Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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South Korea open to Indonesian proposal to cut KF-21 payments
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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Court bans ex-Samsung worker from relocating to Chinese firm
A local court banned a former worker of Samsung Display Co. from relocating to a Chinese firm on Thursday, claiming the restriction is needed to protect sensitive technologies.The Suwon District Court upheld the request made by Samsung Display to ban a former researcher from getting a new position at a Chinese company, and ruled the defendant should not relocate to Samsung's rivals and their subcontractors for two years.The court added the defendant must compensate Samsung Display 10 million won
July 5, 2018
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Posco Daewoo contributes to medical volunteer work in Indonesia
Posco Daewoo, the energy development unit of steelmaker Posco, will conduct medical volunteer work helping about 1,000 residents in Indonesia, the company said Wednesday.Together with 20 Korean and local medical staff, some 40 employees of Posco Daewoo will provide health check-ups and health education to residents in Indonesia’s eastern province Papua until July 8.Volunteers will provide education on pregnancy and other topics, the company said. Employees of Posco Daewoo support medical volunte
July 4, 2018
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[Newsmaker] Kumho chairman under siege over ‘no-meal’ fiasco, alleged profiteering
The chairman of Kumho Asiana Group, which owns the nation’s second-largest air carrier, apologized Wednesday for causing public concern amid escalating controversy over operating passenger flights without meals and a questionable deal behind it.Offering an official apology, Chairman Park Sam-koo said he was sorry for causing concern and that he feels “grave responsibility” for causing customer inconvenience.Kumho Asiana Chairman Park Sam-koo seen at a press conference held at the group's head of
July 4, 2018
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Most chaebol heirs study abroad
Over half of children of major South Korean business group owners went to a university abroad, a new report has revealed.The report released by the business rating site CEO Score on Wednesday showed that nearly 53 percent of children from owner families of the top 100 conglomerates, who are also involved in management, have graduated from a university outside Korea.The site found most chaebol heirs receive higher education abroad after analyzing 114 out of 157 children whose academic records wer
July 4, 2018
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Asiana Airlines ‘inflight-meal chaos’ falls into deeper quagmire
Controversy escalated Tuesday over some flights of major South Korean air carrier Asiana Airlines not providing inflight meals, not only for causing inconvenience to passengers but also on allegations of a questionable deal.(Yonhap)The air carrier’s catering service for some international routes got suspended Friday, citing a fire that had broken out at a plant of its new supplier Gate Gourmet Korea in March, according to local reports that quoted officials involved in the matter. To fill the la
July 3, 2018
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S. Korea faces second legal battle from US fund over Samsung merger
Korea's government is facing another investor-state dispute lawsuit from a US fund over a controversial merger of two Samsung Group companies in 2015. The Ministry of Justice said in a release on Tuesday that it has received a notice of intent from Mason Capital Management, seeking $175 million in compensation for losses incurred from its investment in Samsung C&T Corp., after it merged with Cheil Industries Inc. It is the second proposal of arbitration offered to the government by a US investor
July 3, 2018
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FTC warns tougher rules on holding firms reliant on intragroup dealings
South Korea’s antitrust watchdog said Tuesday it found 18 holding companies of conglomerates generated income more from brand royalties, rental properties and consulting fees than dividend income. The main source of holding companies’ income should be dividends from their affiliates but they generated income from other sources for the benefit of their controlling families and as a means to tighten their grip on power, according to the Fair Trade Commission. (Yonhap)The FTC found holding compan
July 3, 2018
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Korea sets guidelines for medical devices employing VR, AR technologies
South Korea’s Ministry of Food and Drug Safety has set official approval guidelines for medical devices that use virtual reality and augmented reality technologies, setting a clearer development path for companies working to commercialize new products in this emerging space. The Drug Ministry on Monday released a new regulatory guidebook laying down the definition and elements of VR and AR-based medical devices as well as approval standards, in the hope of expediting new related product developm
July 3, 2018
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Korea’s NongHyup Bank improves financial services through SAS analytics tech
Faced with stiff competition in financial services, banks around the world have been striving to maximize their operational efficiency and customize services using digital analytics technologies.Capitalizing on this demand is SAS, a US analytics software firm that has been providing banks with high-powered analytics capabilities to help them provide more personalized services to their clients. One example is South Korea’s NongHyup Bank, one of the country’s largest lenders with more than $250 bi
July 3, 2018
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Passengers slam Asiana Airlines service
Passengers traveling via Asiana Airlines on Sunday and Monday had to endure unexplained departure delays stretching up to five hours, subsequently followed by a journey without in-flight meals. On Sunday, 36 Asiana flights took off without meals and 51 flights were delayed out of the 80 planes scheduled for the day. The next day, 18 flew without meals and 20 were delayed out of 75 flights, according to the tally by Asiana Airlines.Angry comments from hungry passengers took online platforms by st
