Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Korean firms struggle to enter halal market
KUALA LUMPUR, Malaysia -- South Korean firms have been eyeing the expanding halal market for some years now, but technical difficulties in receiving certifications and a lack of expertise in attracting buyers continue to remain major hurdles.More than 20 local firms flew to Kuala Lumpur last week to participate in this year’s Malaysia International Halal Showcase -- considered the biggest annual halal trade fair in the world with participants from 700 firms in 44 countries. Malaysia is seen as a
April 11, 2019
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Kumho Asiana asks for W500b funding, agrees to sell off assets
Debt-ridden Kumho Asiana Group called on its creditors to inject 500 billion won ($439.17 million) to address its liquidity crisis through a business revamp plan it submitted to the state-led Korea Development Bank, according to the KDB on April 10. Ex-chairman of Kumho Asiana Park Sam-kooRelated:Kumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesIn the recovery plan, submitted April 9, the family-owned conglomerate agreed to se
April 10, 2019
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‘Korea excels in regenerative medicine’: Deloitte Anjin
South Korea excels in the field of regenerative medicine, one of three key next-generation gene technologies, said Amit Agarwal, managing director at Deloitte Consulting in San Francisco.Agarwal spoke at Deloitte Anjin’s seminar for Life Sciences and Healthcare Solutions, held at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Seocho, Seoul on Tuesday.With worldwide health care spending estimated to top $10 trillion by 2022, global pharma sales are anticipated to reach $1.2
April 10, 2019
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Co-working space to keep up strong growth in downtown Seoul: CBRE
Despite slow gross domestic product growth and weak interest rates throughout the year, as well as the dampening impact on consumer sentiment, South Korea’s market is likely to see visible growth in smarter office space business, according to the world’s largest commercial real estate services firm.CBRE Korea, the local subsidiary of the US-based real estate service provider, Wednesday held an annual forum to present its market outlook for 2019, focusing on the Asia-Pacific region that includes
April 10, 2019
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Pharma wholesalers seek to resolve refund dilemma
Drug wholesalers stuck with having to dispose of unsold pharmaceuticals worth hundreds of billions of won are working with their suppliers to limit the losses.While no industry enjoys zero leftover inventory, an accumulation of specific drugs that are no longer in doctors’ prescriptions spell a particular problem, a KPDA spokesperson said.“Medicines aren’t like clothes that can be sold off at a discount. Unsold drugs have to be discarded. It becomes complete loss,” he said, adding that in most c
April 10, 2019
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Korea pushes international standards for online EVs, hydrogen energy
The Korean Agency for Technology and Standards has called for setting international standards for new electric vehicle and hydrogen energy technologies. It has also requested support to be elected as a member of the International Organization for Standardization’s council board at the 42nd Pacific Area Standards Congress in Wellington, New Zealand. The Pacific Area Standards Congress is a forum of standardization organizations from the Pacific area that meets to discuss international standardiza
April 10, 2019
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E-Land to sell K-Swiss to Chinese company
South Korea’s retail firm E-Land World is set to sell its subsidiary K-Swiss to a Chinese sports brand six years after it purchased the US company, industry sources said on April 10. E-Land World is scheduled to sign a stock purchase agreement with Xtep this month for about 300 billion won ($262 million), the sources said. A spokesperson declined to confirm the deal with XTep but said that the company has been in talks with many potential buyers since early this year. The Korean re
April 10, 2019
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Questions persist over Cho family inheritance
(Yonhap)As of April 8, the Cho family held a combined 28.95 percent stake in Hanjin KAL, the holding company of Hanjin Group, including stocks held by family-friendly shareholders.In theory, unless the family comes up with a different way to pay it off, its controlling stake will shrink to 20.03 percent after the 50 percent inheritance tax is paid on his shares in the company, according to a report by eBest Investment and Securities.
