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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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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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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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Yoon set for talks with Marcos in Philippines
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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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Increased spending of China consumers demands change in Korean exports
South Korean companies must focus more on individual Chinese consumers rather than Chinese producers to keep their exports growing as Chinese consumers' spending has nearly quadrupled in just 10 years and will continue to grow, a report said Thursday.According to the report from the Korea International Trade Association, China's per capita spending came to $7,924 in 2015, up about 380 percent from $2,083 in 2006.Also, China's consumer market has been growing at more than 10 percent over the past
Aug. 18, 2016
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Seoul prosecutors summon VW Korea executive over emissions scandal
State prosecutors on Thursday called in the managing director of Volkswagen Korea to question him over allegations the German carmaker fabricated emissions results here.The Seoul Central District Prosecutors' Office summoned Volkswagen Korea Managing Director Thomas Kuehl to gather information on allegations the automaker illegally changed parts of the Golf 1.4 TSI to obtain approval from the local government between 2014 and 2015."I am very sorry for the situation, and I apologize to our custom
Aug. 18, 2016
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Samsung units cut about 5,700 jobs through voluntary retirement
Five of Samsung Group subsidiaries have slashed about 5,700 jobs so far this year via voluntary retirement programs, according to the units' regulatory filings on Thursday. The five units -- Samsung SDI, Samsung Electro-Mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T -- have offered early retirement or voluntary severance, as part of a drive to increase competitiveness and return to profitability. The five subsidiaries had a total of 49,259 employees as of June 30 this y
Aug. 18, 2016
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Scandal-hit Lotte Homeshopping faces staff exodus
Lotte Homeshopping Inc., the TV channel of retail giant Lotte Group, is facing a staff exodus as many employees are poised to leave the company following a series of negative incidents, industry sources said Thursday.Major local headhunters have been flooded with resumes of Lotte Homeshopping employees wanting to change jobs since mid-June, when the prosecution launched a full-fledged probe into irregularities involving the renewal of its business license last year."It seems that Lotte Homeshopp
Aug. 18, 2016
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Venture firms' exports fare well: data
Exports by South Korean venture companies have fared relatively well this year, although the country's overall outbound shipments continued to suffer a setback, stung by the continued sluggishness of the global economy, data showed Thursday.Overseas shipments by local startups came to $9.99 billion in the first seven months of the year, up 0.8 percent from the same period a year earlier, according to the data by the Korea International Trade Association.In July alone, their exports rose 1.7 perc
Aug. 18, 2016
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Korea's overseas plant orders nearly halved in 2016: report
Overseas orders for industrial plants clinched by South Korean builders so far this year are down by nearly half from a year earlier, a report showed Thursday, suggesting an apparent failure by local companies to adapt to changes in the global market.Local builders have so far bagged $17.06 billion worth of orders between Jan. 1 and Aug. 15, down more than 40 percent from the same period last year, according to the report compiled by the Korea Economic Research Institute.The report attributed th
Aug. 18, 2016
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[Graphic News] GS chairman becomes highest-paid executive in Korea
Chairman Huh Chang-soo of GS Group, South Korea’s refinery and retail conglomerate, ranked No. 1 in the list of the nation’s highest-paid executives for the first half of this year, according to a financial watchdog Tuesday.Huh, who also heads the Federation of Korean Industries, the nation’s largest business lobbying group, earned some 5.2 billion won ($4.2 million) between January and June this year, the Financial Supervisory Service said.Huh was followed by Hyundai Motor Group Chairman Chung
Aug. 17, 2016
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[DECODED] Hanwha seeks retail growth with duty-free outlet
Hanwha‘s retail arm Hanwha Galleria Timeworld jumped into the Seoul duty-free business with its first outlet in Seoul at the end of last year, hoping to find a new engine for growth.As one of five duty-free store operators newly licensed last year, Hanwha was tasked with finding a competitive edge against more established operators such as Lotte and Hotel Shilla.After Lotte’s duty-free outlet in the Lotte World Mall near amusement park Lotte World lost its license, Hanwha saw an opportunity to m
Aug. 17, 2016
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Celltrion draws closer to debuting Remicade biosimilar in US by October
South Korean biopharma developer Celltrion is drawing closer to its stated plans to debut its Remicade biosimilar in the US by October, as a major patent suit is showing signs of coming to an end. The US District Court for the District of Massachusetts on Tuesday commenced its hearing over the validity of Janssen Biotech’s US-based formulation patent on Remicade, the firm’s top-selling rheumatoid arthritis treatment. The hearing is set to continue until Thursday. The trial over Janssen's US-base
Aug. 17, 2016
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Korean firms win big at International Business Awards
