Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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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] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Foreign carmakers splurge on dividends
South Korean units of foreign carmakers were more eager to pay out dividends than to make donations in 2015, according to audit data.Mercedes-Benz Korea and seven major distributors of imported cars doled out a combined 4.22 billion won ($3.72 million) to charity last year, but their dividend payouts reached 83.61 billion won. Of the seven, Mercedes-Benz Korea, BMW Korea, Porsche Korea, Hanbul Motors Corp. were the only carmakers that made donations. Mercedes-Benz Korea topped the list with 2.05
IndustryApril 21, 2016
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Regulator rotates Samil PwC as Daewoo Shipbuilding auditor
The nation’s top financial regulator has replaced Daewoo Shipbuilding and Marine Engineering’s external auditor from Deloitte Anjin to Samil PwC, news reports said Thursday.The move comes as the Financial Supervisory Service is investigating whether Deloitte Anjin had played a role in helping the ailing shipbuilder dress up its financial records for the fiscal year of 2013 and 2014. Deloitte Anjin, which has been the external auditor for DSME since 2010, was recently found to have approved Daewo
April 21, 2016
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[Consumer This Week] Starbucks, Perioe, Admiral, McDonald’s, Golden Blue, Yakult
Starbucks presents Cold Brew to KoreaStarbucks Korea launched its Cold Brew at 100 stores in Korea on Tuesday.Cold Brew is an iced coffee that uses a roast of a special blend of African and Latin American beans, with only a small limited amount of espresso created each day.The ground beans are steeped in cold water for fourteen hours, maximizing its sweet chocolate flavor and silky texture. The original flavor of the beans is preserved by not exposing them to any heat.The special Cold Brew will
IndustryApril 21, 2016
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[Market Now] Haitai Confectionery to launch IPO to repay debt
Haitai Confectionery & Foods, the seller of the hit snack Honey Butter Chip, said 80 percent of its initial public offering shares will be offered to retail and institutional investors.In a regulatory filing on Thursday, Haitai said it would be offering a total of 5.83 million shares worth about 72 billion won ($63.3 million), or 12,300 won per share at a face value of 500 won. NH Investment & Securities and Samsung Securities is Haitai’s IPO manager. Honey Butter Chips (Yonhap)Of the 80 percent
April 21, 2016
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4 in 10 large Korean firms adopt peak wage system
Four out of 10 South Korean companies required to adopt the peak wage system this year did so, a business lobby said Thursday.A total of 42.7 percent out of 300 firms with more than 300 employee said they had adopted the new wage system in a survey by the Korea Chamber of Commerce and Industry. Elderly job hunters take part in a local job fair. (Yonhap)Under the peak wage system, employees get less pay from the age of 55 to retirement at 60. The aim is to continue providing senior employees wit
IndustryApril 21, 2016
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Samsung’s smartphone share rises, Apple falls in Q1
Samsung Electronics saw its stake in the global smartphone market grow in the first quarter of this year from the previous quarter, helped by brisk sales of the Galaxy 7 series.The world’s largest smartphone maker had a 27.8 percent global market share in terms of shipment, according to industry tracker TrendForce. Samsung’s Galaxy 7 (Yonhap)That reflected a rise from the 22.1 percent posted in the final three months of 2015, according to data compiled by industry tracker TrendForce.At the same
IndustryApril 21, 2016
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Seoul shares open higher following Wall Street gains
South Korean share prices opened higher on Thursday, tracking overnight gains in Wall Street.The benchmark Korea Composite Stock Price Index gained 0.55 percent, or 10.99 points, to 2,016.82 in the first 15 minutes of trading. Traders monitor Seoul share prices at a local bank. (Yonhap)Hyundai Motor, POSCO and AmorePacific rose, while Samsung Electronics and Daewoo Shipbuilding & Marine Engineering fell. Overnight, the Dow Jones industrial average closed 0.24 percent higher at 18,096.27 points,
April 21, 2016
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[Graphic News] Record number of companies suffered credit rating downgrade
A total of 159 South Korean companies suffered downgrades in their credit ratings in 2015, according to government data. The number was the largest since the 1997-1998 Asian financial crisis when 171 firms had their ratings slashed, said the Financial Supervisory Service on Wednesday. During the same period, 26 companies saw their credit ratings rise. The financial regulator said this marked the smallest increase since 1998. The FSS data also showed that credit downgrades were most witnessed in
April 20, 2016
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[Market Now] Hite Jinro Holdings fails to reach deal to sell subsidiary
Hite Jinro Holdings, the parent company of alcoholic beverage maker Hite Jiro, said it has ended negotiations with Changhae Ethanol for selling its wholly owned subsidiary Hite Jinro Ethanol, a soju raw materials maker.In a public filing, Hite Jinro Holdings said it has failed to narrow the differences with the bio-ethanol producer on sales conditions.However, Hite Jinro Holdings will continue its efforts to sell Hite Jinro Ethanol, the company said.By Kim Yoon-mi (yoonmi@heraldcorp.com)
IndustryApril 20, 2016
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KEPCO to build 1st overseas solar power plant in Japan
State-run Korea Electric Power Corp., the nation’s top utility company, held a groundbreaking ceremony for its first solar energy power plant construction project overseas in Hokkaido, Japan, on Monday, KEPCO officials said.“Initiating solar energy generation business in Hokkaido is a great achievement. We’ll continue to expand our solar energy business abroad along with other Korean companies,” said KEPCO CEO Cho Hwan-eik. KEPCO CEO Cho Hwan-eik (center), LSIS CEO Koo Ja-kyun (left) and other o
