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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SK sells subsidiary to CIAM Group for W100b
SK Group said Wednesday that it sold its subsidiary SK (Chongqing) Lithium Ion Battery Material Co. to CIAM Group, China’s battery production company, for 100 billion won.SK established a memorandum of understanding with CIAM Group on the deal on July 7, and plans to sign a formal contract in the beginning of September.SK (Chongqing) Lithium Ion Battery Material Co. has dealt with producing cathode materials for electric car batteries. SK China and SKC had 90.91 percent and 9.09 percent of its s
July 16, 2015
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Baesangmyun seeks to revive traditional liquor culture with brew pubs
Baesangmyun Brewery, South Korea’s leading traditional liquor maker, is growing its brand with urban brew pubs producing freshly fermented makgeolli, Korean rice wine, every day. By rebuilding a mini-brewery -- Slow City Brewery & Pub -- just like those a century ago, the producer of a range of distilled and fermented Korean beverages seeks to revive the country’s home-brewed alcoholic beverage culture with a modern touch. A chef prepares food for the daily lunch buffet at Slow City Brewery & P
July 16, 2015
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Elliott’s appeal against Samsung merger rejected
The Seoul High Court on Thursday turned down U.S. hedge fund Elliott’s appeal on the injunction to block a merger deal between Samsung C&T and Cheil Industries.Elliott had filed for an injunction to stop Samsung C&T from holding a shareholders’ meeting Friday, where the controversial merger proposal will be put to a vote. However, the Seoul Central District Court threw out the request on July 7, prompting the hedge fund to file an appeal.In addition to seeking to prevent the merger from being pu
July 16, 2015
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Hanjin unit sells stake in Korean Air for 217 bln won
Hanjin Transportation Co., the overland transportation and delivery unit of Hanjin Group, said Thursday that it sold its entire stake in Korean Air Lines Co, a move aimed at streamlining the group's complex governance structure.In a block deal, Hanjin Transportation sold a total of 5,792,627 shares of Korean Air for 37,700 won ($32.85) apiece, 4.4 percent lower than their closing prices in the previous day, the company said in a regulatory filing. The deal was worth 216.9 billion won.The move co
July 16, 2015
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Daewoo Shipbuilding's rating cut on loss woes
Local credit appraisers on Thursday cut their ratings on Daewoo Shipbuilding & Marine Engineering Co. as the world's No. 2 shipbuilder may have to book massive losses on its balance sheets and is set to undergo large-scale debt restructuring.KIS Rating slashed its rating on Daewoo Shipbuilding to "A-" from "A," and put the shipbuilder on its watch list for another rating cut."Increased operating capital has jacked up its financial burden, and uncertainties increased over its second-quarter earni
July 16, 2015
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Seoul court denies Elliott's appeal bids against Samsung merger
A South Korean court rejected Thursday a U.S. hedge fund's request to block a vote by Samsung C&T Corp. shareholders on a high-stakes merger with a sister firm, clearing the legal hurdle on the eve of a crucial shareholder meeting.The Seoul High Court also turned down Elliott Associates' appeal of a district court's rejection of an injunction request to nullify the voting rights of KCC Corp., which increased its stake in the builder through a treasury share purchase.Earlier this month, the Seoul
July 16, 2015
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Hyundai Motor's share in Brazil hits all-time high
Hyundai Motor Co., South Korea's top automaker, saw its market share in Brazil's passenger car sector hit an all-time high in June thanks to brisk sales of its locally produced HB20 subcompact, industry data showed Thursday.According to the data, Hyundai Motor sold 17,517 passenger cars in Brazil last month, raising its market share to 10 percent, its highest ever. It renewed its previous record share of 9.3 percent in May. Hyundai Motor ranked fifth in market share there, narrowing the gap with
July 16, 2015
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POSCO puts $12b India steel project on hold
POSCO decided to temporarily suspend its already delayed $12 billion steel plant construction project in India, company chairman Kwon Oh-joon said Wednesday.”We decided to tentatively stop the project as we have not seen visible progress. The project will remain at all stop unless the Indian government offers a better deal” Kwon told The Korea Herald after an investors’ relations session in Seoul. The continuous galvanizing line facility run by POSCO Maharashtra, POSCO’s Indian unit. (POSCO)POS
July 15, 2015
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FKI urges inter-Korean business liaison offices
The Federation of Korean Industries, South Korea‘s major business lobby group, proposed Wednesday a new set of principles for inter-Korean business exchange, calling for a paradigm shift toward a mutually beneficial economic relationship. “A new economy-centered paradigm should be developed in which both Seoul and Pyongyang could gain mutual interests, and it’s time to go beyond the conventional paradigm of ‘support and pressure,’” Park Chan-ho, a senior executive of the FKI said during a semina
July 15, 2015
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GS chairman accentuates choice and concentration
GS Group chairman Huh Chang-soo emphasized Wednesday that the conglomerate must look ahead and choose to concentrate on their core abilities instead of trying to do everything well.“We cannot achieve greatness if we cannot look far ahead,” he said, quoting the late independence fighter Ahn Jung-geun under the Japanese colonial rule of the Korean Peninsula. “We must realistically analyze our abilities and discern between areas to concentrate and areas to reduce or get rid of,” chairman Huh said d
