Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Minister warns against trusting NK stated intentions, says Moon misguided
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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South Korea bans viral North Korea propaganda video praising Kim
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Hermes celebrates craftsmanship
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Hongdae, Korea’s hottest location
Hongdae led the pack of most-searched locations in Seoul through search engines and Internet forums, according to data by Cheil Data and Analysis Center, a big data analysis group of Cheil Worldwide.The center examined around 258,000 search terms by 3,200 participants for “hot places” ― locations associated with trendiness, leisure activities and restaurants ― in Seoul in the latter half of 2014.Hongdae took the first place with 29.8 percent of total hot place search terms, followed by Gangnam s
Feb. 5, 2015
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Chairman Chung reopens Hyundai Glovis block sale
Hyundai Motor Group chairman Chung Mong-koo and his son Eui-sun have once again put on sale their combined 13 percent stake in the automaker’s logistics affiliate Hyundai Glovis, the company said in a press release on Thursday. Their first attempt to sell the stake in a block deal last month failed due to unspecified reasons, although industry sources attributed it to the size of the deal at 1.5 trillion won ($1.39 billion) and sales conditions.“The company has an urgent need to push for the dea
Feb. 5, 2015
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POSCO restructuring to be continued: chairman
POSCO, the world’s third-largest steelmaker, said on Thursday it aimed to achieve consolidated sales of 67.4 trillion won ($61. 8 billion) this year by further strengthening its core business.It will divest its noncore assets, partly by selling its stakes in its affiliates.The steelmaker said in a meeting with its investors that it would continue its restructuring efforts and concentrate on fortifying its steel business to gain sales of about 30 trillion won. The company will invest only about 4
Feb. 5, 2015
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Hyundai Motor Group chairman, his son resume move to sell stakes in logistics unit
Hyundai Motor Group Chairman Chung Mong-koo and his son will seek to sell a part of their stakes in a logistics unit following a failed attempt last month, the automotive group said Thursday. In January, Chung and his only son, Eui-sun, vice chairman of Hyundai Motor Co., sought to sell a 13.4 percent stake in Hyundai Glovis Co., but the attempt fell apart due to unspecified reasons. Hyundai Motor Group, the country's second-largest conglomerate, said in a press release that it has started to
Feb. 5, 2015
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POSCO to cut investment, sell assets to improve financial structure
POSCO, South Korea's top steelmaker, said Thursday that it will focus on improving its financial structure this year by reducing investment and selling assets and equity holdings, following lackluster earnings results for last year. POSCO plans to invest 4.2 trillion won ($3.9 billion) group-wide this year, down 1.2 trillion won from a year earlier, the company said at an investor relations event held in Seoul. The gathering was attended by POSCO CEO Kwon Oh-joon. The steelmaker also said it
Feb. 5, 2015
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KB Financial's 2014 net rises 10.2 pct
KB Financial Group Inc., South Korea's No. 2 banking group by assets, saw its 2014 net profit rise 10.2 percent on a drop in bad loan reserves, the company said Thursday. Net income totaled 1.4 trillion won ($1.29 billion) last year, compared with 1.1 trillion won the previous year, the group said in a regulatory filing. For the fourth quarter alone, the group's net income tallied 203 billion won, down 21 percent from 258.4 billion a year earlier. KB Financial said the on-year strong bottom l
Feb. 5, 2015
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SK Innovation net plummet in Q4 on slumping oil prices
SK Innovation Co., South Korea's top refiner, said Thursday it logged a bigger net loss in the fourth quarter as a sharp fall in oil prices hurt the value of crude stockpile and cracking margins. Net loss reached 536 billion won ($491.65 million) in the October-December period, further widening the 62 billion won deficit tallied a year ago, the company said in a regulatory filing. Operating loss came at 463 billion won, while its sales declined 1.6 percent on-year to 16.11 trillion won. The
Feb. 5, 2015
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Daelim Industrial wins $439 mln Brunei bridge project
Daelim Industrial Co., South Korea's fourth leading builder, said Thursday it has clinched a 592.2 million Brunei dollar ($439.02 million) contract to build a bridge in Brunei. Under the deal with the Brunei Ministry of Development, the 13.65-kilometer bridge will connect the Southeast Asian country's northern district of Muara and the easternmost Temburong District, Daelim said in a regulatory filing. The contract amount accounts for some 4.9 percent of Daelim's annual sales in 2013, accord
Feb. 5, 2015
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Nongshim posts record sales in China
Snack-maker Nongshim on Wednesday posted $180 million in sales in the Chinese market last year, the highest ever. Nongshim’s Shin Ramyun is sold at a supermarket in China. (Nongshim)The company hopes to gross $650 million overseas this year, with more than one-third coming from China. Nongshim’s China sales account for 37 percent of the company’s $490 million global gross sales last year, the company said. The figure showed a 28.5 percent growth from 2013, thanks to the increasing popularity of
Feb. 4, 2015
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Safety hold-up may affect Samsung C&T’s Roy Hill project
The multibillion-dollar Roy Hill iron mine project in Australia, which hired South Korean builder Samsung C&T as its main contractor, is having trouble staying on schedule after a series of safety incidents led the Australian government to ban heavy-lifting operations for two weeks.The builder has been constructing the mine’s processing plant facilities, a 340-kilometer railway line and port facility, since it won a $5 billion order from Australian billionaire Gina Rinehart’s Roy Hill Holdings.
