Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Samsung mocks Apple over iPhone alarm glitch
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Vitamins, tonics top list of best-selling OTC drugs
Vitamins and tonics topped the list of best-selling over-the-counter drugs in South Korea in the first half of the year, data showed Monday, as people got more health-conscious.According to the first-half business reports by local drugmakers, the best-selling OTC medication was Aronamin, a vitamin manufactured by Ildong Pharmaceutical Co., in the January-June period with sales of 33.5 billion won ($29.9 million). (Ildong Pharmaceutical)Daewoong Pharmaceutical Co.'s hepatic protector Ursa came ne
Aug. 29, 2016
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Dongbu HiTek likely to rank 9th in global foundry market
South Korea's only foundry chipmaker Dongbu HiTek Co. appears likely to rank ninth in the global foundry market, a market research firm said Monday.Dongbu HiTek is expected to generate sales of $640 million this year, up about 8 percent from a year earlier, according to market research firm IC Insights. The sales could place the South Korean chipmaker ninth in the global foundry market. (Dongbu HiTek)Foundry manufacturers refer to those that make chips for other companies.In the first quarter, D
Aug. 29, 2016
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Volkswagen not to take legal step against sales ban in Korea
Volkswagen Korea, the local unit of German automaker Volkswagen, said Monday that it would not take legal action against the South Korean government's decision to ban sales and revoke the certifications of its 80 vehicle models.Earlier this month, the Ministry of Environment also separately slapped the German automaker with fines of 17.8 billion won ($16 million) for 47 models that are thought to have passed the local authentication process by cheating on gas emissions tests. (Yonhap)The punit
Aug. 29, 2016
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Large builders pay huge fines for collusion
South Korea's top 10 builders have paid more than 1 trillion won ($890 million) in fines for unfair practices over the past three years, government data showed Monday, casting doubt on the effectiveness of government penalties.A combined fine of 1.12 trillion won has been imposed on the leading construction companies for a total of 102 collusion and other "collusive unfair acts" between 2014 and 2016, according to the data that the Fair Trade Commission submitted to the office of Rep. Park Yong-
Aug. 29, 2016
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Exports of hallyu-related goods surge: data
Outbound shipments of food, beauty, fashion and personal care products soared in the first half of the year on the back of the growing popularity of the Korean wave, or hallyu, industry data showed on Monday.According to the data compiled by the Korea International Trade Association, exports of such goods amounted to $6.79 billion in the January-June period, up 15.2 percent from a year earlier.Industry watchers said the growth is attributable to the cultural wave of "hallyu" in China and other A
Aug. 29, 2016
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Korea preps for climate change with tropical fruits
JEJU CITY, Jejudo -- Though fruits and vegetables like mangoes, papaya, carambola and dragon fruit have long been considered exclusive goods produced by the tropical world, they may soon become commonplace crops found in a rather unlikely location -- South Korea. Korean agricultural researchers are experimenting with new tropical crops that could grow well under hotter weather on the Korean Peninsula in preparation for global climate change that is driving up the earth’s temperature year-by-yea
Aug. 28, 2016
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Lee’s death will not affect Lotte probe: prosecution
The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, group Chairman Shin Dong-bin’s longtime and closest aide, was found dead in an apparent suicide Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($533 million) and creating slush funds of some 50 billion won. The death
Aug. 28, 2016
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[Graphic News] Soft alcohol consumption soars
Unlike the declining consumption of hard liquors, fruit-flavored soft alcohol is gaining popularity apparently due to increased social awareness of healthy drinking, a government report showed last week.Social gatherings over drinking beer and soju have long been considered part of Korean culture, but that is gradually fading as a growing number of Koreans tend to prefer soft alcohol in consideration of health, according to the report. This year, Koreans aged 15 or older drank 4.9 glasses of bee
Aug. 28, 2016
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Lee’s death will not affect Lotte probe: prosecution
The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, the group chairman Shin Dong-bin’s long-time and closest aide, was found hanged on Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($530 million) and creating slush funds worth 50 billion won. The Lotte key man’s deat
Aug. 28, 2016
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LG Chem to focus on high value petrochemicals
Chemical and battery firm LG Chem said Sunday that it will focus on high value petrochemicals as part of its moves to boost its competitiveness and sales.With an aim to raise the sales of high value petrochemicals from the current 3 trillion won ($2.7 billion) to 7 trillion won by 2020, the company will expand the polyolefine products with its exclusive technology. This will lead to better quality of polyester and polypropylene, it said. By 2018, the company will inject 400 billion won in to rai
Aug. 28, 2016
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POSCO steps up automotive steel plate business
