• Poor governance saps Kookmin

    KB Kookmin Bank used to be the leading bank in Korea in terms of size and profit. However, the lender fell into disgrace after a series of mishaps and incidents of corruption. Banking industry analysts and market watchers say that Kookmin’s chronic and fundamental problems in governance and organizational structure…

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  • Lotte boss faces daunting challenge

    Lotte Group Chairman Shin Dong-bin is facing his biggest challenge since he took office in 2011. The group’s key affiliates have been involved in a series of scandals, and this is dampening his drive to expand the group’s business scope. Also at risk are his efforts to solidify his position…

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  • Samsung to unveil Note4 in September

    Samsung Electronics plans to unveil the Galaxy Note4 at this year’s technology exhibition in Berlin, Germany, in September, according to company officials Wednesday. “Samsung is considering holding a launch event of the Note4 at the IFA trade fair. It is in the middle of finalizing specification details for the upcoming…

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  • Obama overreacts to selfie brouhaha

    What if David Ortiz had used an iPhone for a selfie with President Barack Obama? Would the White House consider legal action against Apple? These are questions asked by some Koreans after the U.S. presidential office showed displeasure after the photo the Boston Red Sox star took of himself and…

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  • Yuhan-Kimberly leads green innovation

    Tree-planting campaign marks 30th anniversary Yuhan-Kimberly leads environmental conservation efforts in the country through its corporate social responsibility (CSR) program Keep Korea Green. The program, launched in 1984 by a joint venture between Korean pharmaceutical firm Yuhan Corp. and global personal care company Kimberly-Clark, plans to reach the mark of…

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  • Carmakers to benefit most from FTA

    Car and machinery manufacturers are expected to benefit most from the Korea-Australia free trade agreement (FTA), which was signed Tuesday, while hardest hit will be agricultural sector, according to experts. “Like Korea’s FTAs with the U.S. and Canada, the FTA with Australia will benefit export-oriented goods, such as cars, components,…

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  • Gov’t debt tops W1.1 quadrillion

    The government’s debt, including liabilities of state pension funds, rose sharply last year to 1.117 quadrillion won, according to the government’s settlement report for last year’s budget, released Tuesday. This is up some 215 trillion won from the previous year’s 902 trillion won, and represents 78.2 percent of the country’s…

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  • Hyundai hybrid cars have lowest emissions

    Audi slapped with W1 billion fine Hyundai Motor’s hybrid vehicles produced the lowest emissions among domestic vehicles, the Ministry of Environment said Tuesday. According to a survey conducted by the Metropolitan Air Quality Management Office, a unit of the ministry, Hyundai’s Sonata Hybrid topped the list of the lowest emission…

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  • Samsung operating profit falls 4.3%

    Samsung Electronics is expected to record an operating profit of 8.4 trillion won ($7.9 billion) in the first quarter, down 4.33 percent from a year ago, as the result of slow smartphone sales growth. That is up 1.08 percent from the previous quarter. According to a preliminary estimate released Tuesday,…

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  • KT starts big workforce cut

    KT said Tuesday that it will cut the number of employees drastically under its new CEO Hwang Chang-gyu’s downsizing and cost-cutting initiatives. The firm will conduct “voluntary” retirement programs for those who’ve worked 15 years or longer. A KT official said the plan is “radical and unprecedented,” with the firm…

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