Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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What’s next for Elliott?
Attention is being paid to U.S. activist hedge fund Elliott Associates’ next step after it suffered a defeat in a shareholders vote on a merger deal between Samsung C&T and its sister firm last week.At the crucial vote on Friday, nearly 70 percent of Samsung C&T shareholders supported a merger with Cheil Industries. The vote ended C&T’s six-week battle with the fund, which had sought to thwart the Samsung merger plan.After Friday’s result, Elliott said it would reserve all options at its disposa
July 19, 2015
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Top court again suspends custody of CJ head
The nation's top court on Saturday again accepted a request from the convicted chairman of food and entertainment conglomerate CJ Group to suspend his imprisonment for hospital treatment.The Supreme Court decided to suspend the confinement of Lee Jay-hyun, who was found guilty of various corruption charges, for the next four months, citing his poor health.But Lee's place of stay will be limited to Seoul National University Hospital until Nov. 21, the court said.
July 18, 2015
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Chronology of Samsung C&T’s merger with Cheil Industries
The following is a chronology of major events leading up to the outcome. ― Ed.May 26 - Cheil Industries and Samsung C&T announce a plan to merge by the end of August. June 3 - U.S.-based hedge fund Elliott Associates emerges as the No. 3 shareholder of Samsung C&T by purchasing a 2.17 percent stake in the company, with its holdings rising to 7.12 percent.June 4 - Elliott expresses discontent over Samsung C&T’s proposed merger, saying the move does not benefit shareholders of Samsung’s constructi
July 17, 2015
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Consortium inks deal on Pantech takeover
A South Korean consortium said Friday it has signed a deal to take over ailing smartphone maker Pantech Co., paving the way for its normalization. Pantech, the country's No. 3 smartphone maker, has been teetering on the verge of bankruptcy after it sought to give up court protection from creditors in May. The agreement came as the Seoul Central District Court has approved the consortium's plan, led by South Korean optical manufacturer Optis, to acquire Pantech. The deal is estimated at 40
July 17, 2015
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LG Chem Q2 net up 55.6% on better petrochem margins
LG Chem Ltd., South Korea's leading chemicals and battery maker, said Friday its net profit soared nearly 56 percent in the second quarter from a year ago improved margins in the petrochemical business during the peak season. Net income came at 352.9 billion won ($307.5 million) in the April-June period, a 55.6 percent hike from a year earlier, the company said in a regulatory filing. Sales decreased 13.6 percent on-year to 5.07 trillion won, while operating profit gained 56.7 percent to 563.4 b
July 17, 2015
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Merger to cement Samsung heir’s control
Shareholders’ approval of the merger between Samsung C&T and Cheil Industries has paved the way for the creation of a global all-around construction, trade, fashion, chemical, leisure and biopharmaceutical juggernaut posting 60 trillion won ($59 billion) in sales by 2020. C&T president and co-CEO Choi Chi-hun said Friday that the merged company would see a rise of about 1 trillion won in sales in the construction sector, a 2.9 trillion won jump in the trade and retail sector, a 2 trillion won ri
July 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T approved an $8 billion merger deal with its sister company Cheil Industries Friday, a move expected to help Samsung heir apparent Lee Jay-yong tighten his grip on Samsung Group. “With the approval, Cheil Industries and Samsung C&T gained a new drive for growth. We will reciprocate to expectations by maximizing synergy, which will be created by combining the two firms’ capabilities and enhancing the value of the merged company,” CEOs from the two firms said in a joint
July 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T on Friday voted for the company’s merger with Cheil Industries, forecasting the establishment of a 60 trillion won ($59 billion) global enterprise by 2020.Samsung C&T is a construction-trade arm of Samsung Group while Cheil is the chemical, fashion and leisure fraction of Samsung. Cheil will acquire Samsung C&T by offering 0.35 new share in the new company for each share of C&T. However, the new company will be named Samsung C&T Corporation to “inherit Samsung’s found
July 17, 2015
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Cheil Industries shareholders OK merger with Samsung C&T
Shareholders of Cheil Industries Inc. voted for a proposed merger with its sister company Samsung C&T Corp. on Friday, a move aimed at clearing the way for a once-in-a-generation leadership transfer at South Korea's top conglomerate.In a unanimous vote, shareholders of the de facto holding company of Samsung Group gave the go-ahead for the 8.9 trillion-won ($ 7.9 billion) all-stock deal to take over Samsung C&T, the construction unit of the group. Samsung C&T also began its shareholder meeting a
July 17, 2015
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Samsung C&T starts crucial shareholder meeting on merger
Samsung C&T Corp. began an emergency shareholder meeting Friday to vote on a proposed merger with another key unit of Samsung Group, a move seen as aiming to smoothen a leadership change in South Korea's richest family.The two Samsung units announced the plan for a merger on May 26, claiming the proposed all-stock deal worth 8.9 trillion won ($7.8 billion) will create synergy for the new entity. (Yonhap)Earlier in the day, shareholders of Cheil Industries unanimously approved the merger plan. Th
July 17, 2015
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KOSDAQ firm joins consortium to takeover Pantech
