Most Popular
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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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[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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Hankook Tire takes over control of Hanon Systems
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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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S. Korea, Japan, China agree to create new financing facility against regional crises
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Korean M&A market sings the blues over Lotte probe
South Korea's mergers and acquisitions market is expected to take a hit from the ongoing prosecution probe into Lotte Group over alleged slush funds as it has been a big player over the past years under the stewardship of a hard-charging chairman, industry watchers said Wednesday.Since the prosecution opened an investigation into the group's alleged embezzlement and slush fund creation earlier this month, investigators have raided Lotte headquarters, affiliates and houses of senior executives tw
June 22, 2016
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Gov't spending more than planned by May: finance ministry
The South Korean government has exceeded its planned fiscal spending earmarked for the first five months of the year as part of its efforts to stimulate the sluggish economy, the finance ministry said Wednesday.The government earlier announced that it would spend some 60 percent of this year's 280 trillion won ($242 billion) budget set aside for the central government in the first half in order to get over tough challenges at home and abroad.The Ministry of Strategy and Finance said it has execu
June 22, 2016
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People's Party head urges opening special committee on job creation
Ahn Cheol-soo, the co-chairman of South Korea's minor opposition People's Party, said Wednesday the National Assembly should establish a special committee on creating jobs to meet the changing industrial scope and deal with the soaring unemployment among youths."The fourth-industrial revolution is a huge challenge and opportunity for us," Ahn, an entrepreneur-turned-politician, said during his speech at the National Assembly. "The National Assembly should take the lead in kicking off the special
June 22, 2016
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Korean firms need speedier innovation: KCCI
Many South Korean companies lag behind their Chinese rivals in the speed of innovation, a survey by the business community here showed Wednesday.The Korea Chamber of Commerce and Industry conducted the poll of 300 manufacturing firms based in South Korea from May 12-18.Among them, 84.7 percent said the innovation pace of South Korean firms is slower than that of Chinese ones, according to the KCCI.In a hypothetical question, the KCCI put the innovation speed of Chinese companies at 100 kph and a
IndustryJune 22, 2016
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SK Telecom expands O2O business in China
[THE INVESTOR] SK Telecom is expanding its online-to-offline business in China in collaboration with a Korean start-up and local firms, the mobile operator said on June 22.The company signed a letter of intent on June 21 in China with Korean start-up 12CM and three Chinese firms -- Duolabao, BlueFocus, Heima Live -- to establish a joint venture. 12CM is highly evaluated in the O2O industry in Korea having invented Smart Stamp, which is widely used in coffee shops and restaurants, that has replac
TechnologyJune 22, 2016
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Asiana Airlines considering JV for in-flight food service
[THE INVESTOR] Asiana Airlines, the nation’s second-largest air carrier, is mulling a joint venture for in-flight catering, local news reported on June 22. Citing sources from the airline industry, the report indicated that Asiana has been discussing the plan with various companies here and abroad. “Asiana, which has outsourced catering, is planning on establishing a new JV,” a source was quoted as saying. Asiana began in-flight catering business in 1994 and continued until 2003 when it sold 80
IndustryJune 22, 2016
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Korea’s speed of innovation 70% that of China: survey
[THE INVESTOR] Korean manufacturers consider the country far behind China in terms of speed of innovation, a Korea Chamber of Commerce and Industry survey showed on June 22. In the survey on 300 manufacturing firms, local companies rated Korea’s speed of innovation as being 71 percent that of China. The respondents were asked to estimate the country’s speed of innovation in relation to China, whose speed of innovation was set at 100 kilometers per hour. The average Korea industries came in at 70
IndustryJune 22, 2016
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Samsung Electronics to lead Q2 earnings growth: analysts
[THE INVESTOR] Korea Inc. is expected to show steady growth in the second quarter but only if Samsung Electronics is included in the club. Local securities firms have revised up their projections for aggregate operating profit of 172 companies listed on the benchmark KOSPI to 33.83 trillion won (US$29.2 billion) as of June 22, up 1.67 percent from their forecast a month earlier. “The burden of KOSPI’s high valuation has been eased as major companies’ Q2 revenue forecasts have continuously increa
June 22, 2016
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Korea’s top four conglomerates focused in China
[THE INVESTOR] South Korea’s top four conglomerates -- Samsung, Hyundai Motor, SK and LG -- were found to be focusing their overseas operations in China. One out of four of their offshore companies are located in China as of March this year, according to a local think tank on June 22.In contrast, only 2.1 percent are located in the United Kingdom, which is set to vote June 23 whether to stay in the European Union.Samsung affiliates, such asSamsung Electronics, Samsung C&T and Samsung SDS have 18
IndustryJune 22, 2016
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KT&G boosted by overseas sales
[THE INVESTOR] Korean cigarette maker KT&G’s performance will continue to improve buoyed by overseas sales, local brokerages projected. On June 21, NH Securities and Investment projected that KT&G’s second quarter sales will come in at over 1.12 trillion won (US$968.7 million), up 8.7 percent from the same period last year. For second quarter operating profits, NH Securities projected a figure of 340.4 billion won, up 12.3 percent over the same period.Other securities firms also projected a posi
