Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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S-Oil Q1 net profit more than doubles
S-Oil Corp., the No. 3 oil refiner in South Korea, said Thursday that its first quarter net profits more than doubled from a year earlier, largely thanks to better margins.Net profits reached 433 billion won ($382 million) in the January-March period, up from 211 billion won a year earlier, the company said in a regulatory filing.Sales dropped 21.6 percent on-year to reach 3.43 trillion won in the first quarter, but its operating income increased -- 491 billion won compared to an operating incom
April 21, 2016
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Seoul to tighten safety rules for budget carriers
The government said Thursday it will tighten regulations for local low budget carriers after a series of incidents indicating safety breaches. “The government will monitor how well they comply with internal safety aviation guidelines, while also encouraging them to invest more in maintenance facilities and experts by assessing their efforts,” the Ministry of Land, Infrastructure and Transport said in a release. The measure comes as critics are voicing concern about the safety of budget airplanes
April 21, 2016
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Foreign carmakers splurge on dividends
South Korean units of foreign carmakers were more eager to pay out dividends than to make donations in 2015, according to audit data.Mercedes-Benz Korea and seven major distributors of imported cars doled out a combined 4.22 billion won ($3.72 million) to charity last year, but their dividend payouts reached 83.61 billion won. Of the seven, Mercedes-Benz Korea, BMW Korea, Porsche Korea, Hanbul Motors Corp. were the only carmakers that made donations. Mercedes-Benz Korea topped the list with 2.05
April 21, 2016
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[Consumer This Week] Starbucks, Perioe, Admiral, McDonald’s, Golden Blue, Yakult
Starbucks presents Cold Brew to KoreaStarbucks Korea launched its Cold Brew at 100 stores in Korea on Tuesday.Cold Brew is an iced coffee that uses a roast of a special blend of African and Latin American beans, with only a small limited amount of espresso created each day.The ground beans are steeped in cold water for fourteen hours, maximizing its sweet chocolate flavor and silky texture. The original flavor of the beans is preserved by not exposing them to any heat.The special Cold Brew will
April 21, 2016
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4 in 10 large Korean firms adopt peak wage system
Four out of 10 South Korean companies required to adopt the peak wage system this year did so, a business lobby said Thursday.A total of 42.7 percent out of 300 firms with more than 300 employee said they had adopted the new wage system in a survey by the Korea Chamber of Commerce and Industry. Elderly job hunters take part in a local job fair. (Yonhap)Under the peak wage system, employees get less pay from the age of 55 to retirement at 60. The aim is to continue providing senior employees wit
April 21, 2016
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Samsung’s smartphone share rises, Apple falls in Q1
Samsung Electronics saw its stake in the global smartphone market grow in the first quarter of this year from the previous quarter, helped by brisk sales of the Galaxy 7 series.The world’s largest smartphone maker had a 27.8 percent global market share in terms of shipment, according to industry tracker TrendForce. Samsung’s Galaxy 7 (Yonhap)That reflected a rise from the 22.1 percent posted in the final three months of 2015, according to data compiled by industry tracker TrendForce.At the same
April 21, 2016
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[Market Now] Hite Jinro Holdings fails to reach deal to sell subsidiary
Hite Jinro Holdings, the parent company of alcoholic beverage maker Hite Jiro, said it has ended negotiations with Changhae Ethanol for selling its wholly owned subsidiary Hite Jinro Ethanol, a soju raw materials maker.In a public filing, Hite Jinro Holdings said it has failed to narrow the differences with the bio-ethanol producer on sales conditions.However, Hite Jinro Holdings will continue its efforts to sell Hite Jinro Ethanol, the company said.By Kim Yoon-mi (yoonmi@heraldcorp.com)
April 20, 2016
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KEPCO to build 1st overseas solar power plant in Japan
State-run Korea Electric Power Corp., the nation’s top utility company, held a groundbreaking ceremony for its first solar energy power plant construction project overseas in Hokkaido, Japan, on Monday, KEPCO officials said.“Initiating solar energy generation business in Hokkaido is a great achievement. We’ll continue to expand our solar energy business abroad along with other Korean companies,” said KEPCO CEO Cho Hwan-eik. KEPCO CEO Cho Hwan-eik (center), LSIS CEO Koo Ja-kyun (left) and other o
April 20, 2016
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[Newsmaker] Samsung ready to tie technology with fashion
Technology will play a significant role in revolutionizing the global fashion industry, the chief of Samsung’s fashion unit said Wednesday, stressing that the South Korean electronics giant is ready to take the lead in the marriage between technology and fashion. A timeless value has been a defining component of luxury fashion for decades. However, fashion will become "limitless" in the future as fast-evolving technology and social networking services transform the way people experience and cons
April 20, 2016
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SK Innovation mulls EV battery plant in China
SK Innovation said Wednesday that it will finalize its plans to build a battery plant for electric vehicles in China this year. “The company plans to transform its business portfolio to focus on more lucrative businesses such as EV batteries and noncommodity products,” said CEO Chung Chul-khil at a press meeting in Seoul. SK Innovation's CEO Chung Chul-khil (SK Innovation)The company needs to innovate its business structure as its traditional oil-refining sector repeatedly faces low growth, exce
