Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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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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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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South Korea open to Indonesian proposal to cut KF-21 payments
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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CJ Group chairman recovering from surgery for lung cancer
[THE INVESTOR] CJ Group chief Sohn Kyung-shik is recovering from surgery to treat lung cancer, according to company sources. Sohn, who was diagnosed with the cancer this May, is said to be in a stable condition.The CJ chairman is uncle to Lee Jay-hyun, the CJ group heir. CJ Group chairman Sohn Kyung-shikSohn has been heading Korea’s largest food and entertainment company since 1995 when CJ split from Samsung. After spending some time outside the company in early 2000s, he made a comeback at CJ w
CompaniesJuly 7, 2016
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Samsung Heavy workers stage strike for 4 hours
Workers at Samsung Heavy Industries Co., a major Korean shipyard, went on a partial strike Thursday, demanding the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company's shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m. Some 5,400 members of the so-called "labor council," joined the strike. Samsung Heavy, a unit of the c
IndustryJuly 7, 2016
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Gov’t eyes annual 200,000 EV exports by 2020
[THE INVESTOR] The government will roll out measures to help local carmakers’ electric vehicle exports to hit 200,000 units in 2020, and raise domestic sales to 80,000 units by the same year, plans revealed on July 7 show. According to the plans, the government will raise EV subsidy to 14 million won in order to boost sales. The government will launch a project for developing EV batteries that will raise the driving range to over 400 kilometers during the second half of the year. Hyundai Motor E
MobilityJuly 7, 2016
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Gov’t to increase support for steel, petrochemical R&D
[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments. Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. Posco's Finex steel millFor the steelmaking industry, the government hopes that
IndustryJuly 7, 2016
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Price of biosimilar, new drugs to increase
[THE INVESTOR] The price of biosimilars and new drugs that are covered under the national health insurance will increase from October, government plans showed on July 7. The price of biosimilar drugs will be priced up to 80 percent of the branded drugs, a 10 percent increase from the current 70 percent rate. The Health and Welfare Ministry unveiled a set of measures to foster the local pharmaceutical industry in a trade and investment promotion meeting chaired by President Park Geun-hye on July
IndustryJuly 7, 2016
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Samsung unveils superfast 256GB UFS
[THE INVESTOR] Samsung Electronics, the world’s largest chipmaker, on July 7 unveiled the industry’s first 256GB Universal Flash Storage, or UFS Card, with a reading speed five times that of a conventional MicroSD Card. The card has the highest capacity in the market for an external memory card and boasts a reading speed of 530 MBps, equivalent to that of a 2.5-inch solid-state drive, or SSD, the company said. The latest card can read a full HD video (5GB) in 10 seconds. It will also be useful f
TechnologyJuly 7, 2016
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LG Electronics partners with Volkswagen for connected car platform
[THE INVESTOR] LG Electronics said July 7 that it would join forces with German carmaker Volkswagen to develop a platform for connected cars. The South tech firm recently signed a partnership deal with VW to develop a smart car platform allowing drivers to directly connect their cars over cloud systems with other connected devices at home. Smart car solution on a screen. LG Electronics“LG’s expertise in smart technology and VW’s leading automotive tech will pave new ways for drivers to communica
TechnologyJuly 7, 2016
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KT to nurture 20 start-ups this year
[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won (US$1.7 million) to foster 20 start-ups this year, the company said on July 7. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected
TechnologyJuly 7, 2016
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Korea eyes larger presence in halal, kosher markets
[THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan
IndustryJuly 7, 2016
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Gov’t to give ‘robot land’ a push
[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer
IndustryJuly 7, 2016
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Samsung Venture Investment one of world’s top 5 strategic investors
[THE INVESTOR] Samsung Venture Investment is one of this year’s top five strategic investors funding start-ups in terms of investment volume, the company said on July 7.“We are in the top bracket, and have been there for several years now,” said Kim Young-min, a spokesperson for the firm. He added that the specific amount or recipients of the funding could not be revealed, other than those that have already been released to the media. Samsung Venture Investment‘s main function is to invest in st