July 3, 2018
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Hyundai Motor's India sales to top 500,000 units this year
NEW DELHI - Hyundai Motor Co.'s sales in India are expected to exceed the 500,000-unit mark for a third year in 2018 thanks to its diversified lineup, industry watchers said Tuesday.Hyundai Motor, South Korea's top automaker, sold 229,765 vehicles in the Indian market between January and May this year, up 6.4 percent from a year earlier, according to data from the Society of Indian Automobile Manufacturers.Hyundai Motor posted the second-highest market share of 15.8 percent in Asia's third-large
July 3, 2018
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Samsung, SK hynix to hand out large bonuses amid robust chip sales
South Korean chipmakers are expected to pay large bonuses to their workers this month amid the prolonged boom in the global semiconductor market, corporate sources said Tuesday.Samsung Electronics Co. told its workers that the company will provide target-achievement incentives, handed out every six months, this week. The amount depends on the performance of each division, and can reach up to 100 percent of an employee's monthly salary.Corporate sources said the chip division received a full bonu
July 3, 2018
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[Herald Interview] Honeywell taps deeper into Korean aviation market
US aircraft solutions provider Honeywell is tapping deeper into the growing Korean aviation market with its new connected aircraft and flight efficiency solutions that help save fuel costs. In the last five years, Korea’s air traffic has increased by an average of 6.9 percent per year, outpacing the global average of 5.6 percent, according to government data. Honeywell expects this growth to be sustainable, as Korea is focusing on attracting more visitors to the country. “South Korea remains a p
July 2, 2018
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Korea Inc. put to test under shorter working-hour system
Shorter working hours kicked off nationwide Monday, testing both the competiveness and productivity of Korea Inc., which has long relied on a workforce that puts in long hours for its dramatic growth. Marking a significant change in the nation’s labor market, after the five-day workweek was adopted in 2004, the new system requires workers to work less than 52 hours a week. It has taken effect for large businesses with more than 300 employees for now. Smaller businesses with fewer than 300 worker
July 2, 2018
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New LG chairman gets right to business
Koo Kwang-mo, the new CEO and chairman of LG Corp., on Monday started off his first day as the chief of the fourth largest conglomerate in South Korea, focusing on major issues across the group’s affiliates. The 40-year-old group head skipped an inauguration ceremony and started figuring out major issues of the group in a new office room on the 30th floor of the east building of LG Twin Tower in Yeouido, western Seoul.“While inheriting and developing my predecessor’s management direction based o
July 2, 2018
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SK Chemicals spins off vaccine business into ‘SK Bioscience’
SK Chemicals announced Monday that it has spun off its vaccine business division into a new unit called SK Bioscience. The spinoff was completed as of Sunday. SK Bioscience has been established as a wholly-owned subsidiary of SK Chemicals.With the split, SK Chemicals will focus on the chemical materials and chemical combination drug business, while SK Bioscience will focus on the vaccine business with aims to maximize shareholder value. (SK Bioscience)The new subsidiary will be led by Ahn Jae-yo
July 2, 2018
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S. Korea shortlisted for Saudi Arabia's nuclear project
South Korea has been included on the shortlist for a nuclear project in Saudi Arabia, boosting hope for its second export bid in the Middle East following a deal in the United Arab Emirates, Seoul's energy ministry said Sunday.Saudi Arabia selected five countries -- South Korea, the United States, France, Russia and China -- as preferred bidders for the kingdom's first nuclear project, the Ministry of Trade, Industry and Energy said. (Herald DB)The kingdom plans to build two nuclear reactors wit
July 1, 2018
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[Photo news] Cheering for the youths
CHEER UP, YOUNG -- Performers including singer-songwriter Baek Ga-young, folk song duo Okdal and poet Ha Sang-wook on Saturday perform at the Cheer Up 2030 Concert held by steelmaker Posco. The concert, held at Posco Center in Seoul and attended by some 300 college students, came as part of the company‘s long-term efforts to enhance communication with the young generation. (Posco)
July 1, 2018
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Battery business to gain further momentum in ‘fourth industrial revolution’ era: Samsung SDI
South Korea’s leading auto components maker Samsung SDI pledged to use the ongoing technological progress in the industrial world to add fuel to its battery business, officials said Sunday. Samsung SDI CEO Jun Young-hyun (left) poses with Kim Dong-chun, head of Sung Shiim Won, a child care center in Yongin, for an opening of Dream Academy. (Samsung SDI)“The advent of the ‘fourth industrial revolution’ is an opportunity for bigger growth. The importance of battery will only grow, since the hyper-
July 1, 2018
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S. Korea ramps up efforts to deter Trump’s proposed tariffs on cars
The South Korea government has delivered its opposition to the Trump administration’s gestures to up tariffs on imported cars, claiming the tariff hike may negatively boomerang on the US economy, according to Seoul’s Trade Ministry on Sunday. Reflecting the growing anxiety of the local auto industry, Minister of Trade, Industry and Energy Paik Un-gyu visited Washington last week to deliver Seoul’s stance on the issue to the related US politicians and business representatives. During consecutive
July 1, 2018