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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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Beers fly off shelves thanks to scorching summer
[THE INVESTOR] As the sweltering hot weather continues, beer sales are hiking up. The sales of beer this month increased 10 percent from the same period last year, boasting the most popularity among spirits and liquors, according to a data released by the nation’s largest retailer Emart. “Beers are the most popular since they are relatively low in alcohol and offer a variety of choices at low prices,” said Shin Geun-jung head of alcoholic beverages at Emart. Convenience stores are also seeing a
July 21, 2016
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Air traffic hits record high in 2016
Air traffic in Korean airspace hit a record high in the first half of 2016 with nearly 2,000 planes flying every day, according to the Transport Ministry on Thursday.Data from the Ministry of Land, Infrastructure and Transport showed that compared to last year, international air traffic crossing through Korean airspace rose by nearly 10 percent. Much of that increase was due to a 36 percent rise in Chinese airlines flying through Korea. About 11,500 Chinese flights were monitored by air traffic
July 21, 2016
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POSCO sees 2.8% rise in Q2 operating profit
The nation’s top steelmaker POSCO recorded 12.8 trillion won ($11.2 billion) in total sales and 670 billion won in operating profit in the second quarter of this year, the company said Thursday. This is respectively a 3.2 percent rise and a 2.8 percent increase compared to the previous quarter. The improved performance of the steel, information and communication technology, and material businesses contributed to the rise, despite the slight decrease in sales and operating profits of POSCO E&C an
July 21, 2016
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KB Financial's net up 20.1% in first half
KB Financial Group Inc., Korea's biggest retail bank, said Thursday it posted a 20.1 percent on-year jump in net profit in the first half on decreased burden in labor costs and loan-loss provisions.Net profit for the six months ended June 30 climbed to 1.125 trillion won ($990 million), up 188.7 billion won from a year earlier, KB Financial said in a regulatory filing.The first-half net result beat market expectations.KB Financial attributed the jump in first half earnings to decreased financial
July 21, 2016
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Daelim gives back to society
Daelim Group, one of the nation’s major builders, is eager to pay back what it gained from business to society through various corporate social responsibility programs, group officials said Thursday.For this, the conglomerate is focusing on helping the underprivileged in society, fostering young talent and even protecting the environment.Daelim Industrial CEO Kim Han-gi (right) volunteers reconstructuring poor-conditioned house in Seongbuk-dong, northern Seoul. (Daelim Industrial)In particular,
July 21, 2016
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POSCO Q2 net jumps 88% on-year
Korean steelmaking giant POSCO reported Thursday that its second quarter profit soared from a year earlier.Net income came to 220.54 billion won ($193.92 million) in the April-June period on a consolidated basis, up 87.9 percent from 117.39 billion won in the same period last year, the company said in a regulatory filing.From the previous quarter, however, the Q2 profit marks a 34.8 percent plunge.Sales tumbled 15.4 percent on-year to some 12.86 trillion won in the three months ended June 30.Ope
July 21, 2016
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Nexon, NCSOFT, Netmarble: Korea’s 1st-generation venture legends
[THE INVESTOR] The first generation of gaming venture CEOs -- the people behind Korea’s dot-com rage -- changed the local gaming landscape forever. Among them, the most famous threesome are Kim Jung-ju, the embattled founder of Nexon, NCSOFT Corp. CEO Kim Taek-jin and Bang Joon-hyuk, chairman of Netmarble Games. The biggest contribution they made to the local gaming industry is that they brought games into the limelight and helped change public perception. On a personal level, the three legendar
July 21, 2016
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Former KORAIL chief gets jail term over illegal political funds
A former chief of Korea's state-run rail operator was sentenced to jail Thursday for receiving illegal political funds from a businessman. The Seoul Central District Court sentenced Huh Joon-young to 10 months in prison, suspended for two years, for receiving a total of 80 million won ($70,000) from a man identified only by his surname Sohn, between April 2012 and September 2014. The court also ordered Huh to forfeit the money. The 63-year-old was indicted in April on charges of receiving 20 mil
July 21, 2016
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Samsung heir, mother donate W4b to help underprivileged women
[THE INVESTOR] Samsung Electronics vice chairman Lee Jae-yong and his mother Hong Ra-hee, wife of the ailing Samsung patriarch Lee Kun-hee, recently donated a combined 4 billion won (US$3.50 million) to a local charity. According to the Ministry of Justice on July 20, the two donated 2 billion won each to the Korea Juvenile Protection Association to build a new vocational school for underprivileged young women. The Youth Education Service Center had planned to build a new center for young women
July 21, 2016
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SK vice chairman to get parole
[THE INVESTOR] SK Group vice chairman Chey Jae-won is among those listed for parole on July 29, local media reported on July 21. According to reports citing unnamed government sources, the Ministry of Justice’s parole board ruled that Chey is eligible for parole. Although the issue needs the justice minister’s approval, the board’s decisions are rarely overturned. Chey Jae-wonChey, younger brother of SK Group chairman Chey Tae-won, was sentenced to 3 1/2 years in February 2014 on charges of embe
