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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Yoon honors veterans of Korean War in trip to Philippines
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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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[KH Explains] Can G-Star level up?
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Korean Air calls for 6-month work stoppage for 70% of workforce
South Korea's No. 1 flag carrier, Korean Air Lines, said Tuesday that it will start a six-month-long work stoppage for more than 70 percent of its workforce, as the novel coronavirus wreaks havoc on the airline industry. The measure is part of an ongoing effort to survive the worsening business environment brought on by the COVID-19 pandemic that has caused air passenger movement to nosedive with countries around the world restricting movement of people. The stoppage, which will go into effec
April 7, 2020
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Tax payment deferred for petroleum industry
The South Korean government has initiated a temporary tax relief program for domestic petrochemical companies as global demand has plummeted amidst the worsening coronavirus pandemic. The Ministry of Trade, Industry and Energy said Tuesday it will allow 54 petrochemical companies to delay their tax payments on oil imports and sales of petroleum products for 90 days, giving financial room to cope with the effects of the COVID-19 outbreak. “Tax payments for April, May and June will be p
April 7, 2020
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Beauty app Zamface accumulates over 10m clicks on AI service
Zamface, a beauty video app, said Tuesday that its “Time Jump” service function accumulated over 10.17 million clicks from users since its launch in June 2019. The app’s Time Jump service allows users to skip ahead to parts of beauty YouTube videos to search out specific information, without having to watch the whole video. Time Jump, which is based on artificial intelligence, automatically analyzes a video to mark different chapters and create the time jump options -- shad
April 7, 2020
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FTC vows for strict evaluation of Baemin-Yogiyo merger
The Korean Fair Trade Commission, which is currently investigating the corporate merger of the nation‘s No. 1 and 2 delivery apps, Baedal Minjok and Yogiyo, respectively, vowed stricter evaluation Tuesday, after Baemin’s attempt to change the commission system took flak. Baemin restructured its fee system starting April 1, basically changing from a flat-sum system that requires restaurant owners to pay a monthly fee to a fixed-rate commission of 5.8 percent per order made on the a
April 7, 2020
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Are chaebol owners making use of stock plunge for succession plans?
Owners of large South Korean conglomerates have been buying their low-priced shares amid the stock plunge caused by the coronavirus pandemic, raising questions as to whether they are taking advantage of the situation for their succession plans. Over the past two months, Korean stocks have tumbled and major firms have lost their market value by a third. Amid the stock market crash, the repurchase of treasury stocks has been on the rise. The cumulative spending on treasury stocks amounted to aro
April 7, 2020
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German firms in Korea face revenue drop over COVID-19
German companies doing business in South Korea are concerned about the impact of the COVID-19 pandemic on their business operations but are likely to retain their local workforce, a survey showed Tuesday. The Korean-German Chamber of Commerce and Industry released the results of a survey measuring the impact of COVID-19 on its member companies. It was conducted from March 19 to April 2, and 82 companies took part. According to the chamber, one-third of respondents said the curre
April 7, 2020
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Seegene’s market cap surges amid virus pandemic
Market capitalization of the nation’s top 100 companies has fluctuated widely amid the novel coronavirus outbreak, while that of bio-related companies surged, according to a local corporate tracker Tuesday. Korea CXO Institute surveyed the market cap of more than 2,300 listed companies in the first quarter, noting that the combined market value of the top 100 companies fell 17 percent from 1,218 trillion won ($994 billion) on Jan. 2 to 1,011 trillion won on March 31. Despite the stock
April 7, 2020
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S. Korea ranks 2nd in Q1 shipbuilding orders
South Korea received the second largest amount of new shipbuilding orders in the first quarter of the year after China, with global shipbuilding orders plunging 71 percent amid the spreading coronavirus outbreak, industry data showed Tuesday. South Korea won new shipbuilding orders totaling 360,000 compensated gross tons (CGTs) in the January-March period, accounting for 16 percent of overall orders around the globe totaling 2.33 million CGTs, according to the data from Clarkson Research Servi
April 7, 2020
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Samsung, LG defend operating profit in Q1
South Korea’s leading tech firms Samsung Electronics and LG Electronics reported better-than-expected operating profit for the first quarter of 2020, despite the sluggish economy on the back of the ongoing global virus pandemic. Samsung on Tuesday estimated a revenue of 55 trillion won ($45 billion) and operating profit of 6.4 trillion won, slightly above the stock market projections, while LG Electronics posted 14.9 trillion won revenue and 1.09 trillion won operating profit. While LG&
April 7, 2020
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[Graphic News] Car sales fall 15% in March on coronavirus impact
South Korea’s car sales fell 15 percent last month from a year earlier as the spreading coronavirus outbreak affected vehicle production and sales. The country’s five carmakers - Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 597,826 vehicles in March, down from 702,929 units a year ago, according to data from the companies. The lower sales largely resulted from suspended operations of Hyundai and Kia’s major overseas
