Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
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Top 4 chaebol cut investment amid business slump: report
South Korea’s conglomerates have scaled back their investments this year in the face of sluggish economic conditions, a report by a local corporate research firm showed Wednesday.According to CEO Score, the country’s top 30 business groups spent some 91.85 trillion won ($82.42 billion) on facilities and research and development in the first three quarters of this year, down 5.8 percent from 97.5 trillion won tallied the year before.It said facility investment, which makes up 71.2 percent of the
Dec. 3, 2014
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Heads of Incheon Airport, Delta to meet in U.S.
Incheon International Airport Corp. president Park Wan-su will meet Delta Airlines CEO Richard Anderson later this month to discuss ways to increase the number of transfer passengers at the Korean airport, officials said Wednesday. “The top executives will meet on Dec. 16 when Park visits Delta’s Atlanta headquarters,” said a ranking airport official. “They are highly likely to discuss moving the airline’s Asian hub from Narita to Incheon.”Incheon Airport, the main gateway to Korea, has recently
Dec. 3, 2014
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Two foreign funds vying for Ssangyong E&C
Four bidders, including two foreign funds, are in talks to acquire South Korean builder Ssangyong Engineering & Construction Co., industry sources said on Wednesday. Dubai’s sovereign wealth fund and a Singaporean private equity fund were selected as qualified bidders for the takeover of Korea’s 19th-largest building firm by construction capacity, sources said. The other two domestic bidders are Samra Midas Group and Steel & Resources. Ssangyong E&C, which has been under a debt workout program s
Dec. 3, 2014
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Foreign exchange reserves fall for 4th month in November
South Korea’s foreign exchange reserves declined for a fourth straight month in November due mostly to the weakening value of some currencies, data showed Wednesday.The country’s foreign exchange reserves reached $363.1 billion as of end-November, down $630 million from the previous month, according to the Bank of Korea. It is the lowest level since May this year when the amount hit $360.9 billion.Foreign reserves consist of securities and deposits denominated in overseas currencies, Internation
Dec. 3, 2014
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Hyundai, Kia sales in U.S. dip 2.76% in November
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Tuesday that its U.S. sales had dipped 2.76 percent on-year to 98,608 units, mainly due to weaker demand for older models. The on-year decrease, however, was offset by more cars sold by the two carmakers compared to the month before, when combined sales hit 94,775.Hyundai Motor America, the distribution and marketing arm of the group’s flagship company, said sales were down 4.16 percent to 53,672 cars, while Kia Motors
Dec. 3, 2014
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(Photo News) New air route promotion
Jeju Air crew members walk down the street near the Hongik University subway station in Seoul on Wednesday, wearing Vietnam’s traditional hat to promote the company’s new air route between Incheon-Hanoi, which will open on Dec. 18. (Kim Myung-sub/The Korea Herald)
Dec. 3, 2014
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Most of top 10 groups saw losses on local bourse in 2014
Most listed companies affiliated with South Korea’s top 10 conglomerates have suffered losses on the Seoul bourse this year due to the global economic slowdown and the strengthening of the South Korean won, with listed subsidiaries of CJ and SK being the lone gainers, data showed Wednesday.The data was compiled by Daeshin Securities, based on its tallies of the companies’ market capitalization between the end of last year and Tuesday.Manufacturers in the shipbuilding, chemical and refinery secto
Dec. 3, 2014
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Korean builders struggle to meet US$70 bln in overseas orders
South Korean builders are struggling to meet a target of US$70 billion in overseas construction orders set for 2014, in the face of plunging international crude oil prices, a local contractors association said Wednesday.According to the International Contractors Association of Korea (ICAK), many large construction projects in Middle Eastern countries that should have been inked this year have all been put on hold.It also said that uncertainty surrounding a large waterworks project in Thailand in
Dec. 3, 2014
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Hyundai Motor to build two new plants in China
Hyundai Motor Co., South Korea's top carmaker, said Wednesday it is looking to build two additional factories in China instead of just one, tweaking its original plan in a bid to win the final approval from the Chinese government. Aside from the production plant to be built in the southwestern city of Chongqing, Hyundai has decided to set up another factory in Cangzhou, northeastern China, according to company officials. The automaker had originally signed a preliminary agreement to build one fa
Dec. 3, 2014
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S. Korea must concentrate all energy on TPP: traders association head
South Korea must concentrate all of its resources on taking part in the U.S.-led Asia-Pacific mega free trade bloc, the head of the country's traders association said Wednesday. In a meeting with reporters in Seoul, Han Duck-soo, the chairman of the Korea International Trade Association (KITA) warned that failure to become part of the Trans-Pacific Partnership (TPP) could be fatal for the country, and brushed off concerns that a broad open market system will hurt whole industries."A TPP will enc
Dec. 3, 2014
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Purchase of Samsung affiliates not financial burden: Hanwha
