Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Korea’s competitiveness in advanced manufacturing drops
[THE INVESTOR] Korea’s competitiveness in advanced manufacturing sector has declined over the past years, due mainly to sluggish performance in semiconductor and mobile industry, according to a report by Hyundai Economic Research Institute released on June 21. From 2010 to 2014, added value in Korea’s advanced manufacturing industry -- which includes aerospace, semiconductor, IT and pharmaceutical, among others -- declined by 4.7 percent. Japan is the only other major country that dropped, by 9.
June 21, 2016
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Investment funds reach record on low interest
Funds deposited in investment accounts reached a record 26.2 trillion won ($22.7 billion) as of last Friday on the back of low interest rates, according to the Korea Financial Investment Association on Tuesday.With the central bank slashing its key base rate to a historic low of 1.25 percent, investors have been either reallocating their money from bank deposits to investment accounts or parking their funds in securities accounts to invest in equities.Previous record deposit holdings in investme
June 21, 2016
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Lotte suspected of using shell company in Vietnam for slush funds
The owner family of Lotte Group is suspected of using a paper company in Vietnam to try to funnel money into a slush fund.The allegation surfaced amid an ever-widening probe by Korean prosecutors into the Korean-Japanese conglomerate for suspected corruption, illegal intragroup deals and embezzlement. According to local reports citing sources at the prosecution, the paper company is the Luxembourg-based Coralis SA, which was previously used for offshore tax evasion by Kim Seon-yong, the third so
IndustryJune 21, 2016
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Korea scraps southeast airport project
Amid fierce rivalry growing over a new airport in the nation’s southeast region, the government dropped the multitrillion won project on Tuesday and said it would extend the facilities of Gimhae Airport in Busan instead.After conducting a feasibility study on candidate cities in South Gyeongsang Province, the government has reached a conclusion that extension of the existing Gimhae Airport is “the optimal choice,” rather than choosing to build a new airport on Gadeokdo Island or in Miryang, Sout
IndustryJune 21, 2016
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[Newsmaker] [DECODED] Lotte’s ownership enigma
Cobweb, computer circuit board and maze. These are some of the words that Koreans use to describe the baffling complexity of the share ownership structure at Lotte Group, a conglomerate whose roots are in Japan but whose mainstay of business is in Korea. By any standard, whether in Korea or Japan, where poor corporate governance is considered a major drag on corporate value, Lotte’s setup looks opaque, antiquated and subpar. The image, prepared by professor Jang Ha-sung of Korea University, show
IndustryJune 21, 2016
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[DECODED] Lotte crisis revolves around family affairs
It all started from one man. A young native of Ulsan, South Gyeongsang Province, was brave enough to start a business in Japan in 1941 with only 83 yen in his pocket. Seven years later, he established the Lotte confectionery business to sell chewing gum and cake in postwar Japan.The huge subsequent success of the business led him to expand more. After a diplomatic normalization pact signed in 1965, Shin Kyuk-ho returned to his home country with 30 million won to launch a Korean confectionery bus
IndustryJune 21, 2016
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Deposits at brokerages soar amid low rates
[THE INVESTOR] Customer deposits at Korean securities companies have surged to a new high, data showed on June 21, as investors seek high-yielding vehicles amid record-low interest rates. On June 9, the Bank of Korea slashed its key interest rate by a quarter-percentage point to 1.25 percent in an apparent bid to cushion any fallout from the ongoing corporate restructuring drive and bolster the sputtering economy.It was the first rate cut in 12 months.According to data by the Korea Exchange and
June 21, 2016
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China’s slowdown opportunity for Korean products: report
[THE INVESTOR] China’s slowing economic growth has given Korean products’ global market share room to grow, LG Economic Research Institute said in a report on June 21. According to the report, China’s slowing growth rate has curbed the rate at which Chinese products have taken up global market share, and damaged their price competitiveness. The LGERI report said that China’s rising labor and land costs coupled with falling raw materials costs brought on by slowing domestic consumption has narrow
IndustryJune 21, 2016
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One household in Korea owns two cars: data
[THE INVESTOR] The number of registered cars in Korea is expected to exceed 20 million units this month, which means each four-person household owns two cars on average, the Ministry of Land, Infrastructure and Transport said on June 21. The current figure at 19,964,178 units could top 20 million within this month, the ministry said, considering the recent growing trend in the number of registered passenger cars here. Hyundai Motor’s brand store in Dosandaero, southern Seoul.Sedan cars totaled 1
MobilityJune 21, 2016
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BOK collects 260 million dormant coins
[THE INVESTOR] The Bank of Korea said on June 21 it has collected more than 260 million dormant coins to turn them back into circulation. The central bank started the recollection campaign in May and people turned in some 267 million coins, worth 36.7 billion won (US$31.64 million), to convert them into banknotes. The result marks a 1.9 percent increase in the number of reclaimed coins from last year’s campaign, and a 1.4 percent rise in their combined value. BOK is making a big push to turn the
June 21, 2016
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Hyundai will ‘not delay launching diesel cars’
Hyundai Motor said Tuesday it would not postpone the domestic rollout of its diesel cars despite growing concerns about pollutants from the engine. “We are going to launch diesel models of Genesis EQ900 and G80 as planned,” a senior official of Hyundai Motor told The Korea Herald. Hyundai Motor’s Genesis G80 (Hyundai Motor)The automaker’s denial came amid growing speculation that the rollout of the luxury sedans’ diesel models -- slated for next year -- will be delayed because of local consumers
MobilityJune 21, 2016
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Steel prices projected to continue to rise
Steel prices will likely continue to rebound in the second half of this year on China’s large-scale efforts to reduce steel supply, industry insiders said Tuesday. Korea’s largest steelmaker POSCO plans to hike the price of hot rolled steel plates by 30,000 won ($26) per ton next month. This marks a total rise for the product of 150,000 won from January. Hot rolled steel plate, produced by fusing iron ore, is the most basic flat product which local coil manufacturers negotiate prices over ever
IndustryJune 21, 2016
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Korea’s competitiveness in advanced manufacturing drops
[THE INVESTOR] Korea’s competitiveness in advanced manufacturing sector has declined over the past years, due mainly to sluggish performance in semiconductor and mobile industry, according to a report by Hyundai Economic Research Institute released on June 21. From 2010 to 2014, added value in Korea’s advanced manufacturing industry -- which includes aerospace, semiconductor, IT and pharmaceutical, among others -- declined by 4.7 percent. Japan is the only other major country that dropped, by 9.
