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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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Some junior doctors are returning: Health Ministry
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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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Hankook Tire takes over control of Hanon Systems
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Convenience stores tapping into overseas market with PB products
Amid a stagnant domestic economy, Korea’s convenience store chains are tapping into markets abroad to sell private brand products, industry sources said Tuesday.Major convenience store chain CU is exporting its self-branded cheese-flavored and red pepper-flavored instant noodles to Jumei, a Chinese online retailer.GS25, meanwhile, has been selling its own Chinese-style instant noodle product Gonghwachun in Australia and New Zealand. The product was made in partnership with a Chinese cuisine fran
IndustrySept. 7, 2016
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Shipbuilders' order backlog hits 12-year low
The order backlog held by South Korean shipyards fell to the lowest level in over 12 years in August amid a protracted slump in the global shipbuilding sector, industry data showed Wednesday.According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 23.31 million compensated gross tons as of end-August, the lowest since October 2003, when the comparable figure was 22.56
IndustrySept. 7, 2016
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LG Chem chief rated as top local CEO
The chief of LG Chem Ltd., a chemical unit of South Korean conglomerate LG Group, has been rated as the best performer among CEOs of the country's top 500 companies, data showed Wednesday.According to the data by market researcher CEO Score, Park Jin-soo, vice chairman of LG Chem, the country's leading electric vehicle battery maker, received 68 points out of a possible 100 in an assessment of CEOs' management performance in the first half of 2016.Park came in sixth last year in terms of perform
CompaniesSept. 7, 2016
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Gov't projects cigarette sales to increase in 2017
A government report on Wednesday predicted a second straight year of cigarette sales increase in 2017 despite a price hike meant to discourage smoking, giving the state more revenue from taxes levied on each pack.In the report submitted to the parliament by the Ministry of Strategy and Finance, the government projected a 5.4-percent increase in cigarette sales next year to approximately 3.65 billion packs. This would mean a 5.4-percent increase, or 320 billion won ($289 million), in the money th
IndustrySept. 7, 2016
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GM Korea strikes tentative deal on wage hike
GM Korea Co., the South Korean unit of US automaker General Motors Co., said Wednesday that it has reached a tentative agreement with labor union leaders on their pay increase this year.The agreement will soon be put to a vote by unionized workers, with the exact date of the vote expected to be decided later in the day, company officials said.The agreement follows 30 long rounds of negotiations that began late April, as well as partial walkouts since mid-August.The company did not disclose the d
MobilitySept. 7, 2016
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Investor-owned hospitals can create 19,000 jobs: report
A think tank here on Wednesday urged the revision of government regulations that prohibit private investment in large hospitals, claiming investor-owned hospitals could help create up to 19,000 new jobs.In a report, the Korea Economic Research Institute also argued investor-owned hospitals will generate up to 10 times more in taxes than non-profit hospitals while lowering the average medical costs of patients."Tax revenue from hospitals open to private investment will reach 475,000 won ($430) pe
IndustrySept. 7, 2016
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Electric charging point at gas station starts operation in Jeju
An electric car charging facility installed at a gas station started operation on Wednesday for the first time in South Korea as part of the government's efforts to expand the use of the green energy vehicles, the trade ministry said.Recently, the South Korean government revised related laws to allow filling station operators to set up an electric vehicle charger without the need to install explosion prevention facilities, according to the Ministry of Trade, Industry and Energy.A filling station
MobilitySept. 7, 2016
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Hyundai Motor chairman visits US branch
The chief of South Korea's top automaker Hyundai Motor Group on Tuesday called for strengthened efforts to develop luxury, environmentally friendly and sports utility vehicles to catch up with the latest market trends.Group Chairman Chung Mong-koo made the calls during his visit to the US sales branch and a design center in California. Chung said the future-oriented strategy is needed to further expand Hyundai's presence in the US market, the world's second-largest auto market. Hyundai Motor ch
IndustrySept. 6, 2016
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JTI releases refill cartridge type electronic cigarettes
Japan Tabaco International Korea, a branch of a Japan-based global tobacco maker, has launched ‘Logic Pro,’ a new electronic cigarette model that uses refill cartridges, the first of its kind to be sold in Korea, the firm said Tuesday. “Logic Pro will deliver a one of a kind experience to electronic cigarette smokers on capsules made with premium materials from Europe and an outstanding production line,” said an executive level official at JTI Korea. JTI Korea releases Logic Pro, electronic cig
IndustrySept. 6, 2016
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Tech opens new market of men looking to play
