Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Can Jennie break the K-pop solo artist slump?
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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DRAM prices stop falling: market data
The DRAM market shows signs of a turnaround, raising expectations for a recovery in South Korean producers' earnings, data showed Monday.Memory chips are among South Korea's main export items. The global price of DRAM chips suffered a fall for the 19th consecutive month since late 2014. Samsung Electronics' NAND flash memory chips (Yonhap)The spot price of the "DDR 512x8" chip, a flagship DRAM product, shifted to a rise from a decline as of June 6, according to Market tracker DRAMeXchange and in
June 20, 2016
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Lotte affiliates purchased $192.7m worth of owner family’s shares
[THE INVESTOR] Lotte Group affiliates have frequently purchased stocks of unlisted companies owned by the group’s owner family, including the founder Shin Kyuk-ho and his three children, since 2001, data by an online corporate tracker showed on June 19. According to Chaebul.com, Lotte’s seven affiliates, including Hotel Lotte -- the de facto holding company of its Korea operations -- have spent a total of 224.6 billion won ($192.7 million) to purchase shares of private companies owned by the fou
June 20, 2016
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[Consumer This Week] Philips, Innisfree, Piaget, Shinsegae, Paris Baguette, Season’s Table
Philips opens makeshift shop at Hyundai Department StorePhilips Korea is running a makeshift shop at Hyundai Department Store at Coex in southern Seoul until June 23, offering its home beauty devices including those for cleansing and hair removal. Visitors to the temporary shop can see and try out the brand’s flagship products including its facial massagers, automatic facial cleansing devices and laser hair-removal devices.The brand is offering discounts and promotions as well as free gifts for
June 20, 2016
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Chinese airlines dominate airway between Jeju and China
Demands for air travel between South Korea's resort island of Jeju and Chinese cities have soared over the past years, but Korean airlines have had difficulty in increasing flights due to tough regulations imposed by the Chinese government, industry data showed Monday. Out of 350 flights scheduled weekly between Jeju and Chinese cities from March 27 to Oct. 29, flights by Chinese airlines account for 86.9 percent of the total, according to the Jeju branch of the Korea Airports Corporation. The r
June 20, 2016
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Golden Blue seeks to develop real 'Korean whisky'
Golden Blue is fast expanding its presence in South Korea with a low-alcohol whisky brand to lead a new trend, but its ultimate goal is to develop "real Korean whisky" made with a homemade solution, its chief executive said. Golden Blue, a homegrown whisky released in 2009 by a fledgling Korean distiller based in the southeastern port city of Busan, has been increasingly widening its base among whisky lovers who prefer a mild taste and affordable price tag.Golden Blue has imported an undiluted s
June 20, 2016
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Public utility rates jump amid low inflation
South Korea's public utility rates rose at a much faster face than their overall consumer inflation in May due mainly to increased transportation fees, government data showed Monday.The country's public utility rates rose 2.2 percent in May from a year earlier, far higher than the headline inflation rate of 0.8 percent, according to the data by the nation's statistical agency, central government ministries and provincial administrations.After peaking at 2.1 percent in January 2010, the growth ra
June 20, 2016
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[Graphic News] Korean products make up one-tenth of Chinese import market
Korean products’ market share in the Chinese imported goods market grew 1.7 percent in the past two years, data showed Sunday.Just over one-tenth of imported products in China, worth $174.3 billion, came from Korea as of 2015, according to data from the Korea International Trade Association’s Institute for International Trade. Korean products were strongest in the petrochemicals and flat-panel display markets, where they hold about one-third of the market share.Between 2013 and 2015, the most no
June 19, 2016
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Prosecution said to uncover additional accounting fraud at Daewoo Shipbuilding
Prosecution investors believe they have found evidence of additional accounting fraud at Daewoo Shipbuilding & Marine Engineering Co., informed sources said Sunday, that, if confirmed, will point to more pervasive and prolonged illegal activities by the troubled company than previously thought.According to the sources, who spoke on condition of anonymity, the prosecution have found evidence of accounting fraud worth trillions of won between 2006 and 2014.Such a report follows the recent outcome
June 19, 2016
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Oxy manufacturer rebuffed after offering deal with sterilizer victims
Oxy Reckitt Benckiser on Saturday offered a compensation deal with the likeliest victims of its toxic humidifier disinfectant, although the victims have denounced the company as failing to consider their varying situations.Oxy CEO Ata Safdar held an information session with some hundred class 1 and 2 victims behind closed doors at a hotel in southern Seoul, apologizing once again over the sterilizer products that have proven to be fatal.Safdar said the company will create an ad hoc team of about
June 19, 2016
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Stocks, bonds offer investment options amid low interest rates
