Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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BOK expects Fed to raise rates 2 or 3 times in 2018
South Korea's central bank expects the U.S. Federal Reserve to raise its key interest rates two or three times next year, in line with a broader expectation on Wall Street, according to a report by the Bank of Korea on Saturday. The Fed is widely expected to raise rates during its policy meeting next week, as it has begun increasing borrowing costs from record lows set in the wake of the 2008-09 global financial crisis. On Dec. 1, the Bank of Korea increased its key rate by a quarter percen
MarketDec. 9, 2017
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Korea's construction trade surplus plunges as orders dip
South Korea's trade surplus for construction plunged in October as new orders from the Middle East dipped due to a decline in oil prices, data showed Saturday.South Korea reported a trade surplus of US$428 million in the construction sector in October, down 32.9 percent from a year ago, according to the data from the Bank of Korea. This is the smallest monthly figure since February 2007, according to the data. South Korea's positive balance of trade for construction began falling in late 2014, w
IndustryDec. 9, 2017
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South Korea mulling ways to curb craze for bitcoins
South Korea is studying ways to regulate speculative trading in crypto currencies as the latest surge in prices stokes a craze over bitcoins. The country's financial regulator said Friday that it has ruled out using bitcoin for derivative products. The decision effectively bans investing in bitcoin futures that will start trading on the Chicago Board Options Exchange this weekend. It's part of a backlash against digital currencies in some Asian countries, even as Japan embraces their use. I
MarketDec. 8, 2017
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Coupang launches cat products under premium PB Tamsaa
South Korea’s e-commerce platform Coupang said Friday it has launched new products for cats under its premium brand TamsaaTM, further stepping into the lucrative pet market while expanding its private brand lineup.The products, Tamsaa Cat Food and Tamsaa Cat Litter, were developed after analyzing the lifestyle of cats, cat owners, their habits and tendencies, the company explained.With Tamsaa Cat Food, the company offers a choice of three combinations of taste and benefits with recipes incorpora
IndustryDec. 8, 2017
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Kakao Friends boosts sales via ‘Winter Ryan’
Kakao Friends has jumped on the bandwagon of releasing a “special product,” as consumers lined up to purchase its limited character edition “Winter Ryan.” The company announced Friday that this year‘s newest, limited Ryan doll is now sold out. Its price tag was 59,000 won ($52) per doll. Consumers raved about the doll’s cuteness as it comes with a red or navy long, padded coat, thus calling Winter Ryan the “Padded jacket Ryan.” "Winter Ryan" in red or navy padded coat(Kakao Friends)It may be fa
IndustryDec. 8, 2017
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[Herald Interview] Korean creators capable of global growth: Collab Asia CEO
South Korean content creators show potential for global growth particularly in gaming, K-pop and beauty-related content, through which they would be able to stabilize income from platforms, according to the head executive of Collab Asia Friday.“By bringing in more viewers from abroad, Korean creators can increase their stable income through YouTube,” Eugene Choi said in a group interview Friday. Choi visited Korea as part of the CKL Live Talk, a two-day forum for content start-ups hosted by the
IndustryDec. 8, 2017
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US lobby group opens FTA support site
Ahead of trade revision talks between Seoul and Washington over the Korea-US Free Trade Agreement, the US Chamber of Commerce has launched a website highlighting the benefits of the KORUS deal. Since the Donald Trump administration announced its intent to amend the five-year-old bilateral trade deal earlier this year, representatives of the US Chamber of Commerce have publicly voiced opposition against altering terms of the FTA, saying, “The KORUS agreement is working.” &ldquo
EconomyDec. 8, 2017
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Korean retailers allowed to sell menstrual ‘cup’
After the “sanitary pad scare” swept the nation last summer, there were voices that demanded the government to allow the sales of menstrual cups in Korea. Before, there hadn’t been a manufacturer entitled to sell the product in Korea, though it is widely used in other countries. Consumers had to purchase the product through overseas websites and pay a high price for delivery.The Ministry of Food and Drug Safety announced Thursday, that it approved the sales of “Femmycycle,” a menstrual cup made
IndustryDec. 8, 2017
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[Management in Korea] Reversing culture of scarcity
Management in Korea is a regular column written by the members of Egon Zehnder Seoul touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Korean companies historically have been reluctant to recruit from the outside. Increasingly, however, they are hiring external talent, particularly when they need to quickly expand in a critical area. Unfortunately, our observation in working with many of Korea’s leading corporations is that external hires
IndustryDec. 8, 2017
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Korea’s shipbuilding orders look to finish at world’s No. 2 this year
Build orders for South Korea’s rebounding shipbuilding industry are likely to reach the second highest in the world this year, following China, according to data by British shipbuilding and marine analysis agency Clarkson Research Services on Friday. The research data shows that China‘s cumulative order volume for the January to November period reached 7.13 million CGT or 324 vessels, followed by Korea with 5.74 million CGT and Japan at 1.82 million CGT. CGT refers to the Compensated Gross Tonn
IndustryDec. 8, 2017
