Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Budget hotels vying to grab share in downtown Seoul
A growing number of business hotels have opened up in downtown Seoul to meet rising demand for affordable accommodation options among foreign and budget-conscious travelers, industry officials said Friday. Many of the hotels have sprung up in Myeongdong, a downtown shopping area, and more are set to open later this year to fill a niche demand between five-star hotels and cheap guest houses. So far, about 2,000 rooms have been added to the area. Hotel Lotte, a unit under retail giant Lotte Group,
IndustryJuly 8, 2016
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Sampyo mulls IPO to repay debt
[THE INVESTOR] Sampyo, South Korea’s No. 2 ready-mixed concrete manufacture, plans to get listed to recoup its investment on the acquisition of Tong Yang Cement last year, sources said on July 8. “We are considering an initial public offering to improve our financial health in the long term as economic conditions in the construction industry are projected to deteriorate,” an official at Sampyo said. SampyoAccording to investment bank officials, Sampyo sent out a request for proposals to brokera
July 8, 2016
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GE Capital’s sale of Hyundai Capital stake to be decided in July
[THE INVESTOR] GE Capital will decide on the sale of its stake in Hyundai Capital Services within July, industry sources said on July 8. GE Capital currently holds 20 percent of Hyundai Motor Group’s financing arm. The US firm plans to unload the shares, and with no buyer appearing, GE Capital had planned to exercise the put option and resell to Hyundai Motor Group.Based on the most recent transaction regarding Hyundai Capital Services’ shares, its stake is likely to cost around 700 billion won
IndustryJuly 8, 2016
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FTC refuses to delay decision on SK-CJ merger
[THE INVESTOR] The Fair Trade Commission has refused CJ HelloVision’s request to delay its decision on the planned merger and acquisition deal with SK Broadband, an IPTV firm run by SK Telecom. FTC officials told Herald Business and The Investor that they would not be pushing back the schedule. Last week, the regulator handed down a preliminary decision to CJ and SK, saying that it opposes the merger, as it could hamper fair market competition by unleashing an excessively-dominant player. CJ an
TechnologyJuly 8, 2016
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More people paying maximum for health insurance as affluent population rises
The number of people paying the maximum for state-run health insurance, about 2.3 million won (1,990) a month, is increasing each year, health authorities said Friday, a sign that the number of rich people in South Korea is rising. Records from the Ministry of Health and Welfare and the National Health Insurance Service showed the number of the employed paying the maximum totaled 3,130 as of April, up from 2,508 in 2012. The number for the unemployed increased to 577 from 359.The employed group
July 8, 2016
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CJ HelloVision asks watchdog to postpone decision on M&A with SK Broadband
[THE INVESTOR] Cable TV operator CJ HelloVision has sought the antitrust regulator’s permission to delay a meeting for deciding on its planned merger and acquisition deal with SK Broadband, a local IPTV firm.To that end, it also said it would like to delay submitting a report on the matter. “We have asked the Fair Trade Commission to postpone its July 15 standing committee meeting by a month, and the report deadline to Aug. 4,” CJ HelloVision said in a statement, stressing that the schedule is t
TechnologyJuly 8, 2016
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Haier, CJ, Cuckoo may bid for Tongyang Magic
[THE INVESTOR] China’s Haier and Korea’s CJ and Cuckoo are surfacing as likely bidders to acquire Tongyang Magic, a local appliance maker whose key business is water purifier rental service. Toyang’s largest shareholders Glenwood Private Equity and NH Private Equity, both based in Korea, plan to send information memorandum to possible bidders next week with aims to start the bidding process from later this month. According to industry sources, Tongyang had long gauged its entry into the Chinese
IndustryJuly 8, 2016
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Lotte group chairman, founder placed under travel ban
Prosecutors said Friday they have put travel bans on the chairman of embattled South Korean retail giant Lotte Group and its founder as they widened their probe into allegations of corruption in the conglomerate.The Seoul Central District Prosecutors' Office has barred Chairman Shin Dong-bin and his father and Lotte founder Shin Kyuk-ho from leaving the country, according to the sources. Prosecutors have been widening their investigation into the country's fifth-largest conglomerate since early
CompaniesJuly 8, 2016
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Samsung shares Olympic spirit with new Galaxy S7 Edge
[THE INVESTOR] Tech giant Samsung Electronics unveiled the Galaxy S7 Edge Olympic Games Limited Edition in Sao Paulo, Brazil, ahead of the Rio Olympic Games to be held from Aug. 5 to 21.The latest handset features Olympics-inspired designs -- the colors of the Olympic Rings are featured in the phone’s home and lock screens as well as the message, dial and contact screens and notification bar. Wallpapers themed with the Rio 2016 Olympic Games are also featured.Working with the International Olymp
TechnologyJuly 8, 2016
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Korea probes Ford Explorers for exhaust fumes in cabin
[THE INVESTOR] South Korean government has launched an investigation into a possible defect in Ford Explorers, following the US probe into complaints that exhaust fumes are leaking into the cabin of the SUVs. The Ministry of Land, Infrastructure and Transport on July 7 said it opened the inquiry to see if the Ford units sold here have a similar problem, after the US’ National Highway Traffic Safety Administration began the investigation. Ford ExplorerAccording to US media outlets, there have be