Hanwha Group, South Korea's 10th-largest family-controlled conglomerate, said Wednesday its latest decision to take over four Samsung affiliates will not emerge as an excessive financial burden for the group, adding that it also does not plan to sell any subsidiaries to secure cash."We do not have any financial problem to complete the deal with Samsung," a Hanwha official said. "We have no plan to sell other Hanwha affiliates to secure cash for the acquisition."Last week, Samsung Group said it w
Dec. 3, 2014
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Most units of top 10 groups saw losses on local bourse in 2014
Most listed companies affiliated with South Korea's top 10 conglomerates have suffered losses on the Seoul bourse this year due to the global economic slowdown and the strengthening of the South Korean won, with listed subsidiaries of CJ and SK being the lone gainers, data showed Wednesday. The data was compiled by Daeshin Securities Co., one of the leading local brokers, based on its tallies of the companies'market capitalization between the end of last year and Tuesday. Manufacturers in the sh
Dec. 3, 2014
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Hankook Tire to supply tires for new Audi TT and TTS
Hankook Tire Co., the seventh-largest tire company in the world, said Tuesday that it has been selected as the tire supplier for Audi’s new TT and TTS two-door coupes.It said the high-performance Ventus S1 evo2 has been picked as the standard tire for the completely redesigned sports cars. The tire is produced in Europe and has demonstrated optimum performance under demanding conditions, according to the company. Hankook said three different radial Ventus S1 evo2 variations will be supplied to t
Dec. 2, 2014
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Big short on Hotel Shilla bolsters CLSA buy call
Record bets against Hotel Shilla Co. shares have only made analysts more bullish on the South Korean operator of duty-free shops.Short interest in the Seoul-based affiliate of Samsung Group climbed to 5.1 percent of outstanding shares on Nov. 27, the highest level since at least 2006, according to data compiled by Markit and Bloomberg. The stock has lost 34 percent from its August high, the worst performance among Korea’s 100 biggest companies by market value, while the benchmark KOSPI index sli
Dec. 2, 2014
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KEPCO to curtail overseas business
State-run Korea Electric Power Corp., the nation’s biggest utility company, is expected to streamline its overseas energy development business by selling its stakes in money-losing projects, industry sources said.This likelihood of KEPCO’s portfolio restructuring was included in a report from the Ministry of Strategy and Finance, which is responsible for the reform of public enterprises. Entitled “Guidelines for Public Enterprises’ Investment in Overseas Energy Development Projects,’’ the minist
Dec. 2, 2014
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GS conducts executive reshuffle
GS Group promoted Huh Tae-soo, chief executive officer of GS Homeshopping, to vice chairman of the country’s largest home shopping company, officials said Tuesday. Earlier in the day, the country’s eighth-biggest conglomerate by assets carried out its annual executive-level reshuffle of 29 personnel. The company said Huh, 57, who has been serving as the CEO of the home shopping firm since 2007, showed outstanding leadership by retaining the industry’s No. 1 spot despite a less-than-positive busi
Dec. 2, 2014
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Hankook Tire to supply tires for new Audi TT and TTS
Hankook Tire Co., the seventh-largest tire company in the world, said Tuesday that it has been selected as the tire supplier for Audi's new TT and TTS two-door coupes.It said the high-performance Ventus S1 evo2 has been picked as the standard tire for the completely redesigned sports cars. The tire is produced in Europe and has demonstrated optimum performance under demanding conditions, according to the company. Hankook said three different radial Ventus S1 evo2 variations will be supplied to t
Dec. 2, 2014
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Big firms urge gov't to streamline corporate restructuring rules
The economic think tank for the lobbying group of South Korea's big businesses on Tuesday called on the government to streamline corporate restructuring rules to reflect global trends.According to a report by the Korea Economic Research Institute (KERI) under the Federation of Korean Industries, the government needs to provide more options for companies who have to implement corporate restructuring efforts, especially since more and more companies are facing difficult times.It said policymakers
Dec. 2, 2014
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Kia Soul EV named 2015 Car of the Year in Norway
Kia Motors Corp. said Tuesday that its Soul electric vehicle (EV) has been named the 2015 Car of the Year in Norway, beating out rivals such as the Audi A3 hybrid and Volkswagen Passat.The title awarded by Dinside, the Scandinavian country's largest consumer information service provider, gave high marks to the Soul EV for its excellent range, polished design and good internal space management, South Korea's second-largest carmaker said.The car has been tested under the European test cycle to tra
Dec. 2, 2014
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More women, old people to join labor force by 2023
More women and people aged 55 or more will likely be economically active in 2023 due to the country's low birth rate, the labor ministry said Tuesday.The Ministry of Employment and Labor said that the country's economically active population and the number of people aged 15 or more will increase by 3.58 million and 2.04 million, respectively, between 2013 and 2023. The number of employed will rise by 3.22 million while the employment rate of people aged 16-64 will jump to 71.8 percent in 2023,
Dec. 2, 2014