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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Korean labor force to shrink by 10 million by 2044: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Allegations surrounding BTS resurface, enraged fans demand apology
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Samsung mocks Apple over iPhone alarm glitch
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Dongwon Group honors American veterans of Korean War
South Korea’s Dongwon Group, globally known as the owner of leading US canned tuna company StarKist Co., commemorated some 170 American veterans of the Korean War and their families in a ceremony Wednesday in Pittsburgh, Pennsylvania.The event was attended by members of the Korean War Veterans of Western Pennsylvania association and their families, StarKist President and CEO Andrew Choe as well as Dongwon Enterprise Vice Chairman Park In-gu. Dongwon Enterprise Vice Chairman Park Ingu (center, ba
Aug. 18, 2016
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[Super Rich] Money-losing Lotte Shopping pays do-nothing founder W800m
Lotte Group’s beleaguered retail company Lotte Shopping paid a salary of 800 million won ($723,800) to Lotte founder Shin Kyuk-ho for the first half of 2016, despite his absence from company operations, according to a report disclosed by the company Wednesday.This is the same amount of salary paid to the founder last year. Shin, who is currently undergoing court proceedings to determine whether he should be appointed an adult guardian due to mental incompetency, has not been involved in Lotte’s
Aug. 18, 2016
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[News Analysis] Novartis Korea under fire for indifferent response to bribery charges
Swiss pharmaceutical giant Novartis is facing mounting criticism in South Korea for failing to take full responsibility for bribing local doctors to boost its sales here over the past five years. Last week, the Seoul Western District Prosecutors’ Office indicted without detention six high-level officials at Novartis Korea, including former Chief Executive Moon Hak-sun, for providing 2.59 billion won ($2.34 million) in kickbacks to doctors in exchange for prescribing its products from 2011 to 20
Aug. 18, 2016
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[K-ITC Born2Global Center and its Members] ⑨ Dreamsquare
Dreamsquare, a global talent recruitment company announced on Tuesday it plans to launch a mobile talent recruitment platform in October this year. Dreamsquare is a startup company that offers scientific and practical career consultations and job recommendations based on big data technology and is currently providing services both online and offline.What differentiates Dreamsquare from other recruitment platforms is its self-developed AI system called HEURI, which the company has used to analyze
Aug. 18, 2016
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Pharmaceutical firms boosted by brisk overseas sales of botox, fillers
Increasing demand of botox and fillers from overseas markets have contributed to the rapid growth of South Korean pharmaceutical companies, industry sources here said Thursday.Medytox Inc. and Huge Inc. logged record performances in the second quarter on the back of robust overseas sales of botulinum toxin and hyaluronic acid fillers used for cosmetic purpose, they said.Botulium toxin, more commonly known as botox, is used to fill wrinkles by temporarily relaxing facial muscles that cause lines,
Aug. 18, 2016
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Hyundai Rotem signs $1 bln deal to supply trains to Australia
Hyundai Rotem Co., the train-making unit of Hyundai Motor Group, said Thursday that it has signed a deal to supply trains to Australia, worth up to 1.1 trillion won ($995 million).Under the agreement signed with the Ministry of Transport and Infrastructure of New South Wales, the South Korean firm will supply 512 double-deck passenger railcars, worth 889.4 billion won.The deal also carries an option for the New South Wales government to order an additional 136 cars, making the entire deal worth
Aug. 18, 2016
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Samsung SDS enters Vietnam in joint venture with ALS
Samsung SDS said Thursday it will enter the Vietnamese market in joint venture with Aviation Logistics Service, a leading air freight terminal operator there.Vietnam is the second destination for the company’s market expansion strategy in the Southeast Asian region.Last month, the company agreed to set up a joint venture with Thailand’s Acutech.Samsung SDS, an IT solutions and logistics unit of South Korea’s largest conglomerate Samsung Group, pins hopes for the rapid growth of Vietnamese logist
Aug. 18, 2016
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Owners of troubled big firms under fire for high pay
Owners of several large companies in South Korea received handsome compensation in the first half of the year despite corporate troubles, data showed Thursday, sparking criticism over their high pay.According to the data compiled by market researcher Chaebul.com, 237 executives of local companies received 500 million won ($452,000) or more in compensation in the January-June period, an increase of 8 people from the same period a year earlier.Among the highly paid directors are several owners of
Aug. 18, 2016
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Increased spending of China consumers demands change in Korean exports
South Korean companies must focus more on individual Chinese consumers rather than Chinese producers to keep their exports growing as Chinese consumers' spending has nearly quadrupled in just 10 years and will continue to grow, a report said Thursday.According to the report from the Korea International Trade Association, China's per capita spending came to $7,924 in 2015, up about 380 percent from $2,083 in 2006.Also, China's consumer market has been growing at more than 10 percent over the past
Aug. 18, 2016
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Seoul prosecutors summon VW Korea executive over emissions scandal
State prosecutors on Thursday called in the managing director of Volkswagen Korea to question him over allegations the German carmaker fabricated emissions results here.The Seoul Central District Prosecutors' Office summoned Volkswagen Korea Managing Director Thomas Kuehl to gather information on allegations the automaker illegally changed parts of the Golf 1.4 TSI to obtain approval from the local government between 2014 and 2015."I am very sorry for the situation, and I apologize to our custom
