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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Gates Foundation donates $4.9m to SK’s vaccine project
SK Chemicals, a petrochemical unit of South Korea’s third-largest conglomerate SK Group, said Sunday it has received a donation of $4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute, an international organization set up in 1997 by the United Nations Development Program devoted to fighting diseases
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics, currently in the middle of a legal dispute with rival Samsung Electronics after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it would take the local competitor to court for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he would comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives of
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics Inc., currently in the middle of a legal dispute with rival Samsung Electronics Co. after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it will countersue the local competitor for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he will comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives
Dec. 21, 2014
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Tourism revenue set to reach all-time high in 2014
South Korea's tourism revenue through the first 10 months of 2014 has already set an all-time high compared with totals from previous years, data showed Sunday, on the back of the rising number of Chinese visitors.The country's tourism revenue came to US$14.78 billion in the January-October period, surpassing the previous record of $14.16 billion posted for the whole of last year, the data compiled jointly by the Ministry of Culture, Sports, and Tourism and the Korea Culture and Tourism Institut
Dec. 21, 2014
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Gates Foundation donates US$4.9 mln to SK's vaccine project
SK Chemicals Co., a petrochemical unit of South Korea's third-largest conglomerate SK Group, said Sunday it has received a donation of US$4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute (IVI), an international organization set up in 1997 by the United Nations Development Program devoted to fight
Dec. 21, 2014
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Half of conglomerates to tighten belts next year: survey
Nearly half of South Korea's conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms responded they will seek tight management for 2015, up 11.8 percentage points from a year earlier.As for the 158 small and medium-sized companies, 46.6 percent said they will keep the status quo next year. Only 1
Dec. 21, 2014
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Samsung to freeze executives’ wages
South Korea’s top conglomerate Samsung Group said Friday it would freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from care businesses.Paychecks for around 2,000 executives at the business group, including Samsung Electronics Co., will be fixed throughout 2015.Incentive pay, however, will continue to be provided depending on each divisions’ earning performances, the group said.“The pay freeze is aimed at urging the executives to take the
Dec. 19, 2014
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Hyundai Motor’s sales in Brazil up 10.5% in November
Hyundai Motor, South Korea’s No. 1 automaker, made the top five in Brazil in terms of sales for two straight months in November despite the overall weak demand in the country, industry data showed Friday.According to the data offered by a dealers’ association in Brazil, Hyundai Motor sold 21,248 vehicles in November, up 10.5 percent from a year earlier. Its market share also inched up from 7.3 percent to 7.6 percent. Its ranking in terms of sales remained fifth for two months in a row.Hyundai Mo
Dec. 19, 2014
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Korean Air grilled over cover-up
The probe into the Korean Air “nut rage” incident intensified as the prosecutors appeared to have shifted their focus to determining whether Heather Cho and other employees were involved in destroying related evidence. The Seoul Seobu District Prosecutors’ Office summoned a handful of employees from the country’s biggest air carrier on Friday as witnesses and implemented a travel ban on them. Prosecutors were questioning the employees to establish whether they were involved in systematically des
Dec. 19, 2014
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Natural gas price to be cut by 5% next month
The local price of natural gas supplied by the state-run Korea Gas Corp. will be cut by an average 5 percent from the start of next year, the government said Friday.The move follows a recent plunge in the global prices of oil and natural gas, according to the Ministry of Trade, Industry and Energy.“Despite a recent appreciation of the Korean won, there exist a few factors, such as a cut in global oil prices, that warrant a reduction of natural gas prices,” it said in a press release.The announce
Dec. 19, 2014
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Cheil Industries surges on hopes for addition to global indices
Shares of Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, rose by the daily permissible limit of 15 percent Friday on news that global index providers would add the company to their indices earlier than expected.Cheil Industries closed at 129,500 won ($117) on the second day of trading. On its market debut on Thursday, the company closed at 113,000 won, more than doubling its initial public offering price of 53,000 won.The country’s benchmark index, th
