Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Controversy brews over shakeup of prosecutors amid probe of first lady
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OpenAI gives ChatGPT new powers to see, hear
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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S. Korea to inject $70m into AI-powered public education
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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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
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Nongshim posts record sales in China
Snack-maker Nongshim on Wednesday posted $180 million in sales in the Chinese market last year, the highest ever. Nongshim’s Shin Ramyun is sold at a supermarket in China. (Nongshim)The company hopes to gross $650 million overseas this year, with more than one-third coming from China. Nongshim’s China sales account for 37 percent of the company’s $490 million global gross sales last year, the company said. The figure showed a 28.5 percent growth from 2013, thanks to the increasing popularity of
IndustryFeb. 4, 2015
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[Graphic News] Chaebol execs serve 5 years, retire by 55
Executives in the nation’s top 10 conglomerates serve their position for about five years and usually retire before they hit 55, a report said Wednesday.According to the report released by CEO Score, the average retirement age of executives in the big firms was 54.5, and average tenure in the top office was 5.2 years. The business news site specializing in chaebol surveyed 271 executives in the big firms who retired and sold their treasury stocks in 2015.The conglomerate with the youngest retire
Feb. 4, 2015
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‘Standard Chartered will continue to stay in Korea’
Standard Chartered Korea pledged to reinforce its retail banking services with the goal of becoming the best global bank here, dismissing rumors that it may downscale its business or even withdraw from the Korean market. Park Jong-bok, president and CEO of Standard Chartered Korea. (Yonhap)“The fact that (the global headquarters) appointed a Korean chief proves that the withdrawal rumors are groundless,” said Park Jong-bok, the newly appointed president and CEO of SC Korea, in a press conference
Feb. 4, 2015
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Safety hold-up may affect Samsung C&T’s Roy Hill project
The multibillion-dollar Roy Hill iron mine project in Australia, which hired South Korean builder Samsung C&T as its main contractor, is having trouble staying on schedule after a series of safety incidents led the Australian government to ban heavy-lifting operations for two weeks.The builder has been constructing the mine’s processing plant facilities, a 340-kilometer railway line and port facility, since it won a $5 billion order from Australian billionaire Gina Rinehart’s Roy Hill Holdings.
IndustryFeb. 4, 2015
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LG Group vows support for bioindustry in Chungcheong
LG Group, the fourth-largest conglomerate in South Korea, said Wednesday it would provide about 29,000 of its patents to small companies in an effort to help them find new business opportunities.The conglomerate revealed the plan during the opening of its Creative Economy Innovation Center in Cheongju, North Chuncheong Province, which group officials said will conduct research and development in a broad range of sectors including in cosmetics, biotechnology and energy.The company said it would o
TechnologyFeb. 4, 2015
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DSME eyes LNG carriers for this year’s growth
Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder, is expected to focus on fuel-saving liquefied natural gas carriers as a way to boost its sales this year. A Daewoo Shipbuilding & Marine Engineering LNG carrier. (DSME)DSME said on Wednesday that it had signed a $100 million contract to build an LNG carrier. It has now signed five deals this year, worth about $1 billion in total. The company declined to reveal the name of its partner.It remains to be seen whether D
IndustryFeb. 4, 2015
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Hana-KEB merger talks suspended until June
A Seoul court handed down a suspension on the ongoing merger talks between Hana Bank and Korea Exchange Bank.The Seoul Central District Court issued an injunction on Wednesday, banning Hana Financial Group from pushing ahead with the merger until the end of June, partly acknowledging the KEB labor union’s protest.“There were no compelling reasons for an early merger,” the court said in its ruling.The court decision will stop the banking group from holding a shareholders’ meeting on the merger is
Feb. 4, 2015
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Foreign investors to benefit from conflict between Nexon, NCSoft
There are no permanent friends or enemies in business. This maxim seems to hold true in relations between South Korean game developer NCSoft and its largest shareholder Nexon, which are at odds over management control.Market analysts said the escalating tug of war between the two game firms would benefit foreign investors.“Since most of the foreign investors of NCSoft are fund trustees and hold around a 2 percent share or less, there are few chances for them to take any concerted action in regar
TechnologyFeb. 4, 2015