IndustryJuly 8, 2016
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NH Investment buys Australian Red Cross‘ building for $86m
[THE INVESTOR] NH Investment & Securities said on July 8 that it bought the Australian Red Cross’ office building in Sydney for some 100 billion won (US$ 86.3 million). The South Korean securities firm raised real estate funds with FG Asset Management to acquire the 12,700-square-meter building in Kent Street, Sydney. Built in 2011, the five-story building is on a 15-year lease contract with the Red Cross. (theinvestor@heraldcorp.com)
IndustryJuly 8, 2016
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LIG Nex1 to build 2nd plant in Gimcheon
[THE INVESTOR] LIG Nex1 will build an advanced weapons plant in Gimcheon, North Gyeongsang Province, the defense equipment maker said on July 7.A memorandum of understanding regarding the plans was signed with Gimcheon government. Under the plans, LIG Nex1 will complete the construction work by 2023. Gimcheon Mayor Park Bo-saeng (left) and LIG Nex1 CEO Lee Hyo-koo hold up the memorandum of understanding at the signing ceremony held in Gimcheon, South Gyeongsang Province on July 7. LIG Nex1Accor
IndustryJuly 8, 2016
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SK contributes to program for young social entrepreneurs
SK Group will provide 12.5 billion won ($10.82 million) to an MBA program over five years to help young entrepreneurs start up social enterprises, the conglomerate said Friday.SK signed a memorandum of understanding on Thursday with the Korea Advanced Institute of Science and Technology to groom a second group of entrepreneurs through the institute's MBA program.The SK-KAIST program was launched in 2012 with 9.5 billion won from the business group for a five-year curriculum. The first group of g
IndustryJuly 8, 2016
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GM Korea’s union OKs strike plans
[THE INVESTOR] GM Korea labor union’s vote on staging a strike was approved on July 7, making it the first carmaker union to set the stage for industrial action.The vote to take industrial action was approved by 71 percent workers. Of the 13,619 members of the carmaker’s union, 81 percent participated in the July 6-7 vote. GM Korea chief executive James Kim.However, the union’s move is widely perceived as a ploy to get the upper hand in this year’s negotiations rather than a signal for immediat
IndustryJuly 8, 2016
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Haitai cranks up production of megahit snack but sales slow down
Haitai Confectionary & Foods Co. may have been too late in building a factory to produce more of its smash hit potato chips, with the sales of the snack stagnating as soon as the factory opened, retail figures showed Friday.According to the company and tallies from Nielsen Korea, the monthly sales of Haitai's Honey Butter Chip increased roughly 300 million won ($259,629) in May and June, relatively a small increase considering that the snack hits monthly total sales of 5 billion won. The sales o
IndustryJuly 8, 2016
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Lotte founder and son banned from leaving Korea
[THE INVESTOR] Lotte Group founder Shin Kyuk-ho and his son Shin Dong-bin who is the group chairman have been banned from leaving South Korea, according to court sources on July 8.The ban comes less than a month since the prosecution initiated an all-out probe into South Korea’s fifth-largest conglomerate on June 10 on charges of embezzlement and breach of trust. Shin Kyuk-ho (left) and Shin Dong-bin (right)Industry watchers said the move indicates that the authorities have gathered enough ev
CompaniesJuly 8, 2016
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[Graphic News] College graduates’ top choice in job hunt: Naver
For the second consecutive year, college graduates who are seeking jobs have picked the nation’s Internet portal giant Naver as the employer they most want to work for, according to a survey by Internet recruiting service Incruit on Thursday.Naver was followed by food giant CJ Cheiljedang, cosmetics maker AmorePacific and Samsung Electronics.Incruit officials said respondents seem to think that when it comes to job seeking, a company’s vision and job stability are more important than high wages.
July 7, 2016
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Thriving underground economy presents terrorism financing threat
[THE INVESTOR] South Korea’s growing underground economy may pose vulnerability to terrorism financing, according to experts. “The size of the Korea’s underground economy is large, about 30 percent of the total gross domestic product,” Kang Kyung-hoon, a professor at Dongguk University, said at a public hearing on the danger of money laundering in Korea, hosted by the Korea Institute of Finance on July 7. “Terrorism funds have been rarely generated (in Korea), but the danger still persists.”The
July 7, 2016
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LG Household shares hit record high
[THE INVESTOR] LG Household and Health Care shares closed at a record high of 1.181 million won (US$ 1,023) on July 7.With this rise, up 2.2 percent from the previous day, LG Household shares rose for the ninth consecutive trading day. The latest increase pushed up the company’s market capitalization to over 18.44 trillion won, placing it in 10th place on the benchmark KOSPI.The rise is thought to be fueled by LG Household’s stable base in China and steady performance. By Choi He-suk (cheesuk@he
July 7, 2016
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CJ head again seeks custody suspension for hospital treatment
The chairman of the food and entertainment conglomerate CJ Group has again requested a suspension of the execution of his 30-month jail term, citing the need for medical treatment, court officials said Thursday.Lee Jay-hyun is currently in the hospital waiting for the Supreme Court's ruling on embezzlement, breach of trust and tax evasion charges. His confinement has been suspended on several occasions since August 2013.Lawyers representing the industry mogul submitted an application for Lee's c
IndustryJuly 7, 2016