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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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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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Seoul City to open 'hotel' on river bridge
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Floating capital hits record high on low interest rates
South Korea saw a record high level of capital invested in short-term financial instruments as consumers and investors have been reluctant to invest in long-term assets due to low market interest rates following recent key base rate cuts.Short-term investments ― floating funds invested in repurchase agreements and money market funds with maturities of less than a year ― reached a record of 800.7 trillion won ($705 billion) at the end of January, according to the Bank of Korea and the Korea Finan
March 16, 2015
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Hyundai E&C to thrive in Middle East, new markets
Hyundai Engineering & Construction, one of Korea’s largest builders, will reinforce its presence in the Middle East with an aim to expand into new markets, the company said.The move came as the company attempted to diversify its business portfolio in the Middle East while launching new businesses in emerging markets such as Europe, Africa and South America, according to a company statement. “We are committed to expanding the share of overseas business while continuously pushing for diversifying
IndustryMarch 16, 2015
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Financial industry spent most on entertainment
Financial corporations were found to have the highest entertainment expenses among all industries in 2013, the tax collector reported on Monday.Analysts said the results indicate that the financial industry could be hurt most by the new anticorruption bill set to take effect in October next year.In 2013, the country’s 18,518 financial firms, including insurers, banks and brokerages, spent a total of 750 billion won ($661.7 million) as “entertainment spending,” including expenditure on gifts, mea
March 16, 2015
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KT&G turns eyes toward global expansion
For KT&G, the nation’s top tobacco maker, this year will be a turning point in its growth as the company’s overseas sales are expected to surpass its domestic sales for the first time.“As the domestic market has taken its toll due to various reasons, including the falling number of smokers, (we) are seeking stronger overseas sales,” KT&G said in an email interview with The Korea Herald. “The experts inside and outside KT&G agree that this year will be KT&G’s turning point for its overseas sales
March 16, 2015
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BOK may cut interest rate to 1.5% in Q2: analysts
The Bank of Korea may push for another rate cut within the second quarter of this year, pulling the key interest rate from the recently fixed 1.75 percent down to 1.5 percent, according to some industry observers.“It only took a month for the BOK and the government to give up on their previous hawkish stance and switch their rate policy,” Shin Dong-jun, a researcher at Hana Daetoo Securities, said Monday.“Considering the persisting calls for effective demand, the key rate will probably fall furt
March 16, 2015
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Seoul shares close flat on FOMC outlook
South Korean stocks closed almost flat Monday as investors took a wait-and-see approach on the U.S. Federal Open Market Committee meeting later this week, analysts said. The local currency dropped against the U.S. dollar. The benchmark Korea Composite Stock Price Index gained 1.54 points, or 0.08 percent, to close at 1,987.33. Trading volume was moderate at 312.96 million shares worth 4.55 trillion won ($4 billion), with losers outpacing gainers 416 to 387. Analysts said Seoul shares traded in
March 16, 2015
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Won hits fresh 20-month low vs dollar, bond rally continues
The South Korean won touched a fresh 20-month low against the U.S. dollar Monday on speculation that the U.S Federal Reserve may provide concrete clues on a much-awaited rate hike. The local currency closed at 1,131.5 per dollar, down 3.0 won from the previous session's end and the lowest since July 10, 2013 when it ended at 1,135.80 won. The won hit an intra-day low of 1,136.60 won at one point. The greenback continued its ascent versus its major global counterparts, including the euro and th
March 16, 2015
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S. Korea's farm exports drop 8 pct in Feb.
