Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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[Feature] Amid growing pet market, sale of puppies at discount chains under scrutiny
Inside a busy discount chain store in Jayang-dong, northeastern Seoul, puppies slightly over 1 year old are put together in plastic boxes with a bottle of water. Most of the breeds sold at E-mart’s Molly’s Pet Shop are Maltese, Miniature Pinscher, Shih Tzu and Yorkshire Terrier, popular for their cuteness and appearance. The pet shop, named after Shinsegae Group Vice Chairman Chung Yong-jin’s dog Molly, is one of the outlets that provide premium pet care and sell pet products. But puppies are di
Nov. 11, 2018
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Exports of traditional 'tteok,' 'topokki' food on the rise: data
Exports of traditional rice-based food, such as "tteok" and "topokki," are on the rise amid growing global demand for Korean food, data by the state-run food trade corporation showed Sunday.According to the Korea Agro-Fisheries & Food Trade Corp., exports of South Korean-made tteok products that include topokki reached $15.65 million in 2017, up a sharp 29 percent from $12.1 million a year earlier. This file photo shows "topokki" served at an eatery in Seoul. (Yonhap)Tteok is rice cake that can
Nov. 11, 2018
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Incheon Int'l Airport successfully tests autonomous shuttle bus
Incheon International Airport Corp. said Sunday that it has successfully tested a self-driving shuttle bus becoming the first South Korean airport to do so.The test took place inside its long-term parking lot on Friday, where a driverless bus ran 2.2 kilometers at a speed of 30 kph.(Yonhap)"The test route has lots of curved lanes and is frequently interrupted by other cars. ... We have seen that autonomous driving is possible," the airport said. The shuttle bus, used in the test, has been devel
Nov. 11, 2018
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Korea's factory utilization rate falls to lowest level since Asian financial crisis
South Korea's factory utilization rate has fallen to the lowest level since the Asian financial crisis fueling concerns that the economy is showing signs of slowing down, observers said Sunday.Data by Statistics Korea showed the average capacity utilization ratio of factories standing at 72.8 percent in the January-September period, the lowest reading since the 66.8 percent tallied in 1998 as the country was reeling from the economic meltdown that affected many Asian countries in the previous ye
Nov. 11, 2018
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Samsung Electronics ranks No. 2 in global corporate reputation ranking
Samsung Electronics Co. ranked No. 2 in this year's reputation ranking among global information technology firms carried out by the Boston-based Reputation Institute, industry sources in Seoul said Sunday.The South Korean tech giant got a score of 78.5 in the latest evaluation, trailing only global graphic processor manufacturer Nvidia Corp. that received 80.3 in the 2018 US Technology RepTrak list that checks the most reputable tech companies in the world. It beat such big names as Intel, Googl
Nov. 11, 2018
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[On the Bar] Overview of audit review system in Korea
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Act on External Audit of Stock Companies protects investors and stakeholders by redressing possible shortfalls of the internal audit control system through an external audit by an independent auditor and an audit review by the Securities and Futures Commission.The audit review system provi
Nov. 9, 2018
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Shinsegae DF reports W3.2b operating loss
Shinsegae DF, the duty-free arm of the South Korean retail giant Shinsegae Group, reported 3.2 billion won ($2.8 million) in operating losses for its quarterly performance, despite 114 percent increase in sales.According to the firm, it earned 579 billion won in sales in the third quarter this year, marking a 114 percent jump on-year. Its operating losses came to 3.2 billion won, a dramatic fall from a 10 billion won operating profit in the last year. Shinsegae duty-free store (Shinsegae DF)Shi
Nov. 9, 2018
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KAI inks defense export deal with Indonesia
JAKARTA/SEOUL, (Joint Press Corps-Yonhap) -- Korea Aerospace Industries (KAI), a South Korean defense firm, signed a contract worth 100 billion won ($89.4 million) with Indonesia on Thursday, its officials said.The company inked the contract to export three KT-1B trainer aircraft and install radar equipment and guns on the Indonesian Air Force's T-50i planes on the sidelines of the Indo Defence 2018 Expo & Forum in Jakarta. Top officials from Korea Aerospace Industries and Indonesia's defense mi
Nov. 8, 2018
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KDB to seek 3-way talks with GM Korea, union over spin-off plan
The head of the state-run Korea Development Bank said Thursday he will propose three-way talks with GM Korea and its labor union amid a deepening spat over the carmaker's plan to spin off its research unit.Lee Dong-gull, governor of the KDB, told reporters that the proposal will be officially delivered to GM Korea and the union later in the day or Friday. Lee Dong-gull, governor of the KDB (Yonhap)If held, the three-way talks involving the KDB -- GM Korea's second-largest shareholder -- would h
Nov. 8, 2018
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US sanctions on Iran trouble refiners over condensate imports
South Korean refiners and petrochemical companies are struggling to diversify imports of ultralight crude following the US reimposition of sanctions on Iran over its nuclear program, industry sources said Thursday.Washington on Monday reinstated all Iranian sanctions removed under the 2016 nuclear deal but allowed South Korea and seven other countries to continue to buy Iranian oil over the next six months. (Yonhap)South Korea is the third-largest buyer of Iranian oil.South Korean refiners and c
Nov. 8, 2018
