Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Can Jennie break the K-pop solo artist slump?
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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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Shareholder actions affect Samsung SDS’ asset divest plan
Samsung SDS, a key information and technology arm of Samsung Group, is likely to choose a split-off rather than a spin-off to reorganize its lucrative business process outsourcing business unit, which is aimed at easing opposition of minority shareholders, according to market watchers on Monday. “Facing a growing number of activist shareholders, the Samsung unit is likely to choose a split-off to minimize the impact of its asset divest plan on its share price,” HI Investment & Securities said in
June 14, 2016
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Samsung Electronics to hold strategic meeting next week
Samsung Electronics Co. said Monday it will hold its global strategic meeting next week, where top executives will share ideas on finding sustainable growth engines.The two-day meeting slated for June 21-22 will be held at its headquarter located in Suwon, south of Seoul. Around 400-500 executives from home and abroad usually attend the biannual gathering.Executives will share ideas on maintaining growth amid the prolonged global economic slump during the close-door event, industry watchers said
June 13, 2016
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Deutsche case leaves a lasting scar on Korea
[THE INVESTOR] On Nov. 11, 2010, with just 10 minutes for the stock market to close in Seoul, traders of Deutsche Bank dumped 2.4 trillion won ($2.05 billion) worth of Korean shares, triggering a 2.7 percent drop on the country’s main KOSPI index. The massive and coordinated sell-off by Deutsche employees in Hong Kong and Seoul wiped out 28 trillion won in value from Korea’s equity market, but the German bank reaped a profit of 44.9 billion won through derivative positions it had built in advanc
June 13, 2016
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[EXCLUSIVE] Korean prosecutors’ inaction stalls justice for ex-Deutsche traders accused of rigging
[THE INVESTOR] Key suspects in Korea’s biggest stock price manipulation case are living a not-so-secret life in Hong Kong and Australia, while Korean prosecutors have made hardly any efforts to bring them to justice, an investigation by The Korea Herald has found.The suspects are Derek Ong and Phillip Lonergan, two of the three former Deutsche Bank employees facing criminal charges in Korea in relation to a 2010 stock rout. Local authorities have failed to extradite the three -- nationals of the
June 13, 2016
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K-ICT Born2Global Center and its Members ① Status
In March of this year, the Start-up Campus officially opened in Pangyo, Gyeonggi-do, welcoming with it the addition of the Seoul Sangnam-dong K-ICT Born2Global Center (aka, the Born2Global Center). The Born2Global Center is a start-up incubator affiliated with the Ministry of Science, ICT, and Future Planning. The center, which provides support to start-ups created with the intent of entering foreign markets, currently houses 46 companies selected based on assessments of their individual busines
June 13, 2016
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Regulator hints at possible merger of two major Korean shippers
South Korea's financial regulator said Monday that creditors may consider a possible merger between Hanjin Shipping Co. and Hyundai Merchant Marine Co. upon completion of their separate restructuring programs. Under the guidance of their creditor banks, the country's two biggest shipping lines have cut jobs and sold non-core assets in recent years to get their businesses back on track. They have inked heavy losses since the 2008 global economic crisis due to a glut of vessels and low freight rat
June 13, 2016
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[Newsmaker] Hotel Lotte withdraws IPO as embezzlement probe deepens
Hotel Lotte on Monday officially canceled its initial public offering scheduled for next month, as a large-scale embezzlement probe into the group and its affiliates deepened with emerging reports of confirmed wrongdoings.“We are pushing back our IPO to a later time and cancelling all remaining procedures in consideration of Lotte’s current circumstances and investor interests,” Hotel Lotte said in an emailed statement.Hotel Lotte in Seoul (Yonhap)“Listing the company is an integral part of refo
June 13, 2016
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Prosecutors summon VW exec over emissions scandal
South Korean prosecutors said on Monday it has summoned an executive of Audi Volkswagen Korea for questioning on charges against the automaker that includes selling cars that had not received required certification and fabricating test results on fuel efficiency. The executive in charge of certification of the Korean arm is reportedly to be summoned at least three to four times for testimony. During the investigation, his identity may be changed into a suspect, industry watchers said. This is th
June 13, 2016
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Shin Dong-joo eyes return to power
The bitter family feud that broke out between two brothers of one of Korea’s largest conglomerates is reigniting as a probe into the group’s finances threatens to shake the company’s stability.Shin Dong-joo, the head of SDJ Corporation, was ousted by shareholders from his controlling position in Lotte’s Japanese operations under the leadership of his younger brother Shin Dong-bin earlier this year. Shin Dong-joo (left) and Shin Dong-bin (Yonhap)By removing Lotte founder Shin Kyuk-ho and Shin Don
June 13, 2016
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LG Chem to supply desalination filters to Omani plant
Korea’s largest chemical and battery-maker LG Chem is picked as the exclusive supplier of filters to a desalination plant in Oman, the company said Monday. LG Chem said it won a contract to exclusively provide about 20,000 reverse osmosis desalination filters to a plant being built by SWRO in Sohar by next year. SWRO is based in Sohar, with the largest stake in the company owned by Spanish desalination plant provider Valoriza Agua. Reverse osmosis is a water purification technology that uses a s
June 13, 2016
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[DECODED: Mirae Asset] What's next in line at Mirae Asset?
