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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LG logs strong sales of flagship smartphone in N. America
LG Electronics Inc. maintained its rank of third in the North American smartphone market in the fourth quarter of last year, data showed Monday, mainly on the back of strong sales of its flagship model V20.The South Korean tech company sold about 74 million smartphones during the October-December period, compared to 66 million units during the same quarter a year earlier, the data compiled by industry tracker Strategy Analytics showed. The figure translates into a market share of 14.2 percent. L
Feb. 13, 2017
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Newly enacted law puts CEOs under screening, but with questions on efficacy
Although CEOs of big name conglomerates are expected to pass a regulator's test on their suitability as the main shareholders of nonbanking financial companies this year, there is less certainty they will pass it two years later when the unfolding corruption scandal will have taken its toll in courtrooms, officials said Monday.For the first time, the Financial Supervisory Service will be screening the biggest stakeholders of some 240 nonbanking financial firms on whether they are suited for thei
Feb. 13, 2017
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Samsung heir questioned again over bribery allegations amid scandal
The de facto leader of Samsung, South Korea's largest business group, was quizzed for a second time Monday on charges of bribery, as special prosecutors here accelerated their probe into an influence-peddling scandal centered on President Park Geun-hye.Lee Jae-yong, vice chairman of Samsung Electronics Co., appeared before the probe team's office in southern Seoul to undergo questioning over the controversial merger of the conglomerate's two affiliates in 2015. "I will faithfully tell the truth
Feb. 13, 2017
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Conrad hotel buffet accused of sanitary faux-pas
Zest, a buffet restaurant located at the five-star Conrad Seoul hotel, has been accused of restocking chilled steamed crabs that had already been placed in the buffet display, a move widely considered to be a faux pas in the industry.A customer, who recently visited the buffet for dinner, lodged a complaint with the hotel for allegedly stocking chilled steamed crabs that had already been displayed, then were brought it out again when requested by the customer.(123RF)Storing chilled steamed crab
Feb. 12, 2017
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Korean Drug Ministry under fire for lax management
The South Korean Ministry of Drug and Food Safety has come under fire for its lax management after it mistakenly publicized the official approval of a new drug that was still undergoing review on the ministry’s website.On Wednesday, the Drug Ministry publicized on its website that it had granted approval to a new osteoporosis drug developed by Hanmi Pharmaceutical. The information was publicized by local news outlets.Two days later, the ministry issued an official statement saying the informatio
Feb. 12, 2017
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LG founder bequeaths principle of harmony, sustainable growth
Succession of leadership to firstborn sons is what has kept LG Group, South Korea’s fourth-largest conglomerate, away from unnecessary family feuds and paved the way for sustainable growth. The tradition being settled for the last seven decades has created LG’s unique management style that prioritizes people over profit, known as “The LG way.” The origin of the LG way dates back to its founder, the late Koo In-hwoi, who grew up in a strict family environment in Jinyang, South Gyeongsang Provinc
Feb. 12, 2017
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Samsung affiliates complete withdrawal from FKI
All of the 15 Samsung Group affiliates that were members of the business interest organization Federation of Korean Industries have pulled out as of Friday, group officials said, acting on a pledge by the conglomerate's de facto heir to clean up after a major political scandal.Samsung Electronics, the pillar of the Samsung Group, was among the first to submit its withdrawal on Monday. The group's security solution provider S-1 Corp. was the last to submit the papers late Friday, officials said.
Feb. 10, 2017
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Foreign tobacco firms levied taxes on profit from hoarded cigarettes
South Korea levied more than 300 billion won ($260.39 million) in taxes on two foreign tobacco companies accused of pocketing profits by hoarding, officials said Friday.One firm filed an appeal on the decision, while the other is planning to do so. (Yonhap)The National Tax Service and the Ministry of Interior ordered Philip Morris Korea to pay 218 billion won in taxes and British American Tobacco Korea 89 million won, and plan to seek an additional penalty fee in the upwards of 100 billion won,
Feb. 10, 2017
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Samsung’s Lee Kun-hee earns highest dividends in 2016
Samsung Group Chairman Lee Kun-hee topped the dividend earnings in the nation in 2016 for the eighth consecutive year, 2.5 times higher than that of fellow business tycoon Chung Mong-koo, chairman of Hyundai Motor Group, data showed Friday.Lee, hospitalized since May 2014 after suffering a heart attack, received 190.2 billion won ($165.4 million) in dividends last year, a 7.4 percent gain from the 177.1 billion won earnings from a year earlier, according to the data by the Financial Supervisory
Feb. 10, 2017
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Samsung Electronics to streamline job titles
Samsung Electronics will simplify job titles of their employees under the rank of director in an effort to break the rigid corporate hierarchy and promote work performance, Samsung Group said Friday. (Yonhap)Starting from March 1, the South Korean tech giant will remove seven top-down job titles – employee 1 (high school graduate), employee 2 (college graduate), employee 3 (university graduate), assistant manager, manager, senior manager and director. Instead, the company will apply a new horizo
