Most Popular
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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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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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Hyundai E&C wins $775m land reclamation project in Singapore
Hyundai Engineering and Construction, the country’s No. 1 builder, said Tuesday that it has won a $775 million land reclamation project in Singapore.The Tuas Finger One project will proceed in cooperation with Samsung C&T Corp. and Japan’s Penta Ocean. Hyundai E&C holds a 29 percent stake worth $225 million in the joint venture, with Samsung and Penta Ocean controlling 28 percent each. Voskalis and Van Oord of the Netherlands specializing in such land reclamation projects each hold a 7.5 percent
July 22, 2014
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Rice cooker maker to go public next month
Cuckoo Electronics, South Korea’s No. 1 manufacturer of rice cookers, said Tuesday it will file for an initial public offering on the nation’s main bourse next month based on burgeoning demand overseas, especially in China. The company plans to issue 2.4 million shares next week to raise about 200 billion won ($195.2 million). A total of 9.8 million shares are expected to be listed on the Korea Exchange in August to become one of the largest IPOs for the latter half of this year. Established in
July 22, 2014
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[Herald Interview] ‘Free trade pact with China could be boon for food exports’
South Korea and China are now in the final steps of signing a bilateral free trade agreement in a move triggering concerns among local farmers of the possible havoc that low-cost, mass-produced Chinese products may wreak on the local agricultural sector.But a senior agriculture industry official believes the FTA deal with Asia’s biggest economy will not be without substantial export opportunities. “China is already our most important market for farm produce and agro-processed foods. The free tra
July 22, 2014
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Foreign handset makers eye Korea
Foreign smartphone makers are eyeing the domestic market, which has so far been nearly impenetrable due to strong local brands. Experts say that although the foreign brands may not perform impressively in the short term, they may gain more popularity down the road as more users become attracted to the lower prices and unique designs. Sony, Acer and Asus already launched smartphones in the domestic market over the last couple of months, with prices ranging between 160,000 won and 350,000 won ($15
July 21, 2014
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Doosan acquires U.S. fuel cell maker
South Korea’s Doosan Co. acquired U.S.-based fuel cell maker ClearEdge Power Inc. for $32.4 million in a bid to expand into the renewable energy market, the company said Monday. The holding company of Doosan Group said in a regulatory filing that the move to acquire ClearEdge was aimed at establishing a U.S. subsidiary to tap into new businesses and develop a new growth engine. ClearEdge Power manufactures stationary fuel cells that use natural gas to produce energy. In 2013, it reported a reven
July 21, 2014
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Top 10 conglomerates’ activity ratios slide
South Korea’s top 10 conglomerates are making less use of their assets to fuel business activities, affecting their vitality, which has weakened over the years, a report by a local corporate research firm said Monday.According to corporate watcher Chaebul.com., the leading business groups sat on 63 trillion won ($61.3 billion) worth of assets last year, stopping the so-called activity ratio at 94.1 percent.Activity ratios are widely used to measure a company’s capability to generate profit from
July 21, 2014
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Over 450 venture firms report sales surpassing 100b won
A growing number of venture firms increased their annual revenue last year by expanding their businesses overseas, emerging as the new growth engine of the South Korean economy, a report showed Monday.Among 69,801 venture firms in South Korea, 454 reported over 100 billion won ($97.6 million) in sales last year, up 9.1 percent from 2012, according to a report by the Small and Medium Business Administration.The number steadily increased from 78 in 2005, 202 in 2008 and 381 in 2011, the SMBA said.
July 21, 2014
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Firms expect tough wage talks in 2014: poll
South Korea’s big businesses expect tough talks with their unions over major thorny issues such as the scope of ordinary pay in the annual wage negotiations this year, a poll conducted by a corporate lobby said Monday ahead of the annual labor talks season.According to the survey carried out by the Federation of Korean Industries on the 300 largest companies in terms of sale, 46.3 percent said they are expecting talks to be more difficult this year compared with 2013. Another 40.7 percent said t
July 21, 2014
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Hi Design Festival ends on high note
Hundreds of families, students and visitors participated in a design festival aimed at promoting local products and introducing stylish and yet practical design ideas.The Hi Design Festival was held at Hibrand, a shopping outlet located in the affluent Yangjae-dong area of Seoul, from Friday to Sunday under the theme of “a healing family festival.”The festival was jointly hosted by Herald Corp. and Hibrand, featuring products by young inspiring designers. Some 30 local designers participated in
July 20, 2014
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Foreign companies eye local mobile game market
Foreign game companies are eyeing South Korea’s 1.3 trillion won ($1.2 billion) mobile game market, which is the second largest globally, behind only Japan. The London-based King Digital Entertainment and Helsinki-based Supercell in may began promoting their marquee mobile games “Candy Crush Saga” and “Clash of Clans” in the domestic market. Supercell spent around 10 billion won advertising “Clash of Clans” on television, subway platforms and billboards over the last couple of months. The commer
