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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SK Group striving to soothe public after chairman's prison release
SK Group, South Korea's No. 3 conglomerate, is scurrying to extend its support for the socially vulnerable and social enterprises, industry sources said Wednesday, amid the public's rising anger over the release of its chairman from prison.Chairman Chey Tae-won had been serving a prison sentence since 2013 for embezzlement, but he was freed last week in a special presidential pardon marking Liberation Day.While the government claims the pardon will help vitalize the sagging local economy, public
Aug. 19, 2015
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Korean Air’s credit rating downgraded
Local ratings firms have downgraded their credit assessment on Korean Air, citing the flag carrier’s worsening business environment due to stiff competition and the financial burden of its huge investment plans. Both Korea Ratings and NICE Investors Service said Monday they had lowered the credit ratings of Korean Air to “BBB+” from “A-.” “Despite the company’s effort to improve its financial structure, there will be limitations on enhancing financial stability in the mid- and long-term basis in
Aug. 18, 2015
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[SUPER RICH] Lee Maeng-hee’s death brings Samsung family together
The “pan-Samsung founding family” gathered at the memorial altar of the late honorary chairman of CJ Group, Lee Maeng-hee, who died last week of lung cancer in China. It was a rare scene of public togetherness for the media-reclusive Lee clan, who have been reported to be rather distant from each other. Some business insiders suggest that the funeral of the eldest of Samsung founder Lee Byung-chull’s offspring could be an icebreaker for the family, which runs some of the country’s largest busine
Aug. 18, 2015
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[SUPER RICH] Wage gap between CEOs, employees in America and Korea
The wage gap between company chief executives and employees is becoming a hot-button topic, with the huge disparity continuing to widen. The salary structures in the United States and Korea show different reward systems for CEOs.At the same time, there has been a heated debate in the U.S. in recent years whether the astronomical remuneration paid to CEOs is appropriate. A CNN article published in August reported that Wal-Mart CEO Doug McMillon received $19.4 million in rewards last year, while t
Aug. 18, 2015
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[Newsmaker] SK chairman catches up on creative economy boost
SK Group chairman Chey Tae-won cheered on staffers by visiting the group’s provincial-based innovation centers Tuesday, in line with his stated promise to lend a hand in reviving the South Korean economy and support the government’s ongoing drive for a creative economy. Chey made his way down to the two SK innovation centers in Daejeon and Sejong, located south of Seoul, in a bid to “express the group’s will to contribute to the country’s economic growth through the success of its creative econo
Aug. 18, 2015
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[Graphic News] Hyundai Motor Group chairman earns highest salary in H1
Hyundai Motor Group chairman Chung Mong-koo posted the highest salary among South Korean conglomerate tycoons in the first half of the year, according to the Financial Supervisory Service’s data. Chung received a total of 4.2 billion won ($3.55 million) -- down 740 million won on-year -- from Hyundai Motor and Hyundai Mobis, the group’s auto parts maker. The decline in his salary was attributed to his resignation from the board of Hyundai Steel, where his remuneration was 740 million won last ye
Aug. 18, 2015
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Yozma Group to open startup center in S. Korea
Yozma Group, which operates global tech venture capital funds, said Tuesday it will open a startup support center in South Korea by the end of this year to help local ventures tap into overseas markets.During a meeting with ICT Minister Choi Yang-hee, Yigal Erlich, who heads the Israeli investment firm, said the support center, set to be located in Pangyo, southeast of Seoul, will lend support to local ventures firms.Around one year ago, the group unveiled a plan to invest 1 trillion won ($844 m
Aug. 18, 2015
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Salaries of Samsung Electronics execs tumble in H1
The salaries of major executives at tech giant Samsung Electronics Co. plunged in the first half of the year, data showed Tuesday, amid a slump in sales of its smartphone business.Shin Jong-kyun, head of the handset maker's mobile division, was paid 1.64 billion won ($1.38 million) in the first six months of the year, down 85.5 percent from the 11.3 billion won he received a year earlier, according to the data compiled by market tracker Chaebul.com.Kwon Oh-hyun, the head of Samsung's semiconduct
Aug. 18, 2015
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Samsung forge ties with card firms for mobile payment tool
South Korea's top tech giant Samsung Electronics Co. said Tuesday the country's 10 credit card companies have agreed to support its new mobile payment system whose launch is slated for later this week.The Samsung Pay service, scheduled to debut on Thursday in South Korea, supports not only the near field communication technology like its rivals but also magnetic secure transmission and bar code technologies.The MST technology is significant as it is compatible with conventional credit card devic
Aug. 18, 2015
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Hyundai Motor Group to hire over 10,000 workers this year
Hyundai Motor Group, the world's fifth-largest auto giant, plans to employ over 10,000 new workers this year as part of efforts to create more jobs for young people and improve the economy, industry sources said Tuesday.Hyundai Motor Group, the parent of Hyundai Motor Co. and Kia Motors Corp., earlier announced it will employ 9,500 new workers this year. In addition to the plan, the company will hire 1,000 more in line with its recent push to introduce a wage peak system. The total employment wi
