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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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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[Newsmaker] Lotte Duty Free to seek mergers
Lotte Duty Free, Korea’s largest duty-free operator, Sunday vowed to become the world’s leading duty-free store operator in terms of sales by 2020 by merging with foreign duty-free operators.“Lotte Duty Free rose to become the world’s second to third-largest global company through consistent investment for the past 36 years. … We will continue our efforts to become the world’s No. 1 with accumulated experience and know-how,” Lotte Duty Free CEO Jang Sun-wook was quoted as saying by Yonhap News
Dec. 25, 2016
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Korean drugs to make inroads into US market in 2017
A number of South Korean biopharmaceutical products will make their full-fledged debuts in the US next year, with the aim of taking a share of the world’s largest market for pharmaceutical and health care goods. Leading the move is Celltrion, the developer of the world’s first biosimilar drug referencing Johnson & Johnson’s Remicade, which treats chronic inflammatory illnesses such as rheumatoid arthritis and Crohn’s disease. Celltrion’s US marketing partner Pfizer officially began sales of Cell
Dec. 25, 2016
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[News Focus] Service over safety at Korean airliners?
A recent incident involving an unruly passenger on a Korean Air flight has sparked debate about the capabilities of Korean airlines to ensure the safety of their passengers, as well as the leniency of Korean laws regarding in-flight disturbances.On Tuesday, a drunk 34-year-old male passenger surnamed Lim caused a scene aboard the Prestige (business) class on the Korean Air Flight 480 bound for Incheon from Hanoi, Vietnam. He slapped the passenger next to him and was eventually restrained by the
Dec. 25, 2016
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[Photo news] Bakery hit by bird flu
Pastries are displayed at a Paris Baguette store in Seoul, Friday. The bakery franchise under SPC Group has decided to halt the production of 19 items, including roll cakes and muffins, requiring eggs as a main ingredient due to the shortage of eggs caused by the spread of bird flu across the country. (Yonhap)
Dec. 23, 2016
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[Weekender] Charity fundraising meets ICT
Salvation Army’s red Christmas kettles and bell ringers landed here in 1928 and have withstood South Korea‘s harsh winters ever since. It seems though, it won’t be long before they disappear and are replaced with digital gadgets, as donors now tend to prefer convenient digital charity over traditional paper money donations.In line with the trend, fund organizers are rolling out easy and creative digital methods to draw more tech-savvy donors.They range from applications to digital gift certifica
Dec. 23, 2016
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[Weekender] Talent donation sets new trend for community service
Lee Bo-ra, a 39-year-old housewife with three kids in Seoul, volunteered to read tales for children at a community cultural center in her neighborhood every Saturday for about a year. “I didn’t know that what I was doing was donating my ‘talent’ at the time, because I thought I was simply doing some community service,” said Lee, a professional narrator with a private license for fairy tale reading. “Now I recognize it can be a good way of serving my neighbors with my skill.”Students of a fine a
Dec. 23, 2016
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Samsung cuts incentives for smartphone division
Samsung Electronics has rarely cut its semiannual incentives for its longtime cash cow smartphone division, which continues to struggle to recover from the Galaxy Note 7 fiasco, according to news reports Friday. Every June and December, the tech giant provides incentives of up to 50 percent of an employee’s monthly salary for its main business divisions -- Information technology & Mobile communications, Device Solution and Consumer Electronics. Additionally, it provides incentives of up to 50 pe
Dec. 23, 2016
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Shipping alliance reshuffle may hit Busan Port: report
The upcoming reorganization of global shipping alliances is likely to hit Korea’s largest port in Busan, a report showed Friday. According to the Korea Maritime Institute’s report, the harbor volume of Busan Port is expected to drop by 3.5 percent from next year. Busan Port managed containers of more than 10 million twenty-foot equivalent units last year. Of those, the Asia-North America route accounted for 36.7 percent while the Asia-Europe shipping line made up 6.7 percent. The Institute forec
Dec. 23, 2016
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Korean Air pilots continue strike with no solution in sight
Unionized pilots at South Korea's largest flag carrier Korean Air Lines Co. continued their 10-day strike on Friday aimed at demanding better pay and improved working conditions.Some 190 pilots out of the total 2,300 at Korean Air took part in the second day of the strike scheduled to end Dec. 31.Under a 2010 revision to the aviation law, up to 20 percent, or some 460, of the unionized pilots could have taken part in the strike. However, the union said it decided to minimize the number out of co
Dec. 23, 2016
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Koreans feel pinch of rising food prices
Prices of major food products in South Korea have risen recently, putting a larger burden on consumers already hit by the fallout from the worst outbreak of avian influenza, industry sources said Friday.Nongshim Co., the nation's top instant noodle ramyeon maker, jacked up the average price of its 18 products by 5.5 percent last Friday, sparking speculation that smaller rivals will likely follow suit soon.No. 3 industry player Samyang Foods Co. said it is still considering whether and when to ra
Dec. 23, 2016
