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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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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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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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[Robert Fouser] Why the US election looks so close
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Samsung unveils 'personalized AI' for all devices
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Korea's rice production costs down for 3 straight yrs in 2016
Rice production costs in South Korea fell for three straight years in 2016 due to a decline in land-borrowing expenses, a government report showed Wednesday.Farmers spent 674,340 won ($605) to grow rice on a 1,000-square meter paddy last year, down 2.5 percent from the previous year's 691,869 won, according to the report by Statistics Korea. (Yonhap)Total costs, including the ones to buy fertilizer and pesticides, inched up 0.8 percent on-year to 440,821 won, but the rise was offset by a fall in
March 29, 2017
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Corporate watchdog slaps W1.8b fine on Lotte, Shilla duty-free shops
South Korea's corporate watchdog said Wednesday that it has imposed a combined 1.8 billion-won ($1.6 million) fine on two duty-free shop operators -- Lotte and Shilla -- for colluding on discount events.Hotel Lotte Co., the operator of the country's biggest Lotte Duty Free, and Hotel Shilla Co., the accommodations unit of Samsung Group that operates Shilla Duty Free, allegedly colluded to exclude electronic devices from their regular promotions held five times a year between September 2009 and M
March 29, 2017
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Korea's top 50 brands estimated to be worth W136tr
South Korea's top 50 brands are estimated to be worth 136 trillion won ($122 billion), data showed Wednesday, with Samsung Electronics Co. standing as the most expensive on the list.According to the data compiled by industry tracker Interbrand the combined brand value of South Korean company names advanced 6 percent on-year in 2017. (Yonhap)By company, Samsung Electronics topped the list with an estimate of 50.7 trillion won, followed by Hyundai Motor Co. and Kia Motors Corp. with 13.8 trillion
March 29, 2017
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Daewoo Shipbuilding workers urged to share pain for survival
The chief of cash-hungry Daewoo Shipbuilding & Marine Engineering Co. urged its workers Wednesday to accept a pay cut and other bold restructuring moves to overcome its worsening financial status.In a message delivered through an in-house broadcast to its workers, Jung Sung-leep, president of Daewoo Shipbuilding, said this is the last chance for him and his workers to survive.(Yonhap)"Our creditors and shareholders demand that we share pain and implement self-rescue efforts," Jung said, adding t
March 29, 2017
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Samsung has no plans to sell refurbished Galaxy Note 7 in US
Samsung Electronics Co. is not planning to release the refurbished version of the ill-fated Galaxy Note 7 phablet in the United States, an industry tracker said Wednesday.Citing Samsung sources, Consumer Reports said the refurbished phablets will not be sold nor rented out in the US. (Yonhap)Earlier this week, Samsung said it will seek to sell refurbished Galaxy Note 7s, whose production was suspended last year due to safety issues.The tech giant unveiled the Galaxy Note 7 in early August, but
March 29, 2017
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Korean petrochemicals firms accelerating overseas push
South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.According to the sources, LG Chem, the country's No. 1 player in the chemicals sector, is attempting to expand its presence in the North American and the European markets to sell its high-end products, thus trimming the portion of its exports to China that current
March 29, 2017
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Four more firms picked for fast-track restructuring program
Four South Korean firms gained government approval to carry out their voluntary corporate restructuring through fast-track legal and administrative procedures, the industry ministry said Wednesday.The Ministry of Trade, Industry and Energy said a government panel chose four companies -- including Taekyung Heavy Industries Co., a midsized ship materials manufacturer -- to endorse their proposed restructuring efforts to boost competitiveness. (Yonhap)Mytec Co., a vessel air cooler manufacturing fi
March 29, 2017
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Korea's manufacturing sentiment up for April
South Korean manufacturers' business sentiment for next month improved slightly as local companies expect a steady improvement in exports, data by the central bank showed Wednesday.The business survey index of manufacturing firms came to 82 in April, up from 81 in March, according to the Bank of Korea. (Yonhap)A reading over 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 92 for nex
March 29, 2017
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Korea biz sentiment improves for April
South Korean businesses are not expecting a sudden improvement in business conditions in the near future, but their sentiment about the overall economy improved slightly for April, a survey showed Wednesday.The business survey index for the upcoming month came to 93.3, slightly up from 92.1 registered a month earlier, the Federation of Korean Industries said in a statement. (Yonhap)A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite.T
March 29, 2017
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Daewoo Shipbuilding faces critical weeks with new deals hanging on rescue plan
Daewoo Shipbuilding and Marine Engineering, a South Korean ailing shipbuilder, is facing looming uncertainties over the company’s future, with bondholders raising skeptical voices over a fresh rescue plan which might have an impact on securing deals, experts said Tuesday. It is expected that the shipyard, which has the world’s largest backlog orders, will sign two deals by the end of April. DSME is scheduled to sign a $250 million deal this month at the earliest to build three very large crude c
