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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Firefighters’ 3,000 won meals spark nutrition concerns
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Yoon honors veterans of Korean War in trip to Philippines
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Korean firms evacuate staff, suspend biz trips after Wuhan coronavirus outbreak
The outbreak of a deadly coronavirus in the Chinese city of Wuhan has cast a pall over Korean companies operating offices there, with some firms evacuating staff and suspending business trips, according to industry sources Monday. Currently, some 600 South Koreans reside in Wuhan, Hubei province, which also hosts local offices of Posco, SK Global Chemical, Hyundai Wia and LG Hausys. As of Monday afternoon, the official count of confirmed cases across China stood at 2,744. SK Global Che
Jan. 27, 2020
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Samsung slips to No. 3 spot in Indian smartphone market: Counterpoint
South Korean electronics giant Samsung Electronics Co. had the third-largest market share in India's smartphone market in the fourth quarter last year, slipping down a notch as Chinese products expanded their presence, data showed Monday. Samsung accounted for 19 percent of the Indian smartphone market in the October-December period, down 1 percentage point from a year earlier, according to the data compiled by industry tracker Counterpoint Research. The South Korean tech giant, which used to
Jan. 27, 2020
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Top court upholds divorce of Samsung chairman's eldest daughter
Ending a legal fight that lasted over five years, South Korea's top court said Monday it has reaffirmed a lower court's ruling accepting a divorce claim filed by Lee Boo-jin, the eldest daughter of the family that owns Samsung. The Supreme Court upheld the lower court's decision that ordered the Hotel Shilla chief to pay 14.1 billion won ($12.1 million) in an asset split to her estranged husband, Im Woo-jae. The court granted parental rights and custody of their only child to Lee. Lee and Im
Jan. 27, 2020
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Naver's global webcomic biz on growth track
Naver Corp., South Korea's top internet portal operator, is witnessing a growth in its webcomic business, which will eventually improve its earnings, industry sources said Friday. Naver Webtoon, more commonly known as Line Webtoon in the United States, is home to a plethora of creator-owned content, ranging from romance to fantasy.In particular, Naver Webtoon is showing marked growth in the United States after entering the market in 2014.The number of its monthly active users, or MAUs, sur
Jan. 24, 2020
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Tour-related businesses to suffer most from Wuhan virus: Fitch
Fitch Ratings, a global credit ratings firm, said Friday companies involved in the tourism business will bear the brunt of the spreading Wuhan coronavirus if the scale of the virus outbreak increases substantially. "The global airlines, gaming, lodging and leisure sectors are vulnerable to pandemics that influence consumer behavior.Operational disruptions caused by idiosyncratic events, including disease outbreaks, are a perennial risk faced by these sectors," Fitch said in a statement
Jan. 24, 2020
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SK Chairman Chey Tae-won advocates social value measurement model in Davos
SK Group Chairman Chey Tae-won promoted the need to upgrade measurements of social value creation during his speech at the World Economic Forum that is underway in Davos, Switzerland, the firm said Thursday.“It is not an option but an obligation to change the goals and systems of corporate management from the interests of shareholders to those of stakeholders,” he said in a panel session held under the theme of “Stakeholder Capitalism in the Asian Century” at the Davos Co
Jan. 23, 2020
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Firms scurry to scout outside directors with new regulation
Following a recent change in regulations limiting tenures of outside directors, South Korea companies are scurrying to scout new members ahead of their general shareholders meetings in March.Citing a need to reinforce shareholders’ rights and institutional investors, the Cabinet approved on Tuesday revisions to the enforcement decrees of the Commercial Act, Capital Market Act and National Pension Act.To secure independency of outside board directors, the revised rule limits people who have
Jan. 23, 2020
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LS Group scion steps down to ‘hone more biz skills’
Yesco Holdings CEO Koo Bon-hyuk, 42, voluntarily stepped down from his role 10 days after his appointment, citing a lack of experience, the company announced Wednesday.Koo is the third-generation scion of the Koo-family who founded and own LS Group, the overarching business above Yesco Holdings, the holding entity of city gas retailers.His promotion from the executive vice president of LS-Nikko Copper to the CEO position at Yesco Holdings had made headlines last year as what many perceived as a
Jan. 23, 2020
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[Photo News] Final farewell for late Lotte founder
Relatives and associates gathered to bid a final farewell to Shin Kyuk-ho, the late founder and honorary chairman of Lotte Group, commemorating his legacy in a ceremony in Seoul on Wednesday.Shin was a self-made entrepreneur, who built his way up to establish Lotte Group, one of the five biggest conglomerates in South Korea – the others being Samsung, Hyundai, LG and SK. He passed away Sunday at the age of 97. More than 1,400 people participated in the ceremony held at Seoul’s Lotte
Jan. 22, 2020
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Samsung Biologics records 65% jump in operating profit
Samsung Biologics said Wednesday its operating profit in 2019 rose 65 percent on-year, on the back of increased revenue. The company recorded 701.6 billion won ($602 million) revenue with operating profit of 92 billion won operating profit, up 31 percent and 65 percent on-year, respectively.The growth was credited to the enhanced operation rate of its three plants.Its net profit recorded 203 billion won, a 21 billion won, or -9.5 percent, fall on-year. Samsung Biologics explained this reflects t
