Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Korea’s speed of innovation 70% that of China: survey
[THE INVESTOR] Korean manufacturers consider the country far behind China in terms of speed of innovation, a Korea Chamber of Commerce and Industry survey showed on June 22. In the survey on 300 manufacturing firms, local companies rated Korea’s speed of innovation as being 71 percent that of China. The respondents were asked to estimate the country’s speed of innovation in relation to China, whose speed of innovation was set at 100 kilometers per hour. The average Korea industries came in at 70
June 22, 2016
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Korea’s top four conglomerates focused in China
[THE INVESTOR] South Korea’s top four conglomerates -- Samsung, Hyundai Motor, SK and LG -- were found to be focusing their overseas operations in China. One out of four of their offshore companies are located in China as of March this year, according to a local think tank on June 22.In contrast, only 2.1 percent are located in the United Kingdom, which is set to vote June 23 whether to stay in the European Union.Samsung affiliates, such asSamsung Electronics, Samsung C&T and Samsung SDS have 18
June 22, 2016
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KT&G boosted by overseas sales
[THE INVESTOR] Korean cigarette maker KT&G’s performance will continue to improve buoyed by overseas sales, local brokerages projected. On June 21, NH Securities and Investment projected that KT&G’s second quarter sales will come in at over 1.12 trillion won (US$968.7 million), up 8.7 percent from the same period last year. For second quarter operating profits, NH Securities projected a figure of 340.4 billion won, up 12.3 percent over the same period.Other securities firms also projected a posi
June 22, 2016
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Korea FTC probes e-commerce firms, Coupang and Ticket Monster
[THE INVESTOR] The Korea Fair Trade Commission is probing e-commerce firms on suspicion of unfair trade practices, according to sources familiar with the issue on June 21.The antitrust agency conducted a field investigation on Coupang and Ticket Monster and secured evidence of unfair transactions of the two, including delayed payments to suppliers and unissued supply contracts.Jeong Jae-Chan, chairman of FTC, has said last month that the agency would start cracking down on social commerce and on
June 22, 2016
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PM urges provinces to concede outcome of airport debate
Prime Minister Hwang Kyo-ahn said Wednesday the provincial governments in the southeastern part of the country should accept the outcome of the latest feasibility test on building a new airport, adding it is now time for all sides to join forces for the greater good."Although residents of related provinces may have some lingering sense of loss, I would like to ask them to accept the outcome for the greater good of the country as the result was based on a thorough and expert investigation," Hwang
June 22, 2016
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Airport decision does not constitute break of campaign pledge: presidential office
South Korea's presidential office on Wednesday said the decision to scrap plans to build a new airport in the southeastern part of the country does not constitute a break from President Park Geun-hye's campaign pledge, adding greatly expanding existing facilities should be viewed as a fulfillment of the promise.On Tuesday, South Korea said it would not pursue a plan to build a new gateway airport in the southeastern region, choosing instead to push for the expansion of Busan's existing Gimhae In
June 22, 2016
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Korea's meat consumption rises over past decade
South Koreans' meat consumption has been rising over the past decade, while their intake of rice has been on the wane, a report showed Wednesday.According to the report by the National Agricultural Cooperative Federation, meat accounted for an average of 15 percent of household spending on food between 2013 and 2015. The figure was up from 12.9 percent recorded over the same three-year period a decade earlier.The monthly average per-capita meat consumption also rose to 4 kilograms in 2014 from 2
June 22, 2016
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Top 30 Korean groups suffered 7.4% decline in overseas sales
[THE INVESTOR] Overseas sales at 20 of South Korea’s top 30 industrial groups suffered a fall in 2015, according to CEO Score, a website specializing in corporate data. A total of 1,022 firms affiliated with the 30 groups saw their combined overseas sales decline 7.4 percent to 586.4 trillion won (US$503 billion) from the previous year, CEO Score said on June 22. Overseas sales also fell by a larger clip than domestic sales, which dropped by 5.2 percent. In particular, companies showed lackluste
June 22, 2016
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POSCO eyes quake-proof steel
[THE INVESTOR] Korea’s top steelmaker POSCO plans to expand production of its quake-proof steel products in light of growing awareness that the peninsula is no longer safe from major seismic jolts following the Japan earthquake and tsunami of 2011. POSCO has set its goal to expand production and sale of quake-proof steel products by 30 percent year-on-year, local news reported on June 21.Dongdaemun Design Plaza in Seoul built with POSCO’s TMCP steel Under the plan, the steelmaker plans to expand
June 21, 2016
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Gov’t amps up shopping event to boost consumption
[THE INVESTOR] A large-scale shopping-hallyu festival will be held in September to boost domestic consumption, the government said on June 21. The Ministry of Culture, Sports and Tourism and the Ministry of Trade, Industry and Energy said that a government-private sector committee on the event has been formed and its first meeting was held on June 21. Korean Black Friday.The event, titled Korea Sale FESTA, will be held from Sept. 29 through Oct. 31. According to the ministries’ description, the
June 21, 2016
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[Monitor] Wave of new apartments
A massive influx of households into new apartments across the nation is expected from next year to 2018, according to online information provider Real Estate. The number of households moving into new apartments is projected to reach about 360,000 next year and over 330,000 in 2018.
