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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Department store sales limp on, reminiscent of Japan
Sales at major department stores have been stagnant for the past five years and lack promising elements for a pickup, retail industry data indicated Thursday, leading some analysts to draw comparisons with Japan where the slump continued for 16 years.Industry estimates for last year show 2 percent or less sales growth at leading department stores, a number seen since 2012. Department store sales limp on, reminiscent of JapanLotte is expecting an approximate 2 percent sales increase from the pr
Jan. 19, 2017
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Korea targets Central America's infrastructure projects
South Korea's transportation and construction ministry said Thursday that it is seeking to sign a memorandum of understanding with a development bank in Central America to widen cooperation in building infrastructure in the region.Under the deal, the Ministry of Land, Infrastructure and Transport will share know-how on infrastructure construction, roads and housing with the Central American Bank for Economic Integration. South Korean Finance Minister Yoo Il-ho (L) and Nick Rischbieth, the presid
Jan. 19, 2017
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Court rejects arrest warrant sought for Samsung heir
A Seoul court on Thursday rejected an arrest warrant sought for Lee Jae-yong, Samsung Group's de facto leader, dealing a blow to investigators who have been accelerating the probe into an influence-peddling scandal centered on President Park Geun-hye and her friend. On Monday, an independent counsel team looking into the scandal announced that it sought the warrant against Lee, the vice chairman of Samsung Electronics Co., on charges of bribery, embezzlement and perjury.Lee Jae-yong, vice chairm
Jan. 19, 2017
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Trump factor pushes Korean manufacturers to contemplate factories in US
With the upcoming inauguration of the Donald Trump administration Friday, there are signs among South Korea’s leading manufacturers that they might speed up plans to establish new production facilities in the US.Companies with flagship products that have significant shares in the American market, particularly home appliances, have been facing increased pressure from the incoming US president, who has openly vowed protectionism. (Yonhap)Most recently, Hyundai Motor, the country’s top automaker, o
Jan. 18, 2017
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HHI and SHI win patent lawsuit against DSME
Hyundai Heavy Industries and Samsung Heavy Industries have won a lawsuit filed against their competitor Daewoo Shipbuilding & Marine Engineering, overturning the first ruling, according to industry sources Tuesday. The Patent Court of Korea on Friday concluded that DSME’s two patents involving liquefied natural gas cargo boil off gas (BOG) re-liquefaction technology are indistinguishable from the existing technology and therefore the patents registration by DSME was annulled.
Jan. 18, 2017
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Korea Inc. fears spillover from Samsung heir’s fate
A court review of a request by the special counsel to arrest Lee Jae-yong, the de facto leader of Samsung Group, spread fear through the business community here on Wednesday that the unprecedented case could only be the beginning of a long list of “corporate hunt.”The 48-year-old vice chairman of Samsung Electronics spent probably the longest day of his life at a detention center in Seoul, waiting for the court’s decision on the special prosecutor’s demand to put him in jail. Samsung Electronic
Jan. 18, 2017
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Former Daewoo Shipbuilding chief gets 10-year jail sentence for accounting fraud
A lower court court on Wednesday meted out a 10-year prison sentence to a former head of Daewoo Shipbuilding & Marine Engineering Co. who is at the center of a massive accounting fraud case.The Seoul Central District Court found Ko Jae-ho guilty of cooking the company's books to grossly inflate assets and getting loans using faked financial statements. Ko led the company between 2012 and 2015. This photo, taken on July 9, 2016, shows Ko Jae-ho, a former head of Daewoo Shipbuilding & Marine Engin
Jan. 18, 2017
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Samsung Heavy bags $230m deal for regasification unit
Samsung Heavy Industries Co., a major shipyard here, said Wednesday that it has clinched a $230 million deal to build a floating storage and regasification ship.Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing.Samsung has an option to build three more FSRU units, it said.Earlier this month, the shipbuilder won a $1.27 billion deal to build an offshore facility, marking the first mega deal of the yea
Jan. 18, 2017
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Hyundai, Kia log record sales in Europe in 2016
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. -- South Korea's two largest automakers -- logged the largest annual sales ever in Europe last year with their combined market share surpassing 6 percent, industry data showed Wednesday.According to data by a European automobile association, the corporate duo sold a combined 940,712 cars in Europe last year. Chung Mong-koo, chairman of Hyundai Motor Group, tours the manufacturing lines of the automaker's plant in Zilina, Slovakia, on A
Jan. 18, 2017
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KT&G under investigation for unfair profits from excise hike
The Korean fair trade watchdog has begun an investigation into tobacco manufacturer KT&G on allegations that the company gained up to 330 billion won ($282 million) in unfair profits following a hike on cigarette taxes in late 2014. (Yonhap)The FTC’s investigation follows a report from the Board of Audit and Inspection that was released Jan. 12 regarding the management of additional profits that may have been gained by tobacco manufacturers after the tax hike that went into effect in 2015.Accord
