Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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Large retailers cry foul over 'discriminatory' commission rates
Large retailers in South Korea are claiming that they are being discriminated against by card firms over commission rates which could eat into their bottom lines amid a protracted economic slowdown, industry sources said Monday. According to the sources, some large-sized retailers have demanded a reduction in commission rates paid to card firms after the government forced card issuers to cut them for smaller players to help ease financial burdens. For small merchants with annual sales of 200 m
Nov. 23, 2015
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Gyeonggi Center for Creative Economy & Innovation actively supports new startups
Supporting 34 promising, ICT-related startups in IoT, games, and Fintech industriesThe Gyeonggi Center for Creative Economy & Innovation (“Gyeonggi Innovation Center”) is located on the fifth floor of the Public Support Center in Pangyo Techno Valley. It houses many independent offices, including IoT labs and 3D printing rooms, and is the kind of place where business startups flourish.The Center is currently supporting 34 startups, which is above the national average, as 17 innovation centers na
Nov. 23, 2015
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Hotel Lotte pushes on with IPO
Lotte Group’s hotel unit will push ahead with its public initial offering as scheduled, despite projections of a possible plunge in market value from its recent failure to renew a license to run one of its duty-free stores, Lotte officials said Sunday. Hotel Lotte plans to apply for preliminary reviews for a stock listing in December to float its shares on the main bourse Korea Exchange by February 2016. “Irrespective of the result on the duty-free store license, Hotel Lotte will continue to mak
Nov. 22, 2015
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GS Home Shopping reaps W9.1b dividends in China
GS Home Shopping earned around 9.1 billion won ($7.9 million) in dividend income from its business operations in China, and expects to see a robust performance in operating profits in other countries, company officials said Sunday.The firm said in a regulatory filing that it has received $3.95 million from China Home Shopping Group, in which GS Home Shopping holds a 28.2 percent stake.GS Home Shopping made inroads into the Chinese market in 2012 in the form of buying shares of the Chinese home s
Nov. 22, 2015
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KDB sells $220 mln of bonds in Australia
State-run Korea Development Bank said Sunday it has succeeded in selling $220 million worth of debt in the Australian bond market as part of pre-emptive efforts to secure liquidity ahead of a U.S. rate hike. The three-year Kangaroo bonds carry an interest rate equivalent to the Australian swap rate plus a risk premium of 1.03 percentage points, KDB said. Kangaroo bonds refer to debt denominated in Australian dollars and issued by non-residents in the Australian domestic market. The state lend
Nov. 22, 2015
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Hotel Lotte set to seek preliminary IPO review in Dec.
Hotel Lotte, a unit of South Korea's fifth-largest conglomerate Lotte Group, plans to submit an application next month for a preliminary regulatory review of its initial public offering, group officials said Sunday. The listing of Hotel Lotte is one of the reform pledges that Lotte Group Chairman Shin Dong-bin has made to assuage public disgust over a bitter family feud over control of the retail-focused conglomerate, which has sprawling businesses both in South Korea and Japan. "Preparations
Nov. 22, 2015
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Korea's beer imports surge to new annual high
South Korea's beer imports have climbed to a new annual high in just the first 10 months of the year, data showed Sunday, due to what market observers here called growing consumer exposure to foreign delicacies amid a continued surge in the number of people going abroad. In the January-October period, the country imported some $118 million worth of beer, already surpassing the annual total of 2014, when beer imports surged to a record high of $112 million, according to the data from the Korea I
Nov. 22, 2015
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Kia Motors to recall 6,500 Soul hatchbacks to fix steering wheel issue
Kia Motors Corp., South Korea's second-largest automaker, will recall over 6,500 Soul box-type cars due to a problem in the steering system that could cause excessive noise and possible loss of steering, the transportation ministry said Sunday. According to the Ministry of Land, Infrastructure and Transport, a bolt securing the pinion gear to the steering gear may become loose due to improper application of adhesives during the manufacturers' assembly process, possibly causing loss of steering.
