Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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Nuclear reactor shuts down over technical glitch
A nuclear reactor in South Korea‘s southwestern nuclear complex temporarily stopped operation Saturday due to a technical glitch, an official said, but it does not pose any radiation risks. The 950,000-kilowatt “Hanbit 1” reactor stopped operating at around 5:16 a.m. due to a problem in a device that condenses a steam into water, according to Min Sung-mok, an official of the Korea Hydro and Nuclear Power, the operator of South Korea’s nuclear power plants. The device, which is required to mainta
Feb. 27, 2016
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SK moves to bolster pharma business
SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, said Friday it has acquired a 100 percent stake in SK Biotek, a contract manufacturer of active pharmaceutical ingredients (API) used to produce chemical drugs. At the same time, SK Biotek will issue new shares worth 40 billion won ($32.38 million) to expand its production facilities. The decisions were made during a company board meeting on Thursday. SK’s holding company, at the apex of the group’s governance
Feb. 26, 2016
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[Weekender] Online ‘salty-tech’ communities spice up thrifty consumerism
The word “frugality” has long had a poor reputation as its association with a similar word “stingy” has often bestowed a negative connotation on its meaning. However, in 2016, the word “frugality” has been rising in importance due to the prolonged economic difficulties that consumers are facing. The Bank of Korea’s consumer sentiment index hit an eight-month low in February, indicating that Korean consumers have become more frugal to adjust to the sluggish economy. Faced with cold hardship, comm
Feb. 26, 2016
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[Weekender] An era of prosumers
People have transitioned from being consumers to prosumers more than ever today.Infact, the term prosumers -- coined by Alvin Toffler -- is now considered the apex of consumerism.The American writer and futurist noted in his 1980 book, “The Third Wave,” that prosumers -- people who produce many of their own goods and services -- will replace the declining number of pure consumers in the future.They truly influence the products, rather than bluntly picking up what the producers offer. Consumers b
Feb. 26, 2016
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[Weekender] Moving away from brand consciousness
For Kim Min-sun, being a stylish person does not mean owning luxury designer bags. The 35-year-old office worker in Seoul does not feel a need to purchase high-end purses anymore, not just because of the hefty price tags but also because she no longer sees much value in them. “I think the time has come, when logo plays are not cool anymore,” she said. “It is the value of the product that matters now. I think more about what I really want instead of how to impress others by showing off luxury ite
Feb. 26, 2016
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[Weekender] Rise of new consumers
For a long time, the needs of consumers have been overshadowed by technological improvements, conspicuous marketing strategies and other factors. Finally, they have returned to the center of business activities.But they are a rather new breed. Amid the global economic slowdown, consumers now opt for pragmatism. They do not opt to be stingy in their spending, but they are ditching spending on impractical things. When they shop, they calculate the cost efficiency of products. They swap “prettiness
Feb. 26, 2016
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Samsung’s Lee Kun-hee top dividend earner in 2015
Samsung Group head Lee Kun-hee trumped all business tycoons in the country in terms of dividend earnings in 2015, data showed Friday.The 2015 dividend income of Lee, chairman of Samsung Electronics, reached 177.16 billion won ($143.3 million), according to data by financial information provider FnGuide. Samsung’s Lee Kun-hee (Yonhap)Lee, who has been hospitalized since May 2014 after suffering a heart attack, will receive 99.71 billion won in dividends from Samsung Electronics alone, the group’s
Feb. 26, 2016
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Sharp shares plunge as takeover thrown into question
Sharp's shares dived nearly 15 percent on Friday, after the Taiwanese multinational that owns Foxconn said it would delay its multi-billion-dollar takeover to review new information it had received about the ailing Japanese giant.Analysts had cheered Hon Hai Precision's bid for Sharp -- the first overseas acquisition of a major Japanese electronics firm -- which has teetered on the edge of bankruptcy for years as its consumer electronics division piled up massive losses.But after markets closed
Feb. 26, 2016
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South Korea’s auto market ranks 10th place in 2015
South Korea’s automobile market grew 10.3 percent in 2015 to become the world’s 10th largest in vehicle sales, data showed on Friday.More than 1.83 million domestically made and imported cars were sold here last year, accounting for 2 percent of auto sales around the world, according to the data compiled by the Korea Automobile Manufacturers’ Association. Vehicles are lined up to be delivered at a local auto factory. (Yonhap)That was up a notch from 2014 when the country was the 11th-largest au
Feb. 26, 2016
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Samsung to take preorders for Galaxy S7 next week
Samsung Electronics will start receiving preorders for its latest flagship smartphone, the Galaxy S7, from local customers on March 4, industry sources said Friday.That would be a week ahead of the phone’s official release in South Korea. Samsung’s Galaxy S7 (Yonhap)The Galaxy S7 is estimated to cost 850,000 won ($644) here and the Galaxy S7 Edge 900,000 won. Samsung earlier said the devices will be available for sales on March 11 in 60 countries around the globe.The initial factory price of the
Feb. 26, 2016