IndustryJune 22, 2016
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Private donations slip amid economic slump
South Koreans donated less money in 2014 as more people felt the pinch of the prolonged economic slump, while companies donated more to charities, data showed Wednesday. Total donations were tallied at 12 trillion won ($10.3 billion) in 2014, retreating from 12.47 trillion in 2013, the National Tax Service said. It was the first time that the amount has contracted since tax authorities compiled the data in 2006.The amount of donations has steadily increased from 8.14 trillion won in 2006 to 9.61
June 22, 2016
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Korea FTC probes e-commerce firms, Coupang and Ticket Monster
[THE INVESTOR] The Korea Fair Trade Commission is probing e-commerce firms on suspicion of unfair trade practices, according to sources familiar with the issue on June 21.The antitrust agency conducted a field investigation on Coupang and Ticket Monster and secured evidence of unfair transactions of the two, including delayed payments to suppliers and unissued supply contracts.Jeong Jae-Chan, chairman of FTC, has said last month that the agency would start cracking down on social commerce and on
IndustryJune 22, 2016
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Top biz groups' overseas sales fall 7.4% in 2015
South Korean business groups saw their overseas sales drop last year as low oil prices and a prolonged economic slowdown have shrunk demands in major markets, industry data showed Wednesday. The combined sales of 1,022 firms under the top 30 business groups generated at home and abroad came at 1,231 trillion won ($1.06 trillion) in 2015, down 6.3 percent from a year ago, according to data compiled by corporate tracker CEO Score. Sales in foreign markets decreased at a faster pace than those in t
June 22, 2016
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PM urges provinces to concede outcome of airport debate
Prime Minister Hwang Kyo-ahn said Wednesday the provincial governments in the southeastern part of the country should accept the outcome of the latest feasibility test on building a new airport, adding it is now time for all sides to join forces for the greater good."Although residents of related provinces may have some lingering sense of loss, I would like to ask them to accept the outcome for the greater good of the country as the result was based on a thorough and expert investigation," Hwang
IndustryJune 22, 2016
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Airport decision does not constitute break of campaign pledge: presidential office
South Korea's presidential office on Wednesday said the decision to scrap plans to build a new airport in the southeastern part of the country does not constitute a break from President Park Geun-hye's campaign pledge, adding greatly expanding existing facilities should be viewed as a fulfillment of the promise.On Tuesday, South Korea said it would not pursue a plan to build a new gateway airport in the southeastern region, choosing instead to push for the expansion of Busan's existing Gimhae In
IndustryJune 22, 2016
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Korea's meat consumption rises over past decade
South Koreans' meat consumption has been rising over the past decade, while their intake of rice has been on the wane, a report showed Wednesday.According to the report by the National Agricultural Cooperative Federation, meat accounted for an average of 15 percent of household spending on food between 2013 and 2015. The figure was up from 12.9 percent recorded over the same three-year period a decade earlier.The monthly average per-capita meat consumption also rose to 4 kilograms in 2014 from 2
IndustryJune 22, 2016
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Seoul stocks open higher as Brexit fear ebbs
South Korean shares opened higher Wednesday on eased worries over Britain's possible withdrawal from the European Union in Thursday's vote. New polls showed the referendum remains too close to call early this week but the sentiment is now swinging toward 'remain' and the expectation is getting support, analysts said.The benchmark Korea Composite Stock Price Index rose 5.93 points, or 0.30 percent, to 1,988.37 in the first 15 minutes of trading.Supporting the broader index, top automaker Hyundai
June 22, 2016
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Top 30 Korean groups suffered 7.4% decline in overseas sales
[THE INVESTOR] Overseas sales at 20 of South Korea’s top 30 industrial groups suffered a fall in 2015, according to CEO Score, a website specializing in corporate data. A total of 1,022 firms affiliated with the 30 groups saw their combined overseas sales decline 7.4 percent to 586.4 trillion won (US$503 billion) from the previous year, CEO Score said on June 22. Overseas sales also fell by a larger clip than domestic sales, which dropped by 5.2 percent. In particular, companies showed lackluste
IndustryJune 22, 2016
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Households see share of insurance, pension assets hit new high
South Korean households saw their insurance and pension assets reach a new high in 2015, data showed Wednesday, as they increased such assets to better prepare for old age amid low interest rates.According to the data by the Bank of Korea and the Hana Institute of Finance, local households' insurance and pension assets came to 989 trillion won ($857 billion) as of the end of last year, accounting for 31.1 percent of their total financial assets.The percentage was a fresh all-time high. The ratio
June 22, 2016
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BOK chief warns uncertainties will continue to rise
The head of South Korea's central bank on Wednesday noted that financial and economic uncertainties remain high at home and abroad, and will likely rise for some time, demanding what he called cautious monetary and financial policies.Citing a recent newspaper report, the Bank of Korea governor said the only thing central banks are certain of are high uncertainties."Uncertainties at home and abroad are continuing to increase, and they may further expand following the outcome of the upcoming vote
June 22, 2016