Most Popular
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Oil, gas reserves in East Sea 'highly prospective' says Act-Geo owner
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Japanese researcher reveals 'massacre' of Koreans in Mili Atoll
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N. Korea, China, Russia expanding nuclear arsenals at 'breakneck' pace: White House official
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Opposition refutes 'extravagant' India trip claims about ex-first lady
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Korea's value-focused coffee chains' enjoy high profits, contrary to low profits of licensed store owners
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S. Korean firms to allow up to 6 days leave for infertility treatment
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SK, TSMC chiefs agree to boost collaboration on AI chips
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Yoon on state visit to Turkmenistan, Kazakhstan, Uzbekistan next week
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North Korea resumes trash balloon launches: JCS
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Dozens of N. Korea's trash balloons spotted in Seoul metropolitan area
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Sales of seasonal fresh food soar ahead of Chuseok
Sales of agricultural and fisheries products currently in season increased ahead of the 10-day Chuseok holiday, which is set to kick off this weekend, industry data showed Monday.As South Koreans began preparing for the holiday, the sales of blue crab from Aug. 18 to Sept. 17 skyrocketed 1,103 percent on-year, according to the data compiled by Gmarket, a major online shopping mall here. It declined to provide details on the actual sales amount. Customers shop at the fresh foods section of a gian
Sept. 25, 2017
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Korea's power production capability outpacing transmission infrastructure
South Korea's power production growth has outpaced its ability to effectively send electricity to consumers, official industry data showed Sunday. According to findings released by the electric power statistics, the country's installed generating capacity surged 61.6 percent from 66 gigawatts in 2006 to 106 GW last year. During the same period the capacity of power lines to transmit electricity grew just 16.6 percent.In 2006 the country had 29,276 circuit kilometers (c-km) of power lines, with n
Sept. 24, 2017
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Korea to kick off nationwide shopping festival this week
Two major department stores said Sunday they will offer up to 80 percent discounts on some items during the incoming nationwide shopping festival as South Korea is seeking to boost consumption.Lotte Department Store, the country's leading retailer, said some 750 brands will participate in the special bargain sales event between Thursday and Oct. 15. During the period, Lotte will offer up to 80 percent discounts on some winter clothes as well as other products."We will do our best to help in reco
Sept. 24, 2017
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Korea ranks one of lowest in cooperation in labor-employer relations
South Korea has one of the lowest levels of cooperative relations between labor and employer, the country's central bank said Sunday.South Korea's global competitive index in cooperation in labor-employer relations came to 3.4 in 2016, placing Seoul 135th out of the 138 countries surveyed by the World Economic Forum, according to the Bank of Korea.South Korea's militant labor groups have a track record of staging protest rallies, which sometime turn violent as some protesters brandish metal pipe
Sept. 24, 2017
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K-water vows to lead Asia’s water industry
Korea’s state-led water company K-water has wrapped up its co-hosting of the first Asia International Water Week at Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province.Along with the Asia Water Council, K-water hosted the triennial water industry event from Wednesday to Saturday to devise solutions for water issues around the globe, as well as to foster the industry in Asia. A total of some 15,000 officials from the government and international organizations across 69
Sept. 24, 2017
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[Ask a Lawyer] Companies still need to be cautious of ‘Kim Young-ran act’
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.Q1. How have companies responded to the implementation of the Kim Young-ran Act?Approximately one year has passed since the Prohibition of Improper Solicitation and Graft Act -- the “Kim Young-ran Act” -- was implemented, and the act appears to have succeeded in ste
Sept. 24, 2017
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Korea's trading companies are unprepared for 4th industrial revolution: poll
South Korea's export and import firms are woefully unprepared to cope with the fourth industrial revolution that is expected to bring about profound changes to the global economy, a poll by an international traders organization said Sunday. According to the Korea International Trade Association findings, 83.3 percent of trading companies acknowledged that the ongoing revolution will affect corporate management systems and the way they do business, but only 5.1 percent said they are meeting the c
Sept. 24, 2017
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Korea's egg consumption on the rise ahead of Chuseok holiday
South Korea's egg consumption has increased ahead of the long Chuseok holiday, retail industry data showed Sunday.Egg consumption here took a hit after some eggs were found to have been tainted with banned pesticides, causing a nationwide health scare.Data provided by E-Mart, the country's largest hypermarket chain, said sales of eggs from Sept. 15-21 jumped 46.8 percent on-year, with Lotte Mart, another nationwide discount chain, reporting an increase of 30.5 percent. (Yonhap)Both E-Mart and Lo
Sept. 24, 2017
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Hyundai Heavy shipyards ask employees to take leave to cope with drop in work
ULSAN -- Hyundai Heavy Industries Group's three shipyards have all asked their employees to take leave of absence to cope with a drop in workloads, corporate sources in Ulsan said Sunday.Management at Hyundai Mipo Dockyard Co. said it reached an agreement with its union to have workers take time off in rotations with the first employees to take their leave starting Oct. 16. This process will be implemented until late June 2018 and involve the temporary shutting down of docks that are not in use.
