Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Korean toy market driven by animation success, parents’ pride
For Oh Soo-hyun, the mother of a 4-year-old boy in Seoul, last year was a nightmare.“Turning Mecard,” she said. “I’ve been searching for this everywhere, almost every single day. But even though I get it one by one, the company keeps producing different models. … It has no end.” Oh is one of many Korean parents pressured by their kids who are captivated by the hit TV animation series. The action-adventure series features dozens of minicars and main characters who control them with their mysterio
Jan. 7, 2016
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Imported car sales in Korea jump 24.2% in 2015
Sales of imported cars in South Korea jumped 24.2 percent in 2015 from a year earlier, driven by a marked growth in demand for European car brands, industry data showed Thursday.According to the data by the Korea Automobile Importers and Distributors Association, 243,900 foreign vehicles were newly registered in the country last year, compared with the previous year's 196,359 units.European cars dominated the local market, with 80.9 percent of annual imports coming from the area, up 80.4 percent
Jan. 7, 2016
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Netflix starts video-streaming service in Korea
U.S. video service provider Netflix said Thursday it has commenced its service in 130 additional countries, including South Korea, a move expected to change the landscape of the local online content industry.With Netflix also adding Korean, Chinese and Arabic to its services, the media giant currently provides the service in 21 languages.While China is excluded from Netflix's service areas, the company said it has been continuously making efforts for its operation there.The company currently boa
Jan. 7, 2016
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Hyundai Motor unveils Ioniq hybrid aiming at market leader Prius
Hyundai Motor Co., South Korea's leading automaker, unveiled its first dedicated green car model on Thursday, targeting to take over market leader Prius.The Ioniq hybrid, scheduled to be officially launched in mid-January, was disclosed to media early in the day during a preview event held at its Namyang R&D Center southwest of Seoul."The Ioniq is the world's top-class environmentally friendly dedicated vehicle, which will be the beginning of the change in Hyundai Motor’s future mobility," the c
Jan. 7, 2016
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Korea's top 3 shipyards log 8 tln won operating loss in 2015
South Korea's big three shipbuilders probably posted a record operating loss in 2015, stung by a combination of a prolonged industry slump, a series of order cancellations and a delay in the construction of offshore facilities, data showed Thursday.According to the industry data, the top three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are estimated to have racked up a combined operating loss of more than 8 trillion
Jan. 7, 2016
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Samsung head to mark 75th birthday at hospital
Lee Kun-hee, the de facto head of South Korea's top conglomerate Samsung Group, is set to celebrate his 75th birthday at a local hospital with his family later this week, sources said Thursday.Lee, the wealthiest man in South Korea, turns 75 on Saturday.After suffering a heart attack on May 10, 2014, he was rushed to Samsung Medical Center, a group hospital, where he underwent stent placement and has remained since.While various rumors surrounding his health continuously caused the local financi
Jan. 7, 2016
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Volkswagen submits detailed recall plan to Korean gov't
German carmaking giant Volkswagen submitted a recall plan to the South Korean government on Wednesday for its vehicles whose emission results were found to have been faked, claiming that there will be no change in fuel efficiency and power even after removing the so-called "defeat device," officials and industry sources said. "Volkswagen submitted its detailed recall plan to the environment ministry today, which is focused mostly on rectifying problems found in vehicles," a company official said
Jan. 7, 2016
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Hanwha Techwin cancels KAI takeover
In a surprising move, Hanwha Techwin, the defense arm of Hanwha Group, is seeking to divest half of its 10 percent stake in the nation’s sole aircraft manufacturer Korea Aerospace Industries, swatting off market rumors of its possible acquisition of the government-controlled firm.KAI`s T50 trainer aircraft (Yonhap)Of the 5 percent stake offered for block trade, Hanhwa has already sold 4 percent or 3.9 million shares worth 279.3 billion won, the company said in a public announcement Wednesday. Th
Jan. 6, 2016
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Korea opens preliminary discussion on FTA with Israel
The South Korean government hosted a public meeting in Seoul on Wednesday to discuss the potential benefits and economic impact of a free trade agreement with Israel.Led by the Ministry of Trade, Commerce and Economy, the session brought together some 100 government and industry officials and civilians to examine the FTA’s predicted effects on the national economy.“Now is the right time to actively examine the possibility of a free trade pact with Israel, as the government seeks to boost its exp
Jan. 6, 2016
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BOK convenes emergency meeting on North Korea quake
South Korea's central bank moved quickly to minimize the fallout from what could be North Korea's nuclear test on the local economy Wednesday, convening an emergency meeting of the monetary policy board."In regard to the North Korean issue, the Bank of Korea plans to hold an emergency meeting of its monetary and financial policy task force at 2 p.m. today," the bank said in a short text message.The decision to hold an emergency meeting comes only hours after various government agencies throughou
Jan. 6, 2016
