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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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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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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Business hotels flourishing in downtown Seoul
[THE INVESTOR] Mid-priced hotels are on the rise in downtown Seoul, especially in Dongdaemun area and Myeong-dong, to meet the demand of rising foreign tourists opting for budget options, industry officials said. Accor-Ambassador Korea recently opened Ibis Ambassador Dongdaemun in the popular shopping district, offering 242 rooms. This is the second hotel in the area by the Korean unit of the French hotel, after Ibis Budget Ambassador Seoul Dongdaemun. Lotte City Hotel Myeongdong located in the
July 8, 2016
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Budget hotels vying to grab share in downtown Seoul
A growing number of business hotels have opened up in downtown Seoul to meet rising demand for affordable accommodation options among foreign and budget-conscious travelers, industry officials said Friday. Many of the hotels have sprung up in Myeongdong, a downtown shopping area, and more are set to open later this year to fill a niche demand between five-star hotels and cheap guest houses. So far, about 2,000 rooms have been added to the area. Hotel Lotte, a unit under retail giant Lotte Group,
July 8, 2016
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GE Capital’s sale of Hyundai Capital stake to be decided in July
[THE INVESTOR] GE Capital will decide on the sale of its stake in Hyundai Capital Services within July, industry sources said on July 8. GE Capital currently holds 20 percent of Hyundai Motor Group’s financing arm. The US firm plans to unload the shares, and with no buyer appearing, GE Capital had planned to exercise the put option and resell to Hyundai Motor Group.Based on the most recent transaction regarding Hyundai Capital Services’ shares, its stake is likely to cost around 700 billion won
July 8, 2016
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Haier, CJ, Cuckoo may bid for Tongyang Magic
[THE INVESTOR] China’s Haier and Korea’s CJ and Cuckoo are surfacing as likely bidders to acquire Tongyang Magic, a local appliance maker whose key business is water purifier rental service. Toyang’s largest shareholders Glenwood Private Equity and NH Private Equity, both based in Korea, plan to send information memorandum to possible bidders next week with aims to start the bidding process from later this month. According to industry sources, Tongyang had long gauged its entry into the Chinese
July 8, 2016
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Korea probes Ford Explorers for exhaust fumes in cabin
[THE INVESTOR] South Korean government has launched an investigation into a possible defect in Ford Explorers, following the US probe into complaints that exhaust fumes are leaking into the cabin of the SUVs. The Ministry of Land, Infrastructure and Transport on July 7 said it opened the inquiry to see if the Ford units sold here have a similar problem, after the US’ National Highway Traffic Safety Administration began the investigation. Ford ExplorerAccording to US media outlets, there have be
July 8, 2016
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NH Investment buys Australian Red Cross‘ building for $86m
[THE INVESTOR] NH Investment & Securities said on July 8 that it bought the Australian Red Cross’ office building in Sydney for some 100 billion won (US$ 86.3 million). The South Korean securities firm raised real estate funds with FG Asset Management to acquire the 12,700-square-meter building in Kent Street, Sydney. Built in 2011, the five-story building is on a 15-year lease contract with the Red Cross. (theinvestor@heraldcorp.com)
July 8, 2016
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LIG Nex1 to build 2nd plant in Gimcheon
[THE INVESTOR] LIG Nex1 will build an advanced weapons plant in Gimcheon, North Gyeongsang Province, the defense equipment maker said on July 7.A memorandum of understanding regarding the plans was signed with Gimcheon government. Under the plans, LIG Nex1 will complete the construction work by 2023. Gimcheon Mayor Park Bo-saeng (left) and LIG Nex1 CEO Lee Hyo-koo hold up the memorandum of understanding at the signing ceremony held in Gimcheon, South Gyeongsang Province on July 7. LIG Nex1Accor
July 8, 2016
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SK contributes to program for young social entrepreneurs
SK Group will provide 12.5 billion won ($10.82 million) to an MBA program over five years to help young entrepreneurs start up social enterprises, the conglomerate said Friday.SK signed a memorandum of understanding on Thursday with the Korea Advanced Institute of Science and Technology to groom a second group of entrepreneurs through the institute's MBA program.The SK-KAIST program was launched in 2012 with 9.5 billion won from the business group for a five-year curriculum. The first group of g
July 8, 2016
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GM Korea’s union OKs strike plans
[THE INVESTOR] GM Korea labor union’s vote on staging a strike was approved on July 7, making it the first carmaker union to set the stage for industrial action.The vote to take industrial action was approved by 71 percent workers. Of the 13,619 members of the carmaker’s union, 81 percent participated in the July 6-7 vote. GM Korea chief executive James Kim.However, the union’s move is widely perceived as a ploy to get the upper hand in this year’s negotiations rather than a signal for immediat
July 8, 2016
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Haitai cranks up production of megahit snack but sales slow down
