Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Firms' dividend payouts hit all-time high in 2015: data
South Korean listed companies paid out a record amount of dividends in 2015 to meet growing demand from shareholders and go with the government's investor-friendly policy, market watchers said Monday. According to the data compiled by KDB Daewoo Securities Co., listed companies' combined dividend payouts were estimated at 22.29 trillion won ($18.96 billion) last year, up 35 percent from the previous year's 16.5 trillion won. An estimate by the Eugene Investment & Securities Co. also put the 2015
Jan. 4, 2016
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Hyundai Motor Group cuts sales target to 8.13 mln this year
Hyundai Motor Group's chairman said Monday that its two carmakers aim to produce and sell 8.13 million cars this year, lowering its annual target from a year earlier due to tough market conditions at home and abroad.This is a downgrade from the previous year when the group, which owns Hyundai Motor Co. and Kia Motors Corp., pushed to sell 8.2 million units.Hyundai Motor Group Chairman Chung Mong-koo told his employees during an event marking the start of 2016 that the auto giant sold about 8.01
Jan. 4, 2016
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Chamber chief concerned by rising anti-chaebol sentiment
In South Korea, where a small number of family-owned conglomerates dominate the economy, calls for curbing the influence and power of big businesses continue to grow every year. Amid concerns that chaebol are granted privileges and preferential treatment, fueled by a string of controlling family members who have displayed questionable behavior, “anticonglomerate” sentiment pervades Korean society today. Mindful of such criticisms, the chairman of the Korea Chamber of Commerce and Industry, the c
Jan. 3, 2016
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Vulnerable industries to step up downsizing
Korea, with its locomotive for growth hurt by a prolonged global economic slump, is likely to see a stronger wave of corporate downsizing in 2016. From shipbuilding, steel and airlines to banking, companies are moving to increase efforts to cut costs through jobs cut, branch closures and outsourcing, while selling off noncore assets, industry officials and experts said. (Yonhap)In financial districts, one of the buzzwords for this year is “voluntary early retirement,” as companies seek to reduce
Jan. 3, 2016
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Korea's major industries bracing for downturn in 2016
After a year of prolonged economic downturn and a major drop in exports in 2015, South Korea faces another grim outlook in 2016 as most of its major industries are forecast for sluggish growth. Though Korea’s overall trade will slightly grow, its net export volume will increase by just 2.1 percent this year, according to the Korea Institute for Industrial Economics & Trade. The state-run Korea Development Bank expects a general recession of the domestic economy to continue into the new year as t
Dec. 31, 2015
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Business leaders stress reform, innovation for 2016
The heads of South Korea’s major business groups called upon the government and businesses to undertake bold structural reforms and continued innovation to remain globally competitive in 2016, while projecting a prolonged economic downturn in the new year. “The Korean economy is at a crucial crossroads. Once we fall behind in the global competition, it (would be) difficult to regain our position,” said Huh Chang-soo, chairman of the Federation of Korean Industries, Korea’s big business lobbying
Dec. 31, 2015
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Overseas construction orders drop 30% in 2015
Overseas construction orders won by South Korean builders in 2015 fell sharply from the previous year, mainly because demand from the Middle East weakened significantly on low oil prices, government data said Thursday. Construction firms sealed around $46.1 billion worth of overseas contracts in 2015, a 30.1 percent drop from some $66 billion clinched the year before, according to the Ministry of Land, Infrastructure and Transport. “The country’s overseas order volume fell significantly as a dr
Dec. 31, 2015
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Lotte's Japan unit becomes No. 2 shareholder in key Korean affiliate
Lotte Confectionery Co., a unit of South Korean retail giant Lotte Group, said Thursday that Lotte's Japan operation became the second-largest shareholder in the affiliate, a move seen as part of efforts to cement the incumbent group chairman's grip on the conglomerate amid a succession feud.In a regulatory filing, Lotte Confectionery said that Tokyo-based Lotte Holdings has bought 7.8 percent of its shares for 256 billion won ($218 million), or at 2.3 million won per share during trading hours,
Dec. 31, 2015
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Oil investors see red for a second year
Another horrendous year is drawing to a close in the oil patch. After starting out with hopes of a rebound, 2015 will instead punctuate the worst two years ever suffered by U.S. crude producers.West Texas Intermediate futures are heading for their biggest-ever two-year drop, while the Standard & Poor’s Energy Sector Index is set to mark its first consecutive decline since 2002. Futures and equities will post December decreases, signaling more discomfort as 2016 starts.Oil has tumbled since Saudi
Dec. 31, 2015
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No. of firms on antitrust list drops in Dec.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees declined in December from the previous month, the antitrust watchdog said Thursday.The Fair Trade Commission said the number of firms on its watch list came in at 1,658 as of Thursday, down 10 from the previous month.Such affiliates are owned by the country's 61 largest business groups.Samsung, CJ, Doosan and nine other groups reduced the number of their affiliates through sta
