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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BTS-themed moon jar to be unveiled on Hangeul Day
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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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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Korea reports 8.5% rise in suicide rate
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[Photo News] The new Soul
Models pose with Kia Motors’ new compact SUV New Soul released Monday in Seoul. It comes with both gasoline and diesel engine options and is a revamped version of the second-generation Soul unveiled in 2013. (Kia Motors)
Aug. 22, 2016
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Heat wave boosts profits of coal-fired power plants
Five Korean coal-fired power plants operated by a state-run company have seen a sharp rise in their profitability amid the weeks-long heatwave, data showed Monday. According to the Financial Supervisory Service and power industry sources, the five coal-powered plants run by Korea Electronic Power Corp. recorded profit rates – operating profit as a proportion of total sales -- of about 15 percent to 22.5 percent from January to June this year. Korea East-West Power saw the highest increase to 22.
Aug. 22, 2016
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Demand diversifies for direct purchases from overseas
The proportion of Korean consumers who seek luxury fashion brands when buying directly from overseas sellers has dropped significantly over the past two years, according to a survey by the national consumer agency released Monday.The survey by the Korea Consumer Agency was conducted on 1,000 consumers who shopped directly from overseas sellers in the past year. It asked questions similar to a 2014 survey about consumers’ preferences and habits when buying products directly from abroad.In 2014, 4
Aug. 22, 2016
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Yuanta Securities to widen doorway to Chinese market
Yuanta Securities, a Seoul-based brokerage of Taiwan’s leading Yuanta financial group, is opening another door for domestic investors looking at China’s stock market. Yuanta Securities announced earlier this month that it will kick off selling a public offering fund to guide domestic investors to China’s stock market. The fund, or “Tongyang China AMC Long short investment trust H,” pours money into the Chinese market with a long-short strategy, through the fund run by Hong Kong-based asset manag
Aug. 22, 2016
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LF‘s Hazzys expands collaboration with Danish designer
Hazzys, an apparel and accessories brand under a leading fashion group LF, said Monday that it has expanded its collaboration with Danish designer Peter Jensen for its 2016 fall/winter collection. “Backed by vigorous support from customers for the spring/summer collection, we expanded Hazzys X Peter Jensen collaboration by introducing a wider range of items,” said Lee Ji-eun, the director of LF Hazzys Men, in a statement. Hazzys-Peter Jensen 2016 fall/winter collection (LF)Hazzys, a young casua
Aug. 22, 2016
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Korea Gas Corp. to place orders for two ships
State-run Korea Gas Corp. said Monday that it would place an order for two gas transport ships to local shipbuilders as part of the moves to support the ailing industry. The company said it moved up the order date from late next year to early next year for two LNG carriers, considering the circumstances of the Korean shipbuilding industry. Building the carriers with the size of 3,500 tons will each cost about 150 billion won ($133 million), the company said. Korea Gas Corp also vowed to ask for
Aug. 22, 2016
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Ottogi launches army stew instant noodles
Ottogi, a leading food company here, released an instant noodle product inspired by budae ijigae, or Korean army stew, earlier this month, the company said Monday.Budae jjigae is a popular Korean dish made with kimchi, processed meats and baked beans, among other ingredients. Ottogi’s latest instant noodle product, the Budae Jjigae Ramen. (Ottogi)Ottogi used beef leg bone broth as a soup base for its product to produce a deeper and spicier taste. It also used noodles that are extra chewy in tex
Aug. 22, 2016
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Increase in shipments to China helps food exports growing: report
South Korea's food exports to China are on the rise, helped by shipments of new products that recently found their way to Asia's largest economy, a report said Monday.In the first five months of the year, shipments of farm products to China gained 7 percent from the same period last year, while the country's overall food exports gained 2.9 percent on-year over the cited period, the agriculture ministry said earlier.Such an increase compares with a prolonged slump in the country's overall exports
Aug. 22, 2016
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More middle-aged South Koreans buying packaged meals
A growing number of middle-aged South Koreans are consuming packaged meals sold at local convenience stores, data showed Monday, due to convenience and to save money amid a long-running economic slump.According to the data by the No. 1 convenience store chain CU, South Koreans in their 40s and older bought 32.9 percent of all packaged meals sold at the nation's leading convenience store franchise in the first half of the year. The ratio was up from 31.1 percent in 2015 and 27 percent in 2014.The
Aug. 22, 2016
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Foreign, institutional investors place mixed bets on Samsung Electronics
Market players in South Korea have placed mixed bets on shares of Samsung Electronics Co. this month, with foreigners remaining a net seller of the stock while local institutional investors keep buying it. Shares of Samsung hit an all-time closing high of 1,675,000 won ($1,492) last Friday. The stock continued its rally early Monday and traded as high as 1,692,000 won. According to the Korea Exchange, local institutional investors had snapped up Samsung stocks worth 256.3 billion won for a ninth
