Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Budget handset sales sharply up amid regulations on discounts
Sales of budget handsets in South Korea are continuing to gain popularity, data showed Wednesday, as consumers seek cheaper options following the government's regulations on discounts for high-end models. Out of total smartphone sales, the portion of budget handsets, priced 500,000 won ($433.3) and below, came to 34 percent in the January-October period, up from the around 20 percent posted a year earlier, the data compiled by the Ministry of Science, ICT, and Future Planning showed. Industry
Nov. 25, 2015
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Loss-making shipyards struggling to sell assets, cut costs
South Korean shipbuilders are seeking to sell assets and cut costs, as they struggle with massive losses stemming from a protracted industry slump and rising costs, industry sources said Wednesday. The country's big-three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are rolling out a set of self-rescue measures that will save a combined 2.5 trillion won ($2.17 billion), they said. Daewoo Shipbuilding is seeking to c
Nov. 25, 2015
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Hyundai founder’s grandsons coming to fore
Following is the second in a three-part story featuring the late Hyundai Group founder Chung Ju-yung’s leadership and his management philosophy on the occasion of the 100th anniversary of his birth. ― Ed. The late Hyundai Group founder Chung Ju-yung stood ahead of others in terms of family size in the community of Korean chaebols. Chung and his wife Byun Joong-suk had eight sons and a daughter. Most of the sons grew up to be businessmen, influenced by his entrepreneurial spirit. With so many son
Nov. 24, 2015
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Ex-President Kim Young-sam’s relations with superrich
The death of former President Kim Young-sam (1927-2015) evoked memories of Korea’s rapid industrialization in the ’90s and the business magnates who led the glory. “The late Kim was reportedly the first president who did not take kickbacks from the conglomerates. Through various policies including the Real Name Financial Transactions and Confidentiality, he is recognized for having upgraded the country’s business and economic infrastructure,” a business insider said, paying tribute to the man wh
Nov. 24, 2015
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[Herald Interview] Malaysia seeks investment from Korea's small, mid-sized firms
Malaysia is a highly attractive investment location for South Korea’s small and medium-sized enterprises looking to expand their business in Southeast Asia, the head of its state-run investment promotion agency said Monday. “Malaysia is particularly looking at smaller Korean companies -- which are seeking expansion elsewhere due to limited room for growth at home -- as key potential investors,” the Malaysian Investment Development Authority CEO Azman Mahmud said in an interview with The Korea He
Nov. 24, 2015
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[SUPER RICH] New Silicon Valley stars of Korean descent
The relationship between new start-ups and their venture capital investors is a bit like a marriage: The start-up founder and investors hold a contractual ceremony, then need to uphold the terms and conditions and coexist together.In the tech sector, especially in Silicon Valley in California, many successful start-ups are the results of such unions between start-up founders and venture capital investors of Korean descent. This coexistence has resulted in the birth of a new breed of superrich.A
Nov. 24, 2015
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SK to purchase majority stake in OCI Materials
SK Holdings said Tuesday it would acquire a majority stake in OCI Materials, the world’s leading supplier of specialty gas used in making semiconductors, displays and solar modules, as it seeks to strengthen its chipmaking business. SK agreed to purchase a 49.1 percent stake in OCI Materials for 481.6 billion won ($417 million) from OCI, a leading South Korean chemicals manufacturer.(Yonhap) Through the acquisition, SK, newly equipped with a stable supply of base materials and related technology
Nov. 24, 2015
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Volkswagen not responding to compensation demands in S. Korea
German auto giant Volkswagen is not responding to South Korean customers demanding the same kind of compensation as granted in North America for fabricating emission results of some of its vehicles, their legal representatives said Tuesday. Barun, which spearheads a class-action lawsuit against Volkswagen and its luxury brand Audi for car owners here, had made an official request for them to come up with the same kind of compensation plan for local customers. It demanded any response be given
Nov. 24, 2015
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Sales of Korean firms dip for first time ever in 2014: report
Total sales of South Korean companies dropped on-year for the first time ever in 2014 due to weak manufacturing sector growth, a government report showed Tuesday. According to the report by Statistics Korea, the combined sales of 12,125 companies checked reached 2,231 trillion won ($1.93 trillion) last year, down 26 trillion won, or 1.2 percent, from 2013. The companies had more than 50 regular workers and had a paid-in capital of more than 300 million won. The numbers exclude financial and in
Nov. 24, 2015
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LG Chem to provide ESS to local power generator
LG Chem Co., South Korea's top chemicals and battery maker, said Tuesday that it has signed a deal to provide an energy storage system for a local wind power generation complex in the country. Under the deal with private power generator GS E&R, LG Chem will supply the system with a capacity of 50MWh, which translates into daily power consumption for some 5,000 households. The ESS refers to the procedures of saving energy in a large-scale battery for efficient distribution of power. For example
