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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Seoul to shut down 10 aged coal power plants
The Korean government will gradually shut down 10 aged coal-fired power plants as part of measures to curb fine dust emissions, officials said Wednesday. The Ministry of Trade, Industry and Energy said that the 10, to be closed by 2025, are aged over 30 years and have a combined capacity of 3.3 million kilowatts. It will also no longer build coal power plants to support the country’s aim of cutting the fine dust level by 24 percent to 6,600 tons by 2030. Trade Minister Joo Hyung-hwan presides ov
July 6, 2016
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Japan's Toray completes factory in Saemangeum
Toray Advanced Materials Korea Inc., a subsidiary of Japan's Toray Industries Inc., has completed the construction of a factory on reclaimed land in the southwestern coastal area of Saemangeum, officials said Wednesday.The company had a ceremony in the region located in Gunsan, North Jeolla Province, earlier in the day to mark the end of two years of construction worth 190 billion won ($163 million), according to its spokesman Lee Jae-sun. It plans to make an additional investment of 110 billion
July 6, 2016
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Foreign auto sales in Korea slip 3.5 pct in June
Sales of foreign cars in Korea shed 3.5 percent on-year in June, weighed down by a slump of German automaker Volkswagen Group in the wake of a widening probe into its emissions scandal here, industry data showed Wednesday.A total of 23,435 units of imported cars were registered last month, down from 24,275 tallied in the previous year, according to the data compiled by the Korea Automobile Importers and Distributors Association.June sales, however, jumped 20.4 percent from a month earlier, the d
July 6, 2016
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AIIB considers financing SK E&C-led consortium
[THE INVESTOR] The Asian Infrastructure Investment Bank plans to finance a SK Engineering and Construction-led infrastructure project, the Ministry of Land, Infrastructure and Transport said on July 5. The AIIB is considering lending US$ 75 million to the South Korean consortium to build a peripheral ring road in Almaty, Kazakhstan. During the AIIB’s first annual meeting held in Beijing in June, the bank announced its plan to finance the Almaty highway, along with four other projects The bank wi
July 6, 2016
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Lotte Homeshopping’s massive entertainment expenses raise questions
[THE INVESTOR] Lotte Homeshopping racked up 6.2 billion won (US$ 5.3 million) entertainment expenses in 2014 and 2015, data showed on July 6.According to Chaebul.com’s analysis of Lotte Group’s consolidated financial statements for the 2008-2015 period, Lotte Homeshopping spent 13.9 billion won in entertainment expenses during the period. More than half of that was spent since the launch of the Park Geun-hye administration. The figure for 2013 to 2015 came to 8 billion won. Chaebul.com is a webs
July 6, 2016
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Hanwha chairman bets on solar energy for future growth
[THE INVESTOR] It can’t be denied that the South Korean economy is dominated by conglomerates. And while they may appear to be pretty much the same on the outside, each is busy seeking their own individual strategy for the future.Hanwha Group is no exception to this. On July 5, Hanwha Group chairman Kim Seung-youn visited the company’s solar energy cell plant in Chungcheong Province. During the hourlong tour, Kim proclaimed the group’s vision of fostering solar energy as its next growth engine.H
July 6, 2016
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Hanjin Shipping in talks to postpone debt repayment
Financially troubled Hanjin Shipping Co. is in talks with a group of local and financial companies to delay the repayment of debts in a bid to stay afloat amid a protracted slump, industry sources said Wednesday.According to the sources, the country's No. 1 shipping line is seeking to postpone the repayment of 2.5 trillion won ($2.17 billion) debt borrowed to buy container ships and other vessels by up to three years, which market analysts say would help the shipper save billions of won.Hanjin S
July 6, 2016
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Hyundai, Kia post robust H1 sales in Mexico
Sales of vehicles made by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have nearly quadrupled in Mexico in the first half of 2016 compared with a year ago, industry data showed Wednesday.The two Korean carmakers sold a combined 40,264 units in Mexico in the first six months of the year, compared with 11,004 from a year earlier, data compiled by the Mexican Automotive Industry Association showed.Kia Motors has shown a strong performance since entering the Mexican market in July 2
July 6, 2016
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Incheon Bridge draws global recognition
Incheon Bridge is drawing attention at home and abroad after it won the premium gold award from the leading Swiss-registered International Project Management Association last year, officials from the bridge operator said.The Incheon Bridge Company‘s officials said the project was recognized as an example of best practice by IPMA experts, who praised Korea’s technological, financial and managerial competitiveness. Incheon Bridge (Incheon Bridge Co.)“Incheon Bridge’s long-term approach and susta
July 5, 2016
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Franchisees sue Pizza Hut for unfair business practice
[THE INVESTOR] Angry Pizza Hut franchisees have once again sued the company for its unfair practice of collecting marketing and management fees outside of the contract, local news reported on July 5. The 25 owners of Pizza Hut outlets filed a suit with the Seoul Central District Court, demanding the global pizza house’s Korean unit pays back the amount it collected under “admin fee,” totaling around 760 million won (US$ 658,015). The owners claim that the company made them pay an additional 0.55
