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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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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[Herald Interview] Qatar Airways unveils first A350
DOHA ― Qatar Airways, the Gulf state’s national carrier, unveiled the world’s first Airbus A350 last week ― the newest aircraft in the market with higher fuel efficiency and a lower noise level. “We are ready to commence operations with the A350 and are delighted to introduce another level of service with our expanded fleet,” Qatar Airways CEO Akbar Al Baker said at a news conference at Doha International Airport on Jan. 7.Its first operation launched the Doha-Frankfurt route Thursday, and subse
Jan. 11, 2015
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[Weekender] Crossover latest fad in retail industry
Business collaboration ― combining two industries or markets that were once considered irrelevant to each other ― is the hottest trend in the retail industry. From food firms to lighter brands, companies are joining hands with unlikely business partners to bring fresh perspectives to product design, or for cross-promotion and publicity. “With more people using various platforms and devices for shopping, and their eyes wide open to new things 24/7, bringing a breath of fresh air to products throu
Jan. 9, 2015
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Samsung heiress named CITIC’s outside director
Hotel Shilla CEO Lee Boo-jin, the eldest daughter of Samsung chairman Lee Kun-hee, has been appointed an outside director of China’s state-run investment firm CITIC Group.The Samsung heiress accepted the Chinese firm’s request to become a board member of CITIC Group on Dec. 19, in an apparent move that reflects the junior Lee and Samsung’s intention to build a bigger presence in China.“CITIC made a request to (Lee) to take the position, and she accepted it,” a Hotel Shilla official said. Lee Bo
Jan. 9, 2015
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LS C&S vows reform
LS C&S vows reformChairman Koo Cha-yub of LS Cable & System announced Friday the company’s new vision of “Enable the cabled World” and a new code of conduct for company executives and employees -- “C.O.R.E.” that stands for “Custom First, One LS C&S, Rule and Expertise."Chairman Koo hoped that the “LS Cable & System Way” would act as a compass at a time the base for reforms is being established.
Jan. 9, 2015
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Gov't pressures oil, gas industry to cut prices more
The government on Friday pressured the local oil and gas industry to further cut petroleum prices as it pushes to pass on the benefit of tumbling global oil prices to consumers but met opposition from industry officials complaining of the high tax rate.The Ministry of Trade, Industry and Energy asked for "cooperation" from industry representatives to encourage gas stations and distributors of liquefied petroleum gas to lower their prices, saying there is room for more cuts."It is believed that f
Jan. 9, 2015
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Lee Boo-jin named outside director of China's CITIC
Hotel Shilla CEO Lee Boo-jin, the eldest daughter in the Samsung Group owner family, has been named an outside director of China's largest state-run firm, sources at the hotel said Friday.Lee was named to the board of CITIC Group Corp. as of Dec. 19, they said. CITIC was established in 1979 as part of China's economic reforms and has current assets of about 750 trillion won (US$684.3 billion). Its business covers finance, insurance, engineering and real estate."CITIC made a request to (Lee Boo-j
Jan. 9, 2015
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Schaefers appointed new Bosch Korea head
Frank Schaefers was appointed president and CEO of Robert Bosch Korea, Bosch Group announced Thursday. Schaefers joined the Bosch Group in 1992 and has over 20 years of experience in various functions, the company said. He worked as general manager at Robert Bosch Automotive China from 2012-2014 and before then, worked as senior vice president for corporate human resource development from 2010 to 2012 and senior vice president for corporate controlling from 2008 to 2009.Schaefers acquired a degr
Jan. 8, 2015
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CJ vice chairwoman to take a back seat
CJ Group’s No. 2 Lee Mie-kyung will take a back seat when the conglomerate carries out executive reshuffles next month, sources said Wednesday.The sources said Lee Mie-kyung, an elder sister of group chief Lee Jay-hyun, would reduce her involvement in management for medical treatment.The 56-year-old vice chairwoman has been in Los Angeles to receive treatment for Charcot-Marie-Tooth disease, a neurological disorder that runs in her family. The disease is characterized by progressive muscle weakn
Jan. 8, 2015
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KEPCO plans to invest record-high W5.5tr this year
Korea Electric Power Corp., the nation’s largest utility company, said Thursday that it would invest a record high of 5.5 trillion won ($5.01 billion) this year in improving the safety of power generation and distribution-related facilities and in developing new growth engines in the energy sector. The state-run KEPCO will increase investments by 54 percent in 2015 from a year ago, which is the largest investment plan in its 54-year-long history, company officials said.Under the plan, the power
Jan. 8, 2015
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Hotel Shilla, Severance Hospital, Sungkyunkwan University top rankings
Hotel Shilla, Severance Hospital and Sungkyunkwan University topped the consumer satisfaction rankings in their respective industries, according to the NCSI survey for 2014. In the overall rankings, Hotel Shilla ranked top out of the surveyed 305 companies and institutions with 84 points, Severance Hospital at No. 5 with 81 points, and Sungkyunkwan University at No. 9 with 80 points.Established in 1973 by Samsung Group founder Lee Byung-chull, Hotel Shilla is a luxury hotel with locations in Seo
