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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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Special counsel bill to probe first lady scrapped
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[Robert Fouser] Why the US election looks so close
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Acting president renews vow to promote startups
Acting President and Prime Minister Hwang Kyo-ahn on Monday renewed his commitment to promoting startups by expanding financial support, removing onerous regulations and facilitating their entry into overseas markets.Hwang also reiterated that the government will establish a 3.5 trillion-won ($3.05 billion) fund this year to nurture startups as part of efforts to secure future growth engines and inject fresh life into the sluggish economy. Acting President and Prime Minister Hwang Kyo-ahn speaks
Feb. 20, 2017
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Large firms cut back on jobs amid slump
Large companies in South Korea cut back on their workers last year, government data showed Monday, battered by an industrial downturn in the midst of ongoing restructuring in the manufacturing sector. Firms with over 300 employees hired a total of 2.41 million staff as of January, down by 46,000 compared with the previous year, according to the latest data by Statistics Korea. (Yonhap)The reduction of workers is the largest since September 2010, when the number of workers at such companies redu
Feb. 20, 2017
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Majority of Korean exporters oppose revision to commercial law
More than half of exporters in South Korea are against a proposed revision to the commercial law aimed at limiting the power of large shareholders in their respective firms that often comes at the expense of smaller shareholders, a survey showed Monday.In a recent survey conducted by the Korea International Trade Association, 50.5 percent of heads of 791 local export companies said they were against the revision currently sought by opposition parties. Rep. Jeong Kap-yoon (third from R, independe
Feb. 20, 2017
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Doosan Group turns around in 2016 as affiliates pick up in business
Business performance of Doosan Group stood out last year as most of its affiliates closed in the black under the fourth-generation CEO of the group's founding family, market watchers said Monday.Park Jeong-won, the great grandson of Park Seung-jik who founded the imported fabric shop that now has become Doosan Group, took office as the chairman of the conglomerate in March last year. Park Jeong-won, chairman of Doosan Group (Yonhap)He has continued intensive restructuring that began in 2014 whil
Feb. 20, 2017
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7 in 10 listed firms suffer 'earnings shock' in Q4
Nearly seven in 10 listed South Korean companies failed to meet market expectations in their fourth-quarter operating profits last year, data showed Monday.FnGuide, a financial information provider here, released the dismal report after analyzing the short-term performances of 195 listed firms with earnings estimates by local brokerages available. An image of South Korea's share prices and office buildings (Yonhap)Among them, 132 companies, or 67.7 percent, recorded lower operating profits than
Feb. 20, 2017
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Hanjin Shipping bondholders face huge losses
Bondholders of Hanjin Shipping Co., declared bankrupt last week, are feared to face up to 1.2 trillion won ($1.05 billion) in losses, industry sources said Monday.According to the sources, Hanjin Shipping's privately placed debt offerings were tallied at 939 billion won, while its publicly placed debt sale amounts to 250 billion won. (Yonhap)The state-run Korea Development Bank, other state-run debt guarantee agencies, and retail investors are feared to shoulder up to 1.2 trillion won worth of l
Feb. 20, 2017
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Chicken prices surge amid supply shortage
The prices of chicken in South Korea has surged in the past few months largely due to a supply shortage stemming from the massive culling of chickens in the wake of the avian influenza spreading, industry data showed Sunday.The price of chicken stood at 888 won ($0.8) per kilogram on Dec. 22 when the bird flu was spreading at a faster pace but surged to 2,200 won per kg Tuesday, industry data showed Sunday. (Yonhap)Facing its worst avian influenza outbreak, South Korea has culled more than 33 mi
Feb. 19, 2017
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Samsung family’s stock value plunges on heir’s arrest
Members of the founding family of South Korea’s top conglomerate Samsung Group saw the value of their shareholdings tumble last week as its heir apparent was taken into custody, data showed Sunday.Lee Jae-yong, vice chairman of Samsung Electronics and Samsung’s de facto leader, was detained Friday on charges of bribery in connection to an influence-peddling scandal that led to President Park Geun-hye’s impeachment, becoming the first leader in Samsung’s history to be detained on criminal charges
Feb. 19, 2017
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Korean Air building parts for B787 Dreamliner in Busan
BUSAN -- About 10 minutes outside Gimhae International Airport in Busan stands a cluster of buildings that make up the Korean Air Busan Tech Center. Housing facilities for airplane maintenance, repair and overhaul as well as manufacturing, the 710,000-square-meter complex is where Korean Air is currently building parts for the new Boeing 787-9 Dreamliner.Korean Air is best known for its commercial airline, but at the Busan Tech Center it has also been in charge of maintaining aircraft as well as
Feb. 19, 2017
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[Newsmaker] What’s next for Lee Jae-yong?
