Most Popular
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Controversy rekindled over when to name criminals, suspects
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Seoul transit pass for travelers to be available starting July
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Court's ruling set to shape path of medical school expansion
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Loans of self-employed swell 50% in four years
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Lotte Shopping to invest W3tr for e-commerce under omni-channel
Lotte Shopping, which operates Lotte Group’s retail brands such as Lotte Department Store and Lotte Mart, will invest 3 trillion won ($2.8 billion) to fortify its e-commerce business under one channel, based on its expertise of operating offline business. Lotte Shopping CEO Kang Hee-tae speaks during a press conference held in Seoul on Tuesday. Lotte Shopping“We aim to make online sales of 20 trillion won by 2022 and become the industry’s No.1, through our focus on strategies for O4O (Online-fo
May 15, 2018
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US should treat Hyundai, Toyota equally: AmCham
Representatives of the American Chamber of Commerce in Korea delivered a message to the US government that Korean automakers including Hyundai Motor and Kia Motors should have full benefits and support during its Doorknock meeting, according to the organization on Tuesday. Doorknock is AmCham’s annual event where its delegation meets with the US administration and high-ranking officials to discuss trade and business issues between Korea and the US. This year, the delegation visited the US from A
May 15, 2018
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SMEs step up patent suit strategies in overseas market: data
South Korea’s small and medium-sized businesses are increasingly taking aggressive legal measures to defend their patents in the US market, according to the Korean Intellectual Property Office and the Korea Intellectual Property Protection Agency.The 2017 IP Trend Annual Report showed Monday that the number of patent litigations filed by Korean companies in the United States, which had been on a steady decline since 2013, took an upturn last year and stood at 182 cases, up 38 from the previous y
May 14, 2018
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[Photo News] Refuting Samsung BioLogics' defense
REFUTING SAMSUNG BIOLOGICS’ DEFENSE -- Hong Soon-tak (right), an activist and certified public accountant, speaks at a press conference held by civic activist group People’s Solidarity for Participatory Democracy at its headquarters in Seoul on Monday. The press conference aimed to refute claims by biopharma company Samsung BioLogics that its change of accounting method had no association with accounting fraud. (Yonhap)
May 14, 2018
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[Video] Matching unique beer with Korean BBQ
Samgyeobsal (pork belly) with soju, Pajeon (scallion pancake) with makgeolli (Korean rice wine) and cheese with wine: these are some of the staple pairings of dishes and alcoholic beverages that go hand in hand.Taking cue from the commercial effects of such dining culture, beverage makers and importers have been stepping up their marketing game by finding “the right” pairings of local dishes for their brands in a country where alcohol consumption is shifting towards quality rather than quantity.
May 14, 2018
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Industry Minister visits Singapore, Thailand on economic cooperation
Korean Minister of Trade, Industry and Energy Paik Un-gyu, will discuss expansion of economic cooperation with his counterparts during a four-day visit to Singapore and Thailand, according to the ministry on Monday. His visit to the two nations is seen as part of the President Moon Jae-in’s recent promise to bolster ties with Southeast Asia. Paik Un-gyu, Korean Minister of Trade, Industry and EnergyDuring the stay in Singapore, Paik is slated to have a dialogue with Chan Chun Sing, the minister
May 14, 2018
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‘Inefficient and all for show’: Korean workers cynical about moves to change corporate culture
Despite attempts in recent years to adopt shorter work hours and greater flexibility in the corporate world, a majority of Korean workers doubt that such efforts actually make a difference, a joint survey by the Korea Chamber of Commerce & Industry and McKinsey showed Monday.Around 2,000 Korean employees were surveyed to check whether there was any improvement from a previous survey in 2016. The earlier report had highlighted Korean employees’ habitual overtime work, inefficient meetings and a l
May 14, 2018
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Asiana plane has collision in Istanbul Airport
Asiana Airlines’ OZ552 departing from Istanbul, Turkey crashed into the tail of Turkish Airlines’ A321 plane Sunday, breaking its wing as well as the other plane’s tail and causing a fire.According to Asiana, the plane was moving on the taxi way at Istanbul’s Ataturk Airport at around 5:30 p.m. local time. Its wing accidentally hit the tail of Turkish plane which was parked.The air carrier said none of the people on board were hurt, and the crash was not severe. The fire that broke out on the Tu
May 14, 2018
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[Herald Interview] Kyobo chief advocates ‘human-centered management’ to world SMEs
Kyobo Life Insurance CEO Shin Chang-jae shared his ideas on human-centered management with small-sized business owners, government officials and scholars from around the world, officials said Sunday.“Profit is like fuel. A company cannot live without it but should not live for it, either,” said Shin in his keynote speech at a forum held Friday in New York, local time.Shin Chang-jae, CEO of Kyobo Life Insurance. (Kyobo Life Insurance)The event, titled “Sustainable Stakeholder Relationship Managem
May 13, 2018
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[IP in Korea] How apart are two Koreas in their copyright systems?
