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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Ottogi notches up ramen packaging for microwave use
Since Ottogi launched the first microwavable packaging for its instant noodles with paper in 2009 for Odongtong Ramen, the South Korean food manufacturer has expanded the lineup with its convenient and environmentally friendly packaging for its other signature brands.Instant noodle cups for Jin Ramen, Chamggae Ramen and Real Cheese Ramen are now packed in microwavable paper containers with special technique developed by Ottogi. This enables personal variations, such as adding eggs, dumplings or
April 29, 2018
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[News Focus] South Korea cautiously braces for inter-Korean economic cooperation
Although the Panmunjeom Declaration signed between the two Koreas on Friday minimized economic cooperation, it still left ample room for the possibility of future cooperation between the two nations in resource development, infrastructure investment and the resumption of the Kaesong Industrial Complex. The Panmunjeom Declaration included the phrase “actively pushing for the businesses agreed in the declaration on Oct. 4 in 2007” between former president Roh Moo-hyun and former leader Kim Jong-il
April 29, 2018
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[IP in Korea] 'Excessive regulations act as disincentive in pharma patent sector'
The Korea Herald is publishing a series of interviews on experts in the intellectual property sector. This is the 13th installment. -- Ed.Due to its active trade relations with leading Western nations, South Korea has long been a frontrunner in introducing patent protection measures in various sectors, including the pharmaceuticals industry.While such early adoption had the positive effect of stimulating the country’s intellectual property environment, it has also involved a number of excessive
April 29, 2018
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Police to question Korean Air heiress as suspect next Tuesday
Police said Saturday that they will question a daughter of Korean Air's chairman as a suspect over allegations that she threw water at an ad agency's employee during a business meeting.Cho Hyun-min, a 35-year-old Korean Air senior executive and younger daughter of the airline's chairman Cho Yang-ho, was booked and banned from overseas travel earlier this month. She will be questioned next Tuesday on charges of assault and obstruction of business, according to the police.Police are expected to gr
April 29, 2018
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[2018 Inter-Korean summit] Prospects for inter-Korean business grow over historic summit
While the world watched the historic inter-Korean summit on Friday, the business community in Seoul showed guarded optimism, serving as a reminder of lingering geopolitical challenges and sanctions, amid the envisioning of potential infrastructure projects across the border.The leaders of the two Koreas agreed, among other pledges, to resume the discontinued work of reviving a trans-Korea railway and land routes, connecting Seoul and Shineuiju and also the east and west coasts of the peninsula.
April 27, 2018
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Choice of car by leaders of two Koreas: Benz
While all eyes were on the two leaders of the Koreas for the historic summit held at the border village of Panmunjeom on Friday, North Korean leader Kim Jong-un’s taste for finer things has also grabbed attention. Although it was not aired how Kim travelled 210 kilometers from the capital city of Pyongyang to the truce village of Panmunjeom for the summit, Kim returned to the North for lunch in one of his all-black armored Mercedes-Benz S600 Pullman Guard luxury limousine.North Korean leader Kim
April 27, 2018
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GM signs conditional deal with KDB to maintain S. Korean unit
General Motors on Thursday signed a conditional agreement with the Seoul government to help resolve the liquidity problems facing its South Korean unit, the state-run Korea Development Bank said. In the deal to be finalized early next month, GM and the KDB agreed to inject a combined 7.7 trillion won ($7.15 billion) -- 6.9 trillion won from GM and 810 billion won from the KDB -- into the cash strapped carmaker. In this photo taken April 26, 2018, GM President Dan Ammann (L) speaks in a meeting
April 26, 2018
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Doosan Heavy Q1 net profit down 38 pct on foreign exchange loss
Doosan Heavy Industries, South Korea's top power equipment maker, said Thursday its first-quarter profit fell 38 percent from a year earlier largely due to foreign exchange loss. Doosan Heavy Industries' power generation equipment (Doosan Heavy Industries)Net profit reached 23.1 billion won ($21.4 million) on a consolidated basis in the January-March period, compared with 37.4 billion won a year earlier, the company said in a regulatory filing.The company said foreign exchange loss and discontin
April 26, 2018
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Local discount chains strive to reduce plastic waste
Five major discount store chains in South Korea on Thursday joined the Environment Ministry’s nationwide move to reduce plastic waste. From left: Mega Mart’s Merchandise Director Kang Sung-tae, Korea National Council of Consumer Organization Vice President Moon Mi-ran, Nonghyup Hanaro Market CEO Kim Sung-kwang, Environment Minister Kim Eun-kyung, E-Mart’s Business Management division Director Lee Joo-hee, Homeplus Operation Management chief Jeon Hwa-soo and Lotte Mart Merchandise Director Nam Ch
April 26, 2018
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Samsung faces tough Q2 with stalled mobile growth, weak display business
After achieving a record-high first-quarter operating profit, South Korean tech giant Samsung Electronics faces a tough second quarter, as its display and mobile businesses are forecast to experience unfavorable market conditions, according to a conference call held Thursday after its earnings announcement. While the memory business is expected to stay robust in the following quarter, Samsung’s mobile device business is projected to see declines in sales of premium flagship models due to slowing
