Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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HHIC Holdings kicks off sale of 3 energy subsidiaries
[THE INVESTOR] Hanjin Heavy Industries and Construction Holdings on July 13 began the process of selling three energy-related subsidiaries. The companies -- Daeryun Power, Byeollae Energy and Daeryun E&S -- are to be sold as a bundle, and the sale will be conducted by Mirae Asset Daewoo. Hanjin Heavy's Subic ShipyardHHIC Holdings and Daeryun E&S each hold 29.17 percent and 50 percent in Daeryun Power and Byeollae Energy, respectively. Daeryun E&S, a gas supplier, is 100 percent owned by HHIC Hol
July 14, 2016
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China’s anti-dumping tariffs on Taekwang unrelated to THAAD: Foreign Ministry
[THE INVESTOR] The Korean government has denied that China’s decision to slap a 4.1 percent anti-dumping tariff on acryl fabrics produced by Taekwang Industrial was in retaliation for its proposal to deploy an advanced anti-missile system here.“The measure is unrelated to Seoul’s decision to deploy the Terminal High Altitude Area Defense or THAAD system,” the Ministry of Foreign Affairs said on July 14. China’s Trade Minister began reviewing anti-dumping measures for acryl fabrics produced in So
July 14, 2016
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Hanwha to regain part of W315b deposit lost in DSME deal
[THE INVESTOR] The Supreme Court on July 14 ruled that Hanwha Group(chairman Kim Seung-youn) should receive part of the 315 billion won (US$ 277 million) deposit lost during its 2009 attempt to take over Daewoo Shipbuilding and Marine Engineering. The top court ruled that Hanwha’s loss of such a large deposit was unfair, and returned the case to the lower courts. Hanwha Group headquarters in downtown Seoul“Confiscating the entire deposit of 315 billion won is excessive, even if the confiscation
July 14, 2016
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[Photo News] Top in sales service
GM Korea CEO James Kim speaks at a ceremony at the carmaker’s Bupyeong headquarters in Incheon on Thursday to congratulate Chevrolet on winning the best prize among vehicle brands in the sales service category of the Korean Service Quality Index study conducted by Korea Management Association Consulting.GM Korea
July 14, 2016
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Hyundai Motor records lowest Q1 operation rate in 5 years
[THE INVESTOR] Hyundai Motor recorded the lowest domestic capacity utilization rate in five years during the first quarter of this year, data showed on July 14. The carmaker’s regulatory filings showed that its domestic capacity utilization rate came in at 98.4 percent, down from 104 percent recorded in the same period last year. Hyundai Motor’s first-quarter capacity utilization rate has hovered between 99.6 percent and 104 percent since 2012. Hyundai Motor headquaters in SeoulThe company attri
July 14, 2016
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Hyundai Heavy's sale of HI Investment face rocky start
[THE INVESTOR] Hyundai Heavy Industries Group’s plans for selling off HI Investment & Securities could be getting off to a rocky start with potential buyers taking a reserved approach. The sale is part of the shipbuilding conglomerate’s restructuring plans, and while a number of securities firms have been listed as potential buyers, their response so far has been lukewarm. The group holds 85.3 percent of Hi Investment & Securities through Hyundai Mipo Dockyard. Hyundai Mipo Dockyard’s largest sh
July 14, 2016
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Supreme Court rules against Samsung C&T’s trademark application
[THE INVESTOR] The Supreme Court has ruled against Samsung C&T (formerly Cheil Industries) saying that its trademark for a fashion brand lacks originality, as it is similar to that of Switzerland’s Bally.On July 14, the court reversed the ruling from the original suit filed by Samsung C&T to cancel Korean Intellectual Property Office’s decision not to register its trademark: a black pentagon shaped like a house with a roof in which two different-sized arches on their sides are placed vertically.
