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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Economic slump undermines Korean firms’ profitability
South Korean companies saw their profitability drop sharply over the last few years as a protracted economic downturn hit the country’s manufacturing sector and other segments hard, industry data showed Monday.The ratio of net income to sales at South Korean firms came to 5.5 percent on average last year, far lower than the world’s average of 7.9 percent and emerging countries’ 5.9 percent, according to the data.The country’s figure plunged below the world’s average level and that of emerging ec
Jan. 19, 2015
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Sales of content industry to grow 4.9 pct this year
South Korea's content industry is expected to see its sales and exports grow about 5 percent and 8 percent in 2015, boosted by continued Asiawide interest in Korean pop culture products, the government forecast Monday.The culture ministry and the Korea Creative Contents Agency (KOCCA) said the industry's sales will likely come to 98.9 trillion won ($91.8 billion) this year, up 4.9 percent from last year's 94.3 trillion won.Overseas shipments are projected to grow 8.1 percent on-year to $5.84 bil
Jan. 19, 2015
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Cigarette imports drop 14.4 pct amid surge in demand for e-cigarettes: report
Cigarette imports dropped on-year in 2014, but imports of electronic cigarettes leaped as South Koreans tried to kick the habit after the government raised prices, the customs office said Monday.The government raised the average price of a pack of cigarettes by 2,000 won (US$1.84) on Jan. 1, pushing smokers to quit with the help of e-cigarettes.A tally from the Korea Customs Service (KCS) showed cigarette imports dropped 14.4 percent last year from the year before, or $15.9 million in value, dow
Jan. 19, 2015
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Budget carriers fly over half of domestic travelers in 2014
South Korea's low-cost carriers (LCCs) transported more than half of domestic passengers for the first time last year as more consumers opted for their cheaper and improving flight services for short-distance travel, industry data showed Monday.According to the data compiled by Jeju Air Co., the country's largest budget carrier, the country's five LCCs provided flight service to a combined 12.49 million passengers on their domestic lines last year, up 16 percent from a year earlier. The figure a
Jan. 19, 2015
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Kumho chief seeks to retake holding firm
A tough bidding war for Kumho Industrial, the de facto holding company of Kumho Asiana Group, is set to begin this month.The state-run Korea Development Bank and other creditors of Kumho Industrial sent an information memorandum to major conglomerates and financial investors on Jan. 15 on the selloff of their 57.5 percent stake in the company, after a debt workout program was completed last month. “The memo on the takeover was sent to the top 100 domestic companies and major private equity funds
Jan. 18, 2015
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[Herald Interview] Well-being and ‘eat local’ trends key: pizzeria chief
Pizzerias are serving more non-pizza food items or adding local ingredients to save costs, gain a competitive marketing edge and strengthen consumer relations, said the CEO of a global pizzeria. “More people are becoming aware of what they eat. They crave healthier food and prefer something fresh, less fatty, and familiar. We have an obligation to meet such demand,” said G.J. Hart, executive chairman, CEO and president of California Pizza Kitchen, in a recent interview with The Korea Herald. Har
Jan. 18, 2015
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Innovation, optimism on display in Detroit
The mood is exuberant at this year’s North American International Auto Show in Detroit, Michigan. Automakers are flush with profits and the show gleams with performance cars, beefy trucks and exciting experiments, from plug-in hybrids to cars carved by a 3-D printer. Here are some key takeaways from the show, which opened to the public Saturday. Optimism The U.S. economy is rejuvenated. Interest rates are low and auto financing is readily available. Carmakers have lots of new offerings with cool
Jan. 18, 2015
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Gov't targets 25 tln won in investment to boost tourism, increase competitiveness
The South Korean government said Sunday it will create a business environment to induce more than 25 trillion won ($23.2 billion) in investment by local companies to build up the country's tourism industry and corporate competitiveness.The plan, formulated jointly by the Ministry of Strategy and Finance, the Ministry of Land, Infrastructure and Transport, the Ministry of Culture, Sports and Tourism and other government agencies, calls for the prompt spending of 16.8 trillion won already earmarke
Jan. 18, 2015
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South Korea posts first surplus in cosmetics trade last year
South Korea's cosmetics exports last year jumped more than 50 percent to $1.92 billion, giving the country its first annual surplus in the sector, the customs office said Sunday.South Korea had been in the chronic red in the cosmetics trade because of customers' preference for already established import brands from countries like the United States, France and Japan. Records from the Korea Customs Service showed the trade deficit in the segment had ranged between $400 million-$600 million since 2
Jan. 18, 2015
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Korean Air suffers drop in domestic passengers following nut rage incident
The number of passengers using Korean Air Line Co., South Korea's top flag carrier, dropped in December apparently affected by the so-called "nut rage" that has tarnished its image among travelers, industry data showed Saturday.Cho Hyun-ah, the eldest daughter of Korean Air chairman Cho Yang-ho, resigned as a vice president for cabin service four days after a national uproar over her conduct aboard a Seoul-bound Korean Air flight from New York on Dec. 5.The plane had already been taxiing when sh