The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the 14th installment. -- Ed.At the heart of a recent thaw in relations on the Korean Peninsula were two symbolic cultural events: the joint performances of South Korean and North Korean art troupes. The first one took place in February on the sidelines of the 2018 PyeongChang Winter Olympic Games and the second one in Pyongyang ahead of the inter-Korean summit in April. While this may be
May 13, 2018
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[Newsmaker] How will review of Samsung BioLogics’ alleged accounting fraud go?
South Korea’s top financial regulator will embark on initial steps to review accounting fraud allegations involving contract drug manufacturer Samsung BioLogics this week, the outcome of which will largely sway the company’s future prospects and legal standing.The Financial Services Commission is set to review the closely-watched case on Thursday via an in-house accounting oversight panel, marking the first formal meeting on the issue. It will then refer the case to the Securities and Futures Co
May 13, 2018
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Debunking myths on red ginseng, Cheong Kwan Jang reaches out to health-conscious ASEAN markets
SINGAPORE -- Many people may not know that South Korea’s red ginseng entered the Southeast Asian market in the 1930s.Now amid growing awareness of healthful products and a rise in modern illnesses, Cheong Kwan Jang, the top-selling red ginseng brand by Korea Ginseng Corp., has been quietly making waves in other Asian markets. Its expanding presence, however, comes after years of efforts, according to the company, as it faced long-standing cultural perception surrounding red ginseng.“Definitely w
May 13, 2018
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[Hyundai Reform] Elliott preys on chaebol’s Achilles’ heel for short-term gains
Among many factors concerning South Korea’s corporate world, there’s one particular case that businesses feel commonly sensitive about: activist hedge funds. Hedge funds use unconventional strategies of not only intervening in the company’s board and management, but also waging proxy battles and liquidating assets. They operate around the world, pushing companies with aggressive strategies in pursuit of greater returns.And South Korea appears to be the latest target for the “corporate hunters.”A
May 13, 2018
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2 in 3 chaebol family members hold shares in unlisted affiliates
Two out of 3 family members belonging to conglomerates own more than a 20 percent stake in one of its unlisted affiliates, data showed Sunday, a sign of potential unfair trading within businesses.According to the data by the Fair Trade Commission, the nation's antitrust watchdog, 38 out of the country's 57 major family-controlled conglomerates, or chaebol, with assets of 5 trillion won ($4.7 billion) or more were found to have people with "special ties" to the top manager and owned stakes in aff
May 13, 2018
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Manufacturing sector's full-time jobs shrink for 3 straight quarters: data
The number of full-time jobs in South Korea's manufacturing businesses decreased for the third straight quarter in the first three months of 2018 amid overall challenges facing the sector, official data showed Sunday.According to Statistics Korea that conducted a review of workers in the country's manufacturing field, 2,384 positions were lost in the January-March period compared with the year before.The contractions follow a drop of 2,394 and 9,257 posts in the third and fourth quarters of last
May 13, 2018
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Manufacturing facing similar challenges to those during global financial crisis: data
South Korea's manufacturing industry is struggling with the same kind of output drop it faced when the world economy was rocked by the 2008 financial crisis, official data showed Sunday.Findings by Statistics Korea showed auto, shipbuilding and steelmaking taking the brunt of the downturn, which could lead to problems for the country's manufacturing sector as a whole and the job market that is critical for sustainable growth.Key sectors like autos and steel have been the mainstay of South Korea'
May 13, 2018
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10 Chinese firms to be delisted in S. Korea
Wanli International Holdings Ltd., a Chinese tile manufacturer, is poised to be delisted from South Korea's secondary stock market, the local bourse operator said Sunday, adding to lackluster investor sentiment toward Korea-listed Chinese firms.Trading of Wanli International Holdings will be terminated on May 23 from the tech-savvy KOSDAQ market, the Korea Exchange said.Wanli will become the 10th Chinese firm to be booted out from the local bourse.Wanli International Holdings, one of the top wal
May 13, 2018
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Firms making inquiries about opening operations at Kaesong complex
A number of firms are making inquiries about the now-shuttered joint industrial complex in North Korea's border city of Kaesong, industry sources said Sunday, as the two Koreas move to implement a set of agreements signed during their leaders' historic summit last month.According to the insiders from a private task force representing South Korean firms that had operated factories in the Kaesong Industrial Complex, the inquiries have recently been made by both South Korean and foreign companies a
May 13, 2018
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SMEs pledge to do their part to stimulate inter-Korean cooperation
South Korea's small and medium-sized enterprises will do their part to stimulate cross-border economic cooperation once Seoul and Pyongyang normalize relations, a local business lobby group said Sunday.Korea Federation of Small and Medium Business Chairman Park Sung-taek said in a gathering of entrepreneurs late last week in Seoul that the historic summit on April 27 between the leaders of the two Koreas and the possibility of good relations with North Korea is ushering in a new era of peace.Sou
May 13, 2018
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Local beer losing out to foreign rivals, jeopardizing production base
Local beer is steadily being sidelined by imports as distributors are focusing on importing foreign brands that can potentially threaten South Korea's production base, industry observers here said Sunday.Market insiders said that South Korean distributors are currently competing with each other to secure rights to import foreign beer that have become popular with consumers in recent years and offer better profits for companies that can handle them.Reflecting this trend, companies like Lotte Liqu
May 13, 2018