Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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[KH Explains] Is private equity giant MBK a risk-taker or renegade?
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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[From the Scene] Hyundai Mobis catalyzes electrification with new mobility tech
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Rising orders spur cautious optimism for shipyards
Cautious optimism is spreading that South Korean shipbuilders may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said Monday.According to the sources, Samsung Heavy Industries Co., one of the country's top three shipbuilders, has recently clinched a $100 million deal to build two LNG carriers from a local shipping firm, raising this year's total orders to $2.3 billion, to build 12 ships in total. (Yonhap)Samsung Heavy is also expected to bag a $2.5 bi
May 29, 2017
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Top 10 chaebol's overseas units see jump in internal transactions
Internal trading by overseas units of South Korea's top 10 business groups has soared 20 percent over the past four years, raising suspicions that they may be engaging in banned contract awarding practices, a market tracker said Monday.Internal transactions by the overseas subsidiaries of the 10 leading family-controlled conglomerates, known as chaebol here, came to a combined 287.6 trillion won ($257 billion) in 2015, up 47.9 trillion won from four years earlier, according to the data by Chaebu
May 29, 2017
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New chairman ensures smooth sailing for Hyosung
When Hyosung disclosed its first-quarter earnings report on April 25, analysts poured out reports on how the company’s profits exceeded market expectations, and its stock price surged 8 percent the next day.The world’s largest spandex maker’s net profit jumped 27 percent on-year to 161.1 billion won ($143.9 million) in the first three months. Most of additional earnings came from profits from fiber, industrial materials, expanded production capacities for polypropylene and more efficiency in the
May 28, 2017
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Under new leadership, Hyosung takes on the world
When Hyosung joined the so-called “1 trillion won club,” a league of Korean companies that made 1 trillion won in operating profit last year, the market response was unanimous -- that it didn’t happen by chance.Over the past 20 years, Hyosung, the dominant South Korean conglomerate focusing on fiber and chemicals, has undertaken a series of restructuring efforts and steadily invested overseas to cut costs while continuing research and development at home. Its top market position in key products
May 28, 2017
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S.R. Cho, connecting Korea to the world through business
Former Hyosung Chairman S.R. Cho’s international experience both in his education and in his business leadership shaped him into an expert in international ties, helping him to serve as a private-sector ambassador.Cho was a highly visible figure in international relations during his time at the helm of Hyosung, serving as the Federation of Korean Industries chairman from 2007 to 2010. During his term, he traveled extensively overseas, making 30 trips in just 130 days.In particular, Cho focused h
May 28, 2017
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Vietnam stands at center of Hyosung’s foreign operations
Sometimes, a different route will get you faster and closer to your destination. That is what Hyosung pulled off when it decided to focus on a new market that it believed offered wider potential — Vietnam. Founded in 2007, Hyosung’s Vietnam subsidiary stands at the heart of the company’s overseas operations and successful growth, focusing on the production of Hyosung’s core products including spandex, tire cords, steel cords and electric machinery. Hyosung’s foray into Vietnam was spearheaded by
May 28, 2017
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Beesen to export 300 bln won of bee venom mask packs to China
A local company will sign a contract to export 300 billion won ($268 million) worth of bee venom mask packs to China this week, the Ministry of Agriculture, Food and Rural Affairs said Sunday.The signing ceremony will be held at the Convention and Exhibition Center in southeastern Seoul on Monday between Beesen Co. and China's DIA Group, the ministry said, adding Beesen has developed the technology for the production of the bee venom mask packs with the financial assistance from the ministry fro
May 28, 2017
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Major chemicals firms in rush to tap debt market
South Korea's major petrochemicals firms are increasingly tapping the local bond market to capitalize on low rates and an improvement in their bottom lines, industry sources said Sunday.According to the sources, Kumho Petrochemical Co. is planning to sell 70 billion won ($62.5 million) worth of debts next month following the 45 billion-won debt sale in March to refinance 100 billion won worth of debts that mature in July.The maturing debt carries a coupon rate of 4.7 percent, but next month's de
May 28, 2017
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Doosan Infracore to sell W500b bond with warrants
Doosan Infracore Co., South Korea's top construction equipment maker, said Friday that it plans to sell 500 billion won ($447 million) worth of debt with warrants to refinance maturing debt.In a regulatory filing, Doosan Infracore said the holders of BWs will be able to buy Doosan Infracore at a predetermined 9,090 won per share.The proceeds from the debt sale will be used to refinance part of 230 billion won in debt that mature in July, it said. (Yonhap)
May 26, 2017
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Mirae Asset Life to complete integration with PCA Life by Q1
