Most Popular
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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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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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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Korea reports 8.5% rise in suicide rate
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FTC to seek legal punishment against Lotte founder
South Korea's antitrust watchdog is expected to file a petition against Lotte Group founder Shin Kyuk-ho with prosecutors for the false reporting of its overseas affiliates' shareholding, informed sources said Wednesday.The secretariat of the Fair Trade Commission (has already informed Lotte of the plan for the legal punitive step after a review of the case that happened when Shin was in control of South Korea's fifth-largest conglomerate.The FTC will soon hold a plenary or sub-committee meeting
Aug. 24, 2016
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State power firms log stellar profitability in H1
South Korea's seven state power firms posted better first-half profitability than such key manufacturers as Samsung Electronics Co. and Hyundai Motor Co. as they kept rates flat despite falling production costs, data showed Wednesday.According to the data compiled by market researcher CEO Score, the ratio of operating profit to sales for Korea Electric Power Corp. and its six subsidiaries averaged 10.7 percent in the first half of the year.The figure is higher than 10.1 percent for tech giant Sa
Aug. 24, 2016
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Tumbling cracking margins bode ill for refiners
A key measure of oil refining companies' profitability has tumbled in recent months due to surging crude prices, casting a cloud on South Korean refiners' third-quarter earnings, industry sources said Wednesday.The benchmark Singapore complex gross refining margin plunged to the $3 per barrel range this month from $4.80 in July after hovering at $9.90 in January, according to the sources.Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the t
Aug. 24, 2016
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[Graphic News] Direct overseas shopping gives 30 percent savings: survey
Consumers who buy products directly from overseas sellers found prices to be about 30 percent lower than when buying from Korean sellers, according to data from a survey by the Korea Consumer Agency.The KCA survey asked 1,000 consumers who had bought products directly from overseas sellers in the past year. Four-fifths of respondents said they used direct shopping because of lower prices. According to the survey, the highest discounts achieved through direct shopping reached 36.5 percent for chi
Aug. 23, 2016
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New Daewoo E&C CEO vows restructuring
The newly appointed CEO for Daewoo Engineering and Construction on Tuesday vowed to turn the ailing builder into a world-class player through a restructuring process.“(I will) revive Daewoo E&C’s first-class DNA by improving the (company’s) structure in preparation for an era of low growth,” said Park Chang-min at an inauguration ceremony in Seoul.“I’ll strengthen financial stability, organizational efficiency and productivity, and will also build trust based on (corporate) ethics.” Daewoo E&C C
Aug. 23, 2016
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KNOC to shut down oilfield project in Iraq
The state-run Korea National Oil Corp. has decided to give up on an oil field development project in Iraq after years of investment, due to low profitability, the company said Tuesday. The Korean state firm will pull out of the Sangaw South oil field project in the Kurdish region of Iraq. It has injected about $204 million into the project for eight years. “Members of the board have decided to shut down the oil project in Iraq, as they realized that it holds little profitability after running a
Aug. 23, 2016
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Samsung SDS seeks to boost big-data business
Samsung SDS, the IT solutions unit of Samsung Group, is seeking to bolster its big-data analysis related business, the firm said Tuesday. The company plans to expand the use of its data analysis platform named Brightics, which has proved its worth by handling various tasks and cutting down hours required for data analysis to about 20 minutes.Samsung SDS President Hong Won-pyo said that the system was produced “on the back of data analysis skills acquired in manufacturing, finance and logistics.“
Aug. 23, 2016
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CJ CheilJedang expands biotechnology business
South Korea’s largest food company CJ CheilJedang said Tuesday that it has purchased US advanced biomaterials developer Metabolix, Inc.’s biopolymer intellectual property and laboratory equipment for $10 million, as it seeks to expand its biotechnology business portfolio. CJ Group’s food business unit and Metabolix have signed a binding letter of intent for the given transaction, which will be fully implemented by mid-September, the companies said.CJ Group employees walk alongside the group’s he
Aug. 23, 2016
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Mirae Asset Daewoo pushes retirement plan
Mirae Asset Daewoo is running a promotional event to encourage people to bask in its beneficial retirement savings account.The fund management firm announced earlier this month that it will offer gifts to those who move their retirement savings program to Mirae Asset Daewoo, or register as a new member. Mirae Asset Daewoo’s employee holds a placard to promote the event. (Mirae Asset Daewoo)Korea’s national pension is given to senior citizens over 65, yet the majority of workers retire in their m
Aug. 23, 2016
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Hyundai E&C builds ties with partner firms
