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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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Korean Air pilots go on strike but with minimum damage
Unionized pilots of South Korea's largest flag carrier Korean Air Lines Co. went into a 10-day strike Thursday, but the company said customer inconvenience will likely remain at a minimum.On the first day of the walkout that will last until the end of the year, 18 out of 203 Korean Air flights, including four international flights, were cancelled due to the walkout, the company said in a press release.The four international flights cancelled included two to Japan's Narita airport and one to Osak
Dec. 22, 2016
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Franchises less profitable than stand-alone shops
Despite much larger sales, franchisees in South Korea earn less money than owners of stand-alone stores due to higher costs, a report said Thursday.The operating margin for one-man franchise stores in the wholesale and retail sectors came to 12.8 percent in 2014, 10.5 percentage points lower than that for non-franchised shops, according to the report by the Korea Labor Institute.The margin, or the ratio of operating income to sales, for franchise stores with employees stood at 6.1 percent, also
Dec. 22, 2016
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Outbound shipments of S. Korean venture firms jump 21 percent in Nov.
Exports by South Korea's venture firms jumped over 21 percent from a year earlier last month, a local trade organization said Thursday, marking the first double-digit growth in over a year and possibly heralding an imminent improvement in the country's overall exports.According to the Korea International Trade Association, outbound shipments by local venture firms came to $1.69 billion in November, up 21.6 percent from the same month last year.The November tally marked the first double-digit gro
Dec. 22, 2016
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Graphic warnings to appear on cigarette packs
Cigarette packs sold in South Korea will carry graphic images showing the harmful effects of smoking starting this month, the government said Thursday.Earlier this year, a related law was passed to introduce a total of 10 graphic health warnings to be placed on the upper part of both sides of a cigarette packet. The photos are required to cover more than 30 percent of both sides of a packet, according to the Ministry of Health and Welfare. All cigarette packs have to carry one of the 10 desi
Dec. 22, 2016
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Chicken prices feared to soar over AI outbreak
Chicken prices in South Korea are likely to jump next month due to a possible undersupply following the deadliest outbreak of avian influenza, industry sources said Thursday.South Korea has destroyed more than 20 million chickens and ducks at nearly 400 farms across the nation since the first case of bird flu was reported in mid-November at a chicken farm on the southwest coast. People shop for chicken at a grocery store in southern Seoul on Dec. 16, 2016. (Yonhap)According to the Korea Broiler
Dec. 22, 2016
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S. Korean mortgage rates rise on US factors
South Korean mortgage rates gained considerably in November from the previous month due to rising market interest ahead of a US rate hike, data showed Thursday.Annual mortgage rates charged by South Korea's top five lenders -- KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH Bank -- averaged 3.28 percent last month, up 0.28 percentage point from a month earlier, according to the data by the Korea Federation of Banks.The increase was attributed to a rise in COFIX, a benchmark lendi
Dec. 22, 2016
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SK seeks growth, change in massive reshuffle
SK Group announced Wednesday the new lineup of it top decision-making council, called Supex, and promoted young CEOs of its five affiliates, seeking a generational shift in management. The nation’s third-largest conglomerate named Cho Dae-sik, CEO and president of SK Holdings, as the new chairman of the Supex Council. It also replaced the heads of five council committees on energy, internet and communications technology, communications, shared growth and human resources.“To cope actively with th
Dec. 21, 2016
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Special counsel puts Samsung merger at center of Choi probe
The independent counsel team looking into the corruption scandal surrounding President Park Geun-hye and her longtime friend Choi Soon-sil kicked off its official investigation Wednesday, putting a controversial merger between two Samsung affiliates at the center of its initial probe.Investigators of the special counsel team raided the National Pension Service’s asset management office in Seoul, the Ministry of Health and Welfare in Sejong and residences of executives involved in last year’s mer
Dec. 21, 2016
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Reasons behind Starbucks’ mega success in Korea
Seventeen years after it opened its first store in Korea in front of Ewha Womans University, Starbucks Korea celebrated the opening of its 1,000th store last week in the upscale Cheongdam shopping district.The landmark is the result of aggressive expansion by the Korean arm of the Seattle-born coffee chain, which opened 131 new stores between 2015 and 2016. Korea is the fifth country to have 1,000 Starbucks stores after the US, Canada, China and Japan. Sales have grown in step with the number of
Dec. 21, 2016
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[NEWSMAKER] Korean Air on hot seat over air rage incident
Korea’s flagship air carrier is likely to spend Christmas fending off controversy over the training of its cabin crew and labor relations, as an in-flight incident involving an international pop star took off Tuesday via social media, just ahead of a scheduled strike by its pilots.On Tuesday, singer-songwriter Richard Marx posted multiple times to his official Facebook page about a four-hour “chaotic and dangerous event” on Korean Air Flight 480’s Prestige business class, flying from Hanoi, Viet
