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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Special counsel bill to probe first lady scrapped
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17% of CEOs at top 30 conglomerates replaced recently
Only one out of 6 chief executive officers at affiliates of the country's top 30 conglomerates have been replaced recently, data showed Thursday, indicating that major business groups prefer "stability" over "change."According to industry tracker CEO Score, 60, or 16.9 percent, out of 355 CEOs at 264 companies affiliated with the nation's top 30 business groups have been changed in reshuffles between late last year and early this year. (Yonhap)The replacement rate compares with the previous year
March 2, 2017
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KOTRA to hold forum on 'affordable' overseas firms
South Korea's state-run trade and investment promotion agency will hold a forum next week, providing information on dozens of small and midsized overseas firms that are or will soon be available for investment or a takeover, the agency said Thursday.The one-day forum will be held Tuesday at the Seoul headquarters of the Korea Trade-Investment Promotion Agency. (Yonhap)It will mark the fifth of its kind, and will provide information on about 30 overseas firms that are available for mergers and ac
March 2, 2017
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Industrial output gains 1.7% on-yr in Jan.
South Korea's industrial output rose for three months in a row in January on a continued recovery of exports, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries moved up 1.7 percent in January from a year earlier, continuing its upward march from a 4.2 percent gain in December and a 5.3 percent rise in November, according to the data by Statistics Korea. (Yonhap)From a month earlier, the figure also rose 3.3 percent on a gain in chips and elec
March 2, 2017
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Rising LNG demand bodes well for Korean shipbuilders
An expected rise in demand for liquefied natural gas is likely to boost demand for LNG carriers, which in turn will help South Korean shipbuilders clinch more LNG ships and related facilities, industry sources said Thursday.Earlier, Royal Dutch Shell, a global oil and gas firm, has said global demand for LNG reached 265 million tons in 2016, and the LNG demand is set to grow at twice the rate of gas demand, at 4 to 5 percent a year through 2030. (Yonhap)Shell added further investments will need
March 2, 2017
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Lotte's Chinese website hacked in protest of US missile defense system
South Korea's retail giant Lotte Group said Wednesday that it has suffered a disruption to its Chinese website in what could be a cyberattack by unidentified Chinese hackers in apparent retaliation against its cooperation with the deployment of an advanced US missile defense system in South Korea.The website, www.lotte.cn, has remained inaccessible to visitors since Tuesday afternoon.(Yonhap)A Lotte official said the disruption was caused by a virus planted by hackers, citing an analysis of comp
March 1, 2017
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Samsung affiliates scramble to adapt to new structure
Sixty Samsung affiliates are expected to seek strategies to survive on their own -- or together -- in the absence of their control tower that was officially dismantled as of Wednesday. According to business watchers, a plausible scenario for the Samsung affiliates is to operate separately but come together under three main pillars to minimize the power vacuum and confusion with the disbandment of the Corporate Strategy Office and the arrest of their de facto leader Lee Jae-yong for his alleged i
March 1, 2017
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Newly integrated Posco Daewoo launched
Posco Daewoo said it has completed the process of absorbing the steel business of its affiliate Posco P&S and has officially launched as a newly integrated firm as of Wednesday.The general trading company said in a statement that with the completion of the merger, it will be able to simplify the steel distribution channels in South Korea as well as in the global market by directly engaging in steel trading, processing and scrapping. It said it expects the business of steel processing to enable c
March 1, 2017
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E-mart begins sales of Aptamil in Korea
Discount retailer E-mart began exclusively selling the European baby formula brand Aptamil in its stores Wednesday, according to the company.E-mart signed an agreement with Danone Nutricia, the company operating the Aptamil brand, for exclusive rights to sell the popular premium baby formula here. Aptamil, known for its high-quality blend of ingredients, is currently sold in 45 countries worldwide. Aptamil with Pronutra+ Stage 3, which hit E-mart shelves Wednesday. (E-mart)“E-mart decided to imp
March 1, 2017
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Asiana Airlines to debut premium economy class on A350
Asiana Airlines said Wednesday that it was introducing an upgraded economy class for the first time on its newest planes.The seat class, called Economy Smartium, is the first premium economy class to be launched by a Korean airline and will be featured on the airline’s upcoming fleet of Airbus 350-900 planes. The Airbus 350-900 to be brought in by Asiana Airlines (Asiana Airlines)The upgraded seats will be available to passengers for an additional fee of $30 to $150 depending on distance. They o
March 1, 2017
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Handsome completes acquisition of SK Networks’ fashion division
Fashion company Handsome said Wednesday that it has inked the final deal to acquire the fashion division of SK Networks on Tuesday, allowing it to begin operating the twelve brands previously held by the SK company.Handsome, which is owned by the Hyundai Department Store Group, acquired SK Networks’ fashion division for 300 billion won ($265.5 million). Promotional image for O'2nd (Handsome)As part of the acquisition process, Handsome also renewed import contracts with foreign brands that were d
