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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SME loans from nonbank lenders soar amid restructuring
A growing number of small and medium enterprises (SMEs) in South Korea are turning to high-interest loans from nonbank lenders as banks tighten their loan screening, data showed Tuesday.As of end-October, outstanding SME loans from nonbank financial institutions came to 76.6 trillion won ($64.4 billion), up 31.2 percent from a year earlier, according to the data by the central Bank of Korea. The amount also marks a 2 percent increase from the previous month.The jump in high-interest lending spar
Dec. 20, 2016
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[Graphic News] Younger Koreans prefer Facebook
A survey by Nielsen Koreanclick showed that the preferred social networking services among South Koreans differed by their age, with the younger smartphone users favoring Facebook and Instagram, and older generation remaining loyal to KakaoStory and Band.Nielsen said community-based services appear to have appealed to the older generation by having a specific purpose of their communities with closer interaction and credibility among the members.The average time spent on social media apps by age
Dec. 19, 2016
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Samsung picks 51 non-profits for W10b fund
From welfare charities to cultural programs for socially disadvantaged groups, Samsung Group last week selected 51 organizations for a 10 billion won ($8.43 million) project to contribute to society.As part of joint efforts with Community Chest of Korea, Samsung Group announced its list of fund recipients for the project named “Sharing and Dream” on Wednesday. The group will fund nonprofit organizations to support those in need and provide opportunities for them to support themselves. The projec
Dec. 19, 2016
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[Herald Interview] Pyeongtaek Port moving fast to foster new growth engines
Newly established shipping routes from Pyeongtaek Port are giving it a competitive edge as the gateway for Korea’s exports to Southeast Asia for local industries, the head of state-run Gyeonggi Pyeongtaek Port Corporation said. Gyeonggi Pyeongtaek Port Corporation CEO Choi Gwang-il (GPPC)“This year, (the company) has put efforts into expanding the cargo volume and seeking new businesses. It will now focus on turning the port into a vehicle-specialized port to become an automobile cluster, and o
Dec. 19, 2016
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LG Chem vows to lead green biotech sector
(LG Chem)South Korean chemicals firm LG Chem on Monday signed a memorandum of understanding with Seoul National University’s College of Agriculture and Life Sciences to work together to develop green biotechnology.LG Chem said it would invest some 5 billion won ($4.22 million) over the next five years for research and development of future core technologies, such as crop protection agents.“Competition is heating up among countries to dominate the green biotech industry in advance. The sector is
Dec. 19, 2016
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[NEWS FOCUS] War on duty free licenses ends, only for now
Saturday’s announcement of six new duty-free licenses in South Korea brought a sense of closure to heated competition, yet simultaneously amplified ongoing debates on the efficacy of the current licensing process on duty-free operations.The Korea Customs Service gave three highly-coveted duty-free licenses to conglomerates in Seoul, bringing the total number of duty free shops in the capital to 13.The golden tickets went to Shinsegae DF, Hyundai Department Store and Lotte Duty Free, after a long
Dec. 19, 2016
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CSL wins Canada's approval of hemophilia drug Afstyla
South Korean biopharma company SK Chemicals said Sunday that a hemophilia treatment it has co-developed with its partner CSL Ltd. has been approved for sale in Canada, marking another step forward in breaking into overseas markets.Last week, Canada's drug regulator Health Canada granted marketing and sales approval for Afstyla, a biologic drug for hemophilia A, to CSL Behring, a subsidiary of CSL Ltd.Afstyla was originally developed by SK Chemicals and licensed out to Australian biotech firm CSL
Dec. 19, 2016
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Celltrion on track to selling world’s first Rituxan biosimilar in Europe
South Korean biopharma company Celltrion is on track to commercialize a Rituxan biosimilar for the first time in Europe early next year, marking another major milestone for the drugmaker.The European Medicines Agency’s Committee for Medicinal Products for Human Use adopted a positive recommendation of Celltrion’s Truxima, a biosimilar referencing the blockbuster lymphatic cancer drug Rituxan (rituximab) on Friday.In line with the CMPH’s recommendation, the EMA is expected to officially grant Tru
Dec. 19, 2016
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Doosan Heavy inks 1 tln-won plant order in Saudi Arabia
Doosan Heavy Industries & Construction Co., South Korea's leading power equipment maker, said Monday it has signed a 1 trillion-won ($842 million) deal to build a power plant in Saudi Arabia.Under the deal with the state-run Saudi Electric Co., a Doosan Heavy-led consortium will build the 1,519-megawatt (MW) power plant, in the Fadhili gas-processing plant, located 85 kilometers north of Jubail Port, by November 2019, the company said.Doosan Heavy said its orders for the year may top 9 trillion
Dec. 19, 2016
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Korean industries show mixed reactions to oil price hike
Korean industries showed mixed reactions to the rising global crude oil price over the weekend, with the ailing shipbuilders expressing relief, while aviation and shipping businesses remained cautious.According to the Korea National Oil Corporation’s oil information provider Opinet, the average of the Korean gasoline price hit its yearly high, going to 1,460 won ($1.23) per liter, Saturday. The diesel price also surged to a yearly high of 1,253 won per liter. The oil information provider specula
