Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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GS, Rostelecom launch home shopping channel in Russia
South Korea’s GS Home Shopping said Wednesday that it had teamed up with Russia’s state-run Rostelecom to launch a new home shopping channel in Russia. The two sides inked a $20 million deal in Moscow on Tuesday to launch the joint home shopping firm Big Universal Mall LCC. GS will invest 40 percent of the necessary capital while Rostelecom will provide the remaining funds.By cooperating with Russia’s biggest national telecommunications company, GS Home Shopping said it was expecting to make a s
July 22, 2015
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Hanjin to support smart shipping
South Korea’s Hanjin Group and the Ministry of Science, ICT and Future Planning opened a new creative economy innovation center in Songdo, Incheon, on Wednesday, in a bid to nurture new venture firms specializing in IT-based distribution system development and to aid their global expansion.The Incheon Creative Economy Innovation Center is the last of 17 such centers launched nationwide by conglomerates in collaboration with the Science Ministry, in line with the Korean government’s flagship crea
July 22, 2015
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Number of heavy users of smartphone rises sharply
There are about 280 million people across the world who use mobile apps more than 60 times a day, data analysis showed Wednesday.According to a report by U.S. mobile app analytics institution Flurry, acquired by Yahoo, the number of “mobile addicts” -- people who opened their mobile applications over 60 times a day -- was estimated at around 280 million worldwide in the second quarter 2015, a 59 percent increase from the same period in 2014.The number of “regular users,” who opened mobile applic
July 22, 2015
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Hyundai Motor to determine interim dividend this week
Hyundai Motor Co., South Korea's top automaker, is expected to determine the amount of its first-ever interim dividend payout this week, the latest in a series of measures to appease shareholders, industry sources said Wednesday. The amount and timetable for its interim dividend payout will be determined during a board meeting to be held in the middle of this week, according to the sources. This would mark the first time for Hyundai Motor to deliver interim dividend to its shareholders, in li
July 22, 2015
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S-Oil‘s Q2 net soars 531 pct on firm cracking margins
S-Oil Corp., South Korea's third-largest refiner, said Wednesday its second-quarter earnings rose more than six times from a year ago as low crude oil prices helped sustain cracking margins. Net income came in at 430.53 billion won ($373.59 million) in the April-June period, up 531.1 percent from 68.2 billion won from a year earlier, S-Oil said in a regulatory filing. Sales, however, declined 30.7 percent on-year to 5.14 trillion won, while operating profit swung to a profit of 613 billion wo
July 22, 2015
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Staff cuts are not option for restructuring: DSME
Daewoo Shipbuilding & Marine Engineering said Tuesday that its restructuring will focus on selling noncore properties and stock assets, dismissing news reports of workforce reduction.Rumors about DSME’s possible job cuts emerged after company CEO Jung Sung-leep announced over the weekend that the shipbuilder would launch a restructuring program aimed at cutting costs, including relocating manpower and job rotation.The CEO fanned speculation of massive layoffs when he said at the company’s worksh
July 21, 2015
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[SUPER RICH] Shin Dong-bin gains complete control of Lotte, both in Korea, Japan
At the age of 60, Lotte Korea chairman Shin Dong-bin finally achieved his desire of getting a full grip of Lotte in Japan. Lotte Holdings of Japan announced last Thursday that the board of directors unanimously agreed to name him the company’s president. Now Lotte Holdings has three presidents -- Shin Dong-bin, his father and Lotte founder Shin Kyuk-ho and Japanese CEO Tsukuda Takayuki. But there is little doubt that Shin has overall control of the firm. In March, Tsukuda was seen “bowing polite
July 21, 2015
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[SUPER RICH] Superrich aid protection of endangered animals
The world’s wildlife is under threat. The Worldwide Fund for Nature’s Living Planet Index, which monitors populations of over 3,000 vertebrates, has decreased 52 percent over the last 40 years, and a report in the journal Nature in December found that 26 percent of mammals had become endangered.Many countries and animal organizations strive to conserve animals, and the immense financial backing of billionaires can have a huge impact on their efforts.These superrich are at the forefront of protec
July 21, 2015
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[Herald Interview] ‘Korea driven by co-governance business system’
While the story of South Korea’s so-called economic miracle achieved on the back of strong state intervention has been widely attributed for its rise as an advanced economy, a new type of business system has now taken root driving forward innovation, according to a business scholar.As state intervention in the economy has waned dramatically through waves of deregulation and liberalization since the 1980s, a different system is propelling Korea’s economic development today, said Xiaoke Zhang, a p
July 21, 2015
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Nike Korea names new CEO
Nike Korea announced Tuesday that it had appointed David Wook-hwan Song as its new CEO.Song has worked at Nike for 17 years, starting from Nike Sports Korea in 1994, and has shown talent for sales, strategy planning, logistics and management in Korea, China and other Asia Pacific regions.Wook-hwan SongHe completed an MBA course at Harvard in 2001 and also worked as an associate at McKinsey & Company for two years before returning to Nike in 2003.Nike Korea said that Song has also worked as a rep
July 21, 2015
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Hanwha Q Cells to form JV with Indian firm for solar power plants
Hanwha Q Cells Co., the world's leading solar cell maker, said Tuesday it will form a joint venture to build large-scale solar power plants in India in a bid to expand its presence in the fast-emerging market. Hanwha Q Cells will join forces with ReNew Power Ventures Pvt., one of India's leading renewable power companies, to build two solar power plants with a total capacity of 148.8 megawatts in the central Indian state of Telangana. The joint venture will begin construction of the faciliti
July 21, 2015
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Samsung heir visits provincial startup centers
Lee Jae-yong, the heir apparent of South Korea's top conglomerate Samsung Group, visited two startup support centers in the southeastern part of the country Tuesday, marking his first public appearance after last week's key shareholder vote on the merger of two group units. Lee visited the so-called innovation centers in Gumi, 261 kilometers southeast of Seoul, and Daegu, some 300 kilometers from the capital city. The two centers were opened in December and September last year, respectively.