Feb. 4, 2015
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DSME eyes LNG carriers for this year’s growth
Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder, is expected to focus on fuel-saving liquefied natural gas carriers as a way to boost its sales this year. A Daewoo Shipbuilding & Marine Engineering LNG carrier. (DSME)DSME said on Wednesday that it had signed a $100 million contract to build an LNG carrier. It has now signed five deals this year, worth about $1 billion in total. The company declined to reveal the name of its partner.It remains to be seen whether D
Feb. 4, 2015
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Companies fined 1.17 tln won for following administrative
Local companies were fined some 1.17 trillion won ($1.07 billion) over the last decade by the country's antitrust watchdog for following the government's administrative guidance, the business community said Wednesday. According to companies and the Federation of Korean Industries, the Fair Trade Commission slapped penalties on 30 different business activities, of which six were later overturned by courts. The repealed fines from those six cases amounted to 397.2 billion won, or 34 percent of th
Feb. 4, 2015
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Organica wins iF Design Award
Organica, a Korean premium organic whole food company, has won this year’s International Forum Design Award for the packaging section, the company said Tuesday.A panel of 53 experts chose Organica’s packaging of rice and mixed grain lineup, “Season to Season,” which was co-designed by Herald Design Core and advertising firm Big Ant International.“Our competitiveness in design has been recognized through this meaningful award. This will serve as an opportunity for us to continue to differentiate
Feb. 3, 2015
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[SUPER RICH] Superrich superstars donating to charity
Many famous foreign celebrities regularly donate their riches to charity. American website TheRichest selected several who are noted for their contributions.Michael J. FoxThe first celebrity on the list was Michael J. Fox of “Back to the Future” fame. Fox, who retired from acting in 2000, was diagnosed with Parkinson’s disease in 1991 but chose to keep it a secret for seven years. He has since set up The Michael J. Fox Foundation, today the largest nonprofit funder of Parkinson’s drug developmen
Feb. 3, 2015
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Shinsegae heir’s management skills put to the test
This year will be pivotal for several chaebol, including Shinsegae Group, Korea’s 13th-largest conglomerate by assets, and its de facto leader Chung Yong-jin. Chung Yong-jinHaving experienced bitter failure in China, the son of Shinsegae chairwoman Lee Myeong-hee and nephew of Samsung Group chairman Lee Kun-hee is set to enter what may be the next gold mine ― Southeast Asia. “After having actually done business there, I have to admit that the Chinese market wasn’t easy,” Chung told reporters on
Feb. 3, 2015
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Hotel Shilla mulls buying U.S. duty-free firm DFASS
Hotel Shilla, South Korea’s second-largest operator of duty-free stores, is considering to acquire in-flight duty-free retailer DFASS Group, the company said on Tuesday,“Along with Hotel Shilla, several other global duty-free operators are also eyeing DFASS,” a spokesperson of the duty-free retailer said. The move comes as part of efforts to expand its foothold overseas and in the in-flight duty-free market, the official said. The world’s No.7 duty-free retailer by revenue has been expanding ove
Feb. 3, 2015
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AmorePacific sees 40% rise in 2014 operating profit
AmorePacific Group on Tuesday posted 4.7 trillion won ($4.3 billion) in sales in 2014, with the operating profit reaching 659 billion won. Its sales went up 21 percent from the previous year, while operating profit soared by 40.3 percent, the company said. The lion’s share, or 3.87 trillion won, was generated from Amore Pacific Corp, which runs brands including Amore Pacific, Sulwhasoo, Hera, Laneige, IOPE, Mamonde and Aritaum. The increase in both domestic and global sales through outlets, duty
Feb. 3, 2015
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Kumho Asiana to host Korea-Japan friendship event
Some 1,400 Japanese political figures and tourism industry officials will flock to Korea next week to participate in the “Korea-Japan Friendship Event” to promote cultural exchange and tourism between the two nations. Kumho Asiana Group chairman Park Sam-koo (second from right) poses for photographs with Toshihiro Nikai (second from left), a senior member of Japan’s ruling Liberal Democratic Party and Korean pianist Son Yeol-eum (left) after an NHK Symphony Orchestra concert at Seoul Arts Cente
Feb. 3, 2015
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Hana chief to proceed with merger with KEB without union consent
The head of Hana Financial Group Inc., South Korea's second-largest banking group by assets, has said he will proceed with a merger between the group's flagship Hana Bank and Korea Exchange Bank, regardless of whether KEB's union consents. Speaking during a press conference in Beijing on Tuesday, Kim Jung-tai, chairman of Hana Financial, also expressed hope that Hana Bank could get preliminary approval for the planned merger as early as this month. In February 2012, Hana Financial acquired a
Feb. 3, 2015
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Clash escalates between Kumho Express, IBK-Keistone
The showdown between Kumho Asiana Group and the largest shareholder of its previously owned express bus unit Kumho Express has been marred by a violent clash, leaving 14 injured, ahead of the sale of the bus company. The injured were involved in two-day scuffles, which broke out after some 30 people hired by IBK Securities-Keistone Partners ― which owns 100 percent stake in the bus firm ― occupied an executive office of Kumho Express in Seoul, according to the police. “Some people from IBK raide
Feb. 2, 2015