Most Popular
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Slew of top K-pop stars ready to return from military
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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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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Prosecutors open probe into Samsung BioLogics' alleged breach of closure rule
Prosecutors opened an investigation on Wednesday into a financial regulator's complaint that a pharmaceutical affiliate of Samsung Electronics Co. breached disclosure rules regarding a call option it gave to an American shareholder, officials said. The Securities and Futures Commission, under the Financial Services Commission, concluded last month that Samsung BioLogics deliberately did not disclose that it gave US firm Biogen the rights to buy stocks of its subsidiary, Samsung Bioepis, at a pre
Aug. 1, 2018
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[Newsmaker] Korea hits setback in UK nuclear power plant project
On Wednesday the South Korean government scurried to calm escalating debate over the latest setback faced by the state-run Korea Electric Power Corporation in acquiring a nuclear power plant construction project in the UK.It was revealed that Kepco lost its status as the preferred bidder to obtain Toshiba’s 100 percent stake in the NuGen nuclear power plant project last month, as the Japanese company felt burdened by prolonged negotiations and high operating cost, in order to open doors to alter
Aug. 1, 2018
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Jeju Air to open Holiday Inn Express Hongdae next month
Jeju Air will open Holiday Inn Express Hongdae in Mapo-gu, Seoul, in September, the first attempt by the South Korean low-cost carrier to run a hotel business. A room at Holiday Inn Express Hongdae (Jeju Air)In 2016, Jeju Air invested in hotel construction by clinching a partnership with InterContinental Hotels Group, one of the world’s largest hotel companies, which operates over 2,500 hotels globally.Holiday Inn Express Hongdae is located at the main junction of Hongik University Station. It
Aug. 1, 2018
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Hite Jinro launches plum-flavored soju in US
South Korean liquor maker Hite Jinro said Wednesday that its low-alcohol fruit-flavored soju Jinro Plum will be sold in the US from this month.The company is betting on its fruit liquor series following the success of Jinro Grapefruit and Jinro Green Grape launched in 2016. Jinro Plum (Hite Jinro)Jinro Plum, which has alcoholic content of 13 percent, is the third in the fruit soju series. It has been developed exclusively for export, the company said. Buoyed by global popularity of the fruit liq
Aug. 1, 2018
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Budget carrier T'way makes debut on main bourse
T'way Air Co., the South Korean low-cost airline, made its first appearance on the country's main bourse on Wednesday, becoming the third budget carrier to be traded on the market.The budget carrier, which was launched in August 2010 with two planes, currently has a fleet of 20 and flies on 47 regular routes. (Yonhap)T'way said it has been making efforts to expand its presence by organizing flights departing not only from Incheon International Airport but from other major South Korean cities, in
Aug. 1, 2018
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Stiffer law to nearly triple number of companies subject to antitrust supervision
The number of companies subject to regulatory supervision will nearly triple if the Fair Trade Commission's proposed stiffer guidelines on inter-affiliate trading are enforced, according to a corporate analysis Wednesday.CEO Score, a website that appraises conglomerates, projected 623 firms will come under monitoring for illegal internal business transactions under the suggested new rule, up 175.7 percent from the current 226 companies. (Yonhap)The FTC said last month it will seek to revise the
Aug. 1, 2018
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[Feature] Expats keep console game alive despite game’s lack of presence in Korea
As the sun beat down on the asphalt streets of Seocho-gu, Seoul, on July 15, there were almost no cars or people in sight. But, beneath a nearby hanbok store was an underground gaming cafe where a small, but vibrant, group of gamers had gathered. Eighteen gamers were immersed in “Super Smash Bros. Melee,” released by Nintendo in 2001, and this community of gamers is the only one of its kind in Seoul.“Super Smash Bros.” is a series of crossover fighting games, allowing characters across different
July 31, 2018
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Line Friends opens pop-up character store in Hollywood
Line Friends, the character merchandising unit of Japan-based mobile messenger Line, announced Tuesday that it has opened its first pop-up store in Hollywood, Los Angeles, attracting more than 15,000 visitors shortly after the opening.The store officially opened Friday, and will stay open for the next three months. It is the second Line Friends store to open in the US, after the flagship store in New York City, the company said. (Line Friends)The LA-based pop-up store is located right across fr
July 31, 2018
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Korea-made drugs nearing US FDA approval, pharma exports to rise
A number of South Korean biopharmaceutical companies are expecting a boost in their product exports to North America as they draw closer to securing regulatory approval to commercialize their new drugs in the US market this year. Nearest to this goal is GC Pharma, a Korean biopharma company formerly known as Green Cross. The company expects the US Food and Drug Administration to approve its immunodeficiency treatment IVIG-SN, short for human normal immunoglobulin G for intravenous administration
July 31, 2018
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Age limit to be expanded for housing subscription savings account
The Ministry of Land, Infrastructure and Transport said Tuesday the age limit for preferential savings accounts designed to help Koreans purchase houses will be expanded from the current 29 to 34. The minimum age for qualification remains the same at 19. The ministry said the expanded age limit will take effect in 2019, after a legal procedure for the revision is completed. Finance Minister Kim Dong-yeon (center) announces the tax code revision at the Sejong Government Complex on Thursday. (Yon