Dec. 31, 2015
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Trending products of 2015
Samsung PaySamsung Pay is often touted as one of the most successful mobile payment solutions thanks to its versatility. The mobile payment system works with both NFC and magnetic strip terminals, while U.S. tech firm Apple’s payment app is only compatible with NFC terminals.Instagram Korea is one of the fastest-growing markets for Instagram, the photo-sharing mobile app owned by Facebook, with its user numbers more than doubling over the past year. KakaoTaxi Calls for KakaoTaxi, Kakao’s popular
Dec. 30, 2015
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Korea on tough road to transformation
Song Young-ki, the 28-year-old CEO of start-up DLighter, has a chic office in the business district of Gwanghwamun in central Seoul. Though his 1-year-old company has yet to generate revenue as its mobile app is still in the pilot stage, Song does not have to worry about rent or look for coffee shops that provide free Wi-Fi access.Furnished with desks and sofas designed in a futuristic concept and even a foosball table, the 320-pyeong (1,058-square-meter) office is where he spends days and night
Dec. 30, 2015
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Chairman’s divorce plea clouds SK’s future
SK Group chairman Chey Tae-won’s unexpected public plea for a divorce from his wife Tuesday drew people’s attention to the future of the country’s fourth-largest conglomerate. Chey Tae-won (left), Roh Soh-yeong (Yonhap)While at present his wife, Art Center Nabi director Roh Soh-yeong, has no say in the management -- holding 0.01 percent stake in SK Corp. and SK Innovation each -- the divorce could lead to a split of Chey’s stake in SK Group, valued at 4.2 trillion won ($3.5 billion). This would
Dec. 30, 2015
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Chaebol worried about labor relations next year: poll
Three out of 10 large businesses in South Korea are voicing worries over the possibility of worsening relations with labor unions next year due in part to the ongoing controversy over the government-led labor reform drive, a poll showed Tuesday.In a survey conducted by the Korea Employers Federation of its 304 member companies, 67.1 percent of respondents expected labor-management relations to destabilize further next year.Of those polled, 46.2 percent cited the ongoing controversy over the gove
Dec. 29, 2015
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Hanwha distributes braille calendars
Hanwha’s 2016 braille calendar. Hanwha GroupHanwha Group said Tuesday it has produced and distributed tens of thousands of 2016 braille calendars to the blind as part of its year-end social contribution efforts.Some 50,000 braille calendars were delivered for free to the Korea Blind Union and some 300 local organizations for the blind, as well as thousands of individuals, according to Hanwha.The conglomerate has been making braille calendars for 16 consecutive years since 2000, when Hanwha chair
Dec. 29, 2015
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[Newsmaker] SK chairman to divorce, admits to affair
SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage.In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.” SK Group chairman Chey Tae-won and his wife Roh Soh-yeong. Yonhap
Dec. 29, 2015
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Young chaebol heiresses get starts at consulting firms
SK Group chairman Chey Tae-won’s daughter Chey Yun-jeong, AmorePacific Group chairman Suh Kyung-bae’s daughter Suh Min-jung and LF president & CEO Koo Bon-keul’s niece Koo Min-jeong have a striking similarity.The three women are all next-generation chaebol heiresses currently working as junior consultants at the Korean subsidiary of global consulting firm Bain & Company.They did not enter their family business after graduating, instead choosing to work at a consulting firm to gain experience and
Dec. 29, 2015
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BAT Korea appoints marketing director as new CEO
Erik StoelErik Stoel, marketing director of British American Tobacco Korea, has been appointed its new chief executive, the company announced Tuesday.Stoel will take office on Jan. 1, replacing the incumbent CEO Guy Meldrum who has been transferred as head of BAT Australasia. “Over the past three years, in his role as marketing director of BAT Korea, Mr. Stoel has made a substantial contribution to the company by strengthening the company’s flagship brand Dunhill to establish BAT Korea’s stronge
Dec. 29, 2015
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POSCO’s auto steel production evolves
Engineers at a plating unit check the quality of steel sheeting produced at POSCO’s Gwangyang plant in South Jeolla Province. POSCOFor lighter, stronger auto body frames, Korea’s top steelmaker POSCO has been producing advanced high-strength steel, the latest steel sheet production technology, with growing market demand.Advanced high-strength steel is one of the fastest-growing material markets in the automotive industry in and out of the country, as it offers enhanced formability and is lighter
Dec. 29, 2015
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Asiana Air gets nod for 2nd budget carrier
After months of hurdles, Asiana Airlines, the nation’s second-largest flag carrier, has won the government’s permission to operate its second low-cost carrier, moving forward to expand its market presence.The Ministry of Transport has issued a business license to Air Seoul, the second low-cost carrier launched by Asiana Airlines, the air carrier said Monday evening. The government said the license was issued in line with a steady growth in air traffic with an annual average of 7.8 percent. Air S
Dec. 29, 2015