Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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NewJeans' members' parents complained to Hybe, email shows
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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OpenAI gives ChatGPT new powers to see, hear
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] ‘Korea driven by co-governance business system’
While the story of South Korea’s so-called economic miracle achieved on the back of strong state intervention has been widely attributed for its rise as an advanced economy, a new type of business system has now taken root driving forward innovation, according to a business scholar.As state intervention in the economy has waned dramatically through waves of deregulation and liberalization since the 1980s, a different system is propelling Korea’s economic development today, said Xiaoke Zhang, a p
July 21, 2015
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Nike Korea names new CEO
Nike Korea announced Tuesday that it had appointed David Wook-hwan Song as its new CEO.Song has worked at Nike for 17 years, starting from Nike Sports Korea in 1994, and has shown talent for sales, strategy planning, logistics and management in Korea, China and other Asia Pacific regions.Wook-hwan SongHe completed an MBA course at Harvard in 2001 and also worked as an associate at McKinsey & Company for two years before returning to Nike in 2003.Nike Korea said that Song has also worked as a rep
July 21, 2015
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Hanwha Q Cells to form JV with Indian firm for solar power plants
Hanwha Q Cells Co., the world's leading solar cell maker, said Tuesday it will form a joint venture to build large-scale solar power plants in India in a bid to expand its presence in the fast-emerging market. Hanwha Q Cells will join forces with ReNew Power Ventures Pvt., one of India's leading renewable power companies, to build two solar power plants with a total capacity of 148.8 megawatts in the central Indian state of Telangana. The joint venture will begin construction of the faciliti
July 21, 2015
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Samsung heir visits provincial startup centers
Lee Jae-yong, the heir apparent of South Korea's top conglomerate Samsung Group, visited two startup support centers in the southeastern part of the country Tuesday, marking his first public appearance after last week's key shareholder vote on the merger of two group units. Lee visited the so-called innovation centers in Gumi, 261 kilometers southeast of Seoul, and Daegu, some 300 kilometers from the capital city. The two centers were opened in December and September last year, respectively.
July 21, 2015
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Local shipbuilders forecast to report dismal Q2 earnings
South Korea's major shipbuilders, led by Hyundai Heavy Industries Co., are forecast to have logged worse-than-expected earnings in the second quarter, largely due to the delivery of low-priced ships and a delay in the construction of loss-making offshore facilities, industry data showed Tuesday. In particular, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are widely expected to have racked up massive losses, which some estimated at a combined 2 trillion won ($1.7
July 21, 2015
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Samsung merger to drive growth in biopharmaceutical business
Boosted by the successful merger of Samsung C&T and Cheil Industries last week, Samsung Group is geared to step up its efforts to expand and develop its biopharmaceutical business, seen by the group as a future growth engine. The $8 billion merger has tightened the group’s grip on Samsung BioLogics, the conglomerate’s biopharmaceutical business unit. The merged firm now owns 51.2 percent of the pharmaceutical company, combining a 46.3 percent stake held by Cheil Industries with Samsung C&T’s 4.9
July 20, 2015
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Offshore plants weigh on shipbuilders
The top three Korean shipbuilders are sinking deeper into the red with their offshore plant businesses losing money. Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and Hyundai Heavy Industries are facing losses of trillions of won for the second quarter due to floundering offshore plant projects, according to industry reports.The big three shipbuilders actively expanded the business in 2011 when the global shipping industry saw a steep fall in demand after the global financia
July 20, 2015
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Starbucks hiring 500 baristas
Starbucks Korea said Monday that it would hire 500 baristas to mark its 16th anniversary. Anyone over 20 years old can apply for the position at job.shinsegae.com by July 30. Those selected through the screening and interview steps will receive training ranging from knowledge about coffee and brewing to customer service and foreign language skills. Those who show good performance will be given a chance to visit coffee farms overseas or the Seattle headquarters to network with global Starbucks st
July 20, 2015
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CJ Korea Express launches first Arctic operation
By Bae Ji-sook CJ Korea Express launched a commercial operation on the North Pole route earlier this month, becoming the first Korean cargo deliverer to do so. The company Monday announced that its cargo vessel KOREX SPB No. 2 left the port of Mussafah in the United Arab Emirates on July 19 for the Yamal Peninsula of Russia. The ship carrying 4,000 tons of offshore terminal facilities will sail the Arabian Sea, Suez Canal, Europe and the North Sea and arrive at the Noviy Port of Russia by the en
July 20, 2015
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What’s next for Elliott?
Attention is being paid to U.S. activist hedge fund Elliott Associates’ next step after it suffered a defeat in a shareholders vote on a merger deal between Samsung C&T and its sister firm last week.At the crucial vote on Friday, nearly 70 percent of Samsung C&T shareholders supported a merger with Cheil Industries. The vote ended C&T’s six-week battle with the fund, which had sought to thwart the Samsung merger plan.After Friday’s result, Elliott said it would reserve all options at its disposa
July 19, 2015
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Top court again suspends custody of CJ head
The nation's top court on Saturday again accepted a request from the convicted chairman of food and entertainment conglomerate CJ Group to suspend his imprisonment for hospital treatment.The Supreme Court decided to suspend the confinement of Lee Jay-hyun, who was found guilty of various corruption charges, for the next four months, citing his poor health.But Lee's place of stay will be limited to Seoul National University Hospital until Nov. 21, the court said.
