Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[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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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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Shipbuilders likely to suffer difficulties in second half: survey
South Korean shipyards are likely to suffer difficulties in the second half of this year, a new survey said Monday, amid declining new orders over the protracted global economic slump.South Korean shipbuilders clinched a combined 830,000 compensated gross ton worth of orders in the first half, down 88 percent from 6.85 million CGTs a year earlier, according to the data compiled by global research firm Clarkson Research Services.The first-half new orders mark the lowest figure that South Korean s
July 11, 2016
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POSCO eyes titanium for future
[THE INVESTOR] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te
July 11, 2016
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Dongkuk Steel’s operating profit jumps 156.4% in Q2
[THE INVESTOR] Dongkuk Steel Mill ’s second quarter operating profit soared 156.4 percent from a year ago to come in at 99 billion won (US$86.4 million) the steelmaker said on July 11. The company’s second-quarter sales came in at just under 1.17 trillion won, down 1.5 percent over the same period, while net profits dropped 59.6 percent to 36.4 billion won. The company said that second-quarter figures were boosted by improving sales of colored plates and steel bars. It also said that restructuri
July 11, 2016
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Bizmen calls for gov't support for joint tour project investment loss
A group of South Korean businessmen on Monday called on the government to further compensate their losses over the investments made in the now-halted inter-Korean tour program ahead of the eighth anniversary of the project's suspension.The local businessmen who poured money into the joint tour program at Mount Kumgang on the North's east coast should get financial compensation following Seoul's decision on July 12, 2008.The government took such a step after a North Korean soldier shot and killed
July 11, 2016
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Human embryo research to resume in S. Korea
[THE INVESTOR] South Korea’s Cha University has been granted conditional permit to carry out research using human embryos, the Ministry of Health and Welfare said on July 11. The research will be carried out using somatic cell nuclear transfer method. The method transfers the nucleus, which contains the majority of human genetic information, from a somatic cell into an ovum whose nucleus has been removed. Pixabay.comThis is the first time research using human embryos has been permitted in Korea
July 11, 2016
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MBK Partners recoups record US$3.3b from investments
[THE INVESTOR] MBK Partners has recouped a record amount from its investments over the past two years since July 2014, industry sources said on July 10.Since June 2014, MBK Partners -- South Korea’s largest PEF -- managed to recoup US$3.3 billion by selling equity and driving up dividends from its past investments. MBK Partners founder and chairman Michael Byung-ju Kim When including the returns from other projects MBK jointly invested in, such as with South Korea’s National Pension Fund, Singap
July 11, 2016
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S. Korean defense contractor to supply parts for Boeing Chinook
[THE INVESTOR] Huneed Technologies, a South Korean military communications equipment maker, will supply electronics parts for the Boeing CH-47 Chinook, local media reported on July 11. This is the first time a South Korean defense equipment maker will be supplying parts for a foreign helicopter model. Boeing CH-47 Chinook / BoeingAccording to reports citing unnamed defense industry sources, Huneed Technologies signed a US$120 million supply contract at the end of last month. The company posted s
July 11, 2016
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[Photo News] Sungdong's closed shipyard sheds light on demise of shipbuilding business
FROM GREAT INDUSTRY TO GHOST TOWN — Two construction cranes stand at a closed shipyard formerly owned by South Korean shipbuilder Sungdong Heavy Industries in Masan, South Gyeongsang Province, Sunday. In light of the prolonged downturn of the local shipbuilding sector, Sungdong’s 700-ton “Goliath Crane” will soon be purchased by a shipbuilding company in Romania, while the shipyard itself was sold off to 20 different small and mid-sized companies in July 2015. (Yonhap)
July 10, 2016
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Lawmakers push for ‘lemon law’
A group of ruling party lawmakers plan to submit a bill that requires carmakers and salespeople to refund or exchange new vehicles that have defects.Saenuri Party Rep. Kwon Suk-chang said Sunday he and his fellow lawmakers will propose a “lemon law,” referring to American state laws that stipulate that carmakers should compensate consumers for products that have defects despite repeated repair attempts.South Korea currently has no legal protection for consumers who purchase cars that are later f
July 10, 2016
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Fried chicken trans fat-free, but high in sodium: survey
A local consumer agency urged Koreans on Sunday to cut down on eating chicken, citing the high levels of sodium and fat in Korean-style fried chicken.The Korea Consumer Agency released a survey of 22 products from the top 11 fried chicken franchises in Korea, showing the differences across brands in terms of nutritional content, flavor and price per gram.The chicken with the highest sodium content was the spicy flavored chicken from Mom’s Touch, which had 552 milligrams per 100 grams. Pelicana’s
July 10, 2016
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Budget carrier passengers top 100 mln in 11 years
