Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Korean bands get their day in the sun, finally
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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Operating profits of 22 major Korean firms up 6.1% in H1
Operating profits of more than 20 major South Korean companies increased in the first six months of this year from a year earlier, market data showed Friday.The combined operating profits of tech giant Samsung Electronics Co. and 21 other companies came to 32.44 trillion won ($28 billion) in the January-June period, up 6.1 percent from a year earlier, according to market researcher FN Guide.It said the combined net profits of the companies stood at 24.46 trillion won in the first half of the yea
July 29, 2016
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Lotte theme park selected to lead gov’t VR project
[THE INVESTOR] The Ministry of Science, ICT and Future Planning on July 29 named Lotte World Adventure as the developer of its virtual reality theme park development program. Lotte World Adventure.The program is part of the government’s Virtual Reality Flagship Project that aims to develop virtual reality technologies ahead of international competitors. Along with a theme park that uses VR technologies, the government hopes to develop games, entertainment, education and other businesses that use
July 29, 2016
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Companies go on special routine for workers to battle summer heat
Companies in the southeastern city of Ulsan, marked by major shipyards and manufacturing plants, are on a special operational routine from early July to help their employees beat the summer heat worsened by fiery working environments, officials said Friday.Hyundai Heavy Industries, a leading shipbuilder headquartered in the city 414 kilometers from Seoul, has set July 10-Aug. 31 as the summer heat period, during which employees can receive cooling clothes and equipment, special food and extended
July 29, 2016
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Naver to offer digital platform for Michelin’s Seoul guide
[THE INVESTOR] Michelin guide’s Seoul edition will be available online through South Korea’s portal giant Naver.Michelin Korea has signed an agreement with Naver for digital partnership, it said on July 29, in time for the release of Seoul edition. Naver headquarters in Bundang, Gyeonggi Province.Based on Naver’s free mobile homepage-making platform modoo!, the digital version of the world’s oldest and most recognized guide on Seoul will be published in Korean and English. In addition to the di
July 29, 2016
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SK Networks’ Q2 earnings dented by oil prices
[THE INVESTOR] SK Networks, SK Group’s trading and retail arm, said on July 29 that its consolidated second quarter revenue and operating profits fell 9.7 percent and 2.2 percent, respectively, from a year ago. In a regulatory filing, the company said that its preliminary second quarter sales came to about 4.66 trillion won (US$4.15 billion), while operating profit came to 35.3 billion won. The company attributed the drop to falling oil and raw materials prices.The company said that the drop in
July 29, 2016
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SK Group vice chairman released on parole
[THE INVESTOR] SK Group vice chairman Chey Jae-won was released from prison on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company. "The economy is struggling, and (I) will add (my) small effort to revive the economy and creating jobs," Chey said. SK Group Chey Jae-won bows as he is released on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Ch
July 29, 2016
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Foreigners' duty-free shopping picking up again
Foreigners' local duty-free shopping has rebounded this year after a dismal drop last year from a contagious respiratory disease, data showed Friday, renewing interest in new licenses for the retail business.Statistics provided by the Korean Duty Free Association said shoppers purchased an average $207 worth of goods at the no-tax stores in the first half of this year, up from $200 in the same period last year. Foreigners bought $345 worth, compared with $337 last year. Locals purchased an avera
July 29, 2016
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Incheon's Songdo rising as mecca of drone industry
A west coast town in Incheon, filled with a variety of architectures inspired by global landmarks such as New York's Central Park and Sydney's Opera House, is turning into a mecca for the drone industry.South Korea has been promoting the fledgling industry as one of its new growth drivers. In 2003, the South Korean government designated Songdo in the western port city of Incheon, spanning 209 square kilometers, a free economic zone and bilingual city to accommodate foreign investors and resident
July 29, 2016
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Korea's industrial output edges up 0.8% in June
South Korea's industrial output rose for the second straight month in June on the back of increased production in chips and chemical products, a government report showed Friday.Production in the mining, manufacturing, gas and electricity industries edged up 0.8 percent last month from a year ago, according to the report by Statistics Korea. The June figure marked the second consecutive positive growth, following a 4.7 percent jump in May. From a month earlier, however, industrial output backtrac
July 29, 2016
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Korea's manufacturing sentiment worsens for next month
South Korean manufacturers' business sentiments will remain weak next month as they expect no big improvement in domestic demand, central bank data showed Friday.The business survey index of manufacturing firms here came to 71 for the upcoming month, down from 72 for July, according to the Bank of Korea.The BSI for August marks the lowest level since 70 registered for April. A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index
July 29, 2016
