Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Slew of top K-pop stars ready to return from military
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Pianist Lim Yunchan double winner at Gramophone Awards
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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SK hynix reports record quarterly earnings
SK hynix reported its best-ever quarterly operating profit in two successive quarters, amid favorable conditions in DRAM and NAND flash markets, the chipmaker announced Tuesday. The firm said it posted 6.6 trillion won ($5.9 billion) in sales and 3.05 trillion won in operating profit, rising by 69 percent and 573 percent, respectively, in the April-June period on-year. The ratio of operating gains to revenue was 46 percent, also setting a new record in surpassing the 40 percent posted in 2004.Th
July 25, 2017
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[Monitor] Korean firms increase spending on US lobbying
Korea’s leading exporters have raised their lobbying activities in the US since the inauguration of the Donald Trump administration, data by the US Senate Lobbying Disclosure Database showed Tuesday.Samsung Electronics spent $1.47 million on lobbying activities in the first half of this year, triple the $490,000 spent in the same period last year. Trade issues, including the bilateral free trade agreement, North America Free Trade Agreement, Trans-Pacific Partnership, trade restrictions and fore
July 25, 2017
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Tobacco regulations are the beginning of ‘slippery slope’: JTI executive
Regulations that restrict packaging and other marketing by tobacco manufacturers are spilling over into other sectors creating a “slippery slope,” an executive of a global cigarette company has claimed.“At the extreme end of the slippery slope is plain packaging that removes all brand imagery, which will have major ramifications for other consumer goods industries, because the measure could be extended to any product under increased regulatory scrutiny,” said Michael Deignan, vice president of c
July 25, 2017
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Samsung Bioepis, Merck & Co. launch Remicade biosimilar in US
Samsung Bioepis said Tuesday that it has begun selling a cheaper biosimilar drug referencing Johnson & Johnson’s Remicade in the US via its partner Merck & Co., marking the second Remicade copy to hit the US market. The launch of Samsung’s Remicade biosimilar, named Renflexis, comes three months after its official approval by the US Food and Drug Administration in April.Renflexis was developed by Songo-based Samsung Bioepis and is being commercialized in the US by its global sales marketing part
July 25, 2017
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LG Chem apologizes over alleged wire-tapping of union members
South Korea’s leading chemical firm LG Chem on Tuesday sent out a statement apologizing for the alleged wire-tapping of its labor union members at its Iksan plant in North Jeolla Province. LG Chem said that it has requested a full-scale investigation with the authorities to find the facts surrounding the scandal.The wire-tapping issue broke out Thursday as an LG Chem union member reportedly found a wire-tapping device in their staff lounge. (Yonhap)Upon finding the device, LG Chem union members
July 25, 2017
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Pizza chain founder to stand trial for embezzling W15b
The founder of a local pizza franchise will face trial on charges of embezzlement and breach of trust worth 15 billion won ($13.4 million), prosecutors said Tuesday. The Seoul Central District Prosecutors' Office has indicted Chung Woo-hyun, ex-head of MP Group, for misappropriating company funds, breach of duty and obstruction of business, it said. The indictment comes nearly three weeks after Chung was arrested early this month following the court approval on the writ.The prosecution also indi
July 25, 2017
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Fine dust decreases 15.4% after temporary shutdown of coal power plants
Fine dust levels have decreased some 15 percent in the central region of South Korea following the temporary shutdown of eight old coal-fired power plants last month as part of the government's efforts to reduce the country's air pollution levels, a study showed Tuesday.Starting June 1, the thermal power plants, including four in central Chungcheong Province, were closed for 30 days. The plants have a combined generation capacity of 2.8 gigawatts, or some 2.5 percent of the country's total.Durin
July 25, 2017
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Chinese visitors in Korea drop for 4 straight months on THAAD spat
The number of Chinese tourists in South Korea more than halved last month on-year, marking a decline for four straight months following China's ban on sales of Korea-bound trips amid a diplomatic row over a US anti-missile system here, government data showed Tuesday.The tally of Chinese visitors came to 254,930, down 66.4 percent from 758,534 recorded the previous year, according to the data by the Korea Tourism Organization. The combined number of Chinese visitors in the January-June period sto
July 25, 2017
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Refiners' exports hit record high in H1
Exports of oil and related goods by South Korean refiners reached an all-time high in the first half of the year on firm demand and higher oil prices, industry data showed Tuesday.According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 229 million barrels in the January-June period, rising 0.4 percent from a year earlier.In terms of volume, the tally marks the
July 25, 2017
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Department stores see sales to Chinese drop amid THAAD row
South Korean department stores saw Chinese customers drop in the first half of the year, industry data showed Tuesday, following a sharp decline in the number of Chinese visitors amid Seoul's diplomatic tension with Beijing over a missile deployment. Lotte Department Store, the country's leading retailer, said its revenue from Chinese customers at its main store in central Seoul plunged 49 percent on-year in the first half of 2017. Shoppers are seen at Lotte Department Store in central Seoul on