SEOUL (Yonhap) -- Solid Inc., a South Korean telecom device firm listed on the tech-heavy KOSDAQ market, joined the local consortium that is in talks to acquire Pantech Co., industry sources said Thursday, casting a brighter outlook on the revival of the cash-strapped smartphone maker.The move came after a Seoul court approved the takeover plan proposed by South Korean optical manufacturer Optis Co. to acquire Pantech.Industry watchers said the Optis-led consortium may clinch an official deal wi
July 16, 2015
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Lotte Group chairman elected to head Lotte Japan
Lotte Group chairman Shin Dong-bin was named as the CEO of Japan-based Lotte Holdings at a regular board meeting Wednesday, the group announced Thursday. Shin was elected by the board as the new CEO of Lotte Holdings by a unanimous vote, according to group officials. The decision effectively positions the group chairman as the heir to Lotte Group founder and general chairman Shin Kyuk-ho. Shin Dong-bin (Yonhap)Since Lotte Holdings is the de facto holding company of Lotte Japan, Shin’s new positi
July 16, 2015
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Daewoo SME set for restructuring amid big losses
Daewoo Shipbuilding & Marine Engineering Co. is set to face financial restructuring as the world’s second-largest shipbuilder is projected to book massive losses in the second quarter of this year.After a local newspaper reported Wednesday that the South Korean shipbuilder may have booked as much as 2 trillion won ($1.8 billion) to 3 trillion won in unreported losses, stemming from its low-margin offshore project orders, the company’s shares plunged by the maximum 30 percent to reach a seven-yea
July 16, 2015
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Etude House introduces ‘Bling me Prism’
Makeup brand Etude House launched the “Bling me Prism” collection, a collaboration line with fashion jewelry brand High Cheeks. The Bling Me Prism collection includes five kinds of watery eye shadow, five liquid lipsticks, five kinds of nail polish, a henna sticker and a single powder eye shadow. The watery eye shadow contains 50 percent water, bringing a cooling effect to the eyelids. The lipstick with ample pigments brings moist but vivid color and texture to the lips, the company said. All it
July 16, 2015
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Stone Beer debuts in Korea
Stone Beer, a world-famous craft beer brand imported straight from San Diego, has debuted in Korea, InterBeer Korea, its exclusive Korean distributor, said in a press release Thursday.The newly imported beers are the Stone Indian pale ale (IPA), Stone Ruination, Stone Go To IPA, Cali-Belgique IPA, Stone Pale Ale 2.0 and Arrogant Bastard Ale. These beers come with their own “Enjoy by” dates in order to assure the best taste of 90 days from brewing, compared to the conventional 12 months. The beer
July 16, 2015
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Caffe Bene opens in Indonesia
Korean cafe brand Caffe Bene opened its fourth Indonesian outlet inside the AEON Mall of Tangerang City. The 280-square-meter store can seat 108 people and is located near Swiss German University and Prasetiya Mulya Business School, as well as Indonesia Convention Exhibition halls, the company said.Following the local trend of providing meal and desserts at cafes, Caffe Bene serves not only Italian pastas, but also Korean-infused menu items such as Kimchi Aglio Olio pasta and tteokbboki (red pep
July 16, 2015
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Cheil Industries launches accessory brands
Cheil Industries launched two accessory brands, Ravenova and Ilmo, to keep up with the growing fashion markets. Ravenova’s signature item is the “module bag,” which allows consumers to design their own bags based on 50 different modules provided by the brand. The modules are priced between 60,000 won ($52) and 190,000 won for a clutch, and a full bag costs between 300,000 won and 500,000 won. Ilmo is a leather accessory brand for men and women. About 80 percent of the items, ranging from bags an
July 16, 2015
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Starbucks launches ‘Dan. Baek. Jil’
Starbucks Korea launched “Dan. Baek. Jil,” meaning protein in Korean, a snack pack that covers 33 percent of recommended daily protein intake. With a pack of a half-boiled egg, soft tofu and string cheese, one can consume 55 grams of protein, the coffee franchise said. Starbucks will give away a cup of “Today’s coffee” to those who buy one of the 4,900 won ($4.30) packs of “Dan. Baek. Jil” by July 27. It is also introducing its half-dried sweet potato, sliced into the bite-sized shapes and price
July 16, 2015
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[Herald Interview] Organica Day to focus on vegetable detox juice
Just when many Koreans started drinking detox juice and began to realize it’s edible, Organica Day, Herald Corp.’s juice-squeezing arm, decided to take it a step further and focus on vegetables by reducing the amount of fruit in its products. “I am a little concerned about the sugar intake through fruit, even if it is fructose,” said Chung Hyung-ho, CEO of Organica Day, the producer of Just Juice Cleanse. “I believe that vegetables are much better options for health. Our chef, New York-based Chr
July 16, 2015
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LG Display’s large-panel production hits 1.5b mark
LG Display, Korea’s top display-maker, said Thursday that its production of large LCD and OLED panels has hit the 1.5 billion mark for the first time within the industry.The new milestone comes after the company started producing large LCD panels back in 1995, the company said. Large panels, those 9.1 inches or larger, are used for computer monitors, laptop computer screens and TVs. The 1.5 billion units are equivalent to 236,793,391 square meters of panels, the company said. “LG Display has con
July 16, 2015