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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Budget carrier passengers top 100 mln in 11 years
The cumulative number of passengers of South Korea's low-cost carriers has topped 100 million since they began service here 11 years ago, data showed Sunday.The number of people using domestic and international flights by local LCCs reached 114.79 million after the first LCC was launched in August 2005, according to the data by the Korea Airports Corp. and the Incheon International Airport Corp.LCC passengers on domestic flights came to 81.32 million during the cited period, and those from inter
July 10, 2016
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S. Korea's tourism deficit edges up this year
South Korea has seen its deficit from tourism inch up in the first five months of the year, central bank data showed Sunday, despite the government's continued efforts to boost the tourism industry.The tourism deficit reached US$1.49 billion in the January-May period, up 1.3 percent from the $1.47 billion from the same period last year, according to the data by the Bank of Korea.The number of visitors plummeted last year following an outbreak of the Middle East Respiratory Syndrome.The bank attr
July 10, 2016
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MBK Partners denies reports on hefty dividends from Homeplus
[THE INVESTOR] MBK Partners on July 8 denied that the nation's largest equity firm will receive hefty dividends from Homeplus, a cash-strapped supermarket chain that it acquired from Britain’s Tesco last year. Homeplus Holdings, the de facto holding company of Homeplus, has recently decided to pay an interim dividend of 30,612 won (US$26) per share on 700,000 preferred shares owned by its largest shareholder Korea Retail Investment. Following the decision, recent news reports said, MBK, which
July 8, 2016
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Korea’s electricity industry seeks export expansion
[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp
July 8, 2016
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Korean cosmetics makers fear losses from THAAD deployment
[THE INVESTOR] South Korean retailers and cosmetics companies are closely watching China’s moves after Korea and the US decided to deploy an advance missile defense system in the country on July 8. Neighboring China lodged a swift protest against the decision announced in the morning which is expected to further heighten geopolitical risks. Local cosmetics makers and duty-free shops are on alert as they worry about losing Chinese market and consumers who account for a growing portion of their re
July 8, 2016
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Troubled Korean shipbuilders top June ranking
[THE INVESTOR] Despite the protracted slump in the local shipping industry, South Korean shipbuilders took the largest volume of new orders of vessels in June, industry data showed on July 8. According global research firm Clarkson Research Services, South Korean shipbuilders clinched new contracts of 370,000 compensated gross tonnage, or eight ships, out of the total 960,000 CGT, or 51 ships, in June. DSME shipyardThis is the first time South Korean shipbuilders ranked No.1 in terms of monthly
July 8, 2016
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Ex-Lotte Chemical exec indicted on alleged tax evasion
[THE INVESTOR] A former Lotte Chemical finance executive has been indicted on charges of tax fraud on July 8. The suspect, identified by the surname Kim, is the first individual to be indicted since the probe into Lotte Group began early last month. The investigators are reported to be focusing on whether Lotte Group chairman Shin Dong-bin was aware of the alleged wrongdoings as he was serving as Lotte Chemical CEO at the time. Lotte Group chairman Shin Dong-bin (center) / The InvestorKim is sus
July 8, 2016
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HMM pins hope on credit rating rebound
[THE INVESTOR] South Korea’s second-largest shipper Hyundai Merchant Marine said on July 8 that it will visit major credit rating agencies to explain about its ongoing restructuring measures, in hopes they reevaluate the credit standing of the ailing company. The company will visit the rating agencies Korea Investor Services, Korea Ratings and National Information and Credit Evaluation and talk about their restructuring plan process, including the asset sales, negotiations to reduce charter rate
July 8, 2016
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Cho Hyun-min promoted to vice president of Jin Air
Cho Hyun-min, the youngest daughter of Hanjin Group chairman Cho Yang-ho, has been promoted to vice president of Jin Air, the group’s low-cost carrier, the company said Friday.The 33-year-old Cho, who was the marketing director, will continue to oversee the company’s marketing operations as vice president. Cho Hyun-min (Jin Air)Cho is the younger sister of Cho Hyun-ah, 42, the former executive vice president of Korean Air who made international headlines for the “nut rage” incident. Her older b
July 8, 2016
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DSME doled out W500b in bonuses after accounting fraud
Daewoo Shipbuilding & Marine Engineering gave hefty cash bonuses to its employees after overstating the company’s operating profits in a multitrillion won accounting fraud, local reports said Friday. The reports, citing sources at the state prosecution investigating the debt-ridden shipbuilder, said that DSME, under the direction of then-CEO Koh Jae-ho, gave out a total of 490 billion won ($420 million) in performance-based bonuses from 2012 to 2015. The CEO himself pocketed around 700 million w
July 8, 2016
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FTC refuses to delay decision on CJ HelloVision merger