Haitai Confectionary & Foods Co. may have been too late in building a factory to produce more of its smash hit potato chips, with the sales of the snack stagnating as soon as the factory opened, retail figures showed Friday.According to the company and tallies from Nielsen Korea, the monthly sales of Haitai's Honey Butter Chip increased roughly 300 million won ($259,629) in May and June, relatively a small increase considering that the snack hits monthly total sales of 5 billion won. The sales o
July 8, 2016
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CJ head again seeks custody suspension for hospital treatment
The chairman of the food and entertainment conglomerate CJ Group has again requested a suspension of the execution of his 30-month jail term, citing the need for medical treatment, court officials said Thursday.Lee Jay-hyun is currently in the hospital waiting for the Supreme Court's ruling on embezzlement, breach of trust and tax evasion charges. His confinement has been suspended on several occasions since August 2013.Lawyers representing the industry mogul submitted an application for Lee's c
July 7, 2016
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Samsung Electronics launches super-fast UFS card
Samsung Electronics Co., the world's largest memory chip maker, on Thursday rolled out the industry's first removable data storage card that is five times faster than that of the conventional micro SD card.The Universal Flash Storage card with 250 gigabytes of storage can be used in shooting devices such as digital single-lens reflex cameras, action cams, and virtual reality cameras, the South Korean tech giant said. (Samsung)The latest UFS can read a full HD movie file with 5GB in 10 seconds, t
July 7, 2016
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Gov’t promises support to Hanwha Q CELLS in completing plant expansion on time
[THE INVESTOR] The Korean government on July 7 said that it will work with concerned organizations to ensure that Hanwha Q CELLS’ plant expansion project is completed on schedule. Hanwha Q CELLS, Hanwha Group’s solar power generation unit, is currently expanding its plant producing materials for solar panels in Jincheon, North Chungcheong Province. Although the project is due for completion in July 2017, the lack of infrastructure in the area is expected to pose hurdles. The expanded plant requi
July 7, 2016
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KT to nurture 20 start-ups this year
[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won ($1.7 million) to foster 20 start-ups this year, the company said Thursday. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected fo
July 7, 2016
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Samsung Heavy workers stage 4-hour strike
[THE INVESTOR] Samsung Heavy Industries workers went on a partial strike on Thursday, to protest the company’s tough restructuring plan. It marked the first time that a troubled South Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company’s shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m.Some 5,400 members of the so-called “labor council,” joined the strike. Samsung Heavy, a unit of the country’s top
July 7, 2016
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Shopping and-K-pop complex planned in Uijeongbu, Korea
[THE INVESTOR] A large entertainment complex that combines shopping, K-pop and children’s entertainment will be built in Uijeongbu, Gyeonggi Province, as part of the government’s investment-boosting drive. According to the plans revealed on July 7, the central government will support Uijeongbu’s plans that will see the construction of a 620,000-square-meter complex in the area just north of Seoul. The project is scheduled for completion in 2018, and 382.4 billion won (US$ 330.8 million) will be
July 7, 2016
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[Newsmaker] Lotte chairman Shin’s sister arrested
Prosecutors on Thursday morning arrested Shin Young-ja, the chairwoman of Lotte Foundation and older sister of Lotte Group chairman Shin Dong-bin, as they investigate allegations of her involvement in bribery and embezzlement. The Seoul Central Court issued the arrest warrant at around 2 a.m. on Thursday, and Shin was immediately taken into custody.She is the first member of the Shin family -- which rules over the Lotte empire in Korea and Japan -- to be officially arrested in prosecutors’ inves
July 7, 2016
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Korean shares spike over 1% on foreign buying, Samsung's earnings surprise
Korean stocks closed significantly higher Thursday, clearly rebounding from a dip on the previous day on an earnings surprise from tech giant Samsung Electronics. The local currency also advanced against the U.S. dollar.The benchmark Korea Composite Stock Price Index spiked 20.96 points, or 1.07 percent, to 1,974.08. Trade volume was moderate at 374.6 million shares, worth 3.87 trillion won ($3.35 billion). Gainers outnumbered losers 607 to 208.The sharp rise came one day after foreign investors
July 7, 2016
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S. Korea hopes to triple cosmetics exports
[THE INVESTOR] South Korean government aims to boost cosmetics exports to US$ 7 billion by 2018 through deregulation and by supporting export activities. Last year, Korea’s cosmetics exports came in at US$ 2.6 billion. The plans were revealed at the pan-government conference on boosting exports and investment held in Seoul on July 7. As part of the measures, cosmetics producers, universities and research organizations will be allowed to submit products they develop for government certification r
July 7, 2016
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Consumers to sue Coway over defective water purifiers
Consumers in South Korea are reportedly preparing to file civil and criminal suits against local water purifier rental company Coway over its cover-up of defective ice water purifiers containing nickel.Thousands of Coway customers have formed legal action groups through online communities and are getting in touch with lawyers to determine further actions, according to local news reports.One online community against Coway has already amassed 2,700 members in just two days, with more than 400 peop
July 7, 2016