Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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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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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Korean carmakers troubled as US auto tariff decision looms closer
South Korean carmakers remain on edge as a decision on tariffs by US President Donald Trump looms closer, with the Department of Commerce reportedly having concluded in its confidential recommendation report due Sunday that auto imports could hurt national security.Last week, Agence France-Presse reported the Department of Commerce had concluded that auto imports are “a threat to national security,” citing two unnamed sources and the report expected to be delivered to the White House by Sunday.(
Feb. 17, 2019
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Hyundai reaches tentative settlement in US class-action suit over ‘exploding’ sunroofs
Hyundai Motor on Sunday confirmed a report that it had reached a tentative settlement with plaintiffs in a class-action lawsuit in the US over panoramic sunroofs that shattered suddenly, although the company said the decision did not mean its automobiles were defective.The class-action suit was filed in 2015 in the US District Court for the Central District of California.Hyundai car owners there complained that Sonata, Tucson, Santa Fe, Veloster, Elantra GT, Azera and Genesis models produced on
Feb. 17, 2019
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Koreans use nearly W8tr at convenience stores on credit cards
Credit card use at convenience stores reached a new peak last year, nearing 8 trillion won ($7.1 billion), according to the Bank of Korea, Sunday. Between January and November in 2018, over 7.3 trillion won was used with credit cards at convenience stores, up 19.9 percent from the year before. Figures from December are not yet known, but authorities believe with average monthly spending of 670 billion won, last year‘s total spending would near 8 trillion won. (Yonhap)The surge is accredited to t
Feb. 17, 2019
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Renault Samsung to face lower utilization rate after it stops
Renault Samsung Motors Corp., the South Korean unit of Renault SA of France, is expected to face a lower utilization rate after it stops producing the Nissan Rogue later this year, a company official said Friday. The Nissan Rogue sport utility vehicle (SUV) accounts for 48 percent of production at Renault Samsung’s plant in Busan, but the Franco-Japanese auto alliance is unlikely to renew a contract on the vehicle’s production. A source at Renault Samsung said renewing the contract, which will e
Feb. 15, 2019
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Ex-Posco executive to head Hyundai Steel’s R&D division
Hyundai Motor Group has named Ahn Dong-il, a former executive with the steel giant Posco, as president of the R&D and technology development division within its subsidiary Hyundai Steel, the group said in a statement Friday.Ahn is known as a top engineer who served as head of Posco’s two manufacturing bases: one in Gwangyang, South Jeolla Province, and one in Pohang, North Gyeongsang Province. Ahn Dong-il (Hyundai Steel)His appointment to the role is part of the group’s efforts to improve its co
Feb. 15, 2019
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BAT, McLaren join hands on technology development
Tobacco maker British American Tobacco said Friday that it has joined hands with British sports carmaker McLaren and established a new global partnership for advanced technology and innovation.As part of the agreement, BAT will work closely with McLaren Applied Technologies to collaborate and share technological expertise in batteries, advanced materials and design. BAT’s stated goal is “transforming tobacco,” and the company said it would work to provide consumers with less risky tobacco and ni
Feb. 15, 2019
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What you need to know about Nexon’s Traha: Launch date, compatible devices and more
The announcement that Nexon plans to launch the next-level mobile massively multiplayer online role-playing game Traha on April 18 was a Valentine’s Day surprise for fans around the world. Hollywood star Chris Hemsworth -- perhaps better known as his alter ego, Thor from “Avengers” -- is the face of Traha. "Battle after battle, victory after victory -- all this became mundane. Which is why I came here."
Feb. 15, 2019
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SK Biopharmaceuticals licenses out epilepsy drug candidate to Arvelle for $530m
SK Biopharmaceuticals has forged a licensing agreement with a Swiss drug company to commercialize cenobamate, an investigational antiepileptic drug that the South Korean company has developed over the years.Under the agreement, the biotech arm of SK will receive a total $530 -- $100 million as an upfront payment and the rest after the drug is approved for sale. SK will also receive royalties on net sales generated in Europe, the company said.SK’s Swiss partner Arvelle will be responsible for dev
Feb. 14, 2019
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Kakao's 2018 profit plummets 56%
Kakao, the operator of South Korea’s top messenger app, announced Thursday its operating profit plunged more than 50 percent last year from a year earlier despite the IT giant’s record-high annual sales. According to Kakao, its operating income reached 72.9 billion won ($64.8 million) last year, down from 165.4 billion won in 2017. The company’s fourth-quarter operating profit stood at 4.3 billion won, down more than 80 percent from a year earlier.The performance appears to overshadow the compa
Feb. 14, 2019
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No love lost for Valentine’s Day marketing
Retailers, confectionery firms and convenience stores sell up to 10 times as many sweets in February and March than other periods, as Korea celebrates Valentine’s Day in February and White Day in March, but they have faced growing complaints of excessive packaging and low-quality products.“When I unwrapped the Valentine’s Day chocolate basket, I felt fooled because the basket was mostly filled with chocolates from lesser-known brands except two to three, although it looked like it was filled wit
