Most Popular
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[Exclusive] Democratic Party of Korea forms US election task force
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Seoul seeks to improve foreign nanny program after two abscond
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[Grace Kao] NewJeans fights Hybe for their survival
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Samsung, top banks to create W2tr green growth fund for SMEs
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Malnutrition cases nearly triple in last 5 years
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KFA Chair denies unfair hiring of national coach
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An increasing number of K-pop idols are breaking free from big agencies. Why?
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Couple welcoming quintuplets to receive over W170m in childbirth grants
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Korean automakers pressured to diversify supply chains as US bans Chinese tech
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[Herald Interview] Portraying a version of god for young people in 'Hadestown'
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Kakao Driver service fees slashed after user complaints
[THE INVESTOR] Internet giant Kakao plans to lower the service fees for its brand new chauffer service app called Kakao Driver next month amid user complaints about the expensive pricing. In a statement on June 27, the company said it will lower the current 15,000 won (US$13) basic fee to 12,000 won in major cities and to 10,000 won in other provincial areas. The service fee in the metropolitan area will remain the same. The fee cuts come as Kakao struggles to increase profits in its fast-expand
IndustryJune 29, 2016
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Seoul City to run tourist bus between DDP, Olympic Park
The Seoul city government will open a new tour bus route that will cover the eastern part of the capital, officials said on Wednesday. Set to launch on Friday, the latest Seoul City Tour Bus will run between Dongdaemun Design Plaza in eastern Seoul and Olympic Park in the southeastern part of the city with a total of 10 stops.With the new route, foreign visitors will be able to stop by the rising shopping venues and landmarks in the eastern half of the city such as DDP, Seoul Forest, downtown Ko
Social AffairsJune 29, 2016
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South Korean businesses see gloomy July
[THE INVESTOR] South Korean businesses project difficult economic conditions in July, a survey showed on June 29. The business survey index or BSI for July outlook compiled by the Federation of Korean Industries came in at 90.5, down from 94.8 for June. BSI measures businesses’ assessment of economic conditions, and figures below 100 show negative assessment. For the latest figures, the FKI surveyed Korea’s top 600 companies by revenue. The FKI cited international uncertainties brought on by UK’
IndustryJune 29, 2016
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NongHyup Bank enters Indian market
[THE INVESTOR] NongHyup Bank’s overseas expansion has gained momentum with the launch of its representative office in India on June 29, a spokesperson of the agricultural bank said.The office is located in the nation’s capital, New Delhi. It marks the lender’s fourth overseas office, following New York, Beijing and Hanoi. NongHyup has been eyeing the growing Indian market since 2011 when it sent an employee to India to study the market. The spokesperson revealed that the bank plans expand its bu
June 29, 2016
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N. Korea likely to repeat military provocations anytime: defense ministry
North Korea is likely to resume military provocations at any time, South Korea's defense ministry said Wednesday after the communist country successfully test-launched a mid-range missile that may be able to reach the U.S. territory of Guam."There's a constant possibility that North Korea, depending on its political needs, will launch strategic and tactical provocations at any time if the (political) conditions the country wants to achieve are not created," the Ministry of National Defense said
North KoreaJune 29, 2016
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CJ joins bid for Korean unit of McDonald's
The CJ Group, a Korean food and entertainment conglomerate, said Wednesday it has joined the race to buy the Korean unit of U.S. fast food chain McDonald's. McDonald's, which directly manages about 400 stores in Korea, has been looking for local partners to run them as franchise stores that pay annual commissions instead. (Yonhap)In a regulatory briefing, the CJ Group said it has submitted a letter of intent to the American headquarters of McDonald's, but "hasn't decided which affiliate will ta
IndustryJune 29, 2016
