Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Immigrant woman stabbed to death by Korean husband
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Court upholds jail term for man who attempted to murder ex-girlfriend
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POSCO launches executives’ panel to drive reform
POSCO, the country’s largest steelmaker, on Thursday launched a reform committee as it struggles to reform its image and business structure. The committee is headed by POSCO CEO Kwon Oh-joon, and its members include all in-house directors, and the chiefs of POSCO’s five largest subsidiaries including Daewoo International, POSCO Engineering and Construction, and POSCO Energy. Under the committee, five subcommittees will oversee changes in the areas of restructuring, responsible management, human
May 14, 2015
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IFEZ rises as global investment center
The Incheon Free Economic Zone is emerging as a global city, with 94 percent of foreign direct investment in eight free economic zones in Korea coming to the IFEZ.The free economic zone was started in 2003 to become a hub city in Northeast Asia, and has shown remarkable growth since. IFEZ has achieved its initial FDI goal and brought in $1.7 billion, about 9 percent of the total FDI in South Korea ($19 billion) and a 2.5 percentage point increase from the previous year.IFEZ has also hosted a tot
May 14, 2015
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Samsung heir yet to divest Samsung SDS shares after lock-up
Lee Jay-yong, the heir apparent of South Korea's No. 1 conglomerate Samsung Group, is unlikely to offload shares of Samsung SDS Co., one of the group's key IT arms, although the lock-up period for the stocks held by major shareholders has expired, industry sources said Thursday.Samsung SDS was listed on South Korea's main bourse in November, and the six-month lock-up period for large shareholders' stakes ended earlier Thursday, which means that Jay-yong and his family members are now allowed to
May 14, 2015
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Shinsegae bets on duty-free bid with landmark store
South Korean retail giant Shinsegae on Thursday announced plans to renovate its landmark outlet, one of the oldest buildings in central Seoul, into a duty-free shop in what could be its latest effort to win a highly competitive bid to run duty-free stores in downtown Seoul.Some six consortiums and companies, including Lotte Duty Free, Hotel Shilla and Hyundai Department Store, are reportedly preparing to take part in an upcoming bid for duty-free store operational licenses in downtown Seoul. The
May 14, 2015
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Lotte mall strives to regain trust
Inside the new Lotte World Mall in southeastern Seoul on Sunday afternoon, the atmosphere at last felt like what a mall of its scale should look like on a weekend ― crowded and bustling with people.For the first time in months, most of the mall’s store clerks were busy attending to a rare influx of customers while many restaurants saw its tables fill to capacity.After Lotte finally gained permission from the Seoul Metropolitan Government to reopen the aquarium and the cinema complex on Tuesday f
May 13, 2015
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Qatari sovereign fund to buy Keangnam skyscraper in Hanoi
The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Vietnam for $800 million and gained exclusive rights for the ensuing negotiations, it was reported Wednesday. According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building’s sale, that it will accept the $800 million appraisal price granted by a Korean court. The QIA initially offered $600 million but has decided
May 13, 2015
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DSME mulls acquisition of STX cruise ship builder
Daewoo Shipbuilding and Marine Engineering is reviewing plans to acquire the defunct STX Group’s French cruise-ship maker. According to news reports, DSME was planning to acquire a two-thirds stake in STX France.The company, however, downplayed the reports, saying that the plans were in their early stages. “The company has received a proposal regarding the acquisition of STX France, (but) so far nothing has been decided,” the company said in the statement. STX France is a subsidiary of STX Offsh
May 13, 2015
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GS Energy, KNOC secure 3% stake in UAE oil fields
A South Korean consortium sealed a landmark deal on Wednesday to secure a 3 percent stake in the Abu Dhabi Company for Onshore Oil Operations, which operates the biggest onshore oil fields in the United Arab Emirates.The new deal grants the South Korean consortium ― comprised of GS Energy and the Korea National Oil Corp. ― developing rights to ADCO’s oil fields for 40 years, alongside other foreign companies including France's Total and Japan's Inpex.Over the 40 year period, Korea is expected to
May 13, 2015
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Korean firms encouraged to invest in Eastern Germany
South Korean businesses were encouraged to invest in Eastern Germany, as German investment specialists and company leaders shared insights about business prospects in the country’s new federal states at a meeting hosted by the Korean-German Chamber of Commerce and Industry in Seoul on Wednesday.Officials from Germany Trade & Invest ― an organization that helps foreign companies enter German markets ― discussed current business conditions and investment flows in the new federal states of Germany,
May 13, 2015
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New body to deal with W100tr in postal assets
The government will create a state-run institution to operate the 100 trillion won ($91.2 billion) asset that is currently managed by the Postal Savings and Insurance Bureau, the Finance Ministry said Wednesday. In a national finance strategy meeting at Cheong Wa Dae, Finance Vice Minister Bang Moon-kyu said the launch of a state managed monitoring body will help lessen the uncertainties in the asset management sector that may lead to increased financial threats amid years of low interest and sl
May 13, 2015
