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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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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[Grace Kao] American racism against Stray Kids
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Korea’s labor productivity ranked 17th in OECD
Korea’s labor productivity is ranked 17th among 22 member nations of the Organization for Economic Cooperation and Development, according to the OECD report released on Sunday. According to the report, Korea’s gross domestic product per hour worked stands at $34.30, a rise by $1.40 from the previous year. Despite a steady rise since 2011, it is still lower than $47.80 of Spain whose gross domestic product is similar to Korea and is around 38 percent of Ireland’s $88, wh
May 7, 2018
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Hyundai Heavy Industries partners with German robotics maker
Hyundai Heavy Industries Holdings has signed an agreement with German robotics maker Kuka with the aim of selling Kuka’s products to large Korean manufacturing firms, the company said Monday. The agreement was signed on the same day by Kuka chief Till Reuter and Hyundai Heavy Industries Holdings’ management support division head Chung Ki-seon in Germany. Hyundai Heavy Industries Holdings’ management support division head Chung Ki-seo (fourth from left) and Kuka chief Till Reuter (fifth from left
May 7, 2018
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S. Korea's mobile data prices second-highest in world: data
South Korea ranked No. 2 around the globe in terms of smartphone data subscription costs last month, data showed Monday, adding to consumer complaints over local mobile carriers' presumably overpriced subscription plans.According to the study conducted by Finland-based industry tracker Rewheel, the average cost for 1 GB of mobile data in South Korea came to 13.9 euro ($16.6) in April, making South Korea the second-most expensive country in the world.The study was conducted on 41 countries' prici
May 7, 2018
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Data shows unbalanced revenue growth among large Korean firms
South Korea's top 100 companies saw first-quarter earnings rise compared to the same period last year, but the gains were concentrated on a handful of high-performing companies, corporate analysis showed Sunday.CEOScore, a website that appraises corporate performance, analyzed the top 100 firms on their first-quarter business ledgers.Results showed combined sales of 320.5 trillion won ($297.58 billion), up 4 percent from the same period last year, and operational profits of 38.7 trillion won, an
May 6, 2018
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Samsung Biologics' market cap crashes over problematic accounting
South Korea's major biopharmaceutical firm, Samsung BioLogics Co., saw its market capitalization plunge this week over alleged accounting violations, market data showed Saturday.The share price of the firm nosedived 26.3 percent over the previous three trade sessions, losing a whopping 8.5 trillion won ($7.8 billion) in terms of market cap.The drop came after South Korea's financial watchdog on Tuesday tentatively concluded that Samsung BioLogics committed accounting fraud while assessing the va
May 5, 2018
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Korean Air employees to hold candlelight vigil against chief's family
Hundreds of former and current employees at Korean Air Lines Co. will stage a candlelight vigil on Friday in protest at the abusive treatment by the controlling Cho family, amid rising public outcry over an alleged assault by one of the chief's daughters. Former and current employees at the country's flag carrier, as well as their families and acquaintances, are expected to attend the rally from 7 p.m., police officials said. It is highly unusual for employees of a large conglomerate in South Ko
May 4, 2018
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Congratulatory messages from business leaders and diplomats on The Korea Herald's 20,000th edition
From top left, clockwise: LS Chairman Christopher Koo; Samsung Electronics CEO Kim Ki-nam; SK President Kim Jun; KCCI Chairman Park Yong-maan; Hyundai Motor Vice Chairman Yang Woong-chul; AmCham Chairman James Kim; Korea Exchange Chairman Jung Ji-won; ECCK Chairman Dimitris PsillakisChairman Park Yong-maan Korea Chamber of Commerce and IndustryCongratulations on issuing the 20,000th edition of The Korea Herald.I hope The Korea Herald continues its mission of providing accurate and balanced journ
May 3, 2018
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Korea and Germany host ‘Energy Day’ in Songdo
A bilateral event called the “Korean-German Energy Day” took place in Songdo on Wednesday with the theme of cooperation in energy efficiency and energy transformation between the two nations, according to its organizer, the Korean German Chamber of Commerce and Industry.Participants including Thorsten Herdan (fifth from right), director-general of the Federal Ministry for Economic Affairs and Energy, and Barbara Zollmann (fourth from left), president of the Korean-German Chamber of Commerce and
May 3, 2018
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L'Oreal acquires 100% of fashion retailer Style Nanda
French cosmetics giant L’Oreal has acquired a 100 percent stake in Style Nanda, marking its first acquisition of a Korean company, according to the fashion and makeup manufacturer Thursday.The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee had initially planned to sell off 70 percent of the company’s shares for 400 billion won ($37 billion) and to keep a 30 percent stake. However, she had changed her mind. Kim started Style Nanda as a
May 3, 2018
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Posco attends global offshore tech conference
(Posco)South Korea’s leading steelmaker Posco is attending the Offshore Technology Conference held in Houston, US, this week to showcase leading rolling and processing technology solutions, the company said Wednesday.The conference is a representative marine technology exhibition participated by some 2,500 companies worldwide.Posco set up an exhibition booth with a local oceanic equipment manufacturer to promote its techniques in collaboration with client firms to help win new orders, and to exp