Jan. 22, 2020
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[Monitor] ICT exports falls 20% on-year in 2019
South Korea’s exports of information and communication technology products fell nearly 20 percent on-year in 2019, according to data by the Ministry of Trade, Industry and Energy. It is due mainly to a prolonged trade row between the United States and China, a drop in chip prices and a base effect as the country posted record-high exports in 2018.The nation’s outbound ICT shipments totaled $176.9 billion last year, down from $220.4 billion in 2018. It still recorded a trade surplus o
Jan. 22, 2020
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Samsung, Posco record W1tr operating profit for 2 decades
Samsung Electronics and Posco are the only South Korean companies to record an operating profit of 1 trillion won ($858 million) for more than 20 years, latest data showed Wednesday. A new study by the Sustainable Growth Institute surveyed changes in operating profit of Korean companies between 1998 and 2018. The number of companies with an operating profit exceeding 1 trillion won stood at 18 in 2018, up from four in 1998, the survey found. The growth, however, has halted since 2010 when
Jan. 22, 2020
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Daewoong to export gastric acid blocker to Mexico
Daewoong Pharmaceutical said Wednesday it has signed a deal worth $50 million to supply Mexico’s Moksha8 with gastric acid blocker fexuprazan. Given the local authorities’ approval, Moksha8 aims to launch fexuprazan in the second half of 2022. The expansion of Daewoong’s fexuprazan to overseas markets is in direct competition with CJ HealthCare’s tegoprazan-based K-CAB. Both fexuprazan and tegoprazan are potassium-competitive acid blockers, an advanced treatment compared
Jan. 22, 2020
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Netmarble to launch A3: Still Alive in March
A3: Still Alive’s launch in Korea in March will be developer Netmarble’s latest attempt at challenging the game market, CEO Kwon Young-sig said at a press event Wednesday.Since becoming the majority stakeholder of home appliance subscription firm Woongjin Coway in December, Netmarble has been receiving investor feedback that it must show better performance on its core business area of games. “A3: Still Alive is Netmarble’s fresh try at the game market. It is a completely
Jan. 22, 2020
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S. Korea's exports of ginseng set new record in 2019
South Korea's exports of ginseng reached a new fresh high in 2019 on the back of increased shipments to China and Vietnam, data showed Wednesday.Outbound shipments of ginseng products advanced 12.4 percent on-year to reach US$211 million in 2019, according to the data compiled by the Korea Agro-Fisheries & Food Trade Corporation.It was the first time that they had risen above the $200 million threshold.Exports of processed ginseng products, including drinks, led the growth by advancing 22 pe
Jan. 22, 2020
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Funeral service of late Lotte founder held
A funeral ceremony for Shin Kyuk-ho, the late founder and honorary chairman of South Korea's Lotte Group, was held Wednesday as his family and associates commemorated his legacy and accomplishments as chief of the retail giant.Shin, who had built the country's fifth-largest conglomerate spanning from food to hotel business, died of a chronic illness due to age-related symptoms on Sunday. He was 99.The ceremony was held with the participation of more than 1,400 family members and company official
Jan. 22, 2020
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Cigarette sales down 0.7% in 2019 on higher prices
Sales of cigarettes in South Korea fell 0.7 percent in 2019 from a year earlier due to the government-led anti-smoking campaign and higher prices, data showed Wednesday. Smokers purchased 3.45 billion 20-cigarette packs last year, compared with the previous year's 3.47 billion packs, according to data compiled by the Ministry of Economy and Finance.The figure represents a 20.9 percent drop from 2014, a year before South Korea increased the price of cigarettes by 80 percent, from 2,500 won ($2.14
Jan. 22, 2020
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Posco Chemical signs W1.8tr deal to supply anode for LG Chem’s EV battery
Posco Chemical signed with LG Chem to supply the latter with anode for electric vehicle batteries through end-2022, the companies said Tuesday. The deal is worth 1.8 trillion won ($1.54 billion).An anode is a core material that determines the capacity and output of a battery. The anode Posco Chemical will provide LG Chem is high-nickel NCM, short for nickel, cobalt and managnese. The greater percentage nickel accounts for in an anode, the better output the battery has, making it better sui
Jan. 21, 2020
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GS E&C acquires 2 European prefabrication companies
GS Engineering and Construction said Tuesday it has taken over two European manufacturers of prefabricated houses, and is set to finish the acquisition process of an American company, aiming to expand its business in the global market. According to GS E&C, the company signed the takeover contract with Danwood, a Polish company specializing in wood prefab houses, in Bialystok, Poland, Tuesday. At the signing ceremony, GS E&C President of New Business Huh Yoon-hong, Enterprise Investor Pre
Jan. 21, 2020
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Aekyung Group purchases site for R&D center in Songdo
South Korean household and personal care product maker Aekyung Group said Tuesday it has purchased a site at Songdo, Incheon, for its envisioned research and development center.The company has signed a contract with Incheon Free Economic Zone to buy the 28,722-square-meter site inside the high-tech industry cluster Sector B in Songdo International City, for 34.5 billion won ($29.5 million).The group’s major subsidiaries, Aekyung Petrochemical and Aekyung, have invested in the site at a 60:
Jan. 21, 2020