Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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[Grace Kao] American racism against Stray Kids
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NewJeans' members' parents complained to Hybe, email shows
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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WeMakePrice apologizes for abusing recruits
WeMakePrice, a local deal-of-the-day site, on Thursday publicly apologized for abusing applicants during a recent recruitment process that led to a government crackdown.“I apologize again for causing a social fuss,” said CEO Park Eun-sang during a news conference held at the company’s Seoul headquarters. “I feel a solemn responsibility.”In December, the company called in 11 people who applied for merchandiser positions, saying 80 percent of them could be hired as regular workers after on-site tr
TechnologyFeb. 5, 2015
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Forest Service’s A-game to green Silk Road
The Korea Forest Service, the state-run afforestation agency, on Thursday called for more Korean corporate investment into the forestation business in foreign countries. Korean pulp manufacturer Korindo Group’s lush forest plantation in Kalimantan, Indonesia (Korea Forest Service) Lumber woods at Korean energy firm Eagon Corp.’s forest plantation in the Solomon Islands (Korea Forest Service)Forests take up about 31 percent of the world’s land, yielding raw material, energy resources, food and f
Feb. 5, 2015
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[Herald Interview] KFS seeks to boost youth employment
Korea Forest Service Minister Shin Won-sop said that the state-run afforestation agency would continue to step up efforts to forge strategic partnerships overseas, and support Korean SMEs to stably invest in Southeast Asia’s forestry sector in the long term.KFS Minister Shin Won-sop. (KFS)The exchanges with countries such as Indonesia and Cambodia will help Korea secure necessary wood resources for sustainable growth, and create jobs for the young.He stressed the importance of job creation not o
Feb. 5, 2015
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Woori Bank swings back to black in 2014
Woori Bank, a major South Korean lender, said Thursday it swung to a net profit in 2014 from a year earlier on a tumble in loan loss reserves. Net profit came in at 1.2 trillion won ($1.1 billion) last year, a sharp turnaround from a 537.7 billion won loss a year earlier, the lender said in a regulatory filing. Woori Bank attributed the turnaround to a plunge in reserves against bad loans and a tax refund of 604.3 billion won. For the fourth quarter, however, it posted a 163 billion won net l
Feb. 5, 2015
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Hyundai Motor Group chairman, his son resume move to sell stakes in logistics unit
Hyundai Motor Group Chairman Chung Mong-koo and his son will seek to sell a part of their stakes in a logistics unit following a failed attempt last month, the automotive group said Thursday. In January, Chung and his only son, Eui-sun, vice chairman of Hyundai Motor Co., sought to sell a 13.4 percent stake in Hyundai Glovis Co., but the attempt fell apart due to unspecified reasons. Hyundai Motor Group, the country's second-largest conglomerate, said in a press release that it has started to
IndustryFeb. 5, 2015
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POSCO to cut investment, sell assets to improve financial structure
POSCO, South Korea's top steelmaker, said Thursday that it will focus on improving its financial structure this year by reducing investment and selling assets and equity holdings, following lackluster earnings results for last year. POSCO plans to invest 4.2 trillion won ($3.9 billion) group-wide this year, down 1.2 trillion won from a year earlier, the company said at an investor relations event held in Seoul. The gathering was attended by POSCO CEO Kwon Oh-joon. The steelmaker also said it
IndustryFeb. 5, 2015
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Seoul shares sink 0.51 pct on Greece debt woes
South Korean stocks closed 0.51 percent lower Thursday, as renewed concerns over Greek debts sapped investor appetite, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index slid 9.95 points to finish at 1,952.84. Trading volume was moderate at 387.5 million shares worth 4.24 trillion won ($3.89 billion) with decliners outnumbering gainers 419 to 374. Analysts said the abrupt decision by the European Central Bank not to accept G
Feb. 5, 2015
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KB Financial's 2014 net rises 10.2 pct
KB Financial Group Inc., South Korea's No. 2 banking group by assets, saw its 2014 net profit rise 10.2 percent on a drop in bad loan reserves, the company said Thursday. Net income totaled 1.4 trillion won ($1.29 billion) last year, compared with 1.1 trillion won the previous year, the group said in a regulatory filing. For the fourth quarter alone, the group's net income tallied 203 billion won, down 21 percent from 258.4 billion a year earlier. KB Financial said the on-year strong bottom l
IndustryFeb. 5, 2015
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Renault Samsung to up Rogue SUV production by 37.5 pct
Renault Samsung Motors Co., the local unit of French carmaker Renault S.A., said Thursday it is looking to increase its production of the Rogue sport utility vehicle by 37.5 percent this year to help keep up with rising demand for the model in the United States. As per request from the Renault Nissan Alliance, Renault Samsung's main production plant in Busan, 453 kilometers southeast of Seoul, will jack up its output of the SUV to 11,000 units from the previous 8,000 units, the company said in
MobilityFeb. 5, 2015
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SK Innovation net plummet in Q4 on slumping oil prices
SK Innovation Co., South Korea's top refiner, said Thursday it logged a bigger net loss in the fourth quarter as a sharp fall in oil prices hurt the value of crude stockpile and cracking margins. Net loss reached 536 billion won ($491.65 million) in the October-December period, further widening the 62 billion won deficit tallied a year ago, the company said in a regulatory filing. Operating loss came at 463 billion won, while its sales declined 1.6 percent on-year to 16.11 trillion won. The