TechnologyJune 21, 2016
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Shinsegae eyes another duty-free shop
[THE INVESTOR] Shinsegae Group vice chairman Chung Yong-jin on June 21 hinted that the retail giant is keen to operate another duty-free store in Seoul. Shinsegae earned the operational rights of a new downtown duty-free store last year and its first outlet recently opened within its flagship Shinsegae Department Store in central Seoul. Shinsegae Group vice chairman Chung Yong-jin speaks at a job fair in Seoul on June 21. Lee Sang-sub/The Investor“Nothing has been decided. But it is true we have
IndustryJune 21, 2016
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Neowiz employee fined for insider trading in Japan
[THE INVESTOR] Japanese financial authorities have uncovered insider trading concerning Korean games maker Neowiz Games’ Japanese subsidiary, local news reported on June 21. According to reports, an employee became aware that the company was planning to buy up shares of its Japanese unit Game On. Having gained the information, the employee then traded Game On shares after the plans were made public in 2011.At the time, Neowiz Games acquired Game On shares worth 2 billion yen (US$19 million) to r
June 21, 2016
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Korea scraps southeast airport project
[THE INVESTOR] The existing Gimhae Airport near Busan will be expanded instead of building a new airport. The government had reviewed plans to build a new airport in the region, with Miryang and Busan’s Gadeokdo Island thought to be the most likely sites. With the project estimated to cost as much as 10 trillion won (US$ 8.6 billion), the project has been at the center of heated debate and controversy, with critics saying the new airport could fail. By Choi He-suk (cheesuk@heraldcorp.com)
June 21, 2016
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Korean dealers kick off direct sale of KOSPI 200 futures to US investors
[THE INVESTOR] Korean securities firms started to trade Korea Exchange’s flagship KOSPI 200 futures directly with US customers, KRX said on June 21.KRX, the country’s bourse operator, said it has cleared hurdles that had undermined the sales of Korean derivative products in the US by receiving approvals from two US financial regulators. “The sales activity related to derivative products is expected to gain momentum in the US,” said Yoo Hee-wook, director of Derivative Product Marketing division.
June 21, 2016
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Samsung to reduce investment for DRAM
[THE INVESTOR] Samsung Electronics has announced that it would shift its focus to NAND flash memory from DRAM as the global DRAM market is reeling from record low prices.“The tech giant told investors (at the firm’s investor relations session) that it would scale down the investment in its DRAM business compared to last year,” reported online news outlet the Financial News, quoting a market analyst who participated in the meeting as saying.The tech giant held IR sessions in New York City and Bos
TechnologyJune 21, 2016
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NK’s trade dependence on China grows to 91%: report
[THE INVESTOR] North Korea’s dependence on China for international trade has tripled to over 90 percent since 2000, a report showed on June 21. According to a report by Hyundai Research Institute, North Korea’s trade with China is estimated to be US$5.71 billion, accounting for 91.3 percent of Pyongyang’s US$6.25 billion trade in 2015. The figure of US$5.71 billion includes HRI’s estimate of Pyongyang’s crude oil imports from China. Pyongyang, North Korea. Young PioneerThe trade dependence figur
June 21, 2016
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Police Mutual seeks asset managers to run blind fund
[THE INVESTOR] Korea’s Police Mutual Aid Association, the country’s state pension with total assets under management of approximately 2 trillion won (US$1.64 billion), will create a blind fund of 100 billion won, sources said on June 21. The PMAA will announce the launch of the private equity fund this week to pick six asset managers -- two of each PEF, venture capital firm and private debt fund. (Korea`s Police Mutual Aid Association)The selected PEFs and PDFs will manage 20 billion won each an
June 21, 2016