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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Hyundai Motor vice chairman to attend Geneva motor show
Hyundai Motor Group sources on Thursday confirmed that its vice chairman will visit an international motor show in Switzerland early next month.Chung Eui-sun, the only son of Hyundai Motor Group chairman Chung Mong-koo, will leave for Geneva to attend the show that will kick off Tuesday for a nine-day run, according to the sources. Hyundai Motor vice chairman Chung Eui-sun (Yonhap)This follows his visit to a motor show in Detroit late last month where he took the stage to unveil the group’s rec
Feb. 25, 2016
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Fitch cuts Lotte Shopping's outlook to 'negative'
Fitch Ratings said Wednesday it has downgraded the outlook on Lotte Shopping Co. from "stable" to "negative", expecting slow recovery from last year's sluggish earnings due to tougher competition at home and abroad.The key retail unit of South Korean conglomerate Lotte Group saw its operating profit fall 30 percent on-year to 688 billion won (US$541.5 million) in 2015, marking a consolidated net loss of 346 billion won.While its 2015 earnings were hampered by the outbreak of the Middle East Resp
Feb. 24, 2016
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Indian chamber names new secretary general
The Indian Chamber of Commerce in Korea has named Yoon Sock-joong, a former presidential secretary and public affairs minister at the Korean Embassy in the U.S., as its new secretary general. Yoon, 57, will take over the chamber’s secretary general post formerly held by Chang Kook-hyun, the founding secretary general of the ICCK, starting from Feb. 1. Chang will continue to serve ICCK as senior advisor. Yoon Sock-joong (ICCK) Yoon served as the embassy minister in the U.S. from 2005-2008 after w
Feb. 24, 2016
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Direct fuel purchase service shuts down
A U.S.-based start-up claiming it can enable South Korean consumers to directly purchase gasoline and diesel fuel from overseas vendors has terminated its beta service one day after its official launch. Jirm had opened its beta website -- www.jirm.com -- in Korea on Monday, referring to itself as the world’s first company to help consumers order fuel directly from Saudi Arabia at lower-than-market prices.Following legal issues raised by state authorities and industry officials, the firm shut dow
Feb. 24, 2016
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GS Caltex leads revitalization of the arts in Yeosu
GS Caltex, South Korea’s second-largest oil refiner, is lending a hand in bringing the arts closer to the local community in Yeosu, South Jeolla Province, through its cultural center Yeulmaru. In partnership with Yeosu City, the company established the arts facility in May 2012 aiming to provide local citizens with opportunities to enjoy diverse arts performances and exhibitions previously unavailable to those outside of Seoul. Yeulmaru (GS Caltex) Yeulmaru, which translates to “a serene space f
Feb. 24, 2016
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[Photo News] Hyundai-KOICA dream center opens
HYUNDAI-KOICA DREAM CENTER OPENS-- Staff from the Korean Embassy in Vietnam, Hyundai Motor Group, Korea International Cooperation Agency and others cheer at the opening ceremony of the Hyundai-KOICA Dream Center inside Hanoi Industrial Vocational College in Vietnam on Wednesday. The center, which is funded by Hyundai Motor Group, will provide 18-month trainings for automobile repair and construction to around 300 to 1,500 local students every year. (Hyundai Motor Group)
Feb. 24, 2016
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Hanmi Pharmaceutical posts record-high 2015 sales
Hanmi Pharmaceutical posted record-high sales among local drugmakers in 2015, edging out former leaders Yuhan Corp. and Green Cross to newly become the top performing player in the industry.Hanmi’s 2015 sales stood at about 1.32 trillion won ($1.07 billion), up some 73 percent from the previous year, while its operating income jumped 515 percent to 211.8 billion won, according to its regulatory filing.The Hanmi Pharmaceutical headquarters in Seoul (Hanmi)Yuhan Corp. was pushed down to second pla
Feb. 24, 2016
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KOSDAQ firms double issuance of equity-linked bonds
Korean companies listed on its tech-heavy secondary bourse nearly doubled their issuance of equity-linked bonds in 2015 as the traditional corporate bond market remained in the doldrums, a report said Wednesday.The value of equity-linked bonds issued by KOSDAQ firms came to 2.05 trillion won ($1.7 billion) last year, a 94.7 percent jump from 1.052 trillion won a year earlier, according to the report by the Korea Capital Market Institute (KCMI). Buildings of securities buildings in Seoul (Yonhap)
Feb. 24, 2016
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Government to purchase 157,000 tons of rice
The government plans to spend 140 billion won ($113.6 million) to buy 157,000 tons of rice in the latest effort to stabilize rice prices, a ruling party lawmaker said Wednesday.The decision was made in a policy coordination meeting between the government and the ruling Saenuri Party at the National Assembly, ruling lawmaker Ahn Hyo-dae told reporters after attending the closed-door session. Rice harvest (Yonhap)Last year South Korea produced 4.32 million tons of rice, exceeding its earlier proje
Feb. 24, 2016
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Gov't to hold off on plan for 4th mobile carrier
Korea's ICT ministry said Wednesday it has decided to put off a project to launch another mobile carrier in the country, after its previous attempts made no headway due to lack of financially qualified bidders.Since October 2010, the Ministry of Science, ICT and Future Panning has opened bidding seven times with the aim of setting up a new mobile carrier. At present, the market is dominated by three players: SK Telecom, KT and LG Uplus.The government's attempt is in line with its efforts to add
Feb. 24, 2016
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LG says mobile business to turn a profit in Q2
LG Electronics expects its mobile business to become profitable in the second quarter of 2016 as the effect of the global launch of its new flagship smartphone kicks in, the company's mobile chief has said.On Sunday, LG Electronics showcased the G5 that allows users to "add" more accessories to improve various features, along with a new design that lets batteries slide in from the bottom."We aim to swing to a profit in the April-June period, when the worldwide release of the G5 takes hold," said
Feb. 24, 2016
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Seoul to introduce new insurance plans for electric cars
The South Korean government plans to introduce new insurance plans for electric cars as early as September, officials said Wednesday.The new plans are expected to help users of eco-friendly cars pay less insurance. Models pose with Hyundai Motor’s Ioniq hybrid cars. (Yonhap)The Ministry of Trade, Industry and Energy and the Financial Services Commission are scheduled to sign a memorandum of understanding with the Korea Insurance Development Institute and other relevant agencies later in the day
Feb. 24, 2016
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Kia Motors’ Sorento picked as best mid-size SUV in U.S.
