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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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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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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[Monitor] GM Korea‘s performance
General Motors sent market jitters in South Korea by announcing the shutdown of its Gunsan plant in North Jeolla Province, citing needs for business restructuring.The decision, widely considered a prelude to a complete withdrawal from Korea despite the automaker’s official denial, is based on the firm‘s lagging business performance.According to GM Korea, the size of accumulated net losses for three years between 2014 and 2016 was some 2 trillion won ($1.84 billion). The company also saw a defici
Feb. 14, 2018
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Top listed firms’ total profit jumps nearly 50%: data
South Korea’s top 100 listed firms in terms of market capitalization saw their net and operating profits surge nearly 50 percent in 2017, on the back of a global tech super cycle that buoyed local manufacturers, data showed Wednesday. The firms on either the top-tier Kospi and second-tier Kosdaq recorded a total of 121.7 trillion won ($112.4 billion) in net profit and 155.6 trillion won in operating profit, up 48.5 percent and up 45.8 percent on-year, according to data compiled by local market t
Feb. 14, 2018
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[Weekender] Seollal as much a time for business as family
The holidays are a time for cheer and spending quality time with family, but it is also an important time of year in South Korea for solidifying business relationships -- with boxes filled with seaweed, Spam or shampoo.On the largest traditional holiday of the year, the Lunar New Year, or “Seollal” in Korean, retailers and logistics companies are flooded with bulk orders for gift sets to be sent to business acquaintances.An employee at Hanaro Mart in Yangjae-dong, Seoul, adjusts a displayed gift
Feb. 14, 2018
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[Weekender] Whose family first? Seollal depicts gender inequality at its rawest
Lunar New Year, or Seollal, like Christmas season in the West, is supposed to be a fun and relaxing family time. But for some -- especially married women in Korea -- the holiday is more regarded as a time of endurance with long hours of domestic labor. Stemming from the Confucian tradition in which making the home is the sole “virtue” of wives, visiting the home of the husband’s parents is prioritized during the holidays. While at their in-laws, it is mostly the women’s’ responsibility to cook t
Feb. 14, 2018
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GM plant shutdown faces backlash, causes of losses questioned
Workers blasted General Motors on Wednesday, saying the US carmaker and its management were responsible for its losses in South Korea, a day after the company decided to permanently shutter one of its four Korean plants.Unionized workers at the carmaker vowed to stage a sit-in protest, accusing the company of trying to shift the blame onto them for years of losses. Amid aggravating confrontations, some raised suspicions the US carmaker has intentionally inflated the losses of its operations here
Feb. 14, 2018
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Big conglomerates post 46% jump in 2017 operating profit
Korea's 81 business groups posted a 46 percent on-year jump in their combined operating profit last year, helped by strong results on the part of leading players, a local corporate monitoring website said Wednesday.As of Friday, businesses that have released their preliminary earnings reports and are among the country's 100 largest conglomerates posted 155.06 trillion won ($143 billion) in operating profit on sales of 1,525.25 trillion won, CEO Score said in a statement. (Yonhap)Operating profit
Feb. 14, 2018
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Court’s judgment unexpected: Lotte Group
Following a Seoul Court’s guilty verdict and simultaneous sentencing of 2 1/2 years in jail to Lotte Chairman Shin Dong-bin for bribery on Tuesday, Lotte Group voiced concerns over its future business plans. Lotte Group Chairman Shin Dong-bin (Yonhap)In an official statement, Lotte Group said the outcome was “unexpected” and it was “regretful” about the jail term, and insisted that Shin was innocent.“As soon as we receive the written judgement, the group will discuss with its attorneys for furt
Feb. 13, 2018
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[Management in Korea] Reforming chaebol boards is a big job. Here’s how it can happen
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 role of the board of directors is rapidly evolving in Western countries. No longer rubber stamps hand-picked by CEOs, Western boards are now expected to provide true oversight of management, not just in terms of maximizing shareholder value, but in grappling with broader issues like innovation and globa
Feb. 13, 2018
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[Monitor] Air traffic during Lunar New Year holiday
This week, as South Korea celebrates the Lunar New Year holiday, the number of air passengers is also expected to increase between the day before the holiday starts on Wednesday and Sunday. Incheon International Airport Corporation said that the number of passengers will reach some 940,000 including 462,453 outbound and 477,354 inbound travelers. (khnews@heraldcorp.com)
Feb. 13, 2018
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Korea tense upon Trump’s move to impose ‘reciprocal tax’
US President Donald Trump’s remarks Monday to push for a “reciprocal tax” on Korea has been met with a chilly reaction from lawmakers and trade experts here, with criticism of it being a “nonexisting” concept that takes another step toward trade protectionism and may violate international trade norms.At a White House event on infrastructure Monday, Trump said his administration plans to soon unveil a “reciprocal tax” to charge countries that take advantage of the US. He specifically named Korea,
Feb. 13, 2018
