Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Gov't resumes telemedicine law revision
The government will push ahead with a plan to revise a law in order to allow doctors to see patients and provide treatment through the use of telecommunications and information technology, government officials said Tuesday.According to the Health and Welfare Ministry, the Cabinet approved a bill on the revision of the Medicine Law the same day to implement the practice of telemedicine designed to provide quality health care for those in hard-to-access areas and for the elderly by connecting pati
June 7, 2016
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Home-grown brand Golden Blue rapidly eats into whisky market share
To many South Koreans, a Scotch whisky aged over 17 years has been a symbol of luxury and the ultimate drink for successful businessmen. But that became a thing of the past amid the prolonged economic slowdown and changing drinking trend. Golden Blue, a home-grown whisky released in 2009 by a fledgling Korean distiller based in Busan, has been increasingly widening its base among whisky lovers who prefer a mild taste and affordable price tag.Unlike a typical whisky with a Scotch label and 40 per
June 7, 2016
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Over 40% of local cow farms closed since KORUS FTA: report
More than four out of 10 South Korean cow farms have shut down in the last four years since the implementation of the free trade deal between Seoul and Washington, dealing a hard blow to the local livestock industry, a report showed Tuesday.The number of cow farms stood at 154,000 units in 2012, when the Korea-U.S. free trade agreement took effect, but it plunged 42 percent to 88,000 units in 2016, according to the report compiled by Nonghyup, a state-run farmers' cooperative.Nearly 16,500 farms
June 7, 2016
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Korean Air keen to secure cash to handle maturing debt
Korean Air Lines Co., South Korea's top air carrier, is going all out to secure liquidity by issuing a large amount of asset-backed securities in an apparent bid to handle maturing debt, industry sources said Tuesday.Korean Air, whose parent Hanjin Group is beset by a liquidity crisis engulfing its shipping arm, floated some 340 billion won ($287 million) worth of ABS in April and May. The airline is also considering issuing an additional 700 billion won in July.Last year, Korea Air issued 570 b
June 7, 2016
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ANN launches new website, logo
Asia News Network, the regional media alliance of 21 leading newspapers, has launched its new website (www.asianews.network), which can also be accessed on mobile devices. The network, of which The Korea Herald is an active member, also unveiled a new logo. The new website, launched during the network’s annual board meeting in Beijing last week, will provide selected top stories from member papers on a daily basis. The new site boasts a reader-friendly interface. ANN also plans to launch a dail
June 7, 2016
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Lotte Chemical bids for U.S. chemicals firm Axiall
Lotte Chemical Corp., a major chemicals maker, said Tuesday that it has submitted a bid to take over a U.S.-based chemicals firm to expand its business portfolio.In a regulatory filing, the company said it has submitted a bid to take over Axiall Corp., a deal estimated at over 3.3 trillion won ($2.78 billion). No financial details were revealed. Axiall, a leading U.S. chemicals firm, produces plastics, pulp and paper, packaging, chemical intermediates, and building and home improvement products.
June 7, 2016
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Venture firms' exports drop on global slump
Exports by South Korean venture companies fell this year for the first time in three years, stung by the continued sluggishness of the global economy, data showed Tuesday.Overseas shipments by local startups came to $5.23 billion in the January-April period, down 6.5 percent from the same period a year earlier, according to the data by the Korea International Trade Association.The drop is lower than a 12.8 percent plunge in South Korea's overall overseas shipments during the four-month period, b
June 7, 2016
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Hyundai Merchant aiming to reach pact on new charter rates this week
Hyundai Merchant Marine Co., South Korea's second-biggest container carrier, is aiming to cut a deal that will set new rates on chartered ships this week, sources said Monday. Hyundai Merchant is expected to sign an initial deal with the owners of chartered ships that can lower rates as early as Tuesday, government officials and industry insiders familiar with ongoing negotiations predicted. The company has been in talks with 22 shipowners. It paid 976 billion won (US$823 million) in charte
June 6, 2016
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POSCO most popular stock among foreign investors
Korean steelmaking giant POSCO was the most popular stock this year for foreign investors, market data showed Monday, amid improving sentiments helped by its better-than-expected earnings. According to financial data provider FnGuide, foreign investors bought a net 475.8 billion won ($407.3 million) worth of POSCO stocks on the Seoul bourse during the January-May period. This was the largest portion of foreign net buying, which came to about 3.39 trillion won in the period.Shares in the steelmak
June 6, 2016
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Kakao CEO Rim increases share acquisition
Rim Ji-hoon, chief executive of Kakao, the developer of Korea’s most-used mobile messenger, has recently been buying company stocks on the market in an apparent move to boost his leverage over the firm, according to news reports that cited investment banking sources.Last week, Rim acquired 1,522 shares of the company listed on the tech-heavy KOSDAQ at 98,800 won ($84.60) per share, with his equity ownership in Kakao now amounting to 4,264 shares. He previously bought 2,742 shares at between 100,