South Korea's exports of agricultural products dropped 8 percent from a year earlier in February as shipments of both fresh foodstuff and processed goods dwindled, the government said Monday. Outbound shipments of farmed goods amounted to $420.1 million last month, compared with $456.5 million in the same month last year, according to the Ministry of Agriculture, Food and Rural Affairs. The drop was mostly attributed to large falls in shipments to Japan and the United States. In the case of J
March 16, 2015
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Top biz groups to expand investment but cut hiring this year: survey
South Korea's 30 leading business groups will expand investment, but decrease new employment this year compared to last year, amid worries of increasing labor costs, a survey showed Monday. According to the survey by the Federation of Korean Industries of the top 30 conglomerates in terms of assets except financial companies, they plan to invest a combined 136.4 trillion won ($120 billion) this year, up 16.5 percent from a year earlier. The survey showed that investment in facilities will amo
IndustryMarch 16, 2015
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Listed firms suffer declines in sales, operating income in 2014
South Korea's leading listed companies saw their sales and operating profits decline in 2014, as the country's top conglomerate firms, such as Samsung Electronics Co. and Hyundai Motor Co., reported weaker than expected bottom lines, a report showed Monday. The combined operating profit of 1,103 non-financial firms traded on the country's main and secondary stock exchanges plunged 17.9 percent on-year during the first three quarters of last year, according to the report by the Federation of Ko
IndustryMarch 16, 2015
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S. Korean companies with higher foreign ownership pay bigger dividends
South Korean companies with a higher ratio of foreign shares showed bigger growth in dividend payouts last year, data showed Monday, raising doubts as to whether the extra income from stock investments is going where the government intended. Out of 1,719 listed companies, 885 offered cash returns worth 15.72 trillion won ($13.84 billion) for the fiscal year 2014, up 18.9 percent from the year prior, according to data compiled by market research firm WiseFN. Dividends for 39 companies that are
IndustryMarch 16, 2015
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Dessert cafe chain Sulbing enters Thai market
South Korean dessert cafe franchise Sulbing said Monday it plans to open 50 branches in Thailand by next year in its latest efforts to expand abroad to secure new growth engines. Sulbing has signed a deal with International World Ettia Thai to open two branches in Thailand's capital of Bangkok by June and have 50 branches across the country by 2016, the company said in a press release. The Thailand deal comes a month after the dessert franchise inked a deal with China's Shanghai Yabin Food Stu
CompaniesMarch 16, 2015
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No. of corporate rating downgrades hits 15-yr high in 2014
The number of credit rating downgrades for South Korean companies rose to a 15-year high last year amid weakening earnings and a protracted economic slump, data showed Monday. According to data compiled by the Korea Investors Service Inc., ratings for 41 of the 373 companies appraised were downgraded last year, the largest amount since 1999. Fifteen companies were graded up last year, also the lowest number in 15 years, the data showed. "Since 2010, more companies have faced a decline in the
CompaniesMarch 16, 2015
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Lotte seen forging ahead with succession plan
Lotte Group appears to be bringing forward its succession plans as the conglomerate named one of the founder’s sons to the board of its holding company last week. The group appointed its chairman Shin Dong-bin to the board of Hotel Lotte, the de facto holding company of the conglomerate, whose businesses range from construction to shopping malls and snack production. The appointment is widely seen as another sign of the controlling family’s succession plans, amid rampant rumors that Shin is aggr
IndustryMarch 15, 2015
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Banking groups seek to reform board memberships
In banking groups, which do not have an owner manager, the voice of nonexecutive directors carries weight ― so much so that the board’s disposition tends to display the direction of the entire group.This is also why the selection of these outside directors is often subject to political peddling. But this year, financial groups are determined to change the system, calling for independence and professionalism.The most active to lead such change, KB Financial Group decided to fully embrace the reco
March 15, 2015
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Astronergy Solar Korea eyes global solar power market
Solar power equipment-maker Astronergy Solar Korea is aiming to make a foray into the photovoltaic power generation market in Southeast Asia. Established in 2009 as a subsidiary of Chinese energy firm Chint Group, the Seoul-based company produces a wide range of solar energy products including modules and inverters, and participating in projects to build a solar energy plant in Korea and foreign markets.“Astronergy Solar Korea, which has been focusing on manufacturing solar cells and modules, wi
TechnologyMarch 15, 2015
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SKT helps SMEs foray into global market
From operation of research labs to financial support for small and medium-sized firms, SK Telecom has been pouring its resources into supporting SMEs. Some Korean start-ups, which participated in the Mobile World Congress trade show in Barcelona earlier this month with the help of the telecom firm, have been receiving calls for business partnerships in the global markets.ISL Korea, which produces Bignote, a smart whiteboard solution consisting of a digital pen and a projector, is a beneficiary o
TechnologyMarch 15, 2015
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Korea’s 4-year growth falls short of G20 average
South Korea’s economic growth lagged behind the average of the G20 member countries for four consecutive years, data showed Sunday. Asia’s fourth-largest economy saw its gross domestic product grow by 3.3 percent in 2014, lower than the G20’s 3.4 percent average, the Organization for Economic Cooperation and Development reported in its quarterly national accounts of GDP. South Korea’s GDP growth has come short of the G20 average since 2011, when the growth rate reached 3.7 percent, and stayed at
March 15, 2015
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New Infiniti Q70 offers safe, fun driving
The facelift version of Infiniti’s highest-class luxury sedan Q70 is the epitome of Nissan’s technology and ambition. With the same target market as the Audi A6, BMW 5-series and Mercedes-Benz E-class, the Japanese carmaker has poured the its state-of-the-art technology into this model ― from the sexy exterior based on the shape of a crouching cheetah to the powerful engine. “We are aiming to sell 3,000 Q70 vehicles this year, alongside the best-selling sedan Q50,” Nissan Korea president Takehik
MobilityMarch 15, 2015
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Hyundai Motor boasts of world-class acceleration
Hyundai Motor, the nation’s top automaker, launched its first “tech experience” event for the local press with its seven-speed dual clutch transmission-mounted cars at its Namyang Technology Research Center in Hwaseong, Gyeonggi Province, on Friday in an effort to strengthen communication to address its technological prowess.“The event was designed to raise public understanding of Hyundai Motor’s technological advancements,” an official from the automaker said. The move was expected as the growt
MobilityMarch 15, 2015