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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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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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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Sales ban on cigarettes in Jeju Duty Free faces opposition
The government‘s attempt to ban the sales of cigarettes in the duty-free shop of Jeju International Airport faces mounting opposition from smokers, industry sources said. “The (Finance Ministry’s) move to ban duty-free cigarettes in Jeju International Airport, while leaving out Incheon International Airport, is clearly a sneaky way of raising more tax,” said an official of I Love Smoking, the country’s largest online community of smokers. Travelers purchase duty free products at a duty free sho
Jan. 5, 2016
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Gas prices nearing 7-year low
Domestic gasoline prices are expected to keep sliding and soon hit the 1,300 won ($1.09) per liter mark due to a steady decline in international crude oil prices, according to government data. Data compiled by the Korea National Oil Corp. showed gasoline prices at nationwide service stations standing at just over 1,400 won per liter. Industry watchers say prices are likely to hit 1,300 won for the first time in seven years. A car pulls out of a gas station in Seoul. Yonhap“It looks like gas (pr
Jan. 5, 2016
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Six cement makers fined for price rigging
South Korea's antitrust watchdog said Tuesday that it has fined six local cement makers a combined 199.4 billion won ($167.6 million) for fixing the prices of cement products and divvying up the market.According to the Fair Trade Commission, cement companies have allegedly colluded to rig the prices of cement products by controlling output and market share in 2011.The suspected companies are Ssangyong Cement Industry Co., Tongyang Cement & Energy Corp., Hanil Cement Co., Sungshin Cement Co., Hyu
Jan. 5, 2016
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Korean medicine exports triple in 10 years: data
South Korean medicine exports jumped threefold in the last 10 years as local pharmaceutical companies have become more competitive on the global stage, government data showed Tuesday.According to the Ministry of Food and Drug Safety, Asia's fourth-largest economy shipped out 2.54 trillion won ($2.13 billion) worth of medical drugs in 2014, up 9 percent, or 210 billion won, from the year before. The total is 3.1 times larger than 820 billion won in exports tallied in 2005.In the past decade, medi
Jan. 5, 2016
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Carmakers in Korea rush to unveil new models to preempt market
Carmakers in South Korea are rushing to unveil their new models in an apparent bid to preempt the domestic market this year by appealing to customers with upgraded and enhanced functions and designs, industry sources said Tuesday.Hyundai Motor Co., the country's largest automaker, plans to launch the Ioniq hybrid mid-January, which marks its first time to unveil a car exclusively developed as an electric vehicle, as opposed to cars based on existing models.Following the hybrid version deemed to
Jan. 5, 2016
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Korean tourism industry hit hard by MERS in 2015
South Korea's tourism industry suffered a severe setback due to the Middle East Respiratory Syndrome outbreak in 2015, but most industry players are upbeat on this year's business outlook, a poll showed Tuesday. According to the survey by the Korea Culture & Tourism Institute, nearly half of 332 tour agencies said the tourism industry was stuck in a slump last year due to a sharp fall in foreign travelers since the MERS onslaught in late May.The number of inbound travelers through November was 1
Jan. 5, 2016
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Jin Air's emergency landing stirs budget airline safety fears
Disputes escalated over the safety of low-cost carriers Monday after a passenger jet of Jin Air made an emergency landing because a door was not properly closed.The LJ038 flight of Jin Air Co., owned by Korean Air, returned to Mactan-Cebu International Airport at 1 a.m. local time, about 20-30 minutes after it departed for Busan. The decision was made by the pilot as the plane carrying 163 passengers was flying at an altitude of 10,000 feet, or about 3,000 meters. The captain made the call after
Jan. 4, 2016
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Ssangyong Motor's Dec. sales jump 18.4%
Ssangyong Motor Co., the local unit of Indian auto conglomerate Mahindra & Mahindra Ltd., said Monday that its sales jumped 18.4 percent on-year in December as soaring sales at home more than offset slumping exports. Ssangyong Motor sold 15,116 units last month, compared with 12,764 units a year earlier, the company said in a press release.The figure does not include complete knockdown kits that are assembled abroad. Overseas shipments nosedived 16.4 percent to 3,765 units over the cited period
Jan. 4, 2016
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SK chairman pledges growth at New Year’s event
SK Group chairman Chey Tae-won reaffirmed his pledge to take the lead in overcoming structural difficulties to achieve growth in 2016 during his first official appearance of the year in Seoul on Monday. Chey made the remarks during SK Group’s New Year’s event, attended by some 500 high-level executives including CEOs of SK’s key affiliates. It was his first public appearance since causing a stir last week by admitting to an affair and revealing plans to leave his wife, as well as his first part
Jan. 4, 2016
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Kia Motors' Dec. sales grow 9.1%
Kia Motors Corp., South Korea's No. 2 automaker, said Monday that its sales increased 9.1 percent in December from a year earlier on strong demand both at home and abroad. Kia Motors sold a total of 308,140 vehicles last month, compared with 282,477 units a year earlier, the company said in a press release. Domestic sales rose 11.1 percent on-year to 53,330 units, and overseas shipments also climbed 8.7 percent to 254,810 units.Kia Motors said that its annual sales in 2015 inched up 0.3 percent
Jan. 4, 2016
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Hyundai Motor's Dec. sales grow 8.5%
Hyundai Motor Co., South Korea's top automaker, said Monday that its December sales grew 8.5 percent on-year on strong sales at home and abroad. Hyundai Motor said in a press release that it sold 516,359 vehicles in December, compared with 475,997 units a year before.Domestic sales jumped 18.3 percent on-year to 82,060 units, and overseas shipments also rose 6.8 percent to 434,299 units. For 2015, Hyundai Motor sold a cumulative 4,964,837 vehicles, almost the same as it did in 2014. Earlier in t
Jan. 4, 2016
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GM Korea's sales grow 7.6% in Dec.