Feb. 10, 2017
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Former chief of state resources firm acquitted of corruption charges
A former head of the state-run Korea Resources Corp. was acquitted Friday of causing losses to the state coffers by taking over a local construction firm's stake in a mining project in Madagascar at a high price.Kim Shin-jong, 66, who headed the company from 2008 to 2012, was indicted in September 2015 on charges of breach of trust. This file photo taken on Dec. 18, 2015, shows Kim Shin-jong, a former head of the Korea Resources Corp. (KORES), arriving at the Seoul Central District Court in Seou
Feb. 10, 2017
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Oil refiners rack up record earnings in 2016
Refiners in South Korea racked up record earnings last year on the back of improved cracking margins, inventory gains and solid demand for petrochemical products, industry data showed on Friday.The country's four major oil refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. -- logged a combined operating income of 8.03 trillion won ($6.96 billion) last year, an all-time high figure. (Yonhap)Industry leader SK Innovation already posted a record operating income of
Feb. 10, 2017
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Hyundai Heavy bags another FSRU deal
Hyundai Heavy Industries Co., a major shipyard in South Korea, has secured a deal from a Turkish consortium to build a floating storage regasification unit, industry sources said Friday.The deal follows last month's similar deal from a Norwegian firm to build one FSRU. (Yonhap)Under the current contract, Hyundai Heavy has an option to build one more FSRU, whose price is currently estimated at $230 million, the sources said.Recently, local shipbuilders have secured orders to build four FSRUs in t
Feb. 10, 2017
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Outlook for food service sector stays grim
South Korea's food service industry is forecast to remain in the doldrums due to anemic consumption and other negative factors, a government report showed Friday.The current business survey index for the food service industry decreased to 65.04 for the fourth quarter of last year from 67.51 three months earlier, according to the report by the farm ministry and the Korea Agro-Fisheries & Food Trade Corp. (Yonhap)The index measures how the industry fared for the past three months, compared with th
Feb. 10, 2017
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Kumho Group takes step closer to regaining former tire unit
Chairman Park Sam-koo of Kumho Asiana Group has vowed to buy back Kumho Tire. (Kumho Asiana Group)Chairman Park Sam-koo of Kumho Asiana Group has secured financial investors to buy back Kumho Tire Co., the group‘s tire maker, taking him a step closer to group reconstruction, a group official said Thursday.“A number of financial investors have promised the funds we need to reacquire Kumho Tire,“ said a group spokesperson. Double Star, China’s state-run tire maker, was selected as the preferred bi
Feb. 9, 2017
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Shake Shack to open 3rd Seoul branch in Dongdaemun
Hambuger chain Shake Shack will be opening its third Korean branch in Dongdaemun, according to SPC Thursday.The store will be located on the first floor of the Doota building in Dongdaemun, a fashion shopping district popular among shoppers in their 20s and 30s as well as tourists. The opening is set for April. Shake Shack Dongdaemun (SPC)“Dongdaemun fits well with the lively image of Shake Shack, and allows us to service both Korean and foreign customers,” an official with Shake Shack said.Shak
Feb. 9, 2017
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Local firms investing in Saemangeum to get same land use benefits as foreign companies
Local companies making large investments in state-led reclamation sites will be given the same benefits in land leases as foreign companies starting from June, the Ministry of Land, Infrastructure and Transport said Thursday.A law revision pre-announced by the ministry would allow 100-year use of national and public land for companies investing 1 billion won ($872,448) in the Saemangeum reclaimed land, some 280 kilometers south of Seoul. Completed in 2006, Saemangeum has a seawall stretching 33.
Feb. 9, 2017
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Hyundai Heavy returns to black in 2016 on reduced costs
Hyundai Heavy Industries Co., a major South Korean shipbuilder, reported Thursday that it swung to the black last year from a year earlier, thanks in part to reduced costs and improvement in its non-shipbuilding business. Net income came to 682 billion won ($595 million) last year on a consolidation basis, a turnaround from a loss of 1.36 trillion won a year earlier, the company said in a regulatory filing.(Yonhap)Sales dropped 15 percent on-year to reach 39.32 trillion won, while it logged an o
Feb. 9, 2017
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Hyundai Merchant swings to loss in 2016
Hyundai Merchant Marine Co., a major shipping line here, said Thursday that it returned to the red last year from a year earlier largely due to low freight rates and continued operating loss.Net loss came to 44.3 billion won ($38.7 million) last year, compared with a net profit of 622 billion won a year earlier, the company said in a regulatory filing.(Yonhap)Operating loss widened to 833 billion won from 279 billion won over the cited period, it said.Sales also fell 18.8 percent on-year to 4.58
Feb. 9, 2017
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Seoul city government approves opening of Lotte's 123-story skyscraper
The Seoul city government on Thursday gave the final nod for the country's retail giant Lotte to open South Korea's tallest skyscraper for business.The Seoul Metropolitan Government said it has approved the use of the 123-story Lotte World Tower in southern Seoul, which has long been a coveted dream of group founder Shin Kyuk-ho.This file photo provided by Lotte on Nov. 4, 2016, shows a marching band playing a Christmas carol the previous day in front of Lotte World Tower. (Yonhap)After the reta
Feb. 9, 2017