Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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IKEA Korea faces teething problems
Swedish furniture and appliance retailer IKEA, which will open its first outlet here next month, is facing criticism for using the name “Sea of Japan” on its products and website to name the waters between South Korea and Japan. The company was also rebuked for charging more for products in Korea than overseas. Consumers had expected IKEA to stay true to its promise to provide high-quality goods at affordable prices. The controversies arose after IKEA Korea officially opened its official website
Nov. 17, 2014
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Kia launches new K9 luxury sedan
Kia Motors on Monday launched the latest version of its K9 sedan in the Korean market. (Ahn Hoon/The Korea Herald)Kia Motors, Korea’s second-largest carmaker, said on Monday that it had launched the latest version of the K9 luxury sedan here. The new K9 has a refined tiger nose radiator grille and taillight assembly that give the car a more upscale feel. Sold overseas as the Quoris or K900, the newest version of the K9 also touts a smart trunk system and electronic transmission shifter.In terms
Nov. 17, 2014
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Incheon Airport rail link discount a hit with tourists
Group discounts on express trains operated by Incheon Airport Railroad Express are gaining popularity among international travelers in Korea, according to the railway operator last week. Since April, Incheon Airport Railroad has been offering a 25 percent discount per person on nonstop express trains for groups of four people or more as a means of attracting more travelers. The discounted ticket fare is 6,000 won ($5.47) per person, down from 8,000 won. Visitors wait in line to buy tickets for t
Nov. 17, 2014
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Asiana appeals 45-day flight suspension
Asiana Airlines on Monday said it had formally appealed a 45-day government ban on flights on its Incheon-San Francisco route for a crash last year that left three people dead.In the appeal submitted to the Ministry of Land, Infrastructure and Transport, the country’s second-largest carrier accused the government of having planned the sanctions in advance, saying that the administrative decision had “already been made” even before the deliberations began. The carrier also criticized the ministry
Nov. 17, 2014
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IPO stocks enjoy decent returns after listing
Three-fourths of stocks listed on the Seoul bourse this year have delivered decent returns as investors bet big on growth of new entrants amid lagging performance of large-cap stocks, industry data showed Monday. Stock prices of 32 newcomers on the main bourse and tech-laden KOSDAQ jumped 46.74 percent on average as of Nov. 14 compared to prices for the initial public offerings, according to data compiled by Seoul-based Daishin Securities. In particular, four stocks listed on the main KOSPI mark
Nov. 17, 2014
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[SUPER RICH] Hong Kong billionaire bets on Yeongjongdo jackpot
Pedestrians walk past the K11 Art Mall in Shanghai operated by New World Development, an affiliate of Chow Tai Fook owned by Cheng Yu-tung. (Bloomberg)Cheng Yu-tung, 89, who is the fifth-richest man in Hong Kong with a net worth of $15.5 billion as of this January, made headlines here when he turned his attention to Yeongjongdo Island, located in the Incheon Free Economic Zone, with the aim of developing a casino-based integrated complex.According to IFEZ, Cheng’s Chow Tai Fook Enterprises signe
Nov. 17, 2014
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[SUPER RICH] Landowners in Korea’s most exclusive area
To Koreans, land is more than just money, especially when you own property in highly sought-after areas. This is because owning a plot of land is not just about making money, but also about power and status.For example, Cheongdam-dong in southern Seoul is one of the city’s most affluent neighborhoods. In 1967, it was still part of Gyeonggi Province, and was full of pear orchards, but it began its transformation from about 1975 into a home for the emerging superrich as high-rises and expensive ap
Nov. 17, 2014
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Asiana appeals 45-day flight suspension
Asiana Airlines Inc., South Korea's second-largest flag carrier, said Monday that it has formally appealed a 45-day government ban on flights on its Incheon-San Francisco route, imposed following its crash last year that left three people dead.The appeal made to the Ministry of Land, Infrastructure and Transport argued that the administrative action taken by a seven-person panel was effectively reached in advance of the deliberation process. It added that selection of members to sit on the panel
Nov. 17, 2014
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[Graphic News] Samsung heir becomes 4th-richest stockholder in Korea
Lee Jay-yong, vice chairman of Samsung Electronics and heir apparent to its parent Samsung Group, has emerged as the fourth-richest stockholder in South Korea following last week’s high-profile listing of Samsung SDS, data showed Sunday.As of Friday when Samsung SDS shares went public, the value of listed shares held by Lee was tallied at 3.85 trillion won ($3.5 billion), up two notches from the previous ranking, according to Chaebul.com, an online research firm providing information on Korean c
Nov. 16, 2014
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[Reporter's Column] Excessive surveillance at Lotte World Mall
Last week, when I stepped inside the newly built Lotte World Mall in Jamsil, east Seoul, for an interview with one of the tenants, I was asked to visit the security section and deposit my driver’s license. I was also told to wear a red identification pass stating that I was a member of the filming staff. “There’s no use complaining to me. I only take orders,” was what the security guard told me when I fired questions at him about the tight security and reminded him that I was not there to shoot
Nov. 16, 2014