July 18, 2015
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Chronology of Samsung C&T’s merger with Cheil Industries
The following is a chronology of major events leading up to the outcome. ― Ed.May 26 - Cheil Industries and Samsung C&T announce a plan to merge by the end of August. June 3 - U.S.-based hedge fund Elliott Associates emerges as the No. 3 shareholder of Samsung C&T by purchasing a 2.17 percent stake in the company, with its holdings rising to 7.12 percent.June 4 - Elliott expresses discontent over Samsung C&T’s proposed merger, saying the move does not benefit shareholders of Samsung’s constructi
July 17, 2015
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Consortium inks deal on Pantech takeover
A South Korean consortium said Friday it has signed a deal to take over ailing smartphone maker Pantech Co., paving the way for its normalization. Pantech, the country's No. 3 smartphone maker, has been teetering on the verge of bankruptcy after it sought to give up court protection from creditors in May. The agreement came as the Seoul Central District Court has approved the consortium's plan, led by South Korean optical manufacturer Optis, to acquire Pantech. The deal is estimated at 40
July 17, 2015
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LG Chem Q2 net up 55.6% on better petrochem margins
LG Chem Ltd., South Korea's leading chemicals and battery maker, said Friday its net profit soared nearly 56 percent in the second quarter from a year ago improved margins in the petrochemical business during the peak season. Net income came at 352.9 billion won ($307.5 million) in the April-June period, a 55.6 percent hike from a year earlier, the company said in a regulatory filing. Sales decreased 13.6 percent on-year to 5.07 trillion won, while operating profit gained 56.7 percent to 563.4 b
July 17, 2015
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Merger to cement Samsung heir’s control
Shareholders’ approval of the merger between Samsung C&T and Cheil Industries has paved the way for the creation of a global all-around construction, trade, fashion, chemical, leisure and biopharmaceutical juggernaut posting 60 trillion won ($59 billion) in sales by 2020. C&T president and co-CEO Choi Chi-hun said Friday that the merged company would see a rise of about 1 trillion won in sales in the construction sector, a 2.9 trillion won jump in the trade and retail sector, a 2 trillion won ri
July 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T approved an $8 billion merger deal with its sister company Cheil Industries Friday, a move expected to help Samsung heir apparent Lee Jay-yong tighten his grip on Samsung Group. “With the approval, Cheil Industries and Samsung C&T gained a new drive for growth. We will reciprocate to expectations by maximizing synergy, which will be created by combining the two firms’ capabilities and enhancing the value of the merged company,” CEOs from the two firms said in a joint
July 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T on Friday voted for the company’s merger with Cheil Industries, forecasting the establishment of a 60 trillion won ($59 billion) global enterprise by 2020.Samsung C&T is a construction-trade arm of Samsung Group while Cheil is the chemical, fashion and leisure fraction of Samsung. Cheil will acquire Samsung C&T by offering 0.35 new share in the new company for each share of C&T. However, the new company will be named Samsung C&T Corporation to “inherit Samsung’s found
July 17, 2015
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Cheil Industries shareholders OK merger with Samsung C&T
Shareholders of Cheil Industries Inc. voted for a proposed merger with its sister company Samsung C&T Corp. on Friday, a move aimed at clearing the way for a once-in-a-generation leadership transfer at South Korea's top conglomerate.In a unanimous vote, shareholders of the de facto holding company of Samsung Group gave the go-ahead for the 8.9 trillion-won ($ 7.9 billion) all-stock deal to take over Samsung C&T, the construction unit of the group. Samsung C&T also began its shareholder meeting a
July 17, 2015
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Samsung C&T starts crucial shareholder meeting on merger
Samsung C&T Corp. began an emergency shareholder meeting Friday to vote on a proposed merger with another key unit of Samsung Group, a move seen as aiming to smoothen a leadership change in South Korea's richest family.The two Samsung units announced the plan for a merger on May 26, claiming the proposed all-stock deal worth 8.9 trillion won ($7.8 billion) will create synergy for the new entity. (Yonhap)Earlier in the day, shareholders of Cheil Industries unanimously approved the merger plan. Th
July 17, 2015
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KOSDAQ firm joins consortium to takeover Pantech
SEOUL (Yonhap) -- Solid Inc., a South Korean telecom device firm listed on the tech-heavy KOSDAQ market, joined the local consortium that is in talks to acquire Pantech Co., industry sources said Thursday, casting a brighter outlook on the revival of the cash-strapped smartphone maker.The move came after a Seoul court approved the takeover plan proposed by South Korean optical manufacturer Optis Co. to acquire Pantech.Industry watchers said the Optis-led consortium may clinch an official deal wi
July 16, 2015