[THE INVESTOR] The Fair Trade Commission has refused CJ HelloVision’s request to delay its decision on the planned merger and acquisition deal with SK Broadband, an IPTV firm run by SK Telecom. FTC officials told Herald Business and The Investor that they would not be pushing back the schedule. Last week, the regulator handed down a preliminary decision to CJ and SK, saying that it opposes the merger, as it could hamper fair market competition by creating an excessively dominant player. CJ and S
July 8, 2016
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Hyundai Rotem, Alstom vie for W1tr Cairo metro project
[THE INVESTOR] Hyundai Rotem, a train-making unit of Hyundai Motor Group, said on July 8 that it has become the final bidders together with France’s Alstom for Cairo’s 1 trillion won (US$860 million) train project. If the company wins the bid finally, it will become its largest order secured this year. The winner has to supply a total of 510 electric locomotives to Cairo’s metro Line 3. Even though Alstom is a potent competitor, Hyundai Rotem is confident of winning the deal. Hyundai Rotem's tra
July 8, 2016
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Pororo producer Iconix Entertainment faces tax probe
[THE INVESTOR] Iconix Entertainment, the company that produces famed South Korean animation “Pororo the Little Penguin” is undergoing a tax investigation, according to the company on July 8.National Tax Service officials collected financial statements from the firm’s Gyeonggi headquarters in May. Choi Jong-il, head of Iconix, told local media that the investigation was a regular audit conducted on Korean companies every five years.Iconix was established in 2001. Since then it has launched a numb
July 8, 2016
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Korea, EU join hands to promote emissions trading system
South Korea and the European Union on Friday joined hands to develop the former's greenhouse gas emissions trading system in a way to bolster their bilateral cooperation on climate change, the finance ministry here said.In a ceremony held in Seoul, the Seoul-Brussels joint emissions trading system cooperation project worth 3.5 million euros ($3.9 million) was launched with Vice Finance Minister Choi Sang-mok and Ambassador of the EU to Korea Gerhard Sabathil attending, according to the Ministry
July 8, 2016
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Green Cross Labcell files patents for anti-cancer cells
[THE INVESTOR] Korean pharma firm Green Cross Labcell has applied for international patent protection for its natural killer cells that treat cancer patients, the company said on July 8.The Green Cross affiliate had extracted cord blood from healthy donors to generate natural killer cells, a type of white blood cells in the immune system that attacks infections and potentially cancer-causing cell. Institute of Cell Therapy at the Green Cross LabcellThe cord blood-derived natural killer cells, wh
July 8, 2016
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Cruise ships, a conundrum for S. Korean shipyards
[THE INVESTOR] China’s shipbuilding industry is expanding into cruise ships, while South Korean shipyards are held back by lack of experience. Only July 7, China Daily reported that China State Shipbuilding (CSSR) and Italian shipbuilder Fincantieri Cantieri Navali Italiana will establish a joint venture in Hong Kong. The JV will spend 25 billion yuan (US$3.74 billion) building five luxury cruise liners.The work will be carried out by Shanghai Waigaoqiao Shipbuilding, which has established a spe
July 8, 2016
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[EYE] Corning chief breaks female leader stereotype
Women in Korea have come a long way. Their social and political standings have greatly improved in this traditionally male-dominated society, as can be seen by the female head of the nation. In the corporate world, however, little has changed. Women in boardrooms or the C-suite are still a rare sight. Lee Haeng-hee is among those rare ones. Corning Korea president Lee Haeng-hee (Corning Korea)The president of Corning Korea, the local unit of U.S. materials firm Corning, is the epitome of how a w
July 8, 2016
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Former chief of Volkswagen Korea summoned again over emissions scandal
A former managing director of the local branch of Volkswagen was summoned by prosecutors for a second time Friday over the German carmaker's alleged irregularities that came to light following last year's emissions scandal.Park Dong-hoon appeared before the Seoul Central District Prosecutors' Office for questioning over his alleged involvement in the company's cheating on emissions tests by using so-called defeat device software.He declined to comment on any of the questions asked by reporters b
July 8, 2016
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Incheon airport struggles to become air hub
[THE INVESTOR] Incheon International Airport, South Korea’s main international gateway, is facing an uphill battle to become Asia’s top air hub as its share of transit passengers continued to dip for three consecutive years. According to Incheon International Airport Corp., the number of transit passengers during the first half of the year stood at 3.58 million, which is a 4.1 percent drop from 3.74 million tallied during the same period last year.The statistics show that the number of stopover
July 8, 2016
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Korean boy group Big Bang earned more than Maroon 5 in 2015: report
[THE INVESTOR] South Korean boy group Big Bang made more money last year than the American popular rock band Maroon 5, according to a US media report. Forbes magazine on July 6 (local time) reported that Big Bang’s pretax earnings stood at US$ 44 million in 2015, more than the US$ 33.5 million racked up by Maroon 5, the American group that was selected as one of the highest-paid musicians in 2015 by Billboard. Big Bang members (from left): Seungri, G-Dragon, Taeyang, T.O.P and Daesung. / YG Ente
July 8, 2016