Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Airport operator unlikely to accept duty-free operator's rent cut demand
The operator of Incheon International Airport is likely to snub calls from Lotte Duty Free, the country's top duty-free operator, to adjust its rental fees, industry sources said Monday, amid the ongoing diplomatic row between Seoul and Beijing over the deployment of a US missile system here.Last week, Lotte officially requested Incheon International Airport Corp. adjust the lease fee to reflect sales as it cannot pay rent for the remaining period of its five-year contract due to drastic changes
IndustrySept. 18, 2017
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Semiconductor, display makers to invest W52tr by 2024
Major South Korean manufacturers of semiconductors and displays plan to invest a combined 51.9 trillion won ($45.8 billion) in the domestic market by 2024 to help stimulate the local economy and create jobs, the government said Monday. Senior executives from major manufacturers announced their investment plans during a meeting with Minister of Trade, Industry and Energy Paik Woon-gyu, in which they outlined strategies to further develop the high tech industry, the ministry said. Kwon Oh-hyun, vi
TechnologySept. 18, 2017
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Institutions scoop up techs during market correction
South Korean institutional investors have loaded up on tech stocks during a recent correction period in the local stock market, in contrast to foreigners' massive selling, data showed Monday.Local institutions' top pick was largest-cap Samsung Electronics Co. between July 24 and Friday, with their net buying of the tech giant reaching 1.35 trillion won ($1.19 billion), according to the data from the Korea Exchange. Institutions also purchased a net 551.5 billion won worth of chip giant SK hynix
MarketSept. 18, 2017
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Korean chipmakers' sales to top W100tr in 2017
South Korea's top two chipmakers -- Samsung Electronics Co. and SK hynix Inc. -- are set to see their combined annual sales exceed 100 trillion won ($88.3 billion) this year on the back of an industry boom, industry sources said Monday.The outlook came as Samsung and SK hynix, which posted sound earnings for the first and second quarters, have been showing robust performances on higher chip prices around the globe. (Yonhap)Samsung is expected to rake in sales of between 72 and 78 trillion won fr
TechnologySept. 18, 2017
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Stocks open higher on tech gains
South Korean stocks opened higher Monday, as investors scooped up large-cap tech shares. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.39 percent, to 2,395.46 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.03 percent, and SK hynix was 2.85 percent up.LG Chem, South Korea's top chemicals firm, advanced 0.37 percent, and AmorePacific, the country's No. 1 cosmetics firm, rose 1.4 percent. Hyundai Motor, No. 1 automaker, meanwhile, s
MarketSept. 18, 2017
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Operating margin of top 100 listed firms slows over 3 years
South Korea's top 100 listed companies have seen their average operating margin lose steam over the past three years amid a slowdown in overall business conditions, a market tracker said Monday.The average operating margin of the leading firms stood at 5.48 percent for the 2014-2016 period, lower than the comparable figure of 5.8 percent from 2007-16, according to Chaebul.com.The figure refers to the ratio of operating income to sales and serves as a key barometer of a company's profitability.Of
IndustrySept. 18, 2017
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[Herald Interview] ‘Samsung wants to bring idea of Silicon Valley project to Korea’
Two years on since Samsung Electronics opened its office building in Silicon Valley, the Korean tech giant has seen a dramatic change in their work style and it hopes to bring the idea to Korea, according to a partner at the US architecture firm NBBJ.NBBJ is a firm that designed Samsung’s US building and those of many other global tech firms, including Microsoft, Amazon, Tencent and Google. “Samsung’s Silicon Valley building is very progressive. (I think) They are learning a lot from the project
IndustrySept. 17, 2017
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Korean car sales keep sliding in China
The sales of South Korea’s two largest automakers, Hyundai Motor and Kia Motors, continued to plunge in China last month amid growing competition in the local market, as well as the prolonged political tension between China and South Korea over the deployment of a US missile defense system.Hyundai Motor and its sister company Kia Motors last month sold a total 76,010 vehicles in China, compared to 124,116 units in August last year, according to the companies’ data. Hyundai Motor’s sales in Augus
MobilitySept. 17, 2017
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[Monitor] Losses from drop in Chinese tourists amount to W81.6tr
A report from Hyundai Research Institute showed over the weekend that losses incurred by a radical decline in Chinese tourists amount to 81.6 trillion won ($71.94 billion) yearly.The number of incoming Chinese visitors dropped by 40 percent from March and July this year compared to the same period last year. The report estimated that some 3.33 million Chinese decided not to visit Korea in light of the Chinese government‘s purported group travel ban in a retaliation to Seoul’s deploym
EconomySept. 17, 2017
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[Behind the Wheel] Renault Samsung’s new SUV caters to urban driving
Renault Samsung Motors, the South Korean unit of French carmaker Renault, has released a gasoline-powered version of its popular QM6 midsize SUV, targeting drivers who drive in the city and prefer SUVs, the company said Sunday. The press took the QM6 GDe gasoline model for a test drive from Gyeongwonjae Ambassador Incheon to Grand Hyatt Incheon, totaling 60 kilometers earlier this month.Before the test drive, CEO of Renault Samsung Motors Park Dong-hoon told reporters, “SUVs are no longer for pe
MobilitySept. 17, 2017
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Long Chuseok holiday poses dilemma for SMEs
Planned to encourage consumer spending and revitalize the domestic market, the government’s designation of Oct. 2 as a temporary holiday to fill the chain of holidays in early October comes amid discouraging indices and dilemmas faced by smaller merchants. “We still haven’t decided whether to keep our store closed throughout the holiday season or to partially open,” said Kim Rae-won, an owner of a small restaurant in central Seoul. “It is hard to figure out whether
EconomySept. 17, 2017
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[Ask a Lawyer] Is determining price of imported goods really free?
