Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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South Korea open to Indonesian proposal to cut KF-21 payments
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Police seek arrest warrant for med student who killed girlfriend
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Coupang earnings hit hard by losses from ailing Farfetch
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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FTC refuses to delay decision on CJ HelloVision 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 creating an excessively dominant player. CJ and S
IndustryJuly 8, 2016
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Hyundai Rotem, Alstom vie for W1tr Cairo metro project
[THE INVESTOR] Hyundai Rotem, a train-making unit of Hyundai Motor Group, said on July 8 that it has become the final bidders together with France’s Alstom for Cairo’s 1 trillion won (US$860 million) train project. If the company wins the bid finally, it will become its largest order secured this year. The winner has to supply a total of 510 electric locomotives to Cairo’s metro Line 3. Even though Alstom is a potent competitor, Hyundai Rotem is confident of winning the deal. Hyundai Rotem's tra
IndustryJuly 8, 2016
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Pororo producer Iconix Entertainment faces tax probe
[THE INVESTOR] Iconix Entertainment, the company that produces famed South Korean animation “Pororo the Little Penguin” is undergoing a tax investigation, according to the company on July 8.National Tax Service officials collected financial statements from the firm’s Gyeonggi headquarters in May. Choi Jong-il, head of Iconix, told local media that the investigation was a regular audit conducted on Korean companies every five years.Iconix was established in 2001. Since then it has launched a numb
IndustryJuly 8, 2016
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Seoul to consider possible Korea-UK FTA
[THE INVESTOR] South Korea will review opening free trade agreement negotiations with the UK, and to work with the European Union to minimize the impact of Brexit, should the decision be finalized. These and other measures for responding to the fallout from UK’s June 24 referendum were discussed at the meeting of economy-related ministers held on July 8. Pixabay.comAt the meeting, the attending ministers said that the impact of the UK leaving the EU will be analyzed and that the government will
July 8, 2016
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[URGENT]LG Electronics estimated to post W585b operating profit in Q2
[THE INVESTOR] LG Electronics said in its earnings guidance released on July 8 that it posted 584.6 billion won (US$503.9 million) in operating profit and 14 trillion won in revenue in the April-June period.By Kim Young-won (wone0102@heraldcrop.com)
TechnologyJuly 8, 2016
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Korea mulls separate FTA with Britain
South Korea is considering pushing for a fresh free trade agreement with Britain which chose to leave the European Union, or Brexit, as part of its efforts to deal with the fast-changing global trade environment, the finance ministry said Friday.In a minister-level meeting held in Seoul, the Ministry of Strategy and Finance said it will make various efforts to expand overall trade and minimize any possible Brexit spillover into the real economy, including signing a new FTA with Britain or upgrad
July 8, 2016
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Korea, EU join hands to promote emissions trading system
South Korea and the European Union on Friday joined hands to develop the former's greenhouse gas emissions trading system in a way to bolster their bilateral cooperation on climate change, the finance ministry here said.In a ceremony held in Seoul, the Seoul-Brussels joint emissions trading system cooperation project worth 3.5 million euros ($3.9 million) was launched with Vice Finance Minister Choi Sang-mok and Ambassador of the EU to Korea Gerhard Sabathil attending, according to the Ministry
IndustryJuly 8, 2016
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Korean Air heiress promoted to executive vice president
[THE INVESTOR] Cho Hyun-min, youngest daughter of Hanjin Group chairman Cho Yang-ho was promoted to executive vice president at Jin Air, the group’s flagship Korean Air’s budget airline. Cho will remain as Jin Air’s marketing chief even after the promotion. Cho Hyun-minOn July 8, Jin Air announced a modest reshuffle, elevating the status of its maintenance team to a division with aims to put more focus on aviation safety. In April, the chairman’s only son Cho Won-tae was named as new president o
CompaniesJuly 8, 2016
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Green Cross Labcell files patents for anti-cancer cells
[THE INVESTOR] Korean pharma firm Green Cross Labcell has applied for international patent protection for its natural killer cells that treat cancer patients, the company said on July 8.The Green Cross affiliate had extracted cord blood from healthy donors to generate natural killer cells, a type of white blood cells in the immune system that attacks infections and potentially cancer-causing cell. Institute of Cell Therapy at the Green Cross LabcellThe cord blood-derived natural killer cells, wh
IndustryJuly 8, 2016
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Cruise ships, a conundrum for S. Korean shipyards
[THE INVESTOR] China’s shipbuilding industry is expanding into cruise ships, while South Korean shipyards are held back by lack of experience. Only July 7, China Daily reported that China State Shipbuilding (CSSR) and Italian shipbuilder Fincantieri Cantieri Navali Italiana will establish a joint venture in Hong Kong. The JV will spend 25 billion yuan (US$3.74 billion) building five luxury cruise liners.The work will be carried out by Shanghai Waigaoqiao Shipbuilding, which has established a spe
IndustryJuly 8, 2016
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[EYE] Corning chief breaks female leader stereotype
