Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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Yoon vetoes bill for special probe into young Marine's death
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Korea's increasing US investment mutually beneficial: report
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SNU alums nabbed for digital sex crimes
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South Korea bans viral North Korea propaganda video praising Kim
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Minister warns against trusting NK stated intentions, says Moon misguided
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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Samsung replaces semiconductor chief amid heightened AI race
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Kakao names new co-CEOs
Kakao Corp., the operator of South Korea‘s top mobile messenger, KakaoTalk, on Friday named Yeo Min-soo and Joh Su-yong as its new co-CEOs. Kakao’s former CEO, Rim Ji-hoon will now act as the company‘s advisor for future strategy, the company said in a press release. The decision was made at a board of directors’ meeting held on the southern resort island of Jeju, Kakao said.Yeo Min-soo (L) and Joh Su-yong were named as new CEOs of Kakao Corp., the operator of South Korea`s top mobile messenger,
March 16, 2018
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McDonald’s to close shops at Sinchon, SNU subway stations
The McDonald’s outlet at exit 3 of Sinchon Station in Seoul will close for good next month. The specific move out date has yet to be decided, but the company said the closure was confirmed.“The decision is final. There will be no taking it back,” a McDonald’s representative familiar with the matter told The Korea Herald.The Sinchon branch served as a landmark meeting spot in the area. In the 20 years of the shop’s history since opening doors in 1998, it wouldn’t be an understatement to claim tha
March 15, 2018
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Where is SK’s W80tr investment headed?
South Korean telecom and energy giant SK Group has rolled out a plan to invest 80 trillion won over the next three years in semiconductor and renewable energy, as well as mobility and bio industries, offering a glimpse into its long-term growth strategy.SK Group Chairman Chey Tae-won outlined his plans in a meeting between Finance Minister Kim Dong-yeon Wednesday, vowing to hire 28,000 more workers during the course of the investment. Finance Minister Kim Dong-yeon (left)and SK Group Chairman Ch
March 15, 2018
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LS builds magnet wire plant in Serbia for Europe expansion
LS Group, a South Korean conglomerate, has broken ground on a new plant in Serbia to produce magnet wire targeting the European market, the company said Thursday. LS Group Chairman Christopher Koo speaks at a groundbreaking ceremony of a magnet wire plant held in Serbia on Wednesday. Essex is LS` US subsidiary. (LS Group)The project is being carried out by its US subsidiary Superior Essex. The group has invested 18.5 billion euros ($23 million) to build the plant, which will be capable of produc
March 15, 2018
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Aekyung Industry plans IPO but hurdles remain
South Korean household care maker Aekyung Industry’s has recently announced plans to go public on March 22, set to become the first company to make debut on Kospi exchange this year. According to Korea Exchange on Tuesday, Aekyung Industry’s initial public offering price was decided at 29,100 won ($27.30) per share, the lowest in the expected price band, because the company’s profit relied heavily on a single product category, cosmetics. A total of 506 institutional investors participated in the
March 15, 2018
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[Photo News] Food Delivery Robot
Food delivery robot "Dilly" (Woowa Brothers)South Korean startup Woowa Brothers, which runs food delivery app Baedal Minjok, has developed a test prototype of an autonomous delivery robot, the company said Thursday. The robot called “Dilly” can move at a speed of 4 kph and detect obstacles with a location tracing sensor. It is being co-developed with a research team from Korea University and will be commercialized in two to three years, according to the company. (khnews@heraldcorp.com)
March 15, 2018
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Starbucks Korea posts record operating profit on W1.2tr sales
With solid customer loyalty, especially among women in their 20s and 30s in Korea, Starbucks Coffee Korea raked in 114.4 billion won ($107 million) in operating profit and 1.2 trillion won in sales last year, industry data showed Thursday. Starbucks (Yonhap)The US coffeehouse chain opened its first local branch near Ewha Womans University in 1999. It is the first time Starbucks has recorded over 100 billion won in operating profit.According to the Financial Supervisory Service’s electronic discl
March 15, 2018
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Ssangyong, Daewoo E&C clinch $740m project in Singapore
South Korean construction companies Ssangyong Engineering & Construction and Daewoo Engineering & Construction have won the $740 million Woodlands Health Campus (WHC) project in Singapore, the firms said Thursday. A computer generated image of the planned Woodlands Health Campus (WHC) project in Singapore (Ssangyong E&C)The two companies have formed a joint venture with Singapore’s Koh Brothers Building & Civil Engineering Contractor and worked on to win the project since December 2016.The Ssan
March 15, 2018
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Tourists from US, Singapore frequent users of Airbnb in Korea
Domestic Korean travelers took out the biggest portion of Airbnb users in Korea in 2017, followed by tourists from the US and Singapore.According to Airbnb on Wednesday, over 1.8 million travelers made use of some 37,000 Airbnb listings last year. Of the figure, 66 percent were Korean tourists traveling domestically. As for the foreign visitors, those from the US and Singapore were the most comfortable using the home-sharing service, respectively taking out 18 percent and 13 percent of the local
March 15, 2018
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Watchdog files charges against Booyoung affiliates over false stock ownership
