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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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Government, businesses differ on cash reserve tax
Finance Minister Choi Kyung-hwan and the nation’s business leaders met on Tuesday, agreeing to work together in boosting investment and alleviating government regulations.However, tension lingered as the two parties remained at odds on Choi’s plans to impose taxes on excessive corporate cash reserves. Local conglomerates, which have recently been stockpiling cash to prepare for future risks, are vehemently opposed. “In order to stabilize the economy, it is crucial that the business circles step
July 22, 2014
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[Graphic News] Korea’s venture firms with sales above $100m on the rise
South Korea’s venture firms appeared to be increasingly emerging as the new growth engine of the economy, according to figures from the Small and Medium Business Administration released Monday. Of the 69,801 venture firms in the country, 454 reported over 100 billion won ($97.6 million) in sales last year, up 9.1 percent from 2012. The number has steadily increased from 78 in 2005 to 202 in 2008 and 381 in 2011, the SMBA said. The combined sales of the venture firms were tallied at 101.2 trillio
IndustryJuly 22, 2014
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Uber, a threat or wakeup call to local cab industry?
Controversy over Uber’s car-booking services is spreading like wildfire here following Seoul City’s decision to team up with related government bodies including the Korea Communications Commission to keep the U.S. firm out of the local transportation market. The city government has said it would try to stop Uber’s operations in Seoul, claiming that the services are illegal. “Seoul City will push for stricter measures, including fines for more Uber drivers, in order to ban the illegal ride-sharin
TechnologyJuly 22, 2014
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Hanwha to release wireless excavator controllers
Hanwha Group has teamed up with robotics researchers at Hanyang University to introduce the world’s first wireless control system for excavators this year. The tele-operation system, called the Ghost, consists of three parts ― a wireless foot pedal, lever and portable controller. It enables users to remotely operate the digger from a distance of up to 100 meters.The company has now inked a 1 billion won ($970,000) deal with a Singaporean company to supply the wireless excavator controllers.“Hanw
TechnologyJuly 22, 2014
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Flight attendants of Asiana back to work
Some of the Asiana Airlines flight attendants hailed as heroes for helping passengers to safety after the crash-landing of Flight 214 at San Francisco International Airport a year ago have returned to work.According to airline and industry sources on Tuesday, four of the 12 crew members onboard the flight, including the cabin manager Lee Yoon-hye, returned to work this month, stationed in the same posts they had prior to taking leave. “They were allowed to choose from new posts, but all the retu
IndustryJuly 22, 2014
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Seoul shares hit yearly high on policymakers’ growth pledge
South Korean stocks ended at a yearly high Tuesday, bolstered by market expectations that economic policymakers are focused on fueling economic growth. The local currency rose against the U.S. dollar. Starting the day in positive territory, the benchmark Korea Composite Stock Price Index finished at 2,028.93, up 0.52 percent, or 10.43 points, from Monday’s close, brushing off geopolitical concerns such as the downing of a passenger plane in the Ukraine and the armed conflict in the Middle East.
July 22, 2014
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SK hynix to be unharmed by Toshiba’s lawsuit: analysts
SK hynix, the world’s second-largest memory chipmaker, is unlikely to be affected by the billion-dollar lawsuit filed by Toshiba Corp., according to some analysts on Tuesday.“It will take a very long time to actually verify whether SK hynix sought profit by making products that stole Toshiba’s technology,” Byun Han-joon, an analyst at KB Investment & Securities, told Yonhap. “The process will take at least years, and it will not have an immediate impact on the company.”Yoo Eui-hyung, an analyst
TechnologyJuly 22, 2014
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Large-cap stocks tight-fisted in dividend payouts: data
South Korea’s large-cap stocks lag behind their smaller local rivals in terms of both dividend payout ratio and dividend yield ratio despite their huge cash reserves, data showed on Tuesday.SK Telecom Co. and KT&G Corp. were the only large-cap shares among the 41 local stocks whose dividend yield ratios topped 3 percent for the third consecutive year, according to data compiled by Korea Exchange.SK Telecom, the country’s top mobile operator, posted an average dividend yield ratio of 4.83 percent
July 22, 2014
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Hyundai E&C wins $775m land reclamation project in Singapore
Hyundai Engineering and Construction, the country’s No. 1 builder, said Tuesday that it has won a $775 million land reclamation project in Singapore.The Tuas Finger One project will proceed in cooperation with Samsung C&T Corp. and Japan’s Penta Ocean. Hyundai E&C holds a 29 percent stake worth $225 million in the joint venture, with Samsung and Penta Ocean controlling 28 percent each. Voskalis and Van Oord of the Netherlands specializing in such land reclamation projects each hold a 7.5 percent
IndustryJuly 22, 2014
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Foreign direct investment to Korea jumps 30% in H1
New foreign direct investment pledged to South Korea surged significantly from a year earlier in the first half on a large increase in fresh investment pledges from China, the government said Tuesday.In the first six months of the year, the amount of new FDI pledged to the country came to $10.33 billion, up 29.2 percent from the same period last year, according to the Ministry of Trade, Industry and Energy. The figure marks the highest-ever amount for the first half.The amount of new FDI that ar