[THE INVESTOR] Attention is now focused on who chairman Park Hyeon-joo will name as his successor at Mirae Asset Financial Group. The founder, openly critical of Korea’s large family-owned conglomerate’ father-to-son transfer of throne, has on multiple occasions said he will not pass down the group’s control to his children. Local media paid keen attention, however, when Park Ha-min, Park’s eldest daughter, joined Mirae Asset Global Investments in 2013 to learn the ins and outs of real estate
June 13, 2016
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[DECODED: Mirae Asset] Park Hyeon-joo’s men
[THE INVESTOR] Park Hyeon-joo is recognized as the brains behind the launch of Mirae Asset, one of Korea’s first asset managers to launch mutual and real estate trust funds in the country. Park Hyeon-jooAs the founder and chairman of the firm, Park -- a graduate of Korea University in business administration -- worked his way up the corporate ladder in brokerages, and gained keen trading sensibility. But like any great entrepreneur who has changed the world, Park was not alone in his quest for f
June 13, 2016
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Budget carrier Jin Air under probe for emergency landing in Japan
A Jin Air flight made an emergency landing in Japan with no injuries, said Jin Air Co., the budget unit of Korean Air Lines Co., on Monday. The pilot of the Boeing 737-800 realized there was a hydraulic system malfunction about 9:30 a.m., a failure that kept its landing gear from being lowered, a company official said.The pilot made an emergency call to the control tower in Kansai International Airport in Osaka as he manually lowered the gear for the landing, she said. She asked not to be identi
June 13, 2016
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ESMLab to enter U.S. and European markets
The video software company ESMLab announced Friday that it would be joining overseas markets as a continuation of its participation in the NAB Show 2016, an international broadcasting equipment expo that took place in Las Vegas in April. ESMLab CEO Jung Hong-su shared details of the company’s plans, saying, “We are currently conducting business negotiations with European, Chinese and Japanese companies, as well as American companies. By the latter half of this year, we expect to see the tangible
June 13, 2016
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Online site reveals Korean Lotte's dividend payouts to Japan
Lotte Group affiliates in South Korea paid more than 180 billion won ($154 million) in dividends to their Japan-based sister companies over five years through 2015, a local corporate survey company said Monday.According to a report by Chaebul.com, an online business information provider, Lotte Holdings and other Lotte affiliates in Japan received a total of 183.24 billion won in dividend payouts from 2011 to 2015. Lotte Holdings is the de facto holding company for the retail-to-petrochemical co
June 13, 2016
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[DECODED: Mirae Asset] A reality check on ‘Korean IB’ dream
[THE INVESTOR] Global investment banking giants lament that their glory days are over. But for many Koreans, investment banking is still finance’s final frontier, all the more fascinating because it seems way beyond their reach. Park Hyeon-joo, arguably the most successful financier born in Korea, eyes Korea‘s presence in the world of investment bankers, from which existing players have been retreating. He aims to grow his Mirae Asset Financial Group into Asia’s leading investment bank. “I have
June 13, 2016
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[DECODED: Mirae Asset] Mirae Asset under pressure to reform corporate governance
[THE INVESTOR] Park Hyeon-joo, the founder and chairman of Mirae Asset Financial Group, tells his fund managers and executives to think global, have a long term vision and always be the first mover in the market. Those principles, however, don’t seem to apply to his own ownership of the group. Mirae Asset is under increasing pressure to reform its corporate governance structure, the cost of which Park seems to think of as a potential drag on global expansion. Experts say Mirae Asset will
June 13, 2016
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[DECODED: Mirae Asset] The dichotomy of Park Hyeon-joo
[THE INVESTOR] On the Monday after Christmas, Park Hyeon-joo took to the podium at the just-opened Four Seasons Hotel in Seoul, giving his first press conference in eight years. Mirae Asset Financial Group, which he founded in 1997 with 10 billion won ($8.4 million), had just won the hotly contested race to acquire control of KDB Daewoo Securities, a much bigger rival with a long proud legacy but a checkered recent history. With the 2.4 trillion-won buy, Park’s biggest bet so far, the man who w
June 13, 2016
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Creditors urge Daewoo Shipbuilding workers not to sit down
Creditors of Daewoo Shipbuilding & Marine Engineering Co. on Monday urged the embattled shipbuilder's workers to refrain from going on strike, saying that a potential walkout would deter the ongoing efforts to salvage the financially shaky firm, industry sources said.According to the sources, some 7,000 unionized workers at Daewoo Shipbuilding are scheduled to vote on whether or not they will launch a strike, claiming that the shipbuilder's restructuring schemes submitted to its creditors only c
June 13, 2016
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Certificate of origin issuance hikes for exports to China
The Korea Chamber of Commerce and Industry said Monday its issuance of certificates of origin (C/O) has sharply risen for local export items bound for China.A total of 31,488 certificates of origin were issued by the end of May for tariff cuts under a free trade agreement with China, according to the chamber.A C/O is a key shipping document needed for preferential tariffs under an FTA. South Korea and China’s bilateral FTA went into effect on Dec. 20 last year.The Seoul-based KCCI, which has reg
June 13, 2016