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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Koreans shamed, embarrassed over hearing of chaebol
South Koreans tuned into the parliamentary hearing of the country’s nine biggest corporations with shame and embarrassment, as the nation’s business leaders looked solemn and agitated.The owners of conglomerates attended a public hearing by the National Assembly to be grilled about suspicious connections between them and President Park Geun-hye’s confidante Choi Soon-sil. Many young Koreans watched the hearing on social networking sites including the Facebook Live service and expressed their dis
Dec. 6, 2016
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FKI on path to disbandment
The fate of the Federation of Korean Industries is inching towards disbandment as some chaebol chiefs including Samsung Electronics Vice Chairman Lee Jae-yong vowed to stop supporting the nation’s richest business club at a parliamentary hearing Tuesday.Nine heads of Korea’s top conglomerates were called in to face lawmakers’ questions about dubious links between chaebol and Cheong Wa Dae.The FKI, consisting of some 600 member companies, played a key role in collecting funds from top business gr
Dec. 6, 2016
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Story behind hearing’s seating arrangement
(Yonhap)Samsung Electronics Vice Chairman Lee Jae-yong took center stage, literally, during Tuesday’s parliamentary probe, both in terms of questions received and in seating arrangement.SK Group Chairman Chey Tae-won and Lotte Group Chairman Shin Dong-bin were respectively placed to Lee’s left and right at the hearing of South Korea’s nine biggest business tycoons. They were summoned to the National Assembly to testify on their involvement in the presidential scandal surrounding President Park G
Dec. 6, 2016
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Watchdog picks 176 firms for restructuring
South Korea's state financial watchdog on Tuesday selected a total of 176 local small and medium-sized enterprises (SMEs) for immediate corporate restructuring.The Financial Supervisory Service (FSS) conducted a credit risk assessment of 2,035 SMEs here in a regular move taken under a related corporate law.As a result, the 176 companies were put on the blacklist, a 28.5 percent increase from the average of 137 over the past three years.The FSS said it has applied stricter criteria to the evaluat
Dec. 6, 2016
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Korean shipbuilders to adopt information technology for competitiveness
South Korean shipbuilders will work to infuse information and communication technology into their field in order to raise their competitiveness, the country's information ministry said Tuesday.Under the plan, local shipyards will adopt information technology to develop software and infrastructure needed for their work, according to the Ministry of Science, ICT and Future Planning.The shipbuilding sector and ICT firms will also work together to promote ICT-based shipbuilding technology, it said."
Dec. 6, 2016
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Uncertainty overhangs pick of new duty-free operators
With an announcement some 10 days away, a thick cloud of uncertainty hangs over South Korea's selection of new duty-free shop operators due to a litany of variables, industry sources said Tuesday.The Korea Customs Service (KCS) is slated to announce four new operators for duty-free shops in Seoul and two others in provincial cities on Dec. 17, with the nation's five major retailers in the running. One of the four licenses in the capital has been allotted to a small or medium enterprise, leaving
Dec. 6, 2016
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Two firms vying for top-selling drug title
Two major drug firms are competing to become the first South Korean maker of a new homegrown medication with annual sales of more than 50 billion won, a landmark for the local industry, sources said Tuesday.Industry experts define as a blockbuster drug an extremely popular medicine that generates annual sales of at least 10 billion won ($8.6 million) for the company that produces it. No locally produced drug has posted annual sales of 50 billion won or more so far.According to the sources, one o
Dec. 6, 2016
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Travelers to Korea surpass 16 mln
The number of foreigners who visited South Korea this year surpassed 16 million in early December thanks to the rising influx of travelers from Asian nations, the state-run tourism agency said Tuesday. A total of 15.9 million foreigners visited the nation in the January-November period, up 31.3 percent from a year earlier, the Korea Tourism Organization (KTO) said. Myeongdong, a major shopping district in downtown Seoul, is crowded with travelers on Dec. 4, 2016. (Yonhap)Considering the average
Dec. 6, 2016
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Tycoons deny donation-for-favor suspicions
South Korea's business tycoons denied that their conglomerates donated money to two foundations in return for getting business favors when they attend a parliamentary hearing on Tuesday.Samsung Group Vice Chairman Lee Jae-yong stressed that his conglomerate’s donation was not intended to earn business favors. Samsung's Lee Jae-yongThe Samsung heir-apparent was questioned over allegations that the company received support from the National Pension Service for its controversial merger of two affil
Dec. 6, 2016
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Asiana Airlines flight makes emergency landing in Russia after smoke alarm
A South Korean airliner made an emergency landing in Russia on Monday after a smoke alarm went off, but all aboard are safe, officials said.Asiana Airlines Flight OZ521 was on its way to London with 197 people on board when it landed at an airport in the central Russian city of Khanty-Mansiysk about 10:50 p.m. following an alarm that smoke was detected near the engine, officials said.It was about eight hours after the flight departed from Incheon International Airport around 2:50 p.m.Russian off
Dec. 6, 2016