Jan. 8, 2015
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Money inflows continue into high-yield funds
Korean investors are putting more money into funds that invest in low-grade bonds amid low market interest rates, data showed Thursday.Inflows to such funds amounted to 3.19 trillion won ($2.9 billion) as of end-December, just nine months after their market debut in early April last year, according to the data compiled by the Korea Financial Investment Association. In March last year, the country’s regulator allowed local financial firms to sell a new type of high-yield fund, matched with tax be
Jan. 8, 2015
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Samsung Electronics puts Q4 operating profit at 5.2 tln won
Samsung Electronics Co., the world's top maker of smartphones and memory chips, on Thursday estimated 5.2 trillion won (US$4.73 billion) in operating profit in the fourth quarter of 2014, expecting a moderate pickup from the weakest results in three years seen in the previous quarter. The guidance marks a 37.4 percent decline from a year earlier and an 28.1 percent on-quarter increase, the company said in a regulatory filing. The final earnings figures are due to be released later this month.The
Jan. 8, 2015
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Seitz to head Volkswagen Financial Services Korea
Hans-Peter SeitzVolkswagen Financial Services Korea said Wednesday that it had appointed Hans-Peter Seitz as its new president. Hans-Peter Seitz, 54, who majored in economics at the Ludwig-Maximilian University of Munich, has worked as CFO for MAN Financial Services, an affiliate of the Volkswagen Group.He has also been in charge of financial affairs for MAN AG and MAN Financial Services for over 20 years since entering MAN AG in 1994.Seitz’s appointment indicates that both Volkswagen Financial
Jan. 7, 2015
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Samsung to bolster biopharma business
Samsung Group is gearing up to make more investments and reinforce research and development in the biopharmaceutical sector, which the company sees as a future growth engine. According to the Incheon Free Economic Zone Authority, Samsung BioEpis, a biopharmaceutical affiliate of the country’s largest business conglomerate, recently purchased 42,999 square meters of land in Songdo, Incheon, for 27.7 billion won ($25.1 million). “The exact use of the place is unknown but since Samsung BioLogics R&
Jan. 7, 2015
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Hyundai Heavy unionists reject tentative wage agreement
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, voted against a tentative wage agreement on Wednesday due to a complaint about the pay award agreed upon by the union and management, the company's union said. The union and management reached a tentative agreement on the pay raise on Dec. 31, which includes a basic pay increase of 37,000 won (US$33.56) per month and a special bonus of 2 million won. They also agreed to count regular bonuses, equal to 700 percent
Jan. 7, 2015
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Incheon airport logs record passenger traffic in 2014
Incheon International Airport, the main gateway to South Korea, saw its busiest year ever in 2014 thanks mainly to a jump in Chinese passengers and growth of low-cost carriers, its operator said Wednesday.The Incheon International Airport Corp. said in a provisional tally that a total of 45.51 million people used the airport in 2014, up 9.7 percent from the previous year and the highest yearly number since its opening.International passenger traffic rose 10.1 percent on-year to 44.9 million in 2
Jan. 7, 2015
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Samsung chief still undergoing rehabilitation: group spokesman
South Korea's top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition."The chairman's health has not seen any significant changes in the new year, and there is nothing to explain," said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf
Jan. 7, 2015
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Hyundai, Kia eye 'cutthroat competition' in China
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday they are bracing for "cutthroat competition" in China this year as the world's No. 2 economy slows and foreign rivals expand their production capacity. The Chinese market for passenger cars is expected to grow about 10 percent to 18.49 million units this year amid "cutthroat competition among rivals, hit by a range of negative economic factors, including a sluggish property market and debts of local governments," Hyundai
Jan. 7, 2015
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Korean Air to sell over W500 billion worth of shares
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday it will sell more than 500 billion won ($455 million) worth of shares to raise money needed to repay debt.The company's board of directors decided to sell 14,164,306 shares at 35,300 won apiece, it said in a regulatory filing.The share offering will increase the number of the company's outstanding shares to 73,950,538.Korean Air said the raised money will be used to repay debts and improve its financial status."This will help
Jan. 6, 2015
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Hyundai Motor scion makes rare appearance at CES
Chung Eui-sun, vice chairman of Hyundai Motor Group, visited the 2015 International CES in Las Vegas to showcase the firm’s future auto technology, the company said Tuesday.It is the first time the heir apparent of Hyundai Motor Group chairman Chung Mong-koo has attended the world’s largest consumer electronics trade show since 2011. Hyundai Motor vice chairman Chung Eui-sun (Yonhap)His attendance demonstrates the automaker’s attention to the global trend of convergence between cars and informa
Jan. 6, 2015