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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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[Weekender] World Water Forum to focus on solutions
As a resource more important to humans than perhaps any other, water touches upon every aspect of human life ranging from food and energy security to societal and environmental health.In recent years, water has become a centerpiece of global attention, for the total supply of the earth’s water is expected to drop by 40 percent by 2030 unless the world drastically improves the management of this important natural resource, according to the 2015 U.N. Water Development Report.Reinforcing the need f
April 10, 2015
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[Weekender] Korea’s top bottled-water brand Samdasoo taps overseas markets
Having a clean and natural brand image is the most crucial asset in the bottled-water business, said the CEO of the country’s best-selling drinking water producer. “Many companies have been trying to emulate our success, but couldn’t follow suit. The clean and beautiful image of Jejudo Island, the source of our water, differentiates us from others,” said Kim Young-chul, CEO of Jeju Special Self-Governing Province Development Corporation, which produces Samdasoo, meaning water of Jejudo.Samdasoo
April 10, 2015
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[Weekender] Big businesses dig for ‘blue gold’ market
South Korean conglomerates are cashing in on the promising global water market, with the water shortage emerging as a global agenda. According to Global Water Intelligence, a U.K.-based water industry research firm, the size of the world’s water treatment market is forecast to expand up to $1 trillion by the end of 2015. Betting on the industry’s high growth potential, Korean players have sharpened their competitiveness in the “blue gold’’ sector, where European water giants like Veolia and Suez
April 10, 2015
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[Weekender] K-water harnesses tech convergence
Korea Water Resources Corp., better known as K-water, is giving an impetus to its smart water management system in a bid to increase water and energy efficiency in water supply systems by making use of advanced ICT technologies. The state-run water resources management corporation adopted the Smart Water Management Initiative, which underlines the convergence of information, communication and technology into the water management process, aiming to maximize water resource efficiency. “The future
April 10, 2015
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Competition heats up for Samsung, Hyundai Motor entrance exams
After months of preparation and studying, more than 110,000 job seekers will take the entrance exams for the nation’s top two conglomerates ― Samsung Group and Hyundai Motor Group ― this weekend. “The zeal for these tests seems to be higher than that for university exams that I took four years ago,” said a 23-year-old senior at Seoul National University who plans to take the test on Sunday.About 90,000 applicants are expected to take the Samsung Aptitude Test, popularly known as the SSAT, which
April 10, 2015
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Hyundai eyes southern Seoul for its first duty-free shop
Hyundai Department Store Group announced on Friday its plan to set up an urban duty-free store within its most lucrative department store in Samseong-dong, an affluent district in southern Seoul, if it wins a business license in June. This is the first time that the retail giant has mentioned a location for its first duty-free store.The company will also establish an affiliate to look over the duty-free operations, hinting at expanding its business in this sector. “The firm’s building is situate
April 10, 2015
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Supermarket giants face probe over unfair practices
Korea’s top three supermarket chains are under investigation by the nation’s antitrust watchdog over allegations that they purposely misled consumers or forced suppliers to share their losses.The Fair Trade Commission on Wednesday launched investigations into E-mart and Lotte Mart, the nation’s top two supermarket chains, to determine whether they violated laws governing advertisements.“We are looking into corporate documents to see whether the two chain stores deceived consumers in product pric
April 10, 2015
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Number of cattle, pigs in S. Korea down in Q1
The number of livestock in South Korea fell on-year in the first quarter of 2015 due to the spread of animal diseases and fewer calves being bred, government data showed Friday.The data by Statistics Korea revealed there were just under 2.66 million cattle in the country, down 3.6 percent or 101,000 head from the previous quarter. Pigs were down 119,000 or 1.2 percent on-quarter.The office said the number of cattle was also down 5.4 percent from a year earlier, while that for pigs gained 2.8 per
April 10, 2015
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S. Korea's imports of dairy items up 14.9 pct over 3 years
South Korea's imports of dairy products have risen at an annual average rate of 14.9 percent over the last three years, fueled by local demand, government data showed Friday.According to the data by the Korea Customs Service, imports of such products as cheese, powdered milk, cream and butter totaled slightly over $1.82 billion in the 2012-2014 period. Imports stood at $534 million in 2012 before rising to $584 million in the following year and reaching $704 million in 2014."Steady demand for da
April 10, 2015
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Doosan to lead machinery innovation
South Gyeongsang Province, in the nation’s southeastern region, aims to lead innovation in Korea’s mechanical engineering sector as it hosts a new creative economy center for related technological convergence. The Gyeongnam Center for Creative Economy and Innovation, which opened Thursday in an industrial complex in Changwon, is the latest in a series of government-driven regional offices helping to nurture start-ups and venture companies across several industries. Teaming up with heavy industry
April 9, 2015
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E-mart prepares to enter Vietnamese market
E-mart, a retail affiliate of Shinsegae Group, has laid the groundwork for entering Vietnam by signing a memorandum of understanding with the Vietnamese government ahead of its first store opening in the country in December. Korea’s largest discount store chain signed an MOU with the Vietnam Traffic Safety Committee to provide 10,000 free motorbike helmets to children living in Ho Chi Minh City each year, according to E-mart on Wednesday. “E-mart has been preparing for this project, which will b
April 9, 2015
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Korean firms to expand cooperation with U.N.
