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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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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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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South Korea bans viral North Korea propaganda video praising Kim
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Hermes celebrates craftsmanship
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After 6-year hiatus, Kia to return to Paris Motor Show in Europe push
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Govt. calls for junior doctors who left worksites to return to hospitals by Monday
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Antitrust watchdog to look into SK, LG, CJ’s holding firms
The Korean Fair Trade Commission is set to look into financial sheets of conglomerates’ holding companies to figure out whether they are being misused for the benefit of their owner families. The FTC said Thursday it requested financial sheets from 62 holding companies, whose assets are more than 500 billion won ($461 million), in order to figure out their revenue structure. A holding company is a company that owns other companies’ outstanding stock without creating its own revenue. It was origi
March 1, 2018
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Sales of air purifier, masks soar as fine dust season approaches
Sales of products designed to filter fine dust skyrocketed in recent weeks following a warmer climate and the fine dust season approaching, an industry data showed. Seoul's grey sky (Yonhap)According to online shopping mall 11st, sales of masks soared 346 percent year-on-year from Feb. 21 to 27 when Seoul’s ultra-fine dust concentration levels exceeded 50 micrograms per cubic meter. Sales of air purifiers also increased by 81 percent on-year. Sales of houseplants known to filter indoor air such
March 1, 2018
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Creditors postpone discussion on fate of Kumho Tire to end of March
Creditors of South Korean tire maker Kumho Tire decided to postpone the discussion on the fate of the troubled tire maker, allowing the company to avoid being put into the court receivership. Kumho TireAccording to the state-run creditor Korea Development Bank, creditors held a meeting on Wednesday and decided to postpone adjusting the debt repayment schedule to end of Mach. They also did not accept the company’s self-rescue plan for business normalization, due to lack of sufficiency, KDB said.
March 1, 2018
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GM Korea may have suffered W900b in losses last year: KDB
GM Korea Co., which requested support from the government to maintain a production line in the country, may have suffered losses of 900 billion won ($831.4 million) in 2017, latest data showed Thursday.The provisional numbers offered by the carmaker to the government and the Korea Development Bank, showed the South Korean unit of US automaker General Motors Co., posted annual losses for four straight years.The carmaker has called for assistance after announcing last month that it will shut down
March 1, 2018
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Korean powdered milk exports to China drop 42% in 2017
South Korean powdered milk exports to China plunged nearly 42 percent on-year in 2017, due to the diplomatic row caused by the deployment of a missile defense system here, government data showed Thursday. The Ministry of Agriculture, Food Rural Affairs said the country shipped out $77.8 million worth of the dried dairy products during the one year period, down 36 percent from $121.5 million tallied for 2016. It said the main reason for the weaker numbers is the 41.6 percent drop in powdered
March 1, 2018
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Korea counters US' ‘discriminatory’ drug pricing claim
South Korea has submitted a document hitting back at a claim by a US trade group representing its pharmaceutical industry that Korea’s drug pricing policies favor its domestic industry, ministries said Wednesday.The document was prepared by the Ministry of Health and Welfare and submitted Thursday to the US Trade Representative, a US counterpart in the bilateral free trade deal, by the Ministry of Trade, Industry and Energy, according to a ministry spokesperson. In the 36-page document submitted
Feb. 28, 2018
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Samsung C&T appoints former GE executive to board
Samsung C&T said Wednesday that it has appointed former General Electric Chief Productivity Officer Philippe Cochet, 58, as a new member of the board of directors, as it attempts to diversify its leadership and improve governance. Philippe Cochet (Samsung C&T)The French executive will serve as the non-executive director from March. He is the first foreign board member of the company.The company said it will continue to bring in more global talents and female board members in the next year.Wedne
Feb. 28, 2018
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[Photo News] Homeplus celebrates 21st anniversary
(Homeplus)South Korean discount chain Homeplus is holding a large-scale discount shopping event for four weeks from Thursday to celebrate the 21st anniversary of its foundation. Twenty-one items from categories such as food, daily necessities and hygiene products will be offered at discounted prices, the company said. In addition, Homeplus will also hold events for families at each store’s culture center, such as board game competitions and flea markets.(khnews@heraldcorp.com)
Feb. 28, 2018
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Fila Korea to give W120m reward to Korean women’s curling team
South Korean sportswear brand Fila Korea will provide a 120 million won ($110,400) reward to the South Korean women’s curling team that won silver at the 2018 PyeongChang Winter Games, marking the country’s first Olympic medal in the sport. South Korean women's curling team (Yonhap)The company said Wednesday that the reward was intended to encourage the curling team and motivate them to achieve higher goals in the future.The prize money will be given to the team’s members via the Korea Curling F
Feb. 28, 2018
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Amorepacific named Korea’s most respected company