[THE INVESTOR] With the central bank slashing its benchmark interest rate to a historic low of 1.25 percent, putting money in bank accounts will not increase people’s income, as bank deposit rates will drop in line with the key base rate.Experts recommend reallocating funds in bank deposits to other assets that offer higher yields. Real estate may be an option, but not a lot of people can afford to invest in an apartment unless they borrow money from banks with low interest rates. Investing fund
June 17, 2016
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Bank deposits offer poor returns
[THE INVESTOR] Following the Bank of Korea’s surprise cut in base interest rate last week, local banks have each been slashing their own rates for deposit and saving accounts. Citibank Korea’s easy-access deposit account for corporate clients has fallen into negative return territory after the bank slashed its annual interest rate to 0.001 percent from 0.1 percent on Tuesday. This means that a deposit of 10 million won ($8527) earns 1,000 won a year in interest, or 846 won after tax. Given that
June 17, 2016
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[INTERVIEW] 'Mom, buy me stock'
[THE INVESTOR] Whenever John Lee has the chance to meet new people he emphasizes the same piece of advice: “Buy your children stocks, instead of paying high fees for private education.”During our interview at his office in Bukchon, northern Seoul, the CEO of Meritz Asset Management asked me directly if I was investing in stocks. For ordinary Korean workers, it is not easy to check the stock market frequently and pick good shares that will yield high returns. When news reports tell us the local s
June 17, 2016
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Hanwha Defense eyes global armored vehicle market
Eurosatory defense exposition.[THE INVESTOR] Hanwha Defense Systems announced on June 17 that it has signed a 7.5 million euro (US$ 8.4 million) gun turret supply deal with CMI Defence at the Eurosatory defense exposition. CMI Defence is a Belgium based military equipment maker that specializes in weapons systems for armored vehicles.Under the contract, Hanwha will be supplied with 105 mm gun turret, which will then be used in building light infantry fighting vehicle based on the K21. The K21-ba
June 17, 2016
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[Weekender] Record low interest rates fuel property market
When visiting a real estate agency last Saturday, Choi Ho-rim, 40, was surprised to find that there were no apartments at the size of 25 pyeong on sale in Seocho Hills, a complex of 1,082 homes in Umyeon-dong, Southern Seoul. One pyeong is equivalent to about 3.3 square meters and it is a unit used to measure the size of rooms and buildings in Korea.“Things were quite different a few month ago. There were dozens of this size of apartments on sale,” she said. Visitors listen to the explanation of
June 17, 2016
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Hyundai Mipo Dockyard sees May sales drop 13.5% year-on-year
[THE INVESTOR] Hyundai Mipo Dockyard on June 17 revealed that May sales dipped 13.5 percent from a year ago, in a preliminary regulatory filing. The company’s May sales came in at 281.9 billion won ($US 240.9 million), down 13.5 percent from a year ago, and lower by 0.27 percent compared to the previous month. By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016
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Hyundai Heavy posts drop in May sales
[THE INVESTOR] Hyundai Heavy Industries posted May sales of 1.64 trillion won (US$ 1.4 billion), down 13.96 percent compared to the same month last year. For the year so far, Hyundai Heavy’s sales came in at just under 9 trillion won, down 16.48 percent compared to the same period last year. Hyundai Heavy, the country’s largest shipbuilder, has been plagued by falling orders and rising costs, pushing it to draw up tough revival plans.Hyundai Heavy shares closed at 104,000 won, down 0.95 percent
June 17, 2016
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Arrest warrant rejected for former Oxy Korea CEO
[THE INVESTOR] A Seoul court on June 17 rejected an arrest warrant sought for former Oxy Reckitt Benckiser CEO John Lee amid an escalating probe into the company’s toxic humidifier disinfectant scandal. The Seoul Central District Court said the evidence complied thus far against Lee is not strong enough to issue an arrest warrant. Lee, a 48-year-old Korean-American who currently heads Google Korea, is suspected of not taking appropriate measures despite rising health complaints from users when h
June 17, 2016
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Lotte hires major law firms for defense as probe widens
[THE INVESTOR] Lotte Group said Friday that it has hired South Korea’s mega law firms to represent and defend its position as Seoul prosecutors widen their probe into the country’s fifth-largest conglomerate over alleged embezzlement and slush fund creation.Korea’s top law firms including Kim & Chang, Bae, Kim & Lee (Taepyeongyang), Lee & Ko (Gwangjang) and Shin & Kim (Sejong) are set to represent Lotte Group’s headquarters and its major affiliates which are currently under heavy investigation,
June 17, 2016
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Foreign investors’ stake in Samsung Electronics exceeds 50%
[THE INVESTOR] The stake of foreign investors in Samsung Electronics hit the highest level on June 16 in around seven months.The shares owned by foreign investors accounted for 50.7 percent -- the highest since Nov. 2, 2015, according to Korean Exchange, the sole securities exchange operator.Despite increasing fears of the UK’s exit from the European Union, they bought 560 billion won (US$447 million) worth of Samsung shares from June 1 to 16. The share price jumped to 1.4 million won in recent
June 17, 2016
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Hanjin Shipping gets 3-month extension on W190b bonds
[THE INVESTOR] Hanjin Shipping on June 17 received a three-month extension on corporate bonds with a combined value of 190 billion won (US$ 161.9 million).The bondholders’ decision gives Hanjin Shipping until Sept. 27. Hanjin Shipping had been at risk of defaulting had the bondholders rejected its request and kept the original June 27 maturity date.By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016