Aug. 18, 2016
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Samsung units cut about 5,700 jobs through voluntary retirement
Five of Samsung Group subsidiaries have slashed about 5,700 jobs so far this year via voluntary retirement programs, according to the units' regulatory filings on Thursday. The five units -- Samsung SDI, Samsung Electro-Mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T -- have offered early retirement or voluntary severance, as part of a drive to increase competitiveness and return to profitability. The five subsidiaries had a total of 49,259 employees as of June 30 this y
Aug. 18, 2016
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Scandal-hit Lotte Homeshopping faces staff exodus
Lotte Homeshopping Inc., the TV channel of retail giant Lotte Group, is facing a staff exodus as many employees are poised to leave the company following a series of negative incidents, industry sources said Thursday.Major local headhunters have been flooded with resumes of Lotte Homeshopping employees wanting to change jobs since mid-June, when the prosecution launched a full-fledged probe into irregularities involving the renewal of its business license last year."It seems that Lotte Homeshopp
Aug. 18, 2016
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Venture firms' exports fare well: data
Exports by South Korean venture companies have fared relatively well this year, although the country's overall outbound shipments continued to suffer a setback, stung by the continued sluggishness of the global economy, data showed Thursday.Overseas shipments by local startups came to $9.99 billion in the first seven months of the year, up 0.8 percent from the same period a year earlier, according to the data by the Korea International Trade Association.In July alone, their exports rose 1.7 perc
Aug. 18, 2016
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Korea's overseas plant orders nearly halved in 2016: report
Overseas orders for industrial plants clinched by South Korean builders so far this year are down by nearly half from a year earlier, a report showed Thursday, suggesting an apparent failure by local companies to adapt to changes in the global market.Local builders have so far bagged $17.06 billion worth of orders between Jan. 1 and Aug. 15, down more than 40 percent from the same period last year, according to the report compiled by the Korea Economic Research Institute.The report attributed th
Aug. 18, 2016
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[Graphic News] GS chairman becomes highest-paid executive in Korea
Chairman Huh Chang-soo of GS Group, South Korea’s refinery and retail conglomerate, ranked No. 1 in the list of the nation’s highest-paid executives for the first half of this year, according to a financial watchdog Tuesday.Huh, who also heads the Federation of Korean Industries, the nation’s largest business lobbying group, earned some 5.2 billion won ($4.2 million) between January and June this year, the Financial Supervisory Service said.Huh was followed by Hyundai Motor Group Chairman Chung
Aug. 17, 2016
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[DECODED] Hanwha seeks retail growth with duty-free outlet
Hanwha‘s retail arm Hanwha Galleria Timeworld jumped into the Seoul duty-free business with its first outlet in Seoul at the end of last year, hoping to find a new engine for growth.As one of five duty-free store operators newly licensed last year, Hanwha was tasked with finding a competitive edge against more established operators such as Lotte and Hotel Shilla.After Lotte’s duty-free outlet in the Lotte World Mall near amusement park Lotte World lost its license, Hanwha saw an opportunity to m
Aug. 17, 2016
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Celltrion draws closer to debuting Remicade biosimilar in US by October
South Korean biopharma developer Celltrion is drawing closer to its stated plans to debut its Remicade biosimilar in the US by October, as a major patent suit is showing signs of coming to an end. The US District Court for the District of Massachusetts on Tuesday commenced its hearing over the validity of Janssen Biotech’s US-based formulation patent on Remicade, the firm’s top-selling rheumatoid arthritis treatment. The hearing is set to continue until Thursday. The trial over Janssen's US-base
Aug. 17, 2016
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Korean firms win big at International Business Awards
A group of Korean companies and organizations came out on top at the annual International Business Awards as they were selected as Stevie Award winners, organizers said Wednesday.America’s business watcher The Stevie Awards Competitions announced last week that Korea’s corporations and organizations won 133 prizes in total at IBA. IBA is held every year to evaluate global companies under diverse conditions from management and marketing to new products and human resources administration.Korea’s a
Aug. 17, 2016
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Heat, Olympics boost demand for deliveries, convenience store foods
With temperatures in Seoul hitting record highs this summer and the Rio Olympics keeping people up late at night, consumers have turned to food delivery services and all-night convenience stores to keep their stomachs full without having to cook at home, data showed Wednesday.Popular food delivery mobile phone applications such as Baedal Minjok, whose name translates to Delivery Nation in English, saw orders significantly rise at the end of July. Models pose with late-night snack options from 7
Aug. 17, 2016
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[DECODED] Hanwha leads defense, petrochemicals and solar energy
Hanwha Group’s business interests span the gamut, from hotels to a professional baseball team, but five form the core – defense, petrochemicals, solar energy, finance and retail. In the first three, the conglomerate is the local market leader. Maywood Solar Farm constructed by Hanwha Q Cells in Indianapolis, Indiana. (Hanwha Q Cells)Having achieved economies of scale and scope in the fields through mergers and acquisitions, Hanwha Group Chairman Kim Seung-youn now looks to sharpen its competiti
Aug. 17, 2016