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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US firms seek antidumping tariffs on S. Korean synthetic rubber
[THE INVESTOR] The US chemicals industry is seeking antidumping tariffs on South Korean synthetic rubber, the Korea International Trade Association said on July 24. According to the Washington branch of the KITA, US rubber makers including Lion Elastomers have filed dumping complaints against South Korean ESBR, a synthetic rubber used in a range of products including tires. The plaintiffs have requested the US International Trade Commission, and the US Department of Commerce to levy between 22.4
July 25, 2016
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Top 30 conglomerates’ retained earnings shoot up 275% in 10 years
[THE INVESTOR] The retained earnings of the country’s top 30 conglomerates have nearly tripled since 2006, government data showed on July 25. The list of 30 excludes state-run entities, and conglomerates that are not run by an “owner,” like Samsung, Hyundai Motor and other leading conglomerates.According to the National Assembly Budget Office data obtained by Rep. Kim Jong-min of the main opposition Minjoo Party of Korea, the retained earnings of the top 30 conglomerates came to 478 trillion won
July 25, 2016
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Smartphone OLED panels market to grow twofold in 2 years
Global shipments of organic light-emitting diode panels for smartphones are forecast to jump by nearly twofold in two years, data showed Monday, as more smartphone makers are moving to equip their devices with the power-saving panels.According to the data compiled by market researcher IHS, a total of 257 million OLED panels for smartphones were shipped in 2015 and the number is expected to expand to 455 million in 2017.The rise in OLED shipments for smartphones was attributable to more smartphon
July 25, 2016
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Korea wins 1 tln won deal to operate UAE nuclear reactors
South Korea's state-run energy firm said Monday it has clinched a deal with its United Arab Emirates counterpart to operate four nuclear reactors under construction there through 2030.Under the plan signed in Abu Dhabi on July 20, Korea Hydro & Nuclear Power Co. will be in charge of the operation of the four Advanced Power Reactor (APR)-1400 nuclear reactors under construction in the UAE, marking the first time for a South Korean firm to sign an agreement of that kind with overseas partners.Star
July 25, 2016
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Conglomerates slacking on job growth: report
South Korea’s top five conglomerates have grown even bigger in terms of assets they hold and revenue they produce in the past three years, but their contribution to creating new jobs is lagging, a report showed Sunday.According to conglomerate tracking research firm Chaebul.com, the combined assets of the top five largest companies -- Samsung, Hyundai Motor, SK, LG and Lotte -- recorded about 930 trillion won ($817 billion) last year, a 15.5 percent rise from 2012. This accounted for 60 percent
July 24, 2016
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Gov't R&D spending up 7% in 2015
The South Korean government's spending on research and development projects advanced 7 percent in 2015 from a year earlier, data showed Sunday, with the science ministry being the top beneficiary of the investment.According to the data compiled by the Ministry of Science, ICT and Future Planning, the government's R&D spending for 2015 came to 18.8 trillion won ($16.6 billion), compared with 17.6 trillion won posted a year earlier.In 2015, the government invested in 54,433 projects from 639 busin
July 24, 2016
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Korea tops innovation performance: European Commission
South Korea topped a list of most innovative countries, data showed Sunday, outpacing other key countries around the globe, including the United States and Japan.According to the data compiled by the European Commission, South Korea had the highest global innovation performance, with a score of 0.726, hovering above the 0.703 and 0.701 posted by the U.S. and Japan, respectively.The European Union, Canada and Australia followed with 0.592, 0.582 and 0.506, respectively, the data also showed."Sout
July 24, 2016
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Hanwha soars on Fortune list on M&A deals
South Korea's Hanwha Group on Sunday said its ranking on the list of the top 500 companies compiled by the U.S. business magazine Fortune shot up in 2016 from a year earlier, apparently helped by its merger and acquisition deals.The defense and chemical conglomerate was placed in the 277th spot, up 52 notches from a year earlier, Hanwha said.Industry watchers said the growth followed the improved performance of four Samsung units acquired by Hanwha. In 2014, South Korea top conglomerate Samsung
July 24, 2016
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Rising sales at department stores suggest recovery of retail sector
South Korea's major department store chains saw their sales move up 2.4 percent in the first quarter from a year earlier, government data showed Sunday, indicating a recovery may be under way in the retail sector.According to the data compiled by the Ministry of Trade, Industry and Energy, South Korea's top three department store brands -- Lotte, Hyundai and Shinsegae -- saw their sales improve in the January-March period from a year earlier, recovering from the 1.2 percent on-year drop posted f
July 24, 2016
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Petrochemical business boosts SK Innovation
Korea’s top oil refiner SK Innovation on Friday reported a 6.5 percent increase in net profit in the second quarter led by its petro-chemical business. Its net profit reached 626 billion won ($551 million), compared with 588 billion won a year earlier, the company said. Operating income rose 12 percent to 1.12 trillion won and sales jumped 21 percent to 10.28 trillion won. The company attributed the strong performance to its petro-chemical business which benefited from lower oil prices. SK Inno
