Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Doggy patrol team on the move to protect their cities
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Samsung mocks Apple over iPhone alarm glitch
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Hanwha steps up efforts to curb desertification in China
Hanwha Group is stepping up its efforts to create more forests in Chinese desert areas to prevent desertification and sand dust, officials said Friday.Top officials from the nation’s business conglomerate on Thursday had a tree planting ceremony in Maowusu desert in the Ningxia Hui Autonomous Region, northwestern part of China. Hanwha Vice President Choi Sun-mok (right) receives an appreciation plaque from an official from the nature reserve agency in Ningxia province Wednesday. (Hanwha Group)A
Sept. 2, 2016
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[Super Rich] K-beauty’s global rise produces new superrich
The rising popularity of Korean dramas and K-pop overseas has left the impression on international fans that Korean cosmetics are trendy and attractive, setting beauty standards in Asia. In light of hallyu, international firms, luxury brands and even investment banks are taking notice of the business opportunities provided by Korean cosmetics brands, and their investments are casting the spotlight on entrepreneurs here. Lee Jin-wook of Dr. Jart Contrary to the brand’s name, Dr. Jart is a local c
Sept. 1, 2016
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Hyundai Motor celebrates archery medalists
Hyundai Motor Group Vice Chairman Chung Eui-sun (center, left) poses with the national archery team at an event held by the company Thursday at a Seoul hotel to celebrate the medalists of the Rio Olympics. (Hyundai Motor)Hyundai Motor Group hosted a celebration dinner Thursday for the national archery team, who swept medals at the Rio Olympics 2016, the automotive company said.Hyundai has invited archery medalists -- who gained four gold medals and one bronze medal at the Olympics -- and their
Sept. 1, 2016
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Dongwon supports future leaders
Korea’s leading canned fisheries producer Dongwon Group is running various education-related projects to support children and students who will lead Korea in the future, the firm said Thursday. Living up to its vision of giving back to the community, the conglomerate provides one free children’s book a month for a year to recipients who are 6-years-old or younger, the company said. The project was started in 2007, based on group Chairman Kim Jae-chul’s belief that “In order for Korea to become a
Sept. 1, 2016
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AmorePacific chairman donates W300b for his science foundation
Cosmetics giant AmorePacific chairman Suh Kyung-bae announced Thursday a plan to donate his private wealth of 300 billion won ($270 million) to the science foundation he will soon establish. “I wanted to personally contribute to the society as I owe a lot to many people for my success,” Suh said during a news conference in Seoul.AmorePacific Chairman Suh Kyung-bae speaks at a news conference in Seoul on Thursday. (AmorePacific)He stressed that the SUH Kyungbae Science Foundation is not related t
Sept. 1, 2016
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Starbucks to launch tea brand next week in Korea
Starbucks will launch its tea brand Starbucks Teavana in Korea on Sept. 6 at some 930 stores nationwide, Starbucks Coffee Korea announced Thursday. Starbucks Corp. acquired the black tea brand Teavana, based in Atlanta, for $615.8 million in 2013 to tap into the $125 billion worldwide tea market, according to the U.S business magazine Fortune.Starbucks Coffee Korea staff promote Starbucks Teavana at the Starfield Hanam GL store on Thursday. (Starbucks Coffee Korea)“Starbucks Teavana will offer a
Sept. 1, 2016
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Prosecutors summon Lotte founder's son over alleged embezzlement
The elder son of Lotte Group founder Shin Kyuk-ho was summoned by prosecutors Thursday as they resumed an investigation into the embattled retail giant after one of its senior executives was found dead in an apparent suicide last week.Shin Dong-joo appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of embezzling some tens of billions of won from the group's major affiliates.Prosecutors suspect he received the money as a stipend by just being listed as a board
Sept. 1, 2016
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Population changes to hit steel industry: report
The expected decline in the working age population in South Korea beginning next year will hit the steel and its related markets, as seen in the case of Japan, a research report said Thursday.The report from the POSCO Research Institute projected that the construction market, which accounts for 42 percent of total steel demand, will be the hardest hit. The auto market, whose steel consumption accounted for 18.5 percent, is also likely to be affected, as well as the machinery, home appliances and
Sept. 1, 2016
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Hanjin Group sheds biggest in market cap from shipping affiliate's downfall
Hanjin Group, whose shipping affiliate filed for court receivership this week, fell five notches in market capitalization rankings this year among the top 30 listed conglomerates, according to the Korea Exchange on Thursday.The group, whose businesses range from hotel operations to flag carrier, had 4.39 trillion won ($3.98 billion) in market cap as of Wednesday, shedding 274.2 billion won. The loss put the group at No. 28 in the rankings, down from No. 23 at the end of last year.The conglomerat
Sept. 1, 2016
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Korea to introduce new license plate for electric cars in Oct.
