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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Pianist Lim Yunchan double winner at Gramophone Awards
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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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July sales at duty-free stores rise despite THAAD spat
Sales of South Korean duty-free stores improved in July, industry data showed Thursday, despite a sharp drop in the number of foreign tourists following a diplomatic row between Seoul and Beijing over the deployment of a US missile defense system here.The sales to foreigners at local duty-free shops came to $693 million last month, up 8.8 percent from $637 million tallied a year earlier, according to the data compiled by the Korea Duty Free Shops Association. The tally for June also jumped 10.2
Aug. 24, 2017
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W100b reserve set up for refund guarantees for small and mid-sized shipbuilders
South Korea set up a 100 billion-won ($88.7 million) reserve for policy banks to issue refund guarantees for small and mid-sized shipbuilders, officials said Thursday. The fund is aimed at supporting small and mid-sized shipbuilders, which are struggling with prolonged losses amid expectations that new orders may rise, the Financial Services Commission said in a statement. (Yonhap)RG is a form of security for the ship purchaser, which usually makes advance payments on an order. In case the order
Aug. 24, 2017
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Investment by global chipmakers soar in Q2 on Samsung
The combined investment rolled out by global chipmakers in the second quarter reached record-high levels fueled by efforts made by Samsung Electronics Co., data showed Thursday.According to industry tracker IC Insights, global chipmakers made a facility investment worth $23.5 billion in the April-June period. The total is the highest figure to date. (Yonhap)Over the first half, the companies made an investment worth $42.5 billion, rising 48 percent from $28.7 billion tallied a year earlier.The i
Aug. 24, 2017
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Whisky customers opting for low-proof products amid market slump
South Korea's whisky market, which has been contracting for eight years in a row, is showing some changes as buyers opt for low-proof products and brand diversity, industry watchers said Thursday.Scotch whisky over 40 proof had dominated the market, but is being replaced by those with weaker alcohol content, according to data. Sales of high-proof Scotch whisky fell 46 percent in the January-July period this year compared with the same period in 2014. Sales of low-proof whisky, however, surged 13
Aug. 24, 2017
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LS C&S Asia signs cable supply deal worth W4.5b
LS Cable & System Asia signed a cable supply deal worth $4 million with Myanmar’s mobile operator Mytel, the company said Wednesday.Mytel is a telecommunication firm in Myanmar that Viettel, the largest telecom operator in Vietnam, founded together with a local consortium with $2 billion of investment. Optical cables of LS Cable & System Asia’s LSCV unit in Vietnam (LS Cable & System Asia)“The deal made with Viettel earlier this year helped the company enter the market in Myanmar,” LS C&S Asia
Aug. 23, 2017
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[Advertorial] KDB supports ethnic Koreans from post-Soviet states
The state-run Korea Development Bank offered financial support to a town in Gwangju that is home to Korean descendants who moved back here from post-Soviet states, according to officials.KDB Chairman and Chief Executive Officer Lee Dong-geol on Tuesday delivered the 20 million won ($17,700) fund to a representative of the town’s residents, Shin Jo-ya, a 61-year-old ethnic Korean from Uzbekistan and descendant of an independence fighter during Japan’s colonial rule.The money will be used for the
Aug. 23, 2017
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Hanjin chief postpones police questioning due to health
Hanjin Group Chairman Cho Yang-ho (Hanjin Group)Hanjin Group Chairman Cho Yang-ho, and his wife have postponed their appearances for questioning before police due to health issues, police said Wednesday.“The chairman formally requested postponing questioning because he is unable to take a long flight from the US, where he is receiving treatment,” said a spokesperson for Hanjin. “It is unclear when the police will call him again for questioning.”Cho and his wife Lee Myeong-hee are facing allegati
Aug. 23, 2017
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Asiana Airlines strengthens specialized freight
A cargo plane of Asiana Airlines (Asiana Airlines)Asiana Airlines said Wednesday that it would be focusing on strengthening its specialized freight services as a future driver of growth. In the first half of 2017, Asiana saw 598.5 billion won ($529 million) in revenue from freight services, up over 100 billion won from last year. “The rise was mainly due to a rise in freight demand in the IT sector,” said an official with Asiana Airlines. “We do not currently have plans to add freight aircraft,
Aug. 23, 2017
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Shipyards rebound but uncertainties continue
Stocks of South Korean shipyards, led by Hyundai Heavy Industries Co., rebounded Wednesday, ending their declines for the past few days, but uncertainties still lie ahead over whether they will be able to secure new orders, industry sources said Wednesday.Hyundai Heavy traded at 152,500 won ($135) on the Seoul bourse as of 2:15 p.m., up 1.67 percent from the previous session's close but the gain still marks a sharp drop from its yearly high of 187,500 won reached in mid-June.Samsung Heavy Indust
Aug. 23, 2017
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Korea stepping up drive to woo foreigners to PyeongChang
South Korea is speeding up its efforts to promote the 2018 PyeongChang Winter Olympics, a move that can help the country achieve this year's target of attracting some 20 million foreign visitors, tourism authorities here said Wednesday.The Korea Tourism Organization has teamed up with the Gangwon Provincial government to conduct global promotional events with the help of its 32 overseas branches, a KTO spokesman said over the phone. The winter sports games are scheduled to be held in the host ci