Dec. 21, 2016
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Korea to pour W7tr in future industries over five years
The South Korean government and private entities will invest about 7 trillion won ($5.88 billion) in 12 new promising sectors over the next five years, the Ministry of Trade, Industry and Energy said Wednesday. The ministry and some 30 companies and organizations announced detailed strategies to boost the new industries selected as being central to South Korea’s “fourth industrial revolution.” The partnership picked the new fields based on macro trends, the country&r
Dec. 21, 2016
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Philips Korea donates supplies worth W35m to local children’s hospital
Philips Korea, the local branch of Dutch health care company Philips, said Tuesday that it donated dental and household goods worth 35 million won ($29,300) to a local hospital for disabled children. The company has delivered items including sonic electronic toothbrushes, kitchen appliances, vacuum cleaners and clothing irons to the Purme Foundation Nexon Children’s Rehabilitation Hospital. “The donation was made to enhance the rehabilitation treatment effect and support disabled children to hav
Dec. 21, 2016
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5 firms picked for fast-track restructuring program
Five South Korean firms, including LG Chem Ltd., the country's largest chemicals manufacturer, received government approval to carry out voluntary corporate restructuring through fast-track legal and administrative procedures, the trade ministry said Wednesday.The Ministry of Trade, Industry and Energy said a government panel chose the firms to endorse their proposed restructuring efforts to boost competitiveness.LG Chem, which posted 20.2 trillion won in sales last year, said it will convert it
Dec. 21, 2016
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Undersea tunnel built by Korean firm opens in Turkey
SK Engineering & Construction Co., a major builder in South Korea, said Wednesday that an tunnel that goes under the Bosporus Strait has opened connecting the Asian and European continents.In 2008, SK Engineering won the $1.24 billion project along with a Turkish firm, and the consortium started work on the project in January 2013.The double-deck tunnel, dubbed the Eurasia Tunnel, is the first for cars under the Strait, and reduces driving time across the Strait from the current 100 minutes via
Dec. 21, 2016
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Surplus cash of 100 big-cap firms doubles over one year
South Korea's top 100 large-cap companies have seen their surplus cash more than double over the past year as they are reluctant to invest amid the economy's prolonged sluggishness, data showed Wednesday.According to the data by market tracker CEO Score, the leading companies had a combined surplus cash flow of 55.2 trillion won ($46.2 billion) as of the end of September, up 118 percent from a year earlier.Cash flow refers to the cash that flows into and out of a company, while a surplus cash fl
Dec. 21, 2016
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Lotte Mart opens 46th store in Indonesia
Lotte Mart, a discount store chain operated by retailer Lotte Group, said Wednesday it has opened its 46th store in Indonesia in line with its global growth strategy. With floor space of 5,572 square meters, the Pramuka shop opened on the underground floor of a commercial-residential building in Jakarta with some 7,000 households.Lotte Mart's 16th retail outlet in Indonesia has a health and beauty section, as well as young children and fresh food corners, the company said.Lotte Mart also operate
Dec. 21, 2016
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3 Korean shipbuilders picked as most influential in Lloyd’s List
The heads of three Korean shipbuilders have been selected as some of the most influential figures in the shipping industry, a UK journal reported Tuesday. According to Lloyd’s List of the “100 most influential people in the shipping industry,” Daewoo Shipbuilding and Marine Engineering CEO Jung Sung-leep came in at No. 76 for showing a “willingness to roll up his sleeves and deal with the troubled shipbuilder’s issues head on.” Jung personally visited Angola and the United Arab Emirates to negot
Dec. 20, 2016
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Massive sales credit poses risks to local constructors
The accumulative sales credit of nine major construction firms in Korea exceeded 25 trillion won ($21 billion) this year, posing potential credit risk to the companies, the financial industry said Tuesday. (Yonhap)According to the Financial Supervisory Service, the total accumulative sales credit of the nine large construction firms recorded 26.7 trillion won as of the third quarter. Hyundai Engineering and Construction topped the nine companies with 6.1 trillion won, followed by GS Engineering
Dec. 20, 2016
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Samsung carries out year-end charity work
Samsung Group has been carrying out charity work throughout December, the company said on Tuesday.Since 1995 Samsung’s management and employees have replaced year-end parties with charity work. This year, around 52,000 employees from all the affiliates of Samsung Group participated in voluntary activities, visiting community child centers and social welfare centers to deliver daily necessities. Samsung employees deliver necessities to elderly people living along near Seoul Station on Dec. 7. Sam
Dec. 20, 2016
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Cruise passengers to Korea expected to surpass 2.2 mln this year
The number of cruise passengers visiting South Korea is expected to top 2.2 million this year, doubling from last year's tally, aided by an influx of Chinese travelers via cruise packages, a state-run tourism promotion agency said Tuesday. According to the Korea Tourism Organization (KTO), 1.94 million cruise passengers had visited the country as of end-October, up 129 percent from a year earlier. If that pace continues, the total tally for 2016 will exceed 2.2 million.A large portion of the pas
Dec. 20, 2016