Most Popular
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Lotte chairman questioned over alleged corruption
Lotte Group Chairman Shin Dong-bin appeared before the prosecution Tuesday for questioning over alleged embezzlement and tax evasion, as the high-profile probe into the nation’s fifth-largest conglomerate nears an end.The chairman was the first Lotte chief to be summoned by state prosecutors as a suspect since the group’s formation in 1967.The 61-year-old chairman is suspected of creating slush funds and evading taxes, involving in total more than 200 billion won ($179 million).Paper is hurled b
Sept. 20, 2016
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Electricity costs surged in August: data
The cost of electricity for residential use surged last month amid growing public calls for a change to the power bill system, data showed Tuesday. According to Korea Electric Power Corp. and Rep. Yoo Dong-soo of The opposition Minjoo Party of Korea, the total power rate for residential use for last month reached 947 billion won ($845 million). If the power rate of small shops --120 billion won -- is included, the electricity bill exceeds 1 trillion won, hitting a record high. Last month’s power
Sept. 20, 2016
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[News Analysis] Lotte crisis heads toward worst case scenario
Shin Dong-bin, the self-appointed successor of Lotte Group, the nation’s fifth-largest conglomerate, on Tuesday appeared before the prosecution for questioning, less than a year after he took the throne after a bitter fight with his elder brother.Despite the drama, the chairman appears to now be facing his biggest challenge, probably more severe than last year’s ugly feud. The chairman faces the prosecution’s indictment over alleged embezzlement, breach of trust and tax evasion, and he could pos
Sept. 20, 2016
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Kumho Tire, last step in Park’s Kumho Asiana group rebuilding
Creditors of Kumho Tire, Korea’s second-largest tire-maker by revenue, are seeking a buyer for their combined controlling stake -- a sale that former owner Kumho Asiana Group Chairman Park Sam-koo would love to see fail. Eight financial institutions, including Woori Bank and Korea Development Bank, on Tuesday put out a public notice of the stake sale. Credit Suisse is arranging the deal. Kumho Asiana Chairman Park Sam-koo (Yonhap)According to the announcement, the shares, worth about 750 billion
Sept. 20, 2016
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Samsung SDS forms partnership with Oracle over biometrics
Samsung SDS, the information technology solutions unit of Samsung Group, and US computer technology giant Oracle Corp. have formed a partnership in biometrics, Samsung officials announced Tuesday.Samsung SDS’ biometric authentication solution Fido will be used in Oracle’s Identity Access Management, or IAM suite, according to the Korean company. Top officials from Samsung SDS and Oracle pose during a meeting to form a partnership in San Francisco this week. (Samsung SDS)The users of IAM will be
Sept. 20, 2016
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New agriculture minister vows to address pressing industry issues
South Korea’s newly-appointed Agriculture Minister Kim Jae-soo pledged to swiftly address the pressing issues facing the country’s agricultural sector in his first official appearance before the press on Tuesday. “The industry’s top priorities as of now are stabilizing rice prices, dealing with the negative impacts of the new antigraft law and fortifying the country‘s reservoirs to better withstand earthquakes,” Kim told reporters during a press meeting held in Sejong City. “We have created an e
Sept. 20, 2016
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Shinsegae Duty Free to open K-pop concert hall
Shinsegae Duty Free said Tuesday that it will open a K-pop concert hall later this week in Seoul in a bid to attract more foreign customers in the early stages of its operation.South Korean retail giant Shinsegae opened its first duty-free outlet on the top four floors in the flagship Shinsegae department store, with about 600 brands, in May. The hall -- situated right next to the duty free shop in Myeongdong, a shopping district in central Seoul -- will be entirely for shows by entertainment gi
Sept. 20, 2016
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SK Networks mulls selling fashion business
SK Networks is reviewing a plan to sell its fashion business unit to Hyundai Department Store, industry sources said Tuesday.The trading and hotel unit under major conglomerate SK Group is in discussions with the major department store to sell the unit for around 300 billion won ($268 million), they said."The plan to purchase the fashion unit of SK Networks is true, but it has not been decided," a Hyundai Department Store official said.The move comes as SK Networks recently suffered a setback af
Sept. 20, 2016
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Tumbler market shows exceptional growth
Sales of insulated cups and tumblers have jumped at a fast pace in South Korea on the back of increased demand for coffee and changes in consumer pattern, industry analysts said Tuesday.Thermos LLC, a global manufacturer of insulated cups and tumblers, said it has logged an annual 30-percent sales jump here since establishing a local company in 2011.Founded in 1904, Thermos is now operating in about 120 countries, including Japan and Canada, and capable of producing more than 60 million insulate
Sept. 20, 2016
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Coway replaces CEO over faulty water purifiers
Coway Co., South Korea's leading water purifier maker, said Tuesday its chief executive offered to step down to take responsibility for selling defective products that caused a series of class action lawsuits.Coway CEO Kim Dong-hyun will be replaced by Lee Hae-seon, a former co-head of CJ Cheiljedang Corp., CJ's food subsidiary, the company said in a regulatory briefing. Lee's appointment will be confirmed in meetings of shareholders and the board of directors slated for Oct. 31, it said. Kim, w
