Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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[Robert J. Fouser] Social attitudes toward language proficiency
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[Graphic News] How much do Korean adults read?
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SMEs urge government to resume inter-Korean tour program
A group of South Korean firms that invested in an inter-Korean tour program urged the government Tuesday to resume the long-suspended project as soon as possible, as they are grappling with heavy losses.The South has suspended the joint tour program at Mount Geumgangsan on the North’s east coast since July 2008 when a South Korean tourist was shot to death by a North Korean solider at the resort.Hyundai Asan, the main operator of the tour project, reportedly invested $196 million in building fac
July 7, 2015
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Korea’s growth to slip to 2.6% this year: think tank
A leading South Korean think tank sharply lowered its 2015 forecast of the economy’s growth Tuesday, citing falling exports and the fallout from the Middle East respiratory syndrome outbreak. In its latest economic outlook, the LG Economic Research Institute revised down its growth prediction to 2.6 percent from an earlier 3 percent estimate made three months ago. The South Korean economy expanded 3.3 percent on-year in 2014.The downgrade was largely attributed to the country’s weak exports, as
July 7, 2015
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Preorders for Kia’s K5 sedan top 6,000
Kia Motors Corp., South Korea’s second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Sales of equity-linked securities hit record in H1
South Korea’s issuance of equity-linked securities soared to its highest level in the first half of this year as more investors opted to indirectly buy stocks in the low interest environment, data showed Tuesday. The issuance of ELS products amounted to 47.34 trillion won ($27.61 billion) over the past six months, up 71.4 percent from a year ago, according to the Korea Securities Depository. The amount is a new half-year record and surpasses the total issuance in 2012 and 2013. Equity-linked sec
July 7, 2015
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Asiana’s second budget carrier unlikely to take off this year
Asiana Airlines’ plan to set up its second low-budget carrier within this year is unlikely to be realized as the Middle East respiratory syndrome outbreak has dealt a blow to South Korea’s second-largest carrier, industry sources said Tuesday. A customer waits for her tickets at Asiana Airlines Inc. booth at Kimpo Airport in Seoul, South Korea. (Bloomberg)“It seems hard for the new budget airline to be established by the end of this year as it’s behind schedule in applying for the transportatio
July 7, 2015
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Ourhome chairman‘s daughter removed from vice presidency
Koo Ji-eun, former vice president at Ourhome Koo Ji-eun, vice president of LG Group’s catering unit Ourhome, on Monday was stripped of her position and was ordered to wait for further instructions in the chairman’s room. The 48-year-old is the youngest daughter of Koo Cha-hak, chairman of Ourhome and son of the late LG Group founder Koo In-hoe. She joined the company in 2004 and was appointed as vice president in February. She had been a strong candidate for the presidency and possible future ch
July 7, 2015
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[SUPER RICH] Korea’s super start-ups
As the world is seeing a venture boom, there have been a few Korean start-ups rising to the top. These start-ups have brought traditionally off-line markets to mobile and changed the course of their respective industries, receiving both global attention and funding.Kakao TaxiKim Beom-su, president of Daum KakaoKim Beom-su, president of Daum Kakao, was ranked No. 11 on the Forbes list of Korea’s 50 richest people this year.After his success with mobile messenger app KakaoTalk, Kim is set on shaki
July 7, 2015
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Preorders for Kia's K5 sedan top 6,000
Kia Motors Corp., South Korea's second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Samsung predicts 4.03 pct drop in Q2 profit
South Korean tech giant Samsung Electronics Co. estimated Tuesday that its second-quarter operating profit fell 4.03 pct on-year as weak sales of the Galaxy S6 smartphone lineup overshadowed improved returns from its chip segment.Operating profit for the April-June period reached 6.9 trillion won (US$6.13 billion), compared with the 7.19 trillion won posted a year earlier, the world's top smartphone maker said in a preliminary earnings forecast.The estimate, however, marks a 15.38 percent rise f
July 7, 2015
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Chinese media mogul eyes Korean market
Content Media, a U.K.-based distributor of films and other media content, is hoping to use Korea as a jump-off for Asian expansion. Content Media’s China unit chairman Bruno Wu. Seoul IRIn a recent interview with The Korea Herald, chief of Content Media’s Chinese operations Bruno Wu said the company would roll out measures to market media contents developed in Korea across the global market. “Through measures such as investing in Korean production firms, (the company) plans to raise the standar