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Steelmakers may bask in China rivals' merger: analysts
China's move to merge two state steelmaking giants may come as a short-term boon to POSCO and other Korean mills, but it could a pose threat to them in the long haul, analysts said Wednesday.Shanghai Baosteel Group Corp., the world's fifth-largest steelmaker by output, and No. 11 Wuhan Iron & Steel Group Corp. are reportedly in talks on a merger, which would create a company with an annual capacity of 61 million tons. Currently, ArcelorMittal is the top industry player with 114 million tons.The
IndustryJune 29, 2016
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Think tank cuts Korea's growth outlook on external woes
The Korean economy is expected to grow at a slower pace this year than initially estimated due to Britain's vote to leave the European Union and other unfavorable external factors, a leading private think tank said Wednesday.In its latest economic report, the Korea Economic Research Institute lowered its 2016 growth outlook for Asia's fourth-largest economy to 2.3 percent from an earlier 2.6 percent.The economy is projected to expand 2.7 percent in the first half of this year from a year earlier
June 29, 2016
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Sales at department stores, outlets dip in May
Korea's major department stores and discount chains saw their sales decrease in May from a year earlier due to reduced holidays, government data showed Wednesday.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- fell 2.7 percent on-year last month, while those of major discount stores E-Mart, Lotte Mart and Home Plus retreated 6.3 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. A large shopping mall on the northern outskirts o
Social AffairsJune 29, 2016
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Chief regulator vows preemptive steps to ease post-Brexit volatility
Korea's financial authorities said Wednesday they will act preemptively to minimize any market fallout in the wake of Britain's unprecedented vote to leave the European Union. As Britain's upcoming exit from the EU may have a lingering and lasting impact on global markets in the long term, the government will take quick and bold steps to ease any post-Brexit market turmoil while thoroughly preparing to ride out the changes ahead, Financial Services Commission Chairman Yim Jong-yong said before l
June 29, 2016
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Korea condemns airport attacks in Turkey, vows cooperation to eradicate terrorism
Korea on Wednesday condemned the terror attacks that happened in Turkey, vowing that it will keep working with the international community in eradicating terrorism.On Tuesday (local time) suicide bombers attacked Istanbul's Ataturk airport leaving more than 30 people dead and nearly 150 injured. No group has yet claimed responsibility for the attack."Our government cannot but express our shock and worry that a number of innocent people lost their lives to the terror attacks at Istanbul's Ataturk
Diplomatic CircuitJune 29, 2016
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Hyundai Rotem wins W158b tank maintenance contract
[THE INVESTOR] Hyundai Rotem announced on June 29 that it has signed a 158.5 billion won (US$135.7 million) depot maintenance contract for K1 and K1A1 main battle tanks.Hyundai Rotem is the manufacturer of the tanks. K1 battle tank.The contract, issued by Defense Acquisition Program Administration, will require Hyundai Rotem to perform overhaul maintenance on the tanks by June 2017. The contract for K1 tank depot maintenance is 95 billion won, and that for K1A1 is 63.5 billion won. By Choi He-su
IndustryJune 29, 2016
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Samsung SDS, SAP to jointly develop cloud solutions for corporate customers
[THE INVESTOR] IT solutions firm Samsung SDS said on June 29 that it would join forces with German software firm SAP to develop cloud systems for businesses.The two companies signed a memorandum of understanding for the partnership at its head office in Seoul on June 29.“We are proud to announce our partnership with Samsung SDS in enterprise cloud, one of SAP’s core services,” said Bernd Leukert, member of SAP’s products & innovations unit.Chung Yoo-sung (left), president and CEO of Samsung SDS,
TechnologyJune 29, 2016
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[ANALYST REPORT] Refining/Chemicals: Review of share valuations
Korean refineries and chemicals are trading sharply lower on unexpected events such as the Brexit issue and the resulting increase in global macroeconomic uncertainties. However, we believe risks of a possible down-adjustment of earnings consensus are fully priced in at current share valuations. Relative valuation attractiveness could dip on a global view, but further downsides in share prices remain limited with key factors determining earnings, such as the spreads and refining margins of major
June 29, 2016