Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Ador CEO's dismissal to be decided on last day of May
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Korean pharmaceutical companies lag in research
South Korean pharmaceutical companies were found to be lagging behind in new product development, as global pharma firms have filed around three times more patents over the past four years, industry data showed Monday.Of the 1,754 patents filed in Korea since official monitoring began in March 2012, 1,310 were by international pharmaceutical companies whereas only 444 came from local firms, according to B2Pharm’s Green List Alert service, which publishes weekly reports on patent registrations an
Aug. 3, 2015
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Lotte heir vows all-out efforts to end family feud
Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan."This crisis should be swiftly resolved and normalized," Dong-bin told reporters after arriving in Seoul from Tokyo, pledging to do his best to contribute to South Korea's economic development.Dong-bin returned to S
Aug. 3, 2015
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CJ CGV aims to create over 1,000 ScreenX screens by 2020
South Korea's food and entertainment conglomerate CJ Group is aiming to create more than 1,000 "ScreenX" screens worldwide by 2020, a top company official said Monday."We're going to make this year the starting year for ScreenX to rise as a key platform of movies," Choi Byung-hwan, head of the CJ 4DPLEX Co., told reporters in the company's Los Angeles office."Setting this year as an inflection point, we plan to apply the ScreenX system to more than 1,000 screens around the world by 2020."The Scr
Aug. 3, 2015
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Lotte Group sons’ battle turns nasty
The spat between the two sons of Lotte Group founder and general chairman Shin Kyuk-ho is taking a nasty turn ahead of the coming shareholders meeting to decide his successor.Shin Dong-joo, the first son, stepped up his offensive against his rival and younger brother Shin Dong-bin on Sunday, expressing confidence in winning the vote.Dong-joo is a former vice chairman of Lotte Holdings, the de facto control tower of the Lotte empire in Korea and Japan, while Dong-bin is currently chairman of Seo
Aug. 2, 2015
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S. Korean shipbuilders seek restructuring amid heavy losses
South Korea's top three shipbuilders are pushing to step up restructuring efforts in the second half of 2015 as they posted record losses earlier this year, industry sources said Sunday. The outlook came as the shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries Co. -- posted a combined operating loss of 4.7 trillion won ($4 billion) in the first half of 2015. Daewoo Shipbuilding, which posted an operating loss of 3.03 trilli
Aug. 2, 2015
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Hanwha Group vows to expand employment
Hanwha Group, South Korea's 10th largest conglomerate, said Sunday it will sharply increase the number of recruits over the next three years to join government efforts to tackle the nation's high youth unemployment. The group said it plans to hire more than 5,700 workers in the second half of this year, up 35 percent from its earlier plan and more than double the number of recruits employed in the first half. Hanwha also said it will push to employ a total of more than 17,000 new workers by 20
Aug. 2, 2015
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[Weekender] Seoul becomes hotbed for luxury watchmakers
South Korea has become a hotbed for luxury watchmakers from around the world, thanks to more people choosing timepieces to express their fashion, identity and, moreover, their wealth. Global powerhouses such as Bulgari, Piaget, Chaumet, Chanel, Cartier and Rolex have been joined by lesser-known but more exotic competitors, such as Patek Phillippe, Breguet, Jaeger-LeCoultre, Vacheron Constantin, IWC, Chopard and many more, creating one of the most dynamic destination for luxury and watch-enthusia
July 31, 2015
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Lotte family rivals flock before vote showdown
Friendly powers of Lotte Group founder Shin Kyuk-ho are flocking together to secure their collective influential stake under the second-generation leadership of the 90 trillion won ($77 billion) business empire. The founder’s recently ousted eldest son Shin Dong-joo appealed to his relatives and the public in South Korea, while his younger brother -- Lotte chairman Shin Dong-bin -- has been persuading Japanese investors for support at the yet-to-be scheduled Lotte Holding’s shareholders meeting.
