Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Whirlpool may expand safeguard petition to vacuum cleaners: research
New research warned Sunday that Whirlpool Corp. may expand its safeguard petition against South Korean rivals to include vacuum cleaners. Acting on a petition submitted by Whirlpool, the US International Trade Commission determined earlier in October that imports of large residential washing machines built overseas by Samsung Electronics Co. and LG Electronics Inc. were damaging the local industry.A report published by the Korea Electronics Association said Whirlpool may request the US authoriti
Oct. 29, 2017
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[Weekender] Tycoon’s unusual dream
For Chey Tae-won, chairman of SK Group, it all started with one question. For years, the second-generation chaebol scion was seeking a way to inherit his father’s legacy of nurturing scientists and scholars for the nation’s future. Though SK was making social donations and running corporate responsibility programs under his lead, Chey wasn’t sure whether those outreach efforts -- worth billions of dollars a year -- were making any progress in society, where problems of unemployment and the incom
Oct. 27, 2017
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[Weekender] Heyground provides safe community for social ventures
Step into the lobby of Heyground and it‘s like falling through a rabbit hole.The building’s sleek tile floors, stylish neon signs and hoodied entrepreneurs zooming around on electric scooters seem worlds apart from the surrounding industrial sights of Seongsu-dong in eastern Seoul.“We call it the scrap metal view,” joked Jeong Da-hyun, a manager at impact ecosystem builder Root Impact, looking out the floor-to-ceiling window from the seventh floor. “It’s got its own charm.”The Heyground building
Oct. 27, 2017
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SPC Group launches new pizza brand
SPC Group has launched a new fine casual pizza restaurant called Pizza Up, according to the group Friday.Pizza Up is the third fine casual dining line launched by SPC following hamburger chain Shake Shack and salad bar Pig in the Garden.Pizza Up (SPC)The restaurant, located near Hongik University Station, specializes in customized pizzas that diners can put together by choosing from roughly 60 toppings.Huh Jae-young of street lifestyle brand Stereo Vinyls, who worked with SPC to design the inter
Oct. 27, 2017
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Asiana increases Incheon-Hawaii route frequencies
Asiana Airlines will operate its Incheon-Hawaii route every day from Sunday, an increase from five flights a week, the airline said Friday.Over 680,000 people have flown on the Incheon-Hawaii Asiana route since 2011. (Asiana Airlines)To promote the increased frequencies, Asiana is offering a 7 percent discount coupon to passengers who book the Incheon-Hawaii route via the airline‘s website or mobile app through Nov. 30.By Won Ho-jung (hjwon@heraldcorp.com)
Oct. 27, 2017
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Moody's revises Posco’s rating outlook to positive
Global credit rating firm Moody‘s upgraded its outlook on steel company Posco’s Baa2 rating from stable to positive, according to the firm Friday.“The rating actions mainly reflect our expectation that Posco‘s financial profile will continue to improve over the next 1-2 years, underpinned by an increase in earnings and debt reductions,” Gloria Tsuen, a Moody’s vice president and senior analyst, said through a statement.The ratings firm said that profits from Posco‘s construction business was exp
Oct. 27, 2017
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Once-hotshot Pantech sold for $9,000
Telecom equipment provider Solid that had acquired Pantech in 2015 said Friday it signed an agreement with special purpose company K&A Holdings to sell Pantech for 10 million won ($8,841), ending the history of the once-hotshot Korean mobile maker.Solid had a 100 percent stake of Pantech, which is around 110 billion won in debt as of June. Under the deal, Solid is set to ditch Pantech’s business after suspending its smartphone business in May and selling its Internet of Things business earlier t
Oct. 27, 2017
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Air Busan to add bigger planes, build hangar in long-term strategy
Air Busan Co., a South Korean budget carrier, said Friday it will add bigger planes to its fleet and build its own hangar in the next 10 years to meet growing demand for low-cost flights. In its mid-term strategy, Air Busan plans to introduce midsize passenger jets with 300 to 400 seats after 2020 to serve on long-haul routes to destinations that include Hawaii, Australia and Europe, the company said in a statement.Air Busan, the budget carrier unit of Asiana Airlines Inc., currently operates 15
Oct. 27, 2017
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Cost to make kimchi to fall 11% this year
The cost to make kimchi, the traditional Korean side dish made from cabbage, radishes and hot peppers, is expected to fall this year thanks to stable supplies of major vegetables and ingredients, the agriculture ministry said Friday. The Ministry of Agriculture, Food and Rural Affairs said the cost to make kimchi, called "kimjang," for a four-member household was estimated at 244,070 won ($215.9) as of Oct. 20, down 10.8 percent from a year earlier. Many Koreans make large quantities of kimchi
Oct. 27, 2017
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KAI names ex-audit official new CEO
Korea Aerospace Industries, the country's sole aircraft manufacturer, has named a former audit and inspection official its new chief executive after its former head stepped down in July over a corruption scandal.KAI held a board meeting on Wednesday to appoint Kim Jo-won, who worked at the Board of Audit and Inspection of Korea for 20 years, the new chief of the aircraft company, a company spokesman said. Kim, 61, began his three-year term as CEO on Thursday and vowed to make utmost efforts to k
Oct. 26, 2017
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[Exclusive] Tesla may tap Samsung, LG for EV batteries