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.(123rf)Q: What tax issues should I take into consideration when determining the prices of goods imported from foreign affiliates?A: Company A (“A”) recently imported raw materials from foreign affiliate B (“B”), and A paid customs duties and income taxes based on th
IndustrySept. 17, 2017
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[ITU 2017] Revolution, ecosystem, ocean: 5G is just the beginning
“You cannot assume that 5G is just 4G on steroids. It is a revolution,” said Kailash Narayanan of Keysight Technologies.The neat linear progression from 2G to 3G to 4G does not apply to next-generation networks. The generic term for future communications technologies, 5G offers so much more than just the next level up in speed and data volume. If earlier technologies are like different types of fish, says Peter Ashwood-Smith, Chair of ITU-T Focus Group on IMT for 2020, then “5G is the full ocean
TechnologySept. 17, 2017
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SK Holdings turns to US investors for M&A push
SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, will be making its way to the US this week to meet with global institutional investors as it seeks new capital to fund its strategic investment activities.Top executives from SK Holdings, including its CEO Jang Dong-hyun, will be holding a four-day non-deal roadshow in major US cities including New York and Boston starting from Monday, with Credit Suisses as the lead manager, the company said.The SK Group headq
IndustrySept. 17, 2017
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Possible FOMC tightening to ease uncertainties: analysts
The United States Federal Open Market Committee’s decision this week to take another step back from yearslong quantitative easing is likely to ease uncertainties for the financial markets in South Korea, according to multiple analysts. The FOMC’s highly-anticipated decision to shrink the balance sheet, backed by signs of pick-up in US consumer inflation, will “lift some uncertainties out of the market,” wrote Kim Yu-kyum, an analyst at Cape Investment & Securitie
MarketSept. 17, 2017
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Markets’ 10-day closure to be first in over 30 years
The Korea Exchange, South Korea’s sole securities market operator, is bracing for the 10-day closing of the market next month, the longest in more than three decades.The main bourse and the secondary bourse are scheduled to be dormant from Sept. 30 to Oct. 9 for the weekends and national Chuseok holiday. This is the third time for the market to close for 10 days since Kospi was launched by KRX in 1983.In 1983 and 1984, Kospi did not open from Dec. 25 to Jan. 3 the following year to allow t
MarketSept. 17, 2017
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Lotte opens 2nd hotel in Russia
Lotte Hotel & Resorts said Sunday it opened its second hotel in Russia last week as it seeks to tap deeper into the overseas market.The new hotel opened in Saint Petersburg on Friday. It launched its first Russian operation in Moscow in 2010. Lotte currently operates hotels in the United States, Vietnam, Uzbekistan and Myanmar.Lotte Hotel & Resorts is affiliated with Lotte Group, South Korea's fifth-largest conglomerate with sprawling businesses in food, retail and construction. (Yonhap) This un
IndustrySept. 17, 2017
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Hyundai Motor names new CEO of US unit
Hyundai Motor Co. has named Lee Kyung-soo the new chief executive of its American unit, a post that had been vacant for nine months, according to the company's website on Saturday. Lee, 61, joined Hyundai in 1982 and most recently served as chief executive of Hyundai Translead, a US affiliate of Hyundai Motor that produces dry and refrigerated van trailers and container chassis, Hyundai Motor's US unit said in a statement posted on its website. Lee Kyung-soo, newly appointed CEO of Hyunda
MobilitySept. 16, 2017
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EV battery makers on roll due to turnaround hopes, favorable policies
Stocks of South Korean electric vehicle battery manufacturers have been on a sharp rise for the past few weeks because of hopes that their business may turn around faster than expected on the back of favorable state policies and rising demand for eco-friendly vehicles, industry sources said Saturday.Stocks in top player LG Chem Ltd. have surged more than 40 percent since June, topping 400,000 won ($353) on expectations of rapid growth in the market for medium and large-sized batteries. It closed
BusinessSept. 16, 2017
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North Korea's fresh missile launch has limited impact on local market
South Korea’s financial market on Friday remained relatively unperturbed by North Korea’s launch of another ballistic missile, despite aggravated geopolitical tension on the Korean Peninsula.Financial decision makers nevertheless vowed for a full readiness posture, lest the continuing military threats from the North dampen investor sentiment in the long-term. The nation’s benchmark Kospi on Friday closed at 2,386.07, up 8.41 points from the previous day. The secondary Kosdaq cl
EconomySept. 15, 2017