Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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[Grace Kao] American racism against Stray Kids
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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Prosecutors summon pastor involved in Dior bag scandal
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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FTC rejects Hyundai Mobis' commitment decision request
South Korea's antitrust watchdog said Monday that it has decided to reject a commitment agreement request by Hyundai Mobis Co., the country's largest auto parts maker, which is suspected of abusing its market power.The company has been under investigation by the Fair Trade Commission for forcing its dealerships to meet an unreasonable sales target between January 2010 and November 2013, according to the watchdog. (Yonhap)In a commitment request filed in June, Hyundai Mobis said it will compensat
Sept. 11, 2017
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Venture minister nominee vows deregulation for startups
The nominee for the head of the Ministry of SMEs and Startups vowed Monday to cut back regulations on the tech industry to encourage companies to spearhead innovative technology and establish clusters for startups.Park Seong-jin made the pledge as he pitched his plans to lead the new ministry, which was created in July, to help small and medium-sized enterprises and startup companies."I will make every effort to revitalize innovative businesses and create a healthy environment for SMEs and ventu
Sept. 11, 2017
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Tour promotion event held in Bangkok
South Korea's tourism promotion agency said Monday that it has held a two-day event in Thailand over the weekend to attract more Thai tourists and promote Korean goods.During the 2017 Love Korea Weekend organized by the Korea Tourism Organization, a slew of South Korean firms set up booths to promote their goods as well. Visitors look around booths during a Korean tour fair that took place in Bangkok on Sept. 9, 2017, in this photo provided by the Korea Tourism Organization. (Yonhap)According to
Sept. 11, 2017
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Top 10 groups take up bulk of listed firms' H1 operating income
Units of South Korea's top 10 family-controlled conglomerates contributed nearly 60 percent to the first-half operating income of all listed companies, data showed Monday, pointing to their huge presence here.The combined operating income of 91 listed companies belonging to the leading business groups soared 72.1 percent on-year to 39.3 trillion won ($34.7 billion) in the January-June period, with the number for the remaining 1,813 firms rising a mere 1.3 percent to 26.8 trillion won.The top 10
Sept. 11, 2017
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E-commerce seeks better profits with mobile shopping
E-commerce firms are seeking strategies such as linking up with artificial intelligence and exclusive products to increase profitability, as consumers continue to shift their shopping tendencies to mobile platforms. According to numbers from Statistics Korea, in July mobile shopping transactions reached over 4 trillion won ($3.53 billion) for the first time, rising 35.1 percent on-year. Mobile shopping made up 62 percent of all online shopping.The rise in sales transactions has not been accompan
Sept. 10, 2017
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Shipyards lose nearly quarter of employment insurance policy holders in August: data
The number of workers covered by employment insurance declined sharply in the shipbuilding industry last month from a year earlier, government data showed Sunday, as yards undertake massive restructuring in the face of sluggish business conditions.South Korea's top three shipyards suffered a combined operating loss of 8.5 trillion won ($7.5 billion) in 2015 due largely to increased costs stemming from a delay in the construction of offshore facilities and an industrywide slump.South Korea, howev
Sept. 10, 2017
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[Power Korea] MBG Group jumps into nickel development in Indonesia
Amid growing demand for electric vehicles globally, Korean bio firm MBG Group has jumped into the race to explore nickel, a key chemical element of EV batteries, in Indonesia which is rich in the resource. MBG Group was established in 2009 as a startup within the nation’s top-notch science college, Korea Advanced Institute of Science & Technology. It has since developed five medical devices that received first grade from the US Food and Drug Administration alongside 20 general medicine and medic
Sept. 10, 2017
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[Ask a Lawyer] Why multinational firms should learn BEPS project
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.Q. As a management at the multinational enterprise in Korea, I have frequently come across the new term, “Base Erosion and Profit Sharing (BEPS)” project in newspapers. What should I prepare for this?A. The most discussed international taxation issue of late is legi
Sept. 10, 2017
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SK Innovation launches 3rd Big Picture of Innovation campaign
SK Innovation has introduced the third version of its Big Picture of Innovation campaign, it said Friday.Big Picture of Innovation is SK Innovation’s public relations campaign that comes in a series of visual artworks that are featured by renowned artists and new art techniques. SK Innovation’s latest campaign features cymatics, the art of visualizing audio frequencies of music. Local performance group Silo Lab carried out the artwork, the company said. This is the first time for a Korean compan
Sept. 10, 2017
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New Incheon airport terminal to open in January
The second passenger terminal at Incheon International Airport will open in January next year, as it has been systematically integrated with the existing terminal, the country's largest air terminal operator said Sunday. The integrated information system that connects the two terminals was completed Thursday, according to the Incheon International Airport Corp. This file photo, taken Aug. 21, 2017, shows the new second passenger terminal at Incheon International Airport in Yeongjongdo, west of