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KOTRA, Chinese fund form partnership
The Korea Trade-Investment Promotion Agency has signed a memorandum of understanding with a Chinese private fund management firm to invest in small and medium-sized firms with high potential, the trade agency said Thursday. KOTRA and KCA Capital Partners, which is partially owned by China’s leading investment group China International Capital, will cooperate to find companies in the fields of games and entertainment as well as consumer goods and help their entry into Chinese and Associ
Dec. 22, 2016
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Stock price output mixed for ship-related sectors
Stock prices of the Korean shipping and shipbuilding industries for next year are projected to be mixed amid the market’s tough conditions and ongoing restructuring, experts said Thursday. Analysts said the financial resolutions of ailing shipping companies would lead to recovery of the stock prices of the shipping industry, but shipbuilders will see a rough year due to rising competition from China and Japan and the nature of their orders, which require extensive time to materialize.Since Hanji
Dec. 22, 2016
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[Super Rich] Seven numbers to explain self-made billionaire owner of Smilegate
About a year and nine months ago, Kwon Hyuk-bin joined the list of South Korean billionaires. Kwon is the chairman of game making company Smilegate which is known for its hugely popular game “Crossfire.” He joined the club with 2 billion won ($1.6 million) in private assets. Kwon is regarded as the richest self-made man in Korea. This week, The Superrich Team takes a look at seven numbers that explain Kwon’s success story. Kwon Hyuk-bin, founder of Smilegate (Smilegate)1. 25: Kwon started his f
Dec. 22, 2016
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[Super Rich] Five chaebol families make up one-third of top 100 richest in Korea
Unhealthy ties between Korean conglomerates and the government have long been cited as a factor that prevents Korea from moving forward. A recent comment by a chaebol chief at a parliamentary hearing over the alleged connections between businesses and the presidential office was a reflection of the reality.“It was near impossible to reject such a demand (from Cheong Wa Dae). That’s what it’s like in Korea,” said Huh Chang-soo, head of GS Group and chairman of the Federal of Korean Industries, at
Dec. 22, 2016
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LX Corp. seeks to enhance citizens’ lives through Government 3.0
South Korea’s state-run land information provider LX Corp. is operating a number of services to boost the public’s access to information about land as part of a government-led initiative, the company said Thursday. Government 3.0 refers to a government-launched initiative aimed at improving people’s lives and supporting small entrepreneurs by making available land-related data.LX Corp. officials hold a meeting on the Government 3.0 initiative. (LX Corp.)The most notable service is the LX basic l
Dec. 22, 2016
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Homeplus opens mall-style branch in Paju
Discount retailer Homeplus opened its 142nd branch with a mall layout that emphasizes experience over shopping, in Paju, Gyeonggi Province on Thursday. Homeplus’ 66,000-square-meter Paju Unjeong branch is the company’s largest discount retail outlet in Paju. The mall includes stores directly operated by Homeplus as well as a culture center and a movie theater.According to the company, the branch’s layout reflects the recent trend of discount retailers by minimizing traditional grocery store offe
Dec. 22, 2016
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E-Land under fire for alleged labor rights abuse
A union of part-time workers and labor activists called Thursday for the arrest of the CEO of E-Land Park and a crackdown on alleged unfair labor practices.Eight groups including the Arbeit Workers Union and the Korean Confederation of Trade Unions held a press conference in front of the E-Land Park headquarters in Geumcheon-gu, Seoul, to demand that the company‘s food business CEO, Park Hyeong-sik, be taken into custody for breaking labor laws.“Many of the workers affected by E-Land Park’s meti
Dec. 22, 2016
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Korean Drug Ministry joins global pharma cooperation body ICH
South Korea’s Drug Ministry said Thursday that it has officially joined the international pharmaceutical cooperation body ICH, a move expected to ease the entry of Korean pharmaceutical products into overseas markets. The Korean Ministry of Food and Drug Safety is the sixth member of the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use, which aims to establish a shared international standard across all stages of the pharmaceuticals regulation pr
Dec. 22, 2016
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Green Cross’ 4-strain influenza vaccine approved by WHO
South Korean biopharma company Green Cross said Thursday that its self-developed quadrivalent influenza vaccine has obtained the World Health Organization’s prequalification approval. The approval grants Green Cross eligibility to join the United Nation’s procurement bid for influenza vaccines in the future to potentially win vaccine supply orders from UN affiliates such as UNICEF and PAHO.Green Cross’ GC Flu Quadrivalent is able to protect against four strains of influenza -- two influenza A st
Dec. 22, 2016
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S. Korean conglomerates still lack transparency in governance
South Korea's big businesses still lack transparency in their governance as owner families still have a strong grip on influence without seats on the board of directors through cross-ownership, the state corporate watchdog said Thursday.The percentage of owners or their relatives who are listed as board members of companies affiliated with 21 large family-run conglomerates stood at 17.8 percent as of April 1, down 0.6 percentage point from a year before, according to the Fair Trade Commission.In
Dec. 22, 2016