Consultant Steve Shin, 38, is putting away money each month to buy things on his wish list: a beam projector, a drone, and a remote-controlled car. “I actually wanted to buy a convertible, but that seems a little over the top. I want to buy something for myself, and I think my wish list is pretty reasonable,” Shin said.Shin is among a growing number of middle-aged men who are interested in collecting gadgets as a hobby, opening up a new market of untapped consumers for the sluggish retail sector
TechnologySept. 6, 2016
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Hanjin Shipping to get W100b from parent group
Near-bankrupt Hanjin Shipping looks set to get an injection of 100 billion won ($90.5 million) from its parent group, although the amount falls far short of covering its entire overdue balance that approaches 600 billion won. Hanjin Group said Tuesday that it would provide the funds to the country’s largest container carrier which is facing disruptions in its freight handling worldwide due to overdue debt. Saenuri Party Chairman Rep. Lee Jung-hyun (right) and other lawmakers attend the governme
IndustrySept. 6, 2016
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Inbound tour increase boosts convenience store sales
Convenience stores in Korea’s popular tourist areas saw an upsurge in sales in summer due to an increase in inbound tours, reports showed Tuesday.Major convenience store chains 7-Eleven and CU released a report based on a survey of its sales in the nation’s major tourist sites. The stores in Jeju Island recorded a 19.4 percent increase in sales in July and August compared to the same period last year. A rise in Chinese visitors contributed to the boost in the local sales, a market analyst said.O
IndustrySept. 6, 2016
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[Photo News] Hyundai Chief visits US design center
Hyundai Motor Group Chairman Chung Mong-koo (right) talks with Tom Kearns, chief designer of Kia Motors’ design center in California, during his visit to the US on Monday. (Hyundai Motor)
MobilitySept. 6, 2016
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LG Chem seeks merger with LG Life Sciences
South Korea’s battery and chemical company LG Chem is pushing for a merger with LG Group’s pharmaceutical affiliate LG Life Sciences in an apparent move to catch up with Samsung’s bio business, industry sources said Tuesday. “We are considering a merger with LG Life Sciences although the exact date has not been confirmed yet,” an LG Chem official said. The group’s top management recently decided not to sit back and watch as the Samsung Group pours money into the bio business and Hanmi Pharmaceut
TechnologySept. 6, 2016
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Hanjin’s other companies have debt problems, too
Hanjin Group, the parent company of the near-bankrupt container line Hanjin Shipping, has some serious debt problems at its other companies, data showed Monday. According to chaebul.com, an online corporate research firm, one-third of the group’s 38 units, or 12 companies, are “zombies,” which means they have paid-in capital already impaired by losses or are unable to cover interest costs with what they earn. The group as a whole had debt at 450 percent of its total equity on average for the pas
Sept. 6, 2016
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Financial authorities under fire for belated measures on Hanjin
South Korean financial authorities are drawing criticism from the market for their inability to pre-emptively deal and manage repercussions in the logistics sector following the fallout of Hanjin Shipping.As of early this week, about 70 percent of more than 120 ships run by Hanjin have been blocked, stranded and denied entry at major ports around the world, according to the Korea Shipowners’ Association. Yim Jong-yong (left), chairman of the Financial Services Commission, and Maritime Affairs Mi
Sept. 6, 2016
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South Korean households see healthcare burden growing faster than income growth
South Korean households’ expenditure on healthcare rose faster than the income growth in the last 10 years, a trend that is very likely to accelerate as the country’s population is rapidly aging. According to a survey by Statistics Korea on Sunday, the average monthly income of a household was 4,306,412 won ($3,857) in the second quarter in 2016, increasing by 45.2 percent from 2,965,551 won in the same period in 2006. Meanwhile, healthcare expenditure rose greater than the income growth, with e
Sept. 6, 2016
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Announcement-The Investor introduces AI journalism
The Investor, the online English-language business news portal by Herald Corp., began providing articles written by an artificial intelligence writer Tuesday. The company’s AI writer, named Herald Robot or HeRo, is the first to provide English-language business news written by an AI program in Korea.HeRo will mainly focus on news regarding corporate performance and finance, stock markets as well as closely monitor changes in the shareholding structures of Korean companies. HeRo will initially pr
Sept. 6, 2016
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Korea's economic recovery still remains stuttering: think tank
The South Korean economy is experiencing feeble recovery momentum in recent months as exports and facility investment continue to falter amid a slowdown in domestic consumption, a state-run think tank said Tuesday."Other than the rapid increase in construction investment, overall economic activities have shown little signs of improvement," the Korea Development Institute said in its monthly evaluation of the country's economic conditions."With the expiry of the excise tax cut, retail sales moder
Sept. 6, 2016
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LG Electronics to unveil new smartphone V20 Wednesday
LG Electronics Inc. will unveil a new premium smartphone this week as it seeks to revive its struggling handset business. The V20 smartphone, to be announced on Wednesday in Seoul, is the first smartphone in the world to run on Google's latest Android mobile operating system called "Nougat." A teaser image of the LG V20 (Yonhap file photo)Following disappointing sales of another premium smartphone, the G5, earlier this year, LG's handset business division posted its fifth consecutive quarterly
TechnologySept. 6, 2016