Most Popular
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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College is expensive? In S. Korea, English preschools cost much more
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[Hello India] Hyundai Motor inches closer to IPO in India
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Panel decision put prosecution in dilemma over Dior bag case
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'Gyeongseong Creature Season 2': faster and ready to confront past
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Korea to face another massive shortfall in tax revenue
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Art powerhouse Tate Modern expands with pyramid-shaped tower
LONDON (AP)— It's the disused power station that became an art-world powerhouse, and now London's Tate Modern is even bigger, with a new 10-story wing to help absorb more than 5 million visitors a year.The gallery beside the River Thames opened in 2000 and succeeded beyond its creators' wildest dreams, becoming the world's most visited modern art museum.This week it opens a 260 million pound ($367 million) pyramid-shaped extension by Swiss architecture firm Herzog & de Meuron.The gallery now ha
PerformanceJune 14, 2016
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Alibaba sees growth rising to 48 percent in first forecast
Alibaba Group Holding Ltd. said that revenue growth will accelerate this fiscal year as China’s largest e-commerce company provided its first financial forecast since going public in 2014.The company predicts sales will rise at least 48 percent in the year ending March 2017 as it pushes into new markets and businesses beyond e-commerce. Part of that growth comes from Alibaba’s rapid deal-making: it spent about $18.7 billion on acquisitions and stock buybacks over the past year, including on e-co
World BusinessJune 14, 2016
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DSME unionists vote to strike over self-rescue plan
[THE INVESTOR] Unionized workers at Daewoo Shipbuilding & Marine Engineering, one of the country‘s top shipyards, voted Tuesday in favor of a strike at the debt-ridden company’s restructuring plan. YonhapIn a vote asking 6,980 unionists whether to go on strike, 85 percent, 6,127 out of 5,207 who cast ballots, voted yes, according to the labor union. Unionists also demanded DSME to include them when the company holds talks with creditors over rehabilitation schemes. “The result shows that the wor
June 14, 2016
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Lotte Card begins restructuring
[THE INVESTOR] Lotte Card has begun restructuring process, a local daily reported on June 14. The move comes while the authorities are turning up the heat on Lotte Group in an expanding corruption probe. Since June 10, the prosecutors’ office has been raiding Lotte Group offices and questioning officials over alleged embezzlement. According to the news report, Lotte Card launched a voluntary retirement scheme on June 14 in a move unusual for a Lotte firm. Employees above the age of 45 and those
IndustryJune 14, 2016
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Hanjin chair sells unlisted stock to buy up Hanjin KAL shares
[THE INVESTOR] Hanjin Group chairman Cho Yang-ho sold shares in an unlisted company on June 14 to purchase new stocks that will be issued by Hanjin KAL.Hanjin KAL is a holdings firm affiliated to Hanjin Group. The Investor.Cho sold 84,530 shares of Jungseok Enterprise Co. for 25.1 billion won ($21 million). Jungseok Enterprise is a property management company also affiliated to the group. Following the sale, Cho’s stake in the company fell from 27.21 percent to 20.34 percent. As for Hanjin KAL,
June 14, 2016
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Samsung SDS exec hints at share repurchase
[THE INVESTOR] Samsung SDS chief financial officer Park Sung-tae said on June 14 that the company is considering buying back shares and offering dividends in a bid to bolster the firm’s sagging stock prices.“We are considering repurchasing 1.8 trillion won ($1.5 billion) worth of Samsung SDS stocks,” Park told the company’s minority shareholders who gathered at the firm’s Southern Seoul headquarters.YonhapShare prices of the information and technology arm of Samsung Group have been falling since
TechnologyJune 14, 2016
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[Graphic News] Overseas construction orders drop by 40%
Korean builders’ overseas construction orders received this year so far are worth $14.1 billion, a 40 percent drop compared to last year’s orders worth $23.5 billion in the same time period, according to the International Contractors Association of Korea on Tuesday.This is also the lowest amount in four years in which orders worth $13.7 billion were recorded in the first six months in 2012.Orders from the Middle East and Latin America decreased by 44 percent to $6.6 billion and 68.4 percent to $
IndustryJune 14, 2016
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Global EV market to grow 60% this year: report