April 6, 2020
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Virus halts KAI’s fighter jet exports to Argentina
Korea Aerospace Industries said Monday its plan to sell light fighter jets to Argentina has been put on hold as the coronavirus outbreak is dealing a huge blow. South Korea’s sole aircraft manufacture said its plan to export around several FA-50 light fighter jets -- a combat variant of its advanced supersonic trainer jet T-50 -- to Argentina has been delayed indefinitely. “It must have been difficult for Argentina to spend its defense budget for fighter jets when it is experien
April 6, 2020
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[Newsmaker] Ivermectin latest drug candidate for coronavirus
Ivermectin, a parasiticide, could be the next breakthrough solution to the COVID-19 pandemic, according to initial reports, but further tests must prove the efficacy of the drug in living organisms, experts say. Ivermectin became the center of attention after scientists from Monash University in Melbourne, Australia found that a single dose of the parasiticide could stop the replication of the SARS-CoV-2 virus growing in a cell culture. Ivermectin effectively eradicated all genetic material of
April 6, 2020
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Samsung Biologics strikes deal with PharmAbcine
Samsung Biologics said Monday it has signed a contract to develop PharmAbcine’s anti-cancer and angiogenesis material PMC-402. The South Korean firm will provide all-step CDO support from cell line development to clinical sample manufacturing and investigational new drug application, as well as produce preclinical and global clinical trial materials. PMC-402, according to PharmAbcine, helps normalize newly formed abnormal blood vessels that feed the growth of tumors, or the condition c
April 6, 2020
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Korean hand sanitizer exports increase 12-fold amid pandemic
The COVID-19 pandemic has fueled trade in Korean personal health and hygiene products. According to the South Korean Ministry of Trade, Industry and Energy on Sunday, exports of hand sanitizers in March reached $5.69 million, a steep climb of more than 600 percent, or 12 times the volume, from the same month a year before. This one-month figure is equal to 84 percent of hand sanitizer exports for the whole of 2019. The spread of COVID-19 has led to explosive in international demand for Kore
April 6, 2020
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Baedal Minjok’s new fee system faces dispute
Baedal Minjok’s recently restructured fee system, which involves charging restaurant owners a fixed-rate commission of 5.8 percent, is now facing criticism from restaurants that say it imposes a higher cost burden, industry sources said Sunday. The country’s No. 1 delivery app has expanded its fixed-rate system Open Service by lowering the rate from 6.8 percent to 5.8 percent per order starting Wednesday, while scaling back the other optional flat-sum system, Ultra Call. This
April 5, 2020
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Casino operator GKL extends closure amid coronavirus spread
A South Korean casino operator said Sunday that it will extend its closure by two more weeks, joining a social distancing campaign here to help contain the new coronavirus outbreak. State-run casino operator Grand Korea Leisure Co. (GKL) said in late March that it had decided to close the establishments from Tuesday to April 6. But the casino operator said it will extend the closure by two more weeks. The company operates three foreigner-only casinos in Seoul and Busan under the brand name S
April 5, 2020
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Nexon wants employees to come back to office
Korean game company Nexon said Thursday it had decided to roll back its telecommuting, requiring all staff to report for duty starting next week. According to Nexon, all employees will have to come to work starting Monday, though exceptions will be made for those with special circumstances that need to be considered. “To ensure the safety of employees, Nexon will employ safety measures including placing thermal imaging cameras at the entries of its headquarters, installing cubicles a
April 4, 2020
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JTI’s new HNB tobacco product enters e-commerce platforms
Japan Tobacco International Korea announced Friday that it has launched its odor-reduced tobacco vapor product Ploom Tech on local e-commerce platforms. The product and accessories are currently available on two platforms -- Naver’s Smart Store and Tmon -- at discounted prices. On Naver’s Smart Store, Ploom Tech Starter Kit, which contains a battery, a USB charger, and an adaptor, which is available for 17,500 won ($14.20), at a 50 percent discount from the retail price. On Tmo
April 3, 2020
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Part-timers in Korea experience pay cuts due to COVID-19
Five out of 10 part-timers in South Korea have experienced a loss of earnings due to the nationwide COVID-19 outbreak, according to a survey released by job information platform operator Albamon on Friday. Of 1,738 part-time workers who answered the survey, 50.5 percent said their incomes had declined after the viral outbreak. The part-time workers, who answered their incomes remained the same, accounted for 48 percent. Only 1.5 percent of part-time workers said their incomes had increased
April 3, 2020
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LIG Nex1 invests in Korean drone sensor company
Aerospace and defense firm LIG Nex1 said Friday it had acquired a 20 percent stake in Microinfinity, a domestic firm that makes navigation sensor chips for unmanned aerial vehicles. According to LIG Nex1’s business report, it converted loans made to Microinfinity into 5 million shares worth 2.5 billion won ($2 million), equal to a 20 percent stake in the company, at the end of last year. This is the first case of LIG Nex1’s equity participation in a drone-related company. A nav
April 3, 2020