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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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Military aircraft evacuating S. Koreans in Lebanon returns home
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Korean retailers bet on outlets for new growth
Korean retailers are betting on suburban outlets to secure a new profit driver as they find little room for growth in the downtown department store business, industry sources said Wednesday. Lotte Group, Hyundai Department Store, Shinsegae Co. and other retail conglomerates said they plan to open additional outlets or expand their existing shopping malls on the outskirts of Seoul. More than nine outlets are scheduled to open in the next two years to meet growing demand from customers who can t
May 3, 2017
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Global digital cartoon market to expand to $1.17 bln in 2020
The global market for digital animation is expected to grow at an average of 10.8 percent annually to US$1.17 billion in 2020, an industry report said Wednesday.According to the annual report by the National IT Industry Promotion Agency (NIPA), the global digital cartoon market came to $814 million in 2016, up 15.7 percent from a year earlier.(Yonhap)The findings showed digital cartoons accounted for only 4.1 percent of the entire animation industry in 2011 but the ratio expanded to 10 percent i
May 3, 2017
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E-Mart to exit China on widening losses, THAAD woes
E-Mart Inc., South Korea's largest discount outlet chain by revenue, is closing down its business in China two decades after it first entered the country, the company said Tuesday, as widening losses and worsening business conditions stemming from a diplomatic standoff have left the company with little leeway for a turnaround.E-Mart currently has six stores in Asia's biggest economy, following moves to downsize operations from 2011 onward. It plans to wrap up its business by selling the remainin
May 2, 2017
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[Monitor] Big four business groups’ revenue take more than half of top 30 firms
Of the top 30 conglomerates by assets, revenue generated by the four on the top of the list accounted for 56 percent of the total last year, according to the Fair Trade Commission.The large business groups on the FTC’s antitrust watch list generated 1,116 trillion won won in the year ending September 2016, 9.1 trillion won less than a year earlier.Under the fair trade law, affiliates of large conglomerates with assets exceeding 10 trillion won are banned from making equity investments among them
May 2, 2017
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Samsung Heavy CEO apologizes for shipyard fatalities
Park Dae-young, president and CEO of Samsung Heavy Industries, apologized Tuesday for a shipyard accident Monday that killed six people and injured 25 others in Geoje, South Gyeongsang Province.He said there will be a thorough investigation into the exact causes of the incident. “I would like to express my sincerest sympathy and apology to the bereaved families and to those who suffered injuries,” said Kim Hyo-seop, vice president at Samsung Heavy Industries, apologizing at a press conference on
May 2, 2017
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Celltrion to seek US approval for Truxima, Herzuma
South Korean biopharma company Celltrion, whose biosimilar copy of Johnson & Johnson’s Remicade hit the US market last year, is planning to seek regulatory approval for two additional biosimilars in the country by next month. Celltrion said Tuesday that it plans to file Truxima and Herzuma -- referencing Roche’s lymphatic cancer drug Rituxan (rituximab) and breast cancer therapy Herceptin (trastuzumab), respectively -- to the US Food and Drug Administration by June. Celltrion’s headquarters in S
May 2, 2017
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[Newsmaker] Samsung poised to be world’s largest chipmaker
Samsung Electronics is predicted to become the world’s largest chipmaker in the coming quarter, displacing Intel, which has retained the top spot for the past 24 years. Intel has been the world’s top semiconductor manufacturer since 1993, when it introduced its Pentium-branded processors, which sent sales of personal computers soaring to new heights. However, the recent trends of a continued rise in prices and demand for memory chips are driving Samsung, the world’s largest memory chipmaker, to
May 2, 2017
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Samsung Electronics’ market cap to shrink 1.3 percent: report
Samsung Electronics’ market capitalization as well as its portion of the nation’s major bourse will shrink 1.3 percent if the tech giant cancels about 49 trillion won ($43.3 billion) worth of treasury shares as planned.“Canceling treasury shares leads to a decrease in (the number of) listed stocks,” said Choi Chang-kyu, a senior analyst at NH Investment and Securities in a report. “If Samsung Electronics completes the plan of canceling treasury shares, the firm’s portion on the Kospi, in terms o
May 2, 2017
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E-Land Retail to sell 69 percent to consortium
The retail arm of E-Land Group said it has agreed to sell a majority stake to a consortium as part of its efforts to reduce financial burdens and restructure the company ahead of its planned public listing early next year.According to the company on Tuesday, E-Land Retail is set to sell 69 percent of its shares for 600 billion won ($531 million) to a consortium including Curious Partners. Dongbu Securities is managing the deal.“The deal is not complete yet, but we expect it to be closed before t
May 2, 2017
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Beer sales take up over half of liquor sales at E-mart
Beer sales made up more than half of liquor sales at a major supermarket chain here, according to data Tuesday. Figures from retailer E-mart showed that sales of beer made up 55 percent of all liquor sales in April, up from 51 percent in March. Last month was the first time that beer made up more than half of all liquor sales. A shopper browses imported beer at a department store in Seoul. (Yonhap)“People are increasingly avoiding large drinking parties and strong liquor,” said a spokesperson f
May 2, 2017
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Korea mid-sized firms expect no improvements in exports
South Korea's medium-sized companies are not expecting the country's exports to improve this year compared to 2016 due to unfriendly business environments, a local business lobby said Tuesday. In a survey conducted by the Association of High Potential Enterprises of Korea, nearly 80 percent of 166 companies which have assets of less than 10 trillion won ($8.8 billion) and annually post 40 billion won-150 billion won in sales said exports will remain unchanged or deteriorate in 2017 compared to t
May 2, 2017
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Cereal market in Korea rapidly expanding
The cereal and granola market in Korea is rapidly expanding -- by more than 20 percent annually, according to a discount retailer Monday.E-mart said sales of cereal products at its stores rose by 23.5 percent on-year in 2016, and 29.7 percent in the first quarter of 2017. Meanwhile, other meal replacement products, such as bread and instant noodles, saw declining sales of 7.3 percent and 17.8 percent, respectively. Fruits & Granola by Peacock is sold at E-mart (E-mart)The discount retailer credi
May 1, 2017
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Will cigarette prices rise under new administration?
