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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[Grace Kao] American racism against Stray Kids
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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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NewJeans' members' parents complained to Hybe, email shows
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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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Controversy brews over shakeup of prosecutors amid probe of first lady
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Samsung likely to see earnings drop for 2 straight years
Samsung Electronics Co., the world's top smartphone maker, is forecast to post a profit slide for the second consecutive year in 2015 as the company strives to keep grip amid a slump in handset sales.The South Korean tech powerhouse is expected to log a combined 20.8 trillion won ($1.91 billion) in net profit this year, down 6 percent from the 22.1 trillion won estimated for all of 2014, according to data compiled by market tracker FnGuide Inc., based on a median forecast from local brokerages.T
IndustryJan. 21, 2015
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Samsung expands low-end smartphone lineup
Samsung Electronics Co. is set to add two more models to its low-end lineup later this month as it struggles to shore up its presence in the global smartphone market amid the rise of Chinese rivals, industry watchers said Wednesday.The world's No. 1 maker of smartphones is expected to release the Galaxy A5 in the South Korean market Thursday, about two weeks after it launched the 5.25-inch Galaxy Grand Max at home, the sources said. It will also launch the Galaxy A7 later this month.The models c
TechnologyJan. 21, 2015
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Public backlash forces tax U-turn
South Korea’s Ministry of Strategy and Finance reiterated Tuesday that it would revise its income tax codes to better reflect individuals’ annual spending, savings and earnings amid public outcry against increased taxes on salaried workers.In a hastily-arranged news conference in Seoul on Tuesday, Deputy Prime Minister and Finance Minister Choi Kyung-hwan said the government would consider readjusting the levels of tax credits and the categories subjected to deductions.The revision, which will b
Jan. 20, 2015
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[Graphic News] Ratio of oil consumption to GDP to hit 45-year low
The ratio of domestic oil consumption to gross domestic product is expected to fall to its lowest rate this year since 1970, data showed Tuesday. Analysts said the expected drop in the ratio would boost corporate earnings and domestic consumption.The report, compiled by Yonhap using data from the IMF, Korea Energy Economics Institute, and KB Investments and Securities, said that, excluding reexports, the ratio of oil consumption to the nation’s GDP was expected to be around 1.71 percent.The rati
Jan. 20, 2015
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Six racing-inspired Bentleys go on sale
Bentley’s new Continental GT3-R supercar. (Bentley Motors)Bentley Motors, the supercar unit of German carmaker Volkswagen, launched the new Continental GT3-R, a race-inspired limited edition supercar, in Seoul on Tuesday.“We only sell six Bentley GT3-R vehicles in Korea with a price tag of 380 million won ($349,800),” the company said. The model, launched in 2014, is a limited-edition vehicle with just 300 units.The Continental GT3-R boasts a 580 horsepower output from its 4.0-liter twin-turbo V
MobilityJan. 20, 2015
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Leadership vacuum weighs on CJ Group’s investment plan
CJ Group, South Korea’s largest food and entertainment conglomerate, will stop short of announcing its 2015 investment and employment plans due to its leadership vacuum, industry sources said Tuesday. This move is expected to deal yet another blow to the conglomerate, which has been struggling for years to find new growth engines and promote mergers and acquisitions.About 20 percent of CJ’s investment deals fell through last year, leading its total investments to drop below the 1 trillion won ($
IndustryJan. 20, 2015
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Korean Air hit by rise of budget carriers
The number of passengers flying Korean Air, South Korea’s top air carrier, decreased for the second consecutive year in 2014 as low-cost carriers grabbed a bigger share of the short- and medium-haul markets, according to data compiled from annual reports.“The drop in passengers seems to be influenced by the growing number of low budget airlines and foreign air carriers targeting the market aggressively,” a Korean Air official said. Some 16.6 million passengers used Korean Air’s international fli
IndustryJan. 20, 2015
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Korean Air chairman to testify at daughter's 'nut rage' trial
The chairman of Korean Air Lines Co. will appear in court next week as a witness in the trial over his daughter's alleged obstruction of aviation safety in the 'nut rage' incident, company officials said Tuesday.Cho Yang-ho will take the witness' stand for his eldest daughter, Cho Hyun-ah, during a second court hearing scheduled for Jan. 30 at the Seoul Western District Court, they said.Chairman Cho is said to be complying with the court's request for his attendance because it is his "duty" to d
IndustryJan. 20, 2015
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LG Chem pushes to reinforce R&D
LG Chem, the chemical, battery, and electronics materials business unit of LG Group, said it would beef up its research and development capabilities for next-generation businesses throughout this year. In line with the effort, the world’s leading chemical firm has recruited former Seoul National University professor Lee Jin-kyu, a renowned expert of inorganic nanomaterials, as the research chairman. The new chief researcher received a doctoral degree under the guidance of Nobel Prize laureate in
TechnologyJan. 20, 2015
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KAI’s Surion variant passes 1st flight test
