Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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South Korea unveils W26tr support program for chip industry
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S. Korea to hold rotating presidency of UN Security Council next month
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Yoon rejects Lee's proposal for pension reform talks
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Student nabbed for biking naked 'due to stress'
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Police arrest mastermind behind last year's palace vandalism
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Chonnam international student found dead
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S. Korea to exclude Japan from trade whitelist in September
South Korea is set to drop Japan as a preferred trading partner in September in response to Tokyo’s recent decision to exclude Seoul from its whitelist, officials said Monday. “An export control system on strategic items should be run under ground rules of an international export control system,” said Industry Minister Sung Yun-mo during a press briefing Monday afternoon.“(However) the system should be run accordingly (if a trading partner) operates the system that runs c
Aug. 12, 2019
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[Behind the Brand: 3] Brand names that let numbers do the talking
The meticulously planned out stories behind brand names often go unnoticed by consumers.That is the case especially for alphanumeric brands, which combine words and numbers. These brand names may roll off the tongue easily, but oftentimes consumers have very little understanding of why certain numbers have been chosen to represent the brand.Below are five well-known South Korean brands and the stories behind them.8SecondsHow long does a company have to make a first impression? According to cloth
Aug. 11, 2019
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In new media landscape, ‘old’ broadcasters struggle to adapt
As an increasing number of content creators in South Korea use advanced digital technology to establish independent broadcasting platforms, the country’s major broadcasters are suffering financially, data showed Sunday. According to Rep. Yoon Sang-jin of the main opposition Liberty Korea Party, Korean Broadcasting Systems reported an operating loss of 65.5 billion won ($53.9 million) for the first half of this year, as compared with 53 billion won from a year earlier. The decreased opera
Aug. 11, 2019
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[Newsmaker] Kolmar Korea president resigns, apologizes for controversial video
Yoon Dong-han, president of cosmetics and health care goods manufacturer Kolmar Korea, apologized and resigned Sunday after showing a controversial video praising Japan to employees last week.During a press conference at Kolmar Korea’s headquarters in Seoul, Yoon said he deeply regretted his behavior and would take responsibility by resigning from the top post.“I apologize to our clients for causing harm due to my wrong behavior, and also to customers who trusted Kolmar Korea product
Aug. 11, 2019
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[Herald Interview] Accounting alignment a prerequisite for better inter-Korean business ties
When inter-Korean relations appeared to be improving in 2018, there were expectations that North Korea would open its markets and South Korean companies would have an upper hand due to their cultural similarities.But the on-ground situation is different. What is often overlooked is that doing business in North Korea is not as easy as it seems. The accounting system of the long-secluded area is not up to international rules standards, according to a senior accountant with expertise in inter-Korea
Aug. 11, 2019
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[From the scene] Outdoor leisure gets more exciting with 5G thrills
Telecom service provider KT has taken over Surfyy Beach, a rising surfers’ beach party area in Yangyang, Gangwon Province, with various activities related to 5G services for 10 days from Friday to Aug. 18.The first thing visitors can see is a banner “KT 5G 5WAG,” written so that the number 5 in the last word looks like the alphabet “S.” The words are emblazoned across a giant screen installed at the entrance to the beach, which livestreams footage of jet surfer ridi
Aug. 11, 2019
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KOGAS Q2 net losses narrow on price hikes
The state-run Korea Gas Corp. said Friday its net losses narrowed sharply in the second quarter on gas price hikes. Net losses for the three months ending June 30 narrowed to 6.8 billion won ($5.6 million) from 129.6 billion won a year earlier, the company said in a statement. "Gas prices rose 4.5 percent for the year. Some of the company's outstanding payments for gas supply to the markets were retrieved in the second quarter. These gave a big boost to the quarterly bottom line,"
Aug. 9, 2019
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KIC invests $412m in Japanese firms linked to war criminals
State-run Korea Investment Corp. is found to have heavily invested in Japanese companies linked to forced wartime labor, according to sources, prompting concerns about the investment portfolio of domestic financial institutions. It is the latest revelation after the release of the National Pension Service’s investment history last month.According to Rep. Kim Kyung-hyub from the ruling Democratic Party on Friday, the KIC invested about $412 million -- as of last year -- in 46 Japanese compa
Aug. 9, 2019
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Antitrust regulator nominee says ‘fair economy is vital’
South Korea’s antitrust watchdog nominee Joh Sung-wook said she would keep “fair economic development” in mind, adding both conglomerate reforms and fair economy are vital. The professor at Seoul National University met with reporters on Friday afternoon shortly after President Moon Jae-in nominated her as the new chief of the Fair Trade Commission. “I feel a heavy responsibility to be nominated as the FTC head, who serves a critical role of pursuing a fair economy,
Aug. 9, 2019
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Kakao and Twice collaborate for new Kakao merchandise
