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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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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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Tilda Swinton, new face of Korean department store
British Actress Tilda Swinton will be the main model of Hyundai Department Store, one of South Korea’s three major luxury goods handlers, HDS announced Wednesday. Swinton is the first high-profile celebrity to model for the department store since it first opened in 1985. For over 30 years the company had only worked with professional models who were not widely known. Tilda Swinton on the cover of W Korea magazine (W Korea)HDS’ marketing strategy manager Jeong Ji-young said Swinton’s composed and
March 30, 2016
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Beer imports hit all-time high
Beer imports to Korea hit a record high in 2015, with a growing number of Korean consumers turning to low alcohol beverages and seeking diversity, data showed Wednesday.According to the Korea Agro-Fisheries and Food Trade Corporation, Korea imported 170,919 tons of beer worth $141.9 million last year, a 43 percent increase in volume and a 27 percent increase in value of beer imports from the previous year.The most popular imported beer was from Japan, which exported 46,244 tons to Korea in 2015,
March 30, 2016
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Global handset sales fell in Q4
Worldwide combined sales of handsets fell on-quarter in October-December 2015, data showed Wednesday. According to data compiled by industry tracker Strategy Analytics, the global sales of handsets, including smartphones, shed 1 percent in the fourth quarter from the previous quarter. It marked the first time in more than two years for a quarterly figure to record on-quarter decline.Industry watchers attributed the drop, the first in 10 quarters, to the sharp fall in the production of traditiona
March 30, 2016
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Kia Motors‘ U.S. factory rolls out 2 millionth car
The Kia Motors factory in the United States on Tuesday celebrated the production of its 2 millionth vehicle since opening in 2009.With the production of a white Sorento SUV, the factory in the state of Georgia hit the 2-million mark in the shortest time ever for an overseas Kia factory. Kia Motors’ celebrates the production of its 2 millionth vehicle on Tuesday. (Yonhap)The factory began mass production in November 2009 and now produces more than 40 percent of all Kia vehicles sold in the U.S.T
March 30, 2016
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Hyundai, Kia cuts incentives to U.S. dealers
Hyundai Motor and Kia Motors paid less incentives to their dealers in the United States in a move interpreted as an effort to improve their profitability, a report showed Wednesday.According to a report by TRUECar.com, an auto-focused website in the U.S., Hyundai Motor paid an average of $1,945 to dealers in incentives per car sold in February this year, reflecting a 9.9 percent decline from a year earlier. Kia Motors’ incentive payments dropped 4 percent to $2,815.Dealers are given incentives b
March 30, 2016
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Sulwhasoo opens first flagship store in Gangnam
Korean traditional herbal cosmetics brand Sulwhasoo opened a new flagship store in the luxury shopping district near Dosan Park in Gangnam-gu on Wednesday, aiming to cement its position as Asia’s flagship high-end cosmetics brand. The leading skin care brand, owned by AmorePacific, set a milestone last year by becoming the first-ever homegrown cosmetics brand to singlehandedly post more than 1 trillion won ($860 million) in annual sales.Sulwhasoo's new flagship store in Gangnam (Sulwhasoo)Sulwha
March 30, 2016
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Hanmi Science buys $10m land in China to build new facilities
Hanmi Science, the holding company of South Korean pharmaceutical company Hanmi Pharmaceutical, on Tuesday said it has purchased roughly 200,000 square meters of land in Yantai, China, for about $10 million for the construction of its new facilities. Hanmi Group plans to incrementally inject $200 million until 2026 into building new facilities for the production of biologic and chemical drugs and health supplements, as well as a research and development center for new drug development on the si
March 29, 2016
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[Photo News] Starbucks start-up cafe
STARBUCKS START-UP CAFE — Minister of Science, ICT and Future Planning Choi Yang-ho (second from right), Starbucks Coffee Korea CEO Lee Seock-koo (third from right) and young entrepreneurs take part in a ceremony to mark the second season of the “Starbucks Cafe” program led by Starbucks and the ministry. As part of the program — aimed at revitalizing the local start-up community — four Starbucks branches located near universities will host business consulting services, networking meetings and a
March 29, 2016
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Chaebol see stock wealth reduction
When the superrich win big, they also lose big. This is especially true regarding the stock wealth of owners of chaebol -- Korean family-owned conglomerates -- who saw great fluctuations in their riches last year.The overall personal wealth of chaebol took a hit due to the sluggish economy. Even this year’s rich list -- those with $10 billion or more -- from Forbes and Bloomberg indicate shrinking chaebol wealth, as unlike before no Korean was included. The Samsung Group family in particular was
March 29, 2016
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Founder removed from Hotel Lotte’s board room in 43 years
Lotte Group founder Shin Kyuk-ho on Tuesday was replaced from the board room of the retail giant’s hotel unit, putting an end to his 43-year-grip amid an ugly succession battle between his two sons.Shareholders in Hotel Lotte, the de facto holding company of Lotte Group Korea, approved a motion that requested to reappoint registered board members at a general assembly held in Seoul. The list, however, did not include the Lotte founder’s name, which automatically and officially removes him from t
