Most Popular
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Can Jennie break the K-pop solo artist slump?
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Steelmakers pressured to lower prices
South Korea’s POSCO and Hyundai Steel are in a tug-of-war with carmakers seeking to lower the price of automotive steel sheets, adding more pressure to the steel manufacturers’ prolonged slump.Hyundai Motor and Kia Motors are reportedly pushing POSCO and Hyundai Steel to mark down steel plate prices by 70,000 won ($64) per ton this year.The move comes less than a year after the steel firms cut prices by 130,000 won to 140,000 won per ton, according to local reports.“It is true that the company’s
March 4, 2015
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Samsung Group downsizing
Samsung Group, the nation’s top conglomerate, is reorganizing its workforce across its affiliates, its chief spokesperson said Wednesday.“As far as I know, each affiliate is conducting reshuffles of their staff, depending on its business situation,” Lee Jun, Samsung Group’s top communications official, told reporters after a weekly regular meeting of presidents of Samsung affiliates.The workforce downsizing, however, would be based on the judgments of each company, not driven by the headquarters
March 4, 2015
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Saudi Arabia sovereign fund to invest in POSCO E&C
Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is forecast to take a big stake in POSCO Engineering & Construction.“The deal is included in a comprehensive partnership agreed between PIF and POSCO,’’ a company official said on Wednesday. Both parties signed a memorandum of understanding to form a joint partnership at a meeting on the sidelines of President Park Geun-hye’s visit to Saudi Arabia with leaders of South Korean businesses.The deal is valued at around 1.5 trillion won (
March 4, 2015
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S. Korean firms' 2014 dividend payouts rise 30 pct
South Korean firms expanded their dividend payouts for 2014 by almost 30 percent compared with the previous year, coming under growing pressure to give back more to shareholders, data showed Wednesday.The combined amount of dividends paid out by 714 listed firms on the main KOSPI and secondary KOSDAQ markets totaled 14.14 trillion won ($12.83 billion) for fiscal 2014, up 29.3 percent from a year earlier, according to data compiled by the bourse operator Korea Exchange.A total of 617 companies de
March 4, 2015
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[SUPER RICH] Shin Dong-bin strives to shine through expansion
Lotte Group chairman Shin Dong-bin splurged 8.1 trillion won ($8 billion) on business ventures in February. On Feb. 11, Shin reportedly orchestrated Lotte Duty Free store’s lucrative bid to operate inside Incheon International Airport for 6 billion won over the next five years, and on Feb. 26 a consortium of Lotte Shopping and Lotte Hotel was named the preferred bidder of rent-a-car company KT Rental after offering 1.1 trillion won. On Feb. 27, Lotte DFS was selected to run an urban duty-free st
March 3, 2015
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[SUPER RICH] Chinese superrich looking to Korean market
Chinese superrich have been on the rise since Jack Ma’s Alibaba Group raised a record $21.8 billion in its initial public offering last September and set the world abuzz.From technology to real estate, the newly emerging Chinese superrich have been eyeing the Korean market, looking for ways to expand their businesses.Ma Huateng, founder of Internet service company Tencent, recently joined forces with Hana Financial Group with the aim of introducing the mobile payment system Tenpay in Korea. Tenp
March 3, 2015
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Homeplus faces class action suit
Local consumer groups are planning to file a class action suit against Homeplus, the South Korean supermarket chain owned by British retail giant Tesco, for the firm’s alleged illegal gathering and selling of customer information to third parties.Ten consumer groups affiliated with the Korea National Council of Consumer Organizations said Monday they were gathering participants in a suit to demand compensation for the retailer’s sale of their private information. Homeplus is accused of collectin
March 3, 2015
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FKI urges end to builders’ bid bans
South Korea’s biggest business association called for lifting heavy sanctions against major builders involved in fixing prices in bids for public construction projects. The government’s policy to suspend the builders from participating in bidding, could paralyze upcoming national development projects and damage the reputation of local construction firms, the Federation of Korean Industries said on Tuesday.“Political consideration is needed to remove the ban on firms from bidding for national pro
March 3, 2015
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Hurom seeks more opportunities overseas
Hurom, a South Korean slow juicer supplier, is joining hands with a major home shopping channel to expand its overseas marketing and sales, officials said Monday. Hurom signed a memorandum of understanding with CJ O Shopping on Friday to form a task force to enter the Chinese and Southeast Asian markets. Both companies said it aimed to enter 25 more countries and earn 500 billion ($453.8 million) in sales through the MOU. Hurom’s slow juicer. (Hurom)“We plan to increase sales of Hurom juicers th
March 2, 2015
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Budget air carriers vie for lucrative Jeju route
Competition has intensified among local low-budget carriers for the world’s busiest domestic air route, Seoul to Jejudo Island, which has become a top destination for tourists from China and Southeast Asia.In the country’s competitive aviation market, local air carriers are eyeing the lucrative route as Jejudo Island’s tourism industry has grown rapidly in recent years.According to data from the International Air Transport Association, over 13.8 million passengers flew from Gimpo-Jeju last year,