July 31, 2015
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[Weekender] High-end watchmaker Piaget sticks to prestige, tradition
As smartwatches make headlines with their futuristic features, traditional watchmaking powerhouses such as TAG Heuer, Swatch and other Swiss-based watchmakers are jumping on to the digital bandwagon to attract customers. But Piaget, the 145-year-old Swiss watchmaker, is not intimidated by the hype over smartwatches. Piaget Korea general manager Sarah Jung said in an interview with The Korea Herald that the watchmakers’ prestige and prowess dating over a century goes beyond functionality.“We are
July 31, 2015
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Uniqlo features new 15 F/W Jeans collection
Global apparel company Uniqlo has launched its 2015 fall/winter jeans collection, featuring a range of newly upgraded products.This year’s F/W collection includes Uniqlo’s flagship jean products as well as the Stretch Selvedge Skinny Fit Jean, being sold only in South Korea and the United States, alongside many new products designed in line with changing trends.The Uniqlo Stretch Jean, a steady seller among women, offers wearers a slick silhouette and comfort. The ankle-length Ultra Stretch Ankl
July 31, 2015
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GS Caltex receives first UAE crude delivery
UAE CRUDE IN YEOSU -- Officials celebrate the first 500,000 barrels of murban crude delivery from UAE’s oil fields to GS Caltex’s Yeosu plant in South Jeolla Province on Friday. Participants in the import ceremony included GS Caltex president Kim Byong-yol (left), GS Energy vice chairman and CEO Rha Wan-bae (second from left) and second-Vice Minister of Trade, Industry and Energy Moon Jae-do (third from left). (GS Energy)
July 31, 2015
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Merged SK Holdings to debut Aug. 1
SK Group said Friday that its new holding firm -- formed via the merger of SK Holdings and IT unit SK C&C -- will officially begin operations Saturday.The newly-launched SK Holdings, whose combined assets are estimated at 13.2 trillion won ($11.3 billion) with a workforce of 4,100, plans to function under a “one-entity but two-track” system, said a group spokesman.The original SK Holdings president and CEO Cho Dae-sik and SK C&C CEO Park Jung-ho will respectively head the merged firm’s two busin
July 31, 2015
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Korean firms win $5.3b order for Mideast’s largest refinery
South Korean builders said Friday that they won deals worth $5.3 billion to build an oil refinery in Kuwait even as the construction industry is struggling with a sharp drop in orders from the Middle East this year.The project, worth $14 billion in total, is to build the biggest refinery in the Middle East, which will boost its oil refining output capacity of 615,000 barrels per day in the region of Al Zour, south Kuwait. Of the five packages split from the main project, four were awarded to con
July 31, 2015
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Hankook Tire Q2 profit dips 20% on currency woes
South Korea's top tire manufacturer Hankook Tire Co. said Friday that its second-quarter operating income plunged 20 percent on-year, dragged down by unfavorable currency rates. Operating profit stood at 201.1 billion won ($171.9 million) in the April-June period, compared with 251.2 billion won a year earlier, the company said in a regulatory filing. Sales backtracked 2.5 percent to 1.6 trillion won over the cited period. Net profit figures were not disclosed. Shares of Hankook Tire closed at 4
July 31, 2015
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Two fired Ssangyong workers head for India to rally support
Two former workers of Ssangyong Motor Co. left for India on Friday to rally international support for their reinstatement from the country where the automaker's owner group is located, industry sources said Friday.Ssangyong Motor cut over 2,000 jobs in 2009 through a voluntary retirement program after it was put under court receivership in the aftermath of the 2008 global financial crisis. About 180 workers were also fired, many of whom filed a lawsuit against the automaker, demanding they be re
July 31, 2015
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NCsoft Q2 net gains 9.3 pct on strong online sales
NCsoft Corp., one of South Korea's leading online game makers, said Friday its second-quarter net profit advanced 9.3 percent from a year earlier on increased sales from its key online games.Net profit came to 57.8 billion won ($49.4 million) on a consolidated basis in the January-March period, compared with the 52.9 billion won a year earlier, the company said in a regulatory filing.Sales moved up 1.74 percent on-year to reach 217.53 billion won in the second quarter, and operating profit also
July 31, 2015
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KT swings to black in Q2 on lower costs
KT Corp., South Korea's second-largest mobile carrier, said Friday it swung to a profit in the second quarter from a year earlier on reduced costs and a one-off gain from asset sales.It booked 321.8 billion won ($274.9 million) in net income for the April-June period, a turnaround from a net loss of 757.2 billion won the previous year, the company said in a regulatory filing. The figure, however, missed the median estimate of 421.7 billion won in a poll by Yonhap Infomax, the financial news arm
July 31, 2015
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SK to kick off new holding firm
South Korea's third-largest conglomerate SK Group said Friday its new holding firm will officially kick off this weekend as part of efforts to streamline its governance structure and solidify the owner's control.The new entity, formed through a merger between information technology service provider SK C&C Co. and SK Holdings Ltd., will set sail on Saturday, and have assets of 13.2 trillion won ($11.2 billion) and a 4,100 workforce. The merger was approved by shareholders in June.Although the sha
July 31, 2015
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Samsung poised to debut mobile payment system in Europe
South Korea's top tech giant Samsung Electronics Co. plans to roll out its mobile payment system in the European market in the near future, industry sources said Friday, speeding up its efforts to outpace rivals.Samsung recently agreed with MasterCard Inc. to lay the groundwork for Samsung Pay's debut in the European market, the source said, adding the two sides agreed to start the service in the region as early as by the end of this year.Samsung plans to secure 17 million users of its payment s
July 31, 2015
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S. Korean industrial output rebounds in June
South Korea's industrial output rose for the first time in four months in June mainly due to greater demand for refined petroleum and machinery equipment products, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 2.3 percent last month from May. The increase marks a rebound after three straight months of minus growth and is the sharpest growth since February when numbers also hit 2.3 perc
July 31, 2015