Most Popular
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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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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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Doosan chairman backpedals on layoffs
Doosan Group chairman Park Yong-maan has ordered Doosan Infracore, the industrial conglomerate’s second-largest affiliate, to exclude junior employees from the company-wide voluntary retirement scheme that has been drawing public criticism. “I have ordered the affiliate to set up a protective mechanism for new employees (with 1-2 year work experience),” Park told reporters in Seoul on Wednesday. “Though (Doosan Infracore) is facing severe financial strains, new employees will not be subject to t
IndustryDec. 16, 2015
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Gas prices still high despite oil price drop
Lee Tae-hoon, a 33-year-old office worker who lives in eastern Seoul, keeps hearing news that global oil prices have reached record lows. Lee, who drives his car to and from his office every day, had hoped that the major cooldown in global crude oil prices would be reflected in local gasoline prices. Yet, Lee says regular gasoline prices near his home in Jamsil have stood at around 1,450 won ($1.23) per liter now, which “seems to reflect only a minor drop in prices compared to other countries l
IndustryDec. 16, 2015
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Oil price lower than bottled water
The pretax price of gasoline per liter fell to 522 won (44 cents) this month, lower than that of bottled water, largely due to the continuous drop in international crude oil prices, officials said Wednesday.According to Opinet of the Korea National Oil Corp., the price of gasoline before tax took a dive to 522 won on average this month, a 27 percent drop from a year ago and 44 percent lower than the same month in 2013. (Yonhap)The price is comparable to that of a half-liter bottle of water, sold
IndustryDec. 16, 2015
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Oversupply feared for casino resort industry
With the South Korean government pushing to issue two new licenses for integrated complexes of foreigner-only casinos, voices of concern are rising over a potential surplus in the industry already hit by a global economic slowdown, China’s anticorruption drive and unstable demand.“As there are already two integrated resorts being constructed in the metropolitan region, an additional establishment would have a great chance of resulting in excess supply,” said Pyo Hak K., an honorary professor of
Dec. 16, 2015
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BOK to target 2% inflation
The Bank of Korea on Wednesday set the inflation target for the next three years at 2 percent, as the economy braces for a future of low growth and lower price levels. The annual target for the 2016-2018 period is higher than this year’s projected inflation of 0.7 percent. The rise in consumer prices stayed below 1 percent for 11 months this year until November, when it reported an uptick to a 1 percent gain from a year ago. In October, the central bank projected next year’s inflation rate at 1.
Dec. 16, 2015
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Regulation-free zones planned
The government Wednesday disclosed its 2016 economic policy directions aimed at revitalizing the economy by boosting domestic demand and strengthening support for exporters.It expects Korea’s gross domestic product to grow by 3.1 percent in real terms next year, a modest improvement from this year’s growth, which is estimated to reach 2.7 percent.Under the policy directions finalized at a meeting of economy-related ministers presided over by President Park Geun-hye, drastic deregulation will be
Dec. 16, 2015
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SK Innovation, SK Corp. CEOs named vice chairmen
SK Group, the nation’s third-largest conglomerate, said Wednesday that SK Innovation CEO Chung Chul-khil and SK Corp. CEO Kim Young-tae have been promoted to vice chairman positions. The promotion was conducted in the group’s annual personnel reshuffle of top management of its affiliates. Group officials said the CEO of SK Innovation, the holding company of the group’s energy businesses, got a promotion based on his performance to make the firm profitable within a year. Under his leadership, the
IndustryDec. 16, 2015
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Ikea to add more outlets in Korea
Swedish home furnishing giant Ikea on Wednesday announced that the company will open five more stores in Korea by 2020, by investing 1.2 trillion won ($1 billion).The company started its official operations in Korea in December 2014 by opening the Gwangmyeong store in Gyeonggi Province. The expansion will start with the second store opening in Goyang of northern Gyeonggi Province in late 2017, followed by two more inside Seoul, and one each in Daejeon and Busan. “We have come to relook the marke
IndustryDec. 16, 2015
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Organica-day acquires juice plant from CJ
Organica-day, the juice-making arm of Herald Corp., on Wednesday said it has acquired a high-pressure processing beverage manufacturing facility in Anseong, Gyeonggi Province, from CJ CheilJedang.Dubbed the Anseong Just Juice Production Center, the plant will become the epicenter of the burgeoning cleanse juice business for the company, which has recently secured prestigious clients such as Starbucks, Artise bakery, Hyundai, Shinsegae and The Galleria department stores. “The acquisition has enab
IndustryDec. 16, 2015
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Samsung convenes regional heads for strategy meeting
Samsung Electronics on Wednesday started its annual global strategy meeting, with some 600 executives and heads of regional operations around the world in attendance. Samsung Electronics vice chairman Lee Jae-yong is also scheduled to join the meeting --the first this year. The one planned in the first half of this year was canceled due to the outbreak of Middle East respiratory syndrome. The mobile and home appliance divisions are holding a three-day meeting through Friday at the Suwon campus