May 2, 2018
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Korean Air heiress denies assault allegation
Cho Hyun-min, a former senior vice president of Korean Air, returned home after 15 hours of police questioning during which she reportedly denied allegations of assaulting an employee of an advertisement agency in March. Korean Air heiress Cho Hyun-min walks out of the Seoul Gangseo Police Station on Wednesday after being questioned. (Yonhap)Cho was called in on Tuesday on charges including business obstruction and assault.Cho reportedly told police that she threw an empty glass cup toward a wal
May 2, 2018
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Elliott confirms action against government over Samsung merger
US private equity firm Elliott confirmed Wednesday it was taking legal action against the former South Korean administration over its illegal intervention in the merger between Samsung C&T and Cheil Industries in 2015. “Elliott is seeking to negotiate with the Republic of Korea regarding compensation for Elliott’s damages arising from the former administration’s unlawful intervention in the merger of Samsung C&T and Cheil Industries,” said a statement released by the US fund. Elliott mentioned i
May 2, 2018
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Samsung BioLogics butts heads with FSS over accounting fraud decision
Samsung BioLogics on Wednesday went full force to rebut the Financial Supervisory Service’s tentative decision that the biologics drugmaker had engaged in accounting fraud, which immediately led to a plunge in the firm’s stock price throughout the day. In an emergency press conference in Seoul in the afternoon, Samsung BioLogics contended that it had received approval from the FSS along with three major accounting firms on changing its accounting method to International Financial Reporting Stand
May 2, 2018
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CJ vice chairwoman selected as one of 16 leader groups
CJ Group Vice Chairwoman Lee Mie-kyung has been selected as one of the 16 leaders of the Women Entrepreneurs Finance Initiative housed at the World Bank, the company said Tuesday.The Women Entrepreneurs Finance Initiative, better known as We-Fi, helps empower female entrepreneurs in developing countries by providing various support programs. CJ Group Vice Chairwoman Lee Mie-kyung (CJ Group)The international fund participated by 14 countries worldwide, including Korea, the US, and China was laun
May 2, 2018
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Financial watchdog finds accounting violation at Samsung BioLogics
South Korea’s financial watchdog said Tuesday that Samsung Group‘s bio unit has violated accounting rules, and corrective measures and punishment may be taken depending on the final outcome. Since March last year, the Financial Supervisory Service (FSS) has been conducting a special audit on Samsung BioLogics Co., a biopharmaceutical unit of Samsung Group, over alleged accounting irregularities. The bio firm’s accounting flaw boils down to whether there were any irregularities over a dramatic b
May 1, 2018
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[Photo News] Package deliveries continue on Labor Day
DELIVERIES ON LABOR DAY -- A deliveryman unloads packages from a truck at an apartment complex in Seoul on Tuesday, Korea’s official Labor Day. Under Korean labor laws, deliverymen are categorized as “special employment workers” and therefore are not legally obligated to refrain from working on Labor Day. (Yonhap)DELIVERIES ON LABOR DAY -- A deliveryman unloads packages from a truck at an apartment complex in Seoul on Tuesday, Korea’s official Labor Day. Under Korean labor laws, deliverymen are
May 1, 2018
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Antitrust watchdog designates Lee Jae-yong as Samsung head
The Korea Fair Trade Commission designated Lee Jae-yong as head of Samsung Group as his father and bedridden Chairman Lee Kun-hee is judged as being incapable of doing business management independently. The designation does not force Samsung to make any formal changes to its management, but means that the FTC will now treat Lee Jae-yong as the head of the group when applying regulations. That means Lee can be held responsible for FTC rule violations Samsung commits in cases where his father prev
May 1, 2018
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Arrest warrants sought for Samsung executives for sabotaging labor union
Prosecutors on Tuesday sought arrest warrants for three officials from Samsung Electronics Co.'s after-services affiliate and its partner companies over its suspected attempts to sabotage labor union activities.The Seoul Central District Prosecutors' Office sought the writs on suspicions that the trio pushed for an organized scheme from 2013 through 2015 aimed at hampering the establishment and operations of labor unions. ReutersOne of them is an executive of Samsung Electronics Service, identif
May 1, 2018
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[Newsmaker] Police grill Korean Air chief's daughter over alleged assault
Police on Tuesday questioned a daughter of Korean Air's Chairman Cho Yang-ho over suspicion that she assaulted an advertisement agency's employee during a business meeting last month.The Seoul Gangseo Police Station brought in Cho Hyun-min, a former Korean Air senior executive, for questioning over the allegations of assault and obstruction of business in a case that has tarnished the image of the country's flag carrier."I am sincerely sorry for having caused concerns," Cho said repeatedly as sh
May 1, 2018
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Korea's April exports post first decline in 18 months
South Korea's exports retreated in April from a year earlier, marking the first dip in 18 months, largely due to a base effect, government data showed Tuesday.Outbound shipments reached $50.06 billion last month, down from $50.84 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 14.5 percent on-year to $43.45 billion.South Korea's trade surplus came to $6.61 billion, marking 75 straight months in which the country's exports have excee
May 1, 2018