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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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New Samsung C&T adopts collective leadership
The new Samsung C&T, the construction and trading arm of Samsung Group, was officially launched on Tuesday under a collective leadership led by four top executives.The new entity, given outright shareholder approval on July 17 to merge with Cheil Industries, is expected to serve as the group’s de facto holding company, with estimated sales of 60 trillion won ($50.9 billion) by 2020. Market insiders believe the new Samsung C&T will be one of the group’s core affiliates alongside Samsung Electroni
Sept. 1, 2015
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[SUPER RICH] Business tycoons shun payroll disclosure
More and more high-level “registered” executives at business conglomerates are resigning from their official positions at corporate affiliates, apparently fearing a public backlash following the disclosure of their salaries. Registered executives have the legal power to participate in the overall management of the companies while unregistered executives have less power in the boardroom.According to Chaebul.com, a website devoted to tracing the wealth of the superrich, among the country’s top 30
Sept. 1, 2015
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Korea mulls more Iranian crude imports
Iran is expected to become a solid business partner of Korea in the near future as officials of both governments vowed to beef up ties. Once U.S.-led sanctions against Iran are lifted, Seoul will likely increase the import of Iranian crude oil and help companies invest more in the natural resources-abundant country that has had a rocky relationship with Korea since 2010. Still, Iran is Korea’s third largest export destination in the Middle East with exports of $4.2 billion in 2014. Iran exported
Sept. 1, 2015
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[SUPER RICH] Son’s bold investments create new superrich
Masayoshi Son (also known as Son Jeong-ui), chairman and CEO of SoftBank Group Corp., is well known among the superrich. Forbes ranked him as the 75th richest person in the world with assets of $13.8 billion, making him the second-richest person in Japan.Son is seen as more than a telecommunications billionaire, however. He is also well known as an investor with incredible acumen.He has been known to financially invest in young, up-and-coming entrepreneurs and also act as their business mentor.
Sept. 1, 2015
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Asiana Airlines collaborates with union for flight safety
The management and labor unions of Asiana Airlines have collaborated to bolster the flight safety system.Asiana Airlines signed a Flight Operational Quality Assistance program agreement Monday at its Asiana Town headquarters in Seoul.FOQA is a voluntary safety program that analyzes flight data in order to find potential safety risks during flights and eliminate them through education.Asiana Airlines would be the first airline to manage a FOQA program with both management and unions among Korean
Sept. 1, 2015
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SK Daejeon innovation center greets new start-ups
The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, officially welcomed a new batch of venture firms to its facilities on Tuesday. A total of 10 start-ups specializing in a diverse spectrum of businesses -- including the Internet of Things technology, health care, semiconductors, energy, solutions and fintech -- are set to receive tailored business mentorship and support at the center for the next 1
Sept. 1, 2015
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[Photo News] S-Oil supports Ethiopian children
S-OIL SUPPORT FOR ETHIOPIA — S-Oil CEO Nasser Al-Mahasher (second from left) delivers 100 million won ($85,000) to World Vision Korea CEO Yang Ho-seung (second from right) in Seoul on Tuesday to support Ethiopian children. S-Oil plans to continue donations to Ethiopia for the next 10 years. (S-Oil)
Sept. 1, 2015
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Hanjin Group chief summoned over alleged influence-peddling
The chief of Hanjin Group, the operator of the country's No. 1 airline, appeared before prosecutors Tuesday over alleged involvement in a veteran opposition lawmaker's influence-peddling. The case centers around allegations that Rep. Moon Hee-sang, former head of the main opposition New Politics Alliance for Democracy, asked Hanjin Chairman Cho Yang-ho to give his brother-in-law a job in 2004. Cho showed up at the Southern District Prosecutors' Office in southern Seoul around 9:00 a.m. "Cho
Sept. 1, 2015
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Lotte Mart pioneers first drive-thru service
Lotte Mart Co. has started its first drive-thru service in Seoul to allow customers to order products online and pick them up offline, joining the global trend for digital shopping to boost customer convenience, the retail chain of Lotte Group said Tuesday. Lotte Mart began the so-called "Drive & Pick Service" at a store in northern Seoul over the weekend, launching it for the first time in South Korea. It plans to expand the service to other stores later this year after this test-run.Clients ca
Sept. 1, 2015
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Global pharma firms boost employee morale with family-centered benefits
Shin Seong-suk, compliance director at France-based pharmaceutical company Sanofi-Aventis Korea, sent her 11-year-old son Lee Yu-jin to Paris this summer to spend 10 days with a French family she had never met before.Last week, she welcomed Marceau Dabert, the 12-year-old son of the French family Yu-jin had stayed with, to South Korea for the first time. Shin took the children in and around Seoul, seeking to grant the young French visitor an unforgettable experience of a lifetime in a foreign co
Aug. 31, 2015
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SK Innovation, JX Nippon to strengthen partnership
