Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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NPS poised to flex shareholder muscles
South Korean conglomerates are on high alert as the National Pension Service, the nation’s largest investor, is forecast to actively exercise its voting rights at their annual shareholders’ meeting this month.“We are expanding our analysis of corporate proposals this year with the help of outside advisory firms for the first time,’’ an NPS official said on condition of anonymity.The Korea Corporate Governance Service and Sustinvest are offering advisory services to the NPS for voting on proposal
March 2, 2015
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TV shopping channels look to exclusive brands
High-end fashion brands and home shopping channels are forming unlikely alliances as sales through more traditional routes continue to falter. While department stores have traditionally been the main outlet for high-end fashion brands, such retailers have seen their sales fall for five consecutive months, even as home shopping firms have shown the opposite trend. This, coupled with the operators’ desire to expand their customer base, is bringing high-end fashion brands together with home shoppin
March 1, 2015
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S. Korean car exports to Russia drop on weak ruble
South Korean car exports to Russia dropped sharply in January, mainly due to the weak ruble that made it unprofitable to sell cars in the country, a local trade association said Sunday.According to statistics provided by the Korea Automobile Manufacturers Association (KAMA) and local carmakers, shipments of new cars to Russia reached 3,097 units in the first month of this year, down 71.5 percent from 10,862 tallied a year earlier.The Russian currency traded at 71.9 rubles to the U.S. dollar at o
March 1, 2015
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Restart of aging nuclear reactor sparks controversy
South Korea’s decision to extend the life of its second-oldest nuclear power plant until 2020 has triggered controversy, with residents and civic groups expressing concerns over its safety. The Nuclear Safety and Security Commission, the country’s nuclear watchdog, said Friday that seven of its nine commissioners had voted to restart the 678-megawatt Wolsong unit 1 reactor in Gyeongju, North Gyeongsang Province. The heavy water reactor shut down in 2012 after reaching the end of its 30-year life
Feb. 27, 2015
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Hana Financial eyes more charity programs
Hana Financial Group is seeking ways to provide more contributions to society as its “Happy Box” program is drawing a positive response.The banking group carries out the “Happy Box” event as a periodic act of community sharing. Items like rice, ramen and other daily necessities are sent to underprivileged members of society.Recipients of the “Happy Box” include children from low-income households, elderly people, North Korean defectors and immigrants.The “Happy Box” is delivered to Hana Bank and
Feb. 27, 2015
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Shinsegae retracts proposal to buy control of S. Korea's No. 2 carrier
Shinsegae Group, South Korea's largest retail company, said Friday it has retracted its proposal to buy a controlling stake in a formerly debt-ridden local builder that could also have given it ownership of the country's No. 2 air carrier and other affiliates. "As we have confirmed that none of our rival firms came forward to offer to buy the Kumho Industrial Co. shares, we hereby announce that Shinsegae will not be taking part in the bid going forward," the company said in an e-mailed statemen
Feb. 27, 2015
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Top utility firm KEPCO seeks to sharply cut debts
South Korea's state-run power company Korea Electric Power Corp. seeks to further reduce its debt ratio to a double-digit figure this year on increased earnings while also working to boost its own profit to over 2 trillion won ($1.82 billion), the company's president has said. In a meeting with reporters Thursday, KEPCO President Cho Hwan-eik said a debt-to-asset ratio of less than 100 percent will mark normalization of the company that had posted a net loss for five consecutive years until 201
Feb. 27, 2015
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KITA calls for better business environment
Kim In-ho, the newly appointed CEO of the Korea International Trade Association, on Thursday asked for more government support for improving the local business environment. “These days, businessmen in Korea face numerous problems. If they are international issues, there is very little we can do. But in case of domestic problems, slight changes in government policies can bringing different and direct effects to the industry,” said Kim. Kim In-ho, CEO of the Korea International Trade Association.