GM Korea Co., the local unit of U.S. carmaker General Motors Co., said Monday that its sales in December grew 7.6 percent from a year earlier, driven in part by strong overseas shipments.The carmaker sold 61,338 units last month, up from the previous year's 57,015 units, the company said in a press release.Its domestic sales rose 1 percent on-year to 18,287 units, while overseas shipments expanded 10.7 percent to 43,051 units. Meanwhile, GM Korea said its annual sales in 2015 shrank 1.4 percent
Jan. 4, 2016
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SK head makes public appearance amid divorce scandal
Chey Tae-won, who heads South Korea's No. 3 conglomerate SK Group, made his first public appearance on Monday at a New Year's ceremony, a week after he admitted to having an extramarital child and going through divorce procedures with his wife, the daughter of a former South Korean president.Last week, Chey made an official statement by writing a letter to a local daily that he was suffering discord with his wife, adding that they both were going through divorce proceedings. He also admitted to
Jan. 4, 2016
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Renault Samsung sales up 8.1% in Dec.
Renault Samsung Motors Co., the local unit of French auto firm Renault S.A., said Monday that its December sales grew 8.1 percent on-year mainly due to brisk overseas demand. The automaker said in a press release that it sold a total of 25,555 units last month, compared with the 23,645 units tallied a year earlier.Exports jumped 15.3 percent on-year to 15,320 units, while domestic sales edged down 1.2 percent to 10,235 units. For 2015, Renault Samsung said it sold 229,082 units, up 34.9 percent
Jan. 4, 2016
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S. Korean food producers set sights on halal market
South Korean processed food companies and farmers are ramping up efforts to tap into the rapidly growing global halal market as they face tougher competition from cheaper rivals and unfavorable foreign exchange rates, industry watchers said Monday.Halal food refers to food products that are prepared in a specific way according to Islamic Sharia law, which covers not only meat but also fruits and vegetables. The global halal market stands at around $2.3 trillion, or roughly 18 percent of the tota
Jan. 4, 2016
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Doosan Heavy bags 670 bln won power plant order
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Monday that it has clinched a 670 billion won ($566 million) order to build a power plant in Vietnam.Under a deal with Hanoi-based Vietnam Electricity, Doosan Heavy will construct the 600-MW power plant in Binh Thuan, some 230 kilometers east of Ho Chi Minh City, Vietnam's economic capital, by August 2019, the company said in a statement.Doosan Heavy will take charge of the entire process, including the eng
Jan. 4, 2016
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SK head makes public appearance amid divorce scandal
Chey Tae-won, who heads South Korea's No. 3 conglomerate SK Group, made his first public appearance on Monday at a New Year's ceremony, a week after he admitted to having an extramarital child and going through divorce procedures with his wife, the daughter of a former South Korean president.Last week, Chey made an official statement by writing a letter to a local daily that he was suffering discord with his wife, adding that they both were going through divorce proceedings. He also admitted to
Jan. 4, 2016
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Samsung heir seeking quiet start to new year
Lee Jae-yong, the heir apparent of South Korea's No. 1 conglomerate Samsung Group, is seeking to take a low-key stance for the new year and to continue efforts to streamline and reorganize the group's operations, industry watchers said Monday.A Samsung Group official said that like in 2015, there will be no group-wide New Year's ceremony chaired by Jae-yong, but the crown prince will instead hold meetings with executives from each affiliate to set yearly business plans.Lee Kun-hee, the Samsung G
Jan. 4, 2016
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Hyundai Heavy cuts new order target for 2016
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it is targeting $19.5 billion worth of orders for the year, $3.4 billion less than the previous year's target.In a regulatory filing, the shipyard also slashed its annual sales target to 21.64 trillion won ($18.4 billion) from 24.34 trillion won the previous year.Hyundai Heavy and local rivals, such as Daewoo Shipbuilding & Marine Engineering Co., are struggling with increased costs stemming from a delay in the cons
Jan. 4, 2016
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Samsung chalks up weaker operating profit in Q4: analysts
South Korean tech giant Samsung Electronics Co. probably posted a weaker operating profit in the fourth quarter of 2015 than three months earlier due mainly to sluggish chip, display and mobile businesses, a market tracker said Monday.According to FnGuide, 25 local brokerages put Samsung's operating profit at an average of 6.68 trillion won ($5.67 billion) for the October-December period, down 9.7 percent from 7.39 trillion won the previous quarter. Their average estimate of Samsung's top line f
Jan. 4, 2016