IndustryFeb. 5, 2015
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S. Korea's finance minister says 3.8 pct growth possible for 2015
South Korea's top economic policymaker said Thursday that 3.8 percent annual growth is attainable for 2015, despite various challenges."If risks are properly managed, the country can use the drop in international crude oil prices to its advantage in trade," Finance Minister Choi Kyung-hwan told lawmakers of the National Assembly's Strategy and Finance Committee. He added that free trade agreements reached with large trading partners will further affect investment that is linked to growth.He poin
Feb. 5, 2015
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BMW Korea expects to keep double-digit sales growth in 2015
The head of BMW Korea, the local unit of German carmaker BMW, said Thursday he expects double-digit sales growth in South Korea to continue this year on the back of strong demand and expanding customer base. The growth outlook followed a milestone sales figure achieved by BMW last year in the country, where it sold more than 40,000 vehicles for the first time as a foreign carmaker. "We usually do not disclose exact figures on sales, but we expect to continue a double-digit growth this year," K
MobilityFeb. 5, 2015
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FTC resumes review on Microsoft-Nokia merger
South Korea's antitrust authority said Thursday it reopened a review on the merger between Microsoft Corp. and Nokia's devices and services business to preempt any potential market distortions and ensure fair competition. In the "consent decree process" expected to last at least three months, the Fair Trade Commission aims to obtain assurances that Microsoft will not use the merger to discriminate against local mobile phone makers by exploiting its extensive standard essential patents, which ca
TechnologyFeb. 5, 2015
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S. Korea's economy remains bogged down amid some positive signs: KDI
South Korea's economy remains bogged down despite some signs of improvement in industrial output and private consumption, a state-run think tank said Thursday. The Korea Development Institute said the latest indicators gave off mixed signals with exports, factory operational rates and the construction sector backtracking. Such developments occurred as industrial production and shipments increased along with private consumption in durable goods, and recent data also showed modest gains in faci
Feb. 5, 2015
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Samsung Electronics' portion in group affiliates falls in 2014
The profit portion of South Korea's tech giant Samsung Electronics Co. among its listed group affiliates declined last year from a year earlier as the smartphone maker reported the weakest earnings in three years, data showed Thursday. The tech firm -- the flagship unit of the country's top conglomerate, Samsung Group -- posted 25 trillion won ($22.9 billion) in operating profit for the January-December period of 2014, accounting for 80.9 percent of the combined operating income from 18 listed
CompaniesFeb. 5, 2015
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Direct overseas stock investment by S. Koreans surges
Direct overseas stock investment by Koreans surged sharply last year as investors sought higher returns from abroad with the local stock market in a protracted lull, data showed Thursday. The amount of direct investments in foreign stocks stood at 8.84 trillion won ($8.14 billion) in 2014, up 49 percent from a year ago and more than double that of 2012, according to data compiled by the Korea Securities Depositary Corp. Koreans bought $5.1 billion worth of U.S. stocks last year, a 43.6 percent
Feb. 5, 2015
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Seventh round of RCEP trade negotiations to be held next week
A fresh round of negotiations for a regional free trade agreement, known as the Regional Comprehensive Economic Partnership, will be held in Thailand next week, the Seoul government said Thursday. South Korea will take part in the seventh round of RCEP negotiations in Bangkok from Monday through Friday, according to the Ministry of Trade, Industry and Energy. The negotiations currently involve 15 other countries, including China, Japan and all 10 member countries of the Association of Southeas
Feb. 5, 2015
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Daelim Industrial wins $439 mln Brunei bridge project
Daelim Industrial Co., South Korea's fourth leading builder, said Thursday it has clinched a 592.2 million Brunei dollar ($439.02 million) contract to build a bridge in Brunei. Under the deal with the Brunei Ministry of Development, the 13.65-kilometer bridge will connect the Southeast Asian country's northern district of Muara and the easternmost Temburong District, Daelim said in a regulatory filing. The contract amount accounts for some 4.9 percent of Daelim's annual sales in 2013, accord
IndustryFeb. 5, 2015
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South Korea's imported car sales hit all-time monthly high in Jan.
Imported car sales in South Korea hit an all-time monthly high in January on growing demand for European and Japanese vehicles here, industry data showed Thursday. According to the data compiled by the Korea Automobile Importers and Distributors Association, a total of 19,930 foreign-branded vehicles were registered last month, up from 14,849 units tallied a year earlier. The figure was also up 16.4 percent from the previous month. This marked the largest monthly sales since last July when 18
MobilityFeb. 5, 2015
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Samsung starts sales of Tizen-powered TVs in home market
South Korea's top tech giant Samsung Electronics Co. began sales of its first Tizen-powered TV on Thursday in its home market, the first step in the company's strategy to connect all its consumer electronics to the operating system. The newly launched models are curved SUHD TVs, the latest version of the high-end product that touts a far brighter display compared to traditional Ultra HD or organic light-emitting diode screens. The company said an SUHD TV can display over 1 billion colors, 64 t
TechnologyFeb. 5, 2015