Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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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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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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[Graphic News] Koreans spend more time sleeping and eating
The average Korean spent more time sleeping and eating, and less time studying, compared to five years ago, survey results showed Monday.The time use poll on 12,000 households showed that compared to 2009, people spent 21 more minutes on sleeping and eating in 2014, clocking in at 11 hours and 14 minutes of off-time.Time spent studying fell by 17 minutes and commuting by five minutes compared to 2009, while time for wage-generating work and household chores was largely steady, increasing by just
June 30, 2015
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Industrial output dips for 3rd month in May
South Korea's industrial output fell for the third straight month in May as the sluggish pace of global recovery hurt its outbound shipments and affected production of cars and semiconductors, a government report showed Tuesday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries was down 1.3 percent last month compared with April. The drop comes after numbers fell 0.2 percent and 1.3 percent in March and April, respectively, the
June 30, 2015
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S. Korean manufacturers' July sentiment dips to near 3-year low
South Korean manufacturers' business confidence for July plunged to the lowest level in almost three years, a poll showed Tuesday, as the outbreak of MERS in Asia's fourth-largest economy is feared to further worsen already feeble domestic demand. The business sentiment index, which measures the outlook of manufacturers on their business conditions for the coming month, reached 67 for July, down from a forecast of 76 for June, according to the Bank of Korea. It marks the lowest level since 67 i
June 30, 2015
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Lone Star case calls for look back on Seoul's legal, financial efficacy
One of the most controversial and scrutinized corporate deals in the recent history of South Korea is heading into overtime, inspiring the need to look back on the capability of financial and judiciary officials here. The second round of hearing for a multi-billion-dollar case between the U.S. private equity firm Lone Star and the South Korean government began in Washington, D.C. on Monday. The $5 billion suit is an epilogue to a decade-long legal dispute that has raised concerns about the i
June 30, 2015
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EBay to support smaller firms
EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program covers the areas of product sourcing, registration, logistics, delive
June 29, 2015
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EBay to support smaller firms
EBay Korea’s star sellers pose for an award ceremony. (eBay Korea) EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program c
June 29, 2015
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Shareholders OK Techwin name change amid protest
Shareholders of defense equipment maker Samsung Techwin approved a plan to change its name to Hanwha Techwin amid strong opposition from its labor union members on Monday.Samsung Techwin’s labor union members protest against its plan to change the name to Hanwha Techwin on Monday. YonhapThe meeting had planned to open early in the morning, but was delayed for hours due to physical protests from the union members, who opposed Hanwha‘s takeover of the company.More than 140 union supporters were ta
June 29, 2015
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KITA promotes 'seamless e-business'
Korea International Trade Association’s e-Biz Support Center has built up a reputation of being a “seamless e-Business” booster across Asia. Starting with signing a pact with the Department of International Trade Promotion of Thailand’s Ministry of Commerce for sales of the website- and marketing-design models to the Southeast Asian country, KITA is now spreading the service to Vietnam and Indonesia as well as South American states such as Peru. “KITA has been the only institution in Korea that
June 29, 2015
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[Graphic News] Average age of major companies stands at 28.3
The average age of the nation‘s major companies was 28.3 years old, data showed Monday.The Korea CXO Institute examined the top 2,000 listed and nonlisted companies and found their average ages by industry, excluding those from the financial sector.The textile industry had the highest average age at 51.5 years old. The textile industry includes a number of textile companies that are over 60 years old.The average ages of the food and drink manufacturing industry and the construction industry were
June 29, 2015
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CJ opens sixth Bibigo store in China
CJ Foodville opened an outlet of its Korean dining franchise restaurant Bibigo in Wangjing, north of Beijing, in a bid to tap deeper into the Chinese market, the company said Monday. Customers dine at the Bibigo restaurant at Wangjing SOHO in Wangjing, north of Beijing, China. (CJ Foodville)The newly launched Bibigo store is the sixth restaurant in Beijing. The store is nestled at Wangjing SOHO, which consists of three mixed-use office and commercial buildings.“We expect that Bibigo’s brand awar
June 29, 2015
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Dongsuh launches ‘Maxim Heritage Campaign’
