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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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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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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[Weekender] Cafes, coffee brands roll out seasonal drinks
For many coffee lovers, summer signals a switch to cold brews.At Starbucks, a seasonal offering has been so well received by Korean customers that the company has just weeks ago decided to put it on its regular menu for the whole year round. Launched originally as a summer drink in April, the espresso-based Dolce Cold Brew combines two of the coffee franchise’s bestselling items -- Cold Brew and Dolce Latte. It only uses cold brew that was slow-steeped in cool water for 14 hours. 
July 25, 2019
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LG Chem invests W500b for battery plant in Gumi
LG Chem will invest 500 billion won ($424 million) in building a 60,000 ton-capacity cathode material plant in Gumi, north Gyeongsang Province by 2024, the company said Thursday. Cathode is one of the four main parts of a lithium ion battery, alongside the anode, electrolyte and membrane. The cathode accounts for 40 percent of the raw materials cost of electric vehicle batteries. “Starting with the investment in Gumi, LG Chem will kick spur into producing its own core materials for batteri
July 25, 2019
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Nationwide #boycottJapan campaign puts Korean workers in tight spot
These days, Kim Hyun-jin feels uneasy telling others where he works. “I have been working at Uniqlo for two years as a part-timer. I am proud of my workplace. It is a fun place to work, with nice people and relatively a good amount of pay,” said the 25-year-old student majoring in fashion at a university, who agreed to speak under a pseudonym.“But now, when I say I work at Uniqlo, people think I’m doing something very wrong and it makes me feel very uncomfortable. I
July 25, 2019
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Korean biotech firms seek retraction of Japan’s trade curbs
The Korea Biotechnology Industry Organization issued a statement Thursday calling for a withdrawal of Japan’s move to exclude South Korea from the trade whitelist, citing the peaceful nature of bio pathogens trade and the open collaboration required to foster the technology worldwide.The organization represents more than 300 companies, including major pharma and biotech firms. Japan requires approvals for trade of human, animal, plant pathogens and toxins, as well as fermenters and cross-f
July 25, 2019
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Japan’s export curbs to have negative implications globally: AmCham
Amid the ongoing tensions following export curbs by Japan on hi-tech exports to South Korea, the American Chamber of Commerce in Korea on Thursday expressed concerns that it could have a negative impact on global trade.“AmCham is committed to free and fair trade worldwide. The tightening of export controls on critical materials to Korea will have damaging effects on bilateral trade and also have negative implications globally,” the organization said in a statement. It added that
July 25, 2019
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NCSoft marches onto global stage with AI tech
NCSoft, a pioneer in artificial intelligence research among Korean game companies, is shifting beyond the tech applicable to games to cover various original AI tech for cross-genre industries. Under the drive of CEO Kim Taek-jin and President Yoon Song-yee, the company put together an AI research team as early as 2011. Eight years forward, the company now has around 150 AI research-focused staff. NCSoft touts that its AI know-how is of international standards -- CEO Kim is quoted to have exchang
July 25, 2019
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Korea to join RCEP talks in China this week
South Korea is slated to participate in the 27th official negotiations this week to discuss the implementation of an Asia-Pacific mega trade deal possibly this year. The upcoming talks for a Regional Comprehensive Economic Partnership will be held in Zhengzhou, China, from Friday. RCEP is, in essence, a massive regional trade deal between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has free trade agreements -- Korea, China, Japan, Indi
July 25, 2019
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Naver's Q2 net dips 90% on increased spending
South Korea's top internet portal operator Naver Corp. said Thursday that its net profit dipped 90.1 percent in the second quarter from a year earlier largely due to increased spending on new businesses.Net profit reached 27.8 billion won ($23.6 million) in the April-June period, compared with a profit of 282 billion won a year earlier, the company said in a press release. Operating income reached 128.3 billion won during the cited period, also marking a decrease of 48.8 percent from the year be
July 25, 2019
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At WTO, South Korea says Japan using trade as political tool
At the World Trade Organization General Council in Geneva, South Korea strongly urged Japan to retract export curbs, saying Tokyo is using trade as a political tool and disrupting trade for political purposes, officials said Thursday. At the general council, which is the WTO’s highest-level decision-making body, the trade dispute between the two nations was discussed from 12:40 p.m. to 15:30 p.m. (local time) Wednesday. Kim Seung-ho, deputy minister for multilateral and legal affairs, and
July 25, 2019
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Auction to sell Asiana Airlines begins
Kumho Asiana Group, a South Korean airline-to-petrochemical conglomerate, on Thursday began the process of selling its airline unit with the aim to complete it this year. The group put its construction affiliate Kumho Industrial Co.'s entire 33.5 percent stake in Asiana Airlines up for sale to secure liquidity as the group faces a cash crunch. In a public bidding notice, Credit Suisse, the deal's adviser, said it will send a prospectus to potential investors who have disclosed their intention to
