Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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[Superrich] From poultry farmers to conglomerate chiefs
When poultry farming was a promising business in the mid-1970s, there were two high school students in the Jeolla provinces showing their business acumen from an early age.One was Kim Hong-kuk, a student of Iri Agricultural High School in Iksan-si, North Jeolla Province. Born in 1957, Kim’s grandmother bought him 10 chicks when he turned 11. He sold the chickens once they grew up, and used the profit to buy more chicks. By 1975, he owned over 1,000 chickens -- and was also in his first year of h
CompaniesJan. 19, 2017
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US FDA lays out expectations on biosimilar interchangeability
The US Food and Drug Administration has released a draft guideline detailing what drug companies must do to obtain “interchangeability” designation for their lower-cost biosimilars referencing biologic drugs. The draft guidance, announced on Jan. 17, presents a clearer, albeit stringent, roadmap for drugmakers seeking to challenge sales of the world’s topselling biologics whose patents have expired, with cheaper alternative biosimilar drugs. For a biosimilar to be judged “interchangeable” with i
IndustryJan. 19, 2017
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Food firms to use imported powdered eggs
Major South Korean baking and confectionery companies will begin using powdered eggs instead of fresh eggs for their products starting next month, industry officials said Thursday.According to the officials, they plan to import a combined 400 tons of powdered eggs from China and the United States in February.The companies include food conglomerate SPC Group which operates bakery brand Paris Baguette, Lotte Confectionery Co., Haitai Confectionery Co. and CJ Group.So far, the local companies have
IndustryJan. 19, 2017
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Lotte founder's daughter gets 3 years for embezzlement, breach of trust
The daughter of Lotte Group's founder was sentenced to three years in prison Thursday on a string of charges, including embezzlement and breach of trust, in the first court ruling made against a family member of the retail giant.The Seoul Central District Court convicted Shin Young-ja, the head of the Lotte Foundation, of receiving bribes from various companies in return for business favors related to Lotte's duty-free shops and department stores for over eight years. In this file photo taken on
IndustryJan. 19, 2017
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Samsung launches wind-free air conditioner in Europe
Samsung Electronics has launched its signature wind-free air conditioner in Europe, the company announced Thursday. European consumers try out the wall-mounted wind-free air conditioner by Samsung Electronics at The Mall in Milan, Italy on Wednesday. (Samsung Electronics)The South Korean home appliance maker introduced the wall-mounted wind-free air conditioner that won the Innovation Award at the Consumer Electronics Show earlier this month to European consumers at a launch ceremony at The Mall
TechnologyJan. 19, 2017
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LG to unveil G6 in Barcelona next month
LG Electronics is planning to unveil its next flagship smartphone model, likely to be the G6, at the Mobile World Congress at noon on Feb. 26.On Thursday, the smartphone maker sent out an invitation to journalists around the world for the launch of a new smartphone in Barcelona next month. An invitation for G6 launch (LG Electronics)In the invitation, LG wrote “See More, Play More,” giving the implication its new product is focused on entertainment functions and user convenience. The G6 will hav
TechnologyJan. 19, 2017
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More consumers turn to red ginseng to battle fine dust
Cheong Kwan Jang’s various red ginseng products (Korea Ginseng Corp.)Red ginseng products made by Cheong Kwan Jang, a brand of Korea Ginseng Corp., have been recording higher sales on growing demand from a wider range of consumers, including Chinese tourists and children seeking to battle the health effects of fine dust, the firm said Thursday. “Recently, Chinese tourists drop by and purchase a lot of red ginseng products based on information that they are good (for countering the health effects
IndustryJan. 19, 2017
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VW prepares for next recall, apologizes to Korean consumers
Following Volkswagen’s emissions scandal in Korea that resulted in an order to recall 27,000 Tiguan SUVs starting next month, the Ministry of Environment announced Thursday that VW’s next recall plan involves roughly 15,000 CC mid-size sedans. According to the ministry, the German carmaker is currently negotiating the terms of the recall. The measure is expected to be approved by the ministry sometime in the middle of next month. Approximately 126,000 VW vehicles in Korea are expected to be re
MobilityJan. 19, 2017
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Seoul to fight any price collusion ahead of Lunar New Year
Finance Minister Yoo Il-ho warned Thursday that the government will strictly deal with any price collusion ahead of the nation’s Lunar New Year holiday. His comments came as prices of some agricultural products have shot up more than 100 percent on-year in recent weeks, weighing on consumers who would have to spend more to prepare traditional food during the holiday set for Jan. 27-30. Finance Minister Yoo Il-ho speaks during a ministerial meeting in Seoul, Thursday. (Yonhap News)“There are grow
Jan. 19, 2017
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Won-dollar volatility hits 6-year high in 2016
Volatility in won-dollar exchange rates hit a six-year high last year as the currency markets went volatile due to uncertainties, such as Britain's decision to leave the European Union, the U.S. presidential election and expected U.S. rate hikes, central bank data showed Thursday.The daily foreign exchange variation of the won-dollar rate averaged 0.65 percent in 2016, marking the highest level since 2010, when the figure hit 0.81 percent, according to the data compiled by the Bank of Korea.The
