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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Special counsel bill to probe first lady scrapped
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[Robert Fouser] Why the US election looks so close
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Samsung Electronics to hold shareholder meeting on March 24
Samsung Electronics Co. is expected to hold a shareholder meeting on March 24, an industry source said Thursday. Samsung's board of directors will hold a meeting on Friday to decide the date and agenda for the annual shareholder meeting, according to the source. (Yonhap)Attention is focused on how Samsung will respond to shareholders over the arrest of Vice Chairman Lee Jae-yong, who has been in jail since last Friday, over his alleged role in a presidential influence-peddling scandal. The arre
Feb. 23, 2017
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Asiana Airlines brings in A350-900 simulator
Air carrier Asiana Airlines said Thursday it has installed an Airbus 350-900 flight simulator for its flight crew training. The simulator is a replica of the cockpit of the actual Airbus aircraft. It is designed to provide hands-on training for situations such as aircraft upsets and in-flight fires, according to the airline. It cost 20 billion won ($17.6 million). (Asiana Airlines)It is the latest addition to Asiana’s existing set of five simulators, which simulate models such as the Boeing 777
Feb. 23, 2017
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Who will fill Samsung’s leadership vacuum?
Shortly after the arrest of Samsung Group’s de facto leader Lee Jae-yong last week, speculations began to swirl over possible alternatives for his leadership, with some even touting his younger sister Lee Boo-jin, who currently leads the group’s hotel and duty-free business, as a likely candidate.Local experts on governance, however, played down the market rumors on a possible takeover by Hotel Shilla’s head, nicknamed “little Lee Kun-hee” for her resemblance to the incumbent chairman of the nat
Feb. 23, 2017
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Lotte names new executives, restructures group
Lotte Group completed group restructuring and naming new executives Thursday, to refresh corporate management under chairman Shin Dong-bin.After a tumultuous year filled with owner family feuding and allegations of shady transactions, Shin Dong-bin affirmed himself as the official leader of the company, pushing out his older brother Dong-joo and his father Shin Kyuk-ho from frontline management. In October, Lotte Group hired McKinsey & Company for management consulting services to restructure th
Feb. 23, 2017
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Frozen meal market swelling in Korea
The market for frozen dishes is growing fast in South Korea, on the back of a new social trend in which more people are choosing to live and eat alone, industry data showed Thursday.The market for frozen meals, such as frozen fried rice with prawn or kimchi, reached 46.5 billion won ($40.6 million) in 2016, growing by more than five-fold from 8.9 billion won in 2012, according to the data released by CJ Cheiljedang, a leading food manufacturer. (Yonhap)Fried rice with various ingredients that c
Feb. 23, 2017
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Korean firms fret about China‘s THAAD threat
South Korean companies and duty-free shops remain jittery over China's threats that the deployment of a high-tech US missile defense battery on South Korean soil would wreak havoc on their business, industry sources said Thursday.With Seoul and Washington pushing ahead with the deployment in defiance of China's strong protest, Chinese media have unleashed a cascade of reports that South Korean companies will suffer "severe damage" should it become a reality. (Yonhap)In July last year, South Kore
Feb. 23, 2017
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Korea's seafood imports rise for 3rd yr in 2016
South Korea's seafood imports rose for the third straight year in 2016 on rising demand for healthier food and ingredients, government data showed Thursday.The total value of imported seafood reached $4.79 billion in 2016, up 5.2 percent from a year earlier, according to the data compiled by the Ministry of Fisheries and Oceans. (Yonhap)It marked the third consecutive year of growth in imports since 2014, when they posted a 15.7 percent on-year jump.The amount, however, slid 2.4 percent on-year
Feb. 23, 2017
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Cosmetics products drive up duty-free sales
Make-up products accounted for more than half of the annual sales at duty-free shops in South Korea last year, fueled by brisk demand from foreign tourists immersed in Korean entertainment culture, data showed Thursday. The combined cosmetics revenue from duty-free chains, including top players Lotte Duty Free and Shilla Duty Free, stood at 6.28 trillion won ($5.48 billion) at the end of 2016, up 51.7 percent from a year earlier, according to the data by the Korea Customs Service and the compani
Feb. 23, 2017
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Anti-graft law hits flower shops, bars hard
South Korea's draconian anti-graft law has hit flower shops, bars and karaoke rooms hard since its implementation in September last year due to decreased use of corporate credit cards there, data showed Thursday.However, overall use of company credit cards has increased nearly 7 percent on-year, indicating the law's negative impact on private consumption has not been as great as previously feared. (Yonhap)According to the data by the Credit Finance Association and the credit card industry, use o
Feb. 23, 2017
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Dankook’s startup foundation fosters entrepreneurs
A sponsor for venture startups, under the wing of Dankook University, is drawing attention because of its tangible results over the past few years.Dankook University Startup Support Foundation, established in 2014, said its members had posted 28 billion won ($24.5 million) in cumulative sales as of the end of 2016.Sales for the 2015-16 period grew substantially, compared to the first-year (2014) outcome of 1.8 billion won. Dankook University Startup Support Foundation holds the “Startup Demo Day
