Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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South Korea unveils W26tr support program for chip industry
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S. Korea to hold rotating presidency of UN Security Council next month
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Yoon rejects Lee's proposal for pension reform talks
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Student nabbed for biking naked 'due to stress'
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Police arrest mastermind behind last year's palace vandalism
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Chonnam international student found dead
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[THE INVESTOR] Naver chief faces new challenges with Line
[The Investor] Naver chief faces new challenges with LineThe Korea Herald and The Investor are jointly publishing a series of in-depth articles analyzing rising business tycoons and their company’s governance structures. This is the first installment on Lee Hae-jin and Naver. -- Ed. Naver’s chairman Lee Hae-jin is something of an enigma in Korea’s corporate community. Unlike other businesspeople who are household names, Lee remains mostly out of the public eye. So far, his approach to “owning” t
IndustryJune 27, 2016
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Finance Minister opposes corporate tax hike
[THE INVESTOR] Korean Finance Minister Yoo Il-ho has expressed his opposition to corporate income tax hike, warning that it could take a toll on the country’s competitiveness.“For the time being, raising the corporate income tax is not a right thing to do,” Yoo said in a meeting with business journalists of local newspapers on June 27.His remark comes as the main opposition Minjoo Party of Korea seeks to propose a revision to raise the corporate income tax ceiling for big companies to 25 percent
June 27, 2016
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Doosan Heavy wins W220b deal in Iran
[THE INVESTOR] Doosan Heavy Industries and Construction has secured a 220 billion won (US$187 million) deal to build a desalination plant in Iran, the company said Monday. Doosan was the first global firm to have won a seawater purification plant construction project in the Middle Eastern country after international economic sanctions were lifted from it earlier this year, added the firm.The deal was signed with an Iranian private firm Sazeh Sazan. The South Korean builder will be in charge of d
IndustryJune 27, 2016
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[News Focus] Lawmakers renew aim at Samsung Life
A group of opposition lawmakers have revived legislation that would force Samsung Life to drastically reduce its equity holdings in affiliates, including Samsung Electronics, potentially threatening Samsung Group’s de facto chief Lee Jae-yong’s control over the top conglomerate. The original legislation, frequently referred to as “the Samsung Life” or “anti-Samsung bill,” died at the previous, conservative Saenuri Party-controlled parliament amid heavy lobbying from Samsung. The revival came aft
June 27, 2016
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South Korea‘s inconsistent fiscal policy draws criticism
[THE INVESTOR] 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.Two days earlier, Yoo, who doubles as deputy prime minister for economic a
June 27, 2016
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Doosan Heavy wins W220b deal in Iran
Doosan Heavy Industries and Construction has secured a 220 billion won deal to build a desalination plant in Iran, the company said Monday. Doosan was the first global firm to have won a sea water purification plant construction project in the Middle Eastern country after international economic sanctions were lifted from it earlier this year, added the firm.The deal was signed with an Iranian private firm Sazeh Sazan. The South Korean builder will be in charge of designing and constructing the p
IndustryJune 27, 2016
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Korean shippers dispatch bigger vessels on Panama Canal route
[THE INVESTOR] Korean shipping companies are deploying larger ships that can navigate the newly expanded Panama Canal which is set to open a new era in global trade. Deploying bigger vessels is expected to improve the indebted ship liners’ profitability as they can enhance their price competitiveness. Hyundai Merchant Marine plans to deploy five units of 10,000 twenty-foot equivalent containerships on the route called NYX, focusing on coverage between Central and North China and Korea to the Uni
IndustryJune 27, 2016
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GS Caltex offers counseling programs for needy youths
Korea’s major oil refiner GS Caltex is helping underprivileged children and youths by providing counseling services to them as part of corporate social responsibility, the company said Monday.With the aim of boosting youths’ self-esteem and supporting them socially, the company has been running the program “Heart Tok Tok” since 2013. It involves sessions designed to help them heal psychologically such as through music, painting and ballet. North Korean defector students participate in the Heart
IndustryJune 27, 2016
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Hyundai Heavy eyes medical robot exports
[THE INVESTOR] Hyundai Heavy Industries delivered 10 medical robots to local health care institutions on June 27, as it speeds up the efforts to enter overseas markets by the end of next year. According to Hyundai Heavy, 10 robots of three different types were delivered to five medical institutions -- Asan Medical Center, Ulsan University Hospital, Cheonnam National University Gwangju 2nd Geriatric Hospital and Ulsan Noin Hospital.Medical-use robots developed by Hyundai Heavy. Hyundai Heavy Indu
IndustryJune 27, 2016
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Brexit's impact on Korea's ICT industry to be marginal: ministry
Korea's ICT industry is expected to suffer a limited impact from Britain's departure from the European Union in the short term, given its relatively smaller portion against its overall shipment, a senior government official said Monday.Choi Jae-you, vice minister of science, ICT and future planning, pointed out that Britain accounts for merely 0.7 percent of South Korea's ICT-related exports. ICT is an acronym for information and communication technology. (Yonhap)The volume of South Korea's dire
