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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Korea's July ICT exports hit record high for 6th consecutive month
South Korean exports of information and communication technology products increased in July to a record high for the sixth consecutive month on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.7 billion worth of ICT products were shipped overseas, up 20.9 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT. July's overseas shipments of ICT products were a record for the month, breaking the previous $14
Aug. 9, 2017
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Prosecutors indict construction firms, officials over bid rigging
Prosecutors said Wednesday they have indicted 10 construction firms and 20 officials for fixing a dozen biddings for mega public utility projects worth 3.5 trillion won ($2.83 billion). The Seoul Central District Prosecutors' Office announced the result of a probe into the allegations that some 11 local builders colluded with one another to win state-funded contracts to build 12 liquefied natural gas storage facilities in three provinces from 2005 to 2012. They face charges of violating the Fair
Aug. 9, 2017
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Complaints over overseas online purchases surge in H1
The number of complaints filed by South Korean consumers who made purchases via foreign online shopping malls increased 46.4 percent in the first half of this year, as more people bought goods directly from overseas sellers attracted by cheaper prices and diversity, data showed Wednesday.The number of complaints filed with the Cross Border Transaction Consumer Portal in the January-June period stood at 5,721, up sharply from 3,909 tallied the same period last year, according to the data compiled
Aug. 9, 2017
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State-backed startups hire far more than other firms
State-supported startups have posted far higher growth in hiring than other private firms over the past few years with their sales also gaining at a much faster clip, a government report said Wednesday.The annualized growth rate of state-backed startups averaged 19.3 percent between 2009 and 2015, 5.4 times higher than that for other private small and medium enterprises, according to the report by the Ministry of SMEs and Startups and the Korea Institute of Startups & Entrepreneurship Developmen
Aug. 9, 2017
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McDonald's seeks injunction against disclosure of consumer agency's probe result
US fast-food chain McDonald's, embroiled in a controversy over alleged undercooked hamburger patties, has filed a court injunction seeking to ban the disclosure of the result of a consumer agency's probe, the agency said Tuesday.The Korea Consumer Agency originally planned to publish a press release the same day on the outcome of its investigation of the hygiene conditions of hamburgers circulated in the local market, but canceled the plan as McDonald's filed an injunction Monday.This file photo
Aug. 9, 2017
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[News Focus] Fate of Samsung, heir hinge on ‘trial of the century’
With the court ruling on Samsung’s de facto chief scheduled for Aug. 25, questions are being raised over not only the fate of the billionaire himself, but the future of the conglomerate as well. The prosecution on Monday demanded Samsung Electronics Vice Chairman Lee Jae-yong be sentenced to 12 years in jail for his alleged role in a bribery scandal that saw the nation’s president impeached. Lee is facing the harshest criminal sentence ever sought against a chaebol leader. His father, Chairman L
Aug. 8, 2017
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Kogas active in CSR activities in and out of Korea
The state-run Korea Gas Corp. is seeking to gain public trust through its corporate social responsibility projects along with a stable supply of safe natural gas. (Korea Gas Corp.)The state-run Korea Gas Corp. is making all-out efforts to gain public trust by carrying out a wide range of activities through its Onnuri project, which handles corporate social responsibility, the company said Tuesday.“We are doing our best to give back to society and enhance the brand value of the state-run company
Aug. 8, 2017
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Convenience stores eye quality with minimum wage set to rise
The saturated convenience store market is seeking ways to continue growth as it faces intensifying competition from latecomers to the industry, further to be burdened by a hike in the national minimum wage.According to data from major convenience store chains, there are over 34,000 convenience store outlets currently operating in Korea -- about one store per 1,500 people. The number of convenience stores has continued to rise quickly since 2013, when there were just over 25,000 stores according
Aug. 8, 2017
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Dong-A Socio Holdings chairman detained for bribery, embezzlement
The chairman of South Korean pharmaceutical giant Dong-A Socio Holdings has been detained on charges of tax evasion and offering illegal kickbacks to local doctors as bribes for prescribing the firm’s drugs. The Busan District Court late Monday issued an arrest warrant for Dong-A Socio Holdings Chairman Kang Jung-seok, who the prosecution has charged with embezzlement, breach of medical law and tax evasion.Kang is alleged to have embezzled around 70 billion won ($62.67 million) in total of the c
Aug. 8, 2017
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[Exclusive] SKT to install Remote ADAS in 200 SoCar pool vehicles
SK Telecom plans to install Mobileye ADAS in 200 vehicles run by local car-sharing firm SoCar in a move to test its own safety technologies integrated with network, according to a source familiar with the matter. Israeli tech firm Mobileye’s advanced driver-assistance system, or ADAS, refers to vehicle systems used by most global automakers as a safety feature. It alerts drivers to potential collisions or accidents and helps them keep in the correct lane.The local telecom operator plans to integ
Aug. 8, 2017
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Majority of part-time workers worry about being replaced by kiosks: survey
A majority of part-time workers expect they will be replaced by kiosks due to the rise in minimum wage, with those working at restaurants and cafes expressing the most concern, a portal survey said Tuesday.Alba, a portal for job seekers, asked 644 members between July 27 and Aug. 1 what they thought of stand-alone computer devices that serve as vendors and service providers.Sixty-eight percent said the number of such devices will rise with the marking up in hourly wages that goes into effect nex
Aug. 8, 2017
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More convenience stores opening despite slackening profits
The number of convenience stores are on the rise, and is likely to continue to increase despite slackening profits from an overcrowded market, industry watchers said Tuesday.South Korea had 34,376 such stores as of the end of last year. With the country's population counted at approximately 50.12 million, it translates into one store per 1,491 people. This is 1.5 times more than neighboring Japan, where the industry took root long before South Korea. Japan has one store for every 2,226 people.So
Aug. 8, 2017
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Hyundai's labor union to stage partial strike
Unionized workers at Hyundai Motor Co. on Monday said they will stage partial strikes in an apparent bid to put pressure on management amid the on-going wage deal.Workers will stage four-hour strikes on Thursday and Aug. 14. The walkouts will run from 11:30 a.m. to 1:30 p.m., and from 8:20 p.m. to 10:20 p.m.The workers said they will not work overtime on weekends until an agreement with management is reached.The unionized workers are currently demanding a monthly wage increase of 154,833 won ($1
Aug. 8, 2017
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Will LG’s sluggish smartphone business be saved?