Representatives from Korean companies and officials from the United Nations Procurement Division gathered in New York to discuss expanding future business relations at the inaugural “2015 U.N.-Korea Procurement Day.” The event was held on Wednesday and Thursday and cohosted by the Korea Trade-Investment Promotion Agency and the Permanent Mission of the Republic of Korea to the U.N. It brought together 20 Korean companies, including Hyundai Motor Co., from diverse sectors and put officials in con
April 9, 2015
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CJ to launch Vera Wang’s lifestyle brand
CJ O’Shopping, the TV shopping unit of CJ Group, said Thursday it would develop a lifestyle brand for noted U.S. fashion designer Vera Wang and start licensing the products from later this month. Based on their deal, signed for the first time in Asia, the company will launch lingerie brand Vera Wang Intimates in April, continue with linen line Vera Wang Home in May and expand to garments, cosmetics and accessories through the VW Vera Wang collection in September. The Korean company expects to ge
April 9, 2015
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Yongin growing into business-centered city
Yongin, once regarded as a commuter town in Gyeonggi Province, is now developing into a business-centered metropolis equipped with a growth engine as it amasses infrastructure befitting a city of more than 1 million residents. The development has been underway since Mayor Jung Chan-min took office nine months ago. The city is setting up several industrial complex centers including the Yongin Techno Valley currently under construction, and the once-dormant light rail Everline is currently used by
April 9, 2015
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41 conglomerates under tight scrutiny for heavy debts
South Korea's financial watchdog said Thursday that it has placed 41 highly-indebted conglomerates under closer watch for debt reductions in order to prevent unexpected defaults. According to the Financial Supervisory Service, the conglomerates that owe more than 1.3 trillion won ($1.2 billion) to local banks have been designated as heavy corporate debtors for this year, compared with 42 firms selected last year. The FSS unveils the list of major highly-indebted large firms in April every year
April 9, 2015
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Watchdog probing top discount chains' alleged unfair trading
South Korea's antitrust watchdog is investigating allegations that the country's three largest discount chains cheated consumers and forced suppliers to accept losses, market sources said Thursday. The Fair Trade Commission sent investigators to E-mart and Lotte Mart on Wednesday to check whether they violated laws governing advertisements. Last week, it also launched a probe into Homeplus following complaints that the retailer used its superior position to compel suppliers to take smaller pr
April 9, 2015
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Internet banks to start business this year
South Korea's financial regulator said Thursday that Internet-only banks are expected to be launched in South Korea in 2015 as it is working on detailed measures to encourage big name IT firms like Naver Corp. and Daum Kakao Corp. to invest in the online banking industry. Under the current financial laws, a non-financial company is banned from holding more than a 4 percent stake in a bank, while all commercial banks are required to have brick-and-mortar offices and face-to-face channels with cus
April 9, 2015
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Hyundai Steel plans to merge with Hysco
Hyundai Steel, a steel arm of Hyundai Motor Group, said Wednesday that the company would take over its sister steelmaker Hyundai Hysco as part of its efforts to become a global steel giant. “The corporate board approved the deal and will host a shareholders meeting on May 8 for endorsement,” the nation’s second-largest steelmaker said in a regulatory filing to the financial authorities. “We are expecting to close the deal by July 1, after passing the review by the nation’s antitrust watchdog Fai
April 8, 2015
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Homeplus cuts prices 30% following scandal
Homeplus, the Korean unit of the British retail giant Tesco, on Wednesday said it would cut prices by up to 30 percent on 2,450 items sold at its outlets.The supermarket chain will also support its suppliers’ advance into the Chinese market and other Tesco stores around the globe, said company CEO Do Sung-hwan.“Homeplus will shoulder the reduced margin estimated at around 40 billion won ($36.5 million), and our suppliers will only benefit from the increase in profit created through growth in dem
April 8, 2015
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Lotte, Kazakh firm partner for retail biz, theme park
Lotte Group, South Korea’s fifth-largest conglomerate, signed a memorandum of understanding with Kazakhstan’s Astana Group on Wednesday in a bid to boost cooperation for a theme park and retail business. The Korean retail giant pledged to support Astana’s theme park business plan that the Kazakh firm is eyeing to develop ahead of Expo 2017, an international exposition scheduled to take place in 2017 in Astana, Kazakhstan’s capital city. “Lotte Group will make an effort to support the creative ec
April 8, 2015