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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Controversial power bill scheme valid: court
The Seoul court on Thursday upheld a ruling that the controversial electricity power rate system is valid, amid persistent public criticism over the cumulative bill scheme. The Seoul Central District Court ruled in favor of Korea Electric Power Corp stating that the company’s policy terms that allow the cumulative increase of power bills along with the amount of electricity used is valid.“It is difficult to acknowledge that the power company’s terms are legally invalid based on the evidence that
Oct. 6, 2016
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Ramyeon exports likely to hit record high in 2016
Exports of South Korea-made instant noodles, or ramyeon, are expected to hit a record high in 2016 on the back of rising popularity in China, customs data showed Thursday.The total value of ramyeon exports stood at $175 million in the first eight months of the year, up 26.5 percent from a year earlier, according to the data compiled by the Korea Customs Service.The figure will likely reach $263 million annually this year, surpassing the earlier record of $219 million set last year.Imports of for
Oct. 6, 2016
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Samsung to 'carefully consider' proposal by Elliott
Samsung Electronics Co. said Thursday it will "carefully consider" a proposal by US hedge fund Elliott Management that urged the South Korean tech giant to split into two companies to increase the value of shareholders. Elliott, which fought in 2015 against a merger of two Samsung affiliates but lost, urged Samsung to split into holding and operating companies. Elliott urged Samsung to list the operating company on the NASDAQ stock exchange and pay a special dividend. (Yonhap)"Elliott is a shar
Oct. 6, 2016
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Task force to be formed for job stability of Hanjin Shipping employees
The country‘s Maritime Minister Kim Young-suk said Wednesday the government will form a tripartite team along with labor and management to maintain employment of workers at cash-strapped Hanjin Shipping Co. amid a cargo chaos. The remark was made during a meeting with Lee Yo-han, the labor union chief of the ailing shipper, and Yeom Kyung-doo, chief of the Federation of Korean Seafarers’ Unions, at the regional office of the Ministry of Oceans and Fisheries in the southeastern port city of Busan
Oct. 5, 2016
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Police raid CJ HelloVision over alleged tax statement fabrication
Seoul police raided the head office of CJ HelloVision, the nation’s leading cable TV service provider, Wednesday on an allegation the company inflated numbers in tax statements worth 23 billion won ($20.7 million).The special investigation unit within the Korea National Police Agency seized accounting documents and statements on sales plan from the company’s office in Sangam-dong, northwestern Seoul. Investigators plan to summon company officials for questioning later.The police suspect the comp
Oct. 5, 2016
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Anti-graft law hits golf industry
The enactment of Korea’s landmark anti-graft law appears to be shifting the country’s social bonding culture for businessmen, especially in the game of golf.Since the Improper Solicitation and Graft Law came into force on Sept. 28, those working for public institutions, private education bodies and the media are banned from giving and receiving free meals, presents or monetary gifts respectively worth 30,000 won ($27), 50,000 won and 100,000 won or higher. Offering or receiving rounds of golf wo
Oct. 5, 2016
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Prosecutors seek extradition of ex-Oxy head
Prosecutors said Wednesday they will seek the criminal extradition of a former head of Oxy Reckitt Benckiser amid an ongoing probe of the firm's deadly products that claimed many lives here.Under the plan, the prosecutors will seek to bring Gaurav Jain, an Indian national residing in Singapore who currently works for Britain-based Reckitt Benckiser, to South Korea to further the investigation.Prosecutors said they will provide translated investigation records as well as an arrest warrant and ask
Oct. 5, 2016
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Hyundai unionists threaten to stage general strike if gov't orders emergency arbitration
Unionized workers at Hyundai Motor Group threatened Wednesday to stage a general strike if the government invokes its right to emergency arbitration to order workers at South Korea's No. 1 carmaker to return to work, sources said.The move came after Labor Minister Lee Ki-kweon said last week the government would consider calling for an emergency measure if the trade union and management fail to iron out a compromise and end a strike at Hyundai Motor Co. that is seriously hurting car parts subcon
Oct. 5, 2016
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Korea to hold K-food expo in Indonesia
South Korea will introduce its traditional food to Indonesians this week in a fair designed to promote its charm and taste worldwide, a government ministry said Wednesday.The four-day event, titled "2016 Indonesia Jakarta K-food Fair," is to open on Thursday at a local hotel, according to the Ministry of Agriculture, Food and Rural Affairs.Indonesia, with close to 90 percent of its population Muslim, is expected to emerge as an advance base for South Korea's efforts to tap deeper into the global
Oct. 5, 2016
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Police raid CJ Hellovision on forged sales statement
Police raided the headquarters of CJ Hellovision Co., the country's top cable channel operator, on Wednesday over an allegation of fabricated tax statements.Investigators said the company is suspected of fabricating tax statements worth 23 billion won ($20.6 million) to exaggerate its sales.CJ Hellovision may have overstated its sales by overcharging regional offices for commodities. Police currently suspect the firm's headquarters was directly involved in the fabrication."The investigation aims
Oct. 5, 2016
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Low taxes spur parents to give assets to children
A large number of South Korean parents have given assets to their children over the past five years due mainly to the country's low effective gift tax rate, an opposition lawmaker said Wednesday.In a report based on data by the National Tax Service, Rep. Park Kwang-on of the main opposition Minjoo Party of Korea said 26,227 South Korean minors under 19 years of age received a combined 3.05 trillion won ($2.75 billion) in donated fortunes from their parents between 2011-15.That translates to an a
Oct. 5, 2016
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Chaebol's asset succession at a snail's pace
Owners of South Korea's major business groups have been reluctant to give their assets to their children over the past few years due to the large burden of gift taxes, a market tracker said Wednesday.According to CEO Score, the "asset succession rate" for the country's top 50 family-controlled conglomerates, known here as chaebol, stood at 32.7 percent this year, up a mere 4.1 percentage points from 2011.The figure refers to the portion of assets held by offspring compared to the owner families'
Oct. 5, 2016
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Cruise passengers to Korea surpass 1.48 mln until Sept.
