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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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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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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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Auto industry body calls for curbing wage growth
The chief of South Korea's automobile industry association called for local carmakers Tuesday to rein in salary growth, saying that the burden from labor costs has been increasing faster than other global rivals. Speaking at a seminar held by the Korea Automobile Manufacturers Association, Chairman Kim Yong-geun also demanded that labor unions cooperate to prevent the wage issue from hurting overall competitiveness.KAMA represents the interests of five major automakers operating in South Korea.
Sept. 8, 2015
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GM, Renault Samsung bolster imported car business
General Motors Korea and Renault Samsung Motors, both of which are categorized as Korean automakers, are expanding their imported car business on the back of the rising popularity of foreign car brands in all market segments. Renault Samsung’s QM3, manufactured in Spain, and the recently-introduced Chevrolet Impala, produced in the United States and imported by GM Korea, are creating new success stories in the local mass vehicle market. Renault Samsung`s QM3 (Renault Samsung) The two brands targ
Sept. 8, 2015
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[Newsmaker] Samsung’s 1st biosimilar drug approved
Samsung Group, South Korea’s leading conglomerate, has taken a significant step toward driving forward its newly-established biopharmaceuticals business, an emerging sector expected to become one of the company’s future growth engines. Samsung Bioepis, the conglomerate’s biotechnology research and development unit, said Monday that it had gained approval from the Ministry of Food and Drug Safety to begin selling Brenzys, its biosimilar copy of Amgen and Pfizer’s rheumatoid arthritis treatment E
Sept. 8, 2015
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With Tesco deal done, MBK faces real challenge at home
MBK Partners may be on cloud nine after striking a deal to buy British retail behemoth Tesco's Korean unit, but a rough road lies ahead for the Seoul-based private equity fund as it faces tough business conditions and negative public sentiment, industry watchers say. In South Korea's largest-ever buyout deal, MBK sealed a US$6.1 billion contract with Tesco on Monday to acquire Homeplus, the country's No. 2 discount chain, from the British company that wanted to dispose of its largest overseas op
Sept. 8, 2015
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One-third of Lotte units foreign-invested firms: lawmaker
One-third of retail giant Lotte Group's affiliates operating in South Korea are classified as foreign-invested firms and enjoy special benefits, a lawmaker claimed Tuesday.Citing government data, Rep. Kim Ki-jun of the main opposition New Politics Alliance for Democracy said 28 of Lotte's 81 affiliates and most of its large units are foreign-invested companies. Lotte is South Korea's fifth-largest family-run conglomerate, or chaebol, with total sales hitting 112 trillion ($93.3 billion) won in 2
Sept. 8, 2015
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Lotte becomes No. 1 fair trade rule violator
Retail giant Lotte Group has broken fair trade rules the most among the nation’s large conglomerates over the past 10 years, data showed Monday. Lotte Group chairman Shin Dong-bin (Yonhap)The Fair Trade Commission data showed that South Korea’s fifth-largest conglomerate was charged and fined a total of 147 times for breaching rules of the antitrust watchdog since 2005. The number of Lotte’s unfair practices accounts for over 22 percent of the 649 cases brought against the country’s top five la
Sept. 7, 2015
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KPC partners with Pearson for global business education
The state-run Korea Productivity Center has joined hands with U.K.-based education and media giant Pearson to implement a new English language proficiency exam in Korea in a bid to boost the global competitiveness of local companies.KPC signed an official partnership deal with Pearson last Friday to introduce the EPro Exam, or the English for Professionals Exam -- a business English language proficiency test developed by Pearson -- to the Korean business community. KPC chairman and CEO Hong Soon
Sept. 7, 2015
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MBK Partners buys Homeplus for W7.2tr
A group of investors led by homegrown buyout fund MBK Partners signed a 7.2 trillion won ($5.98 billion) deal to purchase Tesco’s Korean unit Homeplus, the companies said Monday. It marks the biggest deal in the country’s merger and acquisition history. A Homeplus store in Seoul (Yonhap)The MBK-led consortium, formed in partnership with two Canadian pension funds and Singapore sovereign wealth fund Temasek, struck the stock purchase agreement with Tesco in Hong Kong to buy a 100 percent stake in
Sept. 7, 2015
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[Herald Interview] Merck ready to join Korea’s display, biopharma drive
Merck, the world’s leading chemical and pharmaceuticals giant, is ready to do its part in driving forward Korea’s advancing display business as well as the fast-developing biopharmaceuticals industry -- areas forecast for rapid growth in the future.Michael Grund, managing director of Merck Korea, said the German firm is prepared to become a reliable partner to its major clients like Samsung and LG which are seeking to remain ahead of the game in the highly-competitive display business and pave n
Sept. 7, 2015
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[Graphic News] Incheon airport facility rental fees increase 30% in 4 years
The rental fees in commercial facilities at Incheon International Airport have increased nearly 30 percent in the past four years, data showed Monday.According to a report by Incheon International Airport Corp., which was submitted to Rep. Lee No-keun of the ruling Saenuri Party, the airport gained 777 billion won ($645 million) from commercial facility rent fees last year, a 29.8 percent increase compared to that in 2010.The area with the highest-priced rent was a duty-free shop run by Hotel Sh
