Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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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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Firefighters’ 3,000 won meals spark nutrition concerns
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Yoon honors veterans of Korean War in trip to Philippines
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Consumer agency warns about misleading TV shopping ads
Consumers should be on the lookout for exaggerated or false advertising on home shopping networks, the Korea Consumer Agency cautioned Tuesday.(123rf)The KCA reported the results of a study conducted last September through October, which showed that 82.9 percent of TV shopping advertisements claiming a “TV-only” or “lowest price guaranteed” deal were selling products that were also available through online channels or were priced higher than the lowest cost. The study included 100 broadcasts on
March 8, 2016
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Coupang ignites price war on everyday products
A price war on everyday products is intensifying with local discount supermarket chains rushing to slash prices on select items to match those offered by online retailers.Sparking this competition is the nation’s No. 1 e-commerce operator Coupang which has been shaking up the local retail market with the lowest prices on daily use products such as diapers, baby formula, tissues and bottled water.Combined with its exclusive “Rocket Delivery” system -- free shipping within 24 hours by Coupang’s ow
March 8, 2016
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Widening PX spreads bode well for local refiners
Widening paraxylene (PX) spreads stemming from firm demand and reduced supply are expected to help Korean oil refineries rack up decent earnings this year following last year's stellar performance, industry sources said Tuesday.According to the sources, PX spreads stood at $414 per ton last month, hovering above the $400 level for the first time in 18 months. Petrochemical plant in Ulsan, Korea (Yonhap)PX spreads dipped to below $300 per ton in 2014 due to supply increase amid sluggish demand, a
March 8, 2016
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Hyundai, Kia spend 20 bln won in tax refunds
Hyundai Motor and its smaller affiliate Kia Motors have spent about 20 billion won ($16.7 million) to offer tax refunds to their customers who bought vehicles in January following the government's decision to extend a tax reduction on car purchases, industry sources said Tuesday.The Seoul government lowered the tax rate on new car purchases by 30 percent from August to December last year. When it expired, car sales slowed in January, which prompted the government to extend the consumption-boosti
March 8, 2016
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Government to buy 157,000 tons of rice to stabilize prices
The government said Tuesday that it will purchase an additional 157,000 tons of locally produced rice last year, as part of its effort to stabilize market prices.Under the measure approved at a Cabinet meeting, the government will spend 140 billion won ($113.6 million) to isolate 157,000 tons of rice from the market following its previous purchase of 200,000 tons in October 2015.Rice harvest at Yangyang, Gangwon Province (Yonhap)In 2015, Korea harvested a surplus amount of 3.57 million tons of r
March 8, 2016
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Korean government to establish biotech control tower
The South Korean government said Monday that it would establish a special overarching committee to coordinate and streamline all policymaking related to the nation’s biotechnology business, viewed as a promising sector to lead the country’s future growth. The decision was made last week at a meeting of the 11th National Science & Technology Council, a prime minister-led institution that evaluates the state’s science and technology policies.The new committee will act as a “control tower” that br
March 7, 2016
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Lotte chairman set to oust rebel brother from company
Lotte Group chairman Shin Dong-bin has sued the management of Kojyunsya, the de facto holding company of the 90 trillion won-business empire ($8.1 billion), in a suit that may end up ousting the company president, his older brother Shin Dong-joo, indefinitely. According to Lotte officials, Dong-bin in January filed a suit against the shareholders and management of Kojyunsya demanding a nullification of the company’s October 2015 decision to dismiss him from his position as a registered director
March 7, 2016
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SK Shipping under tax investigation
SK Shipping confirmed Monday that it is being investigated by the National Tax Service, but dismissed rumors concerning tax evasion.“The tax authorities’ move appears to be part of the regular tax audit of our company,” company spokesman Hong Chang-hyo told The Korea Herald.“We are giving necessary documents to the tax authorities and are also holding meetings to respond to their questions,” said Hong.But speculation about possible wrongdoing still persists as the investigation into the shipping
March 7, 2016
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Hyundai E&C-led consortium wins $2.93b deal from Kuwait
A South Korean consortium led by Hyundai Engineering & Construction Co. said Monday it has clinched a $2.93 billion construction deal from Kuwait to build liquefied natural gas (LNG)-related facilities. Under the deal with Kuwait National Petroleum Co., the consortium, which includes Hyundai Engineering Co. and state-run Korea Gas Corp., plans to construct re-gasification facilities and LNG tanks in Al-Zour, 90 kilometers south of the capital city.Hyundai Engineering accounts for $1.39 billion o
March 7, 2016
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Imported car sales fall 6.5 percent
Sales of imported cars in Korea dropped more than 6 percent in February from a year earlier, industry data showed Monday. A total of 15,671 foreign-made vehicles were registered in South Korea last month, also down 3.5 percent from a month earlier, according to the data compiled by the Korea Automobile Importers and Distributors Association. (Yonhap)The association cited fewer business days in February as well as a supply shortage as the main causes of the decline. Industry watchers, however, sa
