Most Popular
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[KH Explains] Why Korea's so tough on short selling
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[Weekender] Geeks have never been so chic in Korea
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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Seoul City to open 'hotel' on river bridge
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Expensive Korean stocks come under pressure to split
Shareholders of Amore Pacific Co., South Korea's leading cosmetics firm whose share price is the most expensive in the country at more than 3 million won ($2,678), approved a 10-for-1 stock split in a unanimous vote during their annual meeting on Friday, raising questions about who could be next. Investors welcomed the news when Amore Pacific said on March 3 it would split its stocks to increase the number of shares in circulation, its stocks soaring to maximum daily gain of 15 percent in mid-d
March 20, 2015
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POSCO E&C embezzled slush fund in Vietnam: prosecutors
POSCO Engineering & Construction Co. appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday. An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 billion won ($8.9 million) between 2009 and 2012. The construction arm of South Korea's top steelmaker, POSCO, maintains the fund was used to pay rebates to local subcontractors. But upon analyzi
CompaniesMarch 20, 2015
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Supercar maker Aston Martin launches in S. Korea
Aston Martin, a British supercar brand known for its role in James Bond movies, launched in South Korea on Friday, adding to the intense competition in the country's growing luxury sports and supercar market. Kiheung International, which also imports Harley Davidson, was designated as the authorized dealer and importer of Aston Martin, which announced the start of sales of such car models as DB and Vanquish. "I am very much convinced that Aston Martin has offered the right thing in Korea, who
MobilityMarch 20, 2015
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Trade commission likely to impose anti-dumping tariffs on Chinese steel beams
South Korea's trade commission is widely expected to recommend imposing punitive duties on Chinese steel beam imports as it has decided price dumping of Chinese products has caused significant damage to local manufacturers, officials said Friday. An official probe by the commission has found that the average price of Chinese H-shaped structural steel beams in the local market had plunged 15.3 percent on-year in 2013 while that of locally produced products dropped 10 percent even though Chinese
IndustryMarch 20, 2015
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Gov't to spend 3 tln won more in H1 to stimulate growth, investment
The government plans to spend 3 trillion won ($2.67 billion) more in the first half to stimulate the slow pace of economic recovery and increase public investment by around 7 trillion won within the year, South Korea's finance minister said Friday. Choi Kyung-hwan said at the meeting of economy-related ministers held in Seoul that the new measures are needed due to weak consumption and an unsteady rise in corporate investment, brought on by weak demand. Facility investment by companies contrac
March 20, 2015
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Sales of new Galaxy models likely to hit over 55 mln units: market report
South Korean tech powerhouse Samsung Electronics Co. is forecast to sell over 55 million units of its latest premium smartphones this year, with its advanced specs and upgraded features keeping them in firm demand, a market report said Friday. The outlook for shipments of the Galaxy S6 and Galaxy S6 Edge has been revised up by more than 20 percent from the previous prediction, according to the latest report by DRAMeXchange. The report forecast that Samsung will sell 22.2 million units of the
TechnologyMarch 20, 2015
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Park eyes 2nd ‘Mideast boom’
The government and the private sector will invest 24 trillion won by 2017 to restructure Korea’s manufacturing industry and increase its competitiveness, officials said Thursday.They also said the government will seek a “second Middle East boom” by strengthening economic relations with oil-rich nations in the region.The ministries of industry and finance reported these and other plans in a meeting to promote trade and investment presided over by President Park Geun-hye at Cheong Wa Dae on Thursd
March 19, 2015
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Samsung rolls out new flash memory for mid-range gadgets
Samsung Electronics, South Korea’s leading chipmaker, on Thursday announced mass-production of the 128GB 3-bit NAND Flash memory that will be integrated into mid-range smartphones. The announcement came after the company unveiled the high-performance Universal Flash Storage memory equipped in its new flagship smartphone Galaxy S6 and its Edge variant in February. Samsung Electronics’ new 128GB 3-bit NAND flash memory (Samsung Electronics)Industry watchers predict Samsung to take a two-track stra
TechnologyMarch 19, 2015
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Competition heats up among budget carriers
Competition in South Korea’s budget airline industry is heating up as rival carriers are eager to increase their flight routes or raise more money for business expansion.Among the big players, Jin Air has laid out aggressive expansion plans while Jeju Air is strengthening its top position with an initial public offering in the fourth quarter. Jin Air, the low-cost carrier of Korean Air, unveiled its annual plan to become the first domestic budget airline to launch long-haul international routes
IndustryMarch 19, 2015
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Kia to unveil new K5 sedan
Kia Motors, the nation’s second largest carmaker, released an artistic rendering on Thursday of its new K5, a midsize sedan brand, ahead of its official launch at the Seoul Motor Show to be held April 3-12. The second-generation K5 comes five years after the brand debuted in 2010. An artist’s rendering of the new K5. (Kia Motors)“All new K5 will set new standards in design,” the carmaker said in a press release. “The new K5 was developed in pursuit of the world-class sporty design and a bulked-