July 25, 2017
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Samsung Heavy set to suspend another floating dock
Samsung Heavy Industries Co., a major shipyard here, is set to suspend work on another floating dock as it feels the pinch in the drop of new orders over the last few years, industry sources said Tuesday.According to the sources, Samsung Heavy shut down one of three on-road docks last month. The shipyard is also planning to shut down another dock later this month. Samsung Heavy runs eight docks, including four floating docks.The shipyard has been suspending part of its production facilities in g
July 25, 2017
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Samsung Bioepis‘ Renflexis hits US
South Korean biopharmaceutical firm Samsung Bioepis Co. said Tuesday that its biosimilar drug Renflexis was launched in the United States following the approval of the US Food and Drug Administration. In April, the FDA approved Renflexis -- a biosimilar referencing Janssen Biotech, Inc.'s blockbuster immunology medicine Remicade -- marking the first time that a product made by Samsung Bioepis has been given the green light to be marketed in the US, the company said.(Yonhap)The drug will be intro
July 25, 2017
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Moon to meet biz leaders in two groups this week
President Moon Jae-in will meet with business leaders to exchange opinions on various economic issues later this week, dividing them into two groups, the local chamber of commerce said Monday.On Sunday, the presidential office announced that the meetings with representatives from the top 14 business groups along with mid-sized food producer Ottogi will be held on Thursday and Friday at Cheong Wa Dae.The Korea Chamber of Commerce and Industry said Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doos
July 25, 2017
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Kumho Tire workers threaten strike to stop sale process
Workers at Kumho Tire Co. and its subcontractors on Monday warned they will go on strike unless the tiremaker's creditors stop the process to sell it to a Chinese company. In a press conference held at the National Assembly, the joint committee against the sale of Kumho Tire to an overseas company said they will stop all production lines at the tiremaker's local plants and stage a general strike. "The ongoing process to sell Kumho Tire to Qingdao Doublestar Co. will result in the transfer of som
July 24, 2017
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Homeplus joins latest Taiwanese dessert boom
Riding on the recent boom for Taiwanese desserts here, discount retailer Homeplus said Monday that it is offering feng li su in pineapple and chocolate flavors for a limited time. Models pose with the feng li su products available at Homeplus through Friday. (Homeplus)The chain first introduced feng li su as a limited special item last September. The pineapple-flavored cake, which is one of Taiwan’s best-known desserts, sold out in two weeks during last year’s promotion. This year, Homeplus has
July 24, 2017
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What drove Moon to invite Ottogi
Medium-sized food company Ottogi has become the talk of town, as it received an invitation alongside Korea’s top conglomerates to a meeting with President Moon Jae-in focused on job creation and joint growth policies over the weekend.The meeting, scheduled for Thursday and Friday, is President Moon Jae-in’s first official discussion with business leaders since his inauguration.Ottogi has drawn attention, as it was put on the guest list despite its relatively small size compared to other heavywei
July 24, 2017
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Samsung BioLogics suffers operating loss in Q2
Samsung BioLogics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group, suffered a loss in the second quarter despite a rise in sales, the company said Monday.Sales jumped 33 percent on-year to 63.2 billion won ($57 million) during the April-June period, the company said in a regulatory filing. Despite the rise in sales, the company posted an operating loss of 8.5 billion won, up from a loss of 3.2 billion won posted during the same period a year earlier. (Yonhap)The company
July 24, 2017
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[Monitor] Low-cost carriers expand presense on interantional flights
The market share of Korea’s low-cost carriers in international passenger flights has continued to surge this year, according to the Ministry of Land, Infrastructure and Transport on Monday.In May alone, the international flights operated by low-cost carriers increased by an average of 50.8 percent, while large flag carriers lost an average of 5.4 percent.
July 24, 2017
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Samsung SDI recognizes ‘tech meisters’ at Ulsan plant
Samsung SDI has recognized seven employees at its Ulsan plant producing batteries for electric vehicles as “technology meisters,” the firm said on Monday. Samsung SDI’s hall of fame for its “technology meisters” /Samsung SDIDuring the ceremony held last week, seven employees that were newly added as technology meisters in the first half of this year were presented certification trophies from the company CEO Jun Young-hyun. “Your efforts to develop aptitude will become a base for the company’s co
July 24, 2017
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Boryeong to export its mud to Rotorua
South Korea's coastal city of Boryeong has signed a contract to export its famous mud to Rotorua in New Zealand's North Island, a city official said Monday. Boryeong Mayor Kim Dong-il and Rotorua Mayor Steve Chadwick signed the contract on Saturday, under which the South Korean city will export 5 tons of mud powder worth 75 million won (about $67,000) to Rotorua, the official said. The signing was made on the sidelines of a world festival cities workshop, one of the programs which the ongoing 20
July 24, 2017