April 26, 2018
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Cafe24 sets record high Q1 GMV of W1.8tr
E-commerce platform Cafe24 said Thursday that it has recorded at least 1.83 trillion won ($160 million) of gross merchandise volume in the first quarter, about a 22 percent jump on-year.Cafe24Influenced by the continued expansion of e-commerce platforms, Cafe24 said its quarterly gross merchandise volume has been showing an average of 20 percent growth for the last three years. “Given that such an upward trend continues, Cafe24’s 2018 yearly gross merchandise volume is projected to reach about 8
April 26, 2018
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FTC chief says Elliott’s scenario for Hyundai would breach fair trade law
The chief of the Korea Fair Trade Commission said Thursday that a recent demand made by US activist hedge fund Elliott to Hyundai Motor Group to create a holding company by merging Hyundai Motor and its parts making affiliate Hyundai Mobis would be in violation of Korea’s fair trade law.“Elliott’s call to create a holding firm could violate the law that separates industrial and financial capital,” Kim Sang-jo told reporters before his opening speech at a local business conference. “I explained t
April 26, 2018
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Hyundai Motor Q1 net plunges 48% on strong won
Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday its first-quarter net profit plunged 48 percent on the strong won and weak sales in two major markets.Net profit for the three months ending March 31 fell to 731.6 billion won ($678 million) from 1.406 trillion won a year earlier, the company said in a statement."The net result was affected by the won's strength against the dollar, weak demand in the United States and China, and decreased working days due to strikes during
April 26, 2018
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Chips, smartphones bring Samsung largest-ever Q1 operating profit
South Korean tech giant Samsung Electronics said Thursday it achieved record-high operating profit for the first quarter of 2018 due to robust sales of memory chips and smartphones. According to the earnings announcement, Samsung posted 60.56 trillion won ($56.98 billion) in consolidated revenue and 15.64 trillion won in operating profit for the first three months of the year. Its first-quarter revenue grew nearly 20 percent year-on-year, while operating profit for the quarter was a record high.
April 26, 2018
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Samsung's work environment holds no clues to workers' illnesses: investigation team
An independent investigation committee tasked with checking the work environment at Samsung Electronics Co. said Wednesday that it has found no clear evidence to link the chips and display lines with the illnesses suffered by some workers, although acknowledging there should be continuous studies. After carrying out a probe, the team of experts said it found no critically hazardous substances at Samsung's production facilities. "It is our goal to prevent work-related diseases in the future by re
April 25, 2018
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[Doing Biz in Korea] Too many ‘pure’ Korean regulations here: ECCK president
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 sixth installment. -- Ed.South Korea should get rid of “too many pure Korea regulations” that hamper trade, and fully utilize the benefits of its free trade deals, according to the president of the European Chamber of Commerce in Korea. “Sometimes, European companies hesitate to launch their new products here because there are too many ‘pure Ko
April 25, 2018
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Seoul court rules in favor of LG for vacuum cleaner ad
The Seoul Central District Court ruled Wednesday in favor of LG Electronics in a case regarding its cordless vacuum cleaner advertisement, denying UK home appliance maker Dyson’s claim that LG exaggerated a characteristic of its product. A screenshot of LG Electronics’ advertisement for its cordless vacuum cleaner. (Youtube)“LG’s advertisement is considered to have cited test results conducted by objective means,” the court said, adding there is no evidence that LG had sought to mislead consume
April 25, 2018
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[Management in Korea] CEO succession: A powerful tool for chaebol continuity
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.The transition to a new CEO is a vulnerable time, as the rest of the company, its business partners, investors and customers size up the new leader and his or her effect on the trajectory of the organization. If this is true for companies in general, it is often particularly so for family businesses. In ad
April 25, 2018
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Energy minister ditches plan to install solar panels at home amid neighbors’ opposition
South Korea’s Energy minister Paik Un-gyu has ditched a plan to install a household solar power system at his home apartment, in the face of opposition from neighbors in the same building. Energy minister Paik Un-gyu (Yonhap)Paik, a resident of the affluent Gangnam district in southeastern Seoul, attempted to have the power-generating device attached to the apartment building several weeks ago, according to the ministry. The 54-year-old minister of trade, industry and energy asked a local admin
April 25, 2018
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Customs authorities take to instant messengers to keep anonymity of Korean Air whistleblowers
South Korea’s customs authorities have taken to instant messengers KakaoTalk and Telegram to help whistleblowers anonymously share evidence of the embattled Hanjin owner family’s breach of the law. (Yonhap)Incheon Main Customs, a local unit of the Korea Customs Service in charge of major international airports in Incheon and Gimpo, started an “open chat room” on the nation’s popular messenger app KakaoTalk on Tuesday, through which users can share evidence with all participants in the chat room.
April 25, 2018