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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VW Korea likely to face W320b penalty for emissions rigging
[THE INVESTOR] Audi Volkswagen Korea is likely to be slapped with a heavy penalty of up to 320 billion won (US$279.51 million) for submitting false documents with intentions to cheat on the government’s emissions tests. The Ministry of Environment will hold a hearing for its final decision on the punitive measure on July 22. Of the 32 Audi and Volkswagen models subject to the penalty, 27 models are currently on sale. Following the decision, the Korean unit could face sales ban on its top-selling
July 14, 2016
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China slaps lower anti-dumping duties on S. Korean chemical maker
China's commerce ministry has slapped anti-dumping duties of 4.1 percent on acrylic fiber manufactured by a South Korean chemical company, the foreign ministry here said Thursday. Taekwang Industrial Co. along with other companies from Japan and Turkey were accused of selling their products at below market prices in China that distorted the market and hurt domestic producers. Beijing began its probe into the allegation in July 2015 and issued a tentative ruling in April this year in which the Ko
July 14, 2016
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E-mart to launch operations in Mongolia in July
[THE INVESTOR] South Korea’s No. 1 discount store chain E-mart will open its first outlet in Mongolia on July 28, according to local news reports. The retail chain of Shinsegae Group has been in talks with Altai Holdings, a local trading firm, since 2013 to open the franchise and signed a memorandum of understanding the same year. The process, however, was delayed due to the retailer’s internal issues.Altai Holdings will be in charge of running the store while E-mart will have a stake of 10 perc
July 14, 2016
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Korea to convert pay phone booths into rapid EV charging stations
[THE INVESTOR] KT linkus and the Ministry of Environment will embark on a partnership project to transform pay phone booths into rapid charging stations for electric vehicles to expand the EV market.KT linkus will team up with the Korea Environment Corporation affiliated with the Environment Ministry to install nine EV rapid charging stations in Seoul, Seongnam, Daegu and Suncheon, starting its service from July 15. Rapid charging station in Seoul. KT“We are planning to cooperate with governme
July 14, 2016
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Exports of industrial parts, materials sink in H1
South Korea's exports of industrial parts and materials fell in the first half of the year amid weak global demand and low oil prices, the trade ministry said Thursday.Outbound shipments of industrial parts and materials dropped 9.2 percent on-year to US$121.8 billion in the January-June period, accounting for 50.4 percent of the country's overall exports, according to the Ministry of Trade, Industry and Energy.Imports also retreated 8.2 percent on-year to $74.2 billion over the six-month period
July 14, 2016
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Samsung Serif TV launched in US market
[THE INVESTOR] Samsung Electronics officially introduced its Serif TV models in the US market on July 13, in collaboration with New York City’s landmark gallery Museum of Modern Arts. Designed by France’s Ronan and Erwan Bouroullec, the model takes its design and name after the shape of the alphabet “I” in the “Serif” font. Due to its stylish qualities, MoMA has uncharacteristically lent its venues for the launch event and will continue to offer support by displaying it in its stores.Samsung Ser
July 14, 2016
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E-mart to open first store in Mongolia
South Korean discount retailer E-mart said Thursday that it will open its first store in Mongolia later this month as part of efforts to expand presence overseas.The new branch will be opened in central Ulaanbaatar on July 28 and be the country's first large discount chain that will also house a bank, a kids cafe and a hair salon, E-mart said.The move comes as the discount outlet chain is moving to foster new growth engines and tap deeper into the new emerging market with a population of 3 milli
July 14, 2016
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Diesel consumption hits monthly record in May
South Korea's diesel consumption hit a monthly record in May, state statistics showed Thursday, an indication that diesel-powered cars are still dominant over electric and hybrid vehicles.According to an informational website operated by state-run Korea National Oil Corp., South Korea consumed a record 14.31 million barrels of diesel in May. The previous record was 14.1 million barrels in October last year. Gasoline consumption for May was 6.6 million barrels.Automobiles used 77.73 percent of th
July 14, 2016
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Hyundai Motor's labor unionists approve strike
Tens of thousands of unionized workers of Hyundai Motor Co. have voted in favor of a strike, officials said Thursday, setting the stage for another walkout that may cut the carmakers' vehicle output.The officials said 37,358 unionized workers, or 76 percent of the more than 48,800 unionized workers, authorized a strike in a vote on Wednesday in Ulsan, home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul.Still, the unions are not allowed to down tools immediately
July 14, 2016
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Speculations rise over Park Sam-koo and Kumho Tire
[THE INVESTOR] The news of Kumho Tire creditors seeking a buyer for their stake is fueling speculations about Kumho Asiana Group chairman Park Sam-koo’s future course of action. Park holds pre-emption rights, and he has been working on rebuilding the group that was fragmented due to financial troubles in the late 2000s.However, the massive figures associated with Kumho Tire sale have prompted speculations that Park’s plans for the company may be difficult to achieve.Kumho Asiana Group chairman P
July 14, 2016
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KPG Partners, Corstone Asia mull takeover of JKC Corp.