July 20, 2014
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Kia recalls nearly 52,000 Souls to fix steering
DETROIT (AP) -- Kia is recalling nearly 52,000 Soul small SUVs to fix a problem that can cause steering failure.The recall covers vehicles from the 2014 model year built from July 21, 2013, through Jan. 17, 2014.The Korean automaker says a plug that secures a pinion gear to the steering assembly can loosen and cause the gear to separate. That can cause a driver to lose steering and increase the risk of a crash.Kia says in documents filed with U.S. safety regulators that it has three warranty cla
July 19, 2014
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More Korean firms engaged in social responsibility in China
Up to two-fifths of the South Korean companies doing business in China were found to be engaging in socially responsible projects such as building schools and offering health care services for underprivileged people, according to a survey on Friday. In the survey taken on a total of 127 South Korean firms operating in China, up to 40.2 percent of the respondents said they have established an intracompany unit for heading up socially responsible investment. The figure reflected a significant incr
July 18, 2014
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South Korea ups pitch against illegal fishing in deep oceans
LAS PALMAS, Spain ― South Korea reiterated its pledge to up the fight against illegal fishing in the deep oceans in a bid to reverse the EU’s latest decision to include Seoul on a preliminary list of countries held accountable for illegal, unreported and unregulated fishing activities. “South Korea will act as a more responsible state by establishing comprehensive and transparent plans reflecting the needs of the industrial circles, nongovernmental organizations, and related countries,” said Cho
July 18, 2014
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Korea’s move to sell IBK stake falls apart: sources
South Korea’s planned sale of part of its stakes in the Industrial Bank of Korea fell apart recently, sources said Friday.The government planned to sell about 23 million shares of its stake in IBK through a block deal on Thursday in after-hours trading, according to the sources. The deal was estimated at around 300 billion won ($290.3 million).The government confirmed that the deal fell apart but did not elaborate on the reasons. A finance ministry official told Yonhap that it was natural that a
July 18, 2014
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Korean airlines avoiding routes through Ukraine
The nation’s two top airlines ― Korean Air and Asiana Airlines ― have been steering clear of Ukraine’s airspace for the last five months, the two carriers said on Friday, a day after a Malaysian Airlines aircraft was shot down in war-torn Ukraine.“From early March when the situation in Ukraine’s Crimean Peninsula began to worsen, Korean Air has been rerouting its cargo and passenger flights,” Korean Air said in a statement. “There are no safety concerns at the moment.” Korean Air previously oper
July 18, 2014
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LG outpaces Samsung in UHD TV panel market in May: data
South Korea's No. 2 tech giant LG Electronics Inc. has overtaken Samsung Display Co. in the global market for Ultra HD (UHD) TV panels for the first time in May, data showed Friday, with Taiwan's Innolux Corp. keeping its top position.LG took up 27.6 percent of the global UHD TV panel market in May, outdoing the 22.2 percent held by Samsung, the data compiled by market tracker DisplaySearch showed. In April, LG and Samsung held 22.9 percent and 23.4 percent.While Innolux has dominated the market
July 18, 2014
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[Graphic News] In-house reserves surge
The in-house reserves accumulated at South Korea’s top 10 business groups reached 515.9 trillion won ($499.66 billion) as of the end of the first quarter this year, according to a report released by corporate tracker CEO Score on Wednesday. The figure reflected a 90.3 percent increase from the 271 trillion won recorded five years ago, CEO Score said. In-house reserves refer to a company’s capital surplus excluding tax payments and dividends, which are reserved for future investment. Samsung Grou
July 17, 2014
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Caffe Bene strives for stronger foothold in U.S
Caffe Bene is striving to gain a firm foothold in the U.S. market, hoping to become a bigger presence there within the next three years, Kim Sun-kwon, the chief executive of the South Korean coffee franchise, said on Thursday.“Increasing our exposure to U.S. consumers is the foremost task lying ahead of us,” Kim told the press at Caffe Bene’s new roasting plant in Yangju, Gyeonggi Province.Kim also said Caffe Bene signed a contract with a U.S. production firm three months ago for its U.S. outlet
July 17, 2014
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Shinsegae Group jumps into convenience store business
Shinsegae Group, the nation’s largest retailer, is planning to expand in Korea’s crowded convenience store sector, aiming to open 1,000 With Me outlets by the end of this year. Shinsegae, which owns Emart and Shinsegae Department Store, acquired With Me, a mid-size convenience store operator, in December. The industry’s top three players ― BGF Retail’s CU, GS Retail’s GS25 and Lotte Shopping’s 7-Eleven ― currently dominate more than 90 percent of the market, which consists of some 25,000 stores
July 17, 2014
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iPhone may adopt sapphire glass for premium models
Apple may adopt sapphire glass for the highest-end models of its new smartphone, the iPhone 6, according to a display research company. “Apple’s sapphire material supplier, GT Advanced Technologies, appears capable of producing the glass for around 45 million smartphones. Still, only the iPhone 6’s most premium models may adopt it due to its high cost and a possible supply (set aside) for the iWatch,” said Brian Huh, a senior analyst at NPD DisplaySearch Korea, at its touch conference in Seoul.
July 17, 2014