April 20, 2016
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Duty free operators in all-out war to attract LVMH chairman
Korean duty-free operators are waging a fierce battle to have on their side Bernard Arnault, chairman of LVMH Moet-Hennessy Louis Vuitton, amid heated competition to house luxury brand stores at their tax-free outlets, according to industry officials on Wednesday.The chairman of the world’s largest luxury conglomerate, was on a surprise visit to Seoul to attend an international conference on luxury markets hosted by Conde Nast, publisher of fashion magazine Vogue.Arnault’s visit to Seoul was see
April 20, 2016
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Mobile messengers expanding presence to financial transactions
The operators of mobile messengers are expanding their roles from just connecting users to a wider scope to cover financial transactions, industry watchers said Wednesday, as more users preferred to have a single comprehensive application over installing many.In line with the trend, the operator of KakaoTalk, Korea's most popular mobile messenger, said it will allow users to make banking transactions in the chat screen without having to open another application.Although Kakao currently operates
April 20, 2016
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Antitrust watchdog dwells on SK Telecom's takeover deal
Korea's antitrust watchdog has been deliberating top mobile carrier SK Telecom's takeover of the country's No. 1 cable TV operator for more than four months, fueling speculation it may grant conditional approval to the controversial deal, watchers said Wednesday.In November last year, SK Telecom signed a 1 trillion won ($880 million) deal to purchase CJ Hellovision from its parent firm CJ O Shopping, the home shopping unit of food and entertainment conglomerate CJ Group. SK Telecom plans to merg
April 20, 2016
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Best Korean hotel booking application
Among the many accommodation booking applications, WithInnovations’ Yeogi-Eoddae took the crown as the “most-used app” in the Accommodation and Leisure Application criteria for three consecutive months. Yeogi-Eoddae translates to "How's this place?"According to market research firm Nielsen Korea on Wednesday, Yeogi-Eoddae marked 680,000 monthly Android users in March, leading by a great margin over runner-up Yanolja which recorded 456,000 users. Daily Hotel followed with 387,000 users and Skysc
April 20, 2016
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Incheon named best airport in the world for 11th year
GOLD COAST, Australia -- Incheon International Airport was named the best airport in the world by the international airport council for the 11th consecutive year at an awards ceremony in Gold Coast, Australia, Tuesday.The honor comes as Korea’s largest international airport, led by newly appointed CEO Chung Il-young, works on improvements and expansions including a second terminal to be completed next year.Incheon International Airport won a total of three honors from the Airports Council Intern
April 20, 2016
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[Photo News] Asiana Airlines volunteers in the Philippines
CSR IN PHILIPPINE -- Executives and employees of Asiana Airlines pose with children during volunteering activities in Asiana Village in the Philippines on Tuesday. The air carrier has helped improve sanitary conditions of the village it built in 2013 as part of its corporate social responsibility program. (Asiana Airlines)
April 20, 2016
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[Market Now] Taeyoung E&C wins 794.2 billion won contract
Korea’s mid-tier builder Taeyoung Engineering & Construction said it has won a 794.2 billion won ($701.4 million) project finance contract from its subsidiary developer M Cieta Development to build a multipurpose complex in Gwangmyeong, Gyeonggi Province.The amount is 42.2 percent of the company’s revenue last year, the company said. It said the duration of the contract is 55 months from the date of groundbreaking. The multipurpose complex to be built on 74,052 square meter land near Gwangmyeong
April 20, 2016
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Doosan turns profit in Q1 earnings
Doosan Group’s key affiliates turned a profit in the first quarter of this year, after a downsizing drive targeting money-losing businesses. Doosan Corp. said it posted 3.8 trillion won ($3.3 billion) in sales, 259 billion won in operating income and 253 billion won in net income in the first quarter, according to its regulatory filling on Tuesday.Its sales dropped 16.52 percent from the previous quarter which saw sales of 4.6 trillion won. However, both operating income and net income turned a
April 19, 2016
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[Graphic News] Koreans in 50s spend more time on social media
Koreans in their 50s spent an average of 57.7 minutes a day on social networking services through smartphones or computers last year, according to the Korea Information Society Development Institute on Monday. This is a 24.6 percent increase in time spent on SNS, compared to the 46.3 minutes in 2014, surpassing the average time of those in their 30s and 40s.As expected, among age groups Koreans in their 20s spent the most time on SNS with an average of 80.7 minutes per day. They spent 63.1 minut
April 19, 2016
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K-beauty owners bask in hefty dividends
Increasing global demand for K-beauty products improved the industry’s performance last year, helping owners of Korean cosmetics firms earn large cash dividends. Of the top 10 cosmetics firms listed on the stock market, eight chose to pay dividends according to the Financial Supervisory Service last Thursday. While returning company profits to shareholders by paying high cash dividends has its merits, it is also criticized for increasing the wealth of owner families. AmorePacific Group chairman
April 19, 2016