March 7, 2016
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Hyundai Motor gives highest starting salary
The starting salary of workers at Hyundai Motor Group was revealed to be the highest among the country’s 1,000 largest companies. According to a survey released on Monday by online recruiter Saram In, the paycheck of a Hyundai Motor freshman stood at 61 million won ($50,886) per annum as of 2015, followed by Mando-Hella Electronics Corp. and Hyundai Oil Bank which gives each of their freshmen 58 million won. Two regional banks -- Gwangju Bank and JB Bank -- give out salaries of 54.7 million won
March 7, 2016
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Korean food firms to attend food fair in Japan
Korean food firms will take part in an annual international food exhibition in Japan to bolster exports to the neighboring country, the agricultural ministry said Monday.The Ministry of Agriculture, Food and Rural Affairs said 88 local companies will be present at the four-day Foodex Japan 2016 that kicks off on Tuesday in Tokyo. Korean booths at Foodex Japan 2015 (Yonhap)The Korean businesses have reserved 114 booths to exhibit their food products like kimchi, noodles, cookies and tea.The Japan
March 7, 2016
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Electronic financial transactions exceed 100 tln won in 2015
Korea's electronic financial transactions exceeded 100 trillion won ($83 billion) for the first time last year spurred by advances in financial technology, or fintech, and eased regulations, the financial regulator said Monday.As the government has eased rules on the requirements for a company to become an online settlement services company, online deals through payment gateway (PG) services, pre-paid and debit cards and other means have risen sharply in recent years, the Financial Supervisory S
March 7, 2016
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AhnLab Receives ICSA Labs Excellence in Information Security Testing Award
AhnLab, Korea’s leading cybersecurity company, today announced it has been named a 2016 Excellence in Information Security Testing Award recipient by ICSA Labs for successful completion of 5 years of continuous ICSA Labs information security testing. (AhnLab)The Excellence in Information Security Testing (EIST) Award recognizes clients that have continually tested their products for 5 years and maintained their information security certification with ICSA Labs. ICSA Labs' clients benefit by work
March 7, 2016
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Korea's industrial landscape shifts from manufacturing to service
Korea's industrial landscape has moved from manufacturing to service-driven businesses over the past decade as the shipbuilding and construction sectors have suffered from a prolonged global slump, data showed Monday. The top five sectors of the nation's 100 largest companies by market value in 2015 were in the service, petrochemical, construction, IT and retail industries, according to the data compiled by market researcher CEO Score. In 2006, shipbuilding, engineering, construction, tech and p
March 7, 2016
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Chairman wins Lotte succession battle
Shareholders of Japan-based Lotte Holdings, which controls South Korea’s fifth-largest conglomerate Lotte Group, voted in support of incumbent group chairman Shin Dong-bin at an extraordinary general meeting in Tokyo on Sunday. Lotte Holdings shareholders opposed a proposal made by Shin Dong-joo, the eldest of 94-year-old Lotte founder Shin Kyuk-ho’s two sons, to oust his younger brother Dong-bin and his supporters from the board and to form a new leadership led by himself. The decision, which h
March 6, 2016
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Hyundai Heavy to reappoint incumbent CEOs
Hyundai Heavy Industries, which went into red with a deficit of 1.5 trillion won ($1.25 billion) last year, is planning to reappoint its incumbent chief executives, according to industry sources and news reports Sunday. The company reportedly plans to reappoint current chairman Choi Kil-sun and president Kwon Oh-gap, who are co-CEOs, to lead the struggling shipbuilder for another term. The Ulsan-based company is slated to confirm the decision at the upcoming shareholders meeting on March 18, ac
March 6, 2016
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LG Chem to focus on energy, water, biotech
LG Chem, Korea's leading chemicals firm, said Sunday it will focus on three pillars of its business -- energy, water and biotechnology -- under its new growth strategy.Under the plan, LG Chem said it will expand expenditures on research and development while speeding up mergers and acquisitions with potential partners that have core technologies of those three industries. The company added that it will especially emphasize energy, adding it plans to develop environmentally-friendly components fo
March 6, 2016
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IoT subscriber growth surpasses smartphone users' in January
The number of users subscribing to Internet-of-Things (IoT) services grew at a faster pace than those subscribing to smartphones in Korea on-month in January, data showed Sunday, on the back of the rising sales of wearable smart devices.According to data compiled by the Ministry of Science, ICT and Future Planning, the number of Koreans subscribing to IoT-related services shot up 83,577 in January from a month earlier, compared to the 70,097 new smartphone subscribers over the cited period. IoT
March 6, 2016
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Samsung expands lead in global NAND flash market for Q4
Samsung Electronics continued to sit on the throne of the world's NAND flash market in the fourth quarter of 2015, data showed Sunday, expanding the gap with other smaller rivals around the globe.The Korean tech giant accounted for 33.6 percent of the market in the October-December period, data compiled by industry tracker DRAMeXchange showed, beating 18.6 percent posted by Japan's Toshiba. Samsung Electronics headquarters (Yonhap)The figures compare to the third quarter, when Samsung accounted
March 6, 2016