Food and drink company Dongsuh announced Monday that it was launching a “Maxim Heritage Campaign“ to promote the nation‘s cultural treasuries to coffee consumers.The company signed a memorandum of understanding with the Cultural Heritage Administration in April and has since been promoting Korean cultural heritage.Starting July 1, Dongsuh will print the Gilt-bronze Incense Burner of the Baekje Kingdom, the 287th National Treasure of Korea, on their Maxim Mocha Gold coffee mix packages. Maxim Moc
June 29, 2015
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Biz outlook far worse than post-Sewol level: surveys
A majority of companies in South Korea predicted business conditions to get worse in July as they are concerned over the fallout from Middle East Respiratory Syndrome and toughening outlooks for exports, a poll showed Monday. According to the poll conducted on the country's top 600 companies by the Federation of Korean Industries, the business survey index for July stood at 84.3. A reading below 100 means pessimists outnumber optimists about business conditions down the road. The latest figure
June 29, 2015
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140 Samsung unit workers arrested after protesting merger
About 140 workers of Samsung Techwin Co., one of Samsung Group's four affiliates sold to Hanwha Group, have been arrested on charges of obstructing the firm's shareholders meeting, police said Monday. The protest came as Samsung has decided to sell its defense affiliate, Samsung Techwin, and chemical unit, then Samsung General Chemicals Co., to Hanwha, a conglomerate whose main businesses include defense and solar power. Two other affiliates, Samsung Thales Co. and then Samsung Total, were als
June 29, 2015
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Asiana Airlines faces $30m lawsuit over San Francisco crash in 2013
More than 50 passengers have filed a class action suit for compensation against South Korea’s No. 2 carrier Asiana Airlines over a crash landing in San Francisco, which killed three in 2013. (AP)Korean law firm Barun Law LLC filed the complaint on June 26 in the Seoul Central District Court on behalf of 53 plaintiffs -- 27 Korean, 25 Chinese and one Indian national who resides in Korea -- aboard Flight 214, which clipped a sea wall and slammed into a runway at the U.S. airport on July 6, 2013.“
June 28, 2015
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[Graphic News] Korea lowers growth outlook to 3.1%
The Korean government lowered its economic growth forecast for 2015 from 3.8 percent to 3.1 percent.Presenting its economic policy direction for the second half of the year, the Ministry of Strategy and Finance said it cut the growth forecast due to falling exports and the effect of the Middle Eastern respiratory syndrome outbreak on spending and tourism.The ministry also cut its forecast of the employment rate for the year, from 66.2 percent to 66.0 percent.The expected consumer inflation rate
June 28, 2015
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Ilsung Pharm says Samsung C&T merger 'unfair'
Ilsung Pharmaceutical, a South Korean drugmaker with a 2.11 percent stake in Samsung C&T Co., said Sunday that Samsung Group's bid to merge its construction and trade arm with Cheil Industries Co. is "unfair" for shareholders. "It will not be easy to have the merger plan approved at the shareholders' meeting," said Yoon Seok-keun, who heads Ilsung Pharmaceutical, indicating it will likely vote against the bid at the shareholders' meeting slated for July 17. "Share prices do not always reflec
June 28, 2015
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KOSDAQ spin-off plan would backfire: KRX
The idea of separating the tech-laden secondary stock market from the main bourse will not only increase operating costs, but also weaken market soundness and customer protection, according to the Korea Exchange.“The Korea Securities Dealers Automated Quotations, which mostly involves small-sized venture capital, is already differentiated from the main bourse Korea Composite Stock Price Index in size, capital, and characteristics,” said an official of the stock operator.“The spinoff is more like
June 26, 2015
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Queer fest seeks corporate support
The 16th annual Korea Queer Festival is nearing to an end amid apparently growing awareness.“Many did not know about the festival at all, and only got to know last year when some people opposed it,” said Woo Ji-young, secretary-general of KQCF. More and more people, including foreign diplomats, have been participating in the event, the organizer said. In spite of this trend, however, many local companies are hesitant to join the event, and the organizers would like to see that change in the near
June 26, 2015
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KOGAS sales rise on overseas projects
The state-run Korea Gas Corp. posted 10.2 trillion won ($9.2 billion) in sales in the first quarter of this year, an 18.4 percent increase compared to the same period last year.According to its business report, KOGAS’ quarterly profits reached 865.4 billion won, a 20 percent increase from a year earlier, largely thanks to an increase in its overseas business.KOGAS also reported an increase in investment returns by 82.2 billion won, as well as a net profit of 581.2 billion won, a 37.6 percent inc
June 26, 2015
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Korean street food spreads to rest of Asia
The rapid globalization of Korean food has extended to street food, widening the scope of Korean exports of farmed goods and food throughout Asia. With the rising popularity of Korean culture, travel and food, the nation is seeing a growing number of foreign visitors who have already tried out authentic street foods like tteokbokki and hotteok. “A country’s street food fully reflects its unique culture and trends, not to mention affordable prices, making significant channels to raise the foreign
June 26, 2015