Most Popular
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Samsung undecided on extending Olympic partnership
Samsung Electronics Co., which is currently an official partner of the International Olympic Committee, is undecided on whether to extend its contract that runs through the 2020 Tokyo Summer Olympics, industry sources said Thursday.South Koreans have been paying attention to the possibility that the South Korean tech giant may choose to remain as the official Olympic partner as Seoul and Pyongyang recently agreed to put together a joint bid for the 2032 Summer Olympics amid considerable progress
Nov. 22, 2018
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Manufacturers shift investment focus to Vietnam from China
South Korean manufacturers have been shifting the focus of their overseas direct investment to Vietnam from China thanks to tax benefits, cheaper labor and other favorable conditions, a report said Thursday.Vietnam accounted for 17.7 percent of South Korean manufacturing companies' total direct overseas investment in 2017, up sharply from 3.7 percent in 1990, according to the report by the Federation of Korean Industries. (Yonhap)In contrast, the comparable figure for China tumbled to 27.6 perce
Nov. 22, 2018
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Samsung, LG solidify global TV market presence with premium products
South Korean tech manufacturers expanded their presence in the global TV market in the third quarter, data showed Thursday, by solidifying their control over large premium models.According to the data compiled by IHS Markit, Samsung Electronics Co. took up 28.4 percent of the global TV market in terms of shipments in the July-September period, followed by LG Electronics Inc. with 15.4 percent. Samsung topped the list for the 49th consecutive quarter since 2006. (Yonhap)Japan's Sony Corp. followe
Nov. 22, 2018
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Mirae Asset qualifies as private equity operator in China
Mirae Asset Global Investments has become the first South Korean asset management company to qualify as a private equity fund operator in China, officials said Wednesday. Mirae Asset Global Investments websiteMirae Asset Overseas Investment Fund Management Shanghai, the Chinese office of Mirae Asset Global Investment, has registered with the Asset Management Association of China as a private fund management wholly foreign-owned enterprise.The Korean company became the 16th overseas financial com
Nov. 21, 2018
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FTC to report Kumho head to prosecutors over unfair internal transactions
The chairman of Kumho Asiana Group, a South Korean conglomerate with businesses in the logistics and airline industries, is slated to be reported to prosecutors by the nation’s antitrust watchdog over the alleged arrangement of unfair internal transactions with affiliates, according to local media outlets on Wednesday.According to the reports, the Fair Trade Commission is preparing to report Chairman Park Sam-koo and several executives to prosecutors over alleged violations of the fair trade law
Nov. 21, 2018
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Coupang secures $2b investment from SoftBank
South Korean e-commerce company Coupang said Wednesday that it has secured a $2 billion investment from SoftBank’s Vision Fund, which will be injected into consumer-first technology including its logistics network.SoftBank’s latest investment is the largest investment amount ever received by a South Korean online retailer, according to Coupang. It comes three years after SoftBank invested $1 billion in Coupang in 2015. Coupang CEO Kim Bom (right) poses with SoftBank founder and CEO Masayoshi So
Nov. 21, 2018
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Non-financial information to be used for credit evaluation: regulator
The financial regulator said Wednesday it will allow financial institutions to use non-financial information for their credit evaluation of an individual who applies for a loan. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks as the ruling Democratic Party and the government announced a set of measures to promote the financial technology sector that uses big data analytics. Choi Jong-ku (C), chairman of the Financial Services Commission, speaks at a government-rulin
Nov. 21, 2018
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LG Display installs donation kiosks at facilities
LG Display Co., a display panel maker under LG Group, said Wednesday it has installed electronic kiosks in its facilities across the country, helping employees make donations easily.The company said employees can swipe their identity cards on the kiosks and make donations ranging from 1,000 won ($0.88) to 10,000 won, which will be automatically deducted from their paychecks.LG Display said the project was designed to encourage employees to participate in making contributions to the community. (Y
Nov. 21, 2018
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Samsung unveils horticulture LED products for greenhouse, vertical farming
Samsung Electronics Co. on Wednesday showcased a new lineup of horticulture light-emitting diode solutions optimized for greenhouses and vertical farming, which can help farmers improve produce quality. The South Korean tech giant said the new products, including white full-spectrum packages and modules, as well as color LEDs, provide farmers with a broader spectrum of light that leads to healthier plant growth, along with reduced lighting system costs. "Samsung's full-spectrum-based horticultur
Nov. 21, 2018
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Big firms invest over W1tr in 4th industrial revolution startups
Large companies in South Korea have invested more than 1 trillion won ($890 million) in startups engaging in the so-called fourth industrial revolution over the past three years, a corporate tracker said Wednesday.A total of 53 large firms invested a combined 1.06 trillion won in 210 venture companies engaging in artificial intelligence, big data and the Internet of Things between 2015 and the third quarter of this year, according to CEO Score, which tracks corporate management. (Yonhap)The amou
