Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Liberal bloc moves to rewrite student rights ordinance
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[Graphic News] Samsung heir becomes 4th-richest stockholder in Korea
Lee Jay-yong, vice chairman of Samsung Electronics and heir apparent to its parent Samsung Group, has emerged as the fourth-richest stockholder in South Korea following last week’s high-profile listing of Samsung SDS, data showed Sunday.As of Friday when Samsung SDS shares went public, the value of listed shares held by Lee was tallied at 3.85 trillion won ($3.5 billion), up two notches from the previous ranking, according to Chaebul.com, an online research firm providing information on Korean c
Nov. 16, 2014
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[Reporter's Column] Excessive surveillance at Lotte World Mall
Last week, when I stepped inside the newly built Lotte World Mall in Jamsil, east Seoul, for an interview with one of the tenants, I was asked to visit the security section and deposit my driver’s license. I was also told to wear a red identification pass stating that I was a member of the filming staff. “There’s no use complaining to me. I only take orders,” was what the security guard told me when I fired questions at him about the tight security and reminded him that I was not there to shoot
Nov. 16, 2014
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Samsung’s Lee richest stockholder among 3rd chaebol generation
Lee Jay-yong, vice chairman of Samsung Electronics, became the richest third-generation business tycoon in South Korea in terms of stock value, thanks to the initial public offering of Samsung SDS last Friday.The Samsung heir apparent Lee’s equities were valued at almost 3.9 trillion won after taking his 11.25 percent ownership in Samsung SDS into account, according to Chaebul.com, an online information provider of Korea’s family-run conglomerates.Samsung SDS, the group’s IT solutions developer,
Nov. 16, 2014
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FTA with N.Z. to boost exports of factory goods
The free trade agreement between Korea and New Zealand, struck last week, is likely to help boost South Korea’s industrial product exports. At the same time, the domestic agricultural and livestock industries are expected to be hit by competition from cheaper New Zealand rivals, experts said. “The elimination of tariffs on some of Korea’s key industrial products under the latest FTA is expected to expand Korea’s exports,” said Park Ji-eun, a researcher at the Institute for International Trade. “
Nov. 16, 2014
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Chinese, Japanese investors aggressively tap local financial market
Investors from China and Japan have been aggressively tapping the South Korean financial market, industry data showed Sunday, helped by China’s recent policy to globalize its financial sector and Japan’s monetary easing. In the first 10 months of the year, Japanese investors bought a net 2.8 trillion won ($2.5 billion) worth of shares on the Seoul bourse, becoming the second-largest investor following U.S. investors who purchased a net 3.6 trillion won worth of shares, according to the data. Chi
Nov. 16, 2014
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Nine Japanese, German bearing makers fined for price fixing
South Korea’s antitrust watchdog said Sunday that it has fined nine Japanese and German bearing makers a combined 77.8 billion won ($70.7 million) for fixing product prices for more than a decade.Subject to the fine include Japanese bearing company NSK, which was ordered to pay the largest amount of about 33 billion won, according to the Fair Trade Commission. JTEKT and Fujicoshi were other Japanese firms involved, while Shaeffler Korea, a Korean unit of the German company, was ordered to pay 16
Nov. 16, 2014
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Samsung heir becomes 4th-richest stockholder in S. Korea
Lee Jay-yong, vice chairman of Samsung Electronics Co. and heir apparent to its parent Samsung Group, has emerged as the fourth-richest stockholder in South Korea following last week's high-profile listing of Samsung SDS Co., data showed Sunday.As of Friday when Samsung SDS shares went public, the value of listed shares held by Lee was tallied at 3.85 trillion won (US$3.5 billion), up two notches from the previous ranking, according to Chaebul.com, an online research firm providing information o
Nov. 16, 2014
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S. Korean firms share of global DRAM market nears 70 pct in Q3
Samsung Electronics Co., the world's top memory chipmaker, and smaller local rival SK hynix Inc. saw their combined share of the global dynamic random access memory(DRAM) market reach an all-time high of 69.7 percent in the third quarter, industry data showed Sunday.According to the data compiled by market researcher DRAMeXchange, the third-quarter market share of Samsung and SK hynix was up 1.7 percentage points from the previous quarter. It was also slightly up from the previous record of 69.6
Nov. 16, 2014
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SPC to open 30 Paris Baguettes in Malaysia
SPC Group, best known for its Paris Baguette bakery franchise, is planning to launch the artisan bakery in Malaysia starting with an initial opening in the first half of next year, SPC officials said Friday.The country’s leading confectionary brand, in partnership with Naza Corporation Holdings ― one of the largest privately owned conglomerates in Malaysia ― is planning to open up to 30 outlets in the country by 2019. “We are confident that Malaysians will be receptive to new food and beverage c
Nov. 14, 2014
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Korea bets on foreign investment for Foodpolis
The South Korean government is strongly committed to attracting foreign investment to make Foodpolis, Asia’s first food cluster, a success, officials said Friday. “The government will step up its efforts to strengthen the global competitiveness of the nation’s food industry and to encourage foreign investment in Foodpolis,” Lee Ju-myeung, head of the Agriculture Ministry’s Food Industry Policy Bureau, told international media and embassies at a briefing. The nation plans to invest 553 billion wo
