Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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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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S. Korea, Japan, China agree to create new financing facility against regional crises
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40 flights canceled on Jeju Island due to bad weather
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Won’s weakness doesn’t guarantee export benefits
The U.S. dollar has climbed 30.6 won, or 2.7 percent, against the Korean won over the past month ― also showing gains for the fourth consecutive trading session. Analysts, however, forecast that the local currency’s weakness will not be of much benefit to exporters.Federal Reserve Chair Janet Yellen’s confirmation Wednesday of an interest rate hike within this year further accelerated the dollar’s strong position in Thursday’s Korean currency market.The greenback gained 5.6 won from a trading se
July 16, 2015
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LG Display’s large-panel production hits 1.5b mark
LG Display, Korea’s top display-maker, said Thursday that its production of large LCD and OLED panels has hit the 1.5 billion mark for the first time within the industry.The new milestone comes after the company started producing large LCD panels back in 1995, the company said. Large panels, those 9.1 inches or larger, are used for computer monitors, laptop computer screens and TVs. The 1.5 billion units are equivalent to 236,793,391 square meters of panels, the company said. “LG Display has con
IndustryJuly 16, 2015
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[Photo News] Samsung reigns supreme
SAMSUNG REINS SUPREME — South Korea’s tech giant Samsung Electronics said Thursday it became the No. 1 TV brand by sales in the U.S and European markets as of May, with its market share standing at 53.5 percent and 50 percent in the respective regions. SamsungSAMSUNG REGINS SUPREME — South Korea’s tech giant Samsung Electronics said Thursday it became the No. 1 TV brand by sales in the U.S and European markets as of May, with its market share standing at 53.5 percent and 50 percent in the respec
TechnologyJuly 16, 2015
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[Photo News] YouTube promotion for LG G4
YOUTUBE PROMOTION FOR LG G4 — Promotional video clips for LG Electronics’ G4 smartphone filmed by global YouTube celebrities, including the members of sports and comedy entertainment group Dude Perfect and motorcycle adventure rider Alex Chacon, reached 10 million hits as of Wednesday, according to the Korean electronics firm Thursday. LGE
TechnologyJuly 16, 2015
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[Photo News] LG supports local community
LG SUPPORTS LOCAL COMMUNITY -- LG Foundations, a nonprofit organization run by LG Group, holds a groundbreaking ceremony of a day care center in Incheon on Thursday. The day care center to be opened early next year will be donated to the Seo-gu district in the city, and is in line with the conglomerate’s corporate social responsibility program to build energy-efficient, environmentally friendly day care facilities for local communities. LG LG SUPPORTS LOCAL COMMUNITY — LG Group officials, lawmak
TechnologyJuly 16, 2015
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SK sells subsidiary to CIAM Group for W100b
SK Group said Wednesday that it sold its subsidiary SK (Chongqing) Lithium Ion Battery Material Co. to CIAM Group, China’s battery production company, for 100 billion won.SK established a memorandum of understanding with CIAM Group on the deal on July 7, and plans to sign a formal contract in the beginning of September.SK (Chongqing) Lithium Ion Battery Material Co. has dealt with producing cathode materials for electric car batteries. SK China and SKC had 90.91 percent and 9.09 percent of its s
IndustryJuly 16, 2015
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Baesangmyun seeks to revive traditional liquor culture with brew pubs
Baesangmyun Brewery, South Korea’s leading traditional liquor maker, is growing its brand with urban brew pubs producing freshly fermented makgeolli, Korean rice wine, every day. By rebuilding a mini-brewery -- Slow City Brewery & Pub -- just like those a century ago, the producer of a range of distilled and fermented Korean beverages seeks to revive the country’s home-brewed alcoholic beverage culture with a modern touch. A chef prepares food for the daily lunch buffet at Slow City Brewery & P
IndustryJuly 16, 2015
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Elliott’s appeal against Samsung merger rejected
The Seoul High Court on Thursday turned down U.S. hedge fund Elliott’s appeal on the injunction to block a merger deal between Samsung C&T and Cheil Industries.Elliott had filed for an injunction to stop Samsung C&T from holding a shareholders’ meeting Friday, where the controversial merger proposal will be put to a vote. However, the Seoul Central District Court threw out the request on July 7, prompting the hedge fund to file an appeal.In addition to seeking to prevent the merger from being pu
IndustryJuly 16, 2015
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Netmarble ups ante in mobile game war
Korean game developers are striving to increase their footholds in the global market in the face of fierce domestic competition. Netmarble Games, the No.1 mobile game firm by sales, which has so far released more than 100 mobile games, said it would make all-out efforts to win in the mobile game race. “Cutthroat competition is inevitable in the world’s mobile game industry as major console and PC game developers, such as Sony, Disney and Blizzard, with big cash piles are tapping into the mobil
TechnologyJuly 16, 2015
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U.S. big data firm taps into Korean market
U.S. cloud-based big data solutions developer Treasure Data launched its services in the South Korean market Thursday.The California-based IT firm, established in 2011, chose to start businesses in Seoul to expand its presence in the Asian market, the company explained in a press release. The U.S. firm also runs a Tokyo office. The logo of U.S. big data solutions firm Treasure Data. Treasure DataSome of the high-profile investors for the firm include Yahoo! cofounder Jerry Yang, Sierra Ventures