Amorepacific, Korea’s leading cosmetics maker, has been selected as the most respected workplace in the local cosmetics industry for the third straight year, a survey showed. AmorepacificAccording to the Korean Management Association Consulting, which surveyed more than 12,000 industry workers and human resources specialists, Amorepacific scored high in criteria such as innovation ability, shareholder value, employee satisfaction, customer value as well as social image, topping the cosmetics pr
Feb. 28, 2018
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Creditors to hold meeting on fate of Kumho Tire
Creditors of Kumho Tire Co. will hold a meeting this week to discuss the fate of the troubled tiremaker as its management and labor union failed to agree on a turnaround plan, the state-run creditor bank said Tuesday. Korea Development Bank said it will hold the meeting on Wednesday. (Yonhap)To help revive Kumho Tire, creditors have agreed to extend 1.3 trillion won ($1.21 billion) worth of debt. In return, they asked Kumho Tire's management and labor union to accept concessions and agree on a p
Feb. 27, 2018
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[Photo News] BAT Korea hosts talk concert
British American Tobacco Korea said Tuesday that it successfully hosted the “BAT MAN” talk concert to support the young generation’s challenges in achieving their dreams. The company ran a six-month contest, through which 10 teams made it to the finals. One finalist was awarded 10 million won ($9,300). Gary Tarrant, head of legal and external affairs, said BAT Korea would continue to host such programs to hear more from the young generation and support their endeavors. (BAT Korea)
Feb. 27, 2018
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Posco buys 4.75% shares of Australian lithium producer
Posco, South Korea’s biggest steelmaker, bought 4.75 percent shares and convertible bonds of Australia-based lithium and tantalum producer Pilbara Minerals, in a move to boost its lithium business, the company said Tuesday.Posco also signed a long-term business agreement to purchase 240,000 metric tons of lithium spodumence concentrate annually from the lithium producer.Posco-Australia, the steelmaker’s corporate body there, will acquire the shares, the company said.(Yonhap)Demand for lithium ha
Feb. 27, 2018
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Korea sets aside 10 billion won to protect SME technology
The Ministry of SMEs and Startups and Korean Intellectual Property Office said Tuesday they would jointly support technological development and secure the intellectual property rights of small companies to help them protect their technologies from the influence of bigger rivals.The government will set aside 10.4 billion won ($9.6 million) this year with a plan to support around 40 technological projects, according to a joint statement released by the two organizations. The beneficiaries will be
Feb. 27, 2018
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Hyosung chairman extends outreach to Asia on back of tech prowess
Hyosung Chairman Cho Hyun-joon’s recent series of visits to Asian countries appears to be laying the ground for more business opportunities there. Cho has held talks with leading figures of Asian countries, including Indian Prime Minister Narendra Modi on Feb. 18 and Vietnamese Prime Minister Nguyen Xuan Phuc on Feb. 8.Following Cho’s meeting with Modi, Hyosung announced a plan to build its first spandex plant in Maharashtra, India. The move is expected to serve as the “cornerstone” in penetrati
Feb. 27, 2018
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Nexon Foundation launches to support children in Korea and abroad
South Korea’s video gaming giant Nexon on Tuesday announced the official launch of the Nexon Foundation which has been tasked with spearheading Nexon’s various social contribution programs here and abroad.In doing so, Nexon is joining the likes of its domestic rivals Netmarble Games and NCSoft which also operate similar foundations dedicated to corporate social responsibility projects.The new foundation will continue to operate and expand Nexon’s existing CSR programs, while initiating new proje
Feb. 27, 2018
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CJ Group chairman named chairman of Korea Employers Federation
CJ Group Chairman Sohn Kyung-shik was named the seventh chairman of the Korea Employers Federation on Tuesday.According to the federation, five members of a selection committee held a meeting and appointed Sohn as the next chairman among three other members. Sohn was in India for a business trip when he was selected. CJ Group Chairman Sohn Kyung-shik (Yonhap)“I feel a grave responsibility to serve as the chairman of the KEF at this crucial time,” said Sohn, according to CJ Group.“Based on my ex
Feb. 27, 2018
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3.1 Phillip Lim opens new stores in Seoul via Handsome
3US fashion brand 3.1 Phillip Lim will open new stores in Seoul via Handsome, the apparel unit of Hyundai Department Store, the company said Tuesday. 3.1 Phillip LimAccording to the company, 3.1 Phillip Lim’s men’s and women’s apparel, bags and accessories will be sold at new stores on the 2nd and 4th floor of Galleria Department Store’s luxury hall in Apgujeong, from March 1. Handsome will expand the distribution channels through Hyundai Department Store to establish more 3.1 Phillip Lim stores
Feb. 27, 2018
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[Photo News] E-mart delivers first EV
South Korean discount chain E-mart delivered the mini electric vehicle sold at its stores to its first buyer at its Seongsu branch on Tuesday. The D2 mini electric vehicle sold at E-mart is manufactured by Chinese carmaker Zhidou. (E-mart)Zhidou’s two-seater electric car can run up to 150 kilometers on a single charge. The D2 is priced at 14.5 million won ($13,480), which was fixed in December after being approved by regulatory authorities as well as local governments’ subsidy program of up to
Feb. 27, 2018
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Korea to swiftly discuss normalization plan for GM Korea: regulator
South Korea's top financial regulator said Tuesday the government will swiftly proceed with negotiations with General Motors Co. on a turnaround plan, including the government's potential support measures, for the US carmaker's troubled local unit.Choi Jong-ku, chairman of the Financial Services Commission, told lawmakers that due diligence on GM Korea will be conducted without delay.Earlier this month, GM, which asked the Korean government to provide financial support for GM Korea, said it will
Feb. 27, 2018