Aug. 18, 2015
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South Korea to ease market jitters over external risks: finance minister
South Korea will take all the necessary steps to ease market anxieties that may arise from external risks like the devaluation of the Chinese yuan, Seoul's top economic policymaker said Monday.In a meeting with senior ministry officials, Finance Minister Choi Kyung-hwan said the yuan's depreciation, China's unstable stock market and a possible U.S. rate hike are all contributing to greater downside risks."Under such circumstances, it is imperative that Seoul manages all the risks," the finance m
Aug. 17, 2015
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KT&G launches Bohem limited edition
(KT&G)KT&G rolled out the latest limited edition of Bohem Cigar Slim Fit on Tuesday, flashing fashion-inspired packages designed by Korean jeans maker PLAC. Bohem Cigar Slim Fit limited edition comes in four designs, each decorated with patterns of PLAC jeans that iconize modernity and simplification. PLAC jeans is a contemporary casual outfit maker that has gained popularity among young trendsetters with its slim fit jeans. In early March, KT&G unveiled the regular edition of Bohem Cigar Sli
Aug. 17, 2015
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Lotte chairman tightens grip
SEOUL/TOKYO -- Lotte Group chairman Shin Dong-bin is expected to tighten his grip on the family-run business empire in both Korea and Japan as shareholders of the group’s key holding company supported his management proposals Monday.Lotte Group chairman Shin Dong-bin (Yonhap)In a counterattack on his elder brother’s offensive in the succession battle, chairman Shin has proposed measures to ensure a stable management structure and strengthen the group’s corporate governance. “The shareholders agr
Aug. 17, 2015
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Green Cross opens 8th U.S. blood center
Green Cross, a South Korean biopharmaceuticals company, said Monday that it has opened its eighth blood center in San Antonio, Texas, aiming to strengthen its position in the U.S. market. The new blood center ― established by Green Cross America, which handles the firm’s U.S. operations ― is able to produce 60,000 liters of general and specialized blood plasma products.With the addition of the Texas center, GCAM’s eight centers are now able to supply up to 400,000 liters of blood plasma products
Aug. 17, 2015
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Pharvis Korea to develop new asthma medication
Pharvis Korea, a homegrown pharmaceutical company, will start developing a new treatment drug for respiratory diseases and asthma based on a therapeutic substance in development by researchers at Korea University and Dongguk University.The Ministry of ICT, Science and Future Planning said Sunday that the firm has purchased the technology and future development rights to the drug PVS02696 for 1 billion won ($840,000). Pharvis Korea signs a deal with researchers at Korea University and Dongguk Uni
Aug. 17, 2015
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SK chief tells affiliate heads to rev up investment
The chief of SK Group on Monday asked the heads of the group's key affiliates to bolster investment, taking his first official step after returning to the throne of South Korea's No. 3 family-controlled conglomerate.Chairman Chey Tae-won had been serving a jail sentence since 2013 for embezzlement, but he was freed from prison last week in a special presidential pardon marking Liberation Day, which was carried out in line with government efforts to revitalize the slowing economy.He presided over
Aug. 17, 2015
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Lotte shareholders back current head over elder brother
Shareholders of Lotte Holdings Co., the Japan-based holding firm of Lotte Group, threw their support behind Chairman Shin Dong-bin on Monday, bolstering his foothold in an ongoing ownership feud with his father and elder brother.Lotte, the country's fifth-largest conglomerate that was founded in Japan, has been making headlines in the past few weeks as founder Shin Kyuk-ho and his two sons, Dong-joo and Dong-bin, are fighting to control the group that operates businesses located in both South Ko
Aug. 17, 2015
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Leading firms lag behind global peers in profitability
The profitability of South Korea's leading tech and auto companies has worsened this year to lag behind that of their global peers, dragging down their share prices and adding pressure to the overall stock market, data showed Monday. The return on equity of major exporters in Asia's fourth-largest economy has slipped over the past years in the face of tougher competition from rising Chinese rivals and global leaders in the high-end market. ROE, calculated by dividing net income by equity capita
Aug. 17, 2015
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Lotte Holdings begins key shareholder meeting
Lotte Holdings Co., the Japan-based holding company of Lotte Group, began a shareholder meeting in Tokyo on Monday, an event deemed crucial in deciding the fate of the founder's two sons who are mired in a succession feud.Lotte, the country's fifth-largest conglomerate that was founded in Japan, has been making headlines in the past few weeks as founder Shin Kyuk-ho and his two sons, Dong-joo and Dong-bin, are fighting to control the group that operates businesses located in both South Korea and
Aug. 17, 2015
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SK Group to adopt wage peak system at all affiliates
South Korea's No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government's effort to boost the labor market.Under the wage peak system, employees accept a reduced salary in exchange for working for an extended period of time until retirement. Around 90 percent of SK Group's affiliates already have begun steps to adopt the new policy.The South Korean government has been urging local conglomerates to join the system
Aug. 17, 2015