TechnologyJuly 16, 2015
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Hanjin unit sells stake in Korean Air for 217 bln won
Hanjin Transportation Co., the overland transportation and delivery unit of Hanjin Group, said Thursday that it sold its entire stake in Korean Air Lines Co, a move aimed at streamlining the group's complex governance structure.In a block deal, Hanjin Transportation sold a total of 5,792,627 shares of Korean Air for 37,700 won ($32.85) apiece, 4.4 percent lower than their closing prices in the previous day, the company said in a regulatory filing. The deal was worth 216.9 billion won.The move co
IndustryJuly 16, 2015
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Daewoo Shipbuilding's rating cut on loss woes
Local credit appraisers on Thursday cut their ratings on Daewoo Shipbuilding & Marine Engineering Co. as the world's No. 2 shipbuilder may have to book massive losses on its balance sheets and is set to undergo large-scale debt restructuring.KIS Rating slashed its rating on Daewoo Shipbuilding to "A-" from "A," and put the shipbuilder on its watch list for another rating cut."Increased operating capital has jacked up its financial burden, and uncertainties increased over its second-quarter earni
IndustryJuly 16, 2015
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Seoul court denies Elliott's appeal bids against Samsung merger
A South Korean court rejected Thursday a U.S. hedge fund's request to block a vote by Samsung C&T Corp. shareholders on a high-stakes merger with a sister firm, clearing the legal hurdle on the eve of a crucial shareholder meeting.The Seoul High Court also turned down Elliott Associates' appeal of a district court's rejection of an injunction request to nullify the voting rights of KCC Corp., which increased its stake in the builder through a treasury share purchase.Earlier this month, the Seoul
IndustryJuly 16, 2015
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Samsung units set to hold vote on crucial merger plan
Two key units of Samsung Group, South Korea's top conglomerate, are poised to hold crucial shareholder meetings Friday on their merger plan that has been strongly opposed by a U.S. hedge fund, which calls it a low-ball deal.Shareholders of Samsung C&T Corp., the construction arm of Samsung, are scheduled to meet Friday morning to cast their ballots on the 8.9 trillion won ($7.76 billion) all-stock takeover offer by Cheil Industries Inc., the group's de facto holding firm. Cheil Industries is als
MobilityJuly 16, 2015
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Market cap of auto, tech stocks dips as Samsung, Hyundai slump
The market value of tech and auto shares has sank this year as market heavyweights in the sectors have been grappling with fierce global competition and unfavorable currency exchange rates, data showed Thursday. The combined value of information technology and auto shares accounted for 37 percent of the total market capitalization on the main KOSPI market as of Monday, the lowest level since December 2011, according to the data compiled by market researcher WiseFn. The ratio rose from 41.7 perce
July 16, 2015
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Hyundai Motor's share in Brazil hits all-time high
Hyundai Motor Co., South Korea's top automaker, saw its market share in Brazil's passenger car sector hit an all-time high in June thanks to brisk sales of its locally produced HB20 subcompact, industry data showed Thursday.According to the data, Hyundai Motor sold 17,517 passenger cars in Brazil last month, raising its market share to 10 percent, its highest ever. It renewed its previous record share of 9.3 percent in May. Hyundai Motor ranked fifth in market share there, narrowing the gap with
IndustryJuly 16, 2015
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‘Asia’s tech hub will be rich, relevant and cool’
Tim Chae, venture partner of 500 Kimchi, speaks during an interview with The Korea Herald at the fund's office in Google's Campus Seoul in southern Seoul last week. Park Hyun-koo/The Korea Herald Silicon Valley entrepreneur Tim Chae is betting -- $15 million, to be precise -- that in the next 3-5 years, Korea will be the Silicon Valley of Asia. And he says so because it’s the only country in the continent that meets the tech hub trifecta of being rich, relevant and cool. A decade after immig
BusinessJuly 15, 2015
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Samsung to showcase next Galaxy Note in August
South Korea's top tech giant Samsung Electronics Co. plans to showcase its next phablet flagship, presumably the Galaxy Note 5, in earlier-than-expected August, industry sources said Wednesday, in an apparent bid to get a head start over Apple Inc. Under the plan, Samsung will hold its launch ceremony around the globe, including Seoul and New York in late August, although no other details are given, the sources said. Samsung had released its phablets, a cross between a smartphone and a table
BusinessJuly 15, 2015
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POSCO puts $12b India steel project on hold
POSCO decided to temporarily suspend its already delayed $12 billion steel plant construction project in India, company chairman Kwon Oh-joon said Wednesday.”We decided to tentatively stop the project as we have not seen visible progress. The project will remain at all stop unless the Indian government offers a better deal” Kwon told The Korea Herald after an investors’ relations session in Seoul. The continuous galvanizing line facility run by POSCO Maharashtra, POSCO’s Indian unit. (POSCO)POS
IndustryJuly 15, 2015
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[Photo News] KB named best wealth management bank
TOP WEALTH MANAGEMENT -- KB Kookmin Bank wins The Asian Banker award for best wealth management in South Korea, marking two consecutive years. The bank was also named the best direct-custodian bank here. Kim Jeong-ki (second from right), head of the wealth management business group, received the award on Tuesday on behalf of the bank. KB Kookmin Bank
July 15, 2015