[THE INVESTOR] The global electric vehicle market is predicted to grow around 60 percent this year and next year amid global efforts to boost the green car industry, according to market data Tuesday. According to Japanese market research firm B3, the volume of the global electric car battery market is expected to grow 66 percent this year to 16,000 kilowatt-hours from the previous year. This is a 23 times increase over the past seven years, compared to 1,140 kilowatt-hours in 2010. The figure is
BusinessJune 14, 2016
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Brexit to weigh down Korean financial market
[THE INVESTOR] As the vote over whether Britain should leave or remain in the European Union is drawing near, analysts are issuing a series of warnings that Britain’s EU exit, or “Brexit,” would have a severe impact on the global economy.A Brexit would also deal a blow to Korea, whose biggest free trade partners include the EU, as investors are expected to pull their funds out of Asian markets exposed to risks stemming from Britain’s EU referendum.(Yonhap)Confidence has already begun to be negat
June 14, 2016
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Samsung to inject 2.5 trillion won into memory chip plant
[THE INVESTOR] Samsung Electronics plans to inject an additional up to 2.5 trillion won ($2.1 billion) to beef up memory chip productions at its plant in Hwaseong, Gyeonggi Province, the Electronic Times reported on June 14. With the new investment plan, the Korean tech giant aims to strengthen its leadership in the soaring memory chip market. According to the newspaper, the funding will be used to produce a monthly 40,000 3D NAND Flash memory chip wafers. The plant is expected to start operati
TechnologyJune 14, 2016
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Shareholder actions affect Samsung SDS’ asset divest plan
[THE INVESTOR] Samsung SDS, a key information and technology arm of Samsung Group, is likely to choose a split-off rather than a spin-off to reorganize its lucrative business process outsourcing business unit, which is aimed at easing opposition of minority shareholders, according to market watchers on Monday. “Facing a growing number of activist shareholders, the Samsung unit is likely to choose a split-off to minimize the impact of its asset divest plan on its share price,” HI Investment & Sec
TechnologyJune 14, 2016
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Shin Dong-joo eyes return to power
[THE INVESTOR] The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year.By removing Lotte founder Shin Kyuk-ho and Shin Dong-joo from power, Shin Dong-bin e
MobilityJune 14, 2016
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Hyundai to recall Tucson SUV
[THE INVESTOR] Hyundai Motor Co. on June 14 announced a recall of the compact sport utility vehicle Tucson manufactured between May 2015 and March 2016. According to the company, Tucson vehicles produced over the period may experience their hoods coming open due to a fault in the secondary latch. Hyundai Tucson.The company said that due to the fault, the hood may pop open while on the move if the primary latch is not properly fastened. The affected vehicles were all produced in Korea. The compa
BusinessJune 14, 2016
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Seoul stocks down on Fed meeting, Brexit woes
[THE INVESTOR] South Korean stocks fell for four straight sessions on Tuesday as investors awaited the U.S. Federal Reserve‘s meeting amid concerns over Britain’s possible exit from the European Union. The Korean won edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 7.05 points, or 0.36 percent, to close at 1,972.01. Trade volume was moderate at 434.38 million shares worth 4.91 trillion won ($4.19 billion), with losers far outnumbering winners 546 to 259.(Yonh
June 14, 2016
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Samsung apologizes for online glitch
[THE INVESTOR] Samsung Electronics has apologized to customers for technical glitches during the online sales of its Galaxy S7 edge Injustice Edition, or as it is often dubbed -- the Batman phone. Soon after the phone went on sale online at 10 a.m. on June 13, around 1,300 orders -- 300 more than the number of smartphones available for sale -- were allowed to be made, due to systemic errors on the website.Samsung Electronics` Galaxy S7 edge Injustice Edition.“If the additional 300 consumers stil
TechnologyJune 14, 2016
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Cho Young-nam indicted without detention on fraud charges
Singer-artist Cho Young-nam, who has been in hot water since May over allegations he hired a ghost painter for several years to create his paintings, was indicted without detention on fraud charges Tuesday, according to the Chuncheon Supreme Prosecutors’ Office. Cho is accused of allegedly having two ghost painters create his paintings, well known for motifs of Korean folk card game Go-Stop, from about five years ago and selling them without informing his buyers of the fact. His manager was als
CultureJune 14, 2016