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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Insurers may join complex financial centers: FSC
Financial consumers will be able to take out insurance at complex financial branches ― hybrid financial service centers that incorporate banking and securities operations.Regulators hope that such an integrated format may maximize synergy for the financial industry, which is struggling with low interest rates, but independent insurers claimed it would only benefit large banking groups.The Financial Services Commission said Friday that it would run a test operation on including insurance companie
July 3, 2015
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Hyosung to build W1tr polyketone plant in Ulsan
Hyosung announced Friday it would invest 1 trillion won ($893.3 million) to establish a 300,000-ton polyketone manufacturing plant and a research and development center in Korea’s southeastern industrial city of Ulsan. The industrial conglomerate and the local government of Ulsan signed a memorandum of understanding on Thursday to jointly work on the development scheduled to be completed in 2021. The 208,000-square-meter site is set at Yongyeon-dong, which is close to another Hyosung plant, and
IndustryJuly 3, 2015
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POSCO’s steel output tops 800m tons
Steelmaker POSCO said Friday that it has produced more than 800 million tons of steel products, about 43 years since manufacturing started in 1972. According to the company, the cumulative production amount surpassed 800 million tons as of 7 a.m. on June 25. POSCO held celebratory ceremonies at its plants in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, to encourage the field workers. “We are especially proud because the record was set amid the long-standing economic
IndustryJuly 3, 2015
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Seoul pushes for W22tr stimulus
The government announced a 22 trillion won ($19.6 billion) stimulus package Friday, including an extra budget of about 12 trillion won.The Finance Ministry disclosed the expenditure plan designed to prop up the sagging economy as the Cabinet passed the supplementary budget proposal on Friday.The 11.8 trillion won budget increase plan will be submitted to the National Assembly on Monday for final approval.“The extra budget can revitalize the economy and stabilize the livelihoods of ordinary peopl
July 3, 2015
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S. Korea to boost support for MERS-hit tourism industry
The government will increase support for the MERS-hit tourism industry to up to 1 trillion won, a senior government official said Friday. Speaking to tourism industry officials and merchants on Jeju Island, Vice Finance Minister Bang Moon-kyu said the government is assessing the economic impact of the respiratory illness on Asia's fourth-largest economy, and plans to add some 430 billion won ($383 million) to the already earmarked amount of over 500 billion won. The scenic island of Jeju, loca
IndustryJuly 3, 2015
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Seoul shares close tad lower ahead of Greek referendum
South Korean stocks closed marginally lower Friday, as investors took a cautious approach ahead of Greece's crucial referendum on a bailout plan on Sunday, analysts said. The local currency rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.92 points, or 0.14 percent to close at 2,104.41. Trading volume was moderate at 412.6 million shares worth 5.87 trillion won ($5.23 billion) with decliners outpacing gainers 418 to 389. "While investors a
July 3, 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. Nexus, a Seoul-based law firm representing Elliott Associate L.P., submitted a notice of appeal Friday to the Seoul Central District Court, according to the court. The objection came as the hedge fund has been seeking
CompaniesJuly 3, 2015
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S. Korea keep top spot in shipbuilding orders in H1
South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot, while the global shipbuilding industry saw new orders halve, industry data showed Friday. According to the data compiled by global researcher Clarkson Research Services, South Korean shipyards clinched new orders totaling 5.92 million compensated gross tons during the January-June period, compared with 6.16 mill
July 3, 2015
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Higher cracking margins, stable oil prices bode well for refiners' Q2 earnings
South Korean refiners are expected to have racked up robust earnings in the second quarter on the back of higher cracking margins and stable oil prices, industry data showed Friday. The nation's three refiners posted their worst-ever performance last year as a freefall in oil prices hurt the value of their crude inventories with the combined operating reaching 2.6 trillion won. But they swung to the black in the first quarter as cracking margins climbed and crude prices remained at stable lev
July 3, 2015
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Govt to spread out Treasurys sales to minimize impact on bond market
The finance ministry said Friday that it plans to spread out the sale of Treasurys needed to cover a large portion of this year's proposed extra budget to prevent instability in the local bond market.The government drew up an 11.8 trillion-won ($10.5 billion) supplementary budget plan to contain the fallout from the Middle East Respiratory Syndrome outbreak and thus help Asia's fourth-largest economy keep its growth momentum, some 9.6 trillion won of which will be financed with the debt sales.A
July 3, 2015
