Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Budweiser kicks off ‘Light Up The FIFA World Cup’ global campaign
The American-style lager Budweiser, the official beer of the FIFA World Cup, has unveiled its worldwide campaign to promote the 2018 FIFA World Cup, which will kick off in Russia on June 14. Budweiser’s Light Up the FIFA World Cup global campaign. BudweiserUnder the campaign “Light Up the FIFA World Cup,” Budweiser has released Thursday its advertisement featuring the largest beer delivery to date. In this televised ad which will be aired in some 50 countries around the world, thousands of dron
May 10, 2018
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Corporate watchdog chief hopes for conglomerates' voluntary change
South Korea's corporate watchdog chief said Thursday that conglomerates should continue efforts to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition.In a meeting with heads of the country's top 10 conglomerates, including Samsung and Hyundai, Fair Trade Commission Chairman Kim Sang-jo also stressed that the corporate watchdog would keep monitoring large business groups who abuse their market dominance and carry out unfa
May 10, 2018
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Sales of ‘budget meal’ lunch boxes grow
Amid South Korea’s rising consumer prices and increasing interest for budget meals, sales of lunch boxes at convenience stores are growing, industry data showed Wednesday. CU lunch box (CU)According to BGF Retail, operator of the country’s convenience store chain CU, the sales of lunch boxes at CU stores surpassed that of instant cup noodles last year for the first time, recording 52.1 percent and 47.9 percent, respectively.From January to April this year, sales of lunch boxes at CU stores hit
May 9, 2018
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LG rattled by raid over alleged tax evasion of owner family
LG Group was thrown off guard Wednesday as the prosecution raided the headquarters of the conglomerate as part of an investigation into alleged tax evasion by the family of LG Chairman Koo Bon-moo.The Seoul Central District Prosecutors’ Office sent a team of investigators to search the offices in Yeouido, Seoul, and confiscate materials including accounting documents.The raid follows a complaint filed by the National Tax Service against the Koo family, in relation to the suspicion that they evad
May 9, 2018
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Korea, Japan, China leaders meet over economic partnership
A trilateral business summit attended by leaders and business representatives from Korea, Japan and China took place in Tokyo on Wednesday, jointly hosted by the Korea Chamber of Commerce & Industry, the Japan Business Federation and the China Council for the Promotion of International Trade. Park Yong-man (from left), chairman of the Korea Chamber of Commerce, President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and CCPIT Chairman Jiang Zengwei attend a trilater
May 9, 2018
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[Video] Samsung heir Lee Jae-yong returns after China, Japan trip
GIMPO -- Samsung Electronics heir and Vice Chairman Lee Jae-yong on Wednesday returned from a weeklong trip to China and Japan after meeting the company’s major business partners there. In response to a question on what had been the major achievements of the latest trip, Lee told The Korea Herald that he would elaborate more later on.(Shot by Song Su-hyun/Edited by Lim Jeong-yeo)Lee met with chairmen and top officials of Japan’s mobile carriers KDDI and NTT Docomo in Tokyo earlier this week as p
May 9, 2018
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Coway sets new record high Q1 performance
Water and air purifier maker Coway said it recorded 647.8 billion won ($598 million) of sales in the first quarter this year with 6.2 percent increase on-year, and 131 billion won of operating profit with 8.6 percent rise on-year, both setting new record highs. Coway CEO Lee Hae-sun (right) poses in front of Coway’s Fresh Wear Styling System, a clothing cleaning machine, at the 2018 Consumer Electronics Show. CowayThe company said the record sales and operating profit are attributable to the hi
May 9, 2018
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Customs agency to set up special team over Hanjin’s alleged smuggling
The Korea Customs Service is reviewing setting up a special team to improve its customs administration system with respect to growing suspicion over family members of Hanjin Group Chairman Cho Yang-ho’s smuggling luxury goods into the country without properly paying duties.The team will closely monitor the passage for airline employees in the airport that was allegedly misused by Cho’s family for dodging duties and also look into the cozy relations between the customs and airline employees, the
May 8, 2018
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AI boosts patents in renewable energy sector: data
Patent applications in the renewable energy sector have sharply increased in recent years, on the back of artificial intelligence and its integration with energy systems, data showed Tuesday.The number of renewable energy patents involving artificial intelligence issued in 2006-2017 totaled at 253, according to the Korean Intelligence Property Office.The yearly figure, which lingered in the 11-17 range in 2010-2012, took a drastic upturn starting 2013 to reach 40 in 2016 and 47 in 2017.Of the ac
May 8, 2018
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Kumho Tire seeks delisting as defense-related business
Following its sell-off to China’s state-run tiremaker Qingdao Doublestar, Kumho Tire recently requested the government to cancel its designation as a defense-related company. Kumho TireThe tiremaker is categorized as a defense industry company as it manufactures tires for fighter planes. Kumho Tire makes some 1.6 billion won ($1.4 million) annually from the related business. Separately, creditors of Kumho tire such as Korea Korea Development Bank are reportedly planning to sell the company’s def
May 8, 2018