TechnologyDec. 16, 2015
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Absolut releases new mobile membership app
Pernod Ricard Korea’s premium vodka brand Absolut recently released its mobile membership application “Absolut Me,” company officials said Wednesday.Absolut Me provides the latest news on Absolut and a variety of information such as Absolut signature cocktail recipes, Absolut parties and cocktail classes and locations of bars that offer Absolut vodka.The app, available for Android and iOS, has reached over 1,000 total downloads since its launch on Dec. 2. Absolut’s mobile membership app “Absolut
IndustryDec. 16, 2015
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IKEA to open five more stores in S. Korea by 2020
Swedish furniture giant IKEA said Wednesday it will invest 1.2 trillion won ($1.01 billion) to build five more stores in South Korea by 2020, buoyed by the success in its inaugural store in suburban Seoul. IKEA opened its largest store in the world in Gwangmyeong, just southwest of Seoul, posting 308 billion in sale since its launch a year ago. About 6.7 million visitors have passed through the doors at the store, located less than an hour's drive or 14 minutes by bullet train from central S
IndustryDec. 16, 2015
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Ssangyong E&C bags $1.6 bln construction deals in Dubai
Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched $1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai. Ssangyong E&C said that it will lead the construction of a 47-story hotel and a 37-story apartment building in Palm Jumeirah for $840 million, a contract secured from the Investment Corporation of Dubai, a local sovereign wealth fund. In a separate deal inked with a subsidiary of the ICD
IndustryDec. 16, 2015
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Seoul shares up 1.6% in late morning trade
South Korean stocks surged 1.63 percent late Wednesday morning as investors picked up battered blue chips amid hopes for eased woes on an imminent rate hike in the U.S. The benchmark Korea Composite Stock Price Index added 31.57 points to 1,964.54 as of 11:20 a.m. The U.S. Federal Reserve is widely expected to raise its target rates for the first time since June 2006. Overnight, the Dow Jones industrial average and the Nasdaq index surged 0.9 percent, each. Local stocks traded bullish a
Dec. 16, 2015
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Low-cost mobile carriers expand presence in Korea
South Korea's ICT Ministry said Wednesday mobile virtual network operators accounted for more than 10 percent of the local mobile market as of November, amid the booming popularity of budget handsets in the country. According to the data compiled by the Ministry of Science, ICT and Future Planning, the number of users subscribing to MVNO's service plans came to 5.84 million as of end-November, taking up 10.1 percent of the country's 57.78 million subscribers of mobile networks. MVNOs refer to
IndustryDec. 16, 2015
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Economic policy directions for 2016 unveiled
The government Wednesday disclosed 2016 economic policy directions aimed at revitalizing the economy by boosting domestic demand and strengthening support for exporters.It expected Korea’s gross domestic product to grow by 3.1 percent in real terms next year, a modest improvement from this year’s growth, which is estimated to reach 2.7 percent.(Yonhap)Under the policy directions finalized at a meeting of economy-related ministers, drastic deregulation will be pursued to help promote private-sect
Dec. 16, 2015
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BOK cuts inflation target for 2016-2018
South Korea's central bank said Wednesday it set the country's annual inflation rate at an average 2 percent over the next three years, sharply lower than the current target band, calling it an optimal target to support growth while also ensuring stability. "The inflation target has been set after considering recent movements in the country's underlying inflation, optimal inflation level and outlook on future consumer prices," the Bank of Korea said in a press release, adding the target rate ha
Dec. 16, 2015
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Korea's 2016 economic policy plans
The following are key economic policy plans unveiled by the finance ministry on Wednesday for 2016. The measures are centered on fueling the country's growth momentum and reaping the rewards of economic innovation undertaken in the past three years.▲Economic forecasts - Annual growth forecast downgraded from 3.3 percent to 3.1 percent in 2016 to reflect economic uncertainties, and weaker-than-expected growth in global trade that can hurt industrial production, consumption and investment. Growt
Dec. 16, 2015
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Korea to focus on fueling economic recovery momentum in 2016
South Korea will focus on fueling economic recovery momentum in 2016 and strive to push forward meaningful reforms as it moves past a disappointing year full of difficult challenges, the government said Wednesday. In its 2016 economic directives, the finance ministry made clear it will push forward policies that can prop up growth in the short term and improve the overall competitiveness of Asia's fourth largest economy down the line. It said 2016 will also be the year that reform measures pu
Dec. 16, 2015
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Foreigners turn to net sellers of Korean stocks in Nov.
Foreign investors turned to net sellers of local stocks in November amid rising global uncertainties stemming from an imminent U.S. rate hike and a slowdown in the Chinese economy, the financial watchdog said Wednesday. Offshore investors sold a net 1.17 trillion won ($989.4 million) worth of local stocks last month, shifting from 584 billion won in net buying the previous month, according to the Financial Supervisory Service. They had shifted into a net-buying position in September, when the
Dec. 16, 2015