Jan. 18, 2015
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LG chairman stresses action at CEO meeting
LG Group chairman Koo Bon-moo has urged employees to execute plans and bring about concrete results amid heightened challenges in the fast-changing business environment. “In order to accelerate the group’s performance, what we’ve discussed should not just be thought of as ideas but as action plans,” Koo said during an executive workshop held Wednesday and Thursday. “I ask the top management to take the lead in the change.” LG Group chairman Koo Bon-moo (first row) and other chief executives atte
Jan. 16, 2015
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Chaebol succession strategies become company risks
When it comes to buying stocks in South Korea’s family-run conglomerates, reading numbers on balance sheets may not be enough to predict their performance. What the owner family does often matters more.As several of such business groups, called chaebol locally, are preparing for managerial transfers to the third generation of their founding families, signs of shifts in the families’ ownership structures or power struggles among potential heirs have played a greater role on the Seoul bourse in re
Jan. 16, 2015
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GS E&C wins $2.62b Venezuela plant deal
GS Engineering & Construction, one of South Korea’s leading builders, said Thursday it has clinched a $2.62 billion contract to build a gas plant in Venezuela. Under the deal with Petroleos de Venezuela S.A. Gas, GS E&C will build the natural gas-processing plant in Pirital, 360 kilometers southeast of the South American country’s capital, the builder said. PDVSA Gas is a subsidiary of Venezuelan state-run oil and natural gas firm PDVSA. GS E&C said the project also includes the construction of
Jan. 16, 2015
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Court partially acknowledges Hyundai Motor’s regular bonuses as ordinary wages
The court on Friday ordered Hyundai Motor to pay two of its employees regular bonuses as part of their ordinary wages, hinting at an increase in severance pay and other employee benefits at the company in the future. The ruling by the Seoul Central District Court was made after 23 unionists in March 2013 filed a suit demanding that the world’s fifth-largest carmaker include their bonuses, vacation stipends and transportation support paid on a regular basis as part of their ordinary wages. If sus
Jan. 16, 2015
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Foreigners scoop up SK hynix shares on upbeat earnings forecast
Foreign investors' preference for SK hyix Inc., the world's second-largest manufacturer of memory chips, has not let up as they bet on the chipmaker raking in huge earnings on the back of a continued recovery in chip prices, data showed on Friday.Shares of SK hynix soared to close at a 52-week high of 50,300 won (US$46.6) on Monday on a continued buying spree by foreign investors, although they fell slightly to finish at 49,500 won on Thursday. SK hynix has gained some 7 percent so far this year
Jan. 16, 2015
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Korean Air to face fine for ticketing fault
Korean Air, South Korea’s top air carrier, will be fined for a ticketing error to a Korean singer that violated the country’s aviation law, a Transport Ministry official said Thursday. “The ministry plans to slap fines on Korean Air for violating the aviation security law,” said Lee Moon-ki, director general for aviation policy bureau at the Ministry of Land, Infrastructure and Transport.Bobby Kim, a 42-year-old veteran singer, had booked a business-class seat from Incheon to San Francisco for h
Jan. 15, 2015
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Will Hyundai’s duty-free plan succeed?
Hyundai Development is planning to open a duty-free store, in an attempt to pick up the last slice of one of the very few flourishing industries in Korea. Company chairman Chung Mong-gyu announced Monday that the company would pour 100 billion won ($92.3 million) into building a shopping complex, including a duty-free store, in Yongsan, Seoul, next to the Yongsan I’Park Mall, which the company already runs. “We will reserve 40 percent of the space for products from Korean small to midisized comp
Jan. 15, 2015
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Starbucks’ ‘lucky bag’ sells out within hours
Starbucks Korea’s 2015 lucky bag (Starbucks Korea)Starbucks Korea’s “lucky bags,” which offer a random selection of goodies for less than they usually retail for, sold out within a few hours of sales launching Thursday, company officials said. Large crowds of people were seen lining up in front of Seoul’s Starbucks stores in the early morning to claim the coffee chain’s lucky bag worth up to 100,000 won ($92) for 49,000 won.This year, the coffee chain sold 15,000 bags, containing tumblers, mugs,
Jan. 15, 2015
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Uruguayan parliamentary leader vows to help S. Korean firms
The chief of Uruguay's lower house of parliament vowed Thursday to help South Korean businesses expand their presence in the South American nation, saying their investment will play a large role in the country's development.Anibal Pereyra, president of Uruguay's Chamber of Deputies, made the remarks in an interview with Yonhap News Agency at the National Assembly building in Seoul, stressing the Uruguayan parliament's efforts to boost bilateral trade."All international treaties are subject to ra
Jan. 15, 2015
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S. Korean refiners forecast to have suffered record loss in 2014
Major South Korean refiners are expected to have suffered their worst ever performance in 2014 due to relentless slides in oil prices, with their combined operating loss reaching over 2 trillion won ($1.84 billion), according to guidance reports Thursday.The combined operating loss of the four refiners -- SK Innovation, GS Caltex, S-Oil and Hyundai Oil Bank -- reached 1.2 trillion won in the first three quarters of last year, and they are expected to post an additional loss of over 1 trillion wo
Jan. 15, 2015