SK Innovation, South Korea’s top oil refiner, and Japan-based JX Nippon Oil & Energy have agreed to strengthen their partnership in order to overcome structural challenges faced by the global oil and petrochemical industries, according to the Korean refiner.Executives from the two companies ― including SK Innovation CEO Chung Chul-khil and JX Nippon Oil & Energy CEO Yasushi Kimura ― discussed joint measures to pursue in line with changing conditions in the global oil market at a high-level meeti
Aug. 31, 2015
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Daewoo Shipbuilding to cut 1,300 jobs, sell assets
Troubled Daewoo Shipbuilding & Marine Engineering is set to undergo restructuring, including job cuts and assets selloff worth 400 billion won ($338 million), as it battles to cope with mounting losses and lack of orders.“The company’s reorganization will be carried out on Sept. 1. With the slim-down, some high-level officials will resign due to overlapping duties,” a DSME official said Monday.The restructuring program will directly affect 1,300 jobs, including 30 percent of general managers and
Aug. 31, 2015
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Korea tops 10% of China’s import market
The share of Korean products in China’s import market exceeded 10 percent for the first time, thanks to the growing demand for Korean semiconductors, the Korea International Trade Association said Monday.China is Korea’s largest trade partner, accounting for a quarter of its entire exports at $82.8 billion in the first half of 2015. China’s import market was sized at $775.8 billion between January and June, about a 19.1 percent fall from the same period last year.According to a KITA report, Kore
Aug. 31, 2015
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Hite Jinro products enter Dubai airport duty-free store
Hite Jinro liquor products have entered the duty-free stores at Dubai International Airport, company officials said Monday.The company’s soju products, Ilpoom Jinro and Chamisul, will be sold in the liquor section along with premium alcohol products around the world.Ilpoom Jinro is a premium soju product made with unadulterated distilled rice liquid and aged in oak for over 10 years. Hite Jinro‘s Ilpoom Jinro and Chamisul sold in duty-free stores in Dubai International Airport. Hite JinroIlpoom
Aug. 31, 2015
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Industrial lending growth slows in Q2
The amount of loans extended to industries by local banks continued to rise in the second quarter, but its pace of growth slowed due mainly to a fall in lending to manufacturers and builders, data showed Monday. Outstanding loans to local companies totaled 911.8 trillion won ($770.6 billion) in the April-June period, breaking the 900 trillion-won mark for the first time, according to the data by the Bank of Korea. From three months earlier, the amount increased 12.3 trillion won, slowing from
Aug. 31, 2015
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Samsung to join forces with gov't for 'smart factories'
Samsung Electronics Co. said Monday it has agreed with the commerce ministry to provide smaller firms with more efficient production facilities in line with government efforts to promote shared growth between big businesses and them. Under the plan, the two will invest 15 billion won ($12.6 million) each to share various production solutions and promote what they call "smart factories," which are defined as facilities where all procedures are done in the most efficient way. Samsung said it plan
Aug. 31, 2015
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LG to showcase luxury smartwatch in Germany at IFA
South Korea's No. 2 tech giant LG Electronics Inc. said Monday it will showcase an upgraded edition of the LG Watch Urbane, its flagship smartwatch, at an electronics show slated to be held in Germany next month. The LG Watch Urbane Luxe, which will be showcased at the Internationale Funkausstellung held in Berlin from Sept. 4, will boast a gold body and crocodile-skin strap, the company said. The price tag on the device is US$1,200, and will be sold on a limited basis with only 500 units ava
Aug. 31, 2015
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Ailing Daewoo Shipbuilding pushing for restructuring
Daewoo Shipbuilding & Marine Engineering Co., South Korea's No. 2 shipbuilder, is pushing for a massive restructuring drive next month, including the sale of assets worth up to 400 billion won ($339.1 million), as it struggles to recover from huge losses, industry sources said Monday. Assets likely to be sold off include two office buildings in Seoul and a golf course just outside the capital city, according to the sources. The shipyard will also downsize its operations by shedding 30 per
Aug. 31, 2015
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Foreign sell-off focuses on Samsung Electronics, SK hynix
Foreign investors dumped shares of Samsung Electronics Co. and SK hynix Inc. during their recent selling spree sparked by China's stock rout and uncertainty over a U.S. rate hike, data showed Monday. Offshore investors unloaded 751.3 billion won ($635.4 million) worth of Samsung Electronics shares between Aug. 5 and Friday, lowering their ownership of South Korea's top-cap company to 51.10 percent from 51.59 percent, according to the data by the Korea Exchange. Samsung, the world's largest mak
Aug. 31, 2015
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SK chief discusses ways to boost China ties
SK Group Chairman Chey Tae-won has met with Chinese joint venture partners to discuss ways to expand cooperation in the petrochemical and chip businesses, his office said Sunday. Days after announcing a plan to spend 46 trillion won ($38.2 billion) on building three chip plants over the next decade, Chey on Thursday visited a semiconductor plant in Wuxi in Jiangsu Province operated by a local subsidiary of SK hynix and met with business people and senior officials, the group said. SK Group cha
Aug. 30, 2015