Kakao IX, the Kakao company that oversees the characters of Kakao Friends, announced Friday the release of Kakao Friends Twice Edition, a new merchandise series in collaboration with girl group Twice. First to be released from the series are nine pin badges with pictures drawn by the members of Twice themselves. “Twice members have been actively participating throughout the idea planning and designing processes,” Kakao IX said, with behind-the-scenes videos of the process to be
Aug. 9, 2019
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Female SNU professor nominated to head S. Korea’s antitrust watchdog
President Moon Jae-in has nominated Joh Sung-wook, a professor at Seoul National University, to lead South Korea’s antitrust watchdog, the presidential office said Friday. Joh, 55, will replace former head Kim Sang-jo, who is Moon’s chief policy secretary since June. Currently serving as professor at SNU Business School, Joh previously served as a non-executive member of the Financial Services Commission’s Securities & Futures Commission from April 2013 to April this y
Aug. 9, 2019
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SillaJen vows to come back with more data to prove Pexa-Vec efficacy
SillaJen will sturdy rickety investor sentiments with more data as soon as ready, the company told The Korea Herald on Friday, while maintaining that currently it can only offer to say the company has unfazed faith in the efficacy of Pexa-Vec.SillaJen will follow through with the plan to establish a new research and development center in Pangyo, Gyeonggi Province, which will open in September. SillaJen, a viral Korean biotech company whose market value came reached 10 trillion won ($8.3 billion)
Aug. 8, 2019
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Japan gives first export approval to South Korea after tightened rules
The South Korean government said Thursday that Japan has allowed high-tech materials to be exported to South Korea in the first approval since the Shinzo Abe administration imposed export curbs in July on three materials crucial for Korea’s chip and display production. Prime Minister Lee Nak-yon said Thursday that Japan had granted its first approval for exporting extreme ultraviolet photoresists to Korea a day earlier. EUV photoresists are one of the three materials that Japan restri
Aug. 8, 2019
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S-Oil grants scholarships of W330m to students
South Korea’s leading oil refiner S-Oil held a ceremony Wednesday to award scholarships to students at an orphanage. The S-Oil Dream Scholarship is an annual donation organized by the company to provide educational opportunities to less-advantaged students.This year, 135 students from Sundukwon Orphanage, as well as a choir group at the center, were provided scholarships totaling 330 million won ($273,000). Since 2016, the company has donated 1.2 billion won to aid 485 students.Of th
Aug. 8, 2019
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Service output down in restructuring-hit region: data
The South Korean industrial city of Ulsan suffered a setback in service output and retail sales in the second quarter due to lingering effects of massive corporate restructuring, data showed Thursday.Service output in Ulsan -- home to shipbuilder Hyundai Heavy Industries Co. and Hyundai Motor Co. -- fell 0.3 percent in the April-June period from a year earlier.Retail sales in the southeastern industrial city declined 1.2 percent, marking the fifth straight quarter that retail sales have fallen.T
Aug. 8, 2019
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Moody's puts SK Innovation on negative outlook
Moody's Investors Service on Wednesday changed SK Innovation Co.'s rating outlook to negative from stable due to the firm's large leveraged spending and dividends. Moody's holds a Baa1 rating for SK Innovation, South Korea's biggest refiner by sales. "The change in SK Innovation's outlook to negative reflects our expectation that the company's financial metrics will deteriorate significantly over the next 1-2 years, mainly because of large debt-funded ca
Aug. 7, 2019
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Yuhan launches subsidiary in Australia
South Korean pharmaceutical giant Yuhan has established a subsidiary in Australia to expand its global clinical network and drug development pipelines. The subsidiary, Yuhan ANZ, was launched in June. Some 2 billion won ($1.6 million) was reportedly invested for the project. The company said Australia is one of the countries with bright prospects for the pharmaceutical market, given its increasing demand for medical products. “Launching a subsidiary in Australia is a part of our
Aug. 7, 2019
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LG H&H CEO leads biggest market cap growth
Local corporate tracker CEO Score revealed Wednesday that among CEOs of major listed companies in South Korea, LG Household & Health Care Vice President Cha Suk-yong raised the market cap of the company by the largest margin during his tenure. According to CEO Score, LG H&H’s market cap was valued at 435.7 billion won ($358.6 million) in January 2005, when Cha was first appointed as the CEO, but rose to 19.63 trillion won as of end-July, a whopping 4,405.4 percent increase in 14.6
Aug. 7, 2019
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Asiana Airlines to suspend flights on Busan-Okinawa route
Asiana Airlines Inc. said Wednesday it will suspend flights on the Busan-Okinawa route later this month due to falling demand stemming from a trade row between South Korea and Japan. A series of Tokyo's export curbs on Seoul has sparked a "Boycott Japan" campaign here against travel to the neighboring country and purchases of Japanese products. Asiana said flights departing from the southeastern port city of Busan for Japan's southern resort island of Okinawa will be suspended starting
Aug. 7, 2019
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KT Q2 net down 33% on increased 5G investment
KT Corp. said Wednesday its net profit sank 33.4 percent in the second quarter from a year earlier as it ramped up spending on its 5G network and marketing. The South Korean telecom provider posted 139.7 billion won ($115 million) in net profit in the April-June period, compared with 209.9 billion won a year ago. Its operating profit dipped 37.9 percent on-year to 191.1 billion won, while sales rose 6.4 percent to 4.5 trillion won in the three-month period, the firm said in a financial statement
Aug. 7, 2019