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Seoul outlines 12 tln-won extra budget plan to prop up growth, cope with MERS
South Korea on Friday outlined an 11.8 trillion-won ($10.5 billion) extra budget plan designed to prop up its economy that is being dragged down by weak consumption and fallout from the Middle East Respiratory Syndrome outbreak.The plan that is part of a much larger 22 trillion-won economic stimulus package aimed at helping Asia's fourth-largest economy grow at a clip of more than 3 percent this year and laying the foundation for more robust growth in 2016, the finance ministry said.The extra bu
July 3, 2015
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AmorePacific chief becomes richest man in stock value in S. Korea
Suh Kyung-bae, chief of South Korea's top cosmetics maker AmorePacific Group, has become the country's richest man in stock value, overtaking former No. 1 Samsung Group Chairman Lee Kun-hee, market data showed Thursday.Stocks owned by Suh were valued at 12.8 trillion won (US$11.4 billion) as of Thursday, while Samsung's Lee held stakes worth 11.8 trillion won, according to the data compiled by corporate tracker Chaebul.com.Suh's stock assets nearly doubled from 6.7 trillion won in the beginning
July 2, 2015
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Avoiding surfer’s eye in the summer
One of the most common eye conditions in the summertime is pterygium, a growth of fleshy tissue on the white of the eye ― usually caused by prolonged exposure to the sun. In other countries, it is better known as surfer’s eye, as it often affects surfers in the summer.In South Korea, about 80 percent of all patients who sought medical help for the condition from 2010-2014 were aged 50 or older. In 2014 alone, some 83,000 Koreans were treated for pterygium, spending 99 billion won ($8.8 million).
TechnologyJuly 2, 2015
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KRX to adopt holding company system
The Korea Exchange confirmed a restructuring plan to adopt a holding company system and go public, hoping to boost market competitiveness and expand overseas. Though the stock operator’s labor union immediately hit back at the announcement, the top regulator was determined to see the plan through.“The KRX will break away from its image as a market monopolist and henceforth place more focus on customer demands,” said KRX president Choi Kyung-soo in a press briefing on Thursday.“We intend to rise
July 2, 2015
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KB offers all-in-one car financing package
A KB Financial employee promotes a comprehensive automobile financing program to a customer. (KB Financial)Seeking to add fuel to its recently launched insurance subsidiary, KB Financial Group presented a comprehensive automobile financing program that brings banking, credit card, capital and insurance services into a single package.The program will not only reinforce the group’s internal network but also expand its business horizon into the relatively weak non-banking sector, according to offic
July 2, 2015
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Foreign start-ups struggle for funding
As South Korea strives to become the next Asian tech hub in its “creative economy” drive, public and private investments into the start-up economy are at their height. The government has earmarked 180 trillion won ($166 billion) this year to foster a start-up ecosystem, new industries and markets with growth potential, while private venture capital funding passed 1.6 trillion won last year, according to data from the Korea Venture Capital Association. But foreign entrepreneurs are struggling wit
TechnologyJuly 2, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province ― Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the ground only as a result of the government’s relentless drive. Hyundai Steel’s plant faciliti
IndustryJuly 2, 2015
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Herald, WWF-Korea tie up to promote sustainable lifestyle
Herald Corp. on Thursday launched a partnership with the Korean chapter of World Wide Fund for Nature, the world’s leading conservationist organization, to promote the awareness of environmental protection and healthy, eco-friendly lifestyles. Chairman Jungwook Hong (left) of Herald Corp. shakes hands with World Wide Fund for Nature Korea Cochairman Jean-Paul Paddack after singing an MOU at Herald Square in Yongsan, Seoul, Thursday. Between the two chairmen is a panda figurine, an emblem of the
July 2, 2015
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Hyundai launches new Sonata
Hyundai Motor on Thursday launched the 2016 Sonata, the facelift version of its best-selling sedan, in an attempt to win back midsize sedan buyers who have recently been drawn to foreign diesel cars or sport utility vehicles. Opening a wider range of options, the 2016 Sonatas will come in seven different models and begin sales immediately. “The new lineup of Sonatas will show the revival of Korea’s most popular midsize sedan. It will inherit Sonata‘s 30-year heritage, but armed with a state-o
MobilityJuly 2, 2015
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Hana presses KEB union to accept merger schedule
Hana Financial Group on Thursday issued a de facto ultimatum to the labor union of Korea Exchange Bank, calling on its leaders to scrap their opposition to the planned merger between Hana Bank and KEB.The pressure from Hana came amid a reported situation that the group could face a heavier tax burden if the consolidation process is not completed in the third quarter.“If Hana and Korea Exchange fail to see the completion of their integration by the end of September, (the group) would be disqualif
July 2, 2015