[THE INVESTOR] Local investment firm KPG Partners and private equity fund Corstone Asia are planning on acquiring JKC Corp., a Korean manufacturer of adhesive film and other industrial materials. According to industry sources, KPG Partners and Corstone Asia signed a memorandum of understanding for the right to exclusively negotiate with JKC Corp. to purchase the company. After conducting a due diligence and further negotiations, the takeover deal will be completed by next month. Lee Jang-won, th
July 14, 2016
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Prosecution grills Nexon founder on suspicion of insider trading
Prosecutors on Wednesday grilled Kim Jung-ju, founder of the nation’s largest game firm Nexon, on suspicion that he gave insider information to a senior prosecutor who raked in hefty stock gains.“I am sorry for having caused trouble,” chairman Kim told reporters while entering the Seoul Central District Prosecutors’ Office for questioning. He then added, “I will sincerely respond to questions during the investigation and disclose everything in detail I know.”Nexon chairman Kim Jung-ju appears at
July 13, 2016
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Kumho Tire creditors begin sale process
[THE INVESTOR] The creditors of Kumho Tire have begun the process of finding a buyer for the tire maker, local news reported on July 13.According to reports, Kumho Tire’s creditors held the first meeting on the issue on the day, and reviewed the feasibility study by Credit Suisse.Kumho Tire began a workout process in 2009, and is currently 42.01 percent held by the creditors. Among the creditors, Woori Bank holds the largest stake, followed by Korea Development Bank and KB Kookmin Bank. The thre
July 13, 2016
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Hanjin Shipping sells Vietnamese terminal to secure liquidity
[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run
July 13, 2016
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No plans of opening branch in Korea: AirAsia CEO
[THE INVESTOR] AirAsia does not intend to open an office in Korea, said Tony Fernandes, co-founder and CEO of the Malaysian low-cost carrier, highlighting his discontent with local aviation regulations.“AirAsia is not planning on a branch in Korea,” the chief executive said during his visit to the UK for an air show on July 12. He added that Seoul’s rigid regulatory framework gives Koreans a limited choice of carriers. However, Fernandes said that AirAsia would positively review plans for establ
July 13, 2016
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Samsung Heavy workers stage sit-in protest
A group of workers of Samsung Heavy Industries Co., a unit of Samsung Group -- the country's largest conglomerate -- staged a sit-in protest Wednesday at the group's headquarters in downtown Seoul, demanding that the management's restructuring drive be nixed. Their protest, the second of its kind in less than one month, came as the shipbuilder, one of the country's big three shipyards, is seeking to launch a large-scale restructuring move in the face of a fall in new shipbuilding orders and wors
July 13, 2016
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Shipbuilding, construction unions announce mass strikes
[THE INVESTOR] Shipbuilding and construction industry labor unions announced that they will stage mass strikes on July 20.The shipbuilding industry unions’ coalition on July 13 held a press conference at the National Assembly saying that its member unions will stage an “all-out” strike to resist the ongoing restricting efforts. The coalition consists of the unions of eight shipyards. Faced with massive losses, the country’s shipbuilding industry is undergoing restructuring that includes workforc
July 13, 2016
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[DECODED] Beauty as a business and passion
In the lobby of AmorePacific‘s Beauty Campus in Osan, Gyeonggi Province, stands the gigantic installation “Fractal Turtleship” by media artist Paik Nam-june, created to commemorate the opening of the Korea exhibition at the Venice Biennale in 1995.“It presented what Korea had to the world, and embodied the philosophy of breaking down barriers between East and West, between science and art, the everyday and the artistic,” AmorePacific chairman Suh Kyung-bae said about his choice to Maeil Business
July 13, 2016
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[DECODED] A tale of two CEOs: men who sell Korean beauty
The numbers say it all: cosmetics is hot right now in Korea, soaring above the country’s struggling traditional sectors that include manufacturing, shipbuilding, electronics and construction.Behind the success of Korea’s booming cosmetics industry stand two men who made it all happen: Suh Kyung-bae, the 53-year-old head of leading cosmetics company AmorePacific, and Cha Suk-yong, 63, of rival LG Household & Healthcare.The two companies have major differences. AmorePacific is almost exclusively a
July 13, 2016
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[DECODED] Daughter next in line at AmorePacific?
Suh Min-jung, the oldest daughter of AmorePacific group chairman Suh Kyung-bae, is only 25 years old but has over 450 billion won ($390 million) in inherited fortunes. Her personal wealth holdings are almost entirely in stocks of AmorePacific companies, a reason why market watchers pay keen attention to the young lady with regard to the group’s succession plan. The junior Suh, who last year finished her studies at Cornell University in the U.S. and briefly worked at consulting firm Bain & Compan
July 13, 2016