Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Hotel Shilla shares shine amid rumors of Samsung heiress’ rise
Shares of a luxury hotel led by Samsung Electronics Vice Chairman Lee Jae-yong’s younger sister were on the rise amid rumors that she might fill the group’s leadership vacuum. Shares in Hotel Shilla, led by Lee Boo-jin, the eldest daughter of Samsung Group Chairman Lee Kun-hee, soared Friday as market watchers speculated the 46-year-old female tycoon may succeed her brother in managing South Korea’s most powerful conglomerate. Shares in Hotel Shilla soared more than 5 percent
CompaniesFeb. 17, 2017
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Hanjin Shipping ends 40 years of sailing
A court in South Korea has declared the bankruptcy of Hanjin Shipping, after two weeks of appeals that ended Friday, bringing to a close 40 years of the company’s history as a leading shipping line and leaving challenges for the industry. The demise of the company -- once the largest shipping company here and the world’s seventh biggest -- began in 2008 in the midst of the financial crisis. Hanjin and other local shippers suffered from falling freight rates caused by an over
CompaniesFeb. 17, 2017
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[Weekender] Driven by parents’ desire, Korea’s kids market thrives
Kim Ji-young, a mother of a 7 year-old boy in Seoul, has been busy shopping.“My kid becomes a first grader this school year and there’s a lot to buy before he starts to attend classes,” she said, adding that she has been looking for a desk.“I want to have a nice desk for him at home so that he can study after he gets back from school. I hope he will concentrate more on studying from now on.”A desk is not the only thing that Kim has in mind.A backpack, a foldable cellphone and clothes are next on
IndustryFeb. 17, 2017
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[Eye] ‘Basics, nature are key to iconic auto designs’
Park Jong-suh, 70, had never thought of becoming a car designer. In his childhood, cars had been his favorite like other boys, though in the postwar era of the early 1950s, they often had to pretend rubber shoes were vehicles as an alternative to toy cars.Twenty years later, Car Styling magazine in Japan would publish a set of his drawings and artwork, completely changing his life. “I was offered to work with Hyundai Motor in 1974 when somebody in the company saw my work from the magazine. I thi
MobilityFeb. 17, 2017
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History of probes involving Samsung chiefs
The arrest of Samsung Group’ de facto leader Lee Jae-yong on Friday over his ties to the presidential scandal involving Choi Soon-sil, was a shock to many, as it marked the first-ever detainment of the chief of South Korea’s biggest conglomerate in its 79-year history.Over the past decades, prosecutors have regularly targeted the head of Korea’s biggest and most powerful family-controlled conglomerate for corporate misbehavior. However, neither Lee Kun-hee, the bedridden chairman of Samsung Elec
TechnologyFeb. 17, 2017
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Korean corporations on edge after Samsung heir’s arrest
The arrest of Samsung Group’s de facto leader Lee Jae-yong on Friday has ignited alarm among South Korea’s top conglomerates whose chiefs face similar charges of bribing the government. Lee, the son of Samsung’s ailing Chairman Lee Kun-hee, was detained on charges of bribery, perjury and embezzlement over his involvement in the influence-peddling scandal that led to the impeachment of President Park Geun-hye.(Yonhap)The special prosecutor team had been examining whether the vice chairman of Sams
IndustryFeb. 17, 2017
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Samsung in crisis after Lee's arrest
The court’s decision to allow the arrest of Lee Jae-yong, the heir apparent of Samsung Group, on Friday brought the nation’s largest conglomerate into the biggest management crisis in its 79 years of history, suspending its restructuring plans aimed at a smooth leadership transfer.Lee was arrested by a special counsel, on bribery and other charges related to the political corruption scandal involving President Park Geun-hye and her confidante Choi Soon-sil.The de facto leader of Samsung is accus
IndustryFeb. 17, 2017
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KB Kookmin Bank signs MOU with Myanmar's govt. and state-run bank
KB Kookmin Bank, a major South Korean bank, has signed a memorandum of understanding with Myanmar's Construction Ministry and its state-run Construction and Housing Development Bank, KB Financial Group said Friday.Under the deal, KB Kookmin Bank plans to provide financial support to Myanmar's plan to expand houses for its working-class people.(Yonhap)KB Microfinance Myanmar Co., the local unit that's owned 100 percent by KB Kookmin Bank, plans to offer loans to Myanmar's people when they renovat
Feb. 17, 2017
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Acting president pledges to nurture 100 global venture firms by 2020
Acting President and Prime Minister Hwang Kyo-ahn on Friday pledged to nurture 100 global venture firms by 2020 as part of the government's efforts to promote startups, create jobs and revitalize the economy.To achieve this goal, the government plans to provide "strategic, tailored" assistance, including legal counseling, to help venture firms prepare for their entry into foreign markets or expand their presence abroad. Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting of
IndustryFeb. 17, 2017
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Lee’s arrest puts Samsung’s Harman deal in question
Uncertainties spiked Friday over Samsung Electronics’ plan to take over Harman International, as its chief was arrested one day ahead of the US firm’s shareholders meeting.According to the financial industry, the physical detention of Samsung Electronics Vice Chairman Lee Jae-yong may affect a meeting of shareholders of Harman International, scheduled to be held in Stamford, Connecticut at 9 a.m. on Friday, local time. “Previously, it was highly expected that the shareholders meeting wouldn’t im
IndustryFeb. 17, 2017