A group of Korean companies and organizations came out on top at the annual International Business Awards as they were selected as Stevie Award winners, organizers said Wednesday.America’s business watcher The Stevie Awards Competitions announced last week that Korea’s corporations and organizations won 133 prizes in total at IBA. IBA is held every year to evaluate global companies under diverse conditions from management and marketing to new products and human resources administration.Korea’s a
Aug. 17, 2016
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Heat, Olympics boost demand for deliveries, convenience store foods
With temperatures in Seoul hitting record highs this summer and the Rio Olympics keeping people up late at night, consumers have turned to food delivery services and all-night convenience stores to keep their stomachs full without having to cook at home, data showed Wednesday.Popular food delivery mobile phone applications such as Baedal Minjok, whose name translates to Delivery Nation in English, saw orders significantly rise at the end of July. Models pose with late-night snack options from 7
Aug. 17, 2016
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[DECODED] Hanwha leads defense, petrochemicals and solar energy
Hanwha Group’s business interests span the gamut, from hotels to a professional baseball team, but five form the core – defense, petrochemicals, solar energy, finance and retail. In the first three, the conglomerate is the local market leader. Maywood Solar Farm constructed by Hanwha Q Cells in Indianapolis, Indiana. (Hanwha Q Cells)Having achieved economies of scale and scope in the fields through mergers and acquisitions, Hanwha Group Chairman Kim Seung-youn now looks to sharpen its competiti
Aug. 17, 2016
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Korean Air offers medical advice for flyers
One of the most grueling parts of travel is the long-haul flight, where prolonged changes in air pressure and constricted movement can lead to discomfort. According to Korean Air’s medical team, there are easy ways to alleviate common symptoms associated with long flights. Flight attendants pose near a Korean Air plane in Incheon International Airport. (Korean Air)When flights take off or land, the change in air pressure can cause discomfort in the ears that can be eased by swallowing. Young chi
Aug. 17, 2016
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Samsung CEO rules out merger
Amid growing speculation of a possible merger between Samsung’s two engineering units in light of a voluntary restructuring law that took effect last week, a Samsung executive denied the market expectation saying that talk of such a move was premature.“We are not going to push ahead with the merger plan for now,” said Samsung Heavy Industries CEO Park Dae-young as he left the tech giant’s head office in Seocho, southern Seoul, after attending a weekly meeting with other CEOs of Samsung affiliate
Aug. 17, 2016
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Korea's agriculture ministry launches Chinese website
South Korea's agriculture ministry said Wednesday it has launched its Chinese website (chinese.mafra.go.kr) in the latest move to provide better information on the country's agricultural products.The Ministry of Agriculture, Food and Rural Affairs said it plans to boost exchanges and cooperation with China in the agricultural sector. The ministry also said it will publicize South Korea's rural areas to attract Chinese tourists by collaborating with Weibo, China's version of Twitter.The move came
Aug. 17, 2016
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Soda drinks gain growing popularity in Korea
Carbonated drinks have enjoyed rising popularity in South Korea over the past three years as younger customers are drinking more soda with fast food and Westernized meals, industry data showed Wednesday. The carbonated drink market was estimated at 936.2 billion won ($856.1 million) in 2015, up from 848.6 billion won in 2013 and 884.1 billion won in 2014, the beverage industry data showed. The market expanded 4.2 percent in 2014, and 5.9 percent in 2015, and rose 5.6 percent in the first five m
Aug. 17, 2016
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Chairman of GS Group becomes highest-paid executive in S. Korea
The chairman of the refinery and retail conglomerate GS Group, Huh Chang-soo, has emerged as the highest-paid executive in South Korea for the first six months of this year, according to statements disclosed on Tuesday. Huh received a pay package worth 5.2 billion won (US$4.7 million) during the January-June period, followed by Chung Mong-koo, chairman of Hyundai Motor Group, with 4.2 billion won.Cho Yang-ho, chairman of the Hanjin Group, which has Korean Air under its wing, came third with 4.1
Aug. 16, 2016
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[Graphic News] Rising number of underpaid workers
More than 3 million workers in South Korea are expected to receive less than the legal minimum wage next year, the central bank said Tuesday. According to an analysis by the Bank of Korea, there were 2.5 million underpaid workers in 2015, accounting for 13.3 percent of the total workforce. This is likely to rise to 2.8 million this year, making up 14.6 percent of the workforce. In 2017, the proportion is expected to go up to 16.3 percent, BOK officials said. By industry, the agriculture, forestr
Aug. 16, 2016
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[DECODED] Looming changes in Hanwha’s governance structure
Hanwha Group’s equity ownership structure is laid out in a highly cost effective way for Kim Seung-youn, enabling the chairman to control the 55.4 trillion won ($50 billion) empire with 0.9 percent of the equities, worth about 610 billion won. Changes will be inevitable, however, once Kim begins preparations to hand over the reins to his sons amid increased shareholder activism and toughening corporate governance rules.“Succession seems distant at Hanwha now, with the sons owning only marginal e
Aug. 16, 2016
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[News Analysis] CJ faces hurdles despite chairman’s return
Despite the return of the CJ Group chairman through a presidential pardon last week, the South Korean food and entertainment conglomerate appears to be facing multiple issues before it can gear up for global expansion. CJ's ailing chief Lee Jay-hyun was freed of his 2 1/2 year jail term through a surprising presidential pardon last week, making way for his return to management. The chairman's return is likely to lend a major boost to CJ’s stalled push for strategic mergers and acquisitions and b
Aug. 16, 2016