July 22, 2014
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Rice cooker maker to go public next month
Cuckoo Electronics, South Korea’s No. 1 manufacturer of rice cookers, said Tuesday it will file for an initial public offering on the nation’s main bourse next month based on burgeoning demand overseas, especially in China. The company plans to issue 2.4 million shares next week to raise about 200 billion won ($195.2 million). A total of 9.8 million shares are expected to be listed on the Korea Exchange in August to become one of the largest IPOs for the latter half of this year. Established in
IndustryJuly 22, 2014
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You had me at type O: Hierarchical screening of Korean job candidates
“You had me at hello” and “Nice boots, let’s go to my place” may be viewed as opposite extremes on the spectrum of dating dynamics. Korean employers and headhunters appear to subscribe to the latter. They select workers on obsolete premises without any relevance to the ultimate objective: healthy labor relations and productive workforce. Their job application forms screen applicants’ height, weight, eyesight, blood type, family finances, drinking habits, you name it. Some ask about shoe size to
BusinessJuly 22, 2014
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SK launches ‘Innovating Innovation’ campaign
SK Innovation on Tuesday launched its new company identity campaign, “Innovating Innovation.”Following successful predecessors such as “Thinking is Energy” and “Where There is Question is Innovation: ASK Innovation,” the campaign is delivering groundbreaking ideas on industry innovation and future growth, the country’s leading energy company said.Under the slogans of exploring the energy frontiers, pioneering the world of opportunities, developing future flagship technologies and sharing success
BusinessJuly 22, 2014
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Del Monte presents fruit topping for icy desserts
Korea Del Monte will present fruit bingsu, or ground ice with toppings, at small cafes in Seoul’s Sangsu, Itaewon and Seochon districts through the end of August.The bingsu, ranging from Malibu guava cocktail to gold pineapple sorbet, will be sold at the cafes Slow Recipe, Bella’s Homestay and Hello, Stranger. “We are hoping that the bingsu served will let people get acquainted with tropical fruits,” a Korea Del Monte official said. (baejisook@heraldcorp.com)
BusinessJuly 22, 2014
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McDonald’s presents McSpicy Shanghai Deluxe
McDonald’s Korea is presenting the limited edition McSpicy Shanghai Deluxe, sold through Aug. 31. This is part of McDonald’s yearly McSpicy menu in Asia, the Middle East and South America.The McSpicy Shanghai Deluxe is a hamburger with a spicy seasoned chicken breast, two strips of bacon, onion, tomato and lettuce with a sweet and spicy onion sauce.The hamburger is priced at 5,000 won and the set menu with french fries and a soda is 6,200 won. As part of the McLunch series served between 10:30 a
BusinessJuly 22, 2014
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Shilla Duty Free Shop holds summer sale
Shilla Duty Free Shop is holding a summer sale until Aug. 21, giving out discounts of up to 80 percent. First-time visitors to the Incheon International Airport outlet will be given a Gold Pass guaranteeing a discount of up to 15 percent and a 50,000 won voucher. Those who visit the Jangchung-dong outlet in Seoul with a Hana SK credit card will be offered a 20,000 won voucher. An additional 20,000 won prepaid card will be given to those who shop in the morning. All visitors to the Gimpo Internat
BusinessJuly 22, 2014
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KITA releases FTA report in English
The Institute for International Trade released a report in English on Korea’s major trade and economic policies. “The Decade-Long Journey of Korea’s FTAs” by the think tank under the Korea International Trade Association deals with Korea’s free trade agreement policies, processes and communication strategies between governments and private businesses. It also highlights the 10-year history of the Korea-Chile FTA and the future of various others. This is the first English-language report released
BusinessJuly 22, 2014
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Roger Dubuis releases Excalibur models
Swiss watchmaker Roger Dubuis has released two limited edition models, the Excalibur Round Table and Excalibur Quartor Diamond, to mark the June 22 opening of its first Korean outlet in Lotte Department Store Avenuel in central Seoul.Inspired by King Arthur’s 12 knights, the Round Table presents a golden plate with enamel-diamond figurines of 12 heroes on it. The Quartor Diamond has four spring balances and five differential gears, in the shape of four maestros playing five musical instruments.
BusinessJuly 22, 2014
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[Herald Interview] ‘Free trade pact with China could be boon for food exports’
South Korea and China are now in the final steps of signing a bilateral free trade agreement in a move triggering concerns among local farmers of the possible havoc that low-cost, mass-produced Chinese products may wreak on the local agricultural sector.But a senior agriculture industry official believes the FTA deal with Asia’s biggest economy will not be without substantial export opportunities. “China is already our most important market for farm produce and agro-processed foods. The free tra
IndustryJuly 22, 2014
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S. Korea's domestic credit card spending falls in May
South Korea's domestic credit card spending by individuals dropped in May for the second consecutive month due to April's deadly ferry sinking that hurt consumer sentiment, central bank data showed Tuesday. Credit card spending by individuals fell 1.6 percent to 30.5 trillion won (US$29.7 billion) in May, from 31 trillion won a year earlier, according to the Bank of Korea. The data does not include cash services and overseas spending. It is the first time that the amount contracted year-on-year
July 22, 2014