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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Shinsegae’s rebranded Emart24 aims to shift convenience store stereotype
Despite being in the red since its launch three years ago, Shinsegae announced it will be investing 300 billion won ($264 million) over the next three years into its convenience store business, rebranding it from Withme to Emart24, redesigning its stores’ layout and introducing private label products.Describing Emart24 as an “innovation program” at a press event held at Coex on Thursday, the company’s Chief Executive Kim Song-yong said that the chain hopes to find its place “in the intensely com
July 13, 2017
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Electricity demand to grow at slower pace: experts
South Korea's electricity demand is expected to increase at a slower pace than in the past, local experts said Thursday.The electricity usage for the 2017-2031 period is forecast to be smaller than the previous forecast that covers 2015 through 2029, the experts said. (Yonhap)The forecast was made by the group of civilian experts, including energy university professors, designated by the government. The government maps out a long-term energy plan for the time span of 15 years biennially so as to
July 13, 2017
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Kumho Tire employees hold rally to oppose sale to Qingdao Doublestar
Hundreds of employees of Kumho Tire Co. on Thursday held a rally against plans by creditors to sell the company to China's Qingdao Doublestar.About 750 workers held separate rallies at the company headquarters in Seoul and an R&D center in Yongin, Gyeonggi Province, demanding creditors led by the state-run Korea Development Bank stop the sales process. (Yonhap)"The creditors are trying to sell our company to Doublestar, which is inferior in every aspect, including size, technology and marketing,
July 13, 2017
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Korean policy bank to invest $130m in Chinese airport project
South Korea's state-run Korea Development Bank said Thursday it plans to invest $130 million into a Chinese project for the expansion of the Haikou Meilan International Airport.KDB will set up a private equity fund to make the investment, the bank said. China's central economic planner approved the project in 2015 to expand the airport in the southern island province of Hainan. (Yonhap)The project is a part of China's massive "One Belt, One Road" infrastructure drive that aims to increase its ec
July 13, 2017
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Samsung showcases world's first LED theatre
Samsung Electronics Co. on Thursday introduced the world's first LED theater solution, which boasts far improved display resolution compared to traditional movie screens.Under cooperation with Lotte Cinema, a major movie chain in South Korea, Samsung said it successfully installed its cinema LED screen."Based on Samsung's display technology, we commercialized the cinema LED screen that does away with the need projectors," said Kim Hyun-suk, who heads Samsung's display business. He stressed this
July 13, 2017
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Shinsegae Food tapped to provide meals for PyeongChang 2018
Shinsegae Food, the food unit of the country's retail giant Shinsegae, has been tapped to provide catering services for next year's Winter Olympics in South Korea, the company said Thursday.The company said it will be in charge of providing meals for about 10,000 people, including athletes, administrators and operations personnel and the media for the 2018 PyeongChang Winter Olympics. (Shinsegae Food)Shinsegae Food said it is developing various dishes, including vegetarian and halal food, to mee
July 13, 2017
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Fuji Xerox Korea appoints Miyamoto Toru as chairman
Fuji Xerox Korea said Monday it appointed Miyamoto Toru, who led global production sales at its headquarters, as its new chairman. Toru served as an executive of Fuji Xerox’s global production sales business division since 2012 before joining the Korean arm of the company. He started his career at Fuji Xerox in 1987. He holds a bachelor’s degree from Keio University and completed London Business School’s Sloan Masters in Leadership and Strategy program. “I will strengthen the connection between
July 12, 2017
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British government to review Kepco’s reactor model
South Korea’s state-run utility provider Kepco said it would submit its nuclear reactor design early next year for a generic design assessment by the British government, the company said Wednesday.“It is the first time for the British government to consider Kepco’s APR 1400 as an option for the country’s nuclear power plant construction project at Moorside,” Kepco’s official said. (Yonhap)In March, the British government approved Westinghouse’s nuclear reactor model, AP 1000. But the government
July 12, 2017
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Kepco joins Open Connectivity Foundation
Korea Electric Power Corporation has joined the Open Connectivity Foundation, making it the first energy company to join the group developing standards for connected devices, OCF Korea said Tuesday. The Open Connectivity Foundation is an industry group developing specification standards to connect devices made by different brands. Set up in February last year, the OCF currently has around 300 member firms, including Samsung Electronics, LG Electronics, Intel, Microsoft, Qualcomm and Electrolux.“
July 12, 2017
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Galaxy A7 with voice assistant Bixby goes on sale Friday
Samsung Electronics’ budget smartphone Galaxy A7 with its new voice assistant Bixby will go on sale in Korea on Friday, the tech giant confirmed Wednesday.The 5.7-inch smartphone will only be available via local carrier SK Telecom at the price of 588,500 won ($513). (SK Telecom)The new Galaxy A7 features Samsung’s artificial intelligent voice assistant Bixby, water-proof function and fingerprint scanner. It also sports a 16-megapixel camera, 3,600 mAh battery and Samsung Pay, a mobile payment s
July 12, 2017
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[Monitor] Most expensive franchise branch Burger King
It costs the most to open a Burger King outlet of BKR Co., at some 479 million won ($418,000), a survey by CEOScore showed Tuesday.Opening costs include application and training fees, along with a deposit and other costs, according to the standards set by the Fair Trade Commission.Of the top 100 companies in terms of revenue, following Burger King was iCoop, a health-conscious food brand, Lotteria, Lotte Super and Bornga.