Samsung heir apparent Lee Jae-yong’s life has been turned upside down since he was taken into custody on allegations of bribery Friday.For the second consecutive day on Sunday, Lee stood handcuffed and bound with white ropes in front of special prosecutors, his prisoner identification number marked on his navy suit.He is the first head of Samsung to be locked behind bars in the conglomerate’s history. At the Seoul Detention Center in Uiwang, Gyeonggi Province just outside Seoul, he is being kept
Feb. 19, 2017
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[NEWS ANALYSIS] Chaebol’s governance restructuring hangs in balance
South Korea’s key conglomerates are expected to closely watch the National Assembly’s move this week over whether lawmakers would pass pending bills to limit their ownership in the course of governance restructuring.In light of the arrest of Samsung’s de facto leader Lee Jae-yong by the special prosecution over charges including bribery, hiding assets overseas and perjury, opposition lawmakers are pushing hard to pass the “economic democracy” bills that aim to restrict chaebol owners’ control ov
Feb. 19, 2017
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Samsung vows normal operation despite arrest
Samsung Electronics Vice Chairman Lee Jae-yong appeared for the second day of questioning by a special counsel team Sunday, two days after his arrest made headlines here and abroad, with the conglomerate vowing business as usual despite the leadership vacuum.The special prosecutors investigating the Choi Soon-sil scandal are expected to continue questioning Lee until Feb. 28, when the team’s term is due to end.The team reportedly focused on the allegations that Lee gave some 43 billion won ($36.
Feb. 19, 2017
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Chicken price surges amid supply shortage
The price of chicken in South Korea has surged in the past few months largely due to a supply shortage stemming from the massive culling of chickens in the wake of the avian influenza spreading, industry data showed Sunday.The price of chicken stood at 888 won ($0.8) per kilogram on Dec. 22 when the bird flu was spreading at a faster pace but surged to 2,200 won per kg Tuesday, industry data showed Sunday.Facing its worst avian influenza outbreak, South Korea has culled more than 33 million poul
Feb. 19, 2017
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Samsung chief questioned for 2nd day on bribery charges
Lee Jae-yong, de facto leader of Samsung Group, appeared before special prosecutors for the second straight day Sunday to undergo questioning over an influence-peddling scandal involving President Park Geun-hye.Lee, vice chairman of Samsung Electronics Co., appeared at the prosecution team's office in southern Seoul where he is to be questioned over allegations that he received business favors by granting a large amount of bribes to the president's longtime friend. This marked the second day tha
Feb. 19, 2017
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Samsung heir Lee Jae-yong resummoned by special prosecution
Samsung Electronics Vice Chairman Lee Jae-yong was summoned again by the special prosecution team investigating the Choi Soon-sil scandal Saturday, his first summons since he was arrested on Friday morning. At 2:20 p.m., the Samsung heir-apparent, wearing a black suit, white shirt and a prison number on his left chest, arrived at the special prosecution team’s office by police van. With a stern facial expression, Lee, his hands tied together with rope, did not answer any questions asked by repor
Feb. 18, 2017
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Harman votes to approve merger with Samsung Electronics
Shareholders of US auto parts supplier Harman International approved the company’s merger with Samsung Electronics Friday. According to a regulatory filing with the US Securities and Exchange Commission, 70.78 percent of Harman’s common shares were represented at the shareholders meeting-- 49,460,322 out of a total of 69,883,605 shares – either by shareholders or through proxies. The voting result was 46,921,832 shares in favor and 2,107,178 shares against, with 431,312 abstentions. Samsung Elec
Feb. 18, 2017
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Singapore Airlines to launch full-course Korean meals
Singapore Airlines will begin serving full-course Korean meals on flights in collaboration with chef Yim Jung-sik, a renowned South Korean chef-restaurateur, on routes between Korea and Singapore starting March 1, the firm said Friday. “Singapore Airlines has a wide variety of customer base. Also, the Korean cuisine is increasing in popularity, so we decided to introduce hansik (traditional Korean food),” said Betty Wong, a divisional vice president of customer experience at Singapore Airlines,
Feb. 17, 2017
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[Weekender] Driven by parents’ desire, Korea’s kids market thrives
Kim Ji-young, a mother of a 7 year-old boy in Seoul, has been busy shopping.“My kid becomes a first grader this school year and there’s a lot to buy before he starts to attend classes,” she said, adding that she has been looking for a desk.“I want to have a nice desk for him at home so that he can study after he gets back from school. I hope he will concentrate more on studying from now on.”A desk is not the only thing that Kim has in mind.A backpack, a foldable cellphone and clothes are next on
Feb. 17, 2017
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Korean corporations on edge after Samsung heir’s arrest
The arrest of Samsung Group’s de facto leader Lee Jae-yong on Friday has ignited alarm among South Korea’s top conglomerates whose chiefs face similar charges of bribing the government. Lee, the son of Samsung’s ailing Chairman Lee Kun-hee, was detained on charges of bribery, perjury and embezzlement over his involvement in the influence-peddling scandal that led to the impeachment of President Park Geun-hye.(Yonhap)The special prosecutor team had been examining whether the vice chairman of Sams
Feb. 17, 2017
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Samsung in crisis after Lee's arrest
The court’s decision to allow the arrest of Lee Jae-yong, the heir apparent of Samsung Group, on Friday brought the nation’s largest conglomerate into the biggest management crisis in its 79 years of history, suspending its restructuring plans aimed at a smooth leadership transfer.Lee was arrested by a special counsel, on bribery and other charges related to the political corruption scandal involving President Park Geun-hye and her confidante Choi Soon-sil.The de facto leader of Samsung is accus
Feb. 17, 2017