Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Korean firms target EV charging market in US
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Prosecution takes Ex-DSME chief into custody
[THE INVESTOR] Former Daewoo Shipbuilding and Marine Engineering CEO Nam Sang-tae was taken into custody in the early hours of June 28.The prosecution is said to have gained evidence of additional wrongdoing on part of Nam during questioning on June 27.Former Daewoo Shipbuilding & Marine Engineering CEO Nam Sang-tae. Park Hyun-koo/The InvestorBefore he was taken into custody, Nam had been summoned for questioning over allegations of corruption.“In light of the circumstances and suspected crimina
IndustryJune 28, 2016
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Korea needs up to 26.6 trillion won supplementary budget: think-tank
[THE INVESTOR] Korea will need as much as 26.6 trillion won (US$22.5 billion) in supplementary budget to weather negative elements from external and internal economic conditions, a think-tank said on June 26. In a report published on June 26, Hyundai Research Institute said that Korea needs between 11.5 trillion won and 26.6 trillion won in supplementary budget in order to offset negative factors from home and abroad. According to the report, Korea has about 113 trillion won remaining in this ye
June 28, 2016
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[Graphic News] Korean firms face growing labor costs, declining productivity
Revenue and operating profit generated per worker at the top 30 listed companies here have been falling in the past five years, but pay on average has been growing in the same period, a study showed Monday.According to the Federation of Korean Industries, sales produced per employee dropped 2.7 percent on average from 1.07 billion won ($902,800) in 2011 to 968.6 million won in 2015. Operating profit per employee also declined 7.1 percent on average from 71.32 million won to 53.17 million won. Th
IndustryJune 27, 2016
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Profitability fell, but labor costs rose at top 30 industrial groups
[THE INVESTOR] Over the past five years, the listed affiliates of South Korea’s top 30 industrial groups saw their profitability decline, while their labor costs increased.The Federation of Korean Industries on June 27 said that between 2011 and 2015, sales per employee at the affiliates fell an annual 2.7 percent to 968 million won (US$ 822,996) from 1.07 billion won. Operating profit per employee also fell an annual 7.1 percent to 53.17 million won from 71.32 million won.At the same time, labo
IndustryJune 27, 2016
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Samsung Heavy eyes key shareholder meeting in Aug.
Samsung Heavy Industries Co. said Monday it will hold a special shareholders' meeting in August to clear the way for a capital increase aimed at helping the troubled shipyard stay afloat.Samsung Heavy said its board of directors decided to convene the meeting on Aug. 19 to approve a proposal to increase the maximum number of shares it is legally permitted to issue, a precondition for the crucial capital raise. Under its articles of incorporation, Samsung Heavy is currently allowed to float up to
IndustryJune 27, 2016
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Prosecutors to summon former VW Korea head
[THE INVESTOR] Prosecutors will soon summon Park Dong-hoon, former head of Audi Volkswagen Korea, to question him over the automaker’s emissions scandal, local news reported. Park, who is currently the chief executive of Renault Samsung, headed Volkswagen Korea from its initiation in 2005 to 2013 until he moved to Renault Samsung. Former head of Audi Volkswagen Korea Park Dong-hoon. He is now the CEO of Renault Samsung.Prosecutors have found out that Audi Volkswagen Korea manipulated documents
MobilityJune 27, 2016
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'Unique shareholding structure may have fueled Lotte feud’
The unique shareholding structure of Lotte Holdings, the Tokyo-based firm that controls Lotte’s operations in Korea and Japan, may have been designed by Lotte Group founder Shin Kyuk-ho with the intention of bequeathing the retail giant to the son who gained more support from employees and executives of the company, Lotte officials in Seoul suggested Monday.Family firm Kojunsha holds approximately one-third of stakes in Lotte Holdings, while the two separate groups of employees and executives of
IndustryJune 27, 2016
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KHNP to invest W1tr in green business
[THE INVESTOR] Korea Hydro & Nuclear Power seek to transform itself into an eco-friendly energy company by investing more in solar, wind and biomass energies, the firm said on June 27. The state-run KHNP, which provides some 40 percent of Korean power supply, announced its road map for new energy business, focusing on investing 1 trillion won (US$848 million) on 10 green projects over the next five years. The projects are related to fuel cell, electric vehicle charging and thermal effluent busin
IndustryJune 27, 2016
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Brexit to cut Korea's economic growth: foreign IBs
Foreign investment banks expect Korea's economic growth will be cut by up to 0.3 percentage point this year due to Britain's decision to leave the European Union, data showed Monday. Foreign IBs such as the Bank of America Merrill Lynch and Citigroup viewed uncertainties involving Britain's decision last week to leave the EU will have a bigger impact on Asia's fourth-biggest economy than expected declines in exports to Britain, according to the data from the state-sponsored Korea Center for Inte
June 27, 2016
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Korean gov’t to ease regulations on insurers
[THE INVESTOR] Limitations on insurance companies’ investments will be lifted in a bid to help insurers improve finances. The Financial Services Commission said on June 27 that a number of revisions to related laws will be made, and submitted to the National Assembly around September. As part of the measures, the ceiling on overseas real estate and foreign currency insurance companies can hold will be removed. In addition, the limit on bonds, shares and derivatives issued by a single entity will