Nov. 24, 2015
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Samsung opens more patents for smaller firms
South Korea's top tech firm Samsung Electronics Co. said Tuesday it will open more of its technology patents to smaller local firms in line with its vision for shared growth. In June this year, Samsung also said it will share 3,000 technology patents with local firms free of charge. The latest plan will add 24,000 more to the list. Samsung said the patents will come from various segments, including mobile devices, audio, telecommunications and semiconductors. The world's leading smartphone ma
Nov. 24, 2015
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SK to buy industrial gas manufacturer
SK Corp., the holding firm of South Korea's No. 3 conglomerate, said Tuesday that it has decided to take over a local manufacturer of special gases used in chipmaking, LCD and solar panels, as part of an effort to bolster its semiconductor material business. SK will buy a 49.1 percent stake in OCI Materials Co. for 482 billion won ($416 million), which translates into 93,000 won per share, the company said in a regulatory filing. OCI, a solar panel maker, has been seeking to sell OCI Materials
Nov. 24, 2015
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Standard Chartered Korea to merge bank, financial holding firm
Standard Chartered Korea will merge its bank with its financial holding company on Dec. 1 as part of a move to streamline operations and improve earnings, financial sources said Tuesday. Sources said the merger approved by the Financial Services Commission, South Korea's top financial regulator, involves Standard Chartered Bank Korea absorbing the financial holding company. The bank will also control Standard Chartered Securities Korea, a unit of the financial holding company. London-based S
Nov. 24, 2015
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Seoul shares open higher on techs, builders
South Korean stocks started slightly higher Tuesday on gains in technology and construction shares. The benchmark Korea Composite Stock Price Index added 4.11 points, or 0.21 percent, to 2,007.81 in the first 15 minutes of trading. Top-cap Samsung Electronics added 0.23 percent, and top chipmaker SK hynix increased 0.33 percent. LG Display climbed 3.87 percent. Hyundai Engineering & Construction added 2.29 percent, and Daewoo Engineering & Construction moved up 0.31 percent. The local curren
Nov. 24, 2015
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Hanmi Pharmaceutical heading to best year ever with mega deals
Hanmi Pharmaceutical Co. is heading toward its best year ever with six licensing deals and collaboration projects worth a combined 7.6 trillion won ($6.55 billion). The South Korean company has bagged a series of deals on licensing of its pipeline products and collaborative research and development of early treatment for lung cancer and diabetes. On Monday, Hanmi said it has struck a license agreement with ZAI Lab Limited of China to develop novel EGFR targeted therapy for lung cancer in Chin
Nov. 24, 2015
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TVs forecast to bolster global display market
Global shipments of display panels are expected to fall about 5 percent on-year in 2015 due to tumbling demand for PCs, with the strong TV segment propping up the market, data showed Tuesday. According to the data compiled by industry tracker IHS, sales of large-sized display panels are estimated to reach 682 million units this year, compared with 720 million units posted in 2014. The figure excludes panels whose size is 7 inches or smaller. Industry watchers said the main reason is a continue
Nov. 24, 2015
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Hyundai founder’s saga inspires beyond generation
Following is the first in a three-part story featuring the late Hyundai Group founder Chung Ju-yung’s leadership and his management philosophy on the occasion of the 100th anniversary of his birth. ― Ed.As the 100th anniversary of the birth of the late Chung Ju-yung, founder of the Hyundai empire, draws near, a zeal to learn from his leadership is building across generations in Korea, whose economic vitality is weakening due to low growth and an aging population. The books published to reevaluat
Nov. 23, 2015
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Seoul pressured to extend duty-free licenses
The government has come under growing pressure to extend the five-year operational license term for downtown duty-free stores as experts argue the present validity could hinder the industry’s long-term growth. There has been a heated debate since last week when authorities issued new licenses to winners of an open bid to run tax-free stores and shortened the term from the previous 10 years under a law that took effect in 2013. Experts said the new term will pose risks and uncertainties to the co
Nov. 23, 2015
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Air Busan pushes forward IPO plan
Air Busan, one of South Korea’s leading budget carriers, is pushing forward plans to launch an initial public offering, seeking to channel in fresh capital to better strengthen itself against rising competition, company officials said Monday.The airline company, founded in 2007, held a board meeting in Busan on Monday to discuss who could potentially lead the IPO process, scheduled for completion by the end of next year. A model poses to promote budget airline Air Busan. (Yonhap)“The company org
Nov. 23, 2015
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KRIHS to hold forum on future vision of NE Asia
The Korea Research Institute for Human Settlements will hold an international seminar, “Future Vision for the Northern Area and the Korean Peninsula,” Tuesday in Seoul.Attending the seminar will be experts from China, Russia, Japan and Korea, such as professor Zhang Huizhi from China’s Jilin University, professor Serigei Sevastyanov from Russia’s Far Eastern Federal University, senior research fellow Mimura Mitsuhiro from the Economic Research Institute for Northeast Asia and research fellow Lee
Nov. 23, 2015