Kia Motors’ Sorento was selected as the best SUV model in the midsize segment by a major U.S. consumer review magazine. Consumer Reports announced the best vehicles in 10 segments by evaluating their product quality, performance, safety and other features related to customer satisfaction. Sorento was the only Korean car model included on the list. Kia Motors’ Sorento (Yonhap)“The Sorento offers class-above elegance at mainstream prices.It’s a shade smaller than its midsized competitors, but tha
Feb. 24, 2016
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[Super Rich] Expanded payroll disclosure plan irks business tycoons
Will people finally find out how much Samsung Electronics vice chairman Lee Jae-yong makes in a year?All eyes are now on a revision bill that will make public the payrolls of highest-paid business magnates. It is waiting for final approval from the National Assembly.While many lawmakers and civic activists call for transparency in management, saying that it is key to fair trade and business, businessmen are claiming that it is an invasion of privacy. (From left) Samsung Electronics vice chairman
Feb. 23, 2016
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[Super Rich] Listing could net chaebol families W4tr
Korea is expected to witness a booming stock market this year with many companies preparing to list on the main bourse KOSPI and the secondary tech-heavy KOSDAQ.Generally, companies decide to go public on the strength of confidence gained from successful business performance, improvement in corporate governance, and positive financing, although listing does not necessarily guarantee future success. Last year, close to 40 percent of the newly listed companies ended with their share price much low
Feb. 23, 2016
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Concerns rise over expansion of illegal pharma kickbacks
Fresh concerns are rising over the expansion of illegal kickbacks offered by pharmaceutical companies to doctors in South Korea, as prosecutors have begun investigating the local arm of Swiss pharmaceutical giant Novartis on suspicions of bribery. The Seoul Western District Prosecutor’s Office raided Novartis Korea on Monday, confiscating the company’s documents and checkbooks on allegations that it had handed out money and other kickbacks, known in the industry as “rebates,” to local doctors. R
Feb. 23, 2016
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POSCO bets on lithium business
POSCO, the world’s fifth-largest steelmaker, has begun work on a lithium extraction plant in Argentina as part of its strategy to prioritize its business in the metal.Upon the completion of the plant by the end of this year, the steelmaker plans to produce 2,500 tons of high-purity lithium a year. The metal is a key raw material in electric car batteries. POSCO’s production goal is equivalent to manufacture more than 60,000 electric car batteries, as it takes about 40 kilograms of lithium to pro
Feb. 23, 2016
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Chinese TV makers gain on Korean rivals
Samsung Electronics and LG Electronics took up a smaller share of the global TV market in 2015 as Chinese rivals expanded their presence, industry data showed Tuesday.Samsung and LG had a combined market share of 33.6 percent, down a whopping 37.1 percent from a year earlier, the data compiled by industry tracker IHS Technology showed.The market share of their Chinese competitors, such as Hisense, TCL and Skyworth, rose 5.7 percent to account for 27.5 percent of the market.Overall, the market ga
Feb. 23, 2016
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Elliott to face probe over Samsung case
Korean financial authorities have tentatively agreed to ask local prosecutors to investigate U.S. hedge fund Elliott Associates over a suspected breach of disclosure rules regarding Samsung C&T.Officials at the Financial Services Commission, the country’s financial watchdog, said a final vote on whether to report the case to the prosecution will be made later this month at a regular meeting.In June of 2015, Elliott disclosed that it had taken an additional stake in Samsung C&T to hold more than
Feb. 23, 2016
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[Graphic News] Domestic beef prices surge on falling supply
Prices of beef produced in Korea soared 7.3 percent last year, the highest growth rate in five years, due to a reduced supply of cattle, according to government data released Monday.Statistics Korea said last year’s increase was the largest annual gain since 2010 when prices surged 10.5 percent on-year.In particular, the fourth-quarter of last year saw a double-digit rate of increase with growth of 12.7 percent in December.Industry watchers said rising beef prices were due to the 2012 government
Feb. 22, 2016