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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Korean bands get their day in the sun, finally
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Decision on Google’s map request due Friday
The Korean government is set to decide Friday whether it will allow Google to put a detailed map of the country on the company’s global servers.The decision, delayed by the government from an initial August deadline, comes aid trade uncertainties following Donald Trump’s election as the next US president. It will be the first time a joint government committee provides a decision on whether detailed cartographic information supplied by the government can be exported by the foreign firm.Ahead of t
Nov. 17, 2016
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Myeong-dong ranked as world’s 8th most pricey retail area
Seoul’s Myeong-dong street was ranked the eighth most expensive retail street in the world, according to a report by real estate service company Cushman & Wakefield Thursday. (Cushman & Wakefield)Cushman & Wakefield’s “Main Streets Across the World 2016/2017” priced real estate in Seoul’s shopping district Myeong-dong at $908 per square foot (0.093 square meter) per year, with an outlook to further rise. Although consumers in South Korea are increasingly turning online for shopping, the report s
Nov. 17, 2016
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Restaurant business in worst slump in five years
South Korea's restaurant business fell into its severest slump in five years in September, state statistics showed Thursday, beaten by a protracted economic slowdown and worsened by an overcrowded market.The production index for restaurants in the month fell to 85.2, the lowest since 83.9 of September 2011, according to Statistics Korea. The index gives numbers to production activities by analyzing sales and other related factors. The base year is 2010, with a number higher than 100 indicating m
Nov. 17, 2016
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Korea to promote cruise travel in China
South Korea will step up efforts to attract more cruise travelers from inner cities of mainland China to tap deeper into the promising market, the state-run tourism agency said Thursday.The Korea Tourism Organization (KTO) will hold a presentation in the northwestern Chinese city of Xian from Saturday to Sunday to introduce cruise travel programs to local agencies and potential travelers. Chinese travelers get off a 168,000-ton cruise ship, the Ovation of the Seas, upon its arrival in the southe
Nov. 17, 2016
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Half of top 10 groups' listed firms suffer decline in Q3 sales
Half of South Korea's top 10 business groups saw their third-quarter sales dip, hit by a protracted slump at home and abroad, industry data showed Thursday.The combined sales of 67 listed companies affiliated with the country's top 10 conglomerates, which settle accounts every December, were tallied at 242.69 trillion won ($208 billion) during the July-September period, down 4.68 percent from 254.6 trillion won a year earlier, according to the data compiled by the Korea Exchange.The pace of decl
Nov. 17, 2016
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Chong Kun Dang joins big 3 pharmaceutical firms
South Korea's big three pharmaceutical ranking chart is expected to change this year as sales of Chong Kun Dang Pharmaceutical Corp. in the first three quarters beat those of Hanmi Pharmaceutical Co., the previous No. 3, their regulatory filings showed Thursday.Yuhan Co. held its leading position with 964.4 billion won ($822.8 million) in sales in the January-September period, up 17.5 percent from a year ago, its separate financial documents said. Green Cross Corp. came next with 765.3 billion w
Nov. 17, 2016
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Food companies set up shop for face-to-face marketing with consumers
Food and snack companies are reaching out to consumers through face-to-face encounters at cafes and restaurants, and reaping multiple benefits of upgrading their company image, testing new products and increasing sales, industry officials said Thursday.Binggrae in March gave its Banana-flavored Milk, a product that has survived for 40 years, a new twist in March by opening a cafe in downtown Seoul that sells beverages and ice cream based on the milk. Opened in collaboration with Hyundai Departme
Nov. 17, 2016
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[Graphic News] Number of convenience stores surpass 30,000
The number of convenience stores nationwide surpassed 30,000 as of the end of last month, with their offerings becoming more diversified to include prepackaged meals, brewed coffee as well as financial and delivery services.There are currently 10,634 CU branches, followed by GS25 with 10,486, 7-Eleven with 8,486, Ministop with 2,326 and Withme, operated by Shinsegae, with 1,615.Convenience stores have been seeing soaring popularity in line with the rise of one-person households and the aging pop
Nov. 16, 2016
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Time for Korean entrepreneurs to scale-up: Isenberg
It is time for Korea to focus on scaling-up existing entrepreneurs in order to foster startups the right way, renowned professor Daniel Isenberg said.Isenberg was speaking during a session at the Global Entrepreneurship Week Korea 2016 earlier this week to share his expertise with future business leaders and related officials.During Monday’s talk held under the title “Entrepreneurship is the Future”, Isenberg spoke about Korea’s current business environment, and suggested what it should pursue.D
Nov. 16, 2016
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‘Seoul startup ecosystem vibrant, but needs diversity’
Employee diversity and exposure to global markets are two major areas that need to be improved in Seoul‘s growing startup ecosystem, according to the first edition of a white paper released by the Korea Startup Ecosystem Forum Wednesday.The research found that just 9 percent of surveyed startup founders were female, and only 17 percent of the surveyed companies had one or more non-Korean employee. This is low when compared to Silicon Valley where female CEOs account for 24 percent and 45 percent