Tobacco companies operating in Korea and smokers are wary, as the upcoming presidential election raises the possibility of another tax hike on cigarettes here.With the exception of Hong Joon-pyo of the conservative Liberty Korea Party, none of the major candidates have explicitly promised a cut in the unpopular spike in cigarette prices that went into effect in 2015. (Yonhap)Although other candidates such as front-runner Moon Jae-in of the liberal Democratic Party of Korea have said they are re
May 1, 2017
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KT&G included on FTC conglomerates watch list
Four companies including KT&G Corp., South Korea's largest tobacco manufacturer, have been included on the antitrust watch list as large business groups, with its mutual investments and loan guarantees to be restricted, the watchdog said Monday.Every year the Fair Trade Commission announces a newly updated list of large business groups with assets of 10 trillion won ($8.8 billion) or more to oversee their equity investments or inter-affiliate loan guarantees. (Yonhap)In its latest update, the FT
May 1, 2017
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Bedridden Samsung head shows no signs of recovery
Lee Kun-hee, chairman of Samsung Electronics, has shown no signs of recovery since being hospitalized in May 2014 after suffering a heart attack, industry sources said Monday. Samsung officials and medical experts said that Lee's condition has neither significantly improved nor deteriorated. Samsung Group's Seoul-based headquarters (Yonhap)"I have not heard of Lee's condition for a long time. If there is no news, I believe his condition remains the same," a high-ranking Samsung executive said. W
May 1, 2017
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KEPCO makes foray into first overseas CDM biz
South Korea's state-controlled electric utility company said Sunday that is has made its first overseas foray into the clean development mechanism business.Korea Electric Power Corp. said it signed a deal with its counterpart in Iran on Saturday to reduce greenhouse gases in the resource rich Middle East country. (KEPCO)It said the plan outlines cutting back on sulphur hexafluoride (SF6) being released into the atmosphere by some 700,000 tons in the next 10 years. It said a building energy manag
April 30, 2017
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Samsung's Galaxy S8 sales hit 22,200 units on Saturday
Sales of Samsung Electronics Co.'s new flagship Galaxy S8 smartphone stood at about 22,200 units on Saturday in South Korea, industry data showed Sunday, up compared to weekdays. The increase marks a gain from 16,000 units activated by the country's carriers on Thursday and some 17,000 units reported for the following day, according to industry data. Samsung has said preorders for the Galaxy S8 surpassed 1 million units. (Yonhap)The daily figures included both preordered smartphones and phones
April 30, 2017
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Samsung's Flex Wash laundry system win ergonomics award
Samsung Electronics Co. said Sunday that its innovative Flex wash laundry system won the "Best of Best" ergonomics design award at an industry event on Jeju Island.The global electronics giant said the recognition by Ergonomics Society of Korea on Friday highlighted the excellent convenience and ease of use incorporated into the washing machine that was unveiled at the Consumer Electronics Show in Las Vegas earlier in the year. (Yonhap)It said ESK members also gave high marks for efficiency and
April 30, 2017
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China’s top 3 smartphone makers catching up with Samsung
China’s top three smartphone makers, Huawei, Oppo and Vivo, are catching up with the market shares of Samsung and Apple, based on their affordable prices and premium stylings, according to a US research firm. According to the latest report published by IDC, the combined smartphone shipments by the three Chinese firms increased by 15.5 million units on-year to 77.9 million units in the first quarter. During the same period, Samsung and Apple remained essentially flat with shipments reaching 79.2
April 30, 2017
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Semiconductors top contributors to industrial output, autos limiting growth: data
Semiconductors remained the top contributor to South Korea's industrial output last year as autos limited overall growth, government data showed Sunday.Data compiled by Statistics Korea showed computer chips ranking No. 1, pushing up the country's industrial production for the second year in a row in 2016.It said refined petroleum and petrochemical products came in second and third place, respectively. (Yonhap)"The ranking shows the shift in leading industries as the fourth-largest economy shows
April 30, 2017