July 15, 2015
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Samsung CEOs confident ahead of merger vote
Samsung Group’s top executives on Wednesday expressed confidence in winning the upcoming crucial vote on the merger deal between Samsung C&T and Cheil Industries. “We are confident about the merger approval. We want to win big,” said Samsung C&T co-CEO Kim Shin before attending a weekly executive meeting of Samsung affiliates at the group’s Seoul headquarters. “There are also several foreign shareholders who support the deal. We are making all-out efforts to attract favorable votes.”Cheil Indust
July 15, 2015
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POSCO chairman sharpens reform, antigraft drive
POSCO has announced a set of reform measures as the steelmaker struggles to reorganize its business structure and rebrand an image tarnished by an alleged graft scandal.The proposed plans, dubbed “Innovative POSCO 2.0,” include revamping business portfolios, disclosing the names of those behind major investment and mergers and acquisitions decisions for higher responsibility and enhancing personnel management transparency.“I sincerely apologize to our investors for having caused concerns,” POSCO
July 15, 2015
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[Graphic News] Iran nuclear resolution to boost Korean exports
As economic sanctions are expected to be lifted as a result of the settlement of the Iranian nuclear issue, Korean industries anticipate their overseas business will be revitalized.According to the Korean International Trade Association, South Korea-Iran trade reached its peak in 2011 as Korea exported $6.1 billion to Iran and imported $11.4 billion.However, the trade volume has halved since the economic sanction led by the United States was launched.But as the U.S.-Iran relationship warms and t
July 15, 2015
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Daewoo Shipbuilding dips to 7-year low on loss woes
Major shipbuilder Daewoo Shipbuilding & Marine Engineering Co. plunged to a near seven-year low Wednesday afternoon on concerns it may have to book a cumulative loss of some 2 trillion won ($1.76 billion) on its balance sheet.Stocks of Daewoo Shipbuilding were trading at 8,750 won on the Seoul bourse as of 1:21 p.m., down 3,750 won, or 30 percent, from the previous session's close.The stock plunge came as the Chosun Ilbo, citing unnamed sources, reported that the shipbuilder has not booked the e
July 15, 2015
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Elliott urges C&T shareholders to vote against merger
U.S. hedge fund Elliot Associates made its last pitch to shareholders of Samsung C&T Corp. on Wednesday to vote against the firm's merger with another key unit of Samsung Group, South Korea's top conglomerate.The call came two days before Samsung C&T shareholders are slated to meet to cast ballots on a takeover offer by Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate.Elliott, the third-largest shareholder of Samsung C&T with a 7.12 percent stake, has been seeki
July 15, 2015
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S. Korea's major shipbuilders to share patents for eco-ship project
South Korea's three major shipbuilders will provide publicized patents to their smaller local counterparts to help them build eco-friendly ships, Cheong Wa Dae said Wednesday.The three shipbuilders are Hyundai Heavy Industries Co., the world's largest shipyard; Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard; and Samsung Heavy Industries Co., a shipbuilding unit of Samsung Group, South Korea's largest conglomerate.The three shipbuilders will open about 2,500 pat
July 15, 2015
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Superrich heirs-apparent rush to consulting companies
The third generation of South Korea’s superrich conglomerates are rushing to consulting firms, in an apparent attempt to obtain management-related experience while establishing their own global network. According to Hankyung.com, Chey Yun-jeong, the eldest daughter of SK Group chairman Chey Tae-won and former President Roh Tae-woo’s daughter Roh So-young, has recently started working at Bain & Company. The report noted that the University of Chicago graduate was hired as a junior consultant. “Th
July 14, 2015
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Hyundai Steel aims at W26tr in sales by 2020
Hyundai Steel, the steel business arm of Hyundai Motor Group, unveiled its growth vision to 2025 under a blueprint to advance into a “materials business-based value creation company.”Under the new slogan of “engineering the future beyond steel,” the company said it would diversify its businesses beyond the core and achieve sales of 26 trillion won ($23 billion) by 2020 and 31 trillion won by 2025. The company’s declaration of a new vision was expected, following the completion of its merger with
July 14, 2015
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[SUPER RICH] South Cape Spa & Suite attracts superrich around the world
The South Cape Spa & Suite, located in Namhae, South Gyeongsang province, is a constant temptation for golf enthusiasts who dream of golfing every time they look at a patch of grass.South Cape has become one of Korea’s representative golf resorts just two years from its establishment in 2013, becoming a must-see for foreign visitors and being listed as one of “Korea’s best golf courses” in various golf magazines.A total of about 400 billion won ($350 million) was invested to build the golf resor
July 14, 2015
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Kumho chairman to head Visit Korea Committee
Park Sam-kooKumho Asiana Group chairman Park Sam-koo has been appointed to lead a tourism promotion committee, the group said Tuesday. The Visit Korea Committee, under the Ministry of Culture, Sports and Tourism, elected Park as its new chairman during a board meeting in Seoul on Friday.“We expect that Park will contribute vastly to the development of the tourism industry with his expertise in the tourism sector and management skills he cultivated as a business leader,” a VKC official said. Foun
July 14, 2015