Aug. 22, 2016
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Refiners show decent profitability in H1
South Korean refiners such as S-Oil Corp. have racked up decent profits in the first half of the year, driven by their better-than-expected sales and relatively high cracking margins, industry data showed on Monday.According to the data compiled by market researcher CEO Score, S-Oil, the country's third-largest oil refiner, posted the highest operating income to sales ratio of 14.9 percent among companies affiliated with the top 30 conglomerates in terms of sales.S-Oil logged an operating income
Aug. 22, 2016
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KOGAS to place orders to local shipyards
State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with local shipyards, as part of efforts to help them weather their worst-ever slump, its chief said Monday.KOGAS president Lee Seung-hoon said it will advance the schedule of placing orders for two new LNG carriers to the first half of next year and assign sizable maintenance work for its large LNG carriers to local shipyards."We are working to place an order for two LNG ship
Aug. 22, 2016
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Food franchises galvanize Korean M&A market
Several food and coffee franchises in South Korea have been put up for sale this year, giving the sluggish local mergers and acquisitions (M&A) market a shot in the arm, industry watchers said Monday.Early this year, South Korea's leading buyout fund VIG Partners sold the local chain of Burger King to a Hong Kong-based private equity fund, heralding the start of M&A activity in the local food franchise sector.In the latest case, Hollys F&B, which operates Hollys Coffee Co., is pushing to sell th
Aug. 22, 2016
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[Photo News] Shoppers flock to department store to avoid heat
Customers shop at the Lotte Department Store in Myeong-dong, central Seoul on Sunday, where diverse foreign luxury goods are being sold at discounted prices as part of a clearance sale. Korean shoppers have been heading indoors to local department stores lately, to avoid the heat wave that has swept the nation over the past few weeks. (Yonhap)
Aug. 21, 2016
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Goldman, EastBridge to acquire majority stake in kitchenware maker Happycall
Goldman Sachs Group Inc. and EastBridge Partners, a South Korean private equity fund, said Sunday they agreed to buy a majority stake in local kitchenware and home appliance maker Happycall Co. The financial terms of the acquisition were not publicly disclosed, but people close to the deal said Goldman and EastBridge would acquire a 90-percent stake in Happycall for 180 billion won ($160.7 million). (Happycall)Goldman and EastBridge are said to pay 40 billion won and 50 billion won each and the
Aug. 21, 2016
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Key creditor to provide loan to Daewoo Shipbuilding next month
Korea Development Bank, a key creditor of Daewoo Shipbuilding & Marine Engineering Co., is expected to provide a short-term loan to the struggling shipbuilder early next month, according to KDB and the Financial Services Commission on Sunday. The planned loan worth between 200 billion won ($178.6 million) and 300 billion won is likely to help Daewoo Shipbuilding address its liquidity shortage and repay maturing debts. (Yonhap)Daewoo Shipbuilding has been under pressure to repay commercial paper
Aug. 21, 2016
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Samsung Electronics hits new high
Samsung Electronics rose to a new high Friday, leading gains in Korea’s large-cap IT stocks and pumping up the broader Kospi index. The electronics giant closed at 1,675,000 won ($1,498) on Seoul’s main bourse, up 2.13 percent from the previous day. Accordingly, Samsung Electronics’ market value added 5 trillion won to reach 237.3 trillion won. The stock has gained nearly 40 percent so far this year, against the Kospi’s 0.7 percent advance. The index inched up 0.04 percent to 2056.24 points Frid
Aug. 19, 2016
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[Weekender] Rise and fall of restaurant chains in Korea
Up until the mid-2000s, US restaurant chain Outback Steakhouse was the go-to dining option for many Koreans who wanted to celebrate special occasions.The Australian-themed casual-dining chain has served its signature grilled steaks and cheese fries for years. However, it has lost ground in recent years due to the growing trend of health-conscious customers and market demand for unique menu items. In 2014, Bloomin’ Brands, the US-based company that brought Outback Steakhouse to South Korea in 199
Aug. 19, 2016
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[Weekender] Dining as leisure, small luxury
For many Koreans, cutting up an American-style steak with a knife and fork was until recently the most common idea of premium dining. Western-themed restaurants thrived for nearly 20 years in the ’90s and 2000s, serving as popular venues to experience food more exotic than kimchi and rice, and to celebrate special occasions. Driven by technological advancements and economic growth, however, dining has recently become about more than just eating out. A growing number of Koreans are perceiving din
Aug. 19, 2016
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MCM wins Trendsetter Award at 2016 ACE Awards
German-born luxury brand MCM Worldwide, run by Sungjoo Group in Korea, was awarded the trendsetter prize at the 20th Accessories Council Excellence Awards, the brand announced Friday.According to the company, the brand was given the trendsetter award for its bold designs and innovative style. MCM is best known for its patterned designs on backpacks and handbags. Logos from the Accessories Council and MCM (MCM)The awards given at the ceremony change year by year depending on that year‘s events in
Aug. 19, 2016