Korea’s top steelmaker POSCO is putting efforts into enhancing its automotive steel plate business as one of the few global companies that supplies steel sheets for carmakers.Automotive steel plates, a cash cow steel product, are only supplied by some 20 out of about 800 steelmakers in the world. POSCO supplies 10 percent of the world total at 8.7 million tons. POSCO’s self-developed automotive steel plate is displayed at North American International Auto Show in Detroit in January. (POSCO)Earl
Aug. 28, 2016
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Hanjin Shipping may face court receivership
Korea’s top shipper Hanjin Shipping may face court receivership this week while the government and the finance sector are preparing for measures against the possible aftermath.On Thursday, Hanjin Group submitted a rescue plan that planned 400 billion won ($358 million) of funds from Korean Air and 100 billion won from other Hanjin’s affiliates and Hanjin Group Charman Cho Yang-ho’s private account. The creditors, including the main creditor Korea Development Bank, however, expressed disappointme
Aug. 28, 2016
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LS C&S Asia aims to double sales by 2021
HANOI, Vietnam -- LS Cable & System aims to double the sales of LS C&S Asia, which is to be listed in September, the company’s chief said last week. LS C&S Asia, the holding firm of the Korean cable-maker’s two Vietnamese units LS-VINA and LSCV, is slated to float its shares on South Korea’s main bourse KOSPI in September.“(Through the listing), LS C&S Asia aims to generate 1 trillion won ($890 million) in sales by 2021,” Myung Roe-hyun, the company’s head, said at a press briefing held in Hanoi
Aug. 28, 2016
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[Weekender] Retailers eye wine market through exclusive sourcing
The wine industry is on the rise in Korea as consumers show an increasing preference for lighter, fruitier alternatives to the traditional strongholds of beer and soju. In response to the rising demand, companies in Korea are developing exclusive partnerships with wineries abroad to bring down prices and increase sales. The wine sampler at Mad for Garlic. (Mad for Garlic)“As we have more customers asking for wine, we wanted to find ways to bring them quality wines at lower prices,” a spokesman f
Aug. 26, 2016
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Creditors to decide fate of Hanjin Shipping by Tuesday
Creditors of cash-strapped Hanjin Shipping Co. plan to decide whether to put the country's No.1 shipper under receivership by Tuesday, as a new self-rescue scheme falls short of expectations, its main creditor said Friday.On Thursday, Hanjin Shipping, under growing pressure from its creditors to secure more money to tide over a deepening cash shortage, submitted a stronger self-rescue plan. The new scheme includes sales of more assets and a capital infusion by its major shareholders.But the cred
Aug. 26, 2016
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[Newsmaker] Top exec's death deepens Lotte crisis
Lotte Group fell further into crisis Friday after the conglomerate’s second man in the management was found dead in apparent suicide, with him set to face prosecution interrogation on the same day.Lee In-won, the retail giant’s vice chairman, the highest-ranking executive as a non-family member, appears to have committed suicide, the police said. His body was found at a walking trail in Yangpyeong, Gyeonggi Province, at around 7 a.m. Lee left a note in his car, apologizing to his family for endi
Aug. 26, 2016
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Low-cost Jeju Air expanding flights to fuel growth
Low-cost carrier Jeju Air is focusing its energy this year on creating a foundation for strong, sustainable growth by expanding its fleet and flights, the Aekyung Group-owned airline said Friday.Last month, the airline added three new destinations to its portfolio including Sapporo in Japan, Kota Kinabalu in Malaysia, and Phuket in Thailand. The addition of flights to Sapporo gives Jeju Air the largest number of Korea-Japan routes among low-cost carriers in both countries.A Jeju Air plane (Jeju
Aug. 26, 2016
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Hallyu stars boost ginseng popularity
Korea Ginseng Corp.‘s red ginseng products have gained international popularity after hallyu celebrities were seen drinking the healthy products in dramas, according to company officials.KGC officials said demand for “Hongsam Jeong Everytime Royal” among other ginseng products, is soaring in China and other Asian countries thanks to popular actors such as Song Joong-ki and Kim Woo-bin. Actor Kim Woo-bin (above) and Song Joong-ki drink “Hongsam Jeong Everytime Royal” in dramas. (Screenshot captur
Aug. 26, 2016
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Lotte Group Vice Chairman found dead in apparent suicide
Lotte Group Vice Chairman Lee In-won was found dead in an apparent suicide Friday morning, just hours before he was scheduled to be questioned by prosecutors as part of the ongoing investigation into the retail giant.According to police, Lee‘s body was found on a walking trail in Yangpyeong-gun, Gyeonggi Province, at about 7 a.m. Police identified him by his business card and ID. Lee In-won (Yonhap)Police said that there was no indication that Lee‘s death could have been a homicide, adding that
Aug. 26, 2016
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Studio apartment block set to open in center of Gangnam
Korea’s leading builderDaewoo Engineering & Construction announced Friday that it will open a new studio apartment building in September near Yeoksam station in Gangnam, southern Seoul. The advantage of living in “Yeoksam Central Prugio City” comes from its easy-to-commute location, Yeoksam, where is known to be one of Seoul’s central business quarters. It is also convenient to commute to other areas in Seoul by metro and highways, company officials said.The artist rendering of Yeoksam Central P
Aug. 26, 2016