June 21, 2016
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Lotte suspected of using shell company in Vietnam for slush funds
The owner family of Lotte Group is suspected of using a paper company in Vietnam to try to funnel money into a slush fund.The allegation surfaced amid an ever-widening probe by Korean prosecutors into the Korean-Japanese conglomerate for suspected corruption, illegal intragroup deals and embezzlement. According to local reports citing sources at the prosecution, the paper company is the Luxembourg-based Coralis SA, which was previously used for offshore tax evasion by Kim Seon-yong, the third so
June 21, 2016
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Korea scraps southeast airport project
Amid fierce rivalry growing over a new airport in the nation’s southeast region, the government dropped the multitrillion won project on Tuesday and said it would extend the facilities of Gimhae Airport in Busan instead.After conducting a feasibility study on candidate cities in South Gyeongsang Province, the government has reached a conclusion that extension of the existing Gimhae Airport is “the optimal choice,” rather than choosing to build a new airport on Gadeokdo Island or in Miryang, Sout
June 21, 2016
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[Newsmaker] [DECODED] Lotte’s ownership enigma
Cobweb, computer circuit board and maze. These are some of the words that Koreans use to describe the baffling complexity of the share ownership structure at Lotte Group, a conglomerate whose roots are in Japan but whose mainstay of business is in Korea. By any standard, whether in Korea or Japan, where poor corporate governance is considered a major drag on corporate value, Lotte’s setup looks opaque, antiquated and subpar. The image, prepared by professor Jang Ha-sung of Korea University, show
June 21, 2016
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[DECODED] Lotte crisis revolves around family affairs
It all started from one man. A young native of Ulsan, South Gyeongsang Province, was brave enough to start a business in Japan in 1941 with only 83 yen in his pocket. Seven years later, he established the Lotte confectionery business to sell chewing gum and cake in postwar Japan.The huge subsequent success of the business led him to expand more. After a diplomatic normalization pact signed in 1965, Shin Kyuk-ho returned to his home country with 30 million won to launch a Korean confectionery bus
June 21, 2016
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China’s slowdown opportunity for Korean products: report
[THE INVESTOR] China’s slowing economic growth has given Korean products’ global market share room to grow, LG Economic Research Institute said in a report on June 21. According to the report, China’s slowing growth rate has curbed the rate at which Chinese products have taken up global market share, and damaged their price competitiveness. The LGERI report said that China’s rising labor and land costs coupled with falling raw materials costs brought on by slowing domestic consumption has narrow
June 21, 2016
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Steel prices projected to continue to rise
Steel prices will likely continue to rebound in the second half of this year on China’s large-scale efforts to reduce steel supply, industry insiders said Tuesday. Korea’s largest steelmaker POSCO plans to hike the price of hot rolled steel plates by 30,000 won ($26) per ton next month. This marks a total rise for the product of 150,000 won from January. Hot rolled steel plate, produced by fusing iron ore, is the most basic flat product which local coil manufacturers negotiate prices over ever
June 21, 2016
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Shinsegae eyes another duty-free shop
[THE INVESTOR] Shinsegae Group vice chairman Chung Yong-jin on June 21 hinted that the retail giant is keen to operate another duty-free store in Seoul. Shinsegae earned the operational rights of a new downtown duty-free store last year and its first outlet recently opened within its flagship Shinsegae Department Store in central Seoul. Shinsegae Group vice chairman Chung Yong-jin speaks at a job fair in Seoul on June 21. Lee Sang-sub/The Investor“Nothing has been decided. But it is true we have
June 21, 2016
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Labor union opposes Hyundai Heavy’s spin-off plans
[THE INVESTOR] Hyundai Heavy Industries’ labor union is strongly opposing the company’s move to spin off its facility-assistance business unit, industry sources said on June 21.Although it is one of Hyundai Heavy’s key promises to its creditors, unionists claim that the move would lead to a rise in nonregular workers -- mostly the 994 employees who are currently working at the division. The union’s representatives decided to propose a general strike last week, denouncing the shipbuilder’s latest
June 21, 2016
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New baby formula regulations to threaten Korean firms in China
[THE INVESTOR] China’s new tougher baby formula regulations could spell trouble for Korean producers, Seoul’s trade agency warned on June 21. According to Korea Trade-Investment Promotion Agency’s branch in Beijing, Chinese authorities will limit the number of brands and products a company can market in China from October. Under the measures announced by China Food and Drug Administration on June 8, a single company is limited to three brands, and nine products. China has been beefing up regulat
June 21, 2016