The cumulative number of passengers of South Korea's low-cost carriers has topped 100 million since they began service here 11 years ago, data showed Sunday.The number of people using domestic and international flights by local LCCs reached 114.79 million after the first LCC was launched in August 2005, according to the data by the Korea Airports Corp. and the Incheon International Airport Corp.LCC passengers on domestic flights came to 81.32 million during the cited period, and those from inter
July 10, 2016
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S. Korea's tourism deficit edges up this year
South Korea has seen its deficit from tourism inch up in the first five months of the year, central bank data showed Sunday, despite the government's continued efforts to boost the tourism industry.The tourism deficit reached US$1.49 billion in the January-May period, up 1.3 percent from the $1.47 billion from the same period last year, according to the data by the Bank of Korea.The number of visitors plummeted last year following an outbreak of the Middle East Respiratory Syndrome.The bank attr
July 10, 2016
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MBK Partners denies reports on hefty dividends from Homeplus
[THE INVESTOR] MBK Partners on July 8 denied that the nation's largest equity firm will receive hefty dividends from Homeplus, a cash-strapped supermarket chain that it acquired from Britain’s Tesco last year. Homeplus Holdings, the de facto holding company of Homeplus, has recently decided to pay an interim dividend of 30,612 won (US$26) per share on 700,000 preferred shares owned by its largest shareholder Korea Retail Investment. Following the decision, recent news reports said, MBK, which
July 8, 2016
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Korea’s electricity industry seeks export expansion
[THE INVESTOR] South Korea’s electricity industry aims to increase the amount of exports to US$ 15 billion by end of this year, the state-run corporation said on July 8. The Korea Electric Power Corporation held a conference in Seoul to announce its plans and strategies to expand its presence internationally. Over 200 industry officials from major companies such as POSCO, Korea Trade-Investment Promotion Agency and Korea Hydro and Nuclear Power Corporation attended the event. The electricity exp
July 8, 2016
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Korean cosmetics makers fear losses from THAAD deployment
[THE INVESTOR] South Korean retailers and cosmetics companies are closely watching China’s moves after Korea and the US decided to deploy an advance missile defense system in the country on July 8. Neighboring China lodged a swift protest against the decision announced in the morning which is expected to further heighten geopolitical risks. Local cosmetics makers and duty-free shops are on alert as they worry about losing Chinese market and consumers who account for a growing portion of their re
July 8, 2016
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Troubled Korean shipbuilders top June ranking
[THE INVESTOR] Despite the protracted slump in the local shipping industry, South Korean shipbuilders took the largest volume of new orders of vessels in June, industry data showed on July 8. According global research firm Clarkson Research Services, South Korean shipbuilders clinched new contracts of 370,000 compensated gross tonnage, or eight ships, out of the total 960,000 CGT, or 51 ships, in June. DSME shipyardThis is the first time South Korean shipbuilders ranked No.1 in terms of monthly
July 8, 2016
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Ex-Lotte Chemical exec indicted on alleged tax evasion
[THE INVESTOR] A former Lotte Chemical finance executive has been indicted on charges of tax fraud on July 8. The suspect, identified by the surname Kim, is the first individual to be indicted since the probe into Lotte Group began early last month. The investigators are reported to be focusing on whether Lotte Group chairman Shin Dong-bin was aware of the alleged wrongdoings as he was serving as Lotte Chemical CEO at the time. Lotte Group chairman Shin Dong-bin (center) / The InvestorKim is sus
July 8, 2016
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HMM pins hope on credit rating rebound
[THE INVESTOR] South Korea’s second-largest shipper Hyundai Merchant Marine said on July 8 that it will visit major credit rating agencies to explain about its ongoing restructuring measures, in hopes they reevaluate the credit standing of the ailing company. The company will visit the rating agencies Korea Investor Services, Korea Ratings and National Information and Credit Evaluation and talk about their restructuring plan process, including the asset sales, negotiations to reduce charter rate
July 8, 2016
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Cho Hyun-min promoted to vice president of Jin Air
Cho Hyun-min, the youngest daughter of Hanjin Group chairman Cho Yang-ho, has been promoted to vice president of Jin Air, the group’s low-cost carrier, the company said Friday.The 33-year-old Cho, who was the marketing director, will continue to oversee the company’s marketing operations as vice president. Cho Hyun-min (Jin Air)Cho is the younger sister of Cho Hyun-ah, 42, the former executive vice president of Korean Air who made international headlines for the “nut rage” incident. Her older b
July 8, 2016
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DSME doled out W500b in bonuses after accounting fraud
Daewoo Shipbuilding & Marine Engineering gave hefty cash bonuses to its employees after overstating the company’s operating profits in a multitrillion won accounting fraud, local reports said Friday. The reports, citing sources at the state prosecution investigating the debt-ridden shipbuilder, said that DSME, under the direction of then-CEO Koh Jae-ho, gave out a total of 490 billion won ($420 million) in performance-based bonuses from 2012 to 2015. The CEO himself pocketed around 700 million w
July 8, 2016