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Samlip releases Hi-myon instant cup noodles
Hi-myon instant noodles are now available in cup form. They were initially only available in packets. Released in November last year, Hi-myon instant noodles, are endorsed by star chef Baek Jong-won. Consumers had been asking for the product to be packaged in cups so that the instant noodles can be easily prepared on the go. Newly-released Hi-myon cup noodles (SPC Group)“To commemorate the new Hi-myon cup release, various consumer events will be held,” said an official from Samlip General Foods
Feb. 26, 2016
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Shinsegae unveils revamped Gangnam department store
Korea’s second-largest retailer Shinsegae Group on Thursday unveiled the revamped Shinsegae Department Store in Gangnam, an affluent area in southern Seoul.The revamped Shinsegae Gangnam Department Store will officially open on Friday. The store’s concept is heavily inspired by the high-end department store chains Le Bon Marche in France and Saks Fifth Avenue in the U.S. The Shinsegae Group, which is Korea’s second-largest retailer, has added six new floors to the annex building of its store in
Feb. 26, 2016
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[Consumer This Week] Klavuu, Iittala McDonald's, Uniqlo, Coca-Cola, Malltail
Bekei Korea launches Klavuu cosmetics brand Bekei Korea, a cosmetics company specializing in developing pearl-based items, has launched South Korea’s first pearl cosmetics brand Klavuu. Klavuu has introduced a new skin care lineup, including toners, serums, eye creams and facial creams, as well as a cleansing product lineup based on conchiolin, a protein found in pearls known to improve skin quality. All of Klavuu’s products are infused with natural minerals and proteins found in high-quality, n
Feb. 25, 2016
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Korea’s baby market undeterred by economic slowdown
From couples with babies on strollers to seniors holding toddlers’ hands, a recent annual baby fair held at Coex, in Samseong-dong, southern Seoul, was packed with a sea of Koreans wanting to explore the latest and premium products for their children. The three-day event that ended Sunday had about 110,000 visitors, according to organizers, reflecting Korean parents’ unwavering love for their children and their endless interests on the market. The market has been thriving in recent years, despit
Feb. 25, 2016
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Hanwha E&C pledges fair trade with partners
Hanwha Engineering & Construction pledged to promote fair trade with its subcontractors as part of efforts to share growth, company officials said Thursday.The builder concluded an agreement for fair trade with its partners at the Federation of Korean Industries in Yeouido, central Seoul, on Wednesday. Hanwha E&C CEO Choi Kwang-ho (center) and representatives from subcontractors attend a fair trade agreement signing ceremony in Seoul on Wednesday. (Hanwha E&C)Under the agreement, Hanwha E&C will
Feb. 25, 2016
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Korea forms task force on new energy deals
Korea's public and private companies launched a joint task force Thursday to clinch new energy-related projects overseas as part of efforts to find new growth drivers, the trade ministry said Thursday. The task force dubbed "Team Korea" is composed of public firms, private-sector companies and financial institutions that will jointly conduct a market survey and set up strategies to win bids for international energy projects, the Ministry of Trade, Industry and Energy said.Strategies will differ
Feb. 25, 2016
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UAE retailer taking preorders for Galaxy S7
A retailer in the United Arab Emirates has started to take preorders for Samsung Electronics’ latest flagship Galaxy S7 smartphone, industry sources said Thursday.The retailer is selling the 32-gigabyte Galaxy S7 for 2,399 dirham ($635), while the price for the Galaxy S7 Edge was set at 2,799 dirham, according to the sources. Samsung‘s Galaxy S7 (Yonhap)In 2015, the initial price of the Galaxy S6 with the same capacity was $695 in Korea.Samsung Electronics earlier said the Galaxy S7 is slated t
Feb. 25, 2016
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Hyundai Motor vice chairman to attend Geneva motor show
Hyundai Motor Group sources on Thursday confirmed that its vice chairman will visit an international motor show in Switzerland early next month.Chung Eui-sun, the only son of Hyundai Motor Group chairman Chung Mong-koo, will leave for Geneva to attend the show that will kick off Tuesday for a nine-day run, according to the sources. Hyundai Motor vice chairman Chung Eui-sun (Yonhap)This follows his visit to a motor show in Detroit late last month where he took the stage to unveil the group’s rec
Feb. 25, 2016
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Fitch cuts Lotte Shopping's outlook to 'negative'
Fitch Ratings said Wednesday it has downgraded the outlook on Lotte Shopping Co. from "stable" to "negative", expecting slow recovery from last year's sluggish earnings due to tougher competition at home and abroad.The key retail unit of South Korean conglomerate Lotte Group saw its operating profit fall 30 percent on-year to 688 billion won (US$541.5 million) in 2015, marking a consolidated net loss of 346 billion won.While its 2015 earnings were hampered by the outbreak of the Middle East Resp
Feb. 24, 2016
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Indian chamber names new secretary general
The Indian Chamber of Commerce in Korea has named Yoon Sock-joong, a former presidential secretary and public affairs minister at the Korean Embassy in the U.S., as its new secretary general. Yoon, 57, will take over the chamber’s secretary general post formerly held by Chang Kook-hyun, the founding secretary general of the ICCK, starting from Feb. 1. Chang will continue to serve ICCK as senior advisor. Yoon Sock-joong (ICCK) Yoon served as the embassy minister in the U.S. from 2005-2008 after w
Feb. 24, 2016