June 27, 2016
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BOK chief to hold emergency meeting on Brexit
The head of Korea's central bank will preside over an emergency meeting later in the day with the bank's senior staff to discuss ways of dealing with any fallout from Britain's unexpected decision to leave the European Union, it said Monday.Bank of Korea Gov. Lee Ju-yeol returned home earlier in the day, cutting short his trip to Basel, Switzerland, for the emergency meeting over the Brexit crisis. (Yonhap)The BOK's meeting, starting at 2:30 p.m., follows an earlier meeting hosted by the Financi
June 27, 2016
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Samsung Heavy Industries seeks capital increase of W1tr
[THE INVESTOR] Samsung Heavy Industries is seeking to gain approval to issue new shares worth some 1 trillion won (US$842 million) at a board meeting scheduled for June 27.In the meeting, the cash-strapped shipbuilder will propose modifying the articles of association, to prepare for the paid-in capital increase. On June 8, the company said a specific timeline for the capital increase, and the amount, will be confirmed following corporate consulting and its current fund availability.By Park Han-
IndustryJune 27, 2016
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USFDA grants Kyongbo Pharm facility approval
[THE INVESTOR] Korean pharmaceutical giant Chong Kun Dang’s raw materials manufacturer Kyongbo Pharmaceutical has got approval from the US Food and Drug Administration for its sterile GMP facility, its chief executive said June 27. CEO Kang Tae-won said the approval was granted to Kyongbo after the company applied for USFDA’s facility clearance evaluation for ceftriaxone, a core ingredient in producing antibiotics for pneumonia and bronchitis, last February. The raw material has already entered
IndustryJune 27, 2016
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Park calls for watertight crisis management system over Brexit
President Park Geun-hye on Monday called on her government to maintain a "watertight" crisis management system to minimize the potential negative ramifications from Britain's decision to leave the European Union.In her first public statement following last week's referendum in Britain, Park also ordered the government to take "all necessary measures" to stabilize the local stock market that suffered a sharp drop after Britons voted to exit the EU on Thursday (local time). (Yonhap)"Along with the
June 27, 2016
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Investors head toward short-term, safe assets amid Brexit crisis
Local investors are increasingly beginning to lean toward the U.S. dollar and other safer assets, such as short-term deposits, market data showed Monday, following Britain's unprecedented vote to quit the European Union that has apparently left long-term commitments riskier, as well as unattractive, amid record low interest rates.According to the Bank of Korea, outstanding bank deposits with a maturity of less than one year came to a record high of 199.48 trillion won ($168.12 billion) as of end
June 27, 2016
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Korea-US FTA triples auto imports from US
[THE INVESTOR] The number of automobiles imported from the US has more than tripled since the Korea-US free trade agreement took effect. According to local automotive industry data, the number of vehicles imported from the US went from 13,669 units in 2011 to 49,096 units in 2015, rising by a factor of 3.6. The Korea-US FTA took effect in 2012. In terms of value, automobile imports in 2011 came in at about US$363 million. The figure for last year came in at over US$1.24 billion. In comparison, K
MobilityJune 27, 2016
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Doosan Heavy bags W220b deal
[THE INVESTOR] Korea’s top power equipment maker Doosan Heavy Industries & Construction said on June 27 that it has bagged a 220 billion-won (US$185 million) deal to build a desalination plant in Iran.Under the deal with the Iran-based Sazeh Sazan, the firm will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years.Desalination plant.Doosan Heavy’s deal marks the first for a desalination plant in the Islamic republic after internation
IndustryJune 27, 2016
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Imports of U.S. cars in Korea more than triple in 4 years
Imports of American cars in Korea more than tripled in four years, industry data showed Monday, a rise that could be attributable to the free trade deal between Seoul and Washington.The free trade deal went into effect in 2012, providing a competitive edge to U.S. carmakers. Korea imported a total of 49,096 cars from the United States in 2015, up from 13,669 units in 2011, according to data provided by auto industry. (Yonhap)Ford Sales and Service Korea, the local importer and distributor of U.S
June 27, 2016
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VW faces another suit over emissions:South Korea
[THE INVESTOR] South Korean Customers of Volkswagen’s gasoline-powered vehicles have filed a suit against the German carmaker and its local unit over its manipulation of emissions tests, a lawyer said on June 27.Jason Ha, who represents 26 owners of the Golf 1.4 TSI at Barun Law, said he filed the suit, demanding the firm and its local unit refund the cost of their cars.The latest legal action came three days after prosecutors arrested an executive of Audi Volkswagen Korea for installing softwar
MobilityJune 27, 2016
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E-Land’s pre-IPO placement plans for Chinese arm fall apart
[THE INVESTOR] E-Land Group’s plans for pre-IPO placement for its Chinese branch E-Land Fashion China Holdings has fallen apart over its plans to sell off the brand Teenie Weenie. E-Land has been working on pre-IPO placements for its Chinese arm hoping to raise about 1 trillion won (US$842 million). In the process, the company decided to sell Teenie Weenie, a brand under E-Land International Fashion Shanghai. Although the company hopes to raise about 2 trillion won from the sale of Teenie Weenie
IndustryJune 27, 2016