Jan. 19, 2017
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Korea's derivatives market in protracted slump
South Korea's derivatives market shows no signs of bouncing back, data showed Thursday, amid criticism that strict regulations continue to damp investors' appetite.The country once boasted the world's largest derivatives market, but it has suffered a sharp decline in trading over the past several years. An image of derivatives trading in a file photo provided by Yonhap News TV (Yonhap)The daily average trading volume of stock index futures totaled 17 trillion won ($14.4 billion) last year, down
Jan. 19, 2017
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Department store sales limp on, reminiscent of Japan
Sales at major department stores have been stagnant for the past five years and lack promising elements for a pickup, retail industry data indicated Thursday, leading some analysts to draw comparisons with Japan where the slump continued for 16 years.Industry estimates for last year show 2 percent or less sales growth at leading department stores, a number seen since 2012. Department store sales limp on, reminiscent of JapanLotte is expecting an approximate 2 percent sales increase from the pr
IndustryJan. 19, 2017
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Antibiotics prescription for infants much higher in South Korea: report
South Korean infants are prescribed antibiotics in much higher frequency than those in other countries, the latest research report said Thursday, confirming concerns in the medical community of serious misuse that could hurt the immune system.The results show South Korean toddlers on average are prescribed antibiotics 3.41 times by the time they reach the age of two, way higher than the five other countries -- Germany, Italy, Norway, Spain and the United States -- surveyed for the report. The pr
TechnologyJan. 19, 2017
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Minister vows to stabilize consumer prices ahead of major holiday
South Korea's finance minister vowed Thursday to stabilize consumer prices and sternly deal with any possible price collusion in processed goods ahead of a major holiday."There are growing concerns over an increase in consumer prices being felt in the markets," Finance Minister Yoo Il-ho said in a meeting with officials in Seoul. "We will concentrate our utmost efforts on stabilizing prices of agricultural products and processed food."His comments came as prices of agricultural products and proc
Jan. 19, 2017
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Korea targets Central America's infrastructure projects
South Korea's transportation and construction ministry said Thursday that it is seeking to sign a memorandum of understanding with a development bank in Central America to widen cooperation in building infrastructure in the region.Under the deal, the Ministry of Land, Infrastructure and Transport will share know-how on infrastructure construction, roads and housing with the Central American Bank for Economic Integration. South Korean Finance Minister Yoo Il-ho (L) and Nick Rischbieth, the presid
IndustryJan. 19, 2017
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MMFs absorb over 21 tln won this year
Investors here are increasingly shifting their money to short-term investment vehicles amid lingering uncertainties ahead of the launch of the new US administration and further interest rate rises in the world's largest economy, data showed Thursday.Money market funds in South Korea posted net inflows of 21.1 trillion won ($17.8 billion) this year, according to market tracker FnGuide. This undated file photo shows a Seoul bank official counting banknotes. (Yonhap)It marks a contrast to the 1.6 t
Jan. 19, 2017
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Report shows heavy debt burden on low-income group
More than a quarter of the low-income group are indebted, with the amount of the debts rising with age, a welfare agency report said Thursday.A study conducted by the Korea Institute for Health and Social Affairs said that as of 2014, 26.8 percent of the low-income people owed an average 38.97 million won ($33,290) of debts, which incurred 1.43 million won in annual interest payments.The low-income group was defined as those whose earnings are 50 percent or less than the national average income.
Jan. 19, 2017
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Korea expects trade with Sudan to rise
South Korea is expecting exports to Sudan to rise down the road as the United States decided to lift sanctions on the African country, a trade promotion agency said Thursday.Last week, US President Barack Obama decided to issue a decision canceling two executive orders imposing economic sanctions on Sudan.The U.S. has been imposing sanctions on Sudan since 1997 and putting it on its list of countries sponsoring terrorism since 1993.After a six-month surveillance, sanctions on the African country
Jan. 19, 2017
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Court rejects arrest warrant sought for Samsung heir
A Seoul court on Thursday rejected an arrest warrant sought for Lee Jae-yong, Samsung Group's de facto leader, dealing a blow to investigators who have been accelerating the probe into an influence-peddling scandal centered on President Park Geun-hye and her friend. On Monday, an independent counsel team looking into the scandal announced that it sought the warrant against Lee, the vice chairman of Samsung Electronics Co., on charges of bribery, embezzlement and perjury.Lee Jae-yong, vice chairm
IndustryJan. 19, 2017
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Trump factor pushes Korean manufacturers to contemplate factories in US
With the upcoming inauguration of the Donald Trump administration Friday, there are signs among South Korea’s leading manufacturers that they might speed up plans to establish new production facilities in the US.Companies with flagship products that have significant shares in the American market, particularly home appliances, have been facing increased pressure from the incoming US president, who has openly vowed protectionism. (Yonhap)Most recently, Hyundai Motor, the country’s top automaker, o
IndustryJan. 18, 2017