June 27, 2016
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Korea on alert for market shocks on Brexit
[THE INVESTOR] The Korean financial market remained volatile on June 27 following the UK’s vote to leave the European Union last week, with the equity market opening with a loss on weakened sentiment.Brexit is expected to have a long-lasting impact on the global economy with Korean exports to the EU forecast to slow in the coming years, further weighing down investor confidence, hence, Korean President Park Geun-hye has called on her senior secretaries and financial authorities to increase monit
June 27, 2016
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Power prices could surge by 97% if energy supply market privatized
[THE INVESTOR] Power prices could rise by 97 percent if the government opens the nation’s state-controlled energy supply market to the private sector, according to a study released on June 27. If the retail power market is privatized, electricity prices may drop in the initial phase but will rise continually, according to the report on major global economies’ policies related to the electricity supply. Under the plan announced on June 14 by the Ministry of Trade, Industry and Energy, the country
June 27, 2016
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Gold rises on Brexit worries
[THE INVESTOR] The price of gold on Korea Exchange’s gold market broke the 50,000 won (US$42.4) per gram mark for the first time on June 27, fueled by uncertainties arising from UK’s departure from the European Union.On June 27, gold closed at 50,200 won per gram, up 780 won or 1.58 percent from June 24. This is the first time the price has broken the 50,000-won mark since the KRX gold market was launched in March 2014. On June 27, gold began 1.1 percent up buoyed by private investors seeking mo
June 27, 2016
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Samsung to roll out reform measures next month
Korea's top conglomerate Samsung Group, which celebrates the 23rd anniversary of the Frankfurt Declaration this year, said Monday that it will announce a set of reform measures next month to break away from its traditional top-down management.In 1993, Samsung Electronics Chairman Lee Kun-hee made the landmark declaration to spearhead the new management strategy, calling on his employees to "change everything but your wife and kids," during a gathering with senior officials in Frankfurt, Germany.
IndustryJune 27, 2016
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Prosecution to summon Lotte founder’s daughter
Prosecutors will summon Shin Young-ja, the eldest daughter of Lotte founder Shin Kyuk-ho soon to question her over allegations that she received kickbacks in exchange for a business favor to a local cosmetics company.Investigators at Seoul Central Prosecutors‘ Office said Monday that they had secured testimonies to prove that she ordered Lotte officials to offer floor space for Nature Republic at the retail giant’s duty-free stores. (Yonhap)She also ordered them to give the cosmetics company a p
IndustryJune 27, 2016
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Ex-DSME chief quizzed by prosecution
Prosecutors on Monday called in the former CEO of Daewoo Shipbuilding & Marine Engineering as part of its expanding probe into allegations that he speculated with trillions of won through accounting fraud. The Seoul Supreme Prosecutors’ Office said it summoned ex-CEO Nam Sang-tae on charges of breach of trust while the 66-year-old was serving the post from 2006 to 2012. Former DSME chief Nam Sang-tae answers questions from reporters before being summoned to the Seoul Supreme Prosecutors’ Office
IndustryJune 27, 2016
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Samsung Electronics to simplify job titles
Samsung Electronics will implement a comprehensive reshuffle of work positions by simplifying seven job titles into four starting from March, the company said Monday.According to a set of plans, Samsung will also add the Korean suffix “nim” to every employee’s name, regardless of their job positions to promote horizontal communication and to increase work efficiency. The reform plan is set to remove existing job titles like daeri (assistant manager), gwajang (manager) and bujang (team leader) an
IndustryJune 27, 2016
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Hyundai, Kia eye green car expansion abroad
[THE INVESTOR] South Korea’s major automakers are seeking to expand sales of their eco-friendly vehicles to other countries this year, local news reported Monday. Hyundai Motor plans to sell its Ioniq Hybrid in the U.S. and European markets in the second half of this year. Hyundai’s latest green car boasts fuel efficiency of 22.4 kilometers per liter and it is likely to compete with the Toyota Prius, the market leader of hybrid vehicles. Ioniq Electric, the automaker’s first electric vehicle und
MobilityJune 27, 2016
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Seoul expects $12.5 billion foreign visitors spending
[THE INVESTOR] Seoul will be Asia-Pacific region’s fifth most visited city in 2016, with foreign visitors spending US$12.5 billion, MasterCard’s analysis showed on June 27.According to MasterCard’s analysis, about 10.2 million foreigners will visit Seoul throughout the year, and their spending in the city will come in at about US$12.5 billion. In terms of the number of visitors, Korea’s capital will be the region’s fifth most visited city, and fourth in terms of money spent by visitors. The top
IndustryJune 27, 2016
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Inconsistent fiscal policy draws criticism
The government is expected to unveil a plan to set aside about 10 trillion won ($8.4 billion) in supplementary budget Tuesday when it announces economic policy directions for the second half of this year.In a meeting with lawmakers from the ruling Saenuri Party on Friday, Finance Minister Yoo Il-ho said he would actively consider drawing up an extra budget if it was to pass parliament within the next month. Finance Minister, Yoo Il-ho (Yonhap)Two days earlier, Yoo, who doubles as deputy prime mi
June 27, 2016