July 6, 2015
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Retailers make all-out effort to win duty-free license
Major South Koreans retailers are making final pushes to win licenses to run duty-free shops in downtown Seoul ahead of the announcement of winners this week.The retail groups, which are on the hunt for the rare duty-free licenses, are making last-minute pitches on their plans for envisioned stores, including local development and inducement of Chinese tourists in a bid to obtain high scores for the bidding evaluation. The Korea Customs Service is scheduled to announce the two winners Friday, ba
July 6, 2015
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Pizza Hut under fire for murky marketing spending
Franchisees of global dining brand Pizza Hut on Monday visited their Korean headquarters in southern Seoul to demand an audit into the marketing and other fees they have paid to the head office for the past several years.About 20 people representing a group of 247 Korean franchisees requested the pizzeria chain to disclose the usage of the 5 percent of sales revenue that each franchisee has paid to the headquarters for marketing fees. The amount is assumed to be more than 10 billion won ($8.87 m
July 6, 2015
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Elliott secures stakes in two Samsung C&T shareholders
U.S. hedge fund Elliott Associates has added its name to the stakeholders’ list of two additional Samsung affiliates -- Samsung SDI and Samsung Fire and Marine Insurance -- ahead of the July 17 Samsung C&T shareholders meeting in which the controversial merger deal between C&T and Cheil Industries will be put to a vote. Elliott’s expansion of its investment in Samsung Group is seen as an attempt to gain more control over Korea’s largest business conglomerate, which analysts have said is in the p
July 6, 2015
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BAT discounts Vogue Prima line
British American Tobacco Korea marked down the price of its Vogue Prima brand to 4,100 won ($3.60) from 4,300 won Monday.BAT Korea said the price cut will allow smokers a broader opportunity to enjoy the superslim Vogue “at a more reasonable price to adult smokers in Korea, in order to meet the increasing demand for superslim cigarettes in Korea.”According to a survey conducted by AC Nielsen 2015, superslims have become an influential player in the domestic cigarette market, accounting for more
July 6, 2015
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[Graphic News] MERS darkens Q3 profit outlooks
The negative effect of the Middle Eastern respiratory syndrome on Korean companies is expected to hit home in the third quarter of this year, data suggested Monday.According to financial investors and market data company WISEfn, the combined operating profit of 117 listed firms for the third quarter is expected to be 28.9 trillion won.That would be a 6.36 percent decrease from the 30.9 trillion won estimated on May 30, at the beginning of the MERS outbreak.The hotel and leisure industry estimate
July 6, 2015
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Ssangyong Motor launches Tivoli diesel to intensify competition
Ssangyong Motor Co., owned by India's Mahindra & Mahindra, said Monday that it started selling the diesel version of its popular Tivoli crossover SUV as it pushes to provide more customer choices in the fast-growing market.The latest Tivoli, which was unveiled in the mountainous town of Inje east of Seoul for a media test drive, runs on the e-XDi160 diesel engine that meets the toughened Euro 6 emission standards.It's an engine that Ssangyong Motor spent three years developing, according to the
July 6, 2015
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Kia Motors to recall 7,722 Sportage SUVs in U.S.
Kia Motors Corp., South Korea's second-largest carmaker, is recalling 7,722 units of the Sportage SUV in the U.S. due to a defect in its braking lamps, a U.S. transportation safety agency said Monday.Subject to the recall is the Sportage SUV produced between March 7 and June 8 of 2011, according to the website of the National Highway Traffic Safety Administration. The recall is due to a defect in the brake switches that could cause the brake lamps not to turn on. This malfunction increases the
July 6, 2015
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Samsung hits back at ISS report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015
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Elliott faces credibility test
U.S. hedge fund Elliott Associates faces a new challenge in its aim to derail the proposed merger of two Samsung Group units, as the prosecution launched an investigation into allegations that Elliott fabricated information in a regulatory filing. Elliott, the third-largest shareholder of Samsung C&T with a 7.1 percent stake, has been seeking to thwart Samsung’s plan to merge Cheil Industries, the de facto holding company, with the Korean group’s construction and trading unit Samsung C&T. It has
July 5, 2015
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Samsung C&T hits back at ISS merger report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015