Feb. 26, 2015
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Kumho heir named CEO of Asiana Abacus
Kumho Tire vice president Park Se-chang was named CEO of Asiana Abacus, a travel solutions and services provider, Kumho Asiana Group said Thursday. The 39-year-old executive, a son of Kumho Asiana Group chairman Park Sam-koo, will have a dual role at Kumho Tire and Asiana Abacus. Both are group affiliates. Park Se-chang. (Yonhap)The group’s annual personnel reshuffle affected 55 executives, with promotions to vice chairman and CEO posts and other high positions.Lee Won-tae, the group’s adviser,
Feb. 26, 2015
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Hyundai Group chief included on ‘Asia Power Businesswomen’ list
Hyundai Group said that chairwoman Hyun Jeong-eun had made it onto the list of 50 “Asia Power Businesswomen” published by Forbes Asia on Thursday.Forbes wrote that “Hyun made a comeback in 2014, raising nearly $3 billion to restructure her debt-ridden Hyundai Group” by selling subsidiaries and assets, and added that she decided to focus on shipping, machinery and North Korean operations. Hyun Jeong-eun Lee Boo-jinForbes also described Hyun as being “at the forefront of inter-Korean relations, wo
Feb. 26, 2015
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[Herald Interview] ‘Restaurant curation’ booms in Korea
So-called curated dining businesses, collections of famous restaurants under one roof, are catching on in Korea. According to the founders of Over the Dish, a Seoul-based restaurant curator, success in the industry is all about location and a competitive edge in theme selection. “It seems like a fad ― from the high-end Galleria Department Store in southern Seoul with Gourmet 494 to the rather affordable and hearty Food Empire at IFC Mall in Yeouido, the select collections of popular diners seem
Feb. 26, 2015
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POSCO E&C set to face probe on slush fund charges
POSCO Engineering & Construction, the construction unit of South Korea's top steelmaker, POSCO, may face an investigation over slush funds created by its executives involved in projects in Vietnam, industry sources said Thursday.The South Korean builder confirmed news reports that some of its employees working on its Vietnamese projects, such as the construction of a new city and roads, were reprimanded in July for operating illegal slush funds worth about 10 billion won (US$9.13 million) Prime
Feb. 26, 2015
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Samsung starts mass production of high-end flash memory for smartphones
South Korea's tech giant Samsung Electronics Co. said Thursday it has started mass production of an upgraded flash memory chip for smartphones with a high speed and a high capacity, which will help mobile devices run more stable. Samsung claimed that the 128GB Universal Flash Storage for smartphones is an industry first, and is faster and slimmer, and consumes less power compared with previous flash memory chips. The company said it will also roll out 32GB and 64GB versions. Samsung said the U
Feb. 26, 2015
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Corporate earnings outlook still murky but major players to see improvement
The first-quarter earnings outlook for South Korea's listed firms remains cloudy due to economic uncertainties, such as a weaker Japanese yen, but major players are expected to see improvement in their bottom lines on their market dominance, data showed Thursday. The combined operating profit estimate for 177 listed companies was reduced by 0.34 percent for the first quarter as of Tuesday from the beginning of the year, according to an analysis by financial information provider FnGuide. The ea
Feb. 26, 2015
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Hyundai E&C bags $212 mln construction deal in Singapore
South Korea's No. 2 builder Hyundai Engineering & Construction Co. said Thursday it has clinched a $211.46 million project to construct a commercial building in Singapore. Under the deal with real estate developer Frasers Centrepoint, the South Korean company will build the Frasers Tower, a 38-story office building, to be located on Cecil Street in the Central Business District in Singapore, according to Hyundai E&C. The main building will also have a three-story basement parking facility, a
Feb. 26, 2015
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Lotte, Shilla vie for Jeju downtown duty-free shops
South Korean duty-free retailers Hotel Lotte and Hotel Shilla are competing again to open more stores, this time on the country's southern island of Jeju, which has become a business hotspot teeming with Chinese tourists who have proven to be zealous shoppers. The two duty-free giants, in addition to local builder Booyoung Group, have submitted proposals to the customs office for a license that would enable the winner to operate for five years one of the island's two downtown duty-free faciliti
Feb. 26, 2015
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[Graphic News] Korean home electricity use below OECD average
South Koreans use significantly less electricity at home than people in other OECD countries.According to the Korea Energy Economics Institute, South Koreans used 1,278 kWh of electricity on average in the home in 2012, ranking 26th out of 34 countries in terms of electricity use. The figure is only 55 percent of the OECD average (2,335 kWh).The country that used the most electricity in the home was Norway (7,415 kWh), followed by Canada (4,387 kWh) and the U.S. (4,374 kWh).The low home electric
Feb. 25, 2015
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Lotte Group hopes to buy Italian airport retailer
Lotte Group hopes to acquire Italian airport retailer World Duty Free to grow into the world’s No. 2 duty-free shop operator, group officials said Wednesday. According to news reports, the nation’s fifth-largest conglomerate by assets submitted a proposal to acquire a controlling stake in WDF. Lotte Shopping, which operates Lotte Duty Free, has made the offer estimated at 3 trillion won ($2.7 billion) to 4 trillion won, the reports said. “We are interested in WDF. But it is difficult to confirm
Feb. 25, 2015
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PEFs, Shinsegae, Hoban join competition to buy Kumho Industrial
The heated race to take a 57.48 percent stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group, started Wednesday among private equity funds, Shinsegae Group, and a domestic builder.Four domestic private equity funds, retail giant Shinsegae, and Hoban Construction, a mid-tier local builder, have joined the bid by submitting a letter of intent to underwriters.According to sources, the confirmed PEF bidders are MBK Partners, IMM Investment Corp., IBK Securities-Keistone Part
Feb. 25, 2015
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Hyundai E&C to join forces with GE for energy, infrastructure biz
Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Wednesday it has signed a preliminary deal with U.S. conglomerate General Electric Co. to enhance cooperation in the global energy and infrastructure businesses. Under the deal, the two companies will join hands in various construction and engineering projects throughout Asia, Europe, and the Middle East, as well as in the Americas, according to the builder's press release. "The deal was possible thanks to the firm tru
Feb. 25, 2015