Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Healthy seniors tested in bid to block Alzheimer’s
WASHINGTON (AP) ― In one of the most ambitious attempts yet to thwart Alzheimer’s disease, a major study got underway Monday to see if an experimental drug can protect healthy seniors whose brains harbor silent signs that they’re at risk.Scientists plan to eventually scan the brains of thousands of older volunteers in the U.S., Canada and Australia to find those with a sticky build-up believed to play a key role in development of Alzheimer’s ― the first time so many people without memory problem
TechnologyJune 10, 2014
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Scientists explore using trees to clean pollution
FREEPORT, Texas (AP) ― Before Houston and its suburbs were built, a dense forest naturally purified the coastal air along a stretch of the Texas Gulf Coast that grew thick with pecan, ash, live oak and hackberry trees.It was the kind of pristine woodland that was mostly wiped out by settlers in their rush to clear land and build communities. Now one of the nation’s largest chemical companies and one of its oldest conservation groups have forged an unlikely partnership that seeks to recreate some
TechnologyJune 10, 2014
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NTS raids LG Hausys, LG Chem in tax probes
NTS raids LG Hausys, LG Chem in tax probesTax investigators on Tuesday raided LG Hausys in part of what could be a group-wide tax audit on LG.In an unprecedented move, National Tax Service officials entered the headquarters of LG Hausys, LG Group’s subsidiary specializing in construction materials, according to sources. The surprise investigation was known to have been made at the same time as an LG Chem raid around 10:30 a.m., when the NTS officials rushed into the chemical company’s headquarte
IndustryJune 10, 2014
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LG하우시스, LG화학에 이어 국세청 조사
국세청이 10일 오전 LG화학에 대한 고강도 세무조사에 착수한대 이어 LG 하우시스도 조사 대상에 포함된 것으로 확인되면서 대대적인 LG 계열사 세무조사 배경에 대한 관심이 증폭되고 있다.10일 오전 국세청 조사국 직원 40여명이 서울 여의도 LG화학 본사에서 약 2시간의 실랑이 끝에 자료를 확보했다. 이날 국세청에서는 추가로 약 100여명의 직원을 LG하우시스 본사에도 투입해 회계장부 등 영치를 진행한 것으로 알려졌다. 이번 세무조사가 LG그룹에 대한 집중 조사가 아닌지 의심되는 가운데 LG의 다른 계열사들도 상황을 예의 주시하고 있다. LG하우시스 관계자는 “통상적으로 회사가 설립된 지 5년째에 세무조사가 이뤄지므로 예상 가능한 일이었다”고 설명했다.일각에서는 이번 조사가 탈세혐의를 기반으로 한 특별 세무조사라는 해석이 나오고 있다.(코리아헤럴드 석지현 기자)<관련 영문 기사>NTS raids LG Hausys, LG Chem in tax probe Tax investigat
IndustryJune 10, 2014
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Tax agency conducts unexpected raid on LG Chem
The national tax agency on Tuesday rushed into LG Chem to seize account books and related documents, sources said.About 30-40 officials from the National Tax Services entered the building at around 10:30, but was met by a barricade of guards trying to stop them moving up to the finance team on the 20th floor.Public relations officials from LG downplayed rumors about the firm’s possible embezzlement, saying the visit was part of the tax agency’s random visits on local conglomerates. The NTS decli
BusinessJune 10, 2014
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Samsung to seek Lee’s personal exemption in India court
Samsung Group said Monday that it would seek another legal option to exempt chairman Lee Kun-hee from appearing in person before India’s court to face criminal charges filed by an Indian company. The Korean conglomerate reiterated that Lee has “no connection to this case whatsoever.”“Samsung is expected to tell the court once again that the chairman will not be able to attend the trial,” said a Samsung official.“The plaintiffs are insisting the chairman appear in court without having any solid e
TechnologyJune 9, 2014
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Won nears 6-year high
The South Korean won rallied to its strongest level in nearly six years on Monday as rate cuts by the European Central Bank were expected to propel more foreign capital inflows into Asia’s fourth-largest economy, lending further support to the local currency, analysts said.The local currency closed at 1,016.20 against the greenback, up 4.3 won from the previous session’s close. The won hit an intra-day high of 1,016.00 to the dollar, the strongest level since Aug. 6, 2008, when the comparable fi
June 9, 2014
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[Graphic News] More big businesses set up firms in offshore tax havens
More South Korean conglomerates have been registering subsidiaries in offshore tax havens, according to corporate researcher Chaebul.com.The number of South Korean companies established in the top 10 offshore tax havens last year jumped nearly 60 percent on-year from 54 to 86, indicating more conglomerates taking advantage of lower tax rates. The companies included on the list are affiliates of the top 40 family-run conglomerates.The most popular destination for South Korean companies was the Ca
June 9, 2014
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[SUPER RICH] Booyoung chief amasses fortune by staying true to roots
When Booyoung Group chairman Lee Joong-keun vied for sponsorship of the nation’s 10th baseball team with KT Corp., the nation’s second-largest mobile carrier, in early 2013, it was a wakeup call for many about just how rich the usually low-key business tycoon was. At the time, the 73-year-old chairman, who usually chooses to remain in the shadows, greeted the media with open arms, even donning a baseball cap to show how serious he was about owning the team. He also confidently addressed the conc
IndustryJune 9, 2014
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[SUPER RICH] An IT powerhouse lacking in IT billionaires
The recent move by Daum, South Korea’s second-largest web portal, and Kakao, the country’s top mobile messenger service provider, to merge has everyone on the edge of their seats.The merger agreement has caused Kakao founder Kim Beom-su’s share value to hike over 1 trillion won ($982 billion), but more importantly, there is great anticipation over the fact that the Internet-mobile duo might just have what it takes to rival Naver, the nation’s largest web portal.While South Korea prides itself on