KAI’s transport utility helicopter Surion. (KAI)Korea Aerospace Industries said Tuesday its Surion-based helicopter variant for the Korean Marine Corp. completed its first test flight. KAI has led the project to develop the helicopter by investing 800 billion won ($713m) since July 2013. “With the successful test flight, we are confident of completing the development by end-2015 as scheduled,’’ the flight manufacturer said in a press release.After the project completion, KAI will supply 40 Surio
IndustryJan. 20, 2015
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Hanjin Energy sells S-Oil stake to Saudi Aramco’s unit
Hanjin Energy Co. has sold all of its stake in South Korean refiner S-Oil Corp. to Saudi Aramco’s overseas unit, the refiner said Tuesday, in a deal aimed at easing financial troubles at the energy firm’s parent company.The stake sale came six months after Hanjin Energy, an affiliate owned by No. 1 full-service carrier Korean Air Lines Co., announced its plan to sell 31.9 million shares worth 1.98 trillion won ($1.83 billion) to Aramco Overseas Company B.V., a unit of Saudi Arabia’s state oil fi
Jan. 20, 2015
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Samsung Electronics says considering stock split
The world’s largest smartphone maker, Samsung Electronics, said Tuesday it was considering a stock split that would placate existing investors and attract new ones with a more affordable share price.Head of investor relations Robert Yi said the South Korean tech giant had been looking into a possible split “for a while” but was still debating the benefits of such a move.“We know it would have a psychological impact, but need to look further at how that might affect the company’s long-term value,
Jan. 20, 2015
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FSC eases insurance collectors’ requirement
The government will lower the bar for tie-in sales with insurance for certain products, financial authorities said on Tuesday. At present, all insurance consultants are required to take an examination to obtain their license. However, starting July next year, insurance consultants within a select group of industries will be exempt from taking the examination, and will be able to sign up customers. These industries include the retailers of electronic appliances, real estate agencies and travel ag
Jan. 20, 2015
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[Herald Interview] ‘Developing countries big chance for medical device-makers’
Korean medical appliance-makers should aim to export devices using “appropriate technology” to less-privileged countries rather than to the U.S. or Europe, the head of the association of Korean medical device producers said. Appropriate health care technology generally refers to small-scale, decentralized, labor-intensive, energy-efficient, environmentally sound and locally controlled technology, as opposed to pricey new technology.“I think people are obsessed with developing technologies that a
IndustryJan. 20, 2015
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Over W1.5tr invested in startups last year
South Korean start-ups and venture firms have received over 1.5 trillion won ($1.39 billion) in investment last year on the back of increased funding by institutional investors and a rise in investment funds, data showed Tuesday.According to the Small and Medium Business Administration, 1.64 trillion won was invested in start-ups last year, up 18.4 percent from a year earlier.The number of start-ups that received investment also increased to 901 from 755 over the cited period, the data showed.So
Jan. 20, 2015
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Gaeseong-based firms enjoy strong growth: data
The overall earnings of 10 South Korean companies that are operating in a jointly run inter-Korean industrial complex have increased by an average of over 10 percent per year since 2005, data showed Monday, indicating that they have been doing relatively well despite political tensions that have emerged over the years.The South Korean firms doing business in the Gaeseong Industrial Complex, a manufacturing zone jointly run by the two Koreas in a North Korean border city, posted an annual operati
Jan. 20, 2015
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IBK to double recruitment this year: CEO Kwon
The Industrial Bank of Korea will double its number of new recruits this year, in an effort to support the government’s plan to reduce a record-high unemployment rate, bank officials said Tuesday.The state-run bank’s move is in stark contrast with other local banks seeking to maintain the status quo in their human resources or to further reduce employment due to impending restructuring and rising personnel expenses.“We plan to recruit 400 or more new employees this year, a visible increase from
Jan. 20, 2015
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FX forward net buying by Korean firms soars in 2014
South Korean companies saw their forward exchange net purchases increase in 2014 from a year earlier as the won strengthened against the U.S. dollar in the first half of the year, central bank data showed Tuesday.The net purchases reached $10 billion last year, sharply increasing from $1.6 billion in 2013, according to the data from the Bank of Korea. The amount is smaller than the $24.1 billion posted in 2012.The on-year rise was attributed to a fall in forward selling in the first half as ship
Jan. 20, 2015
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Korea’s steel and iron imports from China jump to 6-year high
South Korea’s iron and steel imports from China jumped to a six-year high last year, industry data showed Tuesday, causing worries that the low-priced products might hurt local steelmaking companies.According to the data from the Korea Iron & Steel Association, South Korea’s imports of iron and steel products from China increased 34.9 percent on-year to 13.4 million tons last year. The amount is the largest since 2008, when 14.31 million tons were imported from China.The association attributed t
Jan. 20, 2015
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Asset managers’ influence over stock market dips to 10-year low in 2014
Asset managers’ sway on the South Korean stock market is on the wane, with the portion of stocks in their fund portfolios to the total market capitalization hitting the lowest ratio in 10 years, data showed Tuesday.According to the data compiled by the Korea Financial Investment Association, stocks in asset managers’ investment funds accounted for 5.56 percent of the total market cap at the end of last year, the lowest since 2004 when the comparable figure was 3.25 percent.After peaking at 9.63
Jan. 20, 2015