IndustryMarch 19, 2015
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LG CEO vows to step up innovation
LG Electronics’ CEO and vice chairman Koo Bon-joon pledged on Thursday to ramp up efforts for innovative experiments in a bid to better respond to customer demands during economic uncertainties. “This year we would face bigger economic uncertainties amid the volatile financial market and the falling oil prices,” Koo said in a statement ahead of the company’s annual shareholders meeting at its Seoul headquarters. LG Electronics’ shareholders meeting is shown on a TV screen at the company’s Seoul
TechnologyMarch 19, 2015
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BMW to use Samsung SDI batteries for 3 Series hybrid
German luxury carmaker BMW said Thursday its new 3 Series plug-in hybrid sedan will use batteries from South Korea’s Samsung SDI. “We are working on developing the next-generation automotive batteries together with Samsung SDI,” BMW’s head of purchasing and supplier network, Klaus Draeger, told Korean reporters during the company’s annual press conference held at the Munich headquarters. “The 3 Series plug-in hybrid to be launched next year will also be equipped with Samsung batteries.”BMW start
TechnologyMarch 19, 2015
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IBK expands financing for cultural content production
This is the first in a four-part series featuring IBK’s support for cultural content. ― Ed When director Steven Spielberg’s “Jurassic Park” was released worldwide in 1992, the blockbuster about genetically-engineered dinosaurs going rampant in a pilot theme park was a wake-up call for South Korea’s economy.The movie, which was based on Michael Crichton’s bestselling science fiction novel of the same title, earned some $850 million at the global box office that year. This was equivalent to Hyunda
March 19, 2015
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[Herald Interview] Korean firms advised to adopt data-driven talent search
In today’s competitive business environment, it is crucial that organizations should have the best available talent positioned in the right place and in order to address such needs, a combined mechanism of behavioral science and business strategy may be of use.“Companies pay much attention to talent, as well as to their organization, but few tend to take the two aspects in a comprehensive perspective,” said Ted Bililies, managing director and chief talent officer at AlixPartners, in an interview
March 19, 2015
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KONEX market value quadruples in 2 years
The Korea Exchange’s trade market to support and create financing for small and medium-sized start-up companies is showing rapid and steady growth, KRX and industry officials said.The Korea New Exchange market, or KONEX, was set up in July 2013 to provide a direct financing route for start-up SMEs that could not fulfill listing requirements for other exchange markets. It began with a total market value of about 468.9 billion won ($422 million), and since then has quadrupled to roughly 1.82 trill
March 19, 2015
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Citibank targets zero customer complaints
Citibank Korea’s top priority management target this year is to achieve a zero customer complaint status.Under the leadership of president Park Jin-hei who took office in October last year, the U.S.-based bank has successfully reduced the number of civil complaints by up to 40 percent so far.Earlier this month, the bank held a resolution ceremony and distributed a “complaint zero” wristband to all employees, celebrating its recent achievement and renewing its aspiration for the zero complaint ta
March 19, 2015
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Kim Dok-man to head Beginning Farmers Center
Kim Dok-man, a former professor at the Korea National University of Transportation, was appointed as the new head of the newly established Beginning Farmers Center, Korea, officials said Thursday.The Agriculture Ministry said it selected Kim through an open registration procedure. Kim Dok-manKim, a former Herald Business journalist, was a spokesman for the Anti-Corruption and Civil Rights Commission from 2005 to 2012.Kim also served as a professor of journalism and broadcasting at the Korea Nati
IndustryMarch 19, 2015
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Financial regulator vows to lower barrier for third stock exchange
South Korea's chief financial regulator pledged Thursday to ease regulations on the third stock exchange for start-ups to vitalize the tepid market and strengthen the nation's three-pronged bourse system through competition.Currently, the benchmark KOSPI market serves as the top-tier platform for large-cap players while the secondary KOSDAQ market is mostly for mid-sized tech-savvy ventures. The third KONEX market was opened in June 2013 for start-ups so that they can raise capital more easily."
March 19, 2015
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Kia unveils rendering of new K5
Kia Motors Corp. released the first renderings of its revamped K5 midsize sedan ahead of its official unveiling next month at the Seoul Motor Show.The second-generation K5 comes five years after the brand was first introduced to the auto market. The new design incorporates a wider look from its front radiator grille, giving the car a more sporty and powerful look, Kia Motors said in a press release. The retained feel of the side's surface and lines from the original K5 design have been preserved
CompaniesMarch 19, 2015
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Korean won surges vs dollar on Fed's dovish stance
The South Korean won leaped against the U.S. dollar Thursday afternoon as the U.S. Federal Reserve hinted at raising borrowing costs at a slower pace than forecast.The local currency was quoted at 1,114.90 per dollar as of 1:20 p.m., up 15 won from the previous session's end.On Wednesday, the Fed left room for a rate increase this year by dropping the word "patient" from its formal statement released after its two-day policy review meeting.But Fed Chair Janet Yellen said the growth in the world'
March 19, 2015