Dec. 19, 2014
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Local refiners undervalued, show signs of rebound
Stock prices of South Korean oil refiners have almost halved this year from a continued slide in oil prices and a glut of petroleum products, but they are showing signs of rebounding on hopes for reduced losses on inventory and improving margins, analysts said Friday.SK Innovation Co., the holding company of the country’s leading refiner SK Energy Co., has risen some 8 percent this month to end at 86,300 won ($78.50) on Thursday, although the price was still some 40 percent off from the 141,500
Dec. 19, 2014
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Hanwha’s financing for Samsung acquisitions still unclear
Hanwha Group, set to take over four Samsung affiliates, has come under question regarding its ability to finance the 2 trillion won ($1.82 billion) deal, while rumors circulate that the country’s 10th-largest family-run conglomerate may resort to selling shares of its subsidiaries to raise cash.In November, Hanhwa announced it would acquire four of Samsung Group’s chemical and defense affiliates. The announcement immediately raised speculation about how it will secure the needed cash, with some
Dec. 19, 2014
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Finance minister pledges structural reforms
Finance Minister Choi Kyung-hwan said Friday that the government would focus on structural reforms in key economic sectors next year to improve the fundamentals of the South Korean economy and revive the nation’s growth potential.“The government will increase the efficiency of the public sector and boost the dynamics of the financial industry, to help create a virtuous circle between the financial sector and the real economy,” Choi said in a government meeting in Seoul.He said that he would push
Dec. 19, 2014
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SK hynix, Toshiba to end court dispute, start cooperative relations
South Korea's No. 2 chipmaker SK hynix Inc. said Friday it has agreed to settle a lawsuit with Japanese tech firm Toshiba Corp. and cooperate in developing new technologies."The lawsuit between the two will be dropped as we agreed to pay Toshiba $278 million as a settlement," SK hynix said in its regulatory filing. The chipmaker did not reveal further details, citing the terms of the agreement between the two companies.Toshiba had sued the South Korean company in March through the Tokyo District
Dec. 19, 2014
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Samsung mulls raising dividend payout by up to 50 pct for 2014
South Korean tech giant Samsung Electronics Co. said Friday it is considering raising its dividend payout for the year by up to 50 percent in order to boost shareholder value and join a drive to help pep up sagging domestic demand. "As a special dividend, we are actively considering paying dividends that are 30 or 50 percent more than last year," the flagship unit of the country's top conglomerate said in a regulatory filing. The exact amount of dividends will be decided at a board meeting sl
Dec. 19, 2014
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Gov't to raise dividend payout ratio of state-invested companies to 40 pct by 2020
South Korea plans to raise the average dividend payout ratio of state-invested companies to 40 percent by 2020, the finance ministry said Friday, as policymakers try to generate more revenue to meet growing outlays. The move comes amid criticism that the government is not being adequately compensated for its extensive stakes in public companies that stood at 61.7 trillion won (US$56 billion) as of this year. For its holdings in 29 large companies, such as the Industrial Bank of Korea, Korea E
Dec. 19, 2014
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Cheil Industries surges on hopes for addition to global indices
Shares of Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate Samsung, rose by the daily permissible limit of 15 percent Friday on news that global index providers would add the company to their indices earlier than expected. Cheil Industries closed at 129,500 won (US$117) on the second day of trading. On its market debut on Thursday, the company closed at 113,000 won, more than doubling its initial public offering price of 53,000 won. The country's benchmark i
Dec. 19, 2014
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Hanwha's financing for Samsung-buying still unclear
Hanwha Group, set to take over four Samsung affiliates, has come under questions about the ability to finance the 2 trillion won (US$1.82 billion) deal, while rumors circulate that the country's 10th-largest family-run conglomerate may resort to selling shares of its subsidiaries to raise cash. In November, Hanhwa announced it will acquire four of Samsung Group's chemical and defense affiliates. The announcement immediately raised speculation about how it will secure the needed cash, with some
Dec. 19, 2014
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Samsung to freeze executives' wages amid challenges
South Korea's top conglomerate Samsung Group said Friday it has decided to freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from primary businesses. Paychecks for around 2,000 executives at the business group, including Samsung Electronics Co., will be fixed throughout 2015.Incentive pay, however, will continue to be provided depending on each divisions' earning performances, the group said. "The pay freeze is aimed at urging the exec
Dec. 19, 2014