Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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Coson teams up with Yujiahui Cosmetics for sales in China
[THE INVESTOR] Coson has teamed up with Hunan Yujiahui Cosmetics, a leader in mask sheets market in China, to secure the ever-growing market for its cosmetics including mask sheets.The company announced on July 14 that it has signed an agreement to establish a joint venture with the e-commerce firm specializing in cosmetics sales, to sell Coson products in China. (123rf)They will start with Coson’s sheet masks and in the future will develop products through original development manufacturing, t
July 15, 2016
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President will decide on pardoning businesspeople: FM
[THE INVESTOR] The Ministry of Strategy and Finance has not recommended any businessperson for the presidential pardon, Deputy Prime Minister for economic affairs Yoo Il-ho said on July 15. Speaking to reporters at an industrial complex in South Jeolla Province, Yoo said that the president will decide the issue, and that the matter is not at a stage in which the Finance Ministry could make recommendations. “The president will make a decision on pardoning businesspeople after she takes stock of t
July 15, 2016
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US beef import soars on rising hanwoo price
[THE INVESTOR] US beef imports increased significantly as South Koreans turned away from their expensive local beef hanwoo, industry data showed on July 14. US beef imports increased by 25.7 percent from January to May this year from the same period last year, to reach 61,062 tons, according to a report by the National Agriculture Cooperative Federation, better known as NongHyup. South Korea became the third largest beef importer in the world during the period, after Japan and Mexico. 123rfIn Ma
July 15, 2016
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[Weekender] Ilsan out to emulate Pangyo's success
The Gyeonggi government announced last month that it has chosen Ilsan as the site for a large-scale advanced tech cluster focusing on visual reality and IT health care services. The Ilsan techno valley will be “the second Pangyo,” it said.“We highly expect that Ilsan Techno Valley will make great accomplishments in job creations, just like Pangyo,” Gyeonggi Province Gov. Nam Kyung-pil said at a press briefing.A bird’s eye view of Ilsan Lake Park. (Goyang City Hall)The northern part of Gyeonggi r
July 15, 2016
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POSCO chairman donates W300m to stimulate job growth
POSCO chairman and CEO Kwon Oh-joon donated the 300 million won he received in prize last week to institutions that aim to stimulate jobs for young adults, the company said Friday.Last week, Kwon received the “Korea’s best scientist and engineer award” from the Science Ministry. POSCO chairman Kwon Oh-joonIn the awarding ceremony, Kwon said he would use the money to help create more jobs. He donated 100 million won each to the National Academy Engineering of Korea, Seoul National University and
July 15, 2016
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Hanwha Galleria opens duty-free shop in 63 Building
[THE INVESTOR] Hanwha Galleria held a grand opening for its duty-free store in Yeouido, Seoul, Friday. Although it was open to public since December last year, Galleria Duty Free 63 marked its official launch with a ceremony attended by group chairman Kim Seung-youn. Boasting a prime location in the group’s 63 Building, the store seeks to attract tourists who will not only be able to shop more than 540 domestic and international brands but also enjoy the view of Seoul at the observatory and expe
July 15, 2016
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Ilsan eyed as ‘second Pangyo’
The Gyeonggi government announced last month that it has chosen Ilsan as the site for a large-scale advanced tech cluster focusing on visual reality and IT health care services. The Ilsan techno valley will be “the second Pangyo,” it said. A bird’s eye view of Ilsan Lake Park. (Goyang City Hall)“We highly expect Ilsan Techno Valley will make great accomplishments in job creations, just like Pangyo,” Gyeonggi Province Gov. Nam Kyung-pil said at a press briefing.The northern part of Gyeonggi reall
July 15, 2016
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Techno valley -- Korea’s start-up hub
Techno valleys in Korea are playing a pivotal role as hubs for technology start-ups as the government pushes to boost innovation through policy measures. Pangyo Techno Valley in Seongnam, Gyeonggi Province, which opened in 2011, is one of the leading techno valleys in Korea. It started small. Having only 82 companies in the 661,000-square-meter-large land, the first-year sales reached just 5 trillion won, ($4.3 billion).Pangyo Techno Valley, however, soon drew a sharp growth as the number of com
July 15, 2016
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New budget carrier Air Seoul to launch flight services to Japan
Air Seoul, a new low-cost carrier under Asiana Airlines, said Friday it plans to launch flight services to four Japanese cities in October.The budget carrier is set to take over two routes that connect Incheon to Shizuoka and Takamatsu, respectively, from its parent carrier while flying to and from Nagasaki and Yamaguchi Ube in early October.Air Seoul also said it is set to take over some of Asiana Airlines' flight services to Southeast Asian destinations.The budget carrier, a wholly owned unit
July 15, 2016
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Prosecution seeks arrest of Lotte Homeshopping chief
[THE INVESTOR] The prosecution investigating the Lotte Group corruption case filed for an arrest warrant for Lotte Homeshopping CEO Kang Hyun-gu on July 14. Kang is the first CEO of a Lotte Group company to face arrest in the ongoing case. Kang is suspected of destruction of evidence, violating the Broadcasting Act, and embezzlement and breach of trust under the Act on Aggravated Punishment, etc. of Specific Economic Crimes. According to the prosecution, Kang provided false information in applyi
