Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[KH Explains] Why Korea's so tough on short selling
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Actors involved in past controversies return first via streaming service originals
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[Photo News] Seoul seeks 'best sleeper'
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Samsung, LG top study in ESS battery capabilities
South Korea's Samsung SDI Co. and LG Chem Ltd. have outpaced global rivals in terms of strategy and execution in the energy storage system battery industry, a report showed Monday.LG Chem led the corporate assessment in the ESS segment with a total score of 84, trailed by Samsung SDI with 83.5, the report released by U.S.-based market tracker Navigant Research showed.The ESS refers to the procedures of saving energy in a large-scale battery for efficient distribution of power. For example, an ES
July 6, 2015
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S. Korea drawing up contingency plan against potential Grexit
South Korea is working on contingency measures against possible increased volatility in financial markets as Greek people have turned down international creditors' austerity measures in a high-profile referendum, a high-ranking official said Monday.On Sunday, more than 60 percent of Greek voters rejected tough bailout terms, triggering concerns over a "Grexit" from the eurozone."We are working on a contingency plan as the likelihood of a Grexit has been bolstered, which would have a considerable
July 6, 2015
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New Mercedez-Maybach S600 speeds up growth
Interest in the new the Mercedes-Maybach S600, with a local price tag of 294 million won ($262,000), is heating up among corporate executives. According to Mercedes-Benz Korea, the sub-brand of its premium product line S-Class neared its yearly target of 200 units in June, just three months since its April launch.“We introduced the two trims of S-Class cars with Maybach badges -- the Mercedes-Maybach S500 and S600. The combined sales of the two models reached 192 units by the end of June, and ab
MobilityJuly 5, 2015
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Mortgage growth hits 5-year high
The monthly increase of outstanding mortgages rose to its fastest pace in five years last month amid record-low interest rates, after the Bank of Korea cut its key rate to 1.75 percent on June 11.Korea’s seven largest commercial banks’ collective housing-collateralized loans swelled by 9.27 trillion won ($8.27 billion) in June, compared to the previous month. The figure included loans that borrowers converted into state-led, lower-rate contracts.The May-June 2015 period saw the highest monthly g
July 5, 2015
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Bosch to establish joint venture in Daegu
Robert Bosch Korea announced that it would set up a joint venture to develop, manufacture, and sell wiper systems in Korea. The joint venture firm, to be named KB Wiper Systems, will be a 50-50 partnership with Kyung Chang Wiper Corp., and start operations with about 700 staff in the near future, Frank Schaefers, president of Robert Bosch Korea, said Tuesday at the company’s annual press conference in Seoul. Frank Schaefers, president of Robert Bosch Korea speaks to the press at the company's a
MobilityJuly 5, 2015
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Major banks in full-fledged restructuring
Major commercial banks are scaling back payrolls and closing down uncompetitive branches in the wake of weakening profits brought by low interest rates. While the industry’s full-scale restructuring is considered an inevitable measure to improve its manpower structure, concerns have also been raised over the possibility that it may reduce the quality of the nation’s financial services.KB Kookmin Bank led spearheaded the move by accepting the voluntary redundancies of 1,121 employees in June.“Vol
July 5, 2015
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Samsung hits back at ISS report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
IndustryJuly 5, 2015
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Elliott faces credibility test
U.S. hedge fund Elliott Associates faces a new challenge in its aim to derail the proposed merger of two Samsung Group units, as the prosecution launched an investigation into allegations that Elliott fabricated information in a regulatory filing. Elliott, the third-largest shareholder of Samsung C&T with a 7.1 percent stake, has been seeking to thwart Samsung’s plan to merge Cheil Industries, the de facto holding company, with the Korean group’s construction and trading unit Samsung C&T. It has
IndustryJuly 5, 2015
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SK, SABIC finalize joint venture deal
SK Global Chemical and Saudi Basic Industries Corp. announced Sunday that they had agreed to establish a 710 billion won ($631.9 million) joint venture to produce and market high-performance polyethylene products based on SK’s technology. SK Global Chemical CEO Cha Hwa-youp (left) poses with Abdulrahman Al-Fageeh, executive vice president of Polymers at SABIC, in Seoul, Friday, after signing an agreement to set up a polyethylene joint venture in Singapore. (SK Global Chemical)The new 50-50 join
BusinessJuly 5, 2015
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New Mercedes-Maybach S600 beats sales target
Exterior of the New Mercedes-Maybach S600. Mercedes-Benz KoreaZeal for the new Mercedes-Maybach S600, with a local price tag of 294 million won ($262,000), is heating up among corporate executives in Korea. According to Mercedes-Benz Korea, the model of its premium S-Class line neared its yearly target of 200 units in June, just three months since its April launch.“We introduced the two trims of S-Class cars with Maybach badges -- the Mercedes-Maybach S500 and S600 -- in April. The combined sal
