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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Gov’t plans deregulation, R&D support for logistics industry
[THE INVESTOR] Robots, drones and Internet of Things will be deregulated, and receive state R&D support in a government drive to improve South Korea’s logistics industry.Under the plans unveiled by the Ministry of Land, Infrastructure and Transport on July 5, drone regulations will be eased to allow the use of unmanned aerial vehicles for courier services. As part of the plans, businesses involving drones weighing less than 25 kilograms will not be required to meet any capital requirements. In a
July 5, 2016
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Samsung Heavy workers to stage strike this week
Workers at Samsung Heavy Industries Co., a major Korean shipyard, said Tuesday that they will go on a partial strike this week to demand the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder faces a labor dispute.The group of workers at the company's shipyard in Geoje, South Gyeongsang Province, announced that the partial strike is scheduled for Thursday.(Yonhap)Samsung Heavy, a unit of the country's top conglomerate Samsung, does not formally al
July 5, 2016
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Hyundai Motor union says wage negotiations with management collapse
The union of Hyundai Motor Co. said Tuesday its negotiations with the management over wages have collapsed, a move that could lead to a strike at the largest Korean carmaker.The union made the announcement at its meeting with the management at Ulsan, the home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul. "There is no more patience," the union said in a message posted on its website as it strongly suggested that the unionized workers could stage a strike.Some
July 5, 2016
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Tourism Ministry unveils plans for boosting tourism spending to W40tr
[THE INVESTOR] The government will form a 4,500-kilometer trail around South Korea, and introduce medical-cultural tour packages.These and other measures were included in the Ministry of Culture, Sports and Tourism’s plans for boosting the country’s tourism industry revealed on July 5. The Tourism Ministry’s plans are included in the government’s strategy for the service sector. The plans are aimed at raising domestic and foreign tourists’ spending in Korea to 40 trillion won (US$ 34.7 billion)
July 5, 2016
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Hanjin Shipping starts talks with creditors over debt maturity extension
[THE INVESTOR] Ailing Hanjin Shipping has begun negotiations with foreign lenders to extend the maturity of its debts, sources said on July 4.According to local creditors, the firm started talks on the extension of repayment of 150 billion won (US$130 million) worth of debt that matures at the end of next year.It is part of ship financing debts worth over 3.2 trillion won the company borrowed from foreign financial institutions to buy vessels. The move comes as the shipping liner seeks to secure
July 5, 2016
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Korean gov’t to boost support for medical institutions’ overseas expansion
[THE INVESTOR] The government will draw up support measures for local medical institutions that enter overseas markets, and allow insurance schemes for foreign medical tourists, the government revealed on July 5. The plans were included in the government’s strategy for boosting Korea’s service industry. Support for medical institutions’ overseas expansion will include funding and tax benefits. As part of the plans for luring medical tourists to Korea, insurance companies will be allowed to sell
July 5, 2016
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Samsung Electronics' American employees form political committee
Local employees of Samsung Electronics America have reportedly established a political action committee in the United States in the run-up to the presidential and congressional elections in November, industry sources said Monday.Samsung Electronics America Inc. PAC officially registered with the Federal Election Commission earlier this year and has so far raised $17,000, they said.A PAC is an organization that pools campaign contributions and donates the funds to candidates that they support. Mo
July 5, 2016
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Visa says will raise card fees from 2017 in Korea
Visa Inc., a global payment network company, said Tuesday it will raise the fees for overseas credit card purchases using its networks it receives from South Korean credit card companies starting next year.In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In June, the country's eight card issuers sent a joint letter to protest the planned hikes in Korea because there were no such plans in Japan and China. In a reply letter sent on July 1 to the Credit Finance A
July 5, 2016
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Korean gov’t overhauls service industry support measures
[THE INVESTOR] The service industry will get larger tax breaks and financial support funds, under the government’s “Service Economy Development Strategy” announced on July 5. The measures will be applied across the service sector, excluding adult entertainment businesses. The government also plans to review more than 200 regulations and remove those deemed detrimental to the industry. Regarding tax benefits, the service industry will be given the same benefits as the manufacturing sector, the go
July 5, 2016
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Big Korean pharma firms launch venture capital biz
[THE INVESTOR] A handful of Korean pharmaceutical companies are scurrying to set up venture capital firms to find new revenue sources by investing in smaller firms in need of capital. Hanmi Pharm announced on July 4 that it has founded a 10 billion won (US$ 8.7 million) investment company that will invest into biotech and pharmaceutical fields. “We will contribute to create an open innovation ecosystem by focusing on discovering new drug candidates and pharmaceutical and biotech start-ups,” said