March 29, 2016
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POSCO eyes global expansion with high-strength steel for cars
Korea’s top steelmaker POSCO will be expanding its global business through its world premium automotive steel sheet products, the company said Tuesday.With currently 26 client companies in 12 countries, POSCO plans to further expand its global business by focusing on automotive steel products as part of a decision to maximize profits, as premium automotive steel sheets have 10 percent higher profitability than regular products. POSCO chairman Kwon Oh-joon (right) looks at Renault Samsung’s SM6,
March 29, 2016
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Bio Korea 2016 to outline future of bio-health industry
Asia’s biggest international biotechnology and health care convention Bio Korea 2016 will kick off at Coex in southern Seoul on Wednesday, bringing together some 23,000 industry officials and experts to discuss future trends in the local and international bio-health sector.The three-day event will spotlight the latest advancements in digital health care, an area driven by developments in artificial intelligence, big-data based precision medicine, stem cells and regenerative medicine, health care
March 29, 2016
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LG appoints new CEO for The Face Shop
LG Household & Healthcare, Korea’s second-largest cosmetic company, has promoted Hong Dong-seok to become The Face Shop’s new CEO. He was previously senior vice president of the brand. Hong replaces Bae Jeong-tae, the vice president of LG Household & Healthcare who also led The Face Shop which was acquired by the company in 2009.The promotion came after LG divided its cosmetic businesses into two segments -- premium and luxury. Bae takes the premium segment while Lee Jeong-ae, also a vice presid
March 29, 2016
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TonyMoly appoints chairman‘s daughter to board
Cosmetics brand TonyMoly appointed Bae Jin-hyung, the chairman’s daughter, to its board of directors at a shareholders meeting Monday.The decision of the chairman, who holds 30.93 percent stake, to appoint his 26-year-old daughter to the board was seen by some as being reckless and premature. A graduate of New York University, the junior Bae has been with TonyMoly for just six months, joining the company last September. She is currently working at the company’s overseas sales department.Industry
March 29, 2016
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Lotte founder’s daughter appears to be taking sides with Dong-bin
Shin Young-ja, the eldest daughter of Lotte founder Shin Kyuk-ho, appears to be taking sides with her younger brother Lotte Group chairman Shin Dong-bin in a family feud over the 90-trillion-won ($77.3 billion) business empire, according to group insiders.The founder’s daughter who currently serves as the chairwoman of Lotte Samdong Welfare Foundation, attended a music concert last week with the Lotte chairman. Lotte Group chairman Shin Dong-bin (Yonhap)She was the only family member to sit clo
March 29, 2016
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Samsung kicks off mobile payments in China
Samsung Electronics said Tuesday it has launched its mobile payment service Samsung Pay in China, speeding up efforts to expand the scope of its flagship mobile payment platform.The Korean tech giant said Chinese users of high-end Galaxy smartphones can now use Samsung Pay in cooperation with China-based bank card giant UnionPay. A model demonstrates Samsung Pay (Yonhap)The mobile platform supports magnetic secure transmission technology that works on traditional credit card machines. Like rival
March 29, 2016
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More flyers in February as LCCs continue to expand
Over 8 million people flew on passenger planes in February 2016, marking a strong increase from last year, according to the Ministry of Land, Infrastructure and Transport on Tuesday.In February, about 2.28 million people took domestic flights in Korea while 5.85 million people took international flights. The numbers showed an approximate 15 percent increase in passengers both domestic and international, relative to February 2015.The Transport Ministry said that the 15.3 percent increase in inter
March 29, 2016
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Top class hotels draw in non-lodging customers with niche services
Top-class hotels are offering niche services to find not just overnight lodgers but clients who swing by during the day, industry watchers said Tuesday.The Four Seasons Hotel, sitting at the center of downtown Seoul, opened a nail bar in October, the first at a luxury hotel. With the prime location, the service targets office workers who can drop by during lunch hours or after work. Customers can have sandwiches delivered while at the nail bar or order to go, and they can request songs as well.(
March 29, 2016
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With Me stores roll out 500-won coffee
With Me, Shinsegae Group‘s convenience store chain, has rolled out a new line of coffee priced at 500 won (43 cents) per cup, the cheapest takeout coffee ever, the company said Monday.Labeled “Take 1,” the line is the latest development in the fierce competition over low-cost takeout coffee among convenience store chains in Korea. Convenience store coffee (Yonhap)The three major convenience store chains in Korea -- CU, GS25 and 7-Eleven -- all offer takeout coffee priced between 1,000 and 1,200
March 28, 2016
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Chairman’s leadership behind Hyosung’s record earnings
Hyosung Group chairman Cho Suck-rae’s leadership and vision helped the spandex-maker garner record earnings last year, company officials said Monday. “Hyosung’s spandex business, which generated more than 40 percent of total operating profits last year, is the outcome of chairman Cho’s strong tenacity in developing the synthetic fiber,” a company official said. Hyosung’s researchers conduct an experiment on polyketone material. (Hyosung)He recalled that Hyosung had to struggle for seven years an
March 28, 2016