Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[KH Explains] Why Korea's so tough on short selling
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Actors involved in past controversies return first via streaming service originals
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Mortgage loans rise at fast pace in Aug.
Home-backed loans extended by South Korean banks gained at the fastest clip in five years in August, industry data showed Wednesday, due to increased home transactions and a rise in apartment prices. Outstanding mortgage loans by the country's six major commercial banks, including Kookmin and KEB Hana, reached 327.9 trillion won ($278 billion) as of end-August, up 6.4 trillion won from the previous month, according to the data. The monthly gain marks the sharpest rise for the month of August
Sept. 2, 2015
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Personal credit card spending flat in July amid MERS outbreak
Growth in credit card spending by South Korean individuals remained unchanged in July from a year ago due apparently to the Middle East Respiratory Syndrome outbreak, data showed Wednesday, pointing to the slow recovery of consumer spending. In July, individuals' credit card billings expanded at an annualized rate of 6.6 percent, the same growth rate posted for the same month a year earlier, according to the data compiled by the Credit Finance Association. The association didn't disclose the v
Sept. 2, 2015
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S. Korea's current account surplus narrows in July
South Korea's current account surplus narrowed in July from a record high in the previous month due mainly to a fall in the goods balance, data showed Wednesday. The current account surplus reached $10.11 billion in July, compared with a revised $12.11 billion surplus in June, according to the provisional data released by the Bank of Korea. The current account is the biggest measure of cross-border trade. The monthly decline was largely attributed to a drop in the balance of goods, which slump
Sept. 2, 2015
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S. Korea's travel account deficit hits 7-year high on MERS
South Korea's travel account deficit reached a seven-year high in July on the fallout from the Middle East Respiratory Syndrome outbreak, while its current account surplus narrowed from the previous month, data showed Wednesday. July's travel account deficit stood at $1.45 billion, the worst reading since a $1.65 billion shortfall in July 2008, and widening from a $1.04 billion deficit in the previous month, according to the provisional data released by the Bank of Korea. The MERS outbreak, w
IndustrySept. 2, 2015
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Lotte shares bullish despite leadership feud
Shares of Lotte Group units have been trading bullish since the outbreak of a family feud over group leadership, data showed Wednesday, apparently due to high hopes the fight will eventually boost its governance structure. Since Japan-based Lotte Holdings Co., the de facto holding firm of Lotte Group, decided to sack founder Shin Kyuk-ho from his post in the conglomerate in late July, shares of eight listed Lotte subsidiaries have advanced 6.94 percent on average through Monday. The move to re
IndustrySept. 2, 2015
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S. Korea's tax revenue gain fails to match economic growth: report
South Korea's tax revenue growth has failed to keep up with its economic expansion, a lawmaker said Wednesday, calling for the "normalization" of the country's corporate income taxes. Citing a report by the National Assembly Budget Office, Rep.Park Kwang-on of the main opposition New Politics Alliance for Democracy said South Korea's "economic growth to tax revenue elasticity" figure stood at minus 0.1 as of 2013. The number was the third lowest number among the 29 Organization for Economic C
Sept. 2, 2015
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KEB Hana Bank sets sail as No. 1 lender
KEB Hana Bank, the result of a merger between Korea Exchange Bank and Hana Bank, was launched on Tuesday, vowing to lead the banking industry with stronger asset management services. Hana Financial Group chairman Kim Jung-tai (center, front row) and KEB Hana Bank president Ham Young-joo (fourth from right, front row) attend the launching ceremony of KEB Hana Bank in the bank’s headquarters in central Seoul on Tuesday. (KEB Hana Bank)Upon officially capping the KEB-Hana merger, the new entity ros
Sept. 1, 2015
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Amnesty for offshore tax cheats
The Finance Ministry said Tuesday that it would pardon individuals and companies that not paid taxes on gains from overseas investments, as long as they voluntarily report their gains for tax payment by the end of March.The tax authority’s policy came from the Park Geun-hye administration’s efforts to expand the sources of state tax revenue, according to government officials and market observers.The plan targets both Korean residents and firms operating in Korea, said Deputy Prime Minister and F
Sept. 1, 2015
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Korea’s minting agency diversifying business
Challenged by the expanding cashless society, South Korea’s state-run minting agency is diversifying its business domain and actively tapping more export destinations to offset a sharp drop in demand for coins and banknotes.Rapidly increasing credit card usage and the digital payment revolution are making Koreans’ wallets slim. Under its initiative in finding a prospective niche, the Korea Minting, Security Printing & ID Card Operating Corp. is strengthening its non-minting segment. Among the in
Sept. 1, 2015
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Korean Air's first B747-8i jumbo jet
Korean Air’s cabin attendants give a demonstration of its newest Boeing 747-8 Intercontinental’s prestige class during an opening event held at the airliner’s maintenance hangar in Incheon. The plane is the first of 10 such aircraft that the airline has on order. (Korean Air)
IndustrySept. 1, 2015
