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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Panel decision put prosecution in dilemma over Dior bag case
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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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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Global drama stars gather for 2024 Seoul International Drama Awards
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Cuckoo purifiers’ toxic substance at permitted levels
[THE INVESTOR] Cuckoo Electronics on June 16 said the filters of its purifiers were safe to use after reports showed them using a toxic substance called octylisothiazolinone.Cuckoo said it used one-tenth of government permitted levels to strengthen the filters against viruses and bacteria.However, Cuckoo said it would replace the filters with those that did not use the substance, free of charge, to those who would like a replacement. Cuckoo‘s comments come amid a nationwide uproar over toxic hum
MobilityJune 16, 2016
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[Graphic News] Top 3 shipbuilders to cut 6,000 jobs this year
Korea’s top three shipbuilders will cut 6,000 jobs this year to survive the decline in global orders and economic slowdown, according to their self-rescue plans released this week.Hyundai Heavy Industries, the world’s largest shipbuilder, plans to lay off a total of 4,000 workers this year. The company will cut 2,000 workers through voluntary resignations and 1,000 workers through retirement, under the age limit. The company will also relocate 994 employees.Daewoo Shipbuilding & Marine Engineeri
IndustryJune 16, 2016
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LG Electronics denies downsizing report
[THE INVESTOR] LG Electronics dismissed Thursday a news report the Korean tech giant is preparing to reduce about 1,000 employees at its struggling mobile business division. “We are relocating some employees to other business divisions as disclosed in May, but we are not considering cutting any jobs,” an LG Electronics spokesperson told The Investor, a new online business news site recently launched by The Korea Herald. “Some hundreds of workers have been relocated on a regular basis,” he added,
TechnologyJune 16, 2016
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Hanwha Thales to kick off radar development for KF-X jets: CEO
[THE INVESTOR] Defense manufacturer Hanwha Thales plans to kick off the process to develop an advanced radar system for Korea’s indigenous fighter jets next month, the company’s CEO said on June 16.In April, the defense unit of conglomerate Hanwha Group was picked as the preferred bidder to build active electronically scanned array radars for some 120 fighter jets that South Korea seeks to develop by the mid-2020s. (Hanwha Thales)CEO Chang Si-kwontold reporters in Paris that his company plans to
June 16, 2016
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Investors file class-action suit against GS Engineering
[THE INVESTOR] Investors have filed a class-action suit against GS Engineering & Construction for allegedly concealing losses.According to law firm Hannuri, the nation’s highest court confirmed a lower court ruling allowing 15 people who invested in the construction arm of GS Group to file a class-action suit. GS Group is Korea’s seventh-largest conglomerate. The suit is demanding GS to pay for damages worth 46.5 billion won (US$ 39.5 million) to 10,399 investors.In 2013, GS failed to disclose i
June 16, 2016
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Anchor Equity Partners to sell Kyungnam Energy
[THE INVESTOR] Anchor Equity Partners , a Seoul-based private equity fund, plans to sell its stake in Kyungnam Energy after the gas provider delisted from the benchmark KOSPI last month, according to a source at an investment bank on June 16.Anchor Equity Partners, the second-largest shareholder of Kyungnam Energy, recently sent out a request for proposals to local and foreign investment banks and is currently seeking advisors for the deal. The disposal plan comes two years after the PEF acquire
June 16, 2016
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LG Electronics denies downsizing mobile division
[THE INVESTOR] LG Electronics on June 16 dismissed a news report that the Korean tech giant is preparing to reduce about 1,000 employees at its struggling mobile business division. “We are relocating some employees to other business divisions as disclosed in May, but we are not considering any job cuts,” an LG Electronics spokesperson told The Investor, a brand new online business news site recently launched by The Korea Herald. “Some hundreds of workers have been relocated on a regular basis,”
TechnologyJune 16, 2016
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K-ICT Born2Global Center and its Members ② Bagel Labs
Bagel Labs announced Tuesday it will be releasing its smart tape measure through the U.S. crowdfunding site Kickstarter on June 29. Bagel Labs is a start-up that was founded in May 2015 and entered the Start-up Campus in Pangyo in March 2016. The smart tape measure produced by the company, which digitally measures length using a mini-mechanical device and precision sensor, is already gaining attention both in Korea and overseas. The smart tape measure can determine length using any of three mod
TechnologyJune 16, 2016
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2 men lock up runaway teen, force prostitution