July 7, 2016
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Gov’t to offer tax credit to firms investing in ventures
[THE INVESTOR] South Korean companies investing in venture companies will be given tax credits, as part of the government’s measures for boosting investment revealed on July 7. According to the plans, local companies that directly invest in ventures, or place money in investment funds specializing in venture companies will be given tax credits on 5 percent of the funds involved. The measure, which will apply to local companies and financial institutions, will be established during the final quar
July 7, 2016
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Eight business groups engage in cross-shareholding: FTC
Eight Korean conglomerates rely on controversial cross-shareholding among their affiliated companies to strengthen their owner families' control over the entire group, the antitrust watchdog said Thursday.Korea's large business groups are accused of having wielded extra influence over their subsidiaries through complicated intra-group stakeholding arrangements. The Fair Trade Commission revised the local antitrust law in 2014 to tighten a ban on the cobweb-like shareholding system among subsidia
IndustryJuly 7, 2016
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Trading value plunges on Brexit woes
[THE INVESTOR] The value of daily share trading on the Korean stock market has significantly declined in July as market volatility has spiked in recent weeks due to the UK’s decision to leave the European Union, following an upward trend during the second quarter this year, according to the local bourse operator Korea Exchange on July 7.Average daily trading value of the benchmark KOSPI and the tech-heavy KOSDAQ stood at 8.46 trillion won (US$7.3 billion) during the first six days of July, down
July 7, 2016
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Environment laws to be eased for Pyeongchang-Gangneung area to boost development
[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area. Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm
IndustryJuly 7, 2016
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[Super Rich] The pet superstars of the superrich
The local pet market -- or “petconomy”-- is growing, and along with it, the pets of the superrich are rising to the spotlight. Korea’s pet superstars of the superrich include two famous poodles called Mari and Molly owned by Chung Young-jin, the vice chairman and CEO of the Shinsegae Group, Korea’s largest retailer Shinsegae Group vice chairman and CEO Chung Young-jin with his pet dog Mari in this photo posted on his Twitter account.The two poodles rose to popularity when Mari was first featur
IndustryJuly 7, 2016
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Components to drive up Samsung’s Q3 profits
[THE INVESTOR] Expectations are high on Samsung Electronics’ third-quarter profits after the company released its second-quarter earnings guidance that beat analyst estimates on July 7. According to its tentative earnings report, the Korean tech giant posted more than 8 trillion won (US$7.6 billion) in operating profits and 50 trillion won in sales in the April-June period. Analysts say the company will continue the current momentum in coming months. Samsung Electronics’ headquarters in Suwon, G
TechnologyJuly 7, 2016
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Naver most-favored employer again among college students
Korea's largest internet portal Naver is the most-preferred employer among college students this year, the second consecutive year of the honor for the company, a survey said Thursday.Job information site Incruit canvassed 1,357 college students in search of jobs and found 10 percent of them named Naver as their No. 1 choice among 160 firms to pick from. The company was generously assessed for its growth, development potential and corporate vision, Incruit said.The next choice was CJ Cheiljedang
IndustryJuly 7, 2016
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Samsung, SK hynix to benefit from rise of DRAM prices in Q3
[THE INVESTOR] With DRAM prices hitting rock bottom, the global DRAM market has been in the doldrums over the past couple years. According to a market report on July 7, however, the DRAM market will likely pick up steam in the July-September period thanks to increasing demand in the mobile and server markets.“The downward trend in DRAM prices over the past two years has reversed in June,” said DRAMeXchange in its recent report, forecasting the price increase rate would be in the range of between
TechnologyJuly 7, 2016
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Coway recalls water purifiers containing nickel
[THE INVESTOR] Water purifier rental company Coway has decided to recall its ice water purifiers amid public outcry over the company’s cover-up of defective products containing nickel. “We deeply apologize to consumers regarding some of the ice water purifiers,” the company said in a statement on July 6. “We decided to compensate all buyers of the products to alleviate their concern.”The official apology posted by Coway on its website.The company said it will recall all three disputed models --
IndustryJuly 7, 2016