Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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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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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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Retailers woo solo drinkers with 'honsul' gift sets
South Korea's retailers are wooing solo drinkers with gift packages targeting single households as a growing number of people have opted to live alone in recent years, industry sources said Tuesday.Eating and drinking alone have taken root as a new normal in a society that has seen a steep rise in the number of single-person households. The percentage of those living alone stood at 27.2 percent in 2015 and is expected to rise to 29.6 percent in 2019 to become the most common household type in t
Sept. 12, 2017
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Starbucks set to post record operating profits in Korea in 2017: sources
Operating profits of Starbucks Coffee Korea are expected to exceed 100 billion won ($88.4 million) this year amid growing popularity of the US coffeehouse chain here, industry sources said Tuesday.The 50-50 joint venture between retail conglomerate Shinsegae and the US coffee giant posted 52.8 billion won in operating profits on 593.5 billion won in sales during the first six months this year.It is the first time Starbucks recorded over 50 billion won in operating profits since it opened its fir
Sept. 12, 2017
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Kumho prepares fateful plan to buy back tire unit
The fate of Kumho Tire, the nation’s second-largest tiremaker, hangs in the balance as Kumho Asiana Chairman Park Sam-koo has prepared a management plan to be submitted to creditors on Tuesday to persuade them to keep him on board as top brass, and to open another opportunity to buy back the beleaguered tire company.Creditors of the tire company led by Korea Development Bank have asked Park to submit a proposal to revive the flailing finances of the tire company, which saw a 50.7 billion won ($4
Sept. 11, 2017
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[Monitor] Spending soars on health care
Private spending on health-related items and services surged drastically among households in South Korea, surpassing 10 trillion won ($8.86 billion) for the first time in the second quarter this year, data from the Bank of Korea showed Monday.It was a 4.8 percent increase from the previous quarter.The health care spending includes hospital fees not covered by health insurance. Spending on health care has nearly doubled in the past decade, from 5.24 trillion won in the same quarter of 2007, a tre
Sept. 11, 2017
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LIG Nex1 steps up Europe advancement
LIG Nex1, a South Korean defense company participated in the Miedzynarodowy Salon Przemysly Obronnego 2017 held in Poland last week, as part of its efforts to step up its foray into the European market. The exhibition, which took place in Targi Kielce Exhibition & Congress Center in Kielce, Poland on Sept. 5-8, was a first for LIG Nex1, which the company believes will be a significant milestone in tapping the global defense market. Norwegian Defense and Security Industry Association President To
Sept. 11, 2017
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American Airlines appoints new head in Korea
American Airlines appointed Jang Eun-seok to head its business unit in Korea, the company said Monday. The US air carrier has operated its local business office here since 2013, starting with its nonstop flight between Incheon Airport and Dallas-Fort Worth International Airport in the US. Early this year, the company also started to fly new Boeing 787-9 aircrafts for its routes to Korea.“It is my great pleasure to lead the local unit of the world’s biggest airline company, said Jang. “I will try
Sept. 11, 2017
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Foreign luxury brands hike prices amid arrival of wedding season: sources
Foreign luxury brands raised the prices of their products early this month, industry sources said Monday, amid the arrival of the fall wedding season that fuels demand.French luxury brand Chanel said it began lifting the prices of it products by up to 17 percent as of Sept. 1.Prices of Classic 2.55 Medium and Mademoiselle Vintage bags have been jacked up to 6.94 million won ($6,133) from 6.77 million won and to 3.86 million won from 3.80 million won each.The price of Chanel Moccasin shoes also i
Sept. 11, 2017
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FTC rejects Hyundai Mobis' commitment decision request
South Korea's antitrust watchdog said Monday that it has decided to reject a commitment agreement request by Hyundai Mobis Co., the country's largest auto parts maker, which is suspected of abusing its market power.The company has been under investigation by the Fair Trade Commission for forcing its dealerships to meet an unreasonable sales target between January 2010 and November 2013, according to the watchdog. (Yonhap)In a commitment request filed in June, Hyundai Mobis said it will compensat
Sept. 11, 2017
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Venture minister nominee vows deregulation for startups
The nominee for the head of the Ministry of SMEs and Startups vowed Monday to cut back regulations on the tech industry to encourage companies to spearhead innovative technology and establish clusters for startups.Park Seong-jin made the pledge as he pitched his plans to lead the new ministry, which was created in July, to help small and medium-sized enterprises and startup companies."I will make every effort to revitalize innovative businesses and create a healthy environment for SMEs and ventu
Sept. 11, 2017
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Tour promotion event held in Bangkok
South Korea's tourism promotion agency said Monday that it has held a two-day event in Thailand over the weekend to attract more Thai tourists and promote Korean goods.During the 2017 Love Korea Weekend organized by the Korea Tourism Organization, a slew of South Korean firms set up booths to promote their goods as well. Visitors look around booths during a Korean tour fair that took place in Bangkok on Sept. 9, 2017, in this photo provided by the Korea Tourism Organization. (Yonhap)According to