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Shinsegae to hire over 20,000 new employees
Major South Korean retailer Shinsegae Group will hire over 20,000 workers from the second half of this year through next year, the group said Tuesday. “It’s time to work together to resolve the worst youth unemployment rate since the 1997 Asian financial crisis,” Shinsegae vice chairman Chung Yong-jin said. Under “Vision 2023,” a management plan unveiled by Shinsegae last year, the company pledged to recruit more than 10,000 employees every year for 10 years. This year, Shinsegae plans to employ
IndustrySept. 1, 2015
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KRC’s global exchange center to open in 2017
(Korea Rural Community Corp.)The Korea Rural Community Corp. vowed to spread Korea’s advanced agricultural technologies to developing countries by establishing a new global education center in Ansan, Gyeonggi Province. The KRC on Tuesday hosted a groundbreaking ceremony of the Rural Community-International Education Exchange Center, or RC-IEEC, set to open by January 2017. The center aims particularly at sharing the know-how that Korea has accumulated in developing the rural regions, best exem
IndustrySept. 1, 2015
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New Samsung C&T adopts collective leadership
The new Samsung C&T, the construction and trading arm of Samsung Group, was officially launched on Tuesday under a collective leadership led by four top executives.The new entity, given outright shareholder approval on July 17 to merge with Cheil Industries, is expected to serve as the group’s de facto holding company, with estimated sales of 60 trillion won ($50.9 billion) by 2020. Market insiders believe the new Samsung C&T will be one of the group’s core affiliates alongside Samsung Electroni
IndustrySept. 1, 2015
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KEB Hana Bank sets sail as No. 1 lender
Hana Financial Group chairman Kim Jung-tai (center, front row) and KEB Hana Bank president Ham Young-joo (fourth from right, front row) attend the launching ceremony of KEB Hana Bank in the bank’s headquarters in central Seoul on Tuesday. (KEB Hana Bank)KEB Hana Bank, the result of a merger between Korea Exchange Bank and Hana Bank, was launched on Tuesday, vowing to lead the banking industry with stronger asset management services. Upon officially capping the KEB-Hana merger, the new entity ros
Sept. 1, 2015
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[SUPER RICH] Business tycoons shun payroll disclosure
More and more high-level “registered” executives at business conglomerates are resigning from their official positions at corporate affiliates, apparently fearing a public backlash following the disclosure of their salaries. Registered executives have the legal power to participate in the overall management of the companies while unregistered executives have less power in the boardroom.According to Chaebul.com, a website devoted to tracing the wealth of the superrich, among the country’s top 30
IndustrySept. 1, 2015
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Korea mulls more Iranian crude imports
Iran is expected to become a solid business partner of Korea in the near future as officials of both governments vowed to beef up ties. Once U.S.-led sanctions against Iran are lifted, Seoul will likely increase the import of Iranian crude oil and help companies invest more in the natural resources-abundant country that has had a rocky relationship with Korea since 2010. Still, Iran is Korea’s third largest export destination in the Middle East with exports of $4.2 billion in 2014. Iran exported
IndustrySept. 1, 2015
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Lexus debuts all-new ES sedans
Lexus, the luxury vehicle brand of Toyota Motor, launched its two new ES sedans -- the 2016 Lexus ES 300h and ES 350 -- in Korea on Tuesday, heating up competition in the premium mid and large sedan market here.The all-new ES 300h is the latest version of Lexus’ best-selling hybrid sedan, while the ES 350 is built on a 3.5-liter V6 gasoline engine.“Korean customers will be able to experience exceptionally elegant and technologically advanced ES sedans at reasonable prices,” said Lexus Korea CEO
MobilitySept. 1, 2015
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[SUPER RICH] Son’s bold investments create new superrich
Masayoshi Son (also known as Son Jeong-ui), chairman and CEO of SoftBank Group Corp., is well known among the superrich. Forbes ranked him as the 75th richest person in the world with assets of $13.8 billion, making him the second-richest person in Japan.Son is seen as more than a telecommunications billionaire, however. He is also well known as an investor with incredible acumen.He has been known to financially invest in young, up-and-coming entrepreneurs and also act as their business mentor.
IndustrySept. 1, 2015
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KT to sponsor national soccer squad
South Korea’s leading telecom firm KT signed a memorandum of understanding with the Korea Football Association on Tuesday to sponsor the national soccer team until 2019. (From left) Ky Seung-yong, the captain of the South Korean football team, KT vice president Oh Young-ho, head coach of the national soccer squad Uli Stielike, vice chairman of the KAF Kim Ho-gon, and forward Son Heung-min. (KT)At an MOU signing ceremony at Hwaseong Sports Complex in Hwaseong, Gyeonggi Province, KT and Korean so
TechnologySept. 1, 2015
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Daum Kakao to be renamed Kakao
Mobile messenger and Web-portal operator Daum Kakao said Tuesday that it has decided to change its name to Kakao in a bid to highlight its corporate identity as a leader in the mobile era.The company came to the limelight when it was established last October as the result of the merger between Web-portal Daum and mobile messenger firm Kakao.Some market analysts had previously predicted that the company would make efforts to beef up its mobile business platforms rather than the Web services.Daum
TechnologySept. 1, 2015