Women in Korea have come a long way. Their social and political standings have greatly improved in this traditionally male-dominated society, as can be seen by the female head of the nation. In the corporate world, however, little has changed. Women in boardrooms or the C-suite are still a rare sight. Lee Haeng-hee is among those rare ones. Corning Korea president Lee Haeng-hee (Corning Korea)The president of Corning Korea, the local unit of U.S. materials firm Corning, is the epitome of how a w
IndustryJuly 8, 2016
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Former chief of Volkswagen Korea summoned again over emissions scandal
A former managing director of the local branch of Volkswagen was summoned by prosecutors for a second time Friday over the German carmaker's alleged irregularities that came to light following last year's emissions scandal.Park Dong-hoon appeared before the Seoul Central District Prosecutors' Office for questioning over his alleged involvement in the company's cheating on emissions tests by using so-called defeat device software.He declined to comment on any of the questions asked by reporters b
IndustryJuly 8, 2016
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Incheon airport struggles to become air hub
[THE INVESTOR] Incheon International Airport, South Korea’s main international gateway, is facing an uphill battle to become Asia’s top air hub as its share of transit passengers continued to dip for three consecutive years. According to Incheon International Airport Corp., the number of transit passengers during the first half of the year stood at 3.58 million, which is a 4.1 percent drop from 3.74 million tallied during the same period last year.The statistics show that the number of stopover
IndustryJuly 8, 2016
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S. Korean auto parts makers must reduce dependence on local group: report
[THE INVESTOR] South Korean auto parts makers need to reduce their dependence on local carmakers in order to advance on the international stage, an industry report said on July 8.“Korean auto parts makers have a high dependence on local automotive groups, therefore (they) need to make an effort to grow in the global market,” Korea Automobile Manufacturers Association said in its latest report. South Korean auto parts maker Hyundai Mobis“In order to become global parts makers, (Korean companies)
MobilityJuly 8, 2016
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Korean boy group Big Bang earned more than Maroon 5 in 2015: report
[THE INVESTOR] South Korean boy group Big Bang made more money last year than the American popular rock band Maroon 5, according to a US media report. Forbes magazine on July 6 (local time) reported that Big Bang’s pretax earnings stood at US$ 44 million in 2015, more than the US$ 33.5 million racked up by Maroon 5, the American group that was selected as one of the highest-paid musicians in 2015 by Billboard. Big Bang members (from left): Seungri, G-Dragon, Taeyang, T.O.P and Daesung. / YG Ente
IndustryJuly 8, 2016
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S. Korean economy burdened by slow employment, external factors
[THE INVESTOR] South Korean economy continues to be plagued by a sluggish labor market despite improving domestic spending, the Ministry of Strategy and Finance said in a report on July 8.According to the report, consumer spending is on the rise, but the rate at which employment is rising has dropped and industrial output has yet to recover fully. Job fair sponsored by a South Korean companayThe ministry also said that UK’s departure from the European Union and other domestic and international
July 8, 2016
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Operating-margin gap between Samsung, Apple likely to decline
[THE INVESTOR] The operating-margin gap between South Korean tech giant Samsung Electronics and California-based Apple is likely to reduce to a record low level in the April-June period. Samsung Electronics said in its earnings guidance for the three-month period that it posted 8.1 trillion won (US$7 billion) of operating income and 50 trillion won of revenue during the three months. Based on the estimated figures, the operating margin of the Korean firm will come in at 16.2 percent, the second
TechnologyJuly 8, 2016
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Business hotels flourishing in downtown Seoul
[THE INVESTOR] Mid-priced hotels are on the rise in downtown Seoul, especially in Dongdaemun area and Myeong-dong, to meet the demand of rising foreign tourists opting for budget options, industry officials said. Accor-Ambassador Korea recently opened Ibis Ambassador Dongdaemun in the popular shopping district, offering 242 rooms. This is the second hotel in the area by the Korean unit of the French hotel, after Ibis Budget Ambassador Seoul Dongdaemun. Lotte City Hotel Myeongdong located in the
IndustryJuly 8, 2016
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Consumption pickup offsets steady slump in export, output: gov't report
The South Korean economy continues to be on a downward slope due to a slump in exports and industrial production despite an apparent uptick in private consumption, a government report showed Friday."Consumption is showing some signs of recovery, but the production side has remained in the doldrums, with a slowdown in employment," the finance ministry said in its monthly economy assessment report called the "Green Book."The report is based on the latest economic indicators of such key factors as
July 8, 2016
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Korean shares down 0.61% in late morning trade
South Korean shares were down 0.61 percent late Friday morning on sell-offs by foreign and institutional investors.The benchmark Korea Composite Stock Price Index lost 11.97 points to 1,962.11 as of 11:20 a.m.The index got off on an upbeat note, but pared earlier gains after foreigners and institutions turned to selling on profit-taking.Most large caps were in negative terrain, while top cap Samsung Electronics remained one of the few gainers, advancing 0.90 percent.Leading automaker Hyundai Mot
July 8, 2016