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Hyundai, Kia to focus on regional management in 2018
Hyundai Motor and Kia Motors separately held biannual meetings on Friday with some 50 overseas representatives, where they discussed ways to recover this year’s lackluster performance with overseas sales boost next year by focusing on regional management.The discussions took place at the company’s headquarters in southern Seoul.Hyundai Motor Vice Chairman Chung Eui-sun led the meeting for Hyundai for the second time, followed by the one in July this year. Lee Hyoung-keun, vice chairman of Kia Mo
MobilityDec. 8, 2017
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Kumho Tire shares Christmas spirit
Kumho Tire officials visited a social welfare center in western Seoul to share the holiday spirit with minority groups, the company said Friday.As part of its Christmas campaign managed with Childfund Korea, the company delivered gifts including unicycles and family trips to Jeju to 12 children from underprivileged households. Kumho Tire employees deliver Christmas presents to children at the Salvation Army Seoul Broadview Children‘s Home in western Seoul on Friday. (Kumho Tire)“The event was pr
MobilityDec. 8, 2017
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Hyundai overseas salespeople discuss ways to boost sales next year
Hyundai Motor Group on Friday held a meeting with representatives from its overseas sales operations in Seoul to discuss ways to boost sales, the company said Friday. On Friday, some 50 representatives of Hyundai Motor Group's overseas sales offices gathered at its headquarters in southern Seoul to share views on outstanding issues in the automobile market and discuss sales strategies for each market for the new year, the group said in a statement. In separate meetings with the salespeople, Hyun
MobilityDec. 8, 2017
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[Newsmaker] Shinsegae to implement 35-hour workweek ‘with no pay cut’
Korean retail giant Shinsegae decided to institute a 35-hour workweek to enhance employee’s working conditions, the company said Friday. The move marks the first time for a local conglomerate to implement such a short work week. Under the policy, all employees from Shinsaegae’s retail sectors are set to work seven hours a day from January. Working hours are from 9 a.m. to 5 p.m., but it could be flexible depending on the types of work. Shinsegae Group Vice Chairman Chung Yong-jin (Yonhap)The wag
IndustryDec. 8, 2017
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KEPCO CEO retires after securing top bidder status in British nuclear project
NAJU, South Korea --The head of the Korea Electric Power Corp. stepped down Friday, shortly before the end of his five-year term, after getting the state-run utility firm a step closer to securing a nuclear project in Britain.Cho Hwan-eik announced his decision to step down after KEPCO was selected as the preferred bidder of Toshiba Corp. on Wednesday. The project calls for the construction of two nuclear reactors in Moorside, northwest England."KEPCO's beating (China Nuclear General) in the com
IndustryDec. 8, 2017
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Seoul to seek pre-emptive, market-centered corporate restructuring: finance minister
South Korea will engage in constant, pre-emptive, market-centered corporate restructuring going forward, breaking away from government-spearheaded responses to developments that have been the norm in the past, the country's chief economic policymaker sad Friday."The government will reshape its corporate restructuring paradigm in a way that can prod existing companies to seek innovation and strengthen their competitiveness," Finance Minister Kim Dong-yeon said at an economy-related mini
EconomyDec. 8, 2017
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Korean economy on recovery track thanks to exports: govt. report
The South Korean economy is maintaining its current recovery pace on the back of strong overseas sales, although there are some downside risks, such as North Korea's provocations and ongoing trade issues, a government report said Friday."The South Korean economy is keeping its recovery pace, aided by robust exports in line with the improving global economy," the finance ministry said in its monthly economy assessment report. "For the time being, its recovery pace is expected to co
EconomyDec. 8, 2017
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Korea strives to foster nuclear decommissioning industry
South Korea will ramp up efforts to develop technologies related to nuclear decommissioning as the country's oldest reactor is undergoing the lengthy, costly process of being dismantled, the energy ministry said Friday. The Ministry of Trade, Industry and Energy launched a consultative body composed of state-run utilities, construction companies and research institutes to put concerted efforts toward developing the nation's nuclear decommissioning industry, The ministry said it aims to develop t
IndustryDec. 8, 2017
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Oil funds shine on rising crude prices
South Korea's oil exchange traded funds have posted stellar returns in recent months thanks to strong international crude prices, a fund evaluator said Friday.The country's three major oil ETFs posted an average return of slightly over 16 percent in the past three months to Wednesday, emerging as the top performers among local commodity funds, according to KG Zeroin. Oil ETFs consist of either crude firm stocks or futures and derivative contracts to track the price and performance of crude, or i
IndustryDec. 8, 2017
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Hyundai workers to continue strikes next week
Unionized workers at Hyundai Motor Co. will continue to walk out next week for higher wages and bonuses after the company rejected the union's demands, the union said Thursday."In the past eight months of negotiations, the company has not shown any 'progressive' approach in the wage deal, repeating it faces difficult times and does not have room to fully accept the union's demands," the union said in a statement. In this photo taken on July 13, 2017, unionized workers at Hyundai Motor`s Ulsan p
IndustryDec. 8, 2017