Nov. 22, 2015
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Samsung SDI to supply batteries for China EV maker
Samsung SDI Co., the battery-making unit of Samsung Group, will supply batteries for a newly launched electric vehicle of China's JAC Motors Co., company officials said Sunday. On Friday, the Chinese auto manufacturer unveiled its new iEV6S electric car at the ongoing Guangzhou motor show set to end later Sunday. Under the supply deal, the South Korean company is expected to provide millions of units of small, circular battery cells each month that will power China's first electric vehicle tha
Nov. 22, 2015
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Operating profit of listed firms forecast to jump 16% in 2016
South Korea's listed companies are expected to see their 2016 operating profit increase more than 16 percent in 2016 on the back of improving external conditions, a market tracker said Sunday. The combined operating profit of 236 major companies trading on the country's main and secondary stock markets is projected to reach 135.1 trillion won ($117 billion) next year, up 16.1 percent from this year's estimate, according to FnGuide, which provides financial information. Their total sales are li
Nov. 22, 2015
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Biz world lauds late President Kim's economic reform efforts
South Korea's business communities mourned the death of former President Kim Young-sam on Sunday, vowing to continue what they called his legacy of economic reforms that they said helped eradicate corruption. "Former President Kim greatly contributed to the country's fight against corruption, as well as its move toward a more transparent society, by introducing the real-name financial transaction system and the asset disclosure system for public officials," the Federation of Korean Industries
Nov. 22, 2015
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New wave of layoffs to hit Korean financial sector
South Korea's financial industry is likely to undergo a fresh wave of layoffs down the road as companies are poised to restructure operations and adopt a new wage system, industry sources said Sunday. Standard Chartered Korea has announced a massive voluntary retirement program, with local banks and non-bank financial institutions set to cut jobs following their massive layoffs over the two years. In 2013 and 2014, financial companies in Asia's fourth-largest economy eliminated a combined 8,40
Nov. 22, 2015
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Korea's beer imports surge to new annual high
South Korea's beer imports have climbed to a new annual high in just the first 10 months of the year, data showed Sunday, due to what market observers here called growing consumer exposure to foreign delicacies amid a continued surge in the number of people going abroad. In the January-October period, the country imported some $118 million worth of beer, already surpassing the annual total of 2014, when beer imports surged to a record high of $112 million, according to the data from the Korea I
Nov. 22, 2015
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Hyundai, Kia top Chile's list of best-selling cars in Oct.
South Korean auto giant Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. became the two best-sellers in Chile last month, surpassing their long U.S. rival Chevrolet, data showed Sunday. According to the data from Chile's auto association ANAC, Hyundai Motor sold 2,353 vehicles in October to top the list of best-selling brands in Chile, closely followed by Kia with 2,306 cars. It marked the first time both the South Korean automakers outperformed Chevrolet in monthly sales in the Ch
Nov. 22, 2015
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[Weekender] Packaged kimchi becoming smaller, diverse and healthier
Throughout history, kimchi has held a defining presence in South Korea’s culinary scene. The beloved spicy, fermented vegetable dish is eaten with almost every meal and the culture of communal kimchi-making has stood as an emblem of traditional culture. Amid demographic shifts, a growing number of Koreans are choosing to purchase ready-to-eat kimchi, as they shy away from what can be a cumbersome task of making it from scratch and storing it. As the domestic packaged kimchi segment has evolved t
Nov. 20, 2015
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Hanwha Q Cells posts record-high quarterly earnings
Hanwha Q Cells, the solar power business unit of Hanwha Group, posted record-high earnings in the third quarter on the back of successful business conditions and drops in manufacturing costs, the company announced Friday. The leading photovoltaic solar module manufacturer posted $427.2 million in net revenue and an operating profit of $40.3 million in the July-September period, marking significant improvements from its second-quarter performance.(Hanwha Q Cells) While the firm’s net revenue grew
Nov. 20, 2015
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Department stores evolve into food craze epicenters
On Saturday morning office worker Kim Hye-sun rushed to Hyundai Department Store in Pangyo, Gyeonggi Province, to buy red velvet cupcakes and banana pudding from the recently opened Magnolia Bakery located in a food court inside the premises. People line up at Magnolia Bakery at Hyundai Department Store in Pangyo, Gyeonggi Province. (Hyundai Department Store)Waiting half an hour in a long line at the New York-based dessert shop known for its cameo on U.S. TV show “Sex and the City” didn’t bother
Nov. 19, 2015
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[Newsmaker] Hyundai to commemorate 100th anniversary of founder
Hyundai Motor Group and other Hyundai family companies kicked off a weeklong commemoration of the 100th birth anniversary of its founder Chung Ju-yung at the Seoul Arts Center on Wednesday night, with a performance of the world-famous orchestra Staatskapelle Dresden on Beethoven’s second and third symphonies, better known in Korea as “Hero Symphonies.” The family members of the Hyundai empire, who attended the first memorial event, included Hyundai Heavy Industries owner Chung Mong-joon, the six
Nov. 19, 2015
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Johnson & Johnson accepts W1.86b fine for fair trade violations
The Korean subsidiary of U.S.-based health care giant Johnson & Johnson will pay fines of 1.86 billion won ($1.6 million) for violating local fair trade regulations in selling its popular Acuvue soft contact lenses in the domestic market, company officials said Thursday. The Supreme Court on Tuesday ruled in favor of the Fair Trade Commission, concluding a dispute that began when J&J Korea filed a lawsuit to nullify the antitrust watchdog’s claims that it took part in unfair business practices a
Nov. 19, 2015
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Snack-makers seek to regain consumer trust
Last year, a group of South Korean college students got the media spotlight for completing a 1.3-kilometer journey across the Hangang River on a self-built raft, attracting more than 200 spectators. What was so special about this raft? It was built by tying together 160 unopened bags of potato chips, to protest against snack-makers that made consumers feel as if they “bought nitrogen gas packets that came with a couple of free snacks,” as one of the paddlers put it at the time.A group of Korean
Nov. 19, 2015