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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Can Jennie break the K-pop solo artist slump?
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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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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Toxic chemical fears shift to other firms
Amid growing concerns over the health risks of household chemical products, a fresh round of speculation is brewing over other manufacturers of cleaning supplies in Korea that may have been using harmful substances without indicating their toxicity. The Environment Ministry on Sunday demanded a local branch of global consumer goods company Procter & Gamble release the list of chemical substances used for its fabric refresher Febreze. The request came after local reports drawing concerns over the
May 16, 2016
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Beef prices hit highest in 6 years
The price of local beef hit its highest level in six years due to a steadily dwindling number of cattle, government data showed Monday.The price for domestic beef, known as “hanwoo,” went up 18.1 percent last month from the same period last year, to record the biggest jump since April 2010, when prices jumped 19.6 percent, according to Statistics Korea data. Hanwoo beef is displayed at a local supermarket. (Yonhap)Prices of local beef have been on the rise since late last year as the number of
May 16, 2016
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TonyMoly enters Sephora stores in Europe
South Korean cosmetics brand TonyMoly said Monday it has begun selling its products at all Sephora stores in Europe, becoming the first homegrown brand to do so.It held a launch ceremony at Sephora’s main store on the iconic Avenue des Champs-Elysees in Paris on May 13 and 14, with the aim of introducing its products to local beauty shoppers.Local customers look at Tony Moly’s products at Sephora’s main store in Paris (Tony Moly)“TonyMoly offers unique products at affordable prices and is increa
May 16, 2016
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Government denies closing coal mine operator
The South Korean government Monday denied it has finalized plans for shutting down the state-run Korea Coal Corp. due to declining profitability. “The government is currently mapping out a restructuring blueprint for state-run energy organizations, but nothing has been confirmed now,” said the Ministry of Commerce Industry and Energy in a statement. “Closing down coal mines is not possible without a mutual agreement between the workers and management.” The ministry released an official statement
May 16, 2016
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Lotte founder admitted for mental evaluation
Lotte founder Shin Kyuk-ho, 95, was admitted to Seoul National University Hospital on Monday for a mental competency evaluation, the results of which will play a pivotal role in his sons’ battle over control of the Lotte corporate empire.The evaluation is a part of the ongoing suit brought by Shin’s younger sister Shin Jung-sook last December, which claimed that Shin Kyuk-ho’s deteriorating mental state required him to have a legal guardian. Lotte founder Shin Kyuk-ho heads to Seoul National Uni
May 16, 2016
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NPS to up global investments in 2017-2021
Korea’s National Pension Service, which manages the world’s third-largest public pension fund after Japan and Norway, said it decided to increase the fund’s allocation in global investments in its mid-to-long-term fund investment portfolio.According to the plan finalized at the health minister-led fund management committee Monday, the combined proportion of investment in global equities, bonds and alternatives will increase to more than 35 percent of the total fund by 2021 from 24.3 percent as o
May 16, 2016
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Retailers transforming into successful trading companies
Korean retailers are transforming into leading trading firms, reaping success by taking the products of smaller companies and private brands abroad, industry statistics showed Monday.E-Mart began its exports in 2013 through an agreement with Hong Kong's Watson Group to supply 128 processed foods of its own label. The first year of exports amounted to $330,000. In the first quarter of this year alone, E-Mart's exports of private brand goods totaled $3.71 million, more than double the yearly total
May 16, 2016
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Business hotels land in Myeongdong to accommodate private Chinese travelers
Business hotels are springing up in and near Myeongdong, the shopping mecca of downtown Seoul, as hotel chains try to cater to a growing number of Chinese tourists who are switching from package tours to private trips to Korea.Nearly 6 million Chinese travelers came to Korea last year, a number that would have been higher if not for the scare from Middle East Respiratory Syndrome, according to tour agencies. Myeongdong shopping district in downtown Seoul (Yonhap)Industry officials estimate that
May 16, 2016
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Dongbu's key affiliates swing to black after restructuring efforts
Major affiliates of the once troubled Dongbu Group have returned to profit after two years of restructuring efforts to tackle a liquidity crisis, industry sources said Monday.Dongbu Group, Korea's 28th-largest conglomerate whose affiliates range from insurance and construction to steelmaking firms, had been under pressure from its creditors to improve its shaky financial status.Headquarters of Dongbu Group in Seoul (Yonhap)Dongbu's self-rescue process began in 2013, when the group's main credito
May 16, 2016
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[Photo News] Promoting Korea in the skies
Korean Air and Asiana Airlines will be operating planes bearing the “Visit Korea Year” emblem as part of the Visit Korea Committee’s efforts to attract tourists. Korean Air will be operating B777-300ER and B747-8i planes with the logo, while Asiana Airlines will be operating A321, A330, and B777 planes with the mark through to 2018. (Korean Air, Asiana Airlines)