The number of cruise passengers visiting South Korea surpassed 1.48 million in the first nine months of this year and is expected to break 2 million in 2016, the maritime ministry said Wednesday. The Port of Jeju on the southern resort island welcomed the record number of 920,000 passengers as of September, and the southeastern port of Busan and the western port of Incheon had430,000 and 120,000 passengers, respectively, the Ministry of Oceans and Fisheries said.The latest figure was up 130 perc
Oct. 5, 2016
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Bio bubble could burst in Hanmi aftermath: experts
The stock value of Korean pharmaceutical companies for both chemical and bio based drugs are expected to go through a short-term reassessment period, in the aftermath of Hanmi Pharmaceutical that sent shockwaves to investors who have bet big on the bio craze, market analysts said Tuesday.Hanmi Pharmaceutical has been under fire after delaying an announcement of its German partner returning a license on a new lung cancer drug. The unfavorable news came 29 minutes after the market opened Friday la
Oct. 4, 2016
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Korea Sale Festa showing rise in popularity
Korea’s largest sales shopping event “Korea Sale Festa” is off to a “good start” with major participants in the automobile and retail industries seeing increased sales, organizers and participants said Tuesday.The event will continue to expand online, with some 85 online shopping sites offering up to a 70 percent discount from Tuesday, the Korea Chamber of Commerce and Industries said.The 11-day event began last Thursday in efforts to revive the sluggish domestic consumption. It was scheduled to
Oct. 4, 2016
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Koreans embrace new dining culture in wake of anti-graft law
On Monday, a government employee surnamed Kang working at a ministry in the center of Seoul met a college friend for lunch. At the end of lunch, Kang and her friend, a journalist, stood in front of the cashier, each holding a credit card to pay for their portion of the meal. There was no tug-of-war over the bill, which is -- or was -- considered proper etiquette in Korea. Behind the change was the implementation of the Improper Solicitation and Graft Law which went into force Sept. 28.
Oct. 4, 2016
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Court mulls selling STX units together
The South Korean court is considering putting troubled STX Offshore and Shipbuilding on sale with the company’s two affiliates as a package, sources said Tuesday.STX, the nation’s fourth-largest shipbuilder, has been under court receivership since June, upon its request, due to massive debt caused from mismanagement and an industrywide slump. Sources said that the Seoul Central District Court is reviewing a plan to simultaneously sell off near-bankrupt STX along with two affiliates Goseong Offsh
Oct. 4, 2016
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Korean Drug Ministry maintains approval of Hanmi’s new lung cancer drug
The South Korean Ministry of Food and Drug Safety said Tuesday that it has decided to uphold its conditional sales approval of Hanmi Pharmaceutical’s novel lung cancer therapy Olmutinib, which is suspected to have caused the death of one patient during clinical trials overseas. Under the decision made by the ministry’s Central Pharmaceutical Affairs Council, doctors can prescribe Olmutinib, sold under the trade name “Olita Tab.” to local patients on the condition that they are thoroughly informe
Oct. 4, 2016
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Shipping fiasco was unavoidable: Hanjin chief
Hanjin Group Chairman Cho Yang-ho, the largest stakeholder of the group’s cash-strapped Hanjin Shipping, said Tuesday the recent shipping fiasco sparked by court receivership of the shipping line was “unavoidable.”“It was an unavoidable situation derived from the aggressive supply of government-backed foreign shipping lines and their low price strategies,” Cho said in a parliamentary audit for the state-run Korea Development Bank. KDB is the main creditor of Hanjin Shipping.Hanjin Group Chairman
Oct. 4, 2016
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Online sales soar 27.3% in Aug. on scorching heat
Online shopping in South Korea soared at the fastest clip in more than four years in August as the scorching heat in the summer encouraged more people to enjoy internet and mobile shopping, a government report showed Tuesday.Total online transactions reached 5.58 trillion won ($5.01 billion) in August, up 27.3 percent from 4.38 trillion won a year earlier, according to the report compiled by Statistics Korea.It marked the steepest on-year gain since February 2012, when it posted a 30.1-percent j
Oct. 4, 2016