Nov. 16, 2016
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Ministry sets out to boost LNG vessel industry
The government vowed to boost the eco-friendly liquefied natural gas vessel industry to prepare for the tightening of global regulations over the emissions of ships, officials said Wednesday. Park Seung-ki, the chief of port affairs at the Ministry of Oceans and Fisheries, explains the measures for boosting the LNG vessel industry in Sejong, Wednesday. (Yonhap)The Ministry of Oceans and Fisheries and the Ministry of Industry, Trade and Energy jointly said they would help shippers introduce the L
Nov. 16, 2016
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Customs officials probed over illegal stock trading: report
Several government officials at the Korea Customs Service are being investigated by prosecutors for alleged illegal stock trading involving duty-free shop operator Hanwha Galleria Timeworld, a news report said Wednesday.According to Yonhap, prosecutors are probing whether the officials, who had learned Hanhwa would be the winner of bids for duty-free operators, bought Hanhwa stocks hours before the KCS announced the four winners, including Hanwha Galleria Timeworld, to run duty-free shops on Jul
Nov. 16, 2016
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Samsung acquires NewNet Communication Technologies
Samsung Electronics Co., the world's largest electronics maker, said Wednesday it has acquired NewNet Communication Technologies Inc. of Canada to bolster its mobile network service.NewNet Communication, based in Halifax, Nova Scotia, operates Rich Communications Services (RCS), an advanced messaging system for cell phones.Samsung said the acquisition reinforces its commitment to RCS as mobile networks transition to IP-based networks and services, without elaborating on details of the deal. "It
Nov. 16, 2016
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New duty-free stores in Seoul suffer deficit
The duty-free stores that have newly opened in Seoul have seen operating losses this year as heavy marketing costs in the highly competitive market eroded their profitability, their financial documents showed Wednesday. Five duty-frees stores opened new shops in the capital city after winning licenses in two bids -- one in July and the other in November 2015 -- in hopes of courting deep-pocketed Chinese customers, but none of them has reached the break-even point since opening. Shinsegae Duty Fr
Nov. 16, 2016
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Convenience stores showing marked growth in numbers, sales
The number of convenience stores in South Korea has surpassed 33,000 as of the end of October this year, marking a rapid growth since the opening of the first store 27 years ago, industry statistics showed Wednesday.The number indicates a significant increase from 28,994 counted at the end of last year.CU had the most with 10,634. Following were GS25 with 10,486 and Seven Eleven with 8,486. Japan-affiliated brand Mini Stop had 2,326, and With Me, a chain operated by Shinsegye Group, had 1,615.Th
Nov. 16, 2016
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HHI to be separated into six businesses
Hyundai Heavy Industries will be divided into six independent businesses, the company said Tuesday, in a major reshuffle to cut its debt and improve its financial health.The shipbuilder said it received approval from the executive board to separate the company into six businesses: shipbuilding, marine business and engine; oil and green energy; electronics; construction equipment; robot; and commercial services.“While (the company) previously focused on consolidating noncore businesses, from now
Nov. 15, 2016
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More uncertainty looms over DSME’s fate
Uncertainty continues to linger over the fate of Daewoo Shipbuilding and Marine Engineering, as its labor union has refused to accept the restructuring plan creditors have demanded as a precondition for a financial injection. (Yonhap)The DSME union Monday said there was “no change in our initial decision not to participate in the self-rescue plan,” objecting to the company’s “unilateral” restructuring plan.“Although we can put efforts into saving the company, (we) cannot accept the request to ta
Nov. 15, 2016
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Hyundai Chemical to start producing mixed xylene
Hyundai Chemical said Tuesday it would start producing mixed xylene (MX)as the construction of its new plant has been completed. Hyundai Chemical is a joint corporation that was established in 2014 by Hyundai Oilbank and Lotte Chemical with a financial injection of 1.2 trillion won ($1 billion). MX is a base material for benzene, toluene and xylene, which are used for producing polyester fiber, PET and gasoline additive. The new plant will refine 130,000 barrels of condensate per day, and produ
Nov. 15, 2016
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Tous Les Jours opens first two branches in Mongolia
Tous Les Jours has opened its first two branches in Mongolia, making it the first Korean bakery chain to enter the Mongolian market, the company said Tuesday.Both new branches are located in Ulaanbaatar, Mongolia’s capital, and opened within two weeks of each other. Tous Les Jours signed a master franchise contract to open the stores with a local company in May. Customers crowd Tous Les Jours’ first branch in Mongolia on its opening day. (Tous Les Jours)According to the company, over 2,000 peo
Nov. 15, 2016
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Starbucks seeks eco-friendly growth
Starbucks Korea is on its way to recycle 100 percent of its stores’ used coffee grounds by 2018, furthering its efforts to contribute to environmental conservation, the company said Tuesday. The company has launched an environmentally conscious campaign to make and donate compost from used coffee grounds to help local farms and communities. This year, the campaign will collect 3,500 tons of used coffee grounds from Starbucks stores here. Starbucks employees and volunteers pose at Seoul Forest
Nov. 15, 2016