LG Electronics appears to be finding it difficult to turn around its money-losing smartphone business this year. But the tech firm could retain the business if it seeks synergy with its new businesses, such as smart home appliances and connected cars, according to industry watchers. Ahead of launching its flagship smartphone G6 early this year, the Korean tech giant was confident about turning around its smartphone unit during a conference call, after seeing losses for seven straight quarters. A
Aug. 7, 2017
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KEPCO Q2 net drops 80% on increased costs
Korea Electric Power Corp., a major public utility firm in South Korea, said Monday that its net profit dropped almost 80 percent in the second quarter of the year from a year earlier due to increased fuel costs.Net profit reached 359 billion won ($318 million) on a consolidated basis in the April-June period, compared to a profit of 1.77 trillion won a year earlier, the company said in a regulatory filing.Operating income also sank 69 percent on-year to 847 billion won, with sales also down 2.6
Aug. 7, 2017
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Report says companies told to cut back power consumption in July to cope with low reserves
The government invoked an emergency power cutback for some companies last month, a report claimed Monday, a measure opponents of a nuclear-free policy say proves the country could run dangerously low on electricity if reactor operations are halted.The report submitted by the Korea Power Exchange to Rep. Kim Moo-sung of the minor opposition Bareun Party said the companies were instructed to reduce their power usage for three hours on July 12 and for four hours on July 21. The government had adop
Aug. 7, 2017
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Doosan Heavy unit bags W30b ‘waste-to-energy’ plant deal
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Monday that its British affiliate has clinched a 30 billion-won ($26.6 million) deal to build a plant that transforms waste into energy.Doosan Enpure has signed the deal with Severn Trent Water, a British water supplier, Doosan Heavy said. (Yonhap)The plant is capable of producing some 1 megawatt worth electricity and heat, according to Doosan Heavy.In June, the Doosan Heavy unit also won a 87.5 billion-won
Aug. 7, 2017
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Samsung Engineering wins $1b plant deal from Oman
Samsung Engineering Co., a South Korean plant builder, said Monday that it has secured a $1 billion deal to build refining plant-related facilities in Oman. (Yonhap)Under the deal with Duqm Refinery Petrochemical Industries Co., a 50-50 joint venture between Samsung Engineering and Petrofac of Britain, the companies will construct utilities and offsite facilities for a refinery project at Duqm, located in the southern part of Oman, by 2021.Located in the Duqm Special Economic Zone, the refinery
Aug. 7, 2017
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Daewoo E&C wins $963m plant deal from Oman
Daewoo Engineering & Construction Co., a major South Korean builder, said Monday that it has clinched a $963 million deal to build process units of refinery facilities in Oman.Under the deal with Duqm Refinery Petrochemical Industries Co., a joint venture between Daewoo Engineering and Tecnicas Reunidas of Spain will carry out the $2.75 billion project to construct the facilities at Duqm, located in the southern part of Oman. (Yonhap)Daewoo Engineering & Construction holds a 35 percent stake in
Aug. 7, 2017
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Hanssem to open first Chinese flagship store in Shanghai
Hanssem, an interior and lifestyle company, said Monday it will open its first Chinese branch in Shanghai this week to compete in the 740 trillion-won ($656 billion) market.The two-story Hanssem Shanghai Flagship Store will open Tuesday in the Changning District. The store will cover some 13,000 square meters, twice as big as the company's flagship in South Korea, and aims to offer one-stop shopping for products ranging from interior renovations to furniture and home accessories, the company sai
Aug. 7, 2017