South Korean construction conglomerate Booyoung Group has been charged with falsifying stock ownership involving Chairman Lee Joong-keun, according to the nation’s antitrust watchdog on Wednesday.The Fair Trade Commission said through a release that it pressed charges against five Booyoung affiliates for falsely reporting Lee‘s stocks as belonging to other family members or executive members during an earlier corporate disclosure processes. In a separate track, the watchdog also imposed a total
March 14, 2018
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Kumho Tire workers go on strike amid M&A plan
Unionized workers at Kumho Tire Co. went on strike Wednesday to protest plans by creditors to sell the debt-ridden company to a Chinese firm, the union said. "We will go on strike for the whole day (of Wednesday) as we oppose creditors' plan to sell the company to Qingdao Doublestar Co.," a union spokesman said by phone. (Yonhap)Two union leaders have staged a demonstration atop a utility pole near the tiremaker's plant in Gwangju, 330 kilometers south of Seoul, since early this month to oppose
March 14, 2018
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Korea has second-highest average smartphone selling price: data
South Korea has the world's second-highest average smartphone selling price, data showed Wednesday, apparently due to the strong popularity of high-end flagships.According to the data compiled by Strategy Analytics, the wholesale average selling price of smartphones in South Korea came to $466 last year, standing only below Japan that stood at $557. (Yonhap)The United States, the world's largest market for premium phones, posted $425, followed by Australia and Switzerland at $420 and $415, respe
March 14, 2018
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Kolon Industries FnC launches fashion rental service
South Korean fashion company Kolon Industries FnC said Tuesday that it had launched an environment-friendly fashion rental service. A customer looks at clothes from Kolon Industries FnC’s Re;Cord. (Kolon Industries FnC)Starting Wednesday, Kolon Industries FnC’s upcycling brand Re;Cord will be renting out items that were manufactured three years ago or less, as part of efforts to add value to fashion, according to the company.“We have come up with the rental service in step with the new shopping
March 13, 2018
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US FTA talks to resume soon amid tension over steel
Korea and the US will soon resume talks to review their bilateral free trade agreement amid intensifying tension over President Donald Trump’s latest decision to impose a high tariff on steel imports.“The third round of talks on the free trade deal will be held soon and we will set national interest as the top priority,” said Kim Dong-yeon, deputy prime minister and minister of strategy and finance, at a ministerial meeting Monday. Yoo Myung-hee (second from left), director general for FTA negot
March 13, 2018
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SK on edge about delayed antitrust regulatory approval from China on Toshiba deal
South Korean conglomerate SK Group is on edge over its awaited antitrust regulatory approval from China on the sale of Toshiba’s chip unit, as the decision is likely to be put off for several months, according to the industry on Tuesday. Multiple sources in the industry told The Korea Herald that SK Group’s key executives are conducting business with high awareness of the importance of getting approval from the Chinese antitrust agency for the Toshiba deal in which the Korean group has a signifi
March 13, 2018
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Asiana captain fired after quarreling during flight
A captain who had an argument with a co-worker during a flight has been fired, while his counterpart resigned, according to South Korean airline Asiana. Asiana Airlines (Asiana)According to the Ministry of Land, Infrastructure and Transport on Tuesday, the quarrel took place between the two captains on duty at the cockpit of an Asiana flight heading for Rome in September last year.The conflict was triggered when one captain refused to hand over control to the other and told the latter’s vice cap
March 13, 2018
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Lotte beefs up managerial efforts amid chairman's imprisonment
South Korean retail giant Lotte said Tuesday it is striving to overcome a series of challenges from home and abroad, including a leadership vacuum caused by the arrest of its chairman, by strengthening executives' on-site managerial activities.Lotte Shopping Co. CEO Kang Hee-tae recently met with institutional investors to explain the situation faced by the company and its strategies to overcome the crisis, according to Lotte. The firm is Lotte's key retail subsidiary, running department stores
March 13, 2018
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Online shopping purchases rise sharply on strong mobile sales growth: data
The amount of online shopping transactions rose sharply in South Korea in January this year from a year earlier, with purchases made using mobile gadgets rising faster than transactions carried out on personal computers, government data showed Tuesday.Online transactions, excluding the services industry, soared 20.9 percent on-year to 6.68 trillion won ($6.27 billion) in January, the data by Statistics Korea said.The proportion of online transactions to the total retail purchases, not counting t
March 13, 2018
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Spreading trade war to deal critical blow to Korea: report
If US-led protectionism spreads around the world, it could deal a fatal blow to the export-led Korean economy, according to a local research institute. “When the US-led tariff and trade war spreads around the world, Korea’s export economy may fall into crisis given its high reliance on trade,” said Joo Won, chief of Hyundai Research Institute’s economic research division, in his report released Monday. Korea’s dependence on foreign trade was 63 percent in 2016, according to Statistics Korea, wit
March 12, 2018
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Seoul to toughen requirements for LCC airlines
South Korea’s Ministry of Land, Infrastructure and Transport said Monday that it would revise the current law to strengthen entry criteria and management requirements to put the brakes on expanding low-cost carriers.“We came up with the revision to make LCC-related regulations more realistic, aiming to improve the overall quality of the airline industry with fair competition,” said a ministry official. Jeju Air (Jeju Air)If the revision is passed by related organizations, legislative authoritie
March 12, 2018