July 14, 2016
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Ryukyung PSG to acquire 5 Homeplus stores
[THE INVESTOR] Homeplus, the nation’s No. 2 discount supermarket chain, said on July 14 that it has recently decided to sell five of its stores to Ryukyung PSG Asset Management through a sales-leaseback transaction. The deal price is estimated at over 600 billion won (US$526 million). The company will acquire the stores and lease them back to Homeplus that is owned by MBK Partners, the nation’s largest equity fund. Homeplus said the new cash will be used for the company’s future growth. The deal
July 14, 2016
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VW Korea likely to face W320b penalty for emissions rigging
[THE INVESTOR] Audi Volkswagen Korea is likely to be slapped with a heavy penalty of up to 320 billion won (US$279.51 million) for submitting false documents with intentions to cheat on the government’s emissions tests. The Ministry of Environment will hold a hearing for its final decision on the punitive measure on July 22. Of the 32 Audi and Volkswagen models subject to the penalty, 27 models are currently on sale. Following the decision, the Korean unit could face sales ban on its top-selling
July 14, 2016
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China slaps lower anti-dumping duties on S. Korean chemical maker
China's commerce ministry has slapped anti-dumping duties of 4.1 percent on acrylic fiber manufactured by a South Korean chemical company, the foreign ministry here said Thursday. Taekwang Industrial Co. along with other companies from Japan and Turkey were accused of selling their products at below market prices in China that distorted the market and hurt domestic producers. Beijing began its probe into the allegation in July 2015 and issued a tentative ruling in April this year in which the Ko
July 14, 2016
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E-mart to launch operations in Mongolia in July
[THE INVESTOR] South Korea’s No. 1 discount store chain E-mart will open its first outlet in Mongolia on July 28, according to local news reports. The retail chain of Shinsegae Group has been in talks with Altai Holdings, a local trading firm, since 2013 to open the franchise and signed a memorandum of understanding the same year. The process, however, was delayed due to the retailer’s internal issues.Altai Holdings will be in charge of running the store while E-mart will have a stake of 10 perc
July 14, 2016
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Korea to convert pay phone booths into rapid EV charging stations
[THE INVESTOR] KT linkus and the Ministry of Environment will embark on a partnership project to transform pay phone booths into rapid charging stations for electric vehicles to expand the EV market.KT linkus will team up with the Korea Environment Corporation affiliated with the Environment Ministry to install nine EV rapid charging stations in Seoul, Seongnam, Daegu and Suncheon, starting its service from July 15. Rapid charging station in Seoul. KT“We are planning to cooperate with governme
July 14, 2016
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Exports of industrial parts, materials sink in H1
South Korea's exports of industrial parts and materials fell in the first half of the year amid weak global demand and low oil prices, the trade ministry said Thursday.Outbound shipments of industrial parts and materials dropped 9.2 percent on-year to US$121.8 billion in the January-June period, accounting for 50.4 percent of the country's overall exports, according to the Ministry of Trade, Industry and Energy.Imports also retreated 8.2 percent on-year to $74.2 billion over the six-month period
July 14, 2016
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Samsung Serif TV launched in US market
[THE INVESTOR] Samsung Electronics officially introduced its Serif TV models in the US market on July 13, in collaboration with New York City’s landmark gallery Museum of Modern Arts. Designed by France’s Ronan and Erwan Bouroullec, the model takes its design and name after the shape of the alphabet “I” in the “Serif” font. Due to its stylish qualities, MoMA has uncharacteristically lent its venues for the launch event and will continue to offer support by displaying it in its stores.Samsung Ser
July 14, 2016
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E-mart to open first store in Mongolia
South Korean discount retailer E-mart said Thursday that it will open its first store in Mongolia later this month as part of efforts to expand presence overseas.The new branch will be opened in central Ulaanbaatar on July 28 and be the country's first large discount chain that will also house a bank, a kids cafe and a hair salon, E-mart said.The move comes as the discount outlet chain is moving to foster new growth engines and tap deeper into the new emerging market with a population of 3 milli
July 14, 2016
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Diesel consumption hits monthly record in May
South Korea's diesel consumption hit a monthly record in May, state statistics showed Thursday, an indication that diesel-powered cars are still dominant over electric and hybrid vehicles.According to an informational website operated by state-run Korea National Oil Corp., South Korea consumed a record 14.31 million barrels of diesel in May. The previous record was 14.1 million barrels in October last year. Gasoline consumption for May was 6.6 million barrels.Automobiles used 77.73 percent of th
July 14, 2016
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Hyundai Motor's labor unionists approve strike
Tens of thousands of unionized workers of Hyundai Motor Co. have voted in favor of a strike, officials said Thursday, setting the stage for another walkout that may cut the carmakers' vehicle output.The officials said 37,358 unionized workers, or 76 percent of the more than 48,800 unionized workers, authorized a strike in a vote on Wednesday in Ulsan, home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul.Still, the unions are not allowed to down tools immediately
July 14, 2016
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Speculations rise over Park Sam-koo and Kumho Tire
[THE INVESTOR] The news of Kumho Tire creditors seeking a buyer for their stake is fueling speculations about Kumho Asiana Group chairman Park Sam-koo’s future course of action. Park holds pre-emption rights, and he has been working on rebuilding the group that was fragmented due to financial troubles in the late 2000s.However, the massive figures associated with Kumho Tire sale have prompted speculations that Park’s plans for the company may be difficult to achieve.Kumho Asiana Group chairman P
July 14, 2016
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KPG Partners, Corstone Asia mull takeover of JKC Corp.
[THE INVESTOR] Local investment firm KPG Partners and private equity fund Corstone Asia are planning on acquiring JKC Corp., a Korean manufacturer of adhesive film and other industrial materials. According to industry sources, KPG Partners and Corstone Asia signed a memorandum of understanding for the right to exclusively negotiate with JKC Corp. to purchase the company. After conducting a due diligence and further negotiations, the takeover deal will be completed by next month. Lee Jang-won, th
July 14, 2016
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Prosecution grills Nexon founder on suspicion of insider trading
Prosecutors on Wednesday grilled Kim Jung-ju, founder of the nation’s largest game firm Nexon, on suspicion that he gave insider information to a senior prosecutor who raked in hefty stock gains.“I am sorry for having caused trouble,” chairman Kim told reporters while entering the Seoul Central District Prosecutors’ Office for questioning. He then added, “I will sincerely respond to questions during the investigation and disclose everything in detail I know.”Nexon chairman Kim Jung-ju appears at
July 13, 2016