July 15, 2016
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[Herald Interview] Data analysis helps Memebox find beauty market niche
Memebox is a relatively new face in the South Korean beauty industry which is largely dominated by cosmetics giants such as Amorepacific, Estee Lauder and MAC. Entering a market occupied by such established corporations poses challenges for any newcomer. But Memebox saw an opportunity in what seemed an already crowded market. It jumped into the sector as a cosmetics subscription and delivery service in 2012. “Other cosmetic companies are good at making products. What we do better is to try to
July 15, 2016
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Hyundai Group loses control over Hyundai Merchant Marine
[THE INVESTOR] Hyundai Group on July 15 lost control over Hyundai Merchant Marine, with the shareholders approving the seven-to-one reduction of capital held by group chairwoman Hyun Jeong-eun and affiliates. Once all related processes are over, HMM will become a subsidiary of the Korea Development Bank. Hyundai Merchant MarineThe stakes held by Hyun, Hyundai Elevator and Hyundai Global will be reduced to 3.64 percent from the current 22.64 percent. Hyundai Global is the de facto holdings firm f
July 15, 2016
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Samsung Electronics to invest $448.2 mln in China's BYD:
Samsung Electronics Co., the world's biggest maker of smartphones, will invest 3 billion yuan ($448.2 million) in a Chinese electric carmaker, BYD Co., an investment-banking source said Friday. The investment is expected to forge a strategic partnership between Samsung, which also produces semiconductors and liquid-crystal displays for cars, and BYD, according to the source. The Chinese unit of Samsung will buy new shares of BYD when the Chinese carmaker launches a rights offering. If the rights
July 15, 2016
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Convenience stores find new customers with coffee, desserts
Convenience stores are gaining a big customer base through cafe-style coffee and bakeries that are cheaper in price but satisfactory in quality, industry officials said Friday.The industry's leading chain CU said its January-June sales of brewed coffee were up 64.2 percent from the same period last year.The sales of baked goods, made in the store's own oven, increased 12.6 percent, and that for cakes and other desserts jumped 92.1 percent, it said.Seven Eleven reported a 306.2-percent leap in sa
July 15, 2016
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Boyrung Biopharma launches 5-year cord blood research project
[THE INVESTOR] Boryung Biopharma is to research immune cell treatments using umbilical cord blood in collaboration with Seoul St. Mary’s Hospital.The company said on July 14, that it signed an agreement with the hospital to conduct research in a 5-year project aimed at developing a range of treatments for immune cells. By Choi He-suk (cheesuk@heraldcorp.com)
July 15, 2016
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IPO mulling Sampyo takes top spot in ready-mix concrete biz
[THE INVESTOR] Sampyo Group became the largest ready-mix concrete supplier in South Korea in 2015, industry data showed on July 15. Sampyo is now mulling IPO.Excluding subsidies, however, the top ready-mix supplier was Eugene Corp. that has maintained its position since 2006. SampyoAccording to the Korea Ready Mix Concrete Industry Association, Sampyo companies’ combined output came in at 7.57 million cubic meters in 2015. The figure is 32.5 percent higher than the previous year, and 130,000 cub
July 15, 2016
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S. Korea eyes Muslims for tourism growth
Rika Lim is a big fan of South Korean actor Lee Min-ho after watching a 2009 television series "Boys over Flowers," and planned a "girls' weekend trip" to Seoul.The 23-year-old college student from Indonesia said she had so much fun touring cosmetic stores and character shops in Myeongdong and hanging out in Dongdaemun market, a sleepless fashion mecca, at night. With easy access to free Wifi and subway lines linked to popular sightseeing areas, Lim and her three friends hung out in hipster area
July 15, 2016
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[Super Rich] Born to be rich
[THE INVESTOR] Of the nation’s 100 wealthiest people, 76 are the second or third generation members of the founding family of South Korea’s top conglomerates, as of this year, according to a recent study by The Investor and The Herald Business. Here are five such individuals who are the wealthiest compared to their well-to-do peers in the same age bracket, ranging from under 40 years old to those in their 70s. Richest under 40: Koo Gwang-mo LG chairman’s grandson Koo Gwang-mo, 38, of the LG Gro
July 14, 2016
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Ikea refuses to recall dangerous dressers here
Furniture-maker Ikea is facing public outcry over its refusal to recall dressers that have been linked to six deaths in North America from its Korean stores, despite recalling the line from its stores in the U.S. and Canada.The problematic Malm dressers are still available for purchase in Korean Ikea stores. Roughly 40,000 of them have been sold in Korea since they were first released in December 2014.The dressers must be firmly attached to the wall before being used to prevent them from tipping
July 14, 2016
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S-Oil teams up with students to protect endangered animals
Oil refining giant S-Oil has selected a group of university students to protect endangered animals, officials from the company said Wednesday.The company held a ceremony for 40 students tasked with the mission. They will go on a camp for three days to learn about the endangered animals’ habitats and conduct ecological research, the officials said.Students receive certificates that recognize them as S-Oil’s endangered animal protectors. (S-Oil)In 2008, S-Oil signed a memorandum of understanding w
July 14, 2016