Jan. 18, 2017
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Ikea sets up distributions corporation in Korea
Furniture retailer Ikea has set up a distributions services corporation in Korea, according to the company Wednesday.“Ikea set up the new corporation as part of its expansion plan to become a multi-channel leader. We expect to be able to manage inventory and distribution more efficiently, and improve customer services such as delivery. We have not yet decided on any details,” Ikea said in an official statement.The company established a corporation called Ikea Distribution Service Korea Ltd. effe
Jan. 18, 2017
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[Photo News] Lotte Mall in Hanoi
Lotte will be building a new mall near the Hanoi West Lake, one of the Vietnamese city’s top attractions. The approximately 200,000-square-meter complex will include a shopping mall, a department store, a supermarket and a cinema, all to be directly operated by Lotte affiliates. Construction is set to begin in the first half of 2017, for completion in 2020. (Lotte Asset Development)
Jan. 18, 2017
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[Photo News] SSG.com sweeps awards
Shinsegae‘s online shopping mall SSG.com swept top honors at the Seoul Creative Festival of Film Advertising Awards on Tuesday. The brand took home the Grand Prix, Gold Prize and Bronze Prize for its SSG.com advertisements, and also took bronze in the Craft (direction) category. According to Shinsegae, mobile sales at SSG.com rose 50 percent on-year, which the company attributed to the campaign. (Shinsegae)
Jan. 18, 2017
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Korea to set up W3.5tr fund to help startups
South Korea will establish a 3.5 trillion won ($2.9 billion) fund to nurture startups and venture firms in the science and technology sectors to secure new growth engines, the science ministry said Wednesday.Under the comprehensive plan announced by the Ministry of Science, ICT and Future Planning, the fund will be floated to help young jobseekers launch 50,000 new startups. The ministry said it will partner with the Small and Medium Business Administration to nurture the fund that is aimed at b
Jan. 18, 2017
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LG smartphones' average sales price is about one-fifth of Apple
The average sales price of LG Electronics Inc.'s smartphones is about one-fifth that of Apple Inc.'s iPhones, industry data showed Wednesday, underlining LG's difficulty in reviving its loss-making smartphone business. According to a survey of 12 LG smartphones sold at KT Corp.'s online store, the average sales price of LG smartphones stood at about 137,000 won ($117.60). LG's smartphone line-up consists of mid- and low-range devices, including the LG Stylus 2 and X Screen, with sales prices ran
Jan. 18, 2017
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Chinese SUV launched in Korea
A Chinese SUV, the Kenbo 600, made its debut in South Korea on Wednesday, becoming the first Chinese passenger vehicle to be marketed here.China-Korea Motor Co., the local importer and distributor of the Chinese vehicle, unveiled the Kenbo 600 in a ceremony held at its Incheon headquarters, just west of Seoul.The Kenbo 600, marketed as the S6 in China, is an SUV produced by BAIC Motor Corp., the passenger car making unit of China's state-owned BAIC Group, the fourth-largest automotive group in C
Jan. 18, 2017
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Hyundai, Kia recall about 150,000 Tucson, Sportage SUVs
Hyundai Motor Co. and its affiliate Kia Motors Corp. are recalling about 150,000 Tucson and Sportage SUVs to fix faulty shock absorbers in their rear wheels, the government said Wednesday. Subject to the recall in South Korea are 88,514 Tucson vehicles, which were produced between March 3, 2015, and July 25, 2016, the Ministry of Land, Infrastructure and Transport said in a statement. Kia is recalling 61,662 Sportage vehicles, which were produced between Aug. 1, 2015, and July 27, 2016, accordin
Jan. 18, 2017
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Shinsegae joins top 10 biz group list
Shinsegae, a retail conglomerate, joined the list of the country's top 10 business groups in terms of assets last year, while logistics group Hanjin suffered a sharp drop on the conglomerate ranking chart as its affiliate Hanjin Shipping Co. was put under court receivership, industry data showed Wednesday.According to the data compiled by industry tracker CEO Score, a total of 1,183 companies were affiliated with the country's top 30 conglomerates as of September last year, whose combined assets
Jan. 18, 2017
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Department stores rely on VIP customers to keep up sales
Department stores are counting more on their top-spending VIP customers to keep their businesses going, sales figures indicated Wednesday, as consumption drops across all consumer segments due to the slowing economy.Retail statistics showed that a handful of high spenders continue to account for approximately 20 percent of total sales at department stores. At Lotte, the top 1 percent of VIP guests accounted for 22.8 percent of sales last year, up 0.9 percentage point from the previous year. For
Jan. 18, 2017
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Korea to invest W98.2b in upgrading biopharma evaluation guidelines
The South Korean government said Tuesday that it would invest 98.2 billion won ($82.76 million) in improving its evaluation guidelines for new biopharmaceutical products over the next 10 years. The plans came as part of the latest agenda set by a special pan-government biotechnology committee led by the Ministry of Science, ICT and Future Planning.The body was established in March 2016 to streamline all policymaking related to the country’s fast-growing biotech business and to act as a “control
Jan. 17, 2017