July 25, 2019
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Naver to spin off mobile payment division
Naver Corp., the operator of South Korea's dominant internet portal, said Wednesday it has decided to spin off its mobile payment division, Naver Pay. The new company, tentatively named Naver Financial, will be launched in November with an aim of making inroads into the financial services sector, including loans, insurance and investment. The decision came after the number of Naver Pay users recently exceeded 10 million. Mirae Asset Daewoo Co., South Korea's top brokerage, plans to invest
July 24, 2019
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School Forest Project promoting urban greenery turns 20
Boosting greenery in cities may seem like a difficult task. However, a project has been coming up with innovative solutions to the lack of green space for the past 20 years. School Forest Project -- launched in 1999 through a collaborative effort between nongovernmental organization Forest for Life and sanitary product manufacturer Yuhan-Kimberly -- targets public schools in South Korea lacking green space on their school grounds. By planting various types of greenery, such as trees and bushes,
July 24, 2019
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Hyundai and Kia Motors awarded Platinum in 2018 LACP Vision Award
Hyundai and Kia Motors won the Platinum Award in the 2018 LACP Vision Awards for the quality of their sustainability reports, the companies said Wednesday. LACP, short for League of American Communications Professionals, annually screens some 1,000 business reports from roughly 20 nations for awards.In this round‘s review, Hyundai Motor’s 2018 sustainability report was recognized in the digital and online criteria, and Kia Motors for sustainable management criteria. Both companies re
July 24, 2019
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‘Korea to promote forest to combat air pollution, increase well-being’
South Korea is suffering from worsening air pollution each year. Every spring, the concentrations of fine dust particles surge to record levels across the country, threatening human health and environmental sustainability.The state-run Korea Forest Service is seeking to deploy forests to combat air pollution, help people stay cooler during heat waves and increase well-being in nature. “The primary factor behind serious fine dust pollution is air pollutants from industrial complexes, therma
July 24, 2019
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South Korea strongly urges Japan to withdraw export restrictions, approaches WTO
In addition to raising the issue at the World Trade Organization’s General Council on Wednesday in Geneva, Switzerland, the South Korean government sent a strong opinion to the Japanese administration calling for the complete withdrawal of its export restrictions.In parallel, calls are also growing from global tech firms to urgently settle the trade dispute that may cause supply chain disruptions and impact the global economy. The Ministry of Trade, Industry and Energy said in a press brie
July 24, 2019
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Coupang faces service outage, all products ‘out of stock’ for hours
South Korea’s largest e-commerce retailer Coupang’s service froze for several hours on Wednesday morning showing all products “out of stock,” with customers unable to place orders or make payments.The outage on Coupang’s mobile application and website started at 7 a.m. Although customers could add items to their shopping cart they were unable to proceed with the order.Coupang attributed the problem to a technical glitch. While customers could start buying some
July 24, 2019
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Samsung Bioepis gains FDA approval for Humira biosimilar
Samsung Bioepis said Wednesday it has gained the US Food and Drug Administration’s approval for Hadlima, a biosimilar of AbbVie’s blockbuster autoimmune disease treatment Humira. This is the firm’s fourth biosimilar to get FDA approval, after Renflexis (Infliximab), Ontruzant (Trastuzumab) and Eticovo (Etanercept).Hadlima (adalimumab-bwwd) is developed by Samsung Bioepis and will be commercialized in the US by Merck from June 2023, according to a settlement with AbbVie.&nb
July 24, 2019
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Posco’s operating profit down 15% in Q2
South Korean steelmaker Posco posted an operating profit of 1 trillion won ($848 million) in the second quarter this year, buoyed by its lucrative infrastructure and trade operations despite the sluggish steel business, the firm said Tuesday. The company also posted 16.3 trillion won in sales, with a net profit of 681 billion won. Sales rose 1.5 percent, but operating profit and net income declined 14.7 percent and 14.7 percent on-year, respectively. The decline was mainly due to its sluggi
July 23, 2019
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Sale process of Asiana Airlines to begin this week
Creditors and Kumho Industrial, the largest stakeholder of Asiana Airlines, will post a public notice to sell the nation’s second-largest air carrier on Thursday, which is likely to be the largest deal of the year.After completing a financial review of the air carrier, creditors said they would speed up the bidding process, if no additional insolvent factors or problems that would complicate the company’s operations are found. Officials at Asiana Airlines confirmed that there’s
July 23, 2019
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Celltrion prepares for direct sales in Australia
Korean biopharmaceutical company Celltrion’s distribution arm Celltrion Healthcare said Tuesday that it has joined Australia’s Generic and Biosimilar Medicines Association to prepare for direct sales of its biosimilars Truxima and Herzuma in the country.Celltrion Group’s three main biosimilars -- Remsima, Truxima and Herzuma -- are currently estimated to be worth 330 billion won ($280 million) in the Australian market. Autoimmune diseases treatment Remsima was launched as Infle
July 23, 2019