Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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[Newsmaker] Lotte chairman Shin’s sister arrested
Prosecutors on Thursday morning arrested Shin Young-ja, the chairwoman of Lotte Foundation and older sister of Lotte Group chairman Shin Dong-bin, as they investigate allegations of her involvement in bribery and embezzlement. The Seoul Central Court issued the arrest warrant at around 2 a.m. on Thursday, and Shin was immediately taken into custody.She is the first member of the Shin family -- which rules over the Lotte empire in Korea and Japan -- to be officially arrested in prosecutors’ inves
IndustryJuly 7, 2016
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Korean shares spike over 1% on foreign buying, Samsung's earnings surprise
Korean stocks closed significantly higher Thursday, clearly rebounding from a dip on the previous day on an earnings surprise from tech giant Samsung Electronics. The local currency also advanced against the U.S. dollar.The benchmark Korea Composite Stock Price Index spiked 20.96 points, or 1.07 percent, to 1,974.08. Trade volume was moderate at 374.6 million shares, worth 3.87 trillion won ($3.35 billion). Gainers outnumbered losers 607 to 208.The sharp rise came one day after foreign investors
IndustryJuly 7, 2016
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S. Korea hopes to triple cosmetics exports
[THE INVESTOR] South Korean government aims to boost cosmetics exports to US$ 7 billion by 2018 through deregulation and by supporting export activities. Last year, Korea’s cosmetics exports came in at US$ 2.6 billion. The plans were revealed at the pan-government conference on boosting exports and investment held in Seoul on July 7. As part of the measures, cosmetics producers, universities and research organizations will be allowed to submit products they develop for government certification r
IndustryJuly 7, 2016
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Consumers to sue Coway over defective water purifiers
Consumers in South Korea are reportedly preparing to file civil and criminal suits against local water purifier rental company Coway over its cover-up of defective ice water purifiers containing nickel.Thousands of Coway customers have formed legal action groups through online communities and are getting in touch with lawyers to determine further actions, according to local news reports.One online community against Coway has already amassed 2,700 members in just two days, with more than 400 peop
IndustryJuly 7, 2016
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[Super Rich] Number of ultra-rich on the rise
[Super Rich] Number of ultra-rich on the riseBillionaires up 16%, their combined wealth rise 17% By Lee Sun-youngKorea is now home to 211,000 people whose financial assets exceed 1 billion won ($860,000) as of the end of 2015, a 16 percent increase from the previous year, a new study finds. According to the Korea Wealth Report 2016, released by KB Financial Group on Wednesday, these billionaires, while taking up 0.41 percent of Korea’s population, control 15.3 percent of the country’s total hous
July 7, 2016
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Nexon to release mobile game in 140 nations
Nexon Co., a leading South Korean online game maker, said Thursday it will release its new flagship game in 140 countries.The action RPG HIT for mobile platforms recorded more than 5 million downloads in South Korea as of April. (Nexon)Riding on that popularity, Nexon said it will offer the game in 140 nations worldwide in 10 languages including English, Chinese, German and French.Nexon said it will step up marketing efforts through ads on TV, YouTube and the internet. (Yonhap)
IndustryJuly 7, 2016
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Health concerns plague CJ Group’s leadership
South Korea’s largest food and entertainment conglomerateCJ Group said Thursday that its incumbent chairman has undergone a surgery to remove a cancerous tumor from his lung, raising fresh concerns of potential instability in the group’s top management.CJ Group chairman Sohn Kyung-shik, 76, received surgery at Seoul National University Hospital in central Seoul on Tuesday, and is now in a stable condition and recovering, CJ Group spokeswoman Yoon Yeo-jin said. CJ Group co-chairman Sohn Kyung-shi
IndustryJuly 7, 2016
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AIIB to start looking for replacement for South Korean exec this month
[THE INVESTOR] The Asian Infrastructure Investment Bank is expected to start searching for a replacement for Hong Kyttack, one of its chief risk officers, as soon as the bank president Jin Liqun returns from an overseas business trip this month. Hong had been serving as chief risk officer for just a few months before he came under fire in Korea for exposing the inadequacy of state-run Korea Development Bank, at which he had previously served as president. AIIB was not available for comment. Hong
July 7, 2016
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CJ Group chairman recovering from surgery for lung cancer
[THE INVESTOR] CJ Group chief Sohn Kyung-shik is recovering from surgery to treat lung cancer, according to company sources. Sohn, who was diagnosed with the cancer this May, is said to be in a stable condition.The CJ chairman is uncle to Lee Jay-hyun, the CJ group heir. CJ Group chairman Sohn Kyung-shikSohn has been heading Korea’s largest food and entertainment company since 1995 when CJ split from Samsung. After spending some time outside the company in early 2000s, he made a comeback at CJ w