IndustryJune 9, 2014
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LG Household CEO denies exit rumors
Cha Suk-yong, chief executive of LG Household & Health Care, who shocked the market last week by dumping all of his shares in the company, has denied that he is preparing to retire anytime soon. “It is unthinkable for a CEO to leave the company when his term has not yet expired,” Cha said in an interview with a local business daily, adding that he will complete his tenure through March 2017. The stock prices of LG Household, a food and cosmetics business unit of LG Group, tumbled 12 percent on J
IndustryJune 9, 2014
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KT to showcase future mobile environment at Shanghai expo
KT Corp., Korea’s second-largest mobile carrier, will showcase its gigabit-class technologies at the Mobile Asia Expo, Asia’s largest telecommunications trade show, to be held in Shanghai from Wednesday to Friday. This marks the second consecutive time that the mobile carrier has been invited to participate in the MAE. On Wednesday, KT’s chief executive Hwang Chang-gyu, a former chief of Samsung Electronics’ semiconductor unit who took the helm of the mobile carrier in January, is scheduled to d
TechnologyJune 9, 2014
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Renault Samsung names first Korean CFO
Choi Sook-ahRenault Samsung Motors said Monday that it named Choi Sook-ah, former senior vice president of American Air Liquide, as the company’s first Korean and female chief financial officer as of July 1. Choi, a certified public accountant in the United States, first joined Renault Samsung in April as deputy CFO. Over the past six years, she worked as North American strategic chief for Air Liquide, a France-based chemical company, and then senior vice president at the company’s U.S. operatio
IndustryJune 9, 2014
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DRAM market shifts from PC to mobile
The focus in the global DRAM market is shifting from personal computers to mobile devices as demand rises for smartphones and tablets, according to recent industry figures. Reflecting this trend, shipments of mobile DRAM exceeded those of PC DRAM in the first quarter of the year, global research firm DRAMeXchange said. It marked the second time in three quarters since mobile DRAM shipments first outstripped PC DRAM’s in the third quarter of 2013. “The global shipment of 2 GB DRAM rose 29 percent
IndustryJune 9, 2014
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Whiskey Imperial celebrates 20th years
Pernod Ricard Korea CEO Jean-Manuel Spriet (left) and designer Kim Young-se present on Monday a limited edition of Imperial 12 Years. (Kim Myung-sub/The Korea Herald)In celebration of the 20th anniversary of its best-selling whiskey and in homage to the beauty of traditional Korean art, Pernod Ricard Korea launched a limited edition of Imperial 12 Years.CEO Jeal-Manuel Spriet, alongside designer Kim Young-se, revealed on Monday the special version whiskey, whose bottle design was inspired by cel
IndustryJune 9, 2014
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Hyundai Steel CFO named as new CEO
Kang Hak-seoHyundai Motor Group on Monday announced that it appointed Kang Hak-seo, current vice president and chief financial officer of Hyundai Steel, as the new CEO of its steel business arm. “The top-level management reshuffle at Hyundai Steel is aimed at improving falling profitability of the steelmaker and securing funds for new growth engines,’’ Hyundai Motor Group said in a press release. The 59-year-old Kang is a finance specialist who has managed finance teams of different affiliates o
IndustryJune 9, 2014
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KEB to open subsidiary in Russia in August
The Korea Exchange Bank said on Monday it would open a subsidiary in Moscow this year as more South Korean companies are seeking to expand business opportunities in Russia. The country’s fifth-largest lender will focus on localizing financial services that include plans for developing retail banking businesses and offering financial services to both Russian and South Korean firms doing business in the area, bank officials said. The new subsidiary is being launched six years after KEB opened a Mo
June 9, 2014
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Merck Serono grants joint scientific awards
The Merck Serono Division of Merck Korea and the Korean Society for Reproductive Medicine recently issued its “Merck Serono Scientific Award (Korean Society for Reproductive Medicine Outstanding Thesis Award)” to two professors for their work and efforts in the field of reproductive medicine, Merck Korea said Monday.The award ceremony was held May 31 at Seoul National University Hospital to mark the 66th Spring Academic Conference of the Korean Society for Reproductive Medicine, the company said
IndustryJune 9, 2014
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3,000 gas stations to stage one-day shutdown Thursday
The nation’s gas stations ― over 3,000 gas stations of them ― on Monday decided to temporarily close their business to protest the government’s move forcing them to submit weekly sales reports.A total of 3,023 gas stations will close shop for a one-day protest on Thursday, the Korea Oil Stations Association, or KOSA. About 8,000 other gas stations, including some 3,000 managed directly by major refineries, will not participate in the rally. The shutdown decision comes after the government announ
IndustryJune 9, 2014
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Seoul shares end lower on tech losses
South Korean stocks closed lower on Monday as institutional investors sold Samsung Electronics and other tech shares. The South Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index closed at 1,990.04, down 5.44 points, or 0.27 percent, from Thursday’s close. The market was closed on Friday in observance of Memorial Day. The trading volume was moderate at 207.2 million shares worth 4.51 trillion won ($4.4 billion), with gainers leading losers 463 to 361.Gains i
June 9, 2014