IndustryApril 20, 2016
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[Newsmaker] Samsung ready to tie technology with fashion
Technology will play a significant role in revolutionizing the global fashion industry, the chief of Samsung’s fashion unit said Wednesday, stressing that the South Korean electronics giant is ready to take the lead in the marriage between technology and fashion. A timeless value has been a defining component of luxury fashion for decades. However, fashion will become "limitless" in the future as fast-evolving technology and social networking services transform the way people experience and cons
IndustryApril 20, 2016
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SK Innovation mulls EV battery plant in China
SK Innovation said Wednesday that it will finalize its plans to build a battery plant for electric vehicles in China this year. “The company plans to transform its business portfolio to focus on more lucrative businesses such as EV batteries and noncommodity products,” said CEO Chung Chul-khil at a press meeting in Seoul. SK Innovation's CEO Chung Chul-khil (SK Innovation)The company needs to innovate its business structure as its traditional oil-refining sector repeatedly faces low growth, exce
IndustryApril 20, 2016
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LG Hausys sets sights on U.S. auto parts sector
LG Hausys, a construction materials firm and affiliate of LG Group, said Wednesday it has completed the construction of a factory in the U.S. in Gordon County, Georgia. The factory will produce materials for car seats, door panels and dashboards, collectively often referred to as automotive skins.The opening ceremony for the factory, dubbed “Autoskin Plant,” took place in the U.S. town on Tuesday. LG Hausys president Oh Jang-soo (left) and local state representative John Meadows look at automoti
TechnologyApril 20, 2016
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Seoul stocks end lower on low oil prices, profit taking
Korean shares trimmed earlier gains to close marginally lower Wednesday as institutional investors locked in recent gains. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.27 percent, or 5.53 points, to 2,005.83. It retreated after hitting an intraday high of 2,023.77, the highest intraday figure so far this year.Trade volume stood at a moderate 419.04 million shares worth 4.53 trillion won (4 billion), with decliners outnumbering adv
April 20, 2016
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GS Group chairman stresses act of implementing
GS Group chairman Huh Chang-soo called on CEOs and executives of affiliates to streamline their business projects, stressing the importance of timely implementation when uncertainties continue to loom large. “A key role of business leaders is to have other team members on the same page for business objectives and push ahead with projects, regardless of any challenges and business conditions,’’ the chief of the industrial giant said in the second-quarter meeting with about 150 CEOs and executives
April 20, 2016
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Duty free operators in all-out war to attract LVMH chairman
Korean duty-free operators are waging a fierce battle to have on their side Bernard Arnault, chairman of LVMH Moet-Hennessy Louis Vuitton, amid heated competition to house luxury brand stores at their tax-free outlets, according to industry officials on Wednesday.The chairman of the world’s largest luxury conglomerate, was on a surprise visit to Seoul to attend an international conference on luxury markets hosted by Conde Nast, publisher of fashion magazine Vogue.Arnault’s visit to Seoul was see
IndustryApril 20, 2016
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Korea Exchange agrees on cross-listing with Eurex
Korea Exchange has signed a cross-listing agreement with Eurex Exchange, the largest European derivatives exchange, on Wednesday to offer daily futures on Europe’s key stock index for trading on the local bourse. Choi Kyung-soo, chairman and CEO at Korea Exchange (fourth from left), and Jeffrey Tessler, CEO of Clearstream and a member of the Executive Board of Deutsche Boerse (fifth from left), pose together after signing a cross-listing agreement at Korea Exchange in Seoul, Wednesday. / KRXUnd
April 20, 2016
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BOK board to get four new members
The majority of the Bank of Korea’s seven-member policy board will be replaced Thursday, putting markets on edge for a potential change in Korea’s monetary policy stance amid troubles in the country‘s export-driven economy. The four new members to join the interest-rate setting board are Lee Il-houng, the head of Korea Institute for International Economic Policy; Cho Dong-chul, the chief economist for state-run Korea Development Institute; Koh Seung-beom, the Standing Commissioner of Financial S
April 20, 2016
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Netmarble releases new mobile game ‘Stone Age’
South Korea’s leading mobile game firm Netmarble Games launched “Stone Age,” a new mobile role-playing game, on Tuesday in Seoul.The newly released game features a fictitious, prehistoric world where people resist against industrial revolutions. It is based on a PC online game of the same title, released by Japanese game company Japan System Supply in 1999. Netmarable Games’ new mobile role-playing game “Stone Age.” (Netmarble)Players complete a series of quests, such as winning an one-on-one ba
TechnologyApril 20, 2016
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KT joins forces with DreamWorks Animation
Korean telecommunications companies are desperately seeking ways to overcome breakneck competition in the local mobile network sector.One such effort involves beefing up their media platform businesses, often considered as their future growth engine.On Wednesday, network operator KT joined hands with U.S. filmmaker DreamWorks Animation to provide the latter’s animation content on KT’s IPTV service olleh TV.DreamWorks has produced mega-hit animated movies such as “Shrek,” “Kung Fu Panda,” “How to
TechnologyApril 20, 2016