Nov. 14, 2014
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Hyundai India expects record sales in 2014 of new i20
Hyundai Motor, South Korea’s largest carmaker, is expected to post record annual sales in India in 2014, thanks to strong demand for its all-new i20 Elite supermini, company officials said Friday.According to Indian data, Hyundai sales in the first 10 months of this year rose 8 percent to 343,456 units from 318,156 a year earlier. At the present pace, the carmaker’s sales will likely exceed the record 391,276 units sold in all of 2012, officials said.Hyundai sold 38,010 cars last month, up 5.6 p
Nov. 14, 2014
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GM Korea pushing for early retirement, work shift change to cut costs
GM Korea is moving to accept early retirement of senior office workers and pushing for shift changes at one of its plants to help cut costs, corporate and labor sources said Friday.Insiders at South Korea’s third-largest carmaker said company CEO Sergio Rocha announced a voluntary retirement plan for team leaders and executive-level employees early last month and that the measures would take place late this year or the beginning of 2015.The total number to leave GM Korea is expected to be simila
Nov. 14, 2014
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Debt per household grows 2.3%: report
The average household debt in South Korea rose 2.3 percent over the past year, a report showed Friday, furthering concerns amid views the low-rate trend may worsen the country’s already-sizable household debt.Korean households held an average of 59.94 million won ($54,441) in debt as of end-March, compared with 58.58 million won the previous year, according to the joint report by Statistics Korea, the Financial Supervisory Service and the Bank of Korea.The figure includes financial debt as well
Nov. 14, 2014
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Asiana gets 45-day suspension on San Francisco route
The Korean government on Friday ordered Asiana Airlines to suspend its services to San Francisco for 45 days as a penalty for its passenger jet accident in the U.S. city last year. Under local aviation laws, the crash-landing accident at the San Francisco Airport on July 6 last year, which caused three deaths and 49 severe injuries, is grounds for a 90-day business suspension. But the Ministry of Land, Infrastructure and Transport, the government office in charge of the sanction, said the penalt
Nov. 14, 2014
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Asiana gets 45-day suspension on San Francisco route over crash
Asiana Airlines Inc., South Korea's No. 2 flag carrier, was ordered Friday to suspend its services to San Francisco for 45 days as punishment for a passenger jet crash in the U.S. city last year that left three people dead. Under Friday's decision by a seven-member review committee, Asiana will be barred from operating its Incheon-San Francisco route for the penalty period from a date of its own choosing, the Ministry of Land, Infrastructure and Transport said. Asiana Airlines will have 15 d
Nov. 14, 2014
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Ssangyong E&C seeks new owner again
Singapore’s Marina Bay Sands Hotel built by Ssangyong E&C. (Bloomberg)Ssangyong Engineering & Construction, Korea’s 19th-largest building firm by construction capacity, is seeking a new owner again, with high expectations of sealing a deal this time after restructuring its debt.Ssangyong E&C, which has been under court protection since early this year as it faced a credit crunch, received letters of intent last week from some eight unidentified buyers from home and abroad.In July, the builder re
Nov. 13, 2014
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Asiana endeavors to improve Korea-Japan relationship
Japanese tourists and Asiana Airlines’ crew members make kimchi at an event in Seoul on Wednesday. (Asiana Airlines)Asiana Airlines, the nation’s second largest carrier, said Wednesday that it held a kimchi-making and other Korean traditional culture events at the Korea House located in Jung-gu, central Seoul.The event was organized in a bid to enhance the amicable relations with Japan and to promote cultural exchanges between both countries, the carrier said.More than 100 Japanese visitors part
Nov. 13, 2014
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Hankook to supply tires for Mercedes-Benz truck
Hankook Tire, South Korea’s largest tire-maker, said Thursday it will be supplying two different rubbers for Atego trucks made by Mercedes-Benz.Under the original equipment tire arrangement, Hankook will supply eight types of its AH11 and DH05+ products for the light-to-medium trucks made by the German automotive company.The latest deal comes after Hankook started supplying tires for Freightliner brand trucks in North America in 2012. Freightliner is a marque of Stuttgart-based Daimler AG that c
Nov. 13, 2014
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Top court sides with Ssangyong Motors on 2009 layoffs
The Supreme Court ordered an appeals court Thursday to reconsider its ruling that annulled the massive layoffs of Ssangyong Motor employees in 2009.In the lawsuit filed by 153 dismissed workers of the automaker, the Supreme Court sent the case back to the Seoul High Court with an opinion that the layoffs were legitimate.“There was an urgent management need to carry out the layoffs,” the court said in its ruling, citing that the global financial crisis of 2008 seriously hurt the automaker’s sales
Nov. 13, 2014
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Samsung to supply AMOLED display to Russia's Yota
Samsung Display Co. will supply its active mode organic light-emitting diode (AMOLED) display panels to Russia-based smartphone maker Yota Devices, industry sources said Thursday, in a bid to find new sources of business to make up for the drop in sales to its key buyer, Samsung Electronics.According to the sources, the YotaPhone 2, set to be released next month in Russia, will be equipped with the Samsung AMOLED display panel. The YotaPhone lineup has the industry's first dual-screen design, eq
Nov. 13, 2014