MobilityJuly 5, 2015
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Samsung C&T hits back at ISS merger report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
IndustryJuly 5, 2015
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Housing loan growth hits 5-year high
The monthly increase of outstanding mortgages rose to its highest point in five years last month amid record low interest rates.The Bank of Korea cut its key rate to a new record low of 1.75 percent on June 11.According to Korea’s seven largest banks, their collective housing-collateralized loans swelled by 9.27 trillion won ($8.27 billion) in June, compared to the previous month. The figure included borrowers’ conversion of their lending into state-led lower rate contracts.Based on month-on-mon
July 5, 2015
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Manufacturers turn gloomier on outlook
South Korea's major manufacturers are more pessimistic about business conditions for the third quarter due to China's slowing growth and the fallout of the Middle East Respiratory Syndrome outbreak, a poll showed Sunday. The Korea Chamber of Commerce & Industry said its business survey index for the July-September period came to 88, down from 97 tallied in the second quarter. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of under 100 means pessimists ou
IndustryJuly 5, 2015
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Samsung most reputable tech firm in U.S.: report
South Korea's Samsung Electronics Co. ranks as the most reputable technology company in the United States, a report showed Sunday, on the back of its strong products and services appealing to American consumers. Samsung, the world's largest smartphone maker, has topped such tech peers as Microsoft, Google and Intel in terms of products and services, citizenship and governance, according to the report by U.S.-based corporate appraiser Reputation Institute. Samsung ranked eighth last year. He
CompaniesJuly 5, 2015
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Flight occupancy rates drop in June on MERS scare: data
The seat occupancy rates of flights sank in June as people canceled their trips in fear of the Middle East Respiratory Syndrome outbreak, while the figures are expected to recover somewhat moving forward due to the summer season, industry data showed Sunday. The total number of passengers on domestic and international flights came to 5.99 million in June, down 10 percent from a year ago, according to the data by the nation's two major airlines -- Korean Air Lines Co. and Asiana Airlines Inc.
IndustryJuly 5, 2015
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S. Korean banks' mortgage lending soars in June
South Korean banks saw their mortgage lending jump by more than 9 trillion won ($8.01 billion) in June from the previous month, data showed Sunday, due to sharply increased housing transactions. As of end-June, the nation's seven major banks, including Kookmin, Shinhan, Woori and Hana, held 321.04 trillion won in outstanding mortgage loans, down from 330.9 trillion won a month earlier, according to the data by the lenders. The actual amount, however, jumped by 9.3 trillion won last month, give
July 5, 2015
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U.S. hedge fund appeals court's refusal to stop Samsung merger
A U.S. hedge fund, opposing a proposed merger of two Samsung Group units, has filed an appeal against a Seoul court's dismissal of its request to block the deal, the latest in a series of legal rows unfolding against South Korea's top conglomerate over the high-profile merger. Elliott Associates L.P. has been seeking to stop Samsung C&T Corp., the construction arm of Samsung Group, from being merged with Cheil Industries Inc., the de facto holding firm of the conglomerate, in an all-stock deal w
July 3, 2015
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Samsung, LG in court over washing machine vandalism
Samsung Electronics and LG Electronics clashed in a Seoul court Friday over the latter’s alleged vandalism of washing machines.The legal representatives for LG denied the allegations that its CEO Cho Seong-jin and two other company officials broke the doors of three Samsung washers. But Samsung reiterated its position that the LG officials damaged its washing machines at the SATURN Berlin Europa-Center and SATURN Berlin Steglitz in Germany during the IFA trade show in September last year.Samsung
TechnologyJuly 3, 2015
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Future of Korea depends on first movers, not fast followers
There are so many issues going on in so many sectors of society in Korea and, yet, so little room to speak of the future. However, the best timing to prepare for a chaotic future is before a crisis. “Korea is a society moving forward, but it stands at a critical juncture. In a world of rapid change and fierce competition, Korea will lose ground unless it changes its fast-follower mindset, which worked well in an era of industrialization. Now, it needs a new model for future prosperity, led by in
IndustryJuly 3, 2015
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ISS opposes controversial Samsung merger
Institutional Shareholder Services Inc. told investors to reject Samsung Group's proposed merger of two units, setting back the South Korean conglomerate's efforts to push through a deal that would solidify the founding family's control over their business empire.Investors in Samsung C&T Corp. should decline group affiliate Cheil Industries Inc.'s all-stock buyout offer when the deal comes to a shareholder vote on July 17, the proxy advisory firm said in a report. Management's revenue targets ar
BusinessJuly 3, 2015