
Lotte Group is reportedly considering to publicly list Hotel Lotte Co., the de facto holding company of its South Korean operations, amid rising pressure to improve its corporate transparency and circular shareholding structure. “Given the recent developments, there is a possibility that Lotte will start discussing new measures to improve its governance structure in the long run, including a public listing of Hotel Lotte,” a key group official close to the matter was quoted as saying. As the fie
Aug. 10, 2015
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[Graphic News] Number of self-employed businesspeople lowest in 20 years
The number of self-employed people are at a record low due to the Middle East respiratory syndrome and the economic recession, data showed Monday.According to Statistics Korea, the number of self-employed businesspeople for the first half of this year was 3.98 million, a decrease of 107,000 people compared to the same period last year.This is the lowest number since 1995, when there were 3.97 million self-employed businesspeople.Those who were hit the worst were owners of manufacturing and food
Aug. 10, 2015
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S. Korean financial firms beef up IT investment in 2014: report
South Korean financial companies expanded their employment of information technology experts and IT-related investments last year as part of efforts to counter a rise in financial glitches and irregularities, a report showed Monday. The country's 155 financial institutions, including banks, insurers and card companies, employed 9,136 IT professionals as of the end of last year, up 9.3 percent from the same period a year earlier, according to the annual report by the Bank of Korea. The biggest
Aug. 10, 2015
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Samsung tops all smartphone markets except N. America
South Korea's top tech giant Samsung Electronics Co. topped smartphone markets around the globe, except for in North America, in the second quarter on robust sales of low- to mid-end devices, data showed Monday. Samsung stood as the top seller of smartphones in the European, Latin American, Asia-Pacific, Middle East and African markets in the April-June period, the data compiled by industry tracker Strategy Analytics showed. Industry watchers attributed Samsung's strong presence to its lower-e
Aug. 10, 2015
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Major shipbuilders to rack up record losses this year
South Korea's major shipyards, led by Hyundai Heavy Industries Co., are expected to log record losses this year as they struggle with money-losing projects to build offshore facilities and a decline in new orders, industry sources said Monday. The country's big three shipbuilders -- Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are forecast to rack up a combined loss of up to 6 trillion won ($5.14 billion) for the year, the sources said. Hyunda
Aug. 10, 2015
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LGE likely to benefit from China’s growing OLED activity
More Chinese TV-makers are jumping on the bandwagon to roll out organic light-emitting diode TVs, increasing their presence in the global OLED TV market.Market officials said the rise of the Chinese OLED TV makers would be more of a boon than bane for LG Electronics and LG Display, which have been striving for the past couple of years to expand the market for the display. LG Electronics’ 65-inch UHD OLED TV. LGEThe Chinese TV-makers that have thrown their hats into the ring include Skyworth, Hi
Aug. 9, 2015
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Parties, government up pressure over Lotte governance
Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Aug. 9, 2015
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Coway to be put up for auction
Korean private-equity firm MBK Partners plans to sell off its controlling stake in Korean water and air-purifier-maker Coway, which is valued at around 3 trillion won ($2.5 billion), industry sources said Sunday. MBK Partners, the biggest shareholder of Coway with a 30.9 percent stake, hired U.S. investment bank Goldman Sachs to broker the sale. “MBK is considering the sale process and other measures as many potential buyers lined up for the acquisition and it’s been nearly three years since the
Aug. 9, 2015
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Parties, government up pressure over Lotte governance
Political parties and the government are upping pressure to revamp conglomerates’ governance structures, as Lotte’s succession dispute is fanning public antipathy toward conglomerates. Lotte World Tower in Jamsil, Seoul (Yonhap)Rep. Shin Hak-yong of the main opposition New Politics Alliance for Democracy and 12 fellow minor party members proposed a bill expanding domestic regulations on conglomerates to their overseas businesses.According to the bill, conglomerates would be prohibited from esta
Aug. 9, 2015