Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Korea added to key bond index
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Hyundai Oilbank tops in operating profit
Hyundai Oilbank, the nation’s fourth-largest oil refinery, was the best performer among its competitors in the first quarter of this year, data from the Financial Supervisory Service said Tuesday. According to the data, operating profit of Hyundai Oilbank, an affiliate of Hyundai Heavy Industries, fell 43.3 percent to 307 billion won ($269 million) from the same period a year ago. At a glance, the company seems to be seeing an earnings shock, but three other top oil refineries ― SK Innovation, G
April 2, 2013
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Samsung Corning dividends beat net profit
Samsung Corning Precision Materials handed out stock dividends that were almost double the net profit of the company last year, industry sources said this week.In 2012, the maker of display and electronics materials recorded an annual net profit of 1.35 trillion won, down by almost 40 percent from the previous year. Sales were at 3.2 trillion won, down approximately 30 percent on-year. Despite the sluggish performance, shareholder dividends for last year stood at 2.1 trillion won, double the net
April 2, 2013
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Russian transport project led by RZD seeks Korean investors
The city of Moscow is seeking to attract Korean investors and corporate partners in constructing and managing transportation hubs in a large-scale project aimed at solving the city’s longstanding traffic problem.The Moscow city government is planning to build a network of 55 transportation hubs, dubbed the “Transportation Interchange Hub,” in partnership with the country’s largest transport carrier OJSC “RZD” (Open Joint Stock Co. “Russian Railways”).Each TIH will house transportation infrastruc
April 2, 2013
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KOMIPO opens 2nd school in Indonesia
Korea Midland Power Co., the state-run power generator, opened the second elementary school in the Grobogan region of Java Island, Indonesia, last Thursday as part of its global citizenship efforts, the company said in a press release. Consisting of one wing each for elementary and kindergarten pupils, the new KOMIPO school is equipped with modern conveniences and facilities. The total budget for the project amounted to 320 million won ($287,511), which was financed equally by KOMIPO and KOICA’s
April 2, 2013
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AmorePacific scales up social aid programs
AmorePacific, one of the nation’s leading cosmetics companies, has renewed its website, “Make up your life,” to bolster its efforts for social contribution. The newly launched website will combine all the contributory campaigns being carried out by up to 10 or more of the company’s different cosmetic brands, and also will be open to all who seek to participate in such activities. Customers who want to take part in the firm’s volunteering campaigns, for instance, can do so via the site, AmorePaci
April 2, 2013
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Samsung grabs over 10 pct share of global chip market in 2012
Samsung Electronics Co., the world's top memory chip maker, extended its share of the global chip market to more than 10 percent last year on the back of a growth in system semiconductors, industry data showed Tuesday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.3 percent or US$31.26 billion of the global semiconductor market last year to rank second among the world's major chip makers. Last year, the global chip market shrank 2.2 percent on-yea
April 2, 2013
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Samsung spends some 12 tln won on R&D in 2012
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, spent around 12 trillion won (US$10.69 billion) on research and development activities last year to secure cutting-edge technologies, a report showed Tuesday.According to its 2012 business report, Samsung spent 11.9 trillion won on R&D activities last year, up 15.6 percent from 10.29 trillion won in 2011.The 2012 figure also represents 5.9 percent of last year's sales totaling 201 trillion won, the re
April 2, 2013
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[Power Korea] KT leaps beyond telecommunications
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 13th part of the Global Brand series. ― Ed.It is nothing new that the telecommunications industry is already a much satu
April 1, 2013
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Shinsegae acquires Seoul Express Bus Terminal
Shinsegae Co., South Korea’s second-largest retailer, said Monday that it has acquired Seoul Express Bus Terminal Co., an express bus terminal operator in southern Seoul, to boost its business in the region. Shinsegae said its express bus terminal operating unit Central City Co. has bought a 38.74 percent stake, or 1.48 million shares, in Seoul Express Bus Terminal for 220 billion won ($197.1 million).“If the two terminal sites are developed, it will create synergy in the long term as they are c
April 1, 2013
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Hyundai-Kia shows little sign of recovery in domestic sales
Korea’s two biggest automakers Hyundai and Kia suffered slowing car sales on its home turf last month as their smaller rivals ― GM Korea, Renault Samsung Motors and Ssangyong Motor ― continued their recent sales momentum, data from companies showed Monday. The largest company Hyundai Motor said it sold 388,539 vehicles globally last month, 0.9 percent growth from the year before. In Korea alone, its car sales increased only 0.1 percent to 56,056 vehicles during the same period largely due to the
