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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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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SK E&C to ramp up efforts to secure emission rights
South Korean construction company SK E&C is speeding up the process to secure certified emission reduction credits in Korea and Vietnam, paving the way for potential renewable business opportunities in the future, the firm said Monday. The Seoul-based builder has so far committed to two Programs of Activities, one that is a modality of project development under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change and the other organized by the Enviro
April 26, 2021
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KT, Samsung Electronics launch world’s 1st nationwide emergency telecom network
Mobile carrier KT teamed up with Samsung Electronics to launch the world’s first emergency telecommunications network that covers the whole nation, KT said Monday. The system, based on wireless LTE technology, integrates the networks of 335 state institutes, such as the police, railway defense and firefighting agencies, and is available anywhere in Korean territory -- land or sea -- allowing for a swifter, coordinated response against major natural disasters and accidents. “The
April 26, 2021
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Assessment system for ESG lacks consistency: FKI
Appraisals for ESG -- the management trend that focuses on environmental, social and governance factors -- tend to lack consistency as different rating agencies apply different standards, a major business representation here said Monday. According to a report by the Federation of Korean Industries, about 40 percent of businesses witnessed a conspicuous variation in the ESG ratings they have received from key evaluation agencies. The given study included 55 companies among the nation&rsquo
April 26, 2021
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[Herald Interview] ‘Education should be a balanced combination of teaching and coaching’
The education business is often equated with “teaching” -- that is, delivering facts and figures to students to advance their academic output. But according to the founder of an education-based business here, the concept should be understood in a more comprehensive way to encompass “coaching” -- addressing the detailed needs and emotions of students and trainees. “One of the key goals of my business is to convey to young people and our employees that education
April 26, 2021
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“We Can Do”: Vine Group’s corporate social responsibility programs
Since 2017, education services firm Vine Group has been running a social contribution project named “We Can Do” -- a free program designed to help teenagers with building confidence, leadership and communication skills. The company’s youth self-improvement program began in 2017, offering free learning materials to participants as part of the company’s wider corporate social responsibility efforts. The program launched an online program last year due to the COVID-19 pan
April 26, 2021
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Posco's Q1 net more than doubles amid pandemic
Posco, the world's fifth-largest steelmaker by output, said Monday that its first-quarter net profit soared 162 percent from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit for the three months that ended in March soared to 1.13 trillion won ($1.02 billion) from 434.7 billion won a year ago, the company said in a regulatory filing. Operating profit for the January-March quarter jumped to 1.55 trillion won from 705.3 billion won during th
April 26, 2021
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Posco Chemical Q1 net income up 180.6% to W39.9b
Posco Chemical Co. on Monday reported its first-quarter net profit of 39.9 billion won ($35.8 million), up 180.6 percent from a year earlier. Operating income for the January-March period was 34.3 billion won, up 114.9 percent from a year ago, the company said in a regulatory filing. Revenue rose 20.6 percent to 467.2 billion won. The operating profit was 8.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The
April 26, 2021
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[Newsmaker] Jailed Samsung chief’s effort to secure 20m more Pfizer vaccinations in spotlight
After South Korea closed a deal with Pfizer to obtain additional doses of its COVID-19 vaccine, Samsung Electronics’ de facto chief, Lee Jae-yong, is receiving much attention in local media for his reported role in facilitating talks between the two sides. Seoul announced Friday that it had secured enough additional vaccine for 20 million people in a deal that soothed public worries over a shortage. Adding to those worries were the reported side effects associated with the AstraZeneca
April 25, 2021
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Former national tax agency chief tapped to head scandal-ridden LH
Former National Tax Service Commissioner Kim Hyun-jun has been tapped as the new chief executive officer of the Korea Land & Housing Corp. The position has been vacant since December amid a land speculation scandal involving employees of the state-run company. While Kim has no direct experience in housing or construction, the appointment is seen as a move by the government to overhaul the state housing developer and help it regain the public’s trust. Several LH employees are curren
April 25, 2021
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Doosan Infracore wins excavator deal from Qatar
Doosan Infracore Co., South Korea's top construction equipment maker, said Sunday it has secured a deal to supply 102 excavators and other equipment to Qatar. The value of the deal was not revealed. With the deal with a Qatari construction company, Doosan Infracore will be able to secure the No. 1 position in the construction sector in the Middle Eastern country. Doosan Infracore's market share there stood at 23 percent last year. Doosan Infracore will be able to clinch a 10 percent share in