Dec. 18, 2016
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Facebook for the young, KakaoStory for the older
With social media taking firm root in everyday lives, the preferred service differs among age groups in South Korea, a survey showed Sunday.Nielsen Koreanclick, which provides base data for media planning and ad effectiveness analysis, said it has researched the generational use of social media, based on findings that 91.7 percent of mobile users were active on various social media services. The survey targeted smartphone users using Android operating system as of October.Facebook was by far the
Dec. 18, 2016
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Unfair trade by delivery apps rampant: report
Half of small businesses working with delivery apps have experienced unfair trade, a report showed Sunday.The Korea Federation of SMEs said it surveyed 200 small restaurant companies that serve chicken, Chinese and other fast food to hear of their business difficulties. The result showed that 48 percent had experienced one or more incidents of unfair trade after joining the delivery app services.Food delivery apps such as Baedal Minjok and Yogiyo have expanded significantly over recent years, wi
Dec. 18, 2016
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Travel ban imposed on Samsung, SK, Lotte heads
The special investigation team has imposed travel bans on conglomerate chiefs as it prepares to dissect the political scandal involving President Park Geun-hye and her confidante Choi Soon-sil, according to news reports on Sunday. Samsung Electronics’ Vice Chairman Lee Jae-yong, SK Group’s Chairman Chey Tae-won and Lotte Group’s head Shin Dong-bin have been banned from travelling abroad. The ban came as the independent counsel team is set to begin a 70-day investigation into the scandal from Mon
Dec. 18, 2016
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Sales of poultry dip, imported pork soar on avian flu outbreak
The highly pathogenic strain of bird flu that is rapidly spreading throughout the country has led to a decrease in sales of chicken. Sales of chicken declined 15.4 percent on-year during the first 15 days of December following the H5N6 avian influenza outbreak, according to South Korea’s largest discount retail chain E-mart.This is in contrast to the 6.1 percent on-year sales increase recorded between January and November at the stores.Sales of other poultry, such as duck, plunged 17.2 percent,
Dec. 18, 2016
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Top three retailers win new duty-free licenses in Seoul
Lotte Duty Free, Hyundai Department Store and Shinsegae DF have won new licenses to operate duty-free stores in the affluent Gangnam district in Seoul, the Korea Customs Service said on Saturday evening.Two other big rivals SK Networks and HDC Shilla failed to get the ticket, after a six month battle to tap into the demand of growing Chinese tourists in southern Seoul.The announcement came despite strong opposition from civic groups and lawmakers, who demanded that the government suspend the dec
Dec. 18, 2016
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Daewoo Shipbuilding wins potential 700 bln-won deal
Daewoo Shipbuilding & Marine Engineering Co. said Sunday it has bagged a combined 700 billion won ($590 million) in potential orders from a Greek shipping company. Under the agreement with Maran Tankers Management -- a unit of Greece's largest shipper, Angelicoussis Shipping Group -- the troubled South Korean shipbuilder will provide a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.Details of the deal were not revealed, but the LNG-FSRU is priced at the upper 200 billi
Dec. 18, 2016
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New duty-free licenses await decision amid controversy
Korea’s customs regulator is set to announce the winners of six new duty-free licenses Saturday evening, despite continued opposition from lawmakers and civic groups.Three of the licenses will be granted to large companies in the Seoul area. Five companies have bid for the licenses -- Lotte, SK Networks, Shinsegae, HDC Shilla and Hyundai Department Store. The rest of the licenses will go to small and medium enterprises and duty-free outlets outside of Seoul.The bidding and evaluation process ran
Dec. 16, 2016
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[Newsmaker] Daesung chief explores new territory for energy transition
Younghoon David Kim, chairman of Daesung Group, a South Korean conglomerate specializing in the energy business, has a unique and grand mission in mind: finding individuals like Michael Faraday.Stressing that the world is on the verge of an energy transition, Kim believes the time is ripe for entrepreneurs like him to find the brightest minds to bring about a paradigm shift from a fossil fuel-based economy to one based on new sources of energy. To open a new chapter in human history, the world n
Dec. 16, 2016
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[Weekender] Convenience stores’ private brands hit big
Convenience stores have long been a part of South Korea’s quick, fast-changing lifestyle, and they have now taken a step further by producing their own private brands.What makes their private brands work is the convenience store chains’ wide distribution capacities.Omori Kimchi stew ramen released by local convenience retail brand GS 25 and instant noodle maker Paldo. (GS Retail)Most convenience retail brands do not spend large sums of money on ads for their private brands, because promotion is
Dec. 16, 2016
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[Weekender] At your convenience
Ethan Kim, a 33-year-old marketer living in Seoul, says he cannot remember the last time he was in a grocery store.“I do most of my shopping online,” he says. “Everything else, I buy at a convenience store near my house. I usually stop and get something for dinner on my way home from work.”As the number of single-person households continues to rise in Korea, convenience stores have become the new offline retail outlets of choice, a rare sector of growth in a sluggish retail climate. According to
Dec. 16, 2016