Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Korean steelmakers expect bleak Q1 earnings
South Korea’s steel industry is likely to see weak corporate earnings in the first quarter of this year due to a price surge in raw materials, a fall in steel prices and growing trade protectionism. According to corporate tracker FnGuide, the market consensus forecast the nation’s largest steelmaker Posco would see operating profit fall 22 percent to reach 1.1 trillion won ($962 million) in the first quarter of this year. During the same period, Hyundai-Steel and SeAH Besteel are estimated to se
April 9, 2019
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Governance reform at Hanjin Group unlikely: report
The possibility of Hanjin Group conducting wide-ranging governance reform during the course of passing down shares held by the late Chairman Cho Yang-ho is low, and family control over the conglomerate is likely to continue, a report said Tuesday.Yang Ji-hwan, an analyst at Daishin Investment and Securities, said in his report that the heir to the transport empire, Korean Air President Cho Won-tae, and his family can maintain their control over Hanjin Group by selling shares of other affiliates
April 9, 2019
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Hanjin succession under spotlight upon chief’s death
Following the shocking news of Hanjin Group Chairman Cho Yang-ho’s death on Monday morning, speculations immediately arose over the family-controlled group’s succession and inheritance plans.Cho’s death, which came less than two weeks after his removal from the company’s board of directors, leaves behind a huge inheritance tax for his three children, including his only son and successor Cho Won-tae -- estimated at around 172.7 billion won ($151 million).“The entire Hanjin Group has swung into an
April 8, 2019
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[Newsmaker] Cho Yang-ho, tycoon who led rise of Korean Air but fell over family’s notoriety, dies at 70
Cho Yang-ho, the second-generation chaebol scion who led the rise of the nation’s largest air carrier Korean Air, only to struggle late in life to contain damage from a series of power abuse scandals involving his wife and children, died Monday in Los Angeles. He was 70.He had been receiving treatment for pulmonary fibrosis, a chronic disease, since late last year that was not disclosed to the public. He died at a hospital in LA early Monday morning Korean time, in the presence of his family mem
April 8, 2019
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Korea to call on EU to ease trade barriers on steel, automobiles, pharmaceuticals
South Korea is slated to call on the European Union to ease trade barriers on some Korean products during its meeting Tuesday with the EU, as its trade deficit with the EU remains high, according to the government on Monday. The eighth meeting on the Korea-EU free trade deal, attended by Trade Minister Yoo Myung-hee and EU Trade Commissioner Cecilia Malmstrom, will be held in Seoul. During the meeting, the Korean side plans to ask for the improvement of export conditions for Korean firms in the
April 8, 2019
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Hanjin Group Chairman Cho Yang-ho dies at 70
Cho Yang-ho, Hanjin Group and Korean Air chairman, has died from a lung disease in the US, Korean Air said Monday. The 70-year-old business tycoon died at a hospital in Los Angeles, where he had been receiving medical treatment for pulmonary fibrosis since December, the company said. His condition had dramatically worsened recently after he had been stressed about losing a board seat at his group’s core unit, Korean Air, a company official said. Hanjin Group Chairman Cho Yang-ho (Korean Air)All
April 8, 2019
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[Going Renewable (3)] Why can’t Samsung join RE100?
The Korea Herald is publishing a series of articles on the quest of South Korea’s government and businesses to switch to renewable energy. -- Ed.Going green is becoming mainstream for big tech players. Amazon, Apple, General Motors and BMW are among the 169 multinational firms that have joined RE100, a global initiative to reach the goal of 100 percent renewable electricity. And now the global players are starting to aim even higher and encouraging their suppliers to go carbon-free. Samsung Elec
April 7, 2019
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[Eye on Business] Ilhan New, trailblazer in Korean pharma industry
The most well-known fact about late Ilhan New, or Yu Il-han, is that he founded one of the oldest South Korean pharmaceutical company, 93-year-old Yuhan Corp. What is lesser known is how New had studied in the US even before the Japanese colonial rule of Korea to learn the “Western ways,” or how he went to high school on an American football scholarship, or had a multicultural family with US-educated Chinese doctor Ho Mi-ri, and last but not least that he bequeathed all his worldly possessions f
April 7, 2019
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Samsung BioLogics no longer a holding company of Samsung Bioepis
The state-run antitrust agency has notified Samsung BioLogics that it is no longer a holding company of Samsung Bioepis, the company said Friday in a regulatory filing. Because Samsung BioLogics has only 43 percent of its total assets invested in Samsung Bioepis -- less than the required 50 percent -- it is no longer a holding company under FTC’s Monopoly Regulation and Fair Trade Act, the statement added.Samsung BioLogics, mainly a contract manufacturing organization for pharmaceuticals, establ
April 5, 2019
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Yuhan’s degenerative disc drug to seek FDA approval for clinical trials within this year
A novel degenerative disc treatment developed by South Korean pharmaceutical firm Yuhan Corp., identified as YH14618, is nearing the clinical trial phase in the US.Yuhan Corp. on Friday said it had received the remaining $550,000 of the $650,000 down payment from Spine Biopharma, the US company to which Yuhan licensed out YH14618 in July 2018.Spine Biopharma plans to apply to the US Food and Drug Administration before the end of this year for permission to conduct clinical trials of YH14618. Bac