Feb. 14, 2019
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LG Uplus to acquire CJ Hellovision for W800b
South Korea’s third-biggest telecom firm LG Uplus said Thursday the company has approved a plan to acquire the country’s biggest cable TV operator CJ Hellovision amid growing competition in the local pay TV market.LG Uplus’ board gave the greenlight for the company to purchase a stake of 50 percent plus one share in CJ Hellovision from its holding company CJ E&M. The deal is estimated to cost about 800 billion won ($711 million), according to LG Uplus and CJ E&M.“The acquisition will be the firs
Feb. 14, 2019
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Coupang signs MoU with HP Korea for long-term partnership
As part of its efforts to expand strategic alliance with global brands, Coupang on Thursday signed a memorandum of understanding with HP Korea for strengthened strategic partnership, the firm said.The signing ceremony held in Seoul was attended by Coupang’s CMG Business VP Dan Wright, Senior Director James BH Lee and Fellow Jonathan Burks along with HP Korea’s Country Managing Director Kim Dae-hwan and HP AP Consumer Personal Systems Director Vivian Chua. Coupang’s Senior Director James BH Lee
Feb. 14, 2019
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Emart to focus on online sales, convenience stores
Emart Inc., South Korea's largest hypermarket chain, said Thursday that it aims to raise its online sales by 30 percent this year, and open more convenience stores.The retail giant, part of Shinsegae Group, also will further nurture its warehouse store, Emart Traders. (Yonhap)The company expects its sales for the year to grow by 17.8 percent to 20.08 trillion won ($17.85 billion) on a consolidated basis.On a standalone basis, its revenue is projected at 15.68 trillion won this year, up 5.1 perce
Feb. 14, 2019
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[Newsmaker] Concerns rise over workplace safety at Hanwha after deaths of 3 workers
The deaths of three employees in an explosion at a Hanwha factory on Thursday have fueled concerns about workplace safety at the major Korean conglomerate, as an explosion at the same factory had claimed the lives of five people just seven months ago. Hanwha confirmed Thursday three employees had died after the explosion at its plant in Daejeon, a city some 140 kilometers south of Seoul. (Yonhap)“We express our deep condolences to the victims and their families. We will do our best to address th
Feb. 14, 2019
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Some 2.9m tourists made use of Airbnb in Korea last year
A total of 2.9 million tourists used Airbnb Inc., a global house-sharing platform, last year, up 56 percent from a year earlier, the company said on Thursday.Seven out of 10 Airbnb users, or some 2.02 million, were locals, with some 156,200 Chinese tourists to South Korea staying at Airbnb accommodations, accounting for 17 percent of all foreign tourists using the house-sharing platform, it added. (Yonhap)Airbnb hosts earned an average of 4.94 million won ($4,400) last year, according to the com
Feb. 14, 2019
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What 5G office looks like: No more desktops or cables
Clocking in for work at Centropolis, a high-rise business building in downtown Seoul, office workers literally have to do nothing other than, well, start working. They have no entrance pass for security or card to swipe through a reader. All they need is their smartphones connected to the fifth-generation network. They enter through a door with face recognition and immediately start working at reserved desks after connecting their phones on a docking pad to a cloud computing system. No deskto
Feb. 13, 2019
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Korean bio firms acquire US biotech firm Argos Therapeutics
Korean bio companies SCM Life Science and Genexine have teamed up to acquire US-based Argos Therapeutics, the companies announced Wednesday. Argos Therapeutics, a cancer vaccine developer, is to be renamed CoImmune. It will continue as an independent entity in the US.Through the acquisition valued at 12.5 billion won ($11.1 million), SCM Life Science and Genexine now co-own Argos’ 1,860 square-meter stem cell drug manufacturing facility, human resources and intellectual property. SCM Life Scienc
Feb. 13, 2019
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Korean version of Orange Book makes generic drug data accessible
Information on generic drugs approved in South Korea, and their efficacy, will become easier to browse through the Korean version of the US’ Orange Book, the Ministry of Food and Drug safety said Wednesday.The Orange Book is an online list of approved generic drugs, with evaluation results to support their therapeutic equivalence to originals. It was first created in the US in October 1980. Japan followed suit with the JP-Orange Book in September 2002.The K-Orange Book can be found at http://ned
Feb. 13, 2019
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Hyundai, Kia revamp recruitment system
South Korean auto giant Hyundai Motor and its sister company Kia Motors will hire new talents year-round, ditching their conventional recruitment system. Starting this year, the companies will hire new employees by opening job vacancies all year round, the company said on Wednesday in a statement. The new system is seen as an attempt to make changes in its corporate culture, often criticized as hierarchical and monolithic. (Hyundai Motor)It is aimed at securing young talents capable of leading
Feb. 13, 2019
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Posco Daewoo acquires Ukraine grain export terminal
Posco Daewoo, the trading arm of steel giant Posco, has acquired a 75 percent stake in a grain export terminal held by a Ukrainian logistics firm as part of efforts to bolster its position as a global grain trader, the company said Wednesday.Posco Daewoo has signed a contract with Orexim Group, a logistics firm in Ukraine, entitling the Korean firm to operating rights over the terminal. Orexim will keep the rest of the shares, officials said, while declining to reveal the takeover price, citing
Feb. 13, 2019