Sept. 11, 2017
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Top 10 groups take up bulk of listed firms' H1 operating income
Units of South Korea's top 10 family-controlled conglomerates contributed nearly 60 percent to the first-half operating income of all listed companies, data showed Monday, pointing to their huge presence here.The combined operating income of 91 listed companies belonging to the leading business groups soared 72.1 percent on-year to 39.3 trillion won ($34.7 billion) in the January-June period, with the number for the remaining 1,813 firms rising a mere 1.3 percent to 26.8 trillion won.The top 10
Sept. 11, 2017
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E-commerce seeks better profits with mobile shopping
E-commerce firms are seeking strategies such as linking up with artificial intelligence and exclusive products to increase profitability, as consumers continue to shift their shopping tendencies to mobile platforms. According to numbers from Statistics Korea, in July mobile shopping transactions reached over 4 trillion won ($3.53 billion) for the first time, rising 35.1 percent on-year. Mobile shopping made up 62 percent of all online shopping.The rise in sales transactions has not been accompan
Sept. 10, 2017
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Shipyards lose nearly quarter of employment insurance policy holders in August: data
The number of workers covered by employment insurance declined sharply in the shipbuilding industry last month from a year earlier, government data showed Sunday, as yards undertake massive restructuring in the face of sluggish business conditions.South Korea's top three shipyards suffered a combined operating loss of 8.5 trillion won ($7.5 billion) in 2015 due largely to increased costs stemming from a delay in the construction of offshore facilities and an industrywide slump.South Korea, howev
Sept. 10, 2017
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[Power Korea] MBG Group jumps into nickel development in Indonesia
Amid growing demand for electric vehicles globally, Korean bio firm MBG Group has jumped into the race to explore nickel, a key chemical element of EV batteries, in Indonesia which is rich in the resource. MBG Group was established in 2009 as a startup within the nation’s top-notch science college, Korea Advanced Institute of Science & Technology. It has since developed five medical devices that received first grade from the US Food and Drug Administration alongside 20 general medicine and medic
Sept. 10, 2017
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[Ask a Lawyer] Why multinational firms should learn BEPS project
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.Q. As a management at the multinational enterprise in Korea, I have frequently come across the new term, “Base Erosion and Profit Sharing (BEPS)” project in newspapers. What should I prepare for this?A. The most discussed international taxation issue of late is legi
Sept. 10, 2017
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SK Innovation launches 3rd Big Picture of Innovation campaign
SK Innovation has introduced the third version of its Big Picture of Innovation campaign, it said Friday.Big Picture of Innovation is SK Innovation’s public relations campaign that comes in a series of visual artworks that are featured by renowned artists and new art techniques. SK Innovation’s latest campaign features cymatics, the art of visualizing audio frequencies of music. Local performance group Silo Lab carried out the artwork, the company said. This is the first time for a Korean compan
Sept. 10, 2017
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New Incheon airport terminal to open in January
The second passenger terminal at Incheon International Airport will open in January next year, as it has been systematically integrated with the existing terminal, the country's largest air terminal operator said Sunday. The integrated information system that connects the two terminals was completed Thursday, according to the Incheon International Airport Corp. This file photo, taken Aug. 21, 2017, shows the new second passenger terminal at Incheon International Airport in Yeongjongdo, west of
Sept. 10, 2017
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Size of Korea‘s restaurant industry hits W192tr: data
The size of South Korea's restaurant industry stood at 192 trillion won ($16.9 billion) as of 2015, official data showed Sunday.According to the latest findings by the Ministry of Agriculture, Food and Rural Affairs, the local market was comprised of a 82 trillion-won food processing sector and a 108 trillion-won eatery business, with some 660,000 restaurants and eateries in the country. The numbers are a gain of 0.9 percent from the year before.The figures translate into one eatery for every 78
Sept. 10, 2017
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Hotel Lotte opens 8th overseas location in Yangon
Hotel Lotte Co., the operator of South Korea's biggest hotel chain, has opened a hotel in Yangon, Myanmar, as part of its gradual expansion strategy, the company said Sunday. On Friday, Lotte Hotel Yangon began operations in the largest city in the Southeast Asian country as the Korean company's eighth overseas location, Hotel Lotte said in a statement. Lotte Hotel Yangon, seen here, is Hotel Lotte Co.`s eighth overseas location. (Yonhap)Lotte has expanded its hotel chain overseas as part of ef
Sept. 10, 2017
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Gift preorders surge ahead of long Chuseok holiday: data
Preorders for gifts to relatives and acquaintances are surging ahead of this year's very long Chuseok holiday, industry data showed Sunday.The 10-day holiday, the longest in decades, starts on the Sept. 30 weekend, runs through the three-day long Chuseok holiday and ends with Hangeul Day, which commemorates the invention of the Korean alphabet that falls on Oct. 9. The government earlier designated Oct. 2, which is a normal working day as a one-off holiday in the hopes it will spur domestic cons
Sept. 10, 2017