The US electric car maker Tesla recently met with Korean battery makers Samsung SDI and LG Chem, in an apparent move to gauge their electric car batteries, stoking speculation that Tesla’s Model 3 manufacturing bottleneck may be caused by an immediate supply shortage from its sole battery supplier Panasonic. “Tesla officials from the US headquarters visited Korea early this month to separately meet Samsung SDI and LG Chem’s executives,” a source familiar with the matter told The Korea Herald. “T
Oct. 26, 2017
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Family Ministry designates heat-not-burn tobacco as harmful to minors
The Ministry of Gender Equality and Family on Thursday announced that it would be designating heat-not-burn tobacco products as harmful substances that cannot be sold to minors. IQOS from Philip Morris (Philip Morris International)Under current regulations, restrictions on sales to minors apply only to e-cigarettes that are used to inhale nicotine-laced liquid. There are no restrictions on heat-not-burn systems that use electronic devices to heat tobacco sticks and produce vapor.Once the new rul
Oct. 26, 2017
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LG H&H acquires Iksan facility from RB Korea
An affiliate of LG Household & Health Care has acquired a production facility in Iksan, North Jeolla Province, from RB Korea, the two companies confirmed Thursday.The facility, which was previously used by RB Korea to produce household products such as detergents and dehumidifiers, was shut down on Sept. 30 after RB Korea’s market share fell drastically due to the fallout from the humidifier sanitizer incident that has been linked to over 100 deaths.The facility has been acquired by Haitai HTB,
Oct. 26, 2017
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Asiana Airlines supports women's employment in Vietnam
Asiana Airlines held a commencement ceremony Wednesday for its 2017 program helping underprivileged women in Vietnam find employment, according to the company Thursday.Together with the Korea International Cooperation Agency and nonprofit organization Good People, Asiana Airlines has been running the “Vietnam -- Beautiful Classroom” program since 2015. To date, the program has produced roughly 350 graduates.This year, 110 women completed the course.Asiana Airlines Executive Vice President of Cor
Oct. 26, 2017
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Korea intent on joining bid for Saudi nuclear reactors: ministry
The South Korean government on Thursday expressed its intention to join a bid to build nuclear power plants in Saudi Arabia, the world’s top oil exporter, which is seeking to adopt its first such commercial reactors. The country is reportedly reaching out to potential bidders in France, China, Russia, Japan and Korea.Paik Un-gyu, Korea’s minister of trade, industry and energy, expressed the intent to bid in the tender to Adel bin Muhammad Fakeih, the Saudi Arabian minister of economy and plannin
Oct. 26, 2017
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China's travel agency mulls resumption of Seoul-bound tours
China’s leading online travel agency is reviewing the resumption of sales of Korea-bound tour programs, industry sources said Thursday, in a sign that the ongoing diplomatic row over Seoul‘s deployment of a US anti-missile system here may be calming.Ctrip.com International has recently told Lotte Hotel & Resorts, the hotel arm of South Korea’s fifth-largest conglomerate, Lotte, that it is reviewing the resumption of Seoul-bound tours, according to the sources.“Until now, finding travel packages
Oct. 26, 2017
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[News Focus] Medytox-Daewoong fight over BTX escalates
South Korea’s biggest botulinum toxin maker Medytox and its smaller rival Daewoong Pharmaceutical are stepping up their accusations against each other as the two are set to soon begin a legal fight in South Korea over the source of their BTX strain. Since last year, Medytox has claimed that Daewoong stole its BTX bacterial strain and related manufacturing secrets to develop its Type BTX Nabota. The issue was taken to court in the US in July this year, as Medytox filed a civil lawsuit in Califor
Oct. 26, 2017
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Coupang launches exclusive Gaspard and Lisa pet products in Korea
Korean E-commerce firm Coupang has become an exclusive carrier of pet products that feature French cartoon characters Gaspard and Lisa, the company said Thursday. Gaspard and Lisa are globally renowned fictional characters from a series of picture books created by a French couple, story writer Anne Gutman and illustrator Georg Hallensleben. The characters are introduced through books and a television show. A promotional image for Coupang’s pet products featuring French cartoon characters Gaspard
Oct. 26, 2017
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Korea expresses intent to bid for Saudi Arabian nuclear project
South Korea expressed its intention to bid in the upcoming nuclear reactor project in Saudi Arabia and discussed ways to expand cooperation in the energy sector in a bilateral business meeting, Seoul's energy ministry said Thursday.Paik Un-gyu, South Korean minister of trade, industry and energy met with Adel bin Muhammad Fakeih, Saudi Arabian minister of economy and planning, to discuss ways to cooperate on the commercial nuclear program being pursued by Riyadh.The kingdom officially launched a
Oct. 26, 2017
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SK hynix reports record-breaking profits in Q3
SK hynix Inc., a major chipmaker, said Thursday its third-quarter net profit reached an all-time high, apparently helped by strong global prices of chips.Net profit came to a record high of 3.05 trillion won ($2.7 billion), rising sharply from 597 billion won posted a year earlier, the company said in a regulatory filing.Operating profit also reached a historic high of 3.7 trillion won in the July-September period, rising sharply from 725 billion won posted in the previous year. Sales increased
Oct. 26, 2017