Most Popular
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[KH Explains] Why Korea's so tough on short selling
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[Weekender] Geeks have never been so chic in Korea
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Seoul City to open 'hotel' on river bridge
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Unemployment rate hits 5-year high
South Korea’s unemployment rate increased 0.1 percentage point to 4.6 percent in February, marking the highest monthly rate since February 2010 when it was 4.9 percent, the state-run Statistics Korea said Wednesday.With the holiday season including Lunar New Year and school breaks in February, the jobless rate increased on-year, the statistics bureau said. Also, companies do not usually start recruiting new employees or college graduates in the same month.In the same line, the country’s youth un
March 18, 2015
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Diageo launches low alcohol spirit
Global alcoholic beverage manufacturer Diageo Korea launched a low alcohol-content spirit brand Wednesday to respond to diversifying customer needs.The product launch, based on two years of research and development, is part of the company’s innovation plan to stimulate the slow-growing whiskey market and to discover new customer groups. Cho Kil-soo (center), CEO of global whiskey-maker Diageo Korea, promotes “W Ice by Windsor,” the company’s new low alcohol-content whiskey brand, at a launch in
March 18, 2015
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New telecom regulation deals blow to smartphone producers
A recently reformed telecommunications law has weakened the grip of Korean smartphone makers in their home country and offered a boon for foreign rivals like Apple, market analysts said on Wednesday.The Ministry of Science, ICT and Future Planning and the Korean Communications Commission implemented the so-called Mobile Device Distribution Improvement Act on Oct. 1 last year to fix excessive competition among device makers and network operators.After its implementation, the market share of Cali
TechnologyMarch 18, 2015
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LG refrigerator wins top awards in U.K., China
LG Electronics said Wednesday its premium refrigerator Magic Space had won several top awards in the United Kingdom and China. According to the Korean tech giant, Innovative Electrical Retailing, a U.K. magazine specializing in home appliances, recently picked the product as the best refrigerator in terms of energy efficiency. The Door-in-Door, the so-called “magic space” refrigerator, allows users to take out their frequently used snacks and drinks quickly and easily while helping reduce energy
TechnologyMarch 18, 2015
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Korean, U.S. experts discuss shale gas technology cooperation
Some 300 energy experts from Korea and the United States discussed ways to cooperate in the shale gas industry at a symposium in Seoul on Tuesday. The participants held in-depth discussions on ways to strengthen technical exchanges on shale gas development, organizers said.The Korea Gas Corp. and New Mexico-based research center Sandia National Laboratories jointly hosted the “2015 Korea-U.S. Shale Gas Technology Cooperation Symposium” as a follow-up measure after the two countries signed a pact
IndustryMarch 18, 2015
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Samsung taps Unilever SVP as head of U.S. marketing
Samsung Electronics ― working to overhaul its U.S. operations ― is allegedly in talks with Unilever’s senior vice president of global marketing Marc Mathieu to replace its top creative officer. Ad Age, a U.S.-based magazine, said Wednesday the Unilever executive will replace Todd Pendleton, Samsung’s chief marketing officer in the mobile division who plans to resign in April. Before joining Unilever in 2011, he also served as brand marketing vice president at Coca-Cola for 12 years. Both Samsun
TechnologyMarch 18, 2015
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Hanwha delays inspection on Samsung Total amid protests
South Korean defense and chemicals conglomerate Hanwha Group said Wednesday it will delay its on-spot inspection on Samsung Total Petrochemicals Co., one of the four Samsung affiliates that will come under its wing by June, due mainly to the protests from Samsung Total's labor union against the sales plan. Last year, Samsung said it would sell defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha, a conglomerate whose main businesses include defense and
CompaniesMarch 18, 2015
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Korean Air signs on as corporate sponsor for PyeongChang Winter Olympics
Korean Air Lines Co., the country's flagship carrier, has become a corporate sponsor for the 2018 Olympic Winter Games in PyeongChang, South Korea, the event organizers said Wednesday. The signing ceremony took place at Lakai Sandpine Resort in Gangneung, east of PyeongChang in Gangwon Province. The International Olympic Committee's Coordination Commission on PyeongChang is visiting the area this week to check preparations for the Olympics. Gangneung will host curling, hockey and skating events
CompaniesMarch 18, 2015
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S. Korea's trade with Japan down for 3 straight years in 2014
South Korea's trade with Japan declined for the third straight year in 2014, affected by the falling Japanese yen, which hurt Korean products' price competitiveness there and led to less demand, a report showed Wednesday. According to the report by the Korea International Trade Association, the bilateral trade between South Korea and Japan came to $85.95 billion last year, down 9.2 percent from a year earlier. Last year, South Korea's exports to Japan fell 7.2 percent on-year to $32.18 billio
March 18, 2015
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Jeju rises as EV hub, but sustainability still key issue
It isn't too far fetched to say that Jeju Island's attempt at promoting itself as a test bed for the newly-rising electric vehicle industry has caught on, at least in terms of demonstrating the zeal to realize its ambitious plans. The second International Electric Vehicle Expo on the island off South Korea's southwestern coast drew some 72,000 visitors during its 10-day run earlier this month, according to organizers. Last year's head count was 47,000. Fourteen companies participated in thi
MobilityMarch 18, 2015
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Hyundai, Kia log lower-than-market average sales in Europe
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their sales grow at a lower-than-market average pace in Europe last month, with their combined market share declining from a year earlier, data showed Tuesday.According to the data by the European Automobile Manufacturers Association, Hyundai Motor's sales in Europe came to 30,943 units, up 0.2 percent from a year earlier, while Kia Motors' sales grew 6 percent on-year to 25,671 units. Their growth rates were lower than the 7 perce
MobilityMarch 17, 2015
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[SUPER RICH] Hyundai Dept. Store chief diversifies portfolio
Hyundai Department Store is fast moving to expand its presence and diversify its portfolio, signing two real estate deals in succession.As the company eyes the tightly contested market, Hyundai Department Store Group chairman Chung Ji-sun is also increasing his public presence. While Chung is a member of the famous Chung Ju-yung family, he has for the large part kept a low profile.While a department store opening new branches is nothing new, Hyundai Department Store has taken on the unusual stra
IndustryMarch 17, 2015
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[SUPER RICH] Young Korean superrich transcend borders
Samsung Electronics vice chairman Lee Jay-yong and Daum Kakao chairman Kim Beom-su are two notable Korean billionaires with striking similarities.Both operate world-class companies, hold considerable wealth and status, and suggest that they are keen to rapidly expand their businesses by transcending borders. Lee Jay-yong and Kim Beom-suLee Jay-yongForbes selected Samsung Electronics vice chairman Lee Jay-yong as the most influential person in Korea in 2014. Bloomberg estimates his total assets