July 12, 2017
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Korean Air, Asiana questioned over airport lounges
Korea’s two full-service carriers were questioned by police over allegations that they were running illegal restaurant operations at their lounges in Incheon Airport, the airlines confirmed Wednesday.Korean Air and Asiana Airlines’ airport lounges, which are technically convenience facilities, are not licensed to operate as restaurants. However, Korean Air heats and mixes some of the food it serves to its business class and first class passengers on-site, which police construe as cooking. Asiana
July 12, 2017
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[Newsmaker] Prosecution probes duty-free licensing
Upon the conclusion by the audit board that Lotte Duty Free was wrongfully denied duty-free licenses by the Korea Customs Service in 2015, the prosecution has launched its own investigation into the case that is also connected to the ongoing trial of impeached former President Park Geun-hye.The Board of Audit and Inspection has said Tuesday that after two rounds of its investigation, they have found the KCS knowingly manipulated data submitted by duty-free operators to prevent Lotte Duty Free fr
July 12, 2017
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Korea OKs first cell gene therapy ‘Invossa’
South Korean regulators approved Wednesday the country’s first-ever cell-mediated gene therapy for degenerative arthritis Invossa, developed by US-based TissueGene, a wholly-owned subsidiary of Korea’s Kolon Group. Korea’s Ministry of Food and Drug Safety has granted approval to Invossa-K Inj., an injectable cell gene therapy for osteoarthritis, a joint disease common among the elderly in which the cartilage that cushions the ends of bones between joints breaks down. Developed by TissueGene for
July 12, 2017
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Korea expected to become No. 1 fab investor in 2017, 2018
South Korea is expected to become the world's top investor in semiconductor equipment this year and again in 2018 with global fab spending reaching record high levels, a report said Wednesday.According to the report from Semiconductor Equipment and Materials International, $49.4 billion will be spent on fab equipment around the world this year, an increase of 19.8 percent from last year. It exceeds the previous record of $47.7 billion set in 2000. The record will be broken again next year with a
July 12, 2017
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SK hynix silent on Toshiba's contact with US, Taiwan rivals
SK hynix Inc., South Korea's No. 2 tech giant, on Wednesday remained silent over reports that Japan-based Toshiba Corp. is contacting US and Taiwanese firms as potential buyers of its memory division.Japanese media earlier reported Toshiba is holding talks with US Western Digital and Taiwan-based Hon Hai Precision amid the delayed negotiation with its preferred-bidder consortium that includes SK hynix.Last month, a global consortium that included South Korea's SK hynix Inc. was tapped as the pre
July 12, 2017
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Korea to allow fintech firms to offer intl. money transfer services
Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials at the Financial Supervisory Service. (Yonhap)The move is expected to intensify competition in the 10 trillion-won ($8.7 billion) international money transfer m
July 12, 2017
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Franchisors up nearly 10% in 2016
The number of franchise companies in South Korea rose nearly 10 percent in 2016 from a year earlier amid rising demand for self-employed businesses, government data showed Wednesday.(Yonhap)A total of 4,258 franchisors, a company that allows a third party to run a business under its brand name, were operating as of end-2016, up 9.2 percent from 3,910 tallied a year earlier, according to the data compiled by the Fair Trade Commission.They have a combined 5,273 brands in the eatery, wholesale and
July 12, 2017
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CJ Cheiljedang to sell stake in Samsung affiliate via block deal
CJ Cheiljedang Corp., South Korea's leading maker of processed foods, said Wednesday it will sell all of its stake in Samsung's life insurer through block trading, as the company pushes to jack up investment.(Yonhap)The company will unload 2.98 million shares worth 357 billion won ($311 million), or a 1.49 percent stake, in Samsung Life Insurance Co. on Friday, it said in a regulatory filing. The selling price is a 3 percent discount from Tuesday's closing price.The affiliate of the country's fo
July 12, 2017
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Financial firms shed workers, raise number of executives: data
South Korea's financial institutions have reduced the number of rank-and-file employees while increasing the number of executives between 2016-2017, industry data showed Wednesday. (Yonhap)The number of workers at 108 financial institutions was tallied at 194,422 as of the end of March, down 3.3 percent, or 6,625 employees, from a year earlier, according to a survey conducted by corporate tracker CEO Score.The financial institutions, meanwhile, witnessed an increase of 146 executives, or 6.2 per
July 12, 2017