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Haebora to enter AI voice recognition market
Tech startup Haebora, which has developed an earbud that allows users to “talk through their ears,” recently announced its intention to enter the AI voice recognition market.On Friday, Haebora announced that it was developing an AI-based voice service device that can be integrated into speakers or smartphones to carry out voice commands or offer real-time interpretation. This service will be an expansion of the technology behind the company’s revolutionary “RippleBuds” earbuds, which are equippe
IndustryFeb. 17, 2017
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Underground economy accounts for 8% of GDP in 2015
The underground economy accounted for 8 percent of South Korea's gross domestic product in 2015 amid the government's efforts to reduce the black market, a state-run think tank said Friday.The Korea Institute of Public Finance said in its latest report that the shadow economy was estimated at 124.7 trillion won ($108.8 billion) as of 2015, taking up 8 percent of the country's GDP worth 1,558.6 trillion won. (Yonhap)The rate against the GDP has been on a slight decline since 2013 when it hit 8.7
Feb. 17, 2017
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Deloitte Anjin case puts accounting firms on edge
Accounting firms in South Korea remain jittery as financial authorities are set to discipline Deloitte Anjin LLC soon for its failure to detect massive accounting fraud in a troubled shipyard, sources said Friday.Starting in late 2015, the Financial Supervisory Service conducted a near one-year investigation into Deloitte Anjin over its failure to uncover that Daewoo Shipbuilding & Marine Engineering Co. had cooked the books to make its snowballing losses in 2013 and 2014 look smaller. This und
IndustryFeb. 17, 2017
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Korea hikes foreign egg imports to cope with supply shortages
Imports of foreign eggs and their processed products to South Korea have surged this year, government data showed Friday, as the country is dealing with the worst supply shortage caused by the spread of avian influenza. The inbound shipments of fresh eggs and processed products reached a total of 1,331 tons from Jan. 1 to Feb. 15, according to data by the Ministry of Food and Drug Safety, and Ministry of Agriculture Food and Rural Affairs. Piles of boxes containing eggs imported from the United
IndustryFeb. 17, 2017
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Imports of FMD vaccine not on the cards
South Korea's plan to import a vaccine against food-and-mouth disease from a British company may end up in smoke as it has yet to respond to a Seoul request for an emergency import, sources said Friday.South Korea remains gripped by a serious undersupply of FMD vaccines following the simultaneous outbreak of type A and type O viruses. Since the first outbreak on Feb. 5, nearly 800 cows have been culled so far. This undated file photo shows an FMD vaccine (Yonhap)After a type A case was reported
TechnologyFeb. 17, 2017
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FKI board meets over new chief, upcoming assembly
The board of the Federation of Korean Industries was set to meet Friday for discussions on ways to reform the organization now facing a series of departures by its key members that are threatening its very foundation.FKI officials said the board was expected to set the agenda for the general assembly scheduled to be held next Friday, noting they were expected to include the appointment of a new FKI chief. (Yonhap)The organization has been searching for a new leader to replace outgoing chairman H
IndustryFeb. 17, 2017
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Exports of key items tipped to log robust gain in Feb.
South Korean exports of chips and other key products are forecast to expand at a double-digit rate in February on increased prices and a recovery in overseas demand, sources said Friday.The sanguine outlook, which local trade associations offered at a meeting hosted by the Ministry of Trade, Industry and Energy, comes as the country's overseas shipments have been on the mend in recent months after a prolonged slump. (Yonhap)Overseas shipments of most flagship products are likely to increase in F
Feb. 17, 2017
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Futures firms, brokerages sharply down due to tepid derivatives market
South Korean futures firms and brokerage houses have declined sharply in the recent seven years due to a deep slump in the local derivatives market, industry data showed Friday.The number of futures firms stood at five as of September last year, more than halving from 11 tallied in 2009, with their employees shrinking to 395 from 683, according to the data compiled by the Korea Financial Investment Association. (Yonhap)Over the same period, the number of brokerages also fell to 56 from 62, while
Feb. 17, 2017
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Kakao Taxi to feature auto payment system within H1
Kakao Taxi, a taxi hailing app operated by South Korea’s mobile giant Kakao, will feature a new automated payment function within the first half of this year, the company said Tuesday. Kakao has entered a new partnership with Korea Smart Card Co. to jointly introduce an auto pay option on the KakaoTaxi app that is widely used by those in Korea. Once the new feature is added, KakaoTaxi app users will be presented with an “auto payment” option which would automatically pay for the taxi fare when t
TechnologyFeb. 17, 2017
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Samsung BioLogics denies accounting fraud accusations
Samsung BioLogics, a contract manufacturer of biologic drugs under Samsung Group, has denied accusations that it engaged in fraudulent accounting practices to boost its market valuation in seeking a public listing on South Korea’s main bourse Kospi last year. The move came after Rep. Sim Sang-jeung, chairwoman of the minor opposition Justice Party and local civic group People’s Solidarity for Participatory Democracy questioned accounting methods that led to a sudden rise in Samsung BioLogics’
IndustryFeb. 16, 2017