Aug. 23, 2017
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Samsung bolsters education program in Myanmar for children
Samsung Electronics Co. said Wednesday it introduced three buses equipped with IT facilities in Myanmar to provide underprivileged children with educational programs.The South Korean tech giant first introduced "Samsung Mobile Education Bus" in Myanmar in 2015. The company said the new buses are equipped with a class room as well as kitchen facilities. (Yonhap)Samsung said the program aims to visit children in Myanmar who have limited access to educational opportunities.Using the buses, Samsung
Aug. 23, 2017
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Retailers cut egg prices amid contamination scandal
South Korean retailers are lowering the prices of their egg products amid a decline in demand due to safety concerns sparked after eggs from local farms were found to be contaminated with banned chemicals, industry sources said Wednesday.E-Mart Inc., the country's largest discount store chain operator, said a carton of 30 eggs will be cut by 500 won ($0.44) to 6,480 won. Homeplus Co., another hypermarket chain operator, also said it will lower the price of a carton of 30 eggs to 6,980 won from 7
Aug. 23, 2017
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Lawmakers agree on pursuing tax hike for HNB tobacco
Lawmakers agreed Tuesday to pursue changes to current tax legislation that would raise individual consumption taxes on heat-not-burn tobacco products to the same level as combustible cigarettes. The Glo system from British American Tobacco is displayed. (Yonhap)The taxation committee discussed three different proposals regarding the consumption tax on the new types of e-cigarettes that heat, rather than burn, tobacco to create vapor. It decided to impose a tax of 594 won (52 cents) per pack of 2
Aug. 22, 2017
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Beer tops alcohol imports for first time
Beer was the most imported type of alcoholic beverage in Korea this year, data showed Tuesday. This was the first time that imports of beer topped imports of other drinks such as wine and whisky. According to the Korea International Trade Association’s data information system, Korea imported $143.92 million worth of beer from January to July this year, marking a 50.5 percent rise from the same period last year. Imports of wine during the same period reached $111.46 million, while that of whisky
Aug. 22, 2017
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Hyundai Merchant cargo processing hits record at Busan port
Hyundai Merchant Marine Co., the country's top shipping firm, said Tuesday that its cargo processing at Busan Port, the largest sea gateway in the country, jumped 93 percent in July from a year earlier, hitting a record high.Hyundai Merchant processed 167,018 twenty-foot equivalent units of cargo through the port, 453 kilometers southeast of Seoul, last month, the second-largest volume after Maersk. The total includes 81,300 TEUs of imports and exports, an increase of 64 percent on-year, and 85,
Aug. 22, 2017
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Samsung expands Bixby into 200 nations
Samsung Electronics is expanding its voice assistant service Bixby into around 200 nations, the tech firm said Tuesday. Bixby, which was launched in Korean in May and English in July, is an artificial intelligence-powered digital assistant available for Samsung’s new flagship smartphones Galaxy S8 and Galaxy S8 Plus. Users can interact with Bixby by pressing a power button on the left side of the devices or simply say “Hi Bixby.”“We are expanding the Bixby service into the global markets to make
Aug. 22, 2017
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[Advertorial] LG Chem aims to join global top five by 2025
LG Chem aims to become one of the global top five firms in the chemical industry by 2025, with 3.8 trillion won ($3.3 billion) of spending on capital expenditure and research and development for its key businesses this year. LG Chem’ researchers test the performance of Reverse Osmosis, or RO, filters at its plant located in Chungju. (LG Chem)The company set aside 2.76 trillion won for capital expenditure and 1 trillion won for research and development to further strengthen its four units -- bas
Aug. 22, 2017
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Creditors of Kumho Tire delays meeting as Doublestar demands discount
Creditors of Kumho Tire Co. on Tuesday postponed their meeting after China's Qingdao Doublestar Co. demanded a cut in its bidding price for the South Korean tiremaker. The creditors, led by the Korea Development Bank, had been scheduled to hold the meeting earlier in the day to discuss Doublestar's demands. Doublestar signed a deal with the creditors in March to buy a 42.01-percent stake in Kumho Tire for 955 billion won ($841.7 million). After months of a bitter dispute over the use of Kumho Ti
Aug. 22, 2017
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Sales of heating products surge ahead of fall
Online sales of heating items soared last week as the summer season is coming to an end and people prepare for cooler weather, industry data showed Tuesday. According to the data compiled by Gmarket, a major online shopping mall here, sales of electric blankets from Aug. 13-16 soared 205 percent on-year. The company declined to provided details on the actual number. This undated photo provided by Gmarket, a major online shopping mall, on Aug. 22, 2017, shows an electric blanket laid on a bed. (Y
Aug. 22, 2017
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Doosan Heavy sliding on free-nuclear policy
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, traded at a yearly low on Tuesday on concerns that it would suffer from the new government's policy against nuclear power and thermal power generation.Doosan Heavy stocks were trading at 17,900 won ($15.80) on the Seoul bourse as of 10:05 a.m., down 0.56 percent from the previous session's close and nearing their lowest level in one year. In June, the government said the construction of the two reactors -- Shin
Aug. 22, 2017