Police requested arrest warrants for two men who locked up a runaway teenager and allegedly forced her into prostitution, Wednesday. The Gwangju Dong-bu Police said the men, aged 20 and 18, had invited a 17-year-old runaway they befriended via a chatting app to live with them, then turned violent once she moved in. The victim stayed with them for 12 days.(123RF)During the time, she claims she was coerced into more than ten counts of prostitution, whereupon the men took the money. One of the men
Social AffairsJune 16, 2016
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[LOTTE CRISIS] Lotte Chemical suspected of stashing slush funds
[THE INVESTOR] Prosecutors suspect Lotte Group’s affiliate Lotte Chemical is behind stashing multibillion won slush funds abroad amid a widening probe into Korea’s fifth largest conglomerates over embezzlement. According to local reports on June 16, Lotte Chemical has reportedly amassed funds by overstating the import price of raw materials and later siphoned off to the group’s executives. Lotte Department Store in central Seoul. The InvestorIn this process, Lotte Chemical stuck a deal with Lott
MobilityJune 16, 2016
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Seoul looks to reduce banks’ forex uncertainties
[THE INVESTOR] Seoul is looking to strengthen the ability of local banks to deal with sudden changes in the international market, the financial authorities announced after a meeting Thursday. As part of the plans -- finalized at a meeting between the financial regulators, central bank and Finance Ministry -- local banks will be required to raise their foreign exchange liquidity coverage ratio to 80 percent by 2019. The FX LCR is maintained at a level between the net forex outflow expected over a
June 16, 2016
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Korea's shipbuilding industry likely to remain sluggish in H2
South Korea's shipbuilding industry is likely to remain sluggish while auto, electronics and steel industries are unlikely to make a recovery in the second half of this year, experts said Thursday.They said local shipbuilders are likely to suffer a lack of fresh orders, a move that could put further strain on embattled shipyards.They made the predictions on the country's major industries in a seminar organized by the Federation of Korean Industries that speaks for the country's large businesses.
IndustryJune 16, 2016
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[Super Rich] Nature Republic stingy about sharing success with employees
[THE INVESTOR] Despite Korean cosmetics brand Nature Republic seeing overwhelming success, with revenue increasing sixfold in six years, the 7-year-old company has been stingy in sharing wealth with its employees.The unlisted company’s business profits increased by 20 billion won ($17.2 million) between 2010 and 2016, which resulted in the value of Nature Republic CEO Jung Woon-ho’s 73.8 percent hold of company shares surging to 73.2 billion won. Nature Republic CEO Jung Woon-hoHowever, instead
IndustryJune 16, 2016
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Tax revenue growth credit-positive for Korea: Moody’s
[THE INVESTOR] A significant rise in South Korea’s tax revenues in the first four months of this year is credit-positive for Korea as it will help support the government’s stimulus packages, Moody’s Investors Service said on June 16. In December, Korea’s credit ratings was upgraded from Aa3 to Aa2 by the rating firm, which changed its economic forecast from positive to stable, noting its stronger economic and fiscal fundamentals compared to China and eurozone countries. “The increased tax revenu
June 16, 2016
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Treasuries’ yield record low over Fed’s rate hike delay
[THE INVESTOR] The yield on Treasury bonds with maturity of five years or more fell to record lows on June 16 over the US Federal Reserve’s decision to freeze the key interest rate.Market data showed that the yield on five-year Treasury bonds came in at 1.383 percent, while that on 10-year bonds and 20-year bonds closed respectively were in the 1.5 percent and 1.6 percent range. The yield on all three types is the lowest on record. The Fed kept interest rates unchanged on June 15 in a widely exp
June 16, 2016
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DreamT Entertainment to delist from KONEX
[THE INVESTOR] DreamT Entertainment, home to a four-member K-pop girl group Girl’s Day, plans to voluntarily delist from KONEX, the country’s stock exchange for start-ups and SMEs, to join the secondary KOSDAQ on Nov. 18. Idol group Girl's Day.“As the company has started working on TV drama production, we expect additional revenue from our diversified business portfolio,” a Dreamt Entertainment official said. He blamed KONEX market’s low trading volume for the venue change, saying its corporate
June 16, 2016
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Samsung Electronics rebounds to snap 2-day losing streak
[THE INVESTOR] Samsung Electronics’ rebounded on June 15, breaking a two-day losing streak as the stock price due to upbeat analyst assessments about its second quarter earnings.“Thanks to the fall in raw material costs, operating profits of IT and mobile division are expected to reach 4 trillion won, beating existing estimations by 30.5 percent,” said Noh Keun-chang, analyst at HMC Investment & Securities. The brokerage house raised the Price target to 1.41 million won from 1.4 million won. The
June 16, 2016
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[Monitor] Korean firms' Q1 sales dip
Korean companies suffered a setback in their sales amid sluggish demand at home and abroad in the first quarter of the year, according to the central bank on Thursday. Local firms with over 12 billion won ($10.3 million) in assets said their sales dropped 2 percent from the same period last year.
June 16, 2016