April 1, 2013
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Samsung to lead earnings spree
Samsung Electronics is expected to post the record-high earnings of about 10 trillion won ($9.17 billion) during the second quarter this year, according to a financial information provider.The Korean tech giant is projected to see its operating profit come to 9.8 trillion won in the April-June period of 2013, up 53.4 percent from the same period last year, according to FnGuide.It cited the currency market stabilization and the government’s package of measures to boost the economy for its rosy ou
April 1, 2013
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Ex-minister named chairman of S&T Dynamics
Former Information and Communication Minister Bae Soon-hoon, 69, has been appointed the new chairman of S&T Dynamics, the company said Monday. S&T Dynamics, founded in 1959, is a local manufacturer of automotive parts, defense products and machine tools. Bae, who also served Daewoo Electronics as chairman in the mid-1990s, will oversee the new product and technology department tasked with leading the future growth of the company. (jyseo@heraldcorp.com)
April 1, 2013
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Dongbu Daewoo Electronics sails under new name
South Korean electronics maker Daewoo Electronics Corp. said Monday it has changed its company name to Dongbu Daewoo Electronics Corp. following a takeover by local conglomerate Dongbu Group.The country’s No. 3 home appliance maker was acquired by Dongbu Group for 272.6 billion won ($244.3 million) deal in February, ending its decade-long quest to find a new owner after five rounds of botched talks with potential buyers such as Iran’s Entekhab Industrial and Morgan Stanley Private Equity.Dongbu
April 1, 2013
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Companies increase cashable assets amid economic woes: data
The nation’s largest conglomerates are choosing to hold more of their earnings in cashable assets as they find it harder to invest amid growing economic uncertainties.Cashable assets include cash, cash equivalents and other short-term financial products with a maturity of less than three months that can be immediately cashed with little cost.“Companies are increasing their cashable assets due to high economic uncertainties,” said Jeong Sun-sup, head of Chaebul.com, which tracks the business mamm
April 1, 2013
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Korea-Turkey FTA to take effect May 1
The Korea-Turkey Free Trade Agreement will enter into force officially on May 1, the Ministry of Trade, Industry and Energy announced on Monday. “Once the FTA takes effect in May, Korea and Turkey will eliminate tariffs on all industrial goods within seven years,” a ministry official said. The trade deal was officially signed on Aug. 1, 2012, but its implementation had been delayed until its approval by Turkey’s parliament. South Korea’s National Assembly ratified the bilateral FTA late last yea
April 1, 2013
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Kumho chairman offers cash to 12 cancer-suffering employees
Kumho Asiana Group chairman Park Sam-koo delivered cash support last weekend to 12 employees diagnosed with cancer, group officials said Monday.The decision came after a Kumho Tire employee was recently confirmed to have contracted tracheal cancer. After receiving the latest news, the chairman gave the order to find if there were other cancer patients or those with severe diseases at any of the group’s affiliates. The group found a total of 12 employees had been on sick leave. Park then deliver
April 1, 2013
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[Newsmaker] FTC nominee Noh to face uphill confirmation
Korea Fair Trade Commission nominee Noh Dae-lae is expected to face a tough grilling at confirmation hearings as opposition lawmakers have questions over his positions on issues concerning conglomerates and weapons procurement.The former bureaucrat for the Ministry of Strategy and Finance has been known to be against further stringent rules on the equity structures of conglomerates.When the antitrust watchdog set out to introduce tougher measures on big businesses’ web of complex cross-sharehold
March 31, 2013
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[Photo News] Joint marketing
March 31, 2013
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CEO resignations spawn speculation about motive
Four conglomerate chiefs have quit their posts as chief executive in the past month, raising speculation about the motives behind the series of apparently unrelated events.Doosan Infracore chairman Park Yong-maan, Hanjin Heavy Industries & Construction chairman Cho Nam-ho, Lotte Group chairman Shin Dong-bin and Shinsegae Group vice chairman Chung Yong-jin have stepped down from their posts, although they intend to retain their positions as “board members.”The business groups shared the view that
March 31, 2013
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Local market for smartphones faces stagnation: report
SEOUL -- The growth of the South Korean market for smartphones will begin slowing down this year and possibly post a negative growth in 2016 due to market saturation, a U.S. market research group said in a report released Sunday. According to the report from Strategy Analytics, the local market for smartphones is expected to grow 8 percent from a year earlier to around 33.1 million units this year. The growth rate will mark a significant slowdown from an explosive 717 percent on-year surge
March 31, 2013