Mirae Asset Life Insurance Co. said Friday it will complete its integration with PCA Life Insurance Co., the local unit of Britain's largest insurer Prudential Plc., by the first quarter of next year.The move came after Mirae Asset Life Insurance acquired PCA Life Insurance in an arrangement worth 170 billion won ($150 million). (Yonhap)Mirae Asset Life Insurance ruled out restructuring as it vowed to guarantee employment of all employees of PCA Life Insurance.The takeover will make Mirae Asset
May 26, 2017
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[Photo News] Mangoes from India are sold at E-mart's discount chain stores
MANGOES FROM INDIA -- Models show mangoes imported from India at an E-mart branch in Seoul on Friday. The retail giant is the first to distribute Indian mangoes at its discount chain across the country. (Yonhap)
May 26, 2017
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Kumho Tire creditors pressure group chairman for brand rights
Kumho Asiana Chairman Park Sam-koo is under high pressure to negotiate terms for the use of the Kumho Tire name in an ongoing purchase deal with Chinese tiremaker Doublestar, as Kumho Tire creditors on Friday discussed extending the deadline on the company’s debt by three months.Kumho Tire is expected to pay back approximately 1.3 trillion won ($1.16 billion) of debt at the end of next month, but it is currently facing a liquidity crisis. Without an extension on the deadline, the company is like
May 26, 2017
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Big 3 shipbuilders see recovery but midsize builders struggle
Although the global shipbuilding market is gradually showing signs of fiscal recovery this year, as with Korea’s big three shipbuilders, orders at midsized shipbuilding companies remain sparse. According to the Korea Export-Import Bank of Korea on Friday, the order receipts of medium-sized shipyards in Korea were estimated to be around $110 million in the first quarter. Despite an improvement compared to last year’s first quarter, when there was not a single order, ship orders for the countries
May 26, 2017
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Macrogen to build big data system to predict diseases for Korean population
Macrogen, South Korea’s biggest genome sequencing company, has set out to build a genomic and medical big data system designed to predict the risks of diseases for the Korean population and guide new drug development and treatment planning. The Korean biotechnology firm said Friday that it had entered a partnership with the Korea Association of Health Promotion to amass genetic and medical information for joint research.Macrogen and KAHP will set up a joint task force and each contribute their g
May 26, 2017
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[Photo News] Frequent Korean Air flyers recieve discounts for transporting pets
FLYING PETS -- A Korean Air passenger requests the air carrier’s Skypets service, which provides frequent flyers with discounts for transporting pets. Each flight taken with a pet on Korean Air earns stamps that can be later traded for discounted or free transportation for a pet accompanying a passenger, the air carrier said. (Korean Air)
May 26, 2017
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Louis Vuitton opens reservations for brand exhibition
Luxury brand Louis Vuitton has begun taking reservations for tickets to its free brand exhibition “Volez, Voguez, Voyagez -- Louis Vuitton.”The exhibition will feature roughly 1,000 items collected by the design house from its establishment in 1854. The show is organized into 10 themes that illustrate the history of the brand, culminating in a space devoted to the artisanal spirit of Louis Vuitton. “Volez, Voguez, Voyagez -- Louis Vuitton,” a new exhibition from Louis Vuitton (Louis Vuitton)Thos
May 26, 2017
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New businesses need 4 years to break even: ombudsman report
Starting a new business in South Korea requires an average 200 million won ($178,491) in starting money, and it takes about four years to break even, a stage that more than 60 percent of the startups don't reach because they are forced to close before then, a report said Friday.The Small and Medium Business Ombudsman analyzed 35,000 newly started businesses in May last year, including 415 that were studied in detail. Results showed that 1.5 people prepared for 16.6 months for the opening with 11
May 26, 2017
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Hyundai Construction Equipment sees sharp rise in excavator sales in China
Hyundai Construction Equipment Co., an affiliate of major shipbuilder Hyundai Heavy Industries Co., has seen a sharp rise in the sales of its excavators in China this year, backed by a recovery in the construction sector, industry sources said Friday.According to the sources, the company sold some 1,600 excavators in the first four months of the year, nearing last year's sales of 1,900 units in total.Demand for construction equipment has been on the rise in China on increased budget spending in
May 26, 2017
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Govt. to set up W500b fund for venture startup failures
The government plans to raise 500 billion won ($447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited for hindering the nation's goal to replicate Silicon Valley's success. The Financial Services Commission, the nation's top financial regulator, and the Small and Medium Business Administra
May 25, 2017
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[Superich] Self-made youth start off with zero debt
Starting a successful business from scratch is by no means an easy or doable task, but some of the youths on Forbes’ top 600 under 30 rich list have done just that.Their commonality? They had zero debt from the beginning. Regardless of how little they had their lack of debt gave them the chance to delve into what they truly wanted to do. The data did show that the majority of those categorized as the young rich came from middle to upper class families that allowed them the ability to pursue thei
May 25, 2017