March 2, 2015
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Cushman & Wakefield predicts growth in Asia-Pacific
Cushman & Wakefield said Monday that investments in the Asia-Pacific region’s offices in 2014 reached $72.5 billion, their highest since the financial crisis of 2007-2008.“In the investors’ perception, the region’s core cities have become global investment destinations, with trophy buildings comparable to those like London and New York,” said Sigrid Zialcita, the company’s managing director of research for Asia-Pacific. The global real estate consulting firm predicted office investment volumes “
March 2, 2015
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NPS poised to flex shareholder muscles
South Korean conglomerates are on high alert as the National Pension Service, the nation’s largest investor, is forecast to actively exercise its voting rights at their annual shareholders’ meeting this month.“We are expanding our analysis of corporate proposals this year with the help of outside advisory firms for the first time,’’ an NPS official said on condition of anonymity.The Korea Corporate Governance Service and Sustinvest are offering advisory services to the NPS for voting on proposal
March 2, 2015
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TV shopping channels look to exclusive brands
High-end fashion brands and home shopping channels are forming unlikely alliances as sales through more traditional routes continue to falter. While department stores have traditionally been the main outlet for high-end fashion brands, such retailers have seen their sales fall for five consecutive months, even as home shopping firms have shown the opposite trend. This, coupled with the operators’ desire to expand their customer base, is bringing high-end fashion brands together with home shoppin
March 1, 2015
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S. Korean car exports to Russia drop on weak ruble
South Korean car exports to Russia dropped sharply in January, mainly due to the weak ruble that made it unprofitable to sell cars in the country, a local trade association said Sunday.According to statistics provided by the Korea Automobile Manufacturers Association (KAMA) and local carmakers, shipments of new cars to Russia reached 3,097 units in the first month of this year, down 71.5 percent from 10,862 tallied a year earlier.The Russian currency traded at 71.9 rubles to the U.S. dollar at o
March 1, 2015
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Restart of aging nuclear reactor sparks controversy
South Korea’s decision to extend the life of its second-oldest nuclear power plant until 2020 has triggered controversy, with residents and civic groups expressing concerns over its safety. The Nuclear Safety and Security Commission, the country’s nuclear watchdog, said Friday that seven of its nine commissioners had voted to restart the 678-megawatt Wolsong unit 1 reactor in Gyeongju, North Gyeongsang Province. The heavy water reactor shut down in 2012 after reaching the end of its 30-year life
Feb. 27, 2015
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Hana Financial eyes more charity programs
Hana Financial Group is seeking ways to provide more contributions to society as its “Happy Box” program is drawing a positive response.The banking group carries out the “Happy Box” event as a periodic act of community sharing. Items like rice, ramen and other daily necessities are sent to underprivileged members of society.Recipients of the “Happy Box” include children from low-income households, elderly people, North Korean defectors and immigrants.The “Happy Box” is delivered to Hana Bank and
Feb. 27, 2015
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Shinsegae retracts proposal to buy control of S. Korea's No. 2 carrier
Shinsegae Group, South Korea's largest retail company, said Friday it has retracted its proposal to buy a controlling stake in a formerly debt-ridden local builder that could also have given it ownership of the country's No. 2 air carrier and other affiliates. "As we have confirmed that none of our rival firms came forward to offer to buy the Kumho Industrial Co. shares, we hereby announce that Shinsegae will not be taking part in the bid going forward," the company said in an e-mailed statemen
Feb. 27, 2015
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Top utility firm KEPCO seeks to sharply cut debts
South Korea's state-run power company Korea Electric Power Corp. seeks to further reduce its debt ratio to a double-digit figure this year on increased earnings while also working to boost its own profit to over 2 trillion won ($1.82 billion), the company's president has said. In a meeting with reporters Thursday, KEPCO President Cho Hwan-eik said a debt-to-asset ratio of less than 100 percent will mark normalization of the company that had posted a net loss for five consecutive years until 201
Feb. 27, 2015
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KITA calls for better business environment
Kim In-ho, the newly appointed CEO of the Korea International Trade Association, on Thursday asked for more government support for improving the local business environment. “These days, businessmen in Korea face numerous problems. If they are international issues, there is very little we can do. But in case of domestic problems, slight changes in government policies can bringing different and direct effects to the industry,” said Kim. Kim In-ho, CEO of the Korea International Trade Association.
Feb. 26, 2015
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Kumho heir named CEO of Asiana Abacus
Kumho Tire vice president Park Se-chang was named CEO of Asiana Abacus, a travel solutions and services provider, Kumho Asiana Group said Thursday. The 39-year-old executive, a son of Kumho Asiana Group chairman Park Sam-koo, will have a dual role at Kumho Tire and Asiana Abacus. Both are group affiliates. Park Se-chang. (Yonhap)The group’s annual personnel reshuffle affected 55 executives, with promotions to vice chairman and CEO posts and other high positions.Lee Won-tae, the group’s adviser,
Feb. 26, 2015