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Korea Ginseng Corp. to attend global duty free show in Singapore
Korea Ginseng Corp. will participate in this year’s TFWA World Exhibition & Conference in Singapore for the second year in a row with aims to promote its ginseng-based health care products in the global market, the company said Tuesday. A Cheong Kwan Jang booth set up by Korea Ginseng Corp. (Korea Ginseng Corporation)The Tax Free World Association, or TFWA, is the largest association in international duty free and travel retail. It hosts the global conference twice a year, once in Singapore and
May 8, 2018
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S. Korea's electric utility envisions power plant in N. Korea
South Korea‘s state-owned electric utility has conjured up a plan to build a power plant in North Korea that generates electricity for industrial facility operation there, according to reports Tuesday.The preliminary plans came amid the blossoming relationship between the two Koreas following an inter-Korean summit on April 27, although the feasibility remains farfetched due to outstanding economic sanctions. (Yonhap)According to the plan by the Korea East-West Power, a subsidiary of the state-
May 8, 2018
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[Doing Biz in Korea] ‘Koreans are hard-working but shy’
The Korea Herald is publishing a series of features and interviews on South Korea’s business environment for foreign companies and investors. This is the seventh installment. -- Ed.A hardworking mentality has been without doubt the key mantra of South Korea in its rapid industrialization and economic advancements after the Korean War (1950-53). Now the 11th-largest and fourth-biggest economy in the world and Asia respectively, the country is leading in industries ranging from conventional manufa
May 8, 2018
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What’s the worst case scenario for Samsung BioLogics?
An announcement by the nation’s financial regulator on Samsung BioLogics’ alleged breach of accounting rules before its market debut in 2016 last week has sent shockwaves across the market, not only dealing a serious blow to the South Korean biotech drug manufacturer, but also placing a heavy burden on the authorities to prove their claim.The Financial Supervisory Service said on May 1 that it had issued a preliminary notice to Samsung BioLogics and its auditors that it could take action over th
May 8, 2018
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AFoCO to lead growth with green forests
Kim Jae-hyun (Asian Forest Cooperation Organization)The efforts for the establishment of the AFoCO started in a simple but desperate attempt to do what we can to save our forests and help the people live better lives in Asia. The AFoCO is opening a door to unfold ‘Asia nestled in forest’ where people lead more prosperous lives with healthier forests. This paves the way to better contribute and think more proactively in tackling climate change -- a global challenge of this age. All too often, for
May 8, 2018
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AFoCO to play crucial role in Moon’s ‘New Southern Policy’
Lim Sung-nam (AFoCO)Last year, President Moon Jae-in announced the New Southern Policy. Under this policy direction, Korea is looking beyond Northeast Asia to deepen bonds of cooperation with ASEAN and beyond. By forging a mutually beneficial partnership, the policy’s ultimate goal is to contribute to an even better quality of life for the peoples of both ASEAN and Korea -- and in so doing fostering a peaceful community of prosperity. In this vein, AFoCO will be an important channel for us to t
May 8, 2018
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Samsung executive probed over alleged labor union sabotage
Prosecutors questioned an executive of Samsung Electronics Co.'s after-service affiliate Tuesday over allegations that his company carried out an organized scheme to disrupt labor union activities among workers. The Seoul Central District Prosecutors' Office grilled Choi Pyeong-seok, a senior executive at Samsung Electronics Service in charge of the human resources division, the office said. The 56-year-old is suspected of leading a scheme to sabotage the establishment of the labor union. Sams
May 8, 2018
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Home appliance sales surge in May amid fine dust concerns: data
Sales of home appliances have been rising every May over the past few years amid growing concerns over high levels of fine dust in the atmosphere, industry data showed Tuesday.Shinsegae Department Store said its sales of home appliances in 2017 were the highest in May, compared with the two previous years when the comparable figures peaked in October.The retailer's sales of household electrical appliances in May posted 15.3 percent growth in 2015, 27.6 percent in 2016 and 47.7 percent last year,
May 8, 2018
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S. Korea needs efforts to avoid US anti-dumping moves: report
South Korea needs more attention to avoid US anti-dumping moves as the bulk of its exports to the world's No. 1 economy overlaps with already regulated Chinese goods, a report said Tuesday.According to the report by the Korea International Trade Association, 90 percent of South Korean exports subject to US anti-dumping moves are the same types of Chinese-made products that the US regulates to protect its domestic industries.The South Korean exports total 351, 98 percent of which are steel produc
May 8, 2018
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Asian forest ministries link up to fight climate change
Ministries and government bodies in charge of forest preservation in South Korea and ASEAN member countries have launched an intergovernmental platform to strengthen regional cooperation regarding forests and address the impacts of climate change. Attendees including Lim Sung-nam, first vice minister of foreign affairs (sixth from left), Kim Jae-hyun, minister of the Korea Forest Service (sixth from right), Park Eun-sik, acting executive director of AFoCO (fifth from right), and Lee Hyuk, secret
May 7, 2018