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Unionized pilots of Korean Air plan to strike for 12 days
Unionized pilots of South Korea's No. 1 flag carrier Korean Air Lines Co. said Monday they will launch a 12-day strike later this month. The pilot union said it notified the company that its union members will lay down their tools from Dec. 20 to 31. They are likely to carry out the plan if the union and the management fail to reach an agreement on wage deals at their final negotiation session scheduled on Wednesday. A majority of unionized pilots of Korean Air already voted "yes" to go on strik
Dec. 5, 2016
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Accomplices or victims? Tycoons to face grilling at Assembly hearing
In the biggest-ever parliamentary questioning of the nation’s industrial figures, nine chaebol chiefs are set to take the stand at the National Assembly Tuesday, to answer questions over their relationship with President Park Geun-hye and her longtime friend Choi Soon-sil.It is the first time in South Korea’s modern history that the top chaebol leaders will be brought together in a televised parliamentary hearing to face questions over their allegedly cozy ties with politics and power, a topic t
Dec. 5, 2016
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Accomplices or victims? Tycoons to appear at Assembly hearing
Nine chaebol owners are set to take the stand at the National Assembly on Tuesday, to answer questions over their suspicious relationship with President Park Geun-hye and her longtime friend Choi Soon-sil.It is the first time in South Korea’s modern history to bring the top chaebol leaders together for a parliamentary hearing and to question them on national television over their allegedly cozy ties with politics and power, a topic that has mostly been considered a taboo to speak of. (From left
Dec. 5, 2016
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Chopstick skills adds to latest recruitment criteria
Job seekers looking to join local food firm Sempio should buff up on another key skill before applying: using chopsticks.Sempio said it will assess applicants’ skills using chopsticks as part of its recruitment interview process, which began Monday.The firm said it has added a chopsticks evaluation for applicants to better understand company value and philosophy.“We believe that chopstick usage represents Korea’s unique dining etiquette and culture. Chopsticks encompass the spirit of sharing wit
Dec. 5, 2016
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‘E-mart warns against employee for wearing president-bashing badge’
E-mart, the biggest supermarket chain under Korea’s retail giant Shinsegae, is being accused of carrying out a disciplinary measure on an employee for wearing a badge urging President Park Geun-hye’s resignation.E-mart’s Pohang Idong branch in Northern Gyeongsang Province allegedly informed a cashier that “any forms of disadvantage would be her responsibility to take” for wearing a badge expressing her political opinion, the E-mart Labor Union reported on its Facebook page Saturday. An E-mart em
Dec. 5, 2016
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KITA celebrates Trade Day in tough year
The 53rd Trade Day commemoration event took place at the Coex Convention Center on Monday, with more than 1,400 attendants, to encourage business people and companies suffering grim exports condition this year. The ceremony, co-hosted by the Korea International Trade Association and the Ministry of Trade, Industry and Energy, honored 760 businesses people, including Hyundai Oilbank Co. Chairman Moon Jong-bak, for their efforts to promote exports. A total of 1,209 companies received the
Dec. 5, 2016
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Korea’s FX reserve dips on heightened dollar value
(Yonhap)South Korea’s foreign exchange reserve decreased for two straight months, due to strengthened US dollar value, the central bank said Monday. The nation‘s foreign exchange reserve for November stood at $371.99 billion, down $3.18 billion compared to October. It dropped by the largest margin in 16 months since July 2015, when the reserve slid by $3.9 billion. “The value of the US dollar has sharply increased following US President-elect Donald Trump’s acceptance speech, through which he an
Dec. 5, 2016
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Amgen first to apply for European approval of Avastin biosimilar
US pharmaceutical giant Amgen has become the first company to seek regulatory approval to sell an Avastin biosimilar in Europe, taking the lead in the race to introduce cheaper replicas of the blockbuster cancer treatment. Amgen and its partner Allergan announced Saturday that they have submitted ABP 215, a biosimilar referencing Roche’s Avastin (becacizumab) to the European Medicines Agency.“The companies believe this submission is the first becacizumab biosimilar application submitted to the
Dec. 5, 2016
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Number of moviegoers expected to top 200 mln for fourth year
The number of admissions to local theaters this year is expected to surpass 200 million for the fourth straight year, a market tracker said Monday.According to the Korean Film Council (KOFIC), both domestic and foreign films have attracted more than 199.31 million viewers this year as of Monday morning.The annual figure is sure to hit 200 million given that a daily average of 250,000 go to see movies on weekdays.Korean cinemas have sold 215 million tickets in 2014 and 217.3 million in 2015 after
Dec. 5, 2016
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OCI sells US affiliate for 451 bln won
OCI Co., South Korea's leading solar power company, said Monday that it has decided to sell its US affiliate for 451 billion won ($385 million) as part of efforts to improve its financial status.In a regulatory filing, OCI said it has agreed to sell OCI Solar San Antonio 6 LLC. The company did not unveil the name of the buyer.Since 2012, OCI has been conducting a 400MW-solar power project in Texas under which a total of seven solar farms have been established. The proceeds from the asset sale wi
Dec. 5, 2016