Sept. 7, 2015
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Government calls for restructuring in heavy industries
The government urged the heavy industries to push for a drastic reorganization of their business portfolios to boost their international competitiveness on Monday.Industry Minister Yoon Sang-jick made the request to steelmakers, shipbuilders and oil refineries during his meeting with corporate CEOs and business association officials to discuss measures against slumping exports “Korean firms need to voluntarily reshuffle their businesses to diversify and build a competitive export portfolio,” he
Sept. 7, 2015
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Milk industry taps Malaysian halal market
Actor Lee Min-ho poses with Binggrae’s banana-flavored milk. (Binggrae)After a year of regulatory consultations, South Korean dairy maker Binggrae will export its first commercial batch of banana-flavored milk to the Malaysian halal market, government officials said Monday. According to South Korea’s Agriculture Ministry and Food Safety Ministry, 14.4 tons of the all-Korean flavored milk will be shipped to Malaysia on Sept. 12. Biggrae aims at exporting a total of 50 tons of banana-flavored milk
Sept. 7, 2015
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KT&G launches Zippo limited edition
This Africa Zippo Rula (left) and This Africa Zippo Mola. (KT&G)KT&G Corp., the nation’s largest tobacco maker by market share, Monday rolled out its latest limited edition “This Africa Zippo” in collaboration with U.S. lighter maker Zippo. Available for sale for one month, the This Africa Zippo edition applies to two “This” categories: This Africa Rula and This Africa Mola. The two Zippo editions bring out a wild-and-strong image through metallic colors and illustrations of a roaring lion and
Sept. 7, 2015
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MBK Partners buys Tesco's Korean unit for 7.2 tln won
A consortium led by Seoul-based private equity fund MBK Partners Ltd. clinched a 7.2 trillion won ($5.98 billion) deal to acquire U.K.-based retail giant Tesco Plc's Korean unit, marking the nation's largest takeover deal. MBK said it struck the stock purchase agreement with Tesco in Hong Kong a week after being chosen as a preferred bidder, beating KKR and Affinity Equity Partners. The MBK-led consortium involves Canada's two pension funds and Singapore sovereign wealth fund Temasek.Homeplus is
Sept. 7, 2015
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Woori Bank starts Samsung Pay service in S. Korea
South Korea's No. 2 lender Woori Bank started accepting Samsung Electronics Co.'s mobile payment tool Monday, sources said, paving the way for the tech behemoth to expand the new business.Nautilus Hyosung Inc., a banking technology firm, said Samsung Pay will be accepted at some 1,000 automated teller machines operated by Woori Bank across the nation.Nautilus Hyosung said it will expand the service to other banks in the future.Samsung Pay, launched in South Korea on Aug. 20, stands out from othe
Sept. 7, 2015
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Lotte Group ranks first in fair trade violations
Retail giant Lotte Group ranked No. 1 among South Korea's family-controlled conglomerates in terms of violations of the country's fair trade rules, a report showed Monday.The report by the Fair Trade Commission sent to Rep. Shin Hak-yong's office, revealed that Lotte topped the list for breaking rules aimed at preventing market distortions in the last 10 years.The antitrust agency's report covered the country's five conglomerates or chaebol.During the 10-year period, Lotte, the fifth-largest con
Sept. 7, 2015
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S. Korea ranks 2nd in China's cosmetics market
South Korean cosmetics exports to China more than tripled in the first seven months of this year on rising popularity of its pop culture to rank second in the Chinese market, data showed Monday.China imported $378.3 million worth of South Korean cosmetics in the January-July period, up a whopping 250.6 percent from a year earlier, according to the data compiled by the Korea International Trade Association.The amount accounted for 22.1 percent of China's total cosmetics imports valued at $1.67 bi
Sept. 7, 2015
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[Graphic News] High-income earners live mainly in capital area
Around seven out of 10 high-wage earners with an annual salary of more than 100 million won ($83 200) live in the capital area, data showed Sunday.According to a report from Statistics Korea, which was submitted to Rep. Park Myung-jae of the ruling Saenuri Party, there were 473,217 people who were reported as high-wage earners in 2013.Among them, 46.7 percent lived in Seoul, followed by 22.6 percent living in Gyeonggi Province and 2.8 percent in Incheon, making up almost 70 percent of all high-w
Sept. 6, 2015
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BNK Busan Bank hires vocational school graduates
BNK Busan Bank is hiring more employees from vocational high schools every year, bank officials said.The lender, a banking unit of BNK Financial Group, reinstated hiring high school graduates in 2011, hiring 10 employees for the first time in 16 years.Since then, the bank has increased the recruitment of vocational high school graduates, hiring 14 in 2012, 19 in 2013, 20 in 2014 and 28 this year.They are first taken in as temporary employees for two years and then make the transition, becoming f
Sept. 6, 2015
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Hankook Tire's unionized workers start yes-or-no vote on pay raise
Unionized workers of Hankook Tire Co., South Korea's largest tire maker, started a yes-or-no vote on Sunday on a pay raise and other tentative deals reached between labor and management.The vote that started at 5 a.m. on Sunday will last until 5 p.m. on Tuesday, according to the union. The agreement reached between labor and management on Friday calls for a 5.8 percent rise in basic pay and a one-off bonus for workers at production lines. Unionized workers had opposed previously-reached deals un
Sept. 6, 2015