June 6, 2016
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Lotte chairman in quandary over sister’s fate
Lotte Group chairman Shin Dong-bin’s pledge to separate his family’s ownership from its influence on the group’s management was put to the test Monday amid escalating controversy over his elder sister’s involvement in a lobbying scandal.With calls mounting to fire Shin Young-ja, a former executive and a sitting boardroom member of Hotel Lotte, the chairman appears to be contemplating whether to kick his sister out or to keep her by his side.(Yonhap)Shin Young-ja, the eldest daughter of Lotte fou
June 6, 2016
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Samsung chief Lee Kun-hee tops list of local equity holders
Samsung Electronics Co. Chairman Lee Kun-hee claimed the top spot among 23 holders of listed stocks worth more than 1 trillion won (US$843 million) as of last week, a local market research company said Monday. According to Chaebul.com, a total of 23 people held domestically traded stocks worth over 1 trillion won and their combined stock value reached 65.42 trillion won as of June 3, slightly down 1.1 percent from early this year. Chairman Lee maintained the No. 1 position with the value o
June 6, 2016
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Vehicle sales by Hyundai, Kia exceed 30 million
Cumulative vehicle sales by Hyundai Motor Group exceeded 30 million in 54 years after it entered the car-making business, the automotive conglomerate said Monday. Since entering the market in 1962, Hyundai Motor Co. and Kia Motors Corp. sold a combined 30.03 million units -- 18.46 million by Hyundai and 11.57 million for Kia. The sister companies together form the fifth-biggest car-making group in the world. Their collective sales hit 10 million in 1996 and 20 million in 2007, and finally hi
June 6, 2016
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Yuhan-Kimberly faces fire over sanitary pad prices
Yuhan-Kimberly, Korea's leading manufacturer of diapers, tissues and feminine hygiene products, is stirring controversy with the release of a new, more expensive premium line of sanitary pads, seemingly contrary to its previous decision to freeze prices on the products. Last month, the firm announced plans to raise prices on its sanitary pads by up to 20 percent, starting from June 1. The notice immediately sparked backlash from local consumers and advocacy groups against the company, which acco
June 6, 2016
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Banks' exposure to 3 shipbuilders, 2 shippers jump 4.8 tln won
South Korean banks' loans to the country's three biggest shipbuilders and two major shipping lines jumped 4.8 trillion won (US$4 billion) in the past two and a half years as they borrowed more to continue operations, data by a private corporate firm showed Monday. Bank loans extended to Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. climbed 4.5 trillion won to 50.54 trillion won at the end of April from 46.06 trillion won as of end-
June 6, 2016
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‘Hotel Lotte’s IPO could be delayed’
The listing of Hotel Lotte on the nation’s main bourse, the largest initial public offering event expected this year, could be postponed, according to reports and sources Sunday, citing the possible negative impact of an ongoing probe involving the chairman’s elder sister on its market capitalization. Lotte Group said it has decided to delay a series of deal roadshows set to be held in major financial markets overseas starting with Hong Kong on Monday. The group, however, has not decided whether
June 5, 2016
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Amgen to bring ‘accessible treatments’ to Korea
U.S. pharmaceutical giant Amgen is preparing to introduce innovative therapies to local patients at affordable costs, stressing “accessibility” as the company’s key value, the chief of Amgen Korea said last Thursday. “Our foremost vision is to offer local patients with limited or no treatment options access to our drugs in a fitting and timely manner,” said Amgen Korea’s general manager Noh Sang-kyung during an event to mark the opening of Amgen’s Korean office in Seoul last Thursday.Amgen Korea
June 5, 2016
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Korea's Iranian crude imports double in Jan-April period
Korea's crude oil imports from Iran have more than doubled this year following the lifting of sanctions in January as major refiners have ramped up purchases of cheaper oil offered by the Middle Eastern nation, the state-run oil company said Sunday. A total of 30 million barrels of Iranian crude and condensate were shipped to South Korea in the first four months of this year, up 113.5 percent from a year earlier, the Korea National Oil Corporation (KNOC) said. The annual import of Iranian crude
June 5, 2016
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Sales of compact SUVs hit record high in May
Compact sports utility vehicles (SUVs) have gained popularity among younger customers in Korea as local automakers have released a series of fashionable, fuel-efficient models to grab a bigger chunk of the quickly growing market, industry data showed Sunday. A total of 10,216 compact SUVs made by Korean automakers were sold in May, soaring 56.1 percent from a year ago, data by the companies showed. The latest figure broke the previous monthly record of 10,044 in December.Since GM Korea Co. relea
June 5, 2016
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Top 10 conglomerates' market cap down 1.7 pct this year
South Korea's top 10 conglomerates have suffered a drop in their market capitalization this year as a protracted slump in domestic and overseas markets continued prodding investors to take to the sidelines, data showed on Saturday.According to the data compiled by industry tracker FnGuide, the combined market value of Samsung, Hyundai and eight other business groups stood at 633.91 trillion won (US$534 billion) as of Friday, down 10.94 trillion won, or 1.7 percent, from the end of last year.No.
June 4, 2016