Sept. 20, 2016
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Lotte group chairman summoned over corruption allegations
Shin Dong-bin, the chief of the embattled South Korean retail giant Lotte, was summoned by state prosecutors Tuesday as the high-profile corruption probe into the country's fifth-largest conglomerate neared its conclusion.The 61-year-old business tycoon appeared before the Seoul Central District Prosecutors' Office as a suspect on a string of charges, including embezzlement and breach of trust. Shin Dong-bin (Yonhap)"I am sorry for causing concerns," he told reporters before entering the prosecu
Sept. 20, 2016
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Korean home appliances enter Southeast Asia market
Korea’s small- and medium-sized home appliance makers are making inroads into Southeast Asian countries, targeting middle-class consumers. Coway, the country‘s No. 1 water purifier maker and rental service provider, is ahead of the pack, topping the water purifier market in Malaysia. Since its entry into the country in 2006, Coway Malaysia saw an average 118 percent jump in sales year-on-year. The company tops the local market with sales reaching 97.8 billion won last year. Hurom opened a cafe
Sept. 19, 2016
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Korean Air seeks alternative funding plans for Hanjin Shipping
Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper. During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.“Since there are multiple stakeholders, holding the terminal collateral is nea
Sept. 19, 2016
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Ediya Coffee No. 1 franchise shop operator in Korea
Ediya Coffee Co., a local low-cost coffee franchise operator, has the most shops in South Korea amid rising demand for cheap take-out coffee, government data showed Monday.There were 1,577 Ediya Coffee franchise outlets across the country last year, followed by 821 Caffe Bene stores and 813 Angelinus shops, according to the data compiled by the Fair Trade Commission. The two other coffee franchise operators are also home-grown brands.Starbucks has around 900 shops in the country, but the brand w
Sept. 19, 2016
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Korea imports 400 tons of Fukushima goods
South Korea has imported over 400 tons of foods grown with radiation exposure in Fukushima, Japan, over the past six years, a South Korean opposition lawmaker said Monday, despite local consumers' worries over contamination.A total of 407 tons of goods from the region were brought into the country, said Choi Do-ja of the main opposition Minjoo Party of Korea, citing data of the Korea Food and Drug Administration submitted to the National Assembly.A devastating earthquake off the east coast of Ja
Sept. 19, 2016
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Starfield attracts 1.5m visitors in 10 days, faces parking chaos
Korea’s largest shopping mall multiplex Starfield has attracted over 1.5 million visitors in the first 10 days of its opening, due to the long Chuseok holiday, its operator Shinsegae said Monday. “Starfield had a greater turn out than anticipated thanks to the various promotions we ran before the opening, such as television commercials staring famous celebrities and messages sent out to important clients,” a spokesman for Shinsegae said. Korea’s biggest shopping mall complex Starfield is crowded
Sept. 19, 2016
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Seoul might be home to Johnson & Johnson’s startup incubator JLABS
[THE INVESTOR] Johnson & Johnson is reviewing establishing a JLABS center in Korea, its seventh and the first outside North America, according to a company official on Sept. 19.Established in 2012 under Johnson & Johnson Innovation, JLABS is an incubator for health care startups that provides infrastructure and resources. JLABS head Melinda Richter on her visit to Seoul in August reportedly praised the creativity and technologies of South Korean bio venture companies, saying the nation has an
Sept. 19, 2016
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Daewoo Shipbuilding unit wins $120 mln deal from US shipyard
Major shipyard Daewoo Shipbuilding & Marine Engineering Co. said Monday that its unit has won a $120 million deal from a US shipyard to design two ships and supply materials. Under the deal with NASSCO, a unit of General Dynamics, the Daewoo Ship Engineering Company, a wholly owned subsidiary of DSME, will design two container ships that can also house automobiles.The vessels, 265 meters long and 35 meters wide each, will be able to carry 3,250 container boxes and 525 autos.The ships will be del
Sept. 19, 2016
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Korea Kolmar buys US cosmetics manufacturer for 17 bln won
Korea Kolmar Co., South Korea's original development manufacturing cosmetics manufacturer, said Monday it has bought a US-based cosmetics maker to pave the way for entering the North American market. In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging LLC for 17 billion won ($15.1 million).Established in 1993, the Pennsylvania-based PTP has provided cosmetics for global brands includi
Sept. 19, 2016
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Market for convenience store lunch boxes shows exceptional growth
Sales of boxed lunches at convenience stores are increasing at a record pace with demand growing from demographic shifts and a broadening age group of consumers, industry data showed Monday.CU said its sales of lunch boxes increased 2.98 times as of the end of August compared with the same period last year. The jump follows a 65.8 percent increase in 2015 for the year. Helping the sales is the retail chain's collaboration with popular chef Baek Jong-won, who selected the dishes that go into the
Sept. 19, 2016