Nov. 21, 2018
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S. Korea's Jeju Air in $4.4b 40-plane Boeing order
South Korean budget carrier Jeju Air has ordered 40 airplanes from US manufacturer Boeing for $4.4 billion, the airline said on Tuesday, one of the country's largest-ever aircraft purchases. Jeju Air is placing firm orders for 40 B737-MAX 8 models, with deliveries running from 2022 to 2026, with options for 10 more, it said in a regulatory filing. (Yonhap)The firm was spending $4.4 billion to buy the planes, it said, describing the deal as the biggest contract by a South Korean carrier for a si
Nov. 20, 2018
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Korea accelerates post-Brexit trade deal with UK
South Korea is slated to hold a public hearing on Wednesday on a move for a free trade agreement with the UK in an effort to cushion risks posed to Korean firms doing business in the UK after Brexit. Official negotiations of the trade deal may start as early as next year if all trade procedures go smoothly. Since Britons voted in a June 2016 referendum to leave the European Union, the Korean government has been making efforts to retain and develop relations with the UK in response to changes in
Nov. 20, 2018
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Business, political leaders of Korea, China urge Asia to stay open, innovative
In the face of growing protectionism and anti-globalization moves, Asian countries should remain open to multilateral and free trade platforms, and seek innovative strategies to keep economic growth high, according to business and political leaders from South Korea and China at a forum in Seoul on Tuesday.“Asia today is facing uncertainties (instigated by) anti-globalization, protectionism and isolationism,” said former United Nations Secretary-General Ban Ki-moon at the Boao Forum for Asia Seou
Nov. 20, 2018
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Lotte, Shinsegae to vie for full acquisition of Ministop Korea
South Korean retail giants Lotte and Shinsegae are likely to vie for acquiring 100 percent of Ministop Korea, the fourth-largest convenience store chain here in terms of the number of locations. According to Japan’s Aeon Group, the largest shareholder of Ministop Korea, it had received bid proposals from Lotte, Shinsegae and Seoul-based Glenwood Private Equity as of Tuesday. Ministop Korea (Yonhap)A preferred bidder is to be decided in a week, according to Nomura Securities, which was chosen as
Nov. 20, 2018
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Analysts up value of SK Innovation on growing battery cells business
Encouraged by its expanding battery cells business, analysts here are raising their estimates of the value of SK Innovation amid a series of new orders and investment plans by the firm.SK Innovation(Yonhap)SK Innovation, the owner of South Korea’s biggest refiner, SK Energy, is expected to see its corporate value in 2022 increase by 14 trillion won from the current level, according analyst Lee Do-yeon of Korea Investment and Securities Co. Added to the current value, the figure in four years cou
Nov. 20, 2018
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Hyundai, Kia vehicle sales in China improve after THAAD woes
Hyundai Motor Co. and its affiliate Kia Motors Corp. posted improved sales in China in the January-October period after a diplomatic row over a U.S. missile defense system last year, the companies said Tuesday. From January to October, Hyundai sold 631,171 vehicles in China, up 11 percent from 569,356 units a year earlier. Kia's sales rose 9.1 percent to 278,382 autos from 255,182 during the same period, the carmakers' sales data showed. The corporate headquarters of Hyundai Motor Co. and Kia Mo
Nov. 20, 2018
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Mobile payments at convenience stores spike this year
Mobile payments at South Korean convenience stores have more than doubled this year thanks to the greater use of smartphones and the expansion of mobile settlement services, a market player said Tuesday.South Korea's top convenience store chain CU said the number of so-called easy mobile payments at its outlets soared 121.5 percent on-year in the first 10 months of the year. (Yonhap)Convenience chain operators in Asia's fourth-largest economy adopted the easy mobile payment system in 2011, but
Nov. 20, 2018
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FKI co-hosts Boao Forum Seoul, seeking a comeback
A regional program of the Boao Forum, referred to as Asia’s Davos conference, kicked off Monday in Seoul, bringing more than 800 political and business leaders from China and South Korea together to discuss the future of Asia. The first event held in Asia outside of China was jointly organized by the Federation of Korean Industries, once an influential business lobby group here. Eyes are on not only the significance of the event, but also on whether it could be a chance for the FKI to rebuild it
Nov. 19, 2018
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KITA hosts meeting to boost trade between Korea, US
The Korea International Trade Association hosted a meeting Monday between US Ambassador to South Korea Harry Harris and executives from major Korean conglomerates doing business in the US, in an effort to boost trade.KITA CEO Kim Young-ju (left) and executives from Korean conglomerates meet with US Ambassador to South Korea Harry Harris (right) and other representatives from the US Embassy, in an effort to boost trade between the two nations, in Seoul on Monday. (KITA)The meeting held in Seoul w
Nov. 19, 2018
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Korea Gas Corp. aims to take lead in global LNG
Korea Gas Corp. aims to take the lead in the global market with its liquefied natural gas business on the back of its stable business at home. Liquefied natural gas is widely considered a “clean” fuel because dust, sulfur and nitrogen are removed in the liquefaction process, therefore lower levels of pollutants are emitted when it burns. It also presents a lower risk of explosion even if it leaks, as the gas tends to dissipate in the air. Korea Gas Corp. holds a ceremony to mark the beginning of
Nov. 19, 2018