July 31, 2018
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Korean retailer E-Land pulls Coffee Bean & Tea Leaf biz out of China
E-Land, a major South Korean outlet mall operator, said Tuesday it has decided to withdraw its Coffee Bean & Tea Leaf business from China in a move to improve its financial structure.The decision came three years after the South Korean retailer signed an agreement with the US coffee chain operator to move into the Chinese market. (Yonhap)E-Land opened the first Coffee Bean & Tea Leaf store in Shanghai in 2016 and opened 16 more outlets throughout the country, but began the withdrawal process i
July 31, 2018
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Korea's industrial output falls 0.6% in June
South Korea's industrial output fell in June from a month earlier, hit by weaker capital investment and export growth, government data showed Tuesday.Production in the mining, manufacturing, gas and electricity industries declined 0.6 percent on-month in June, following an adjusted 1.2 percent on-month gain in the previous month, according to the data by Statistics Korea. (Yonhap)From a year earlier, industrial output fell 0.4 percent, following a 1.2 percent on-year rise in May. Production in t
July 31, 2018
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Korea to open medical tourism promotion center in Shanghai
South Korea will open a new center in Shanghai later this year to promote medical tourism, in line with efforts to attract more Chinese medical tourists, the health ministry said Tuesday.According to the Ministry of Health and Welfare, the center will open in September and will serve as the place for small and medium-sized medical institutions to promote their services and share information.The move comes as the number of Chinese medical tourists to South Korea has declined, mainly due to the di
July 31, 2018
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Samsung Electronics' net profit down 0.09% in Q2
Samsung Electronics Co. said Tuesday its second-quarter net profit edged down 0.09 percent on-year amid weak returns from the smartphone business, although the chip business posted another quarterly record profit.Net profit came to 11.04 trillion won ($9.8 billion) in the April-June period, compared with 11.05 trillion won posted a year earlier, Samsung said in its regulatory filing.Operating profit came to 14.87 trillion won, up 5.71 percent from the previous year. Sales edged down 4.13 percent
July 31, 2018
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Korea to invest in next-generation chips to stay ahead of China
The South Korean government will invest 1.5 trillion won ($1.34 billion) in developing new technologies and creating a manufacturing hub for next-generation chips in order to keep its leading position being sought by China, according to the Ministry of Trade, Industry and Energy on Monday. The Industry Ministry will make the investment for the next 10 years together with the Ministry of Science and ICT, titling the project “Next-Generation Intelligent Semiconductor Technology Development Project
July 30, 2018
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LG Chem vows to refrain from using ‘conflict minerals’
South Korea’s leading chemicals company LG Chem said Monday it would refrain from using four “conflict materials” as part of the company’s strengthened corporate social responsibilities concerning its supply chain. The four conflict materials include gold, coltan, tin and tungsten. These minerals are known as conflict minerals because much of the supply is sourced from the Democratic Republic of the Congo and neighboring countries where a decadeslong civil war is being waged.LG Chem said in a 20
July 30, 2018
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Hyundai Oilbank invests W2.7tr in heavy feed petrochemical complex
Hyundai Oilbank, a South Korean petroleum and refinery company, will invest 2.7 trillion won ($2.4 billion) through 2021 to build a heavy feed petrochemical complex in South Chungcheong Province in a bid to diversify its business portfolio, the company said Monday.The company has forayed into olefin and polyolefin production via its affiliate Hyundai Chemical in May.The heavy feed petrochemical complex will have the capacity to produce 750,000 tons of polyethylene and 400,000 tons of polypropyle
July 30, 2018
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Lotte set to launch new department to boost e-commerce business
South Korea's retail giant Lotte said Monday a new department in charge of the business group's online businesses is set to be launched this week as the conglomerate revs up efforts to cope with the rapid expansion of the country's online market. Earlier in May, Lotte unveiled the plan to inject 3 trillion won ($2.69 billion) into its e-commerce business in the next five years, integrating online malls that have been separately operated by its affiliates into one with an aim to generate 20 trill
July 30, 2018
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Kakao in coordination with YG for Japanese ‘webtoon’ market
Kakao, the operator of Korea’s dominant mobile messenger KakaoTalk, is working with YG Entertainment to expand its online comic content in Japan, according to industry sources on Monday.Kakao’s online comic platform in Japan, Piccoma, started to publish YG group Big Bang’s online comic series “Go Blings.” All five members of Big Bang were made into characters in the 1 2-episode series. (YG Entertainment)“Go Blings” was released on July 20 in Korea, US and Japan and will start its promotion in J
July 30, 2018
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Samsung expected to announce investment plan soon
Samsung Electronics Co. is expected to announce an investment plan centering on employment and social contributions in the near future amid Vice Chairman Lee Jae-yong's scheduled meeting with the country's finance minister, industry watchers said Monday.Finance Minister Kim Dong-yeon said last week that he will visit Samsung in "early August," hinting at a potential meeting with Lee, who has been serving as the de facto leader of the group since the hospitalization of his father in 2014. (Yonhap
July 30, 2018