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Samsung’s Lee richest stockholder among 3rd chaebol generation
Lee Jay-yong, vice chairman of Samsung Electronics, became the richest third-generation business tycoon in South Korea in terms of stock value, thanks to the initial public offering of Samsung SDS last Friday.The Samsung heir apparent Lee’s equities were valued at almost 3.9 trillion won after taking his 11.25 percent ownership in Samsung SDS into account, according to Chaebul.com, an online information provider of Korea’s family-run conglomerates.Samsung SDS, the group’s IT solutions developer,
Nov. 16, 2014
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FTA with N.Z. to boost exports of factory goods
The free trade agreement between Korea and New Zealand, struck last week, is likely to help boost South Korea’s industrial product exports. At the same time, the domestic agricultural and livestock industries are expected to be hit by competition from cheaper New Zealand rivals, experts said. “The elimination of tariffs on some of Korea’s key industrial products under the latest FTA is expected to expand Korea’s exports,” said Park Ji-eun, a researcher at the Institute for International Trade. “
Nov. 16, 2014
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Chinese, Japanese investors aggressively tap local financial market
Investors from China and Japan have been aggressively tapping the South Korean financial market, industry data showed Sunday, helped by China’s recent policy to globalize its financial sector and Japan’s monetary easing. In the first 10 months of the year, Japanese investors bought a net 2.8 trillion won ($2.5 billion) worth of shares on the Seoul bourse, becoming the second-largest investor following U.S. investors who purchased a net 3.6 trillion won worth of shares, according to the data. Chi
Nov. 16, 2014
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Nine Japanese, German bearing makers fined for price fixing
South Korea’s antitrust watchdog said Sunday that it has fined nine Japanese and German bearing makers a combined 77.8 billion won ($70.7 million) for fixing product prices for more than a decade.Subject to the fine include Japanese bearing company NSK, which was ordered to pay the largest amount of about 33 billion won, according to the Fair Trade Commission. JTEKT and Fujicoshi were other Japanese firms involved, while Shaeffler Korea, a Korean unit of the German company, was ordered to pay 16
Nov. 16, 2014
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Samsung heir becomes 4th-richest stockholder in S. Korea
Lee Jay-yong, vice chairman of Samsung Electronics Co. and heir apparent to its parent Samsung Group, has emerged as the fourth-richest stockholder in South Korea following last week's high-profile listing of Samsung SDS Co., data showed Sunday.As of Friday when Samsung SDS shares went public, the value of listed shares held by Lee was tallied at 3.85 trillion won (US$3.5 billion), up two notches from the previous ranking, according to Chaebul.com, an online research firm providing information o
Nov. 16, 2014
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S. Korean firms share of global DRAM market nears 70 pct in Q3
Samsung Electronics Co., the world's top memory chipmaker, and smaller local rival SK hynix Inc. saw their combined share of the global dynamic random access memory(DRAM) market reach an all-time high of 69.7 percent in the third quarter, industry data showed Sunday.According to the data compiled by market researcher DRAMeXchange, the third-quarter market share of Samsung and SK hynix was up 1.7 percentage points from the previous quarter. It was also slightly up from the previous record of 69.6
Nov. 16, 2014
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SPC to open 30 Paris Baguettes in Malaysia
SPC Group, best known for its Paris Baguette bakery franchise, is planning to launch the artisan bakery in Malaysia starting with an initial opening in the first half of next year, SPC officials said Friday.The country’s leading confectionary brand, in partnership with Naza Corporation Holdings ― one of the largest privately owned conglomerates in Malaysia ― is planning to open up to 30 outlets in the country by 2019. “We are confident that Malaysians will be receptive to new food and beverage c
Nov. 14, 2014
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Korea bets on foreign investment for Foodpolis
The South Korean government is strongly committed to attracting foreign investment to make Foodpolis, Asia’s first food cluster, a success, officials said Friday. “The government will step up its efforts to strengthen the global competitiveness of the nation’s food industry and to encourage foreign investment in Foodpolis,” Lee Ju-myeung, head of the Agriculture Ministry’s Food Industry Policy Bureau, told international media and embassies at a briefing. The nation plans to invest 553 billion wo
Nov. 14, 2014
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Hyundai India expects record sales in 2014 of new i20
Hyundai Motor, South Korea’s largest carmaker, is expected to post record annual sales in India in 2014, thanks to strong demand for its all-new i20 Elite supermini, company officials said Friday.According to Indian data, Hyundai sales in the first 10 months of this year rose 8 percent to 343,456 units from 318,156 a year earlier. At the present pace, the carmaker’s sales will likely exceed the record 391,276 units sold in all of 2012, officials said.Hyundai sold 38,010 cars last month, up 5.6 p
Nov. 14, 2014
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GM Korea pushing for early retirement, work shift change to cut costs
GM Korea is moving to accept early retirement of senior office workers and pushing for shift changes at one of its plants to help cut costs, corporate and labor sources said Friday.Insiders at South Korea’s third-largest carmaker said company CEO Sergio Rocha announced a voluntary retirement plan for team leaders and executive-level employees early last month and that the measures would take place late this year or the beginning of 2015.The total number to leave GM Korea is expected to be simila
Nov. 14, 2014