Hyundai Engineering and Construction is providing various programs for its partner companies to promote closer ties and support their overseas businesses.The Korean builder has annually offered overseas site visit programs for top 20 partner firms since 2012 to help them pave new business paths in the foreign market. Earlier in May, Hyundai E&C and the partner company workers visited construction sites in Indonesia and Singapore. Employees of Hyundai E&C’s partner companies pose for a photo dur
Aug. 23, 2016
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Pizza Hut Korea denies rumors of sales
Pizza Hut Korea on Monday denied reports of its possible sale, saying that recent restructuring efforts were aimed at improving competitiveness. Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year. “Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franch
Aug. 23, 2016
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Hoegaarden Rosee releases bottle, draft versions
Hoegaarden Rosee is now available in 250-milliliter bottles and on tap. Since its release in August las year, the raspberry flavored beer has proven to be a hit with female beer drinkers. The pink-tinted drink was originally released in a 750-milliliter champagne bottle aimed at female drinkers who were looking for something sweet and light.The Hoegaarden Rosee line. From left: the 750-milliliter bottle, the 250-milliliter bottle, and draft beer. (Oriental Brewery Company)With just 3 percent alc
Aug. 23, 2016
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BNK Busan Bank opens first Vietnam branch
BNK Busan Bank, a Korean commercial lender based in the southern port city of Busan, launched a branch in Ho Chi Minh City, Vietnam, on Aug. 18, becoming the first Korean regional bank to operate there, its parent BNK Financial Group said Tuesday.“Our Vietnam branch means a lot, because it has opened a channel for us to support small and medium-sized Korean companies conducting business in the country,” said Sung Se-whan, the chairman and CEO of BNK Financial, at the opening ceremony. The offici
Aug. 23, 2016
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Smaller firms' exports dip 4.5% in first half: data
Outbound shipments by the country's small and medium-sized enterprises sank 4.5 percent in the first half of the year from a year earlier amid a protracted slowdown in the global economy, data showed Tuesday.According to the data compiled by the Small and Medium Business Administration, smaller firms' exports reached $90.55 billion in the January-June period, while outbound shipments by large companies dropped 12.9 percent to $150.8 billion over the cited period.Overall, local companies' exports
Aug. 23, 2016
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Duty-free sales hit record high in July: data
Sales at South Korea's duty-free stores reached an all-time high in July thanks to a rising influx of Chinese travelers and last year's low base in the wake of the Middle East Respiratory Syndrome outbreak, data showed Tuesday. Sales at duty-free stores nationwide reached $954 million last month, up 4.1 percent from the previous month's $869 million, according to the data compiled by the Korea Duty Free Association. July sales marked the highest since the association began compiling related data
Aug. 23, 2016
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Korean investors rush to safer bond funds
South Korean investors have been pouring a large amount of money into safer bond funds since July amid jitters over a possible US rate hike, with stock funds suffering a massive outflow, data showed Tuesday.According to the data by fund researcher Zeroin, local investors added a net 2.37 trillion won ($2.11 billion) into funds investing in domestic and overseas bonds between July 1 and last Friday.In contrast, a net 2.95 trillion won was withdrawn from investment funds reserved for local stocks
Aug. 23, 2016
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Hyundai Heavy resolves drilling rig dispute with Norwegian customer
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Tuesday that it has reached an agreement with a Norwegian customer to end their dispute regarding the canceled order of an offshore drilling rig.Under the agreement, Hyundai Heavy will pay back US$176 million to Fred Olsen Energy ASA, in return for ownership of the Bollsta Dolphin semi-submersible drilling rig.The dispute dates back to May 2012 when Hyundai Heavy won a $620 million deal from Fred Olsen, which called for the shi
Aug. 23, 2016
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Korea, Ecuador to hold 3rd round of talks for trade deal
South Korea and Ecuador will hold the third round of talks to discuss ways to boost economic and investment exchanges, the trade ministry here said Tuesday.The negotiations on the strategic economic cooperation agreement, a type of free trade pact, will be held in the Ecuadorian capital of Quito starting Monday (local time) and run through Friday, according to the Ministry of Trade, Industry and Energy.Officials from the two countries will discuss various trade issues involving manufactured good
Aug. 23, 2016
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Korea's state-run oil company pulls out of Iraqi oil field
South Korea's state-run oil company said Monday that it has decided to pull out of its eight-year-old exploration project in the Kurdistan region of Iraq, costing Korea National Oil Corp. about $130 million.The company said its board of directors made the decision recently to withdraw from Sangaw South on the grounds that the project has no profitability.The KNOC said on its website that it had obtained operatorship of Sangaw South in the Kurdistan region of Iraq with a 60 percent stake by signi
Aug. 23, 2016
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[Graphic News] SKT, S-Oil pay highest average salaries
Workers at Korea’s top 100 companies received on average 6.04 million won ($5,362) per month in the first half of the year, while their CEOs were paid over 12 times more, data showed Monday. CEOs registered as boardroom directors received on average a monthly paycheck of 73.6 million won between January and June, according to the Korea 20000 Corporate Research Institute, a local market tracker. Employees of SK Telecom, the nation’s largest mobile carrier, earned the most, at 11.02 million won pe
Aug. 22, 2016