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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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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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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[Grace Kao] American racism against Stray Kids
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Kakao to launch mobile news service
Kakao Corp., the operator of Korea’s most-used mobile messenger Kakao Talk, is scheduled to launch a news content service later this year.“We plan to start offering news content that collects and shows information from news, blogs and social networking services. For this, the company is in talks with media outlets to open the new mobile service in the second half of this year,” Kakao’s spokesperson said Friday. The service will reportedly be launched in September. Kakao’s move to launch a news s
IndustryJuly 25, 2014
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Daewoo E&C’s earnings jump on housing orders
Daewoo Engineering & Construction, a leading South Korean builder, achieved a better-than-expected 95.7 billion won ($92.9 million) in net earnings in the first half of this year, an 18 percent increase from the same period a year ago, the company said on Friday. Daewoo logged 222.5 billion won in operating profit and 4.53 trillion won in revenue, up 2.2 percent and 5.6 percent, respectively, from the same period last year. Daewoo officials attributed the net profit increase in the first half to
IndustryJuly 25, 2014
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Seoul shares hit yearly high on bold stimulus package
South Korean stocks on Friday reached a new high for 2014, bolstered by expectations that government stimulus measures may boost the local economy, analysts said.Starting the day in positive territory, the benchmark Korea Composite Stock Price Index rose to 2,036.20 at one point during the trading session before finishing at 2,033.85, up 0.36 percent, or 7.23 points, from Thursday’s close.Trading volume was modest at 264.51 million shares worth 3.85 trillion won ($3.73 billion), with advancers o
July 25, 2014
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Hyundai E&C’s net earnings surge 20.8% in Q2
Hyundai Engineering and Construction, the nation’s top builder, said Friday its net earnings for the second quarter surged 20.8 percent on-year to 156.9 billion won ($152.1 million), helped by the start of large-scale overseas projects.Operating profit soared 39.3 percent to 279.6 billion won in the same period, with sales numbers jumping 35.5 percent from the year before to a little more than 4.7 trillion won, the company said in a regulatory filing. “The sharp increase in earnings across the b
IndustryJuly 25, 2014
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Kia Motors’ net profit plunges 13.3% in Q2
Kia Motors Corp., South Korea’s No. 2 automaker, said Friday its net income for the second quarter plunged 13.3 percent on-year to 1.02 trillion won ($988 million), due to unfavorable exchange rates that offset gains in the total number of cars it sold. Operating profit also nosedived 31.7 percent to 769.7 billion won in the same period, with earnings generated by sales falling 8.1 percent to 12.05 trillion won, the company said in a regulatory filing.Kia reported selling 775,253 cars in the thr
IndustryJuly 25, 2014
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SK Innovation Q2 net income falls to red
SK Innovation, the holding company of SK Group’s energy units, including SK Energy, said Friday its net income swung to the red from a year earlier due to a weak refining margin and foreign exchange losses.Net loss reached 23 billion won ($22.33 million) in the April-June period compared with a year ago when the company logged 267 billion won of net profit, the company said in a regulatory filing. The company also posted an operating deficit of 23 billion won, while its sales dropped 2.1 percent
IndustryJuly 25, 2014
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KB Financial net doubles in Q2
South Korean financial group KB Financial Group said Friday its second-quarter earnings more than doubled from a year ago after last year’s one-off profit-loss factor was removed.The financial group’s net profit in the April-June period came in at 398.4 billion won ($388.2 million), soaring from 165.3 billion won in the previous year, the group said in a regulatory filing.Shares of KB Financial rose about 1 percent to 36,750 won, lifted by the second quarter performance. The on-year jump came as
July 25, 2014
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Growth slows to 0.6% on weak consumption
The South Korean economy expanded 0.6 percent in the second quarter from three months earlier, growing at the slowest pace in five quarters as sluggish consumption sapped growth, central bank data showed Thursday.The quarterly growth in the country’s gross domestic product, the broadest measure of economic performance, slowed from a 0.9 percent on-quarter growth in the first three months of the year, according to the Bank of Korea. It also marked the weakest growth since 0.6 percent in the first
July 24, 2014
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Seoul to push tax on corporate cash reserves
The South Korean government announced a set of economic stimulus measures on Thursday, including a controversial plan to levy taxes on cash reserves kept at the nation’s largest companies. The finance ministry said, the tax scheme is aimed at reviving domestic demand by funneling excessive corporate cash reserves into the broader economy. The tax rates have yet to be set. “We will be introducing taxes on cash reserves for the purpose of pushing companies to invest more and to return more to thei
July 24, 2014
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Businesses object to cash reserve tax
A local corporate lobby on Thursday expressed deep concerns about a controversial plan unveiled by new Finance Minister Choi Kyung-hwan to tax companies’ cash reserves as part of a bigger blueprint to help revive the economy. “The corporate sector agrees with the government’s new policies aimed at increasing household income to boost domestic consumption. However, policymakers need to exercise precaution so as not to add burden on companies,’’ said Doosan Group chairman Park Yong-maan, who leads