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Diageo to expand beer lineup next year
The South Korean branch of British liquor firm Diageo will expand and popularize its beer lineup as part of alternative plans to slowing growth of whiskey market here, its head said Tuesday.Diageo Korea CEO Lee Kyung-woo told reporters that the company would strengthen its imported beer lineup next year, particularly its stout beer brand Guinness, stressing the fast-growing beer market here. Diageo Korea CEO Lee Kyung-woo speaks during a media night event Tuesday. (Diageo Korea)“Imported beer i
Nov. 7, 2018
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Ministry denies Japan’s accusation that shipbuilding subsidies break WTO rules
The Korean government on Wednesday denied the Japanese government’s claim that Seoul breached international trade rules, saying its decision to provide subsidies to ailing shipbuilders complies with the rules. Officials at South Korea’s Trade Ministry said they are willing to talk with their Japanese counterparts, amid reports that Japan is preparing to file complaints to the World Trade Organization.DSME“We will recheck whether the issues raised by Japan breach trade laws,” said a statement rel
Nov. 7, 2018
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Samsung promotes QLED 8K with upscaling processor
Samsung Electronics Co. on Wednesday hosted an event to promote QLED 8K TVs in South Korea, claiming the product will set a new standard in the global market for premium TVs along with the microLED products.The event came after the company officially started the sales of its QLED 8K TVs this month, ranging from 65 inches to 85 inches in South Korea. The price ranges from 7.29 million won ($6,483) to 25.9 million won.The QLED 8K is one of Samsung Electronics' latest premium TVs.(Yonhap)The tech g
Nov. 7, 2018
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Major firms' R&D spending increases 7.9% in 2017
Major South Korean companies' spending on research and development rose about 8 percent on-year in 2017, with the top seven firms taking up nearly 60 percent of the total, a state think tank said Wednesday.The combined expenditures by the nation's top 1,000 firms in terms of R&D spending came to 46 trillion won ($40.9 billion) last year, up 7.9 percent from the previous year, according to the Korea Institute for Advancement of Technology. (Yonhap)R&D spending by companies with a workforce of 1,0
Nov. 7, 2018
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2 in 5 state firm executives named via connections: report
Two in 5 executives at South Korea's public corporations have been appointed through political connections without regard to their work capability or professionalism, a report said Wednesday.The report by CEO Score, which tracks corporate management, showed 118 out of the 316 executives at 35 state firms and their 12 subsidiaries are former government officials or politicians. (Yonhap)Those executives who have been parachuted in from the outside account for 37 percent of the total. Such a practi
Nov. 7, 2018
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LS Cable & System joins AIIB project in Oman
LS Cable & System is slated to join a communications network building project that is being financed by the Asian Infrastructure Investment Bank, according to the firm on Tuesday.The nation’s largest cable provider said it was selected as one of the companies that will build a broadband communications network in Oman led by its government and state-run mobile operator Oman BroadBand. The broadband network project is being carried out for the first time at the national level. By 2021, the first s
Nov. 6, 2018
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Reimposition of Iran sanctions spells uncertainty for Korean businesses
South Korean companies doing business in Iran are facing uncertainty now that sanctions have been reimposed on the Middle Eastern country, despite the waiver that Korea received. They say their business could suffer as the exemption is temporary and is strictly limited to oil. On Monday, the Trump administration said all the sanctions against Iran that were lifted as part of the 2015 nuclear deal will be reinstated. It then announced that eight nations, including Korea, had received waivers and
Nov. 6, 2018
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Asiana Airlines Q3 operating profit drops 14%
South Korean full-service carrier Asiana Airlines saw its operating profit drop more than 14 percent despite record-high sales of 1.8 trillion won ($1.6 billion) in the third quarter of this year. The company said it recorded 101 billion won in operating profit, a 14 percent decrease from a year ago, and 47.8 billion won in net profit in the third quarter. Asiana Airlines (Asiana Airlines)The company’s low-cost carrier Air Seoul recorded 59 billion won in sales and 36 billion won in operating pr
Nov. 6, 2018
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Gimpo aims to become world’s best city airport
Celebrating its 60th anniversary, Gimpo Airport on Tuesday unveiled plans aimed at becoming the world’s best city airport.The airport’s operator Korea Airport Corp. said it will open more facilities to increase accessibility, nurture young talent in the flight industry at its Aviation Training Center, and create more jobs by opening the National Aviation Museum of Korea in Gimpo Airport by 2020.Kim Myung-woon (center), Korea Airport Corp.’s acting CEO, poses with Gimpo Airport officials, passeng
Nov. 6, 2018
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Samsung BioLogics to conclude share swap with Biogen on Samsung Bioepis call option
Samsung BioLogics said Tuesday that it will transfer its shares in its subsidiary Samsung Bioepis to US-based Biogen on Wednesday, concluding the two sides’ call option process that had been pending since its formal execution in June. Under the share swap deal, Samsung BioLogics will provide 9,226,568 shares it holds in Bioepis to Biogen. Biogen will pay Samsung BioLogics around 759.5 billion won ($677 million) for the transaction including purchase fees and interest. As a result, Samsung BioLog
Nov. 6, 2018