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Shinsegae named preferred bidder for running Coex Mall
[THE INVESTOR] Shinsegae Property, a subsidiary of E-Mart, was named the preferred bidder for rights to run Coex Mall over the next 10 years, Shinsegae Group said on July 29. Mainly, Shinsegae Property would be overseeing Coex Mall and also CALT shopping arcade -- both owned by Korea International Trade Association. Up to 327 shops are currently in operation in the mall areas. According to media reports, Shinsegae Property was the only bidder for the contract. Coex Mall in Samseong-dong, southe
July 29, 2016
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[Photo News] CU opens Karaoke-style convenience store
KARAOKE CONVENIENCE STORE — South Korea’s leading convenience store chain CU has opened a new karaoke-style outlet in Hongdae, northwestern Seoul. The specialized CU store is housed on the first floor of the Luxury Su noraebang, a local karaoke bar franchise. The new store has been decorated with neon signs and disco balls to resemble a noraebang and also offers a wide variety of eateries and goods catered to local noraebang-goers, said CU’s operator BGF Retail. (BGF Retail)
July 28, 2016
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Vietnam Airlines recognized as 4-star airline
Vietnam Airlines, the largest carrier in Vietnam, was ranked as a four-star airline by British airline rating organization Skytrax, the airline said Thursday.Vietnam Airlines held an event on Tuesday at The Plaza Hotel in Seoul to commemorate the event. Airline officials met with Vietnamese Ambassador to Korea Pham Huu Chi and the press to discuss Vietnam Airlines’ efforts to improve consumer service and airline safety. Employees of Vietnam Airlines pose with Vietnamese Ambassador to Korea Pham
July 28, 2016
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KEPCO under tax probe after 8 years
State-run Korea Electric Power Corp. is currently under a tax investigation as part of the government’s regular probe, sources said Thursday. This is the first time in eight years that the agency is being probed by the National Tax Service. (Yonhap)The Seoul tax office regularly conducts tax probes into medium and large-size corporations worth over 50 billion won ($44 million). The authorities are investigating possible tax evasion when the firm placed construction orders. The probe, launched e
July 28, 2016
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Sales of Hite-Jinro‘s plastic-bottled soju soar
Hite-Jinro said Thursday that its family-size plastic-bottled soju reached an all-time high of 10.5 percent in its total soju sales in the first half of this year.The nation’s largest beer and soju maker said the strong sales reflects the growing popularity of the family-size Chamiseul soju brand. 640ml family-size plastic-bottled Chamiseul soju (Hite Jinro)During the cited period, the company sold some 27.1 million boxes of soju, out of which plastic-bottled soju made up 10.5 percent, totaling
July 28, 2016
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Hyundai Heavy records ‘surprise’ profit, rivals likely to see losses
Hyundai Heavy Industries made a “surprise” operating profit in the second quarter of the year, but two other rival shipbuilders are projected to post losses, analysts said Thursday. Samsung Heavy Industries, which is scheduled to release its Q2 earnings Friday, is expected to post an operating loss, due mainly to the delay of two major projects.The company’s project to build Prelude floating liquefied natural gas facilities for multinational firm Shell has been delayed to April next year. The p
July 28, 2016
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Mongolia's first E-mart opened on July 28
[THE INVESTOR] The first E-mart in Mongolia welcomed customers on July 28. The South Korean retail giant’s first discount chain opened in Ulaanbaatar, the first big box store in Mongolia. Instead of directly operating the outlet, E-mart has signed a contract with SKY Trading, a local distribution unit of Altai Group. It exports the brand, operation management manual and products for a royalty, a first for Korean enterprises. Taking over 7,590 square meters, the store almost exactly brings its Ko
July 28, 2016
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Samsung Engineering Q2 operating profit falls 82%
[THE INVESTOR] Samsung Engineering, South Korea’s largest builder of engineering projects, posted on July 28 an 82.6 percent fall in second-quarter operating profit, struggling to recover from last year’s slump even after clearing off massive losses led by reverses in the Middle East. The plant engineering unit of Samsung Group narrowly avoided losses in the April-June period by posting 3.5 billion won (US$3.10 million) in operating profit and 2.3 billion won in net profit, up 44 percent on-year
July 28, 2016
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SMEs expect conditions to toughen in Aug.
[THE INVESTOR] South Korean SMEs are expecting a difficult August, survey showed on July 28.According to a survey conducted by the Korea Federation of SMEs, local SMEs projected a difficult August, putting the Small Business Health Index for August at 87.9 points. Small Business Health Index, or SBHI, of lower than 100 indicates that the surveyed companies expect conditions to worsen in the coming month.This is the third straight month in which the SBHI has dropped since June. By sector, manufac
July 28, 2016
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Gov’t to offer tax break for hydrogen cars
[THE INVESTOR] The government announced July 28 it will provide up to 4 million won (US$ 3,557) tax reduction on hydrogen fuel cell vehicles until the end of 2019. Hyundai Motor`s fuel-cell Tucson ixThe measure included in the tax revision is aimed at boosting the country’s renewable energy businesses’ competitiveness. Until now, reduction in the 5 percent special consumption tax was only provided to electric vehicles and hybrid vehicles. For hybrid vehicles, the tax was cut by up to 1 million w
July 28, 2016