July 22, 2016
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3M recalls toxic air filters in Korea
Multinational manufacturer 3M apologized for the uproar over the detection of a toxic substance in its air purifier filters, and promised to start a recall on Friday.The apology comes after weeks of silence following the first reports of potentially harmful toxins in the company’s filters.3M(Yonhap)“We sincerely apologize for the concern that we have caused consumers and our client companies over the results of the Environmental Ministry’s investigation announced on Wednesday,” the statement rea
July 22, 2016
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Hanwha opens solar energy complex for local firms
[THE INVESTOR] Hanwha Group has launched a new research complex in Seosan, South Chungcheong Province, to nurture local small and medium-sized firms in the field of solar energy. The company, in partnership with the South Chungcheong Creative Economy Innovation Center, jointly opened the Seosan Solar Energy-Specialized Venture Complex on July 22. With an area of 16,529 square-meter, the new center will attract SMEs in the field of solar energy to foster their R&D activities and commercialize its
July 22, 2016
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KG Inicis partners with China’s PayEase
[THE INVESTOR] Electronic payment company KG Inicis has signed a partnership agreement with PayEase, a Chinese company that provides payment platform for international enterprises, it announced on July 22. Through the partnership, KG Inicis will let local customers pay with credit cards or bank transfer in Korean won at PayEase’s Chinese or global clients. PayEase customers can pay in Chinese yuan at KG’s clients in Korea. (123rf)PayEase is a state-owned company whose estimated transactions las
July 22, 2016
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Prosecutors suspend execution of CJ chief's jail term
Prosecutors said Friday they have accepted a request from the chairman of the food and entertainment conglomerate CJ Group to suspend the execution of his 30-month jail term for hospital treatment.The Seoul Central District Prosecutors' Office decided to suspend the sentence for Lee Jay-hyun for three months.The custody of Lee, who is currently in a hospital, was suspended several times due to his illnesses. The prosecution's announcement came a few days after the ailing chairman, convicted of e
July 22, 2016
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Aramco Korea CEO named as head of S-Oil
[THE INVESTOR] Petroleum and refinery company S-Oil said on July 22 that it has named Othman Al-Ghamdi, representative director of Aramco Asia Korea, as its new chief executive officer.The appointment will be put up for approval in a planned shareholders meeting on Sept. 5. Saudi Aramco's chief executive officer Khalid al-Falih (Bloomberg)The new CEO served as operations director at Ras Tanura oil refinery of the state-owned Saudi Arabian energy company, SaudiAramco, and led the company’s Korea
July 22, 2016
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K-beauty attracts investment from international big shots
[THE INVESTOR] The Korean cosmetics industry is garnering attention from global investment banks and luxury conglomerates, thanks to the growing popularity of K-beauty products riding on the Korean Wave in China. Investment heavyweight Goldman Sachs teamed up with Bain Capital’s private equity fund to take over controlling stake of Carver Korea last month and will increase their stake pouring as much as US$675 million. Costmetic coners of Shinsegae Duty Free Shop in Seoul/ / The Investor(Lee San
July 22, 2016
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Tooheys Extra Dry beer comes to Korea
Australian beer Tooheys Extra Dry will be hitting bars in Korea starting Friday, according to Korean manufacturer Hite Jinro.Tooheys Extra Dry, made by Lion in Australia, is a dry lager beer with 4.4 percent alcohol volume. The beer will only be sold in 345-milliliter bottles through bars, pubs, and dining bars. It will not be available through supermarkets or convenience stores. Tooheys Extra Dry beer (Hite Jinro)According to a spokesman for Hite Jinro, which imports the beer, Tooheys is especi
July 22, 2016
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Over 1,500 line up to taste Shake Shack burger in Korea
[THE INVESTOR] Food and confectionery giant SPC Group’s first Shake Shack outlet in Korea officially opened on July 22. More than 1,500 customers waited in line from the night before for a taste of the New York-based joint’s premium burger in southern Seoul, according to the company. As of 2 p.m. on the opening day, 420 customers visited the outlet, with the waiting line as long as 150 meters outside, it added. Shake Shack was established in 2001 by celebrity restauranteur Danny Meyer, starting
July 22, 2016
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Umbrella union stages all-out strike
[THE INVESTOR] Kia Motors’ union is joining in the umbrella union’s nationwide strike on July 22, amid accusations that its participation is illegal and politically motivated. The strike is led by the Korean Metal Workers’ Union, a subgroup within the hard-line Korean Confederation of Trade Unions, which counts unions of carmakers and shipbuilders among its members. Hyundai Motor Group`s headquarters buildings in Yanjae-dong, southern SeoulLabor unions belonging to the Metal Workers’ Union will
July 22, 2016
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Taihan Electric Wire relaunches in Vietnam as Taihan Cable Vina
[THE INVESTOR] Taihan Electric Wire has taken over a joint venture in Vietnam and launched it as a new entity in the country, the company said on July 22.The firm said the move reflected its efforts to expand its global reach. In 2005, Taihan Electric Wire had established Taihan Sacom Cable as a JV. It has now acquired the remaining 30 percent owned by another investor. Taihan said it plans to turn the new entity -- renamed as Taihan Cable Vina -- into a global firm. “We plan to increase annual
July 22, 2016