July 21, 2016
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More choose to vacation at home for summer
[THE INVESTOR] A growing number of people are staying at home or close by to spend time on their own for summer vacation instead of driving or flying to faraway destinations. And the related industry is enjoying an upswing in sales. Sales of toys for grown-ups, video games and PC games surged this month, increasing up to four times from the same period last year, according to major discount store Lotte Mart. According to a survey of 1,000 people aged between 19 and 59, 50.6 percent did not find
July 21, 2016
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Home shopping channels ready to chase customers during Olympics
[THE INVESTOR] Rio might be facing problems in preparation for the upcoming Olympics but television shopping channels here are buoyant hoping to profit from the international sports event. Major sports events usually lead to a spike in number of viewers and for the Rio Olympics the time difference will serve as another plus. As the games will be held and broadcast live near dawn in Korea, viewers will stay awake rising the chances of channels hopping into shopping, and the cable televisions do n
July 21, 2016
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Hyosung CEO Cho Hyun-joon out to seal No.1 spot in Chinese textile market
[THE INVESTOR] Hyosung Group president Cho Hyun-joon appears to be upping the ante to further expand into the Chinese textile market where his firm already has a growing presence. Cho -- one of Hyosung chairman Cho Seok-rae’s sons -- is mainly in charge of the conglomerate’s textile and IT sectors.Hyosung is currently No. 1 in terms of market share in China’s spandex industry. Hyosung Group President Cho Hyun-joon (second from right) / Hyosung GroupTo seal this position, Cho has recently been
July 21, 2016
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Labor strife in the shipbuilding sector losing momentum
Labor strife in the country's shipbuilding segment seems to be fizzling out as employees' participation in the pan-industry strike, in protest against massive restructuring moves, is far lower than expected, industry sources said Thursday.According to the sources, the coalition of unionized workers from eight shipbuilders, including Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., threatened last week to hold a joint strike on Wednesday where it said some 30,000 wor
July 21, 2016
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KT&G Q2 net soars 12% on strong domestic sales
KT&G Corp., Korea's state-run tobacco producer, on Thursday said its net profit gained 11.9 percent in the second quarter from a year ago on the back of brisk sales in the domestic market. Net profit came to 291.6 billion won ($2.55 million) on a consolidated basis in the April-June period, compared with 260.7 billion won a year earlier, the company said in a regulatory filing. Operating income jumped 14.5 percent on-year to 354 billion won, and sales rose 5.4 percent to 1.08 trillion won over t
July 21, 2016
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Antitrust watchdog probes Google over anti-competitive behavior
Korea's antitrust watchdog on Thursday said it conducted an investigation into Google Inc. over allegedly forcing smartphone makers to use its operating system in their handsets.The Fair Trade Commission conducted the inspection of Google's local headquarters in southern Seoul last week, two years after the commission acquitted the global giant of the same charge.In 2013, after two years of investigation, the FTC acquitted Google of hurting fair market competition by obliging mobile phone makers
July 21, 2016
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Mobile operators likely to report stable Q2 earnings
Korea's three telecom operators are likely to report stable earnings in the second-quarter of this year, helped by curbs on their marketing spending, an industry survey showed Thursday. Korea implemented a law early last year that kept fierce competition among telecom firms by wooing customers with hefty subsidies in check. The combined revenue of SK Telecom, KT and LG Uplus is expected to grow 2.3 percent on year to 12.6 trillion won ($11.04 billion) in the April-June period, according to secur
July 21, 2016
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LG Chem Q2 net jumps 9.3% on petrochemical margins
LG Chem Ltd., Korea's leading chemicals and battery maker, said Thursday its net profits soared 9.3 percent in the second quarter from a year earlier thanks to improved petrochemical margins amid low oil prices. Net income came in at 386 billion won ($338 million) on a consolidated basis in the April-June period, compared with a profit of 353 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income advanced 9.3 percent on-year to reach 616 billion won, while
July 21, 2016
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Coway’s search for new owner backfires
[THE INVESTOR] Coway, Korea’s top water purifier rental service firm, is facing setbacks in its search for a new owner as its stock price continues to fall amid concerns about its products containing toxic chemicals. The share price closed at 90,100 won (US$78) on July 20, which compares to 107,500 won on July 1 before nickel was detected in some of its products. Fueling public anger, the company was found to have hid the fact over the past year without informing customers. The company apologize
July 21, 2016
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Hanwha Defense aims for W2.3tr turnover by 2025
[THE INVESTOR] Hanwha Defense Systems aims to increase its turnover more than four times to 2.3 trillion won (US$2.01 billion) in 10 years, the company announced on July 20. At a ceremony held in Changwon, South Gyeongsang Province, the firm stated a new vision of becoming a global defense industry leader that provides dependable total defense solution. Hanwha Defense states a new visionThis is the first initiative made public since the former Doosan Defense Systems & Technology was taken over b
July 21, 2016