April 5, 2019
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Disconnect switch may have caused coastal forest fire: Kepco
The devastating forest fire in the town of Goseong, Gangwon Province, may have been caused by a disconnect switch on a utility pole, the state-run power utility said Friday. In the early morning, the nation’s emergency management agency said the fire appeared to have started when a transformer exploded near a resort in the town of Goseong. (Yonhap)But a few hours later, the state-run Korea Electric Power Corporation, which manages both transformers and disconnect switches, said, “There was no tr
April 5, 2019
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Samsung’s Q1 earnings to be halved due to slow chip, display markets
Samsung Electronics is forecast to post the smallest operating profit since 2016 in the first quarter of this year, according to its preliminary earnings report Friday. The report said the tech titan would record 52 trillion won ($45.77 billion) in sales and 6.2 trillion won in operating profit during the January to March period. (Yonhap)While Q1 sales dropped 14.1 percent from a year earlier, the company’s operating profit plunged 60.4 percent. The 6.2 trillion won operating profit marks the sm
April 5, 2019
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Malaysia eyes S. Korea as next halal market
KUALA LUMPUR -- With the launch of its halal trade fair this year, Malaysian officials pointed to South Korea as a viable halal market for growth, citing a growing number of Muslim tourists interested in visiting the Northeast Asian country.The 16th Malaysia International Halal Showcase kicked-off on April 3 in Kuala Lumpur with more than 800 exhibitors from about 44 countries participating in the event, to promote their interest in both the local and global halal market. Among them were South K
April 4, 2019
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SK Innovation’s new PR campaign draws 20m views online
SK Innovation’s new public relations campaign “Imagination Into Reality” has gained 20 million views within 27 days of its launch, making it the fastest growing PR campaign by the company, SK Innovation said Wednesday. SK Innovation, an energy and chemical subsidiary of SK Group, released five 12-second videos last March to promote its philosophy and vision. The videos feature innovative technologies currently in the works at the company. (SK Innovation)Since the release, the videos have gained
April 4, 2019
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2 million trees cut down to make way for solar panels in 3 years: lawmaker
More than 2 million trees have been cut down in South Korea over the last three years to make space for solar panels, according to opposition lawmakers who argue that the government’s renewable push should not be a replacement of nuclear energy. Since the government strongly pushed for solar power business in 2017, 4,407 hectares of forest have been damaged, 15 times the space of the Yeouido area of Seoul, according to Rep. Yoon Sang-jin of the main opposition Liberty Korea Party on Thursday. 12
April 4, 2019
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With SKT's pricing plan release, Korea’s 5G preparations complete
With South Korea’s biggest telecommunications firm SK Telecom unveiling its own pricing plan for 5G services Wednesday, all the mobile carriers have wrapped up preparations for their commercial rollout Friday. During a meeting with reporters in Seoul, SKT became the last carrier to announce pricing plans for the 5G network. It came a day after the mobile carrier's rival KT roiled the market with “unlimited” data plans without speed limits or data caps. According to SKT, consumers can choose fro
April 3, 2019
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Epic Games Korea announces store launch on 10th anniversary
Celebrating 10 years of operations here, Epic Games Korea announced Wednesday it will be launching its online game distribution channel, Epic Games Store, here.The store is the latest project of the game company whose main business is the massively popular “Fortnite” and game development suite Unreal Engine. While Epic Games Store launched globally at the end of last year, the opening was stalled for Korea due to game ratings regulations. Every legally distributed game in Korea has to have its u
April 3, 2019
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Korea to globally standardize 15 hydrogen technologies by 2030
Despite a strong state drive, South Korea does not have any hydrogen technology standardized for global use so far, the government said Wednesday, vowing to make 15 locally developed technologies globally standardized by 2030.According to the Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy, the government plans to file for global standardization of next-generation fuel cells for drones, ships and heavy machinery. The plan also includes proposing four s
April 3, 2019
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TaiMed picks Samsung BioLogics as manufacturer in W150b deal
TaiMed, a Taiwan-based biotechnology company, has picked Samsung BioLogics as its new contract manufacturing organization for the production of its novel biologic Trogarzo, used to treat patients with multidrug resistant HIV. The multiyear capacity contract, worth 150 billion won ($132 million), was concluded in August last year.The deal was made after TaiMed suffered from the lower conversion rate at its Chinese partner Wuxi Biologics in the second half last year, wrote Jerry Su, an analyst at
April 3, 2019
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South Korea to suspend tariff concessions on EU goods
South Korea is slated to suspend tariff concessions on European Union products in response to the EU’s safeguard measures on Korean steel products, according to the government Tuesday. The Ministry of Trade, Industry and Energy said it “notified the World Trade Organization about suspending tariff concessions on EU goods valued at about 56.8 million euros ($63.6 million).” (Yonhap)The amount is the estimation of additional tariffs imposed on Korean steel products in the wake of the EU safeguard
April 2, 2019