Most Popular
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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Exports fall for second year in won terms: report
Exports calculated using the Korean won declined for the second year in a row in 2014, despite South Korea’s outbound shipments hitting record annual levels, trade data showed Monday.Numbers released by the ministry of trade and industry and the Korea International Trade Association showed Asia’s fourth-largest economy exporting $573.1 billion worth of goods last year, up 2.4 percent from 2013.In contrast, when converted to the local currency, exports dipped 1.5 percent to 603 trillion won.It wa
Jan. 26, 2015
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KT chief vows to up global sales to 2 tln won by 2016
The head of South Korea's No. 2 mobile carrier KT Corp. pledged Monday to lift the company's global sales to 2 trillion won (US$1.85 billion) by 2016, as it opts to increase sales of mobile infrastructure technology overseas and invest more in future businesses like the Internet-of-Things (IoT). "We'll strive to demonstrate more visible results in the global market based on our strong network platform service as an innovative enterprise that represents this country," KT Chairman Hwang Chang-gyu
Jan. 26, 2015
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Korean, Chinese CEOs discuss cooperation
South Korean business leaders met with Chinese Vice Premier Wang Yang and some 50 Chinese businesspeople to discuss ways to boost cooperation in trade and business between the two countries in Seoul on Saturday.Some 50 Korean top executives including Hyundai Motor Group chairman Chung Mong-koo and LG Group chairman Koo Bon-moo met with the vice premier on the sidelines of his three-day visit to Korea to promote tourism and commercial ties. “The two countries have a mutual interest in expanding t
Jan. 25, 2015
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Daelim records huge Q4 loss
Daelim Industrial, one of Korea’s biggest construction companies, recorded a loss in the fourth quarter of last year due to costs from overseas projects in the Middle East.The Seoul-based builder’s regulatory filing last week reported an operating loss of 222.7 billion won ($205 billion) in the three months to Dec. 31, an improvement from the 319.5 billion won loss it suffered in the same period the year before. The company reported a 4.8 percent jump in fourth-quarter sales at 2.55 trillion won
Jan. 25, 2015
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S. Korean firms' China investment hits 8-year high
South Korean companies' investment in China reached an eight-year high in 2014 amid their growing interest in the world's second-largest economy following the conclusion of a bilateral free trade deal, data showed Sunday.South Korean firms invested a combined $3.97 billion in China last year, up 29.7 percent from the previous year, according to the data by the Beijing office of the Korea International Trade Association.The amount accounted for 3.3 percent of overall foreign direct investment in
Jan. 25, 2015
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Hyundai, Kia's dividend payout ratios lag far behind global peers
Despite their recent announcements to pay higher cash dividends to investors, South Korea's two leading carmakers, Hyundai Motor Co. and Kia Motors Corp., lag far behind global rivals in terms of payout ratio, data showed Sunday.Last week, Hyundai said it will pay a cash dividend of 3,000 won ($2.77) per share to its shareholders, up 54 percent from what it paid a year earlier. It would cost the company around 817.3 billion won in total.Its sister Kia also raised its cash dividend payout to 3,00
Jan. 25, 2015
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S. Korean exports of instant noodles to Japan dip in 2014
South Korean exports of instant noodles to Japan plunged 23.5 percent in 2014 from the previous year, data showed Sunday, amid growing anti-South Korean sentiment in the neighboring country.Shipments of South Korea's ramyeon, or instant noodles, came to $24.47 million last year, compared with $32 million the previous year, according to the data by the state-run Korea Agro-Fisheries & Food Trade Corp. and industry sources.The volume of exports also nose-dived 26 percent to 5,534 tons last year fr
Jan. 25, 2015
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Global sales of mobile displays hit record high in 2014
Global sales of displays for smartphones and other mobile devices soared to a record high in 2014, with the number topping 2 billion units for the first time, industry data showed Sunday.Worldwide shipments of mobile displays stood at 2.01 billion units last year, up from 1.83 billion the previous year, according to the data by market tracker DisplaySearch.The value of mobile displays sold also reached a record high of $30.13 billion, exceeding the $30 billion mark for the first time.Thin film t
Jan. 25, 2015
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AgriVogue brings Canada’s Saskatoon berries to Korea
Saskatoon berries, Canada’s indigenous superfruit, will soon become available to South Korean consumers for the first time.Prairie Berries’ Saskatoon berry spread, syrup and topping as well as its dried berries will have their official market debut during the Lunar New Year holidays at Shinsegae Department Store branches in Seoul, said AgriVogue, the local representative of Prairie Berries.“Saskatoon berries will present South Korean consumers with a new culinary taste and joyful experience of C
Jan. 23, 2015
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Hanwha Q Cells closes solar plant in Germany
Hanwha Q Cells, a Germany-based solar power business unit of Hanwha Group, announced Thursday that it would end its production operations in Germany from March 1 and relocate them to Malaysia. The solar photovoltaic-maker will maintain its research and development operations in Germany.“Behind the decision is weakening demand for solar cells and modules in Europe and higher labor costs than other regions,’’ a Hanwha Group official said. The group added the restructuring of Hanwha Q Cells would h