April 9, 2019
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Korean steelmakers expect bleak Q1 earnings
South Korea’s steel industry is likely to see weak corporate earnings in the first quarter of this year due to a price surge in raw materials, a fall in steel prices and growing trade protectionism. According to corporate tracker FnGuide, the market consensus forecast the nation’s largest steelmaker Posco would see operating profit fall 22 percent to reach 1.1 trillion won ($962 million) in the first quarter of this year. During the same period, Hyundai-Steel and SeAH Besteel are estimated to se
April 9, 2019
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Governance reform at Hanjin Group unlikely: report
The possibility of Hanjin Group conducting wide-ranging governance reform during the course of passing down shares held by the late Chairman Cho Yang-ho is low, and family control over the conglomerate is likely to continue, a report said Tuesday.Yang Ji-hwan, an analyst at Daishin Investment and Securities, said in his report that the heir to the transport empire, Korean Air President Cho Won-tae, and his family can maintain their control over Hanjin Group by selling shares of other affiliates
April 9, 2019
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Hanjin succession under spotlight upon chief’s death
Following the shocking news of Hanjin Group Chairman Cho Yang-ho’s death on Monday morning, speculations immediately arose over the family-controlled group’s succession and inheritance plans.Cho’s death, which came less than two weeks after his removal from the company’s board of directors, leaves behind a huge inheritance tax for his three children, including his only son and successor Cho Won-tae -- estimated at around 172.7 billion won ($151 million).“The entire Hanjin Group has swung into an
April 8, 2019
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[Newsmaker] Cho Yang-ho, tycoon who led rise of Korean Air but fell over family’s notoriety, dies at 70
Cho Yang-ho, the second-generation chaebol scion who led the rise of the nation’s largest air carrier Korean Air, only to struggle late in life to contain damage from a series of power abuse scandals involving his wife and children, died Monday in Los Angeles. He was 70.He had been receiving treatment for pulmonary fibrosis, a chronic disease, since late last year that was not disclosed to the public. He died at a hospital in LA early Monday morning Korean time, in the presence of his family mem
April 8, 2019
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Korea to call on EU to ease trade barriers on steel, automobiles, pharmaceuticals
South Korea is slated to call on the European Union to ease trade barriers on some Korean products during its meeting Tuesday with the EU, as its trade deficit with the EU remains high, according to the government on Monday. The eighth meeting on the Korea-EU free trade deal, attended by Trade Minister Yoo Myung-hee and EU Trade Commissioner Cecilia Malmstrom, will be held in Seoul. During the meeting, the Korean side plans to ask for the improvement of export conditions for Korean firms in the
April 8, 2019
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Hanjin Group Chairman Cho Yang-ho dies at 70
Cho Yang-ho, Hanjin Group and Korean Air chairman, has died from a lung disease in the US, Korean Air said Monday. The 70-year-old business tycoon died at a hospital in Los Angeles, where he had been receiving medical treatment for pulmonary fibrosis since December, the company said. His condition had dramatically worsened recently after he had been stressed about losing a board seat at his group’s core unit, Korean Air, a company official said. Hanjin Group Chairman Cho Yang-ho (Korean Air)All
April 8, 2019
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[Going Renewable (3)] Why can’t Samsung join RE100?
The Korea Herald is publishing a series of articles on the quest of South Korea’s government and businesses to switch to renewable energy. -- Ed.Going green is becoming mainstream for big tech players. Amazon, Apple, General Motors and BMW are among the 169 multinational firms that have joined RE100, a global initiative to reach the goal of 100 percent renewable electricity. And now the global players are starting to aim even higher and encouraging their suppliers to go carbon-free. Samsung Elec
April 7, 2019
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[Eye on Business] Ilhan New, trailblazer in Korean pharma industry
The most well-known fact about late Ilhan New, or Yu Il-han, is that he founded one of the oldest South Korean pharmaceutical company, 93-year-old Yuhan Corp. What is lesser known is how New had studied in the US even before the Japanese colonial rule of Korea to learn the “Western ways,” or how he went to high school on an American football scholarship, or had a multicultural family with US-educated Chinese doctor Ho Mi-ri, and last but not least that he bequeathed all his worldly possessions f
April 7, 2019
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Samsung BioLogics no longer a holding company of Samsung Bioepis
The state-run antitrust agency has notified Samsung BioLogics that it is no longer a holding company of Samsung Bioepis, the company said Friday in a regulatory filing. Because Samsung BioLogics has only 43 percent of its total assets invested in Samsung Bioepis -- less than the required 50 percent -- it is no longer a holding company under FTC’s Monopoly Regulation and Fair Trade Act, the statement added.Samsung BioLogics, mainly a contract manufacturing organization for pharmaceuticals, establ
April 5, 2019
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Yuhan’s degenerative disc drug to seek FDA approval for clinical trials within this year
A novel degenerative disc treatment developed by South Korean pharmaceutical firm Yuhan Corp., identified as YH14618, is nearing the clinical trial phase in the US.Yuhan Corp. on Friday said it had received the remaining $550,000 of the $650,000 down payment from Spine Biopharma, the US company to which Yuhan licensed out YH14618 in July 2018.Spine Biopharma plans to apply to the US Food and Drug Administration before the end of this year for permission to conduct clinical trials of YH14618. Bac
April 5, 2019
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Disconnect switch may have caused coastal forest fire: Kepco
The devastating forest fire in the town of Goseong, Gangwon Province, may have been caused by a disconnect switch on a utility pole, the state-run power utility said Friday. In the early morning, the nation’s emergency management agency said the fire appeared to have started when a transformer exploded near a resort in the town of Goseong. (Yonhap)But a few hours later, the state-run Korea Electric Power Corporation, which manages both transformers and disconnect switches, said, “There was no tr
April 5, 2019
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Samsung’s Q1 earnings to be halved due to slow chip, display markets
Samsung Electronics is forecast to post the smallest operating profit since 2016 in the first quarter of this year, according to its preliminary earnings report Friday. The report said the tech titan would record 52 trillion won ($45.77 billion) in sales and 6.2 trillion won in operating profit during the January to March period. (Yonhap)While Q1 sales dropped 14.1 percent from a year earlier, the company’s operating profit plunged 60.4 percent. The 6.2 trillion won operating profit marks the sm
April 5, 2019