CompaniesJuly 7, 2016
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Samsung Heavy workers stage strike for 4 hours
Workers at Samsung Heavy Industries Co., a major Korean shipyard, went on a partial strike Thursday, demanding the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company's shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m. Some 5,400 members of the so-called "labor council," joined the strike. Samsung Heavy, a unit of the c
IndustryJuly 7, 2016
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Gov’t eyes annual 200,000 EV exports by 2020
[THE INVESTOR] The government will roll out measures to help local carmakers’ electric vehicle exports to hit 200,000 units in 2020, and raise domestic sales to 80,000 units by the same year, plans revealed on July 7 show. According to the plans, the government will raise EV subsidy to 14 million won in order to boost sales. The government will launch a project for developing EV batteries that will raise the driving range to over 400 kilometers during the second half of the year. Hyundai Motor E
MobilityJuly 7, 2016
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Gov’t to increase support for steel, petrochemical R&D
[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments. Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. Posco's Finex steel millFor the steelmaking industry, the government hopes that
IndustryJuly 7, 2016
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Price of biosimilar, new drugs to increase
[THE INVESTOR] The price of biosimilars and new drugs that are covered under the national health insurance will increase from October, government plans showed on July 7. The price of biosimilar drugs will be priced up to 80 percent of the branded drugs, a 10 percent increase from the current 70 percent rate. The Health and Welfare Ministry unveiled a set of measures to foster the local pharmaceutical industry in a trade and investment promotion meeting chaired by President Park Geun-hye on July
IndustryJuly 7, 2016
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Samsung unveils superfast 256GB UFS
[THE INVESTOR] Samsung Electronics, the world’s largest chipmaker, on July 7 unveiled the industry’s first 256GB Universal Flash Storage, or UFS Card, with a reading speed five times that of a conventional MicroSD Card. The card has the highest capacity in the market for an external memory card and boasts a reading speed of 530 MBps, equivalent to that of a 2.5-inch solid-state drive, or SSD, the company said. The latest card can read a full HD video (5GB) in 10 seconds. It will also be useful f
TechnologyJuly 7, 2016
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LG Electronics partners with Volkswagen for connected car platform
[THE INVESTOR] LG Electronics said July 7 that it would join forces with German carmaker Volkswagen to develop a platform for connected cars. The South tech firm recently signed a partnership deal with VW to develop a smart car platform allowing drivers to directly connect their cars over cloud systems with other connected devices at home. Smart car solution on a screen. LG Electronics“LG’s expertise in smart technology and VW’s leading automotive tech will pave new ways for drivers to communica
TechnologyJuly 7, 2016
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KT to nurture 20 start-ups this year
[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won (US$1.7 million) to foster 20 start-ups this year, the company said on July 7. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected
TechnologyJuly 7, 2016
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Korea eyes larger presence in halal, kosher markets
[THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan
IndustryJuly 7, 2016
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Gov’t to give ‘robot land’ a push
[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer
IndustryJuly 7, 2016
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Samsung Venture Investment one of world’s top 5 strategic investors
[THE INVESTOR] Samsung Venture Investment is one of this year’s top five strategic investors funding start-ups in terms of investment volume, the company said on July 7.“We are in the top bracket, and have been there for several years now,” said Kim Young-min, a spokesperson for the firm. He added that the specific amount or recipients of the funding could not be revealed, other than those that have already been released to the media. Samsung Venture Investment‘s main function is to invest in st
July 7, 2016
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Gov’t to offer tax credit to firms investing in ventures
[THE INVESTOR] South Korean companies investing in venture companies will be given tax credits, as part of the government’s measures for boosting investment revealed on July 7. According to the plans, local companies that directly invest in ventures, or place money in investment funds specializing in venture companies will be given tax credits on 5 percent of the funds involved. The measure, which will apply to local companies and financial institutions, will be established during the final quar
July 7, 2016