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World impressed by KT’s 5G technologies in PyeongChang
On Feb. 9 the world was impressed by a giant peace dove that lit up the night sky with around 1,200 LED candles held by performers at the opening ceremony of the 2018 Olympic Winter Games. The performance marked the very first in the Olympics’ history to use the fifth-generation wireless telecommunications network established by South Korean mobile carrier KT exclusively for the international sports event being held in a country ardently promoting ICT. As an official telecom partner of the Pyeon
Feb. 13, 2018
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Lotte Duty Free raises commission to attract more Chinese travelers
South Korea’s major duty-free operator Lotte Duty Free has increased the commission for Chinese shuttle traders when they bring in group travelers, in a move to more aggressively entice group travelers from China amid sluggish sales continued from last year’s THAAD row. Lotte Duty Free Worldtower (Lotte Duty Free)According to Lotte Duty Free, the company has raised the commissions doled out to “daigongs” -- individual merchants from China who purchase cosmetics to take them back -- from December
Feb. 13, 2018
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Posco Daewoo shares gift boxes for Seollal
Posco Daewoo, a trading company and a subsidiary of steel giant Posco, conducted a volunteer event on Tuesday to support the underprivileged children, the company said. Posco Daewoo CEO Kim Young-Sang (center) and members of the firms pose after preparing gift boxes to be donated to households in need on the occasion of Seollal. (Posco Daewoo)Some 300 employees and executives of Posco Daewoo packed boxes of gifts at a community child center in Incheon, ahead of the Seollal holiday, which will be
Feb. 13, 2018
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Samsung set to make decision on Pyeongtaek investment
Samsung Electronics’ is set to make an imminent final decision on another round of massive investment -- anticipated at some 30 trillion won ($27.7 billion) -- to expand one of its semiconductor factories into the world’s largest. Samsung’s new investment is at the center of attention in the global chip industry amid technological challenges and market forecasts of slowing growth this year. Samsung reportedly held a meeting of its top management on Wednesday last week to discuss the investment t
Feb. 13, 2018
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Will Google, Apple be more transparent in tax?
Last October spectators got an eyeful viewing the parliamentary audit, as the founder of the country’s largest web portal lodged a full-on public attack against his global rivals.“Google and Facebook make good money here but don’t pay taxes and create no jobs,” Naver founder Lee Hae-jin said, as he was responding to criticism from lawmakers concerning the company’s own alleged abuse of its market dominance.He was effectively diverting attention away from Naver’s influence on news circulation to
Feb. 12, 2018
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Davich Optical celebrates 500th voluntary works
South Korea’s leading optical products chain operator Davich Optical celebrated its 500th volunteer project, providing free eyesight tests to senior citizens and offering goods to those in need, the company said Monday.Since its launch in 2012, the campaign has helped 31,204 people get their eyes tested and receive products to improve their vision.Most recently on Wednesday, Davich Optical CEO Kim In-gyu and representatives from 13 Davich franchise stores in North Jeolla Province marked the 500t
Feb. 12, 2018
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Overseas Korean volunteers to hold concert tour
More than 300 Korean university students, who returned home after a year overseas doing volunteer activities in 68 countries, will perform a homecoming concert titled the “Good News Corps Festival.” The festival is scheduled to be held in 13 major cities in Korea and Japan to share the love and happiness they experienced.The festival offers a unique experience through musicals, plays, traditional performances and exhibition and experience programs of African and Latin.The performances began Satu
Feb. 12, 2018
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Big companies face hefty fines for stealing technology owned by small firms
The government said Monday that it will strengthen the punishment for big companies that steal technology owned by small and medium enterprises in the latest move to create a fair market.The measures -- released after a consultative meeting with the ruling party -- would make big companies pay compensation of up to 10 times the damages incurred by smaller firms if they engage in technology theft, the government said.The government also said that it will be up to big companies suspected of steali
Feb. 12, 2018
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More funds of Samsung chairman found in borrowed name accounts
Financial authorities have found more funds of Samsung Group's ailing chairman, Lee Kun-hee, in bank and brokerage accounts held under other people's names, a lawmaker said Monday, days after Lee was booked for suspected tax evasion. In a report submitted to Rep. Park Chan-dae of the ruling Democratic Party, the Financial Supervisory Service said it has found that Lee kept money in 32 more "borrowed-name" accounts. Last week, police named Lee as a suspect in a tax evasion case, accusing him of m
Feb. 12, 2018
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Samsung Electronics' global market cap ranking slides to No. 18: data
Samsung Electronics Co.'s global market capitalization ranking slid to 18th place among the top 100 companies this year, though its overall size increased over the past year, data showed Monday.Samsung's market cap rose 16 percent on-year to $283.1 billion as of Feb. 2, according to the data compiled by the country's bourse operator Korea Exchange.Still, the South Korean tech giant saw is standing fall from 15th place. (Yonhap)The decline came as market capitalizations of foreign firms rose amid
Feb. 12, 2018