July 21, 2015
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Local shipbuilders forecast to report dismal Q2 earnings
South Korea's major shipbuilders, led by Hyundai Heavy Industries Co., are forecast to have logged worse-than-expected earnings in the second quarter, largely due to the delivery of low-priced ships and a delay in the construction of loss-making offshore facilities, industry data showed Tuesday. In particular, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are widely expected to have racked up massive losses, which some estimated at a combined 2 trillion won ($1.7
July 21, 2015
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Samsung merger to drive growth in biopharmaceutical business
Boosted by the successful merger of Samsung C&T and Cheil Industries last week, Samsung Group is geared to step up its efforts to expand and develop its biopharmaceutical business, seen by the group as a future growth engine. The $8 billion merger has tightened the group’s grip on Samsung BioLogics, the conglomerate’s biopharmaceutical business unit. The merged firm now owns 51.2 percent of the pharmaceutical company, combining a 46.3 percent stake held by Cheil Industries with Samsung C&T’s 4.9
July 20, 2015
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Offshore plants weigh on shipbuilders
The top three Korean shipbuilders are sinking deeper into the red with their offshore plant businesses losing money. Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and Hyundai Heavy Industries are facing losses of trillions of won for the second quarter due to floundering offshore plant projects, according to industry reports.The big three shipbuilders actively expanded the business in 2011 when the global shipping industry saw a steep fall in demand after the global financia
July 20, 2015
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Starbucks hiring 500 baristas
Starbucks Korea said Monday that it would hire 500 baristas to mark its 16th anniversary. Anyone over 20 years old can apply for the position at job.shinsegae.com by July 30. Those selected through the screening and interview steps will receive training ranging from knowledge about coffee and brewing to customer service and foreign language skills. Those who show good performance will be given a chance to visit coffee farms overseas or the Seattle headquarters to network with global Starbucks st
July 20, 2015
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CJ Korea Express launches first Arctic operation
By Bae Ji-sook CJ Korea Express launched a commercial operation on the North Pole route earlier this month, becoming the first Korean cargo deliverer to do so. The company Monday announced that its cargo vessel KOREX SPB No. 2 left the port of Mussafah in the United Arab Emirates on July 19 for the Yamal Peninsula of Russia. The ship carrying 4,000 tons of offshore terminal facilities will sail the Arabian Sea, Suez Canal, Europe and the North Sea and arrive at the Noviy Port of Russia by the en
July 20, 2015
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What’s next for Elliott?
Attention is being paid to U.S. activist hedge fund Elliott Associates’ next step after it suffered a defeat in a shareholders vote on a merger deal between Samsung C&T and its sister firm last week.At the crucial vote on Friday, nearly 70 percent of Samsung C&T shareholders supported a merger with Cheil Industries. The vote ended C&T’s six-week battle with the fund, which had sought to thwart the Samsung merger plan.After Friday’s result, Elliott said it would reserve all options at its disposa
July 19, 2015
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Top court again suspends custody of CJ head
The nation's top court on Saturday again accepted a request from the convicted chairman of food and entertainment conglomerate CJ Group to suspend his imprisonment for hospital treatment.The Supreme Court decided to suspend the confinement of Lee Jay-hyun, who was found guilty of various corruption charges, for the next four months, citing his poor health.But Lee's place of stay will be limited to Seoul National University Hospital until Nov. 21, the court said.
July 18, 2015
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Chronology of Samsung C&T’s merger with Cheil Industries
The following is a chronology of major events leading up to the outcome. ― Ed.May 26 - Cheil Industries and Samsung C&T announce a plan to merge by the end of August. June 3 - U.S.-based hedge fund Elliott Associates emerges as the No. 3 shareholder of Samsung C&T by purchasing a 2.17 percent stake in the company, with its holdings rising to 7.12 percent.June 4 - Elliott expresses discontent over Samsung C&T’s proposed merger, saying the move does not benefit shareholders of Samsung’s constructi
July 17, 2015