IndustryJuly 24, 2014
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U.S. Chamber of Commerce chief urges FTA implementation
The head of the U.S. Chamber of Commerce on Thursday called for the faithful implementation of the free trade agreement between South Korea and the United States to improve the global competitiveness of both countries and their business communities.“The headline numbers for U.S. exports to Korea are less impressive,” said Thomas Donohue, president and CEO of the U.S. Chamber of Commerce, during an American Chamber of Commerce General Membership Meeting here. “For Korea to be truly recognized as
July 24, 2014
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Hanwha E&C completes world’s largest domed arena
Philippines President Benigno Simeon Cojuangco Aquino III (on screen) on Monday delivers a congratulatory speech during a ceremony celebrating the completion of the Philippines Arena built by Hanwha Engineering & Construction. (Hanwha E&C)Hanwha Engineering and Construction Corp. on Monday celebrated the completion of the Philippines Arena, the world’s largest domed arena, in the Philippines.The ceremony was attended by some 60,000 people including Philippines President Benigno Simeon Cojuangco
IndustryJuly 24, 2014
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Ssangyong Motor strikes wage deal
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra, said Thursday that its management and union have agreed to raise wages and count regular bonuses as ordinary wages, the first South Korean carmaker to do so this year.The carmaker said the agreement received 52.37 percent approval from workers, after it was reached at the negotiation with union representatives held at its Pyeongtaek plant some 70 kilometers south of Seoul on Wednesday. Ssangyong said t
IndustryJuly 24, 2014
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EU delays decision on Korea’s IUU fishing status
The European Union’s legislative commission on Wednesday postponed its decision on whether to designate South Korea as a country conducting illegal deep-sea fishing on the heels of heightened efforts from the local government to hold off related sanctions. “After the European Commission had warned three countries ― Curacao, Ghana and South Korea ― that they were not doing enough to fight illegal fishing in November 2013, it will now grant each country an extra six months. The Commission will rev
July 24, 2014
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SK hynix Q2 net down 28% on rising cost of debts
SK hynix Inc., the world’s No. 2 memory chip maker, said Thursday its net profit tumbled 28.8 percent in the second quarter from a year ago due to the rising cost burden of its convertible bonds.Net profit came to 673.7 billion won ($657.96 million) in the April-June period, compared with 946.7 billion won on-year, the company said in its regulatory filing.Sales edged down 0.2 percent on-year to 3.92 trillion won in the second quarter, and operating profit fell 2.7 percent to 1.08 trillion won f
TechnologyJuly 24, 2014
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LG Electronics net profit jumps 164.8% in Q2
South Korean tech giant LG Electronics Inc.’s net profit jumped 164.8 percent in the second quarter from a year earlier on strong performance of its mobile communications division led by its flagship G3 smartphone, the company said Thursday.Net profit came to 411.8 billion won in the April-June period, rising from 155.5 billion won a year earlier, LG Electronics said in a regulatory filing. Revenue edged up 0.9 percent on-year to 15.3 trillion won, and operating profit also surged 26.5 percent t
TechnologyJuly 24, 2014
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Hyundai Motor’s net earnings drop 6.9% in Q2
Hyundai Motor Co., South Korea’s largest automaker, said Thursday its net earnings for the second quarter dropped 6.9 percent to 2.35 trillion won ($2.29 billion), mainly due to unfavorable exchange rates. Operating profit also plunged 13.3 percent to 2.08 trillion won in the same period, with sales falling 1.9 percent to 22.75 trillion won, the company said in a regulatory filing. Hyundai Motor said it sold 1.3 million cars in the three-month period.The company said unfavorable exchange rates t
MobilityJuly 24, 2014
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POSCO’s net profit doubles in second quarter
POSCO, South Korea’s top steelmaker, said Thursday its second-quarter net income more than doubled from a year ago, mainly due to better earnings from its foreign operations. Net profit stood at 487 billion won ($474.8 million) in the April-June period, up 102 percent compared to 241 billion won tallied a year earlier, POSCO said in a regulatory filing. Overall revenues as outlined in the consolidated report rose about 7 percent to 16.7 trillion won in the three-month period with operating profi
IndustryJuly 24, 2014
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What is Hydro Asia?
Hydro Asia is the largest regional meeting to discuss water issues on an academic level. The event has been held in Korea since 2007 and K-water took over hosting the regional event from 2014. The event originates from Hydro Europe, created by the University of Nice in France, which implemented the launch of the program in association with six European universities in 2001. The objective of Hydro Europe is to promote ― in a global European vision ― the key concepts, methodologies, tools and good
IndustryJuly 24, 2014
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[Herald Interview] Hydro Asia 2014 highlights climate change and water issues
Climate change is emerging as a critical factor in the development of a sustainable water management model as many countries across the world have suffered from various water-related natural disasters, such as unprecedented drought and floods triggered by changing climate conditions.“Climate change is no longer a story that we are far from, but it is a serious problem that we are facing today,” said Choi Gye-woon, CEO of Korea Water Resources Corp. ― also known as K-water ― in his opening remark
IndustryJuly 24, 2014