Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Zafgen halts development of CKD Pharm obesity drug in U.S.
U.S.-based biopharma company Zafgen Inc. has suspended the development of beloranib, an obesity drug originally created and licensed out by South Korea’s Chong Kun Dang Pharmaceutical Corp. in 2009.Zafgen’s decision, announced on July 19, came six months after the U.S. Food and Drug Administration asked the company to halt the drug’s clinical trials following the death of two patients.(123RF)Beloranib, administered through an injection, had been considered a promising treatment for Prader-Willi
July 26, 2016
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Record numbers of planes, passengers at Incheon Airport
Incheon International Airport said Tuesday that it hit new records for the number of flights and passengers it serviced in one day.On Sunday, Incheon International Airport served 1,020 flights carrying 188,263 passengers, according to the airport corporation. They are the highest numbers on record since the airport opened in 2001, with the number of passengers flying during the summer vacation season growing 26.5 percent just over the past year.Over the past 15 years, the number of flights has g
July 26, 2016
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Interpark apologizes for massive data leak
Korean e-commerce firm Interpark apologized Monday for a massive data leak earlier this year that exposed its users’ personal information. This includes the names, addresses, email addresses, dates of birth and phone numbers of some 10.3 million users. “On July 11, Interpark became aware that some of our users’ information had been stolen by a hacker group through an advanced persistent threat attack, and reported the hack to the police the next day,” said an official statement on the company’s
July 26, 2016
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Aggressive non-oil investments pay off for Korean refiners
Aggressive investment in non-refining businesses have helped Korean oil refineries secure and boost operating profits in the first half of this year, with major companies showing record high performances, market analysts said Tuesday.In the first half of this year, SK Innovation’s operating profit hit a record high of 1.96 trillion won ($1.17 billion). This is the first time that operating profit for a local oil refinery has reached nearly 2 trillion won in half a year. While the lagging effect
July 26, 2016
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Hyosung posts record Q2 figures
[THE INVESTOR] Hyosung corp on July 26 posted record second-quarter operating profit buoyed by improving performance across its portfolio.The company’s regulatory filing showed that its operating profit jumped 29.8 percent from a year ago to come in at 331 billion won (US$291.49 million). According to the company, this is the first time its quarterly operating profit crossed the 300 billion won mark. Aided by the second-quarter figures, the company’s operating profit for the first six months of
July 26, 2016
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K-beauty firms rush to go public
[THE INVESTOR] An increasing number of Korean cosmetics companies are seeking to get listed, riding the wave of their popularity overseas. The successful initial public offerings of It’s Skin and Tony Moly on the main bourse KOSPI last year seem to have only added appeal to the idea. CLIO Professional has applied for preliminary review to be listed on KOSDAQ on July 25, according to Korea Exchange. Established in 1997, the makeup specialist saw its turnover surge to 107.1 billion won (US$94.30 m
July 26, 2016
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Unlike Japanese rivals, Korean firms investing more in China
[THE INVESTOR] Korean firms have been increasing their stakes in the all-important Chinese market, with their combined investment exceeding 3.24 trillion won (US$2.84 billion) in the first half of this year, government data showed on July 26. The figure is up 17.8 percent from a year ago. For the year, total investment is expected to surpass US$5 billion -- the highest-ever since 2004. Japanese companies, on the other hand, reduced investment in China from US$73 billion in 2012 to US$3.21 billio
July 26, 2016
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Korean ODM firm Cosmax appeals to Muslims with certified halal cosmetics
[THE INVESTOR] Cosmax, one of the country’s top three cosmetics original design manufacturers, will cater to its Muslim clientele with certified halal cosmetics.Cosmax Indonesia, its Indonesian subsidiary, has completed developing more than 50 beauty products that were certified by Majelis Ulama Indonesia, one of the three internationally recognized custodians of halal certification, in March, a first for a South Korean ODM. Cosmax IndonesiaThe halal cosmetics will be supplied to international
July 26, 2016
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Dunkin’ Donuts gives 50% off drinks
Dunkin’ Donuts shops in Korea will provide a 50 percent discount off most drinks between Tuesday and Thursday to mark “jungbok” -- the second hottest day during summer here according to the lunar calendar. (Dunkin' Donuts)Coffee is not included. Customers can download discount coupons from the HappyPoint mobile app. The discount is limited to one drink per person. Each person can make two purchases within the event period.The same promotion will run from Aug. 15 to 17 during “malbok,” the third
July 26, 2016
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Incheon airport sets single-day record in takeoffs, landings
The number of single-day takeoffs and landings at Incheon International Airport, South Korea's main gateway, surpassed the 1,000 mark for the first time over the weekend, the airport operator said Tuesday.Incheon airport, located west of Seoul, reported a total of 1,020 takeoffs and landings on Sunday. The number of passengers also reached a record high, hitting 188,263, as the peak summer season began, according to Incheon International Airport Corp. It said this is the highest number since the