Sept. 24, 2017
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Anti-graft law deals blow to upscale restaurants, flower businesses
Sales at upscale Korean restaurants and flower businesses fell in the past year, data showed Sunday, a decline widely blamed on South Korea's anti-graft law.Credit-card spending by corporate users in high-end restaurants specializing in traditional Korean cuisine dropped 25.2 percent in the period October 2016 to August 2017, compared with the same period a year earlier, according to data compiled by BC Card Co., a leading credit card issuer in South Korea. The decline is believed to have been a
Sept. 24, 2017
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Ex-KAI head arrested over W500b accounting fraud scandal
The prosecution arrested a former chief of Korea Aerospace Industries Co. (KAI) Saturday as part of a probe into an accounting fraud case at the nation's sole aircraft maker.The Seoul Central District Court issued an arrest warrant for Ha Seong-yong, citing the possibility of him fleeing and destroying evidence. Ha Seong-yong, former chief of KAI (Yonhap)Ha has been detained on a string of charges from accounting fraud and breach of trust to embezzlement. Prosecutors believe Ha instructed KAI of
Sept. 23, 2017
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[News Focus] Labor decision on bakery meets strong resistance
A decision by the Labor Ministry to order bakery chain Paris Baguette to directly hire bakers working at the brand’s franchise outlets is facing strong resistance from politicians and franchise operators who say that such a decision would impose a massive financial burden on companies that use workers hired by a third party. On Thursday, the government said that it considered Paris Baguette to be illegally supervising bakers at its franchise stores who had been dispatched by partner firms. Under
Sept. 22, 2017
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Gov't to present profit-sharing system between big, small businesses
The government said Friday it will soon come up with measures to get big businesses to share profits with subcontractors.The government will complete a study on a viable profit-sharing model by the end of the year so a bill could be presented to the National Assembly for passage in 2018, an official of the Ministry of SMEs and Startups said."We are planning to clearly define the concept of Korean-style profit sharing through the development of a Korean model," the official said. "We are also exp
Sept. 22, 2017
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Samsung Group named top 5 influential Asian firms by Forbes
US-based business magazine Forbes on Friday named Samsung Group as one of the top five influential companies in Asia, citing its achievements in the tech segment.Forbes said Samsung Electronics was one of the five companies that "have shaped Asia and the world," along with Japanese Toyota Motor Corp., Sony Corp., India-based HDFC Bank and China's commerce giant Alibaba Group.The US magazine said Samsung's business strategy announced in 1993, where now-bedridden head Lee Kun-hee made his famous r
Sept. 22, 2017
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Dongbu Group chief steps down over alleged sexual harassment
Dongbu Group Chairman and CEO Kim Jun-ki resigned from his post on Thursday after being sued by his secretary for alleged sexual harassment two days prior.“Deeming that my personal problem should not burden the company, I resign from the chairman and CEO posts of Dongbu Group,” Kim said in a statement, apologizing to the members, investors, shareholders and customers of the firm.Kim is accused of sexually molesting a secretary, whose name was withheld, regularly between February and July this ye
Sept. 21, 2017
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Indian minister listens to difficulties facing Korean businesses on the subcontinent
India's commerce minister met with South Korean company leaders Thursday to listen to the difficulties they experience while doing business in the rapidly growing Indian market, an industry group said. At the meeting -- which is being held separately from the seventh ASEM Economic Ministers' Meeting that runs for three days through Saturday in Seoul -- Commerce and Industry Minister Suresh Prabhu met Korean business leaders from Samsung Electronics Co., Kia Motors Corp. and POSCO. In this photo
Sept. 21, 2017
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Peacock begins sales in Hong Kong, US
E-mart's home meal replacement brand Peacock is entering the overseas market beginning with Hong Kong and the United States this month, the discount retailer chain said Thursday.Although Peacock products have been sold overseas in the past through limited-time promotions, this is the first time that it has been officially delivered as a brand to overseas retail chains.Peacock products are on display at a Market Place by Jasons outlet at the K11 mall in the Tsim Sha Tsui district, Hong Kong. (E-m
Sept. 21, 2017
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Standard Chartered teams with Samsung for new cards
Standard Chartered Bank Korea, a subsidiary of British banking service Standard Chartered PLC, has launched two new banking cards in partnership with Samsung Card, the company said. Earlier this month, the two companies unveiled the “Standard Chartered Daily Samsung Card” and the “Standard Chartered Life Samsung Card,” their first collaborative products since signing a comprehensive partnership agreement last year. The two companies have come up with the new lineup by jointly making consistent
Sept. 21, 2017
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SK hynix says negotiations still necessary for Toshiba deal
South Korean chipmaker SK hynix Inc. said Thursday that Japan's Toshiba Corp. has agreed to sell stakes in its memory business to a consortium that includes South Korea's No. 2 chipmaker and US investment firm Bain Capital, although details of the deal are still subject to further negotiations."As details of the approval made by Toshiba's board of directors still need to be negotiated, SK hynix will continue with discussions to best reflect our interests," the company said in a regulatory filing
Sept. 21, 2017
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Samsung Heavy develops own regasification system
Samsung Heavy Industries Co., a major shipyard in South Korea, said Thursday that it has developed its own liquid natural gas regasification system for its LNG floating storage and regasification unit.The new LNG regasification system, called S-Regas, uses glycol and reduces the risk of corrosion caused by traditional methods of heating LNG directly with seawater, according to Samsung Heavy. This photo, provided by Samsung Heavy Industries Co., shows its floating storage and regasification unit.
Sept. 21, 2017