Feb. 22, 2017
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Korea, China to boost cooperation for project management
South Korea and China are speeding up efforts to boost cooperation on project management to seize opportunities, according to the International Project Management Association Korea on Wednesday. Kim Soo-hong, CEO of Incheon Bridge Corp., the operator of the 21-kilometer Incheon Bridge, and vice president of IPMA Korea, met with Ding Ronggui, a professor at Shandong University, and discussed plans to strengthen bilateral cooperation in project management from Monday to Wednesday. In June l
Feb. 22, 2017
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Shinsegae perks up in duty-free biz
Shinsegae Inc., South Korea's leading retail chain, has turned a corner in the duty-free business as its new flagship branch posted its first turnaround last month amid fierce industry competition, company data showed Wednesday. Shinsegae DF, the conglomerate's affiliate in charge of its duty-free business, said the Myeongdong branch recorded 1.2 billion won ($1.05 million) in operating profit in January, with sales coming in at 75 billion won. (Yonhap)The company said in a statement that it is
Feb. 22, 2017
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What Lee Jae-yong’s absence means to Samsung, Korea
Nearly a week after Samsung Group’s de facto leader Lee Jae-yong was arrested, the tech giant has been directly and indirectly emphasizing his absence may cause a serious leadership vacuum and undermine the tech giant’s position in and out of the country. Other industry lobby groups also raised concerns that South Korea is facing an unprecedented situation due to Lee’s arrest, citing Samsung’s massive influence over Asia’s fourth-largest economy. Samsung Electronics Vice Chairman Lee Jae-yong
Feb. 22, 2017
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Diageo adds nutrition details to bottles of Windsor W Signature
Global premium spirits maker Diageo said Wednesday it will be providing consumers with alcohol content and nutritional information per serving on bottles of its W Signature by Windsor products.The information will follow the guidelines set out by the Diageo Consumer Information Standard, an “internal standard that has been in place within the company since the early 2000s, and is being put on labels for the first time in Korea,” according to a company spokesman. Nutritional information for W Sig
Feb. 22, 2017
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Korean Air requests postponement of Iran flight deadline
Korea’s largest air carrier sent a request to the Transport Ministry on Tuesday to postpone the start of its Iran flights.According to a spokesman for the airline, the major reason for the delay was the difficulty of beginning the service in the face of escalated tension between US and Iran, with Washington tightening sanctions on the Middle Eastern country. (Korean Air)“The restrictions on dollar transactions makes it difficult for us to set up a branch in Iran and sell tickets,” he said. Kore
Feb. 22, 2017
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Celltrion’s Rituxan biosimilar wins European approval
South Korea’s Celltrion announced Wednesday that the European Medicines Agency has granted sales approval to Truxima, its biosimilar drug referencing Roche’s blockbuster lymphatic cancer drug Rituxan. Truxima is the first ever Rituxan (rituximab) biosimilar to be approved by the European drug regulator, as well as the first ever Europe-approved biosimilar monoclonal antibody used to target cancer.Biosimilars are cheaper, near replicas of living cell-based biologic drugs whose patents have expire
Feb. 22, 2017
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Conglomerates pushing reform after graft scandal
South Korea's major conglomerates are ramping up efforts to run their sprawling business empires in a more transparent and law-abiding way following a high-profile corruption scandal that led to the impeachment of President Park Geun-hye, sources said Wednesday.Dozens of large companies, including top conglomerate Samsung Group, have been found to have donated tens of millions of dollars to two shady foundations controlled by Choi Soon-sil, a detained long-time ally of President Park.In a move t
Feb. 22, 2017
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Consumers shun buying cosmetics, clothes
Credit card spending on cosmetics and apparel items shrank last year, central bank data showed Wednesday, as consumers refrained from buying such products amid a sluggish economy. The amount of credit card spending in South Korea reached 675.7 trillion won ($590.1 billion) at the end of December, up 10.02 percent from a year earlier, according to the Bank of Korea. (Yonhap)Of the figure, the payment for cosmetics items dropped 3 percent on-year to 3.38 trillion won, the first decline since th
Feb. 22, 2017
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Refiners, chemical companies to pay record taxes on stellar performance
South Korea's oil refiners and chemical companies are expected to pay a record amount in corporate taxes for their 2016 business performance, as their bottom lines improved sharply, industry sources said Wednesday.Last year, SK Innovation Co. and the country's three other oil refiners racked up a combined operating income of 8.03 trillion won ($7.01 billion) on the back of improved cracking margins and inventory gains, an all-time high figure. (Yonhap)Also, four major chemicals firms, including
Feb. 22, 2017
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Korean journalists pick Grandeur IG as car of the year
Hyundai Motor’s premium sedan Grandeur IG was named car of the year for 2017 by an organization of South Korean reporters Tuesday.According to the Korea Automobile Journalist Association, the sixth generation of Grandeur won the best scores in overall categories including price, function, convenience, design, safety and fuel efficiency. (Yonhap)“The Grandeur IG has upheld the legacy and reputation of the previous models, and has been praised as a premium sedan that goes ahead of its time,” it s
Feb. 21, 2017