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Visibility worsened significantly before Asiana jet's hard landing in Japan
Visibility had worsened significantly when a passenger plane of South Korea's No. 2 flag carrier Asiana Airlines Inc. crash landed at an airport in Japan last month, a preliminary investigation showed Wednesday.The results of the month-long investigation conducted by the Japan Transport Safety Board, however, did not pinpoint the exact cause of the accident that took place in mid-April. Nor did it mention any possible fault or mistake by the pilots that could have led to the accident.The results
May 13, 2015
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S. Korean milk powder makers turn to China on low birthrate
South Korean milk powder makers are revving up exports to China, data showed Wednesday, as they search for new profit sources to make up for falling sales at home due to a tumble in baby births.South Korea's weekly milk powder consumption came in at 13,555 tons last week, nearly halving from 25,472 tons 20 years earlier, according to the data by the Korea Dairy Committee.The drop is attributed to the country's birthrate, which reached 1.21 in 2014, one of the lowest rates among member nations of
May 13, 2015
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Asiana to reduce flights to Saipan on services for Hiroshima
Asiana Airlines Inc., South Korea's second-largest flag carrier, said Wednesday that it will reduce its flights to Saipan as part of efforts to address a plane shortfall caused by the recent resumption of its Hiroshima route that was temporarily halted following a hard landing accident in Japan. The Asiana Airlines Flight 162, carrying 73 passengers and seven crew members, came to a stop after veering off the runway, as it tried to land in the Hiroshima Airport on April 14. The Airbus320 passeng
May 13, 2015
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NCsoft Q1 net down 2.57 pct
NCsoft Corp., one of South Korea's leading game makers, said Wednesday its first-quarter net profit shed 2.57 percent from a year earlier but managed to push up sales helped by popularity of its flagship Lineage games.Net profit came to 35.6 billion won ($32.4 million) on a consolidated basis in the January-March period, compared with the 36.5 billion won a year earlier, the company said in a regulatory filing.Sales moved up 5.59 percent on-year to reach 188.1 billion won in the first quarter, a
May 13, 2015
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S. Korean TV makers to fare better in Q2 on LCD price drop: report
South Korean TV manufacturers are expected to fare better in the second quarter compared with the dismal previous three months, as a price decline in liquid crystal display panels will boost their profits, a report showed Wednesday. The price of a 42-inch full high-definition LCD panel stood at $145 at the end of March, according to the latest report by market tracker DisplaySearch. The report forecast the price to fall by $4 in the second quarter, another $6 in the third quarter and an addition
May 13, 2015
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[SUPER RICH] Superrich who stepped out of their families’ shadows
When one comes from a superrich family, many expect the person to assist the family business and live an easy life. However, several have decided to make it on their own without any assistance from their family.While it may be true that they were able to pursue their path more easily due to their lineage, it takes more courage to follow independent careers when they are better known as family members of millionaires.Ralph Lauren ― Andrew and Dylan LaurenTwo out of Ralph Lauren’s three children d
May 12, 2015
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[SUPER RICH] Shinsegae’s Chung sells Samsung shares
Shinsegae vice chairman Chung Yong-jin returned to the media spotlight last week when a local newspaper revealed that he sold 48,500 shares of Samsung Electronics ― valued at around 59.1 billion won ($54.1 million) ― late last year. The deal reduced the number of Chung’s shares in Korea’s largest tech company to 245,000 from 293,500, reported as of September 2014. According to reports, Chung holds a 0.17 percent stake in Samsung Electronics, which makes him the fourth-largest individual sharehol
May 12, 2015
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Honey Tree wins Asian social responsibility award
Honey Tree, an Asia-wide beehive ice cream franchise based in Korea, has won a corporate social responsibility award in recognition for its sustainable business practices by collaborating with honey comb farmers in local areas. “Honey Tree will continue to expand these social programs to support local farmers in starting bee farming and create structured training programs and small loan process to support these farmers,” said Brad Han, CEO of Honey Tree. Established in 2013, Honey Tree has intro
May 12, 2015
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S. Korea's steel imports drop 8.5 pct in April
South Korea's imports of steel shrank in April from a year earlier, caused by slumping demand and increased inventory, industry data showed Tuesday.South Korea imported 1.84 million tons of steel last month, down 8.5 percent from a year earlier, according to the data compiled by the Korea Iron & Steel Association.Steel imports had expanded for 14 straight months until December before slowing down this year. Cheaper products from China, in particular, flowed into the market, causing a supply glut
May 12, 2015
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Brokerage houses' Q1 profit sharply up on low interest rates, increased turnover
Major securities firms in South Korea posted strong earnings in the first quarter thanks to a sharp rise in brokerage fees from increased stock turnover and other financial instruments amid low interest rates, data showed Tuesday.Four listed brokerage houses -- Hyundai Securities, Meritz Securities, KDB Daewoo Securities and Samsung Securities -- logged a combined 447.8 billion won ($410 million) in operating profit in the January-March period, a 175.5 jump from a year earlier, according to the
May 12, 2015