March 1, 2017
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Lufthansa Group names new Korea GM
Lufthansa Group Airlines said Tuesday it had appointed Andrew Kim as its new general manager for its Korean branch, effective Wednesday.Korean-American Andrew Kim joined Lufthansa German Airlines in 2005 and has held various leading positions in sales, corporate accounts and commercial and passenger business. Andrew Kim (Lufthansa)Kim has served postings in Korea, Singapore, Indonesia and Malaysia. He most recently served as the General Manager in Indonesia and Malaysia.“Based on his in-depth un
Feb. 28, 2017
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Lotte's THAAD decision stokes fear of Chinese retaliation
Lotte Group‘s decision to provide land for the installment of an anti-missile Terminal High-Altitude Area Defense battery here is stoking fears about the possibility of economic retaliation from China.On Monday, Lotte Group decided to swap its golf course in Seongju, North Gyeongsang Province, for a military property in Namyangju, Gyeonggi Province, to allow the installment of the THAAD battery in the southern region.Although the swap was initially worked out last November, it had faced continue
Feb. 28, 2017
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State railroad operator decides to fire 89 unionists over strike
South Korea's state-run railway operator has decided to fire 89 workers for leading its longest-ever strike last year, its labor union said Tuesday.Thousands of workers of the Korea Railroad Corp. staged a 74-day walkout from late September to early December to protest the government's implementation of a performance-based pay system. (Yonhap)On Monday, the company informed the Korean Railway Workers' Union of its decision to dismiss 89 senior union officials and take other disciplinary actions,
Feb. 28, 2017
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Samsung disbands scandal-hit control tower
Samsung Group on Tuesday announced the group will disband its controversial control tower, the Corporate Strategy Office, to take responsibility for its involvement in a corruption scandal that led to the impeachment of President Park Geun-hye and the arrest of the group’s de facto leader Lee Jae-yong. The announcement was made after the special counsel wrapped up its 70-day investigation into the scandal on the same day as it failed to win acting President Hwang Kyo-ahn’s approval for an extens
Feb. 28, 2017
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Celltrion pledges rapid growth with biosimilars in 2017
South Korean biopharmaceuticals company Celltrion is expecting a rapid growth of its business this year, as sales of its biosimilars are likely to take off in the US and Europe, according to the company’s founding Chairman Seo Jeong-jin.“I believe that 2017 will be an important year that marks the beginning of Celltrion’s rapid growth,” said Seo during an event in Seoul on Monday to commemorate the company’s 15th anniversary. “We will continue to leap forward for greater growth without losing si
Feb. 28, 2017
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Japanese brands making rapid growth in South Korea
South Korea and Japan continue deep-rooted diplomatic feuds over their history marred by 36 years of Japanese colonial rule over the Korean Peninsula that ended in 1945, but retail sale records show that Japanese labels are reaping extraordinary profits in South Korea.Japan's fast fashion brand Uniqlo is the top SPA (special store retailer of private label apparel) brand in sales in South Korea, according to an industry tally as of Monday. After opening its first store in South Korea in 2005, Un
Feb. 28, 2017
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Samsung heir to be indicted on bribery charges in corruption probe
Lee Jae-yong, the de facto leader of Samsung Group, will be indicted on charges of bribery, the independent counsel said Tuesday, as investigators wrap up their four-month-long probe into an influence-peddling scandal centered on impeached President Park Geun-hye.Prosecutors suspect that Lee, vice chairman of Samsung Electronics Co., gave or promised some 43 billion won ($36.3 million) worth of bribes to the president's jailed friend Choi Soon-sil in return for the government's backing of a merg
Feb. 28, 2017
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Despite bitter past, Korean brands succeeding in Japan
Koreans celebrate March 1 every year as the day the country ignited its independence movement against oppressive Japanese colonial rule that had continued from 1910-45.The two nations still have unsettled historical issues stemming from those days, but market trends indicate that on the culture side, Korea is being widely embraced by the Japanese. (Yonhap)"Hallyu," or the Korean Wave, in Japan dates back to the immense local popularity of the Korean drama "Winter Sonata" in 2002. Since then, Sou
Feb. 28, 2017
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Single households, economic slump drive up demand for small startups
More than half of people seeking to run their own business in South Korea are considering opening a cafe or a bakery, a survey showed Tuesday.In a survey of 4,625 people who have filed an online application to attend the upcoming International Franchise Seoul expo, 65 percent said they will either open a cafe or a bakery when starting their own business, the event organizers said. This file photo, taken on Jan. 6, 2017, shows dozens of would-be business owners attending a franchise-job fair in S
Feb. 28, 2017
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Six more firms subject to strict antitrust laws in Feb.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees gained ground this month from a month earlier, the antitrust watchdog said Tuesday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,131 as of end-February, up six from the previous month. (Yonhap)The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Four business groups, incl
Feb. 28, 2017