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FDI in Korea hits fresh high in 2015
New foreign direct investment pledged to South Korea jumped 10 percent to hit a fresh record high in 2015 on a large increase in investments from China, the government said Wednesday.The new FDI pledges came to US$20.9 billion last year, up from the previous record of $19 billion set in 2014, according to the Ministry of Trade, Industry and Energy.The amount of new FDI arrivals here also soared 32.3 percent on-year to a record high of $16 billion in 2015.Last year's jump was attributed to a 66.3
Jan. 6, 2016
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CJ to step up global expansion through M&As
CJ Group, South Korea's leading food and entertainment conglomerate, will step up its global expansion through mergers and acquisitions in the bio and logistics business to foster new growth drivers, company officials said Wednesday. CJ has been grappling with stagnant growth after its chairman Lee Jay-hyun's indictment on embezzlement and tax evasion in 2013.The firm's sales growth has cooled to single digits over the past three years. Its consolidated sales were 29.1 trillion won ($24.5 billi
Jan. 6, 2016
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Korea's auto imports top $10 bln in 2015 for first time: data
South Korea's annual imports of automobiles topped $10 billion in 2015 for the first time since the country opened its market to foreign brands nearly three decades ago, government and industry data showed Wednesday.According to the data by the commerce ministry and the auto industry, South Korea imported a total of $9.49 billion worth of passenger vehicles from Jan. 1 to Dec. 20 last year. If imports of trucks and other non-passenger vehicles estimated at $749.4 million until November are inclu
Jan. 6, 2016
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Korea's food imports surge on greater demand
South Korea's food imports have been rising sharply in recent years mainly due to increased consumer demand for more diverse products, data showed Wednesday.Asia's fourth-largest economy posted 554,177 import reports of processed food and agrofisheries products in 2014, up 25.5 percent from 441,530 shipments tallied for the whole of 2010, according to data from the Korea Food and Drug Administration.Over the same period, the value of imports also shot up 45.5 percent, while the volume of inbound
Jan. 6, 2016
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New business hotels in Seoul spice up competition
A series of new business hotels have popped up or are set to open in Seoul to attract budget-conscious travelers, but their rapid expansion raises concerns over tighter competition and margins, industry officials said Wednesday. Local and global hotel chains have been building mid-range hotels or renovating existing facilities in the bustling downtown areas and near tourist attractions in the capital to target a growing number of travelers.Many of the hotels have sprung up in Myeongdong, a downt
Jan. 6, 2016
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Korea's listed firms top 2,000 mark in 2015: data
The number of listed companies in South Korea surpassed the 2,000 mark last year due to an initial public offering boom in the KOSDAQ and KONEX markets, data showed Wednesday.According to the Korea Exchange, there were 2,030 firms listed on the benchmark KOSPI market, the tech-heavy KOSDAQ and the KONEX market for ventures and startups as of late 2015, up 125 from 1,905 tallied a year earlier."By market, the number of companies on the KOSPI dipped from 773 to 770, but a surge in IPOs propped up
Jan. 6, 2016
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KT halts sales of Xiaomi in Korea
South Korea's No. 2 mobile carrier KT Corp. has suspended selling China-based Xiaomi Inc.'s smartphone, industry sources said Wednesday, only two days after it started sales.KT started sales of the Xiaomi Redmi Note 3 through online shopping site Interpark Corp. on Monday The sources said the move came due to "legal matters related to sales."It marked the first time for a South Korean mobile carrier to distribute Xiaomi's smartphones.Amid the rising popularity of budget smartphones in the countr
Jan. 6, 2016
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Hyundai, Kia see U.S. sales grow 7% in Dec.
Hyundai Motor Co. and its smaller affiliate, Kia Motors Corp., saw their combined sales in the United States grow 7 percent in December, thanks to a nearly 20 percent jump in Kia's sales, industry data showed Tuesday.The two South Korean auto giants sold a combined 117,749 units in the U.S. last month, up from 110,094 units during the same period last year, the data showed. Hyundai's sales fell slightly from a year earlier, logging 63,508 units, a 1.5 percent drop from last year's 64,507. But Ki
Jan. 6, 2016
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Caffe Bene founder crashes from dizzying heights
Caffe Bene, a leading local coffee chain, announced Dec. 30 that a private equity fund has become its largest shareholder. “The fifth K3 Fund, a private equity fund, has taken an 84.2 percent stake in the coffee chain,” a company official said. Industry watchers said the ownership change in the homegrown coffee chain is expected to lighten its strained finances by lowering the company’s debt ratio to 300 percent from the previous 865 percent. The change in governance not only highlights the dire
Jan. 5, 2016
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[Newsmaker] Hanmi chief gains spotlight with stock gift
Hanmi Pharmaceutical Group founder and chairman Lim Sung-ki has found himself in the public spotlight since announcing plans to distribute a portion of his personal stocks, worth some 110 billion won ($92.5 million), as a gift of gratitude to all his employees. The country’s largest drugmaker said Monday it is distributing 900,000 shares of the chairman’s common stocks in Hanmi Science, the holding company of Hanmi Pharma, to the entire workforce. As a result, some 2,800 Hanmi employees at both
Jan. 5, 2016