July 26, 2016
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Korean apparel makers looking for new owners
[THE INVESTOR] Several medium-sized Korean apparel makers are looking for new owners. Struggling with a sluggish market, some have been pushed over by global SPA companies into court receivership, and are now seeking to find right bidders to breathe new life into them.YK038 that owns womenswear lines HUM and Shatin has selected Samil PricewaterhouseCoopers to lead its sale and will accept letters of intent by Aug. 4. YK038's wear lines HUM / Naver ShoppingThe Seoul Central District Court is in t
July 26, 2016
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Consumers sue Coway over faulty water purifiers
A group of 160 consumers on Tuesday filed a suit against Coway, South Korea's leading water purifier maker, demanding 1.6 billion ($1.4 million) in compensation for damages from using water purifier models with a nickel coating that tainted the water.Nickel from the coating was found in dispensed water in three ice maker/water purifier models by Coway, with the number of users involved estimated at about 87,000. Coway vowed to take responsibility should any health problems be confirmed from usin
July 26, 2016
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Hyundai Mipo wins contract for car ferry
[THE INVESTOR] Hyundai Mipo Dockyard announced on July 25 that it has won a contract for a car ferry. The vessel will be delivered to Weidong Ferry, a South Korea-China joint venture, in September 2018. Hyundai Mipo Dockyard and Weidong Ferry hold a signing ceremony on July 22. / Hyundai Mipo DockyardThe ferry will operate on the Incheon-Qingdao route, the company said. It will be designed to carry up to 724 passengers, and have a cargo capacity equivalent to 320 standard 20-foot shipping contai
July 26, 2016
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Korean chicken soup set to make inroads into China
South Korean food companies are set to begin official sales of the traditional chicken soup to China as the first shipments to the mainland have recently cleared customs, industry officials said Tuesday. Samgyetang is a traditional chicken soup made with a whole young chicken stuffed with ginseng, sticky rice and garlic. It is widely recognized in the country as an energy-boosting meal during the summer months.The first shipments of 20 tons of precooked and frozen soup by five Korean companies h
July 26, 2016
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SK hynix profit falls 67.1% on weak chip demand
[THE INVESTOR] SK hynix, the world’s second-largest memory chipmaker after Samsung Electronics, posted a plunge in its second-quarter profit as chip prices continued to decline due to weaker demand for smartphones and PCs. Operating profit fell 67.1 percent to 452.9 billion won (US$390 million), the lowest in more than three years, during the April-June period. Revenue also dropped 15 percent to 3.9 trillion won. SK hynix headquarters in Icheon, Gyeonggi ProvinceDespite increased shipments of DR
July 26, 2016
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Shake Shack’s ‘hot’ burgers take Seoul by the storm
[THE INVESTOR] Shake Shack’s burgers are selling like hotcakes at its first Korean outlet in southern Seoul which opened on July 22.In only three days since the much-hyped, the New York-based fast casual restaurant chain has sold more than 10,000 burgers, according to SPC Group, which operates the premium franchise here.On the opening day, more than 1,500 customers lined up to taste the premium burger touted to be made only of quality ingredients such as Angus beef and fresh vegetables. The open
July 26, 2016
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S-Oil posts record-high operating income in H1
[THE INVESTOR] South Korea’s third-largest oil refiner S-Oil Corp. said its second-quarter net profit rose 3.8 percent from a year earlier on improving refining business.Saudi Arabian oil Company Aramco has 63.41% of S-Oil's stakes through A.O.C.B.V(Aramco Overseas Company B.V.). Operating income rose 6.1 percent to 643 billion won, up 6.1 percent. For the first half of the year, the figure stood at a record-high of 1.13 trillion won (US$993.15 million) on a consolidated basis, the company said
July 26, 2016
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[Graphic News] More Chinese tourists visit Japan than Korea in Q1
More Chinese tourists visited Japan than South Korea in the first quarter of this year, data showed Monday.According to Bloomberg and the China Outbound Tourism Research Institute, 735,000 backpackers from China visited Korea, a 9.6 percent increase from a year earlier. In contrast, Japan saw 913,000 Chinese tourists during that period, about double the same period last year. The Chinese travelled to Thailand the most. The boost in Japanese tourism comes from its eased tourist visa rules for the
July 25, 2016
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Doosan step closer to W1tr Saudi contract
[THE INVESTOR] Doosan Heavy Industries and Construction is a step closer to taking part in the Fadhili power plant project in Saudi Arabia, local news outlets reported on July 25. According to reports, Saudi Arabia’s state-run oil company Saudi Aramco and Saudi Electricity Company signed on the consortium led by France’s Engie, which includes Doosan as the engineering, procurement and construction partner, for the project. Doosan, however, will need to sign a contract with Engie for the deal to
July 25, 2016
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[Photo News] Under pressure
Johannes Thammer, the head of AudiVolkswagen Korea, responds to questions from the Korean media after participating in the hearing over the emissions scandal at National Institute of Environmental Research in Incheon, Monday. Starting from Monday, the company said it would voluntarily suspend the sales of problematic vehicles which will face administrative measures from the Environment Ministry soon. (Yonhap)
July 25, 2016