July 5, 2016
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[DECODED] Hyundai Motor outside directors need ‘watchdog role’
[DECODED] The corporate board of Hyundai Motor, the top decision-making body for the nation’s largest automaker, has made improvements in its shareholder-friendly policies for the past few years by raising dividend payments and setting up a sub-committee for better communication with shareholders. The nine-member body, however, has made little progress in upgrading the quality of itself, idling from its core “watchdog” role for better management decisions. The automaker’s governing body has been
July 5, 2016
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3 out of 10 big companies say regulations hinder new business
Red tape hinders new businesses at three out of 10 big companies at home, a poll showed Tuesday in the latest sign that regulations could hold back corporate management.The survey of 141 local companies released by the Korea Economic Research Institute found that 29.3 percent faced difficulties in their new businesses due to regulations. (Yonhap)The survey was conducted on the country's 300 largest companies by revenue by the institute under the Federation of Korean Industries, the nation's big
July 5, 2016
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Restructuring of ailing sectors will take toll on SMEs
[THE INVESTOR] South Korea’s ongoing restructuring of financially troubled sectors like shipbuilding could put a damper on the country’s small and medium enterprises, a think tank’s report showed on July 5. According to a report published by IBK Economic Research Institute, bank loans extended to SMEs in so-called “vulnerable industries,” designated by the government, amounted to some 62.5 trillion won (US$54 billion). The government has singled out five industries -- shipbuilding, shipping, con
July 5, 2016
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Tax cuts, financing support planned for cultural contents
[THE INVESTOR] Tax cuts and state financing will be introduced for cultural contents producers as part of the Korea’s service sector growth plans, government ministries revealed on July 5. The plans are aimed at facilitating the growth of Korea’s domestic market for cultural contents to 135 trillion won (US$ 116.8 billion) and contents trade balance to US$ 8 billion by 2020. The country’s contents market came in at 100 trillion won last year, and trade balance was US$ 4.6 billion. Under the plan
July 5, 2016
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Software on top of South Korean gov’t agenda
[THE INVESTOR] Large companies will face lower barriers in bidding for the public sector’s software development projects, and more educational institutions will be made to offer specialized software-related education. The government aims to raise software exports from US$ 6 billion last year to US$ 10 billion by 2020.As part of its service sector development strategy announced on July 5, the government said that the barrier for large companies in conducting government projects will be lowered. T
July 5, 2016
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[Newsmaker] SK-CJ HelloVision merger faces disapproval
SK Telecom faced a major setback on Tuesday over the Fair Trade Commission’s rejection of its request to take over CJ HelloVision -- a 1 trillion won deal that was widely expected to give a major boost to the nation’s leading mobile carrier in expanding its media platform business.The watchdog has notified SK Telecom that it will not permit the merger plan, saying the deal impedes fair market competition. The FTC also told the telecom giant that the two should neither carry out a merger, nor any
July 5, 2016
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Gov’t seeks service-manufacturing convergence
[THE INVESTOR] The government will facilitate the convergence of service and manufacturing industries through tax breaks and establish a supervisory body for aiding service sector’s overseas expansion, it announced on July 5. Through the measures, Korea hopes to raise the average intermediate input ratio to 25 percent by 2020. According to government data, the figure for Korea stood at 20 percent in 2011. In comparison the figure for the UK stood at 55 percent, and 34 percent for Japan in the sa
July 5, 2016
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Samlip GFS sales more than triple in 2 years
[THE INVESTOR] Samlip GFS, an affiliate of Korean food giant Samlip General Foods, said on July 5 that its sales have been more than tripled in two years. According to the firm specialized in food distribution and logistics, its revenue surged 315 percent to 553.1 billion won (US$478.7 million) last year from 133 billion won in 2014 when the company was established. Its first-quarter sales grew 35 percent year-on-year to 167 billion won this year. Samlip GFS was spun off from Samlip General Food
July 5, 2016
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Public outcry over nickel in Coway’s ice makers
Coway, which rents out household products, has reportedly kept consumers in the dark for an entire year regarding nickel found in its ice makers, causing outrage and fears about health risks. On Monday, Coway posted an official apology on its website regarding the controversy. The statement said that the company had found that if the nickel coating on its products’ tubes had worn off, nickel might have been mixed with the ice and water produced. “(Nickel has been found in) some of the ice makers
July 5, 2016
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RGBW TV panel sales soar in UHD TV market
TV flat panels that enhance colors and brightness for display have become more crucial than ever in the global ultra-high definition TV market, a report showed this week.The number of UHD TV panels with RGBW technology is expected to increase from 6.6 million to 16 million, according to market research institute IHS’ report.Among all UHD TV panels, RGBW panels are expected to account for 24 percent of market share this year, from 16 percent in 2015.The RGBW panel is a new type of TV panel that a
July 5, 2016