Sept. 10, 2017
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Size of Korea‘s restaurant industry hits W192tr: data
The size of South Korea's restaurant industry stood at 192 trillion won ($16.9 billion) as of 2015, official data showed Sunday.According to the latest findings by the Ministry of Agriculture, Food and Rural Affairs, the local market was comprised of a 82 trillion-won food processing sector and a 108 trillion-won eatery business, with some 660,000 restaurants and eateries in the country. The numbers are a gain of 0.9 percent from the year before.The figures translate into one eatery for every 78
Sept. 10, 2017
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Hotel Lotte opens 8th overseas location in Yangon
Hotel Lotte Co., the operator of South Korea's biggest hotel chain, has opened a hotel in Yangon, Myanmar, as part of its gradual expansion strategy, the company said Sunday. On Friday, Lotte Hotel Yangon began operations in the largest city in the Southeast Asian country as the Korean company's eighth overseas location, Hotel Lotte said in a statement. Lotte Hotel Yangon, seen here, is Hotel Lotte Co.`s eighth overseas location. (Yonhap)Lotte has expanded its hotel chain overseas as part of ef
Sept. 10, 2017
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Gift preorders surge ahead of long Chuseok holiday: data
Preorders for gifts to relatives and acquaintances are surging ahead of this year's very long Chuseok holiday, industry data showed Sunday.The 10-day holiday, the longest in decades, starts on the Sept. 30 weekend, runs through the three-day long Chuseok holiday and ends with Hangeul Day, which commemorates the invention of the Korean alphabet that falls on Oct. 9. The government earlier designated Oct. 2, which is a normal working day as a one-off holiday in the hopes it will spur domestic cons
Sept. 10, 2017
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Korea's food price inflation fifth highest among OECD states
South Korea's food prices rose at the fifth-highest rate among member states of the Organization for Economic Cooperation and Development in July partly on the back of unfavorable weather conditions, a report showed Saturday.The prices of foodstuffs and non-alcoholic beverages in South Korea were up 5.6 percent from a year before, behind 10.1 percent for Turkey, 9.7 percent for Mexico, 6.6 percent for Latvia and 5.8 percent for the Czech Republic, according to the OECD report. The OECD average w
Sept. 9, 2017
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[Weekender] Korean cosmetics companies vie for growing anti-aging market
Vying for the bigger pie in the lucrative and fast-growing anti-aging cosmetics market, Korean companies are spewing out reinvented products and brands using more natural ingredients and less chemicals. According to data compiled by the Ministry of Food and Drug Safety, the production volume of functional cosmetics products by Korean cosmetics companies in 2016 increased by 15.3 percent on-year to reach 4.4 trillion won ($3.9 billion). Of the total functional cosmetics production, the production
Sept. 8, 2017
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Smart speaker users report low satisfaction
South Korean users of voice-controlled smart speakers are largely dissatisfied with the products over issues such as failing to recognize voice commands, a survey showed Friday.Voice-controlled smart speakers are artificial intelligence-based devices that respond to voice requests from users and provide relevant services. The AI-speakers that are currently in the domestic market are KT’s Giga Genie, SKT’s Nugu, Amazon’s Echo and Google Home. (Yonhap)The Korea Consumer Agency’s survey asked 300
Sept. 8, 2017
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US lawmakers defend Samsung, LG in safeguard hearing: report
South Korean officials defended the country's makers of washing machines against the US safeguard action during a hearing in Washington, the foreign ministry said Friday. In June, the US government started a safeguard investigation into foreign washers, mostly from South Korean companies, at the request of Whirlpool Corp. A safeguard action is taken to protect the domestic industry from a sudden jump in imports causing or threatening damage on domestic production. (Korea Herald DB)A team of Kore
Sept. 8, 2017
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Hyundai's China plant resumes operations despite payment problems
Hyundai Motor Co. said Friday one of its plants in China resumed operations Friday following a three-day suspension after a German company refused to supply auto parts due to payment problems, the South Korean carmaker said. On Tuesday, Hyundai's plant in Cangzhou, Hebei District, was brought to a halt as the supplier stopped delivering air intake components due to delayed payments."We persuaded the German company to resume supplying parts to the No. 4 plant (in China). We are in talks to resol
Sept. 8, 2017
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SK Holdings invests in US-based car-sharing company Turo
SK Holdings has invested in San Francisco-based car-sharing company Turo, the company said Thursday. One of the largest car-sharing companies in Silicon Valley, Turo provides peer-to-peer car rental services in around 5,000 areas in US, UK and Canada. (Yonhap)SK Holdings and German carmaker Daimler led Turo’s latest fundraising worth a total of $92 million, according to the company. However, details on the terms and shares of the investment were not disclosed.With the investment, SK Holdings sai
Sept. 7, 2017
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Medytox launches first TV commercial
Medytox, South Korea’s largest maker of wrinkle-fighting botulinum toxin treatments, has launched its first TV commercial created under the theme of “Studying Time of Mankind”The ad features Korean actor Lee Seo-jin posing within the valleys of Antelope Canyon and Monument Valley in western US. It aims to encapsulate the beauty of nature formed over billions of years.Medytox said it hoped to embody in the ad its vision to grow into a lasting biopharmaceutical company representing Korea in the gl
Sept. 7, 2017