Jan. 23, 2015
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Hyundai E&C net up 3 pct in 2014 on overseas orders
Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Friday its 2014 net profit advanced 3 percent from a year earlier as it won major construction projects overseas.The bottom line came to 586.7 billion won ($541.1 million), up from 569.6 billion won in 2013, while operating profit and sales both jumped 20.9 percent and 24.7 percent, respectively, the company said in a regulatory filing."Hyundai E&C has logged a remarkable earnings record despite difficult business conditio
Jan. 23, 2015
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Overseas direct purchases by S. Koreans reach new high in 2014
Overseas direct purchases made by South Koreans reached an all-time annual high of $1.54 billion in 2014, as consumers sought better bargains and a wider choice of products, the customs service said Friday.The total represents a 39 percent increase compared to $1.04 billion brought in from abroad in 2013, the Korea Customs Service said. It said the total number of items purchased last year reached 15,530 from 11,159 in 2013.Most direct purchases are made on overseas online shopping malls and mar
Jan. 23, 2015
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Search warrants on Daum Kakao user data grow fourfold in 2 years
Search warrants on user data of Daum Kakao Corp., South Korea's Internet portal and mobile messenger venture, grew fourfold in the last two years, the company said in its transparency report released Friday, amid heightening public concerns over privacy violations by authorities.Daum Kakao received 8,636 court orders to submit dialogues, sign-in logs and ID addresses in 2014, compared with 2,174 tallied in 2012.The disclosure comes after its rival Naver Corp., the operator of South Korea's No. 1
Jan. 23, 2015
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Hyundai Motor to tighten belt
Hyundai Motor, the nation’s largest automaker, said on Thursday that although the company had achieved growth in car sales and revenue last year, its profits dropped to a four-year low. The carmaker said it sold a total of 4.96 million vehicles last year, up 4.8 percent from 2013. It posted 89.3 trillion won ($82.2 billion) in sales, a 2.2 percent rise from the previous year. Despite higher sales, its operating profit fell 9.2 percent to 7.55 trillion won ($6.96 billion) in 2014 over 2013. This
Jan. 22, 2015
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Analysts upbeat on Jeju Air
A sanguine outlook is expected for Jeju Air, South Korea’s largest low-cost airline owned by Aekyung Industrial, ahead of its initial public offering set for the second half of the year.With a growing number of Korean passengers opting for no-frills airlines to cut costs, Jeju Air has been expanding its market share ― both in domestic and international flights ― as the country’s first budget carrier since it took to the skies in 2005. A passenger aircraft of Jeju Air. ( Jeju Air)Now the airline
Jan. 22, 2015
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GM Korea unveils latest Cruze model in local market
GM Korea Co. uncloaked on Thursday the latest edition of its Cruze compact car that comes with an upgraded design for the sedan first introduced in the local market in 2011. “The Amazing New Cruze 2015 is just the first step of much more to come,” said Sergio Rocha, head of GM Korea during a media event held in western Seoul. “This year, we’ll have 10 launch events in South Korea, starting today with the Cruze 2015.” Sergio Rocha, president and CEO of GM Korea, poses in front of the “Amazing New
Jan. 22, 2015
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Missha announces domestic downsizing, global expansion
Missha’s store in Ankara. (Able C&C)Missha, South Korea’s first successful budget cosmetics brand, has announced plans to downsize domestic operations and instead head to Europe.“The budget cosmetics market in Korea is overly competitive, and has hit the ceiling. We are going to open several stores in three European countries including Germany,” said Kim Hong-tae, PR official at Able C&C, the mother company of Missha, to The Korea Herald on Thursday. The first store in Germany will open in the c
Jan. 22, 2015
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POSCO ranks 36th in global 100 sustainable firm index
POSCO chairman Kwon Oh-joon (center), along with high-level government officials from Korea and India, attends the launching ceremony for the steelmaker’s cold rolling mill in Maharashtra, India, Thursday. (POSCO)POSCO, a leading South Korean steelmaker, ranked 36th on an index of the most sustainable companies in the world.The steel giant’s rank was the highest mark among four South Korean companies listed on the 2015 Global 100 Most Sustainable Corporations in the World Index.POSCO, recognized
Jan. 22, 2015
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BISSELL targets W10b in Korean vacuum cleaner sales
BISSELL, a U.S. vacuum cleaner and floor care product manufacturer, said Thursday that it aimed to achieve 5 billion won to 10 billion won ($4.6 million-$9.2 million) in sales in its first year in Korea. The Michigan-based company is planning to enter the market by launching its latest model, the Symphony All-in-One, on TV homeshopping channels.“Korean consumers are peculiar when it comes to cleaning and choosing floor care products with high technology,” BISSELL Asia regional brand manager Evel
Jan. 22, 2015
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Stock slump cuts chaebol’s presence in NPS investment portfolio
South Korea’s national pension fund, the National Pension Service saw the portion of the country’s major business groups in its stock investment portfolio drop sharply last year due to the sluggish stock market, data showed Wednesday.The NPS’ holding of stocks in the affiliates of the nation’s top 30 conglomerates took up 62.1 percent of its local stock investment at the end of 2014, down 3.7 percentage points from a year earlier, according to the data compiled by conglomerate tracker CEO Score.
Jan. 21, 2015