March 28, 2017
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Asiana Airlines tops service quality rankings
Asiana Airlines said Tuesday that it was ranked the top airline in this year’s National Customer Satisfaction Index.In particular, Asiana passengers showed high satisfaction among women, passengers in their 20s, and those flying in premium classes. (Yonhap)The airline received high marks for its premium services, its new planes and IT-focused services including its mobile app and beacon service.The NCSI, compiled by the Korea Productivity Center, is an index measuring consumer satisfaction towar
March 28, 2017
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Kumho Tire creditors vote to disallow Park’s consortium
Kumho Tire’s creditors have voted to disallow Kumho Asiana Chairman Park Sam-koo from forming a consortium to raise funds to buy a controlling stake in the tire company, but allowed for the possibility of “revisiting the discussion.”On Tuesday, Korea Development Bank released a statement saying that the creditors voted down a motion to allow Park to form a consortium with no strings attached. However, the creditors also voted to leave open the possibility of another vote if Park submits a “speci
March 28, 2017
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SK Planet‘s n11.com remains top open market in Turkey
SK Planet’s open market n11.com was the top open market in Turkey for the second consecutive year in 2016, according to the company Tuesday. Employees pose at the headquarters of n11.com in Istanbul, Turkey. (SK Planet)It was the shopping platform with the most transactions in 2015, overtaking Turkish operator Hepsiburada. Last year, transactions on n11.com totaled $563 million, with 18 million visitors to the site each month. Both sales and visitors rose by 20 percent on-year.According to SK Pl
March 28, 2017
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Amway Korea names new CEO
Wellness company Amway Korea said Tuesday that it has named Kim Jang-hwan as its new chief executive, effective June 1.The 53-year-old former COO of Amway has been with the company since 1993. Since then, he has held positions in finance, human resources, merchandising, sales and marketing within the company. Amway Korea’s new CEO Kim Jang-hwan (Amway Korea)According to the firm, Kim was instrumental in implementing the company’s future strategy Amway Next in Korea and bringing Amway’s distribu
March 28, 2017
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Lighter but stronger: Posco develops giga steel for future cars
With carmakers shifting their focus from gasoline-based vehicles to electricity-powered ones under high pressure to curb carbon emissions, the industry has been experimenting with new materials to replace heavy steel.From carbon fiber reinforced polymer to aluminum, carmakers are still contemplating what to use to make environment-friendly vehicles energy efficient as they come with heavier batteries and electric motors. Expressing confidence, South Korean steel giant Posco, has been actively in
March 28, 2017
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Samsung BioLogics on course to greatest biopharma manufacturing capability
Saving time and lowering costs are decisive factors for a contract manufacturing operator that produces biopharmaceutical products. And Samsung BioLogics is confident of achieving both, the firm’s vice president said. “It’s a matter of capability that can deliver a stable supply of products as clients want,” Yoon Ho-yeol, vice president of the firm, told The Investor and The Korea Herald.The 6-year-old company is expected to have a total of 360,000 liters of capacity, the world’s greatest biopha
March 28, 2017
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[From the Scene] Dreaming beyond Samsung, BioLogics shakes biopharma industry
SONGDO -- Around 2,800 construction workers tirelessly move around 118,618 square meters of reclaimed land in Songdo, Incheon, to build the world’s single-largest biologic drug production facility for Samsung BioLogics, a core unit on which South Korea’s biggest conglomerate is pinning its future.Having broken ground in November 2015, the five-story facility, equivalent to a 15-story apartment building, is scheduled for completion next year. Once completed, the plant is set to become the third m
March 28, 2017
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KT chief to run the 5G forum for next two years
Oh Seong-mok, head of KT’s network division, was selected as the chair of the 5G forum Monday during its 5th regular general meeting held at the Seoul JW Marriott Hotel. The 5G forum, established in 2013, encourages Korean companies to take initiatives in the global arena through research and development on 5G technology and its standardization. Head of KT's network division, Oh Seong-mokAlong with the three mobile communication companies, Samsung, LG, Ericsson LG, various manufacturers and ve
March 28, 2017
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Daewoo Shipbuilding delivers world's first icebreaking LNG carrier
Daewoo Shipbuilding & Marine Engineering Co., a leading global shipyard, said Tuesday that it has successfully delivered the world's first icebreaking liquefied natural gas carrier to a Russian client.In 2014, Daewoo Shipbuilding clinched a deal from Russia's state-run shipper Sovcomflot to build an icebreaking LNG ship. The contract marked the first time that such a vessel was ordered. (Yonhap)In that year, the South Korean shipbuilder clinched deals valued at a combined $14.8 billion from Russ
March 28, 2017
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Air passenger traffic up 12% in Feb on budget carriers
South Korea's air passenger traffic rose 8.7 percent last month from a year earlier, as customers traveled more on low-cost carriers, the transportation ministry said Tuesday. The number of passengers who booked air tickets on domestic and international routes jumped to 8.84 million in February from 8.13 million a year earlier, the Ministry of Land, Infrastructure and Transport said in a statement. (Yonhap)"It was mainly due to an increase in flights offered by budget airlines," a ministry offi
March 28, 2017