July 5, 2016
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Antitrust body rejects SKT's takeover bid: sources
Korea's antitrust watchdog has effectively banned SK Telecom Co. from taking over the country's dominant cable TV operator, saying a merger would hurt normal market competition, industry and government sources said Tuesday.SKT, the top mobile carrier here, agreed to acquire a 53.9-percent stake in CJ HelloVision Co. from its parent firm CJ O Shopping, an affiliate of CJ Group, for 1 trillion won ($870 million) in November last year. CJ HelloVision has a budget phone service business as well.The
July 5, 2016
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Kolon to commercialize materials for foldable, flexible displays
[THE INVESTOR] Chemical firm Kolon Industries has reportedly developed colorless, transparent polyimide -- a material that can be used for flexible and transparent displays.The development of the material, the first of its kind according to the company, is hailed as a big leap forward in the display sector as it can speed up the commercialization of next-generation displays, such as those that can be rolled up or folded. Kolon’s headquarters in Gwachoen, Gyeonggi Province. Kolon“We plan to soon
July 5, 2016
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Auto brands step up marketing after tax breaks expire
Korean carmakers and foreign auto brands have beefed up sales marketing with discounts and promotional events after the temporary excise tax break expired at the end of June, industry officials said Tuesday. The Seoul government temporarily slashed excise taxes by 30 percent on cars to 3.5 percent from August to June to bolster the sluggish domestic demand, which pushed up auto sales by 10.9 percent in the first half from a year earlier.To deal with a potential sales drop, several auto brands de
July 5, 2016
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Former chief of Volkswagen Korea summoned over emissions scandal
A former CEO of the local branch of Volkswagen was summoned by prosecutors Tuesday over the German carmaker's alleged irregularities that came to light following last year's emissions scandal.The Seoul Central District Prosecutors' Office summoned Park Dong-hoon as a material witness to gain background information. Prosecutors said his status can change to that of a suspect, if necessary, following the investigation. (Yonhap)"I was not (involved)," Park told reporters, referring to the string of
July 5, 2016
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Troubled shippers, shipbuilders suffer rating downgrades
Korea's troubled firms, mostly shipbuilders and shippers, have faced rating downgrades amid their deepening financial woes and ongoing corporate overhaul efforts, industry sources said Tuesday.According to Korea Ratings Corp., a total of 31 firms suffered a rating downgrade in the first half of the year, compared with 43 companies a year earlier.But Daewoo Shipbuilding & Marine Engineering Co. and other shipbuilders, along with the country's major shipping lines such as Hanjin Shipping Co. saw t
July 5, 2016
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Budget carrier Air Seoul ready for take-off
[THE INVESTOR] Air Seoul, Asiana Airline’s new low-cost carrier, has passed all government safety inspections and will begin services next week. The Ministry of Land, Infrastructure and Transport said on July 5 that it has given its final approval to Air Seoul and will issue an Air Operator Certificate the following day. The ministry had formed a team for document-screening and onsite inspection to check the airline’s facilities and other operational capabilities for the past five months. Starti
July 5, 2016
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Liquor brands rely on top celebrities for marketing
Liquor companies, barred from public spaces and airtime, are resorting to top celebrities for maximized advertisement effect, according to industry officials Tuesday.The government has been tightening regulations on liquor ads, revising the law on national health improvement. Recent changes include barring liquor ads on TV from 7 a.m. to 10 p.m. to limit minors' exposure to them. Advertising on radio, the internet and public transportation are also restricted.Liquor companies are trying to work
July 5, 2016
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Doosan Bobcat applies for IPO approval in Korea
Doosan Bobcat Inc., a unit of power and construction equipment conglomerate Doosan, has applied for preliminary approval for its initial public offering planned for this year, the country's main bourse said Tuesday.Doosan Infracore Co. and Doosan Engine collectively own a majority 78.4 percent stake in Doosan Bobcat, which operates 31 subsidiaries in 20 countries. Doosan Bobcat is a leading player in the small-sized construction machinery sector in the United States and Europe, the main exchange
July 5, 2016
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Lawmakers seek tougher control on corporate governance
[THE INVESTOR] A revised Commercial Act that would strengthen measures to keep major shareholders in check was proposed on July 4 with the backing of 120 lawmakers. South Korea’s National Assembly consists of 300 seats. If approved, individuals who hold more than 1 percent stake in a company will be able to file a suit against a subsidiary’s management whose malpractice caused irrevocable damage to the concerned companies. Rep. Kim Chong-in / The Investor(Park Hae-mook)The revision also stipulat
July 5, 2016
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Jaguar Land Rover Korea to recall 4,980 vehicles
Jaguar Land Rover Korea Co., the local importer of the British car brand, will recall a combined 4,990 units of Jaguar and Land Rover vehicles for safety reasons, the transportation ministry here said Tuesday.The license plate lamp of the Land Rover Discovery Sports Diesel has been found to sometimes separate from the car due to a possible crack, according to the Ministry of Land, Infrastructure and Transportation.Subject to the recall are 2,783 units of the vehicle model produced between Sept.
July 5, 2016