April 25, 2021
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Samsung scions to unveil inheritance tax payment plan this week
The scions of Samsung Group, South Korea's top conglomerate, are likely to unveil a plan this week on how to finance their massive inheritance tax, which includes the donation of late group chief Lee Kun-hee's art collections. The senior Lee, who was South Korea's richest man, left more than 22 trillion won ($19.6 billion) worth of assets, including stocks valued around 19 trillion won. Lee, who died in October last year at age 78, was survived by his wife, Hong Ra-hee, only son, Jae-yong, and
April 25, 2021
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SsangYong Motor in receivership ramps up cost-cutting drive
SsangYong Motor Co. is seeking to cut some 10 executive jobs as part of its restructuring efforts after being put under court receivership, an industry source said Sunday. SsangYong Motor has been in the debt-rescheduling process since April 15 as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and worsening financial status. According to the source, SsangYong Motor has been considering cutting about 30 percent of its 33 e
April 25, 2021
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Female mobile gamers enthused over casual mobile game
At the start of the year, Devsisters Corp. was a minor mobile game publisher struggling to turn around, crossing its fingers over the launch of its latest installment of the casual endless runner series Cookie Run. Three months later, "Cookie Run: Kingdom" has dominated South Korea's mobile app store charts, surpassing 10 million downloads. The game's March sales on local app stores are estimated at over 20 billion won ($17.9 million), ranking third after behemoth hardcore games Line
April 25, 2021
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South Korean exporters urged to brace for rising ocean freight rates
South Korean firms that are heavily reliant on exports should come up with diverse ways to cut down on their logistics costs amid a prolonged surge in ocean freight charges, a report suggested Friday. Ocean freight rates are rising and could continue for a long time against the backdrop of unstable supply and demand for empty containers and a rise in demand due to revenge consumption, the Institute for International Trade warned in its report. To achieve a competitive price edge, exporters ca
April 23, 2021
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Hanwha Corp. to issue first green bonds worth W150b
Hanwha Corp. said Friday that it will issue green bonds for the first time. According to the Hanwha Group holdings firm, it will file a securities declaration with the Financial Supervisory Service on Monday and conduct a book-building session Thursday, seeking to issue green bonds worth up to 150 billion won ($134 million) on May 7. Green bonds are specifically earmarked to raise money for climate and environmental projects. Hanwha Corp. last month launched an environmental, social and cor
April 23, 2021
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Biz lobby groups to submit joint letter recommending pardon of Samsung heir Lee
South Korea's major business lobby groups plan to submit to the government a letter recommending the pardon of Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group who was convicted of bribery, sources said Thursday. The five major lobby groups -- the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, the Korea Federation of SMEs, the Korea International Trade Association and the Federation of Middle Market Enterprises of Korea -- have rea
April 22, 2021
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Hyundai Motor, Kia see Q1 net profit jump in triple digits on-year
Hyundai Motor and Kia Corp. saw triple-digit gains in their first quarter net profit year-on-year, as key economies headed for recovery and global demands for high value-added models kept up. The two key affiliates of South Korea’s second-largest conglomerate Hyundai Motor Group held their respective earnings announcement Thursday, revealing the final business figures for the January-March period this year. The group’s flagship unit and the nation’s top automaker Hyundai M
April 22, 2021
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GS Engineering & Construction one step ahead of ESG trends
ESG -- short for environmental, social and corporate governance -- is the buzzword in the corporate world now. At GS Engineering & Construction, EGS efforts had already begun long before industries began paying attention to the trends. GS E&C, which received an “A” rating for its ESG efforts from the Korea Corporate Governance Service last year, has been listed on the Dow Jones Sustainability Asia/Pacific Index for 10 consecutive years. In 2014, GS E&C joined the Korea
April 22, 2021
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KAI to develop smart manufacturing system for KF-21 Boramae production
Korea Aerospace Industries said Thursday it will invest 98.5 billion won ($88.3 million) to develop a customized smart manufacturing system and apply it first to the production of KF-21 Boramae fighters. According to the nation’s sole aircraft manufacturer, it will develop the smart manufacturing system by 2023 and apply the system to all of its business sites. The system will be modeled after KAI’s most advanced A350 smart factory located at its headquarters in Sacheon, South Gyeo
April 22, 2021
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Hyundai Motor Q1 net nearly triples amid pandemic
Hyundai Motor Co. said Thursday its first-quarter net profit nearly tripled compared to a year earlier on a base effect and an improved product mix. Net profit for the three months that ended in March jumped to 1.52 trillion won ($1.36 billion) from 552.68 billion won a year ago, the company said in a statement. The net result exceeded the median forecast of 1.32 trillion won by local brokerages. In the first quarter, Hyundai suspended some of its assembly lines in Korea due to shortages of p
April 22, 2021