May 16, 2016
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Citibank Korea runs for charity
Citibank Korea organized a vertical marathon from May 9-10 as a part of Citi’s Global Fitness Challenge. Runners climbed staircases at the bank’s Seoul headquarters and Incheon office to donate to charity under a fitness program launched by Citi’s global headquarters in 2012. Citibank Korea CEO Park Jin-hei (front left) and Citibank employees take part in the vertical marathon at Citibank Korea’s headquarters on May 10. (Citibank Korea)It was introduced in Korea this year and the marathon marked
May 16, 2016
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Shipbuilders to suffer extended slump, cut output capacity
South Korean shipbuilders' worst-ever slump may stretch into next year, as demand for new ships is expected to remain low amid still slackened oil prices and slumping global trade, prodding local shipyards to cut their output capacity, industry sources said Monday.According to a report compiled by the Export-Import Bank of Korea (Korea Eximbank), a total of 2.32 million compensated gross tons worth of new shipbuilding orders were placed around the globe during the first quarter of the year, down
May 16, 2016
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Duty-free shops in Seoul brace for full-scale competition
South Korea’s leading duty-free operators are bracing for full-on competition to attract foreign tourists, as all five of last year’s newly-licensed duty-free stores in Seoul will open for business this week.Shinsegae and Doosan are scheduled to open their new duty-free shops in Seoul on Wednesday, driving up competition among Korean duty-free businesses that target foreign shoppers, mainly the Chinese. Duty-free stores are a rare bright spot in Korea’s sluggish retail sector, growing by an aver
May 15, 2016
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Korea starts transition to 'demographic onus' from 2017: KCCI
Korea, which faces a demographic crisis due to dwindling birth rate, will enter into a ‘demographic onus’ era from next year, with the number of people available for economic production activities falling, according to a report by the Korea Chamber of Commerce & Industry on Sunday. The number of people aged between 15 and 64 -- categorized as population available for production activities -- is expected to drop to 37.02 million next year from 37.04 million this year, the nation’s biggest busines
May 15, 2016
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‘Creation of high-quality jobs essential for small businesses’
Job creation is at the center of the government’s policy to promote the creative economy. However, the government has made little progress in expanding the job market partly due to the prolonged global economic slowdown. Hence, it is striving to address the issue from a corporate perspective and it is against this backdrop that the government has appointed Joo Young-sup who has a 30-year background in business to head the Small and Medium Business Administration, a government agency that support
May 15, 2016
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[Weekender] Winners and losers of Korea’s war on sugar
The South Korean food industry is bracing for fundamental shifts in its future sales and product development, as the government has announced a “war on sugar” in view of public health. Last month, the Ministry of Food and Drug Safety rolled out a set of measures aimed at raising awareness of the harmful effects of sugar, with the target of driving down every citizen’s sugar consumption below 10 percent of their daily calorie intake.Market officials forecast that such moves combined with growing
May 13, 2016
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Family feud escalates over Kumho Terminal merger
Two sons of the Kumho Group founder are likely start a lengthy legal battle over a merger between Kumho Terminal and Kumho & Co., a special purpose company set up by the elder brother to bring his empire back under his control.Kumho Petrochemical, run by younger brother Park Chan-koo, has recently sent an official request to Kumho Terminal to stop the merger with Kumho & Co., threatening to take legal action if it does not drop the case.Calling the deal a serious dereliction of duty, Kumho Petro
May 13, 2016
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Struggling Hanjin Shipping joins new alliance of shippers
Cash-strapped Hanjin Shipping, Korea’s largest shipper, has joined a new alliance led by a German company amid its creditor-led debt restructuring, the company said Friday, but its local rival Hyundai Merchant Marine was excluded from the group.The shippers have been suffering from ballooning debts and mounting losses due mainly to a worldwide slump in the industry. Hanjin Shipping has been under voluntary debt restructuring with creditors, and its owner family decided to give up control of the
May 13, 2016
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Fear growing over health risks of chemical cleaning supplies
The continuing battle over the toxicity of a major brand’s humidifier sterilizer has led to rising fears about chemical household products, data showed Friday.A growing number of consumers are balking at purchasing chemical household products, beyond those manufactured by Oxy Reckitt Benckiser. RB’s humidifier sterilizer Oxy Ssak Ssak is currently blamed for allegedly causing the deaths of over 103 people in Korea.According to industry watchers, the widespread fears reflect consumers’ distrust t
May 13, 2016
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Go sugar-free, but satisfy that sweet tooth
With the Korean government raising awareness about the harmful effects of table sugar, other products that provide an alternative sweet punch while staying light on calories have come to the fore.Consumers have begun to seek out products that are not only sweet, but also natural, low on calories and preferably with additional health benefits.One of the alternatives is allulose, a naturally occurring sweetener found in small amounts in raisins, figs, and wheat. Although it is almost as sweet as t
May 13, 2016