South Korea will introduce a new license plate for electric vehicles before the end of next month, the government said Thursday, in an apparent effort to further promote environmentally friendly cars.The new license plate will be picked from four designs in a public vote that will last 10 days until next Thursday, according to the Ministry of Land, Infrastructure and Transport."The government will decide which design will be used as a new license plate for electric cars in the popularity vote to
Sept. 1, 2016
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Hyundai Merchant may take over Hanjin Shipping assets
Hanjin sees vessels arrested as it files for court receivership As the days of Hanjin Shipping seem numbered, officials in Seoul are already talking about ways to have its local rival take over any valuable assets the beleaguered shipping firm still has. Jeong Eun-bo, vice chairman of the Financial Services Commission, floated the idea in an emergency meeting early Wednesday morning. Hours later in the afternoon, Hanjin filed for court receivership, seen by many industry insiders as entering the
Aug. 31, 2016
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Shin Dong-joo to be grilled in Lotte Group corruption probe
A court appointed a pro bono organization as guardian of the 91-year-old Lotte Group founder Shin Kyuk-ho, deeming him mentally unfit to carry out business operations.The Seoul Family Court said Wednesday that it appointed The Sun, a nonprofit affiliate of a law firm led by former Seoul High Court head Lee Tae-woon, as Shin’s guardian. Under a limited guardianship, The Sun will have the power to make certain decisions on behalf of Shin.The request for adult guardianship for Shin was filed last D
Aug. 31, 2016
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Hyundai Merchant may take over Hanjin Shipping assets
As the days of Hanjin Shipping seem numbered, officials in Seoul are already talking about ways to have its local rival take over any valuable assets the beleaguered shipping firm still has. Jeong Eun-bo, vice chairman of the Financial Services Commission, floated the idea in an emergency meeting early morning Wednesday, while Hanjin’s board of directors voted to file for court receivership. “With Hanjin Shipping filing for court receivership, there is a worrying view that Korea’s shipping indus
Aug. 31, 2016
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‘Interpark hack was spearphishing scam’
A strategy known as spearsphishing was used in the hacking incident that leaked the personal information of over 10 million consumers registered with e-commerce site Interpark, according to the ICT Ministry and the Korea Communications Commission on Wednesday.According to the two agencies, the Interpark hack leaked over 26.6 million pieces of personal information. The hacker used a spearphishing scam, which targeted one specific employee to spread malware throughout Interpark’s network servers a
Aug. 31, 2016
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[DECODED] Celltrion to face stiff competition in biosimilars business
South Korea’s Celltrion is one of the hottest companies to watch in the biopharmaceuticals world, with soaring share prices and rising expectations, but it may soon find itself being chased by competitors.Founded in 2002, the Korean drugmaker is considered a pioneer in the world’s emerging market for biosimilar drugs -- cheaper, near-replicas of expensive biologic drugs that have lost patent protection.Researchers work at a Celltrion lab. (Celltrion)Having jumped into the field earlier than othe
Aug. 31, 2016
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S-Oil offers scholarship for children of deceased firefighters
Seventy children of firefighters who died while on duty received a total of 210 million won ($187,869) in scholarship funds from Korea’s third-largest oil refiner S-Oil to support their academic studies, the company said Wednesday.This year the refiner delivered 3 million won ($2,711) to each recipient at the Yeongdeungpo Fire Station in Seoul, as part of its annual scholarship program for children of fallen firefighters. S-Oil president Kim Dong-cheoul (center) poses with student recipients dur
Aug. 31, 2016
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Posco completes first automotive steel plate plant in Thailand
RAYONG, Thailand -- Korea’s biggest steelmaker Posco on Wednesday completed its first automotive steel plate plant in Thailand as part of moves to expand the steel business in the Southeast Asian market. The company built a continuous galvanizing line plant named Posco-Thailand Coated Steel with an annual capacity of 450,000 tons in Amata City Industrial Estate in Rayong province, 140 kilometers southeast of Bangkok. The steelmaker broke ground for the plant in the heart of Thailand’s automotive
Aug. 31, 2016
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DSME head visits Europe to calm shipowners' concerns
Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. on Wednesday said its president is visiting Europe in a bid to help dispel shipowning firms' concerns over its financial health.Daewoo Shipbuilding said CEO Jung Sung-leep left Seoul for northern Europe on Monday to hold meetings with major shipowners, during which he will brief them on the company's current state and assure them that vessels and offshore platforms will be delivered without delay."Concern is growing among shipowners on n
Aug. 31, 2016
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Korean airlines cut emissions by 287,000 tons in H1
South Korean airlines reduced their greenhouse gas emissions by over 280,000 tons in the first half of the year, cutting their use of fuel in the process, which reduced the travel cost for passengers, the government said Wednesday.Under a voluntary agreement, seven South Korean flag carriers, including industry leaders Korean Air Lines Co. and Asiana Airlines Inc., reduced their combined greenhouse gas emissions by 287,000 tons from the business as usual levels in the first six months of the yea
Aug. 31, 2016
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Korea's business sentiment climbs to 4-month high for Sept.
South Korean companies' business sentiment for the upcoming month rose sharply from a month earlier, but a majority of local firms continued to hold a negative outlook due to weak demand at home and abroad, a survey showed Wednesday.The business survey index for September came to 95, the highest level since 102.3 registered in April for the following month, according to the Federation of Korean Industries.The monthly index is based on a survey of 600 largest companies here. A reading below 100 m
Aug. 31, 2016