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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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IKEA’s pricing policy sparks new controversy
The Korean unit of Swedish furniture-maker Ikea has come under fire as it was found to have priced some of its products in Korea as much as double the global prices. According to local advocacy group Consumer Research on Monday, the average price of the retail giant’s couches and wardrobes are 15 to 20 percent higher in Korea compared with those in the U.S., Germany and Japan. “Ikea Korea charged 10-30 percent more for the majority of products marked over 100,000 won ($91) in Korea compared with
June 22, 2015
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IFEZ enters final stage of development
The Incheon Free Economic Zone, the first FEZ designated in Korea in 2003, is growing into an international city as it prepares for its final development stage, to be completed by 2020.As per its “2020 Towards Global Top 3” plan, IFEZ aims to become one of the world’s top three FEZs by 2020 with business districts, leisure, education and residential areas.Largely divided into three regions ― Songdo International City, Cheongna International City and Yeongjong Area ― IFEZ built the foundations du
June 22, 2015
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Minor Samsung C&T shareholders to file petition against merger
Small shareholders of Samsung C&T Corp. said Monday they will file a petition with a Seoul court this week against a controversial proposal for its merger with another key unit of Samsung Group, South Korea's top family-controlled conglomerate. The move came as the construction arm of Samsung Group has been embroiled in a legal battle with U.S. hedge fund Elliott Management since early this month regarding an 8.9 trillion won ($8.09 billion) takeover offer by Cheil Industries Inc., the de facto
June 22, 2015
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Solvay to open silica plant in S. Korea in 2017
Solvay Group, a Belgian chemical company, said Monday it will open a highly dispersible silica plant in South Korea in 2017 to meet growing demands for premium tires and energy-efficient chemical products.In April, Solvay broke ground for a silica plant with an annual capacity of 80,000 tons on a reclaimed industrial complex on the west coast to begin commercial operation in October 2017. The premium silica is used for energy-efficient tires, rubber products and other industrial chemicals.Solvay
June 22, 2015
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Lotte E&C wins $230 mln order from Indonesia
Lotte Engineering & Construction Co., a mid-sized construction firm, said Monday it has clinched a $230 million deal to build a power plant in Indonesia. Under the deal with Indonesia's state-run utility firm PT Perusahaan Listrik Negara, Lotte Engineering will build a gas-fired combined cycle power plant in the Southeast Asian country. The project will be carried out together with the trading unit of Samsung C&T as well as Indonesia-based construction company PT Hutama Karya.Construction is sla
June 22, 2015
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IKEA Korea price tags 15-20 pct higher than other nations: poll
Prices of couches and wardrobes sold by IKEA Korea, the local unit of Swedish furniture giant IKEA, are 15-20 percent higher than those in other countries, a poll showed Monday.The survey by local consumer advocacy group Consumer Research showed that the price of 126 products sold in the country averaged 522,717 won ($471.8), which is 15-20 percent higher compared with the cost in Germany, Japan and the United States.The average price was the lowest in Japan at 437,578 won, followed by Germany w
June 22, 2015
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Hite Jinro fined for false ads attacking rival
South Korea's antitrust watchdog said Monday it has slapped a 143 million won ($129,300) fine on Hite Jinro Co., one of the country's largest distillers, for carrying out a false advertisement campaign against its main competitor.According to the Fair Trade Commission, Hite Jinro distributed fliers and banners between March and May of 2012, claiming that the Chum-Churum soju made by Lotte Chilsung Beverage Co. is harmful to drink and is distilled in an unlawful manner. Chum-Churum had been gaini
June 22, 2015
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STX Heavy calls off W450b Iraq project
STX Heavy Industries has called off a 450.8 billion won ($406.8 million) contract to build a gas pipeline in Iraq, fueling concerns about the company’s ongoing restructuring efforts. The company said Friday the decision was made due to the prolonged conflict in Anbar, Iraq, where Islamic State extremists have been mounting a wave of attacks targeting the Iraqi army.“The worsening situation in the region has reached the level where we cannot proceed with construction,” a company official told the
June 21, 2015
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S. Korean firms striving to overcome MERS fallout
South Korea's business community is going all-out to tide over the fallout of Middle East respiratory syndrome as the unexpected outbreak of the acute respiratory epidemic in Asia's fourth-largest economy is taking a heavy toll on their operations and sales, industry sources said Sunday. The Federation of Korean Industries, the country's largest business lobby group, has urged its member companies to go ahead with their key events and operations as planned, as MERS-related panic has been excess
June 21, 2015
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Toyota CEO apologizes for arrest of foreign exec
TOKYO -- Toyota Motor’s chief executive Akio Toyoda issued an apology today following reports of the sudden arrest of the company’s first female executive, Julie Hamp. Julie Hamp, chief communications officer of Toyota Motor.“I apologize for the confusion caused by recent events,” Toyoda said at a press conference that was hastily arranged following the arrest.As a close friend of Hamp, the CEO also said he believes further investigation will reveal that “there was no intention on Julie’s part t
June 19, 2015
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[Weekender] Korea’s high-flying ‘helicam’ business
The Lily camera, once thrown into the air, chases after the person wearing its GPS tracking device. (Lily)In 2013, a team of robotics engineering students from the University of California, Berkeley set out to create the world’s first throw-and-shoot camera.Lily, a GPS-oriented flying camera about to go on sale, can hover once thrown into the air, and chase whoever is wearing its tracking device while filming aerial shots in high-definition. Lily is an advanced version of what has already been w
June 19, 2015
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[Weekender] Regulations, privacy pose dilemma
With the latest revolutionary technology taking off, a growing number of entrepreneurs are paving the way in Korea for a wider use of unmanned aerial vehicles, commonly known as drones.Even President Park Geun-hye last month stressed the need for an industry-specific development strategy at a national level concerning unmanned vehicles, including drones. However, industry insiders agree that the existing legal landscape for drones remains relatively restrictive in comparison to other developed c
June 19, 2015
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Korea, Central American nations launch free trade negotiations
The South Korean government will soon start negotiations with six Central American countries for a free trade agreement, officials said Friday. Trade Minister Yoon Sang-jick announced the official launch of FTA talks after meeting on Thursday with his counterparts from six countries ― Panama, Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica ― in Houston, the U.S.“The ministers shared the view that the FTA should be consistent with the rules of the World Trade Organization and agreed to
June 19, 2015
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Qatar Airways named best airline of 2015
Qatar Airways has been selected as the world’s best airline at the annual Skytrax World Airline Awards, the carrier said Friday.“Qatar Airways strives to offer the best travel experience for its guests across our entire global network of 147 destinations, with a commitment to providing quality services to each and every one of our passengers.” Qatar Airways Group CEO Akbar Al Baker said.In addition to the Airline of the Year award, which Qatar Airways also won in 2011 and 2012, the airline also
June 19, 2015
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KEPCO installs reactor vessel for UAE plant
The state-run utility firm Korea Electric Power Corp. has completed the installation of a reactor vessel for the United Arab Emirates’ second new nuclear power reactor in the Western Region of Abu Dhabi, the company said Friday. KEPCO headquarters in Naju“KEPCO has been building a partnership with the UAE by offering the latest cutting-edge technology in nuclear power reactors based on its 40 years of experience on power plant construction and operation,” KEPCO’s executive vice president of ove
June 19, 2015
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S. Korea's mobile shopping logs sharp growth in 2014: report
Mobile shopping in South Korea expanded by more than twofold in 2014 from a year earlier, on the back of the country's advanced mobile technology and a shift in consumption trend, a report showed Friday. The size of mobile shopping in Asia's fourth-largest economy came to 13.14 trillion won ($11.9 billion) at the end of last year, up 122.3 percent from 5.91 trillion won tallied the previous year, according to the Korea Institute for Industrial Economics & Trade.In contrast, internet shopping on
June 19, 2015
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Elliott ratchets up attack on Samsung C&T-Cheil merger
Elliott Associates, the U.S. activist hedge fund, stepped up its attack on the proposed merger between Samsung C&T and Cheil Industries on Thursday, a day before the escalating dispute goes to court in Seoul. Elliott unveiled a 27-page online presentation, reaffirming its opposition to the merger plan. It instead newly expressed support for Samsung Group’s restructuring for a successful leadership transition in a move to appeal to shareholders. “Elliott firmly believes that the proposed takeover
June 18, 2015
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Export of airport operation consulting
Park Wan-su (left), CEO of Incheon International Airport Corp., poses with Mertol Genc, CEO of the project to build the Istanbul Grand Airport, after signing a contract to offer airport operation consulting services to the new airport in Istanbul, Turkey until 2020. The Incheon Airport-led international consortium won the 12.9 billion won ($11.7 million) consulting project in March. IIAC
June 18, 2015
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Regulator unveils steps for Internet-only banks
South Korea's financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations. Under the measures, Internet-only banks will be off limits to the country's conglomerates, including Samsung Electronics Co. and Hyundai Motor Co., the country's No. 1 and No. 2 companies, respectively, by market capitalization.A non-financial firm will be allowed
June 18, 2015
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FTC probing alleged unfair practices by multiplex theaters
South Korea's antitrust watchdog said Thursday that it has started a probe to determine if local multiplex theaters engage in unfair trade practices that hurt consumers.The Fair Trade Commission said it is trying to determine if CJ CGV, Lotte Cinema and Megabox forced customers to view extended advertisements and made excessive profits through the sales of snacks. All three companies have been ordered to submit business-related records. The top three multiplex chains controlled 90.1 percent of t
June 18, 2015