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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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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Why Korean crime stories typically feature nameless, faceless perpetrators
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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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Samsung's brand value doubles in 5 yrs: research
Samsung Electronics Co. stood as South Korea's most valuable brand, with its brand value almost doubling in five years to $51.4 billion, according to industry data Thursday.The brand value of Samsung Electronics posted a whopping 12 percent on-year climb this year, marking twofold growth from $28.5 billion in 2012, according to the data compiled by Britain-based industry tracker Brand Finance. (Yonhap)Hyundai Motor Group followed with $8.7 billion, trailed by top mobile carrier SK Telecom Co. wi
Oct. 26, 2017
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Korea’s semiconductor boom may hit slump in 2018
While the semiconductor industry is chugging along the otherwise gloomy South Korean economy, concerns are being raised that the global demand surge may hit a wall next year.The local memory market has been heavily influenced by supply shortages driving the surge in global demand. However, experts are now forecasting that new capital injections by semiconductor companies such as Samsung Electronics and SK hynix will lead to a reversal of supply and demand. On the back on increased supply numbers
Oct. 25, 2017
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SK Innovation donates $50,000 to Rice University in US
SK Innovation has donated $50,000 to Rice University in Houston, Texas, to support its Korean programs in the Center for Languages and Intercultural Communication, the company said Wednesday. The donation will also support scholarships for the Rice in Korea study-abroad program as well as Korean cultural programs at Rice University.SK Innovation’s management philosophy of “growing together with the local community” was behind the company’s decision to make a donation to the program, company offi
Oct. 25, 2017
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[New Samsung] Competition heats up to take lead in AI initiative at Samsung
This is the first installment of a series of articles delving into new technologies Samsung Electronics is betting on for its new source of growth. -- Ed. Artificial intelligence is an immediate challenge for South Korean electronics behemoth Samsung Electronics, which is still lacking AI specialists and relevant technologies in its transition from a hardware-oriented technological focus to software. Vice Chairman Kwon Oh-hyun’s departure from the company next year sends Samsung the serious mess
Oct. 25, 2017
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Amorepacific chief named among best-performing CEOs in world
The chief executive of South Korea’s cosmetics powerhouse Amorepacific was named the 20th best-performing CEO in the world, the company said Wednesday.Amorepacific Chairman Suh Kyung-bae ranked 20th globally and second in Asia on a list of 100 best-performing CEOs released annually by Harvard Business Review and INSEAD. Amorepacific Chairman Suh Kyung-bae (Amorepacific)The evaluations were based on Amorepacific’s performance from June 29, 2006, when Amorepacific was set up as a separate entity
Oct. 25, 2017
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[Monitor] Koreans not ponying up for digital content
South Koreans spend very little on viewing paid content available online, with the user ratio hovering at 0.5-4.9 percent and the monthly average spending reaching 579 won ($0.51), data by the Korea Information Society Development Institute showed Wednesday.According to the KISDI report that surveyed 9,788 Koreans between May and August, the least was spent on viewing news, magazines and books, including webtoons. This means Koreans spend on average less than 40 won per person to read text-cente
Oct. 25, 2017
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Hyundai Motor invests $5m in US-based vehicle research center
Hyundai Motor Group will invest $5 million in a US-based vehicle research center, the company said Wednesday.The Korean carmaker’s research and development unit, Hyundai America Technical Center Inc., signed a long-term partnership agreement with the American Center for Mobility on Tuesday, local time, it said. Andy Freels (left), president of the Hyundai America Technical Center, and John Maddox, president and CEO of the American Center for Mobility, shake hands after signing a partnership agr
Oct. 25, 2017
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Asiana passengers given waiver on security interviews at airport for US trips till April
Asiana Airlines Inc., South Korea's second-biggest airline, said Tuesday that Washington accepted its request to delay the implementation of a strengthened security check of its passengers bound for the United States.On June 28, the US Transportation Security Administration asked 180 airlines in 105 countries to carry out a thorough pre-flight security check of passengers through interviews and screening.It called on companies to apply for a delay in the implementation and give the reasons for t
Oct. 24, 2017
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[Management in Korea] Time for Korean bigwigs to make their cultures global
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.Given that Korea’s population is only about 50 million, the country’s largest companies have long understood that their ambitions could only be reached by developing into truly global organizations. And many Korean enterprises have done exactly this. Not just the most well-known chaebol like Samsung, Hyunda
Oct. 24, 2017
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Diageo gets younger with low-alcohol W Signature 12
Spirits maker Diageo said Tuesday that it is hoping to expand its presence in the low-alcohol whisky market with the introduction of its new product, W Signature 12.“(W Signature 12) will allow us to solidify our position in the low-alcohol spirits market following on the heels of our 17-year product,” said Cho Kil-soo, the CEO of Diageo Korea, at a press conference held at the British Embassy in Seoul.“I believe that W Signature 12 will become a product that will represent a safe, smart choice
Oct. 24, 2017
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KITA chairman resigns over discord with Moon Jae-in government
The Korea International Trade Association announced that its chairman, Kim In-ho, formally tendered his resignation during a board meeting held at the Trade Tower in Seoul on Tuesday, despite his term not officially expiring until February next year. ”I am resigning because of the new government,“ said Kim, during a press conference held at the Trade Tower on Tuesday. Kim told reporters that he recently received a message from the government asking him to resign from his post. He, however, refus
Oct. 24, 2017
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Daewoo E&C creates book tunnel for Delight Square
Newly designed walls have been created in an underground tunnel that connects a subway station and a shopping mall in Seoul, according to Daewoo Engineering & Construction on Tuesday.The underpass, which connects Hapjeong Station on Subway Lines No. 2 and No. 6 and the shopping center Delight Square, features shelves filled with replicas of books. Daewoo E&C, which built Delight Square, has dubbed it a “book tunnel.” An interior view of an underground tunnel between Delight Square and Hapjeong
Oct. 24, 2017
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Samsung, Apple face new legal battle over patent damages
Samsung Electronics and Apple’s six-year legal battle over design patent infringement is headed back to the original court. Judge Lucy Koh of the US District Court for the Northern District of California ordered Sunday night that a new trial will begin to look into whether Apple’s $399 million award for Samsung’s design patent infringement should stand. The trial is opening 10 months after the US Supreme Court in December sent back the case, saying Samsung may not be liable for all of the $399 m
Oct. 24, 2017
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Foreign makers keep eye on changes in smartphone distribution
Foreign smartphone makers are keeping a close eye on local lawmakers’ moves to reform smartphone distribution channels in Korea in hopes of further penetrating the market dominated by Samsung and LG. Currently, the Korean smartphone market is dominated by two local firms -- Samsung Electronics with a 63.8 percent share and LG Electronics with 11.8 percent. Apple holds an 11.9 percent share, while other brands have little presence, according to Rep. Byun Jae-il of the ruling Democratic Party of K
Oct. 24, 2017
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Hyundai Glovis raises W50b to support partners, workers
Hyundai Glovis, the logistics unit under Hyundai Motor Group, created a fund worth 50 billion won ($44 million) to support its partner companies and workers, the company said Tuesday.Hyundai Glovis plans to spend 23 billion won to secure safety measure and the welfare of the workers in the logistics industry, while spending 20 billion won to financially support its small- and mid-sized partner companies. Participants attend an event on Sept. 21 to celebrate Hyundai Glovis’ project to invest 50 b
Oct. 24, 2017
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BMW Korea to enhance hands-on experiences
German luxury car brand BMW’s sales unit in Korea is moving to upgrade dealership spaces to offer customers hands-on experience with the brand’s products.BMW Korea currently operates two BMW MINI City Lounges in the country. The German carmaker’s showrooms allow customers to check out both BMW and MINI vehicles, as well as the brands’ products, the company said. A customer experiences a BMW vehicle using virtual technology at BMW MINI City Lounge at Starfield Hanam (BMW Korea)“Customers will be
Oct. 24, 2017
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LG Household logs decent profit in Q3 despite THAAD woes
LG Household & Health Care Ltd., South Korea's No. 2 cosmetics and household goods maker, said Tuesday it racked up a solid profit in the third quarter of this year on the back of its high-end cosmetic brands, despite concerns over a setback from a diplomatic row between Seoul and Beijing over a US anti-missile system here.Its operating profit came to 253 billion won ($224 million) in the July-September period, up 3.5 percent from 244 billion won tallied the previous year, the company said in a
Oct. 24, 2017
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Intl. passengers using Gimhae airport rise due to more Australians, Russians: data
The number of international passengers using Gimhae International Airport in the southeastern port city of Busan has risen sharply this year despite a drop in Chinese tourists, industry data showed Tuesday. As many as 5.24 million passengers used international flights through Gimhae in the first seven months of this year, according to statistics provided by the Korea Airports Corp.The number represents a 12.9 percent hike from a year earlier. Gimhae International Airport passenger terminal (Yonh
Oct. 24, 2017
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Samsung Electronics to announce 3-year buyback plan
Samsung Electronics is set to announce next week a three-year plan to buy back shares, which is anticipated to be the largest backed by the tech giant’s thriving chip business.The tech giant will also announce its third-quarter profit and plans for cash dividends for 2018-2020. (Photo by Park Hyun-koo/The Korea Herald)Last year, the company said it would spend 50 percent of its net profits to increase its share value and return the benefits to its investors. Of the 22.4 trillion won of net profi
Oct. 23, 2017
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Consumers wary as tax hike looms on HNB tobacco
Following the passage of a tax hike bill on heat-not-burn tobacco products at a parliamentary committee, South Korean consumers are bracing for a price hike to begin as early as next month.On Friday, the strategy and finance committee of the National Assembly passed a proposal to raise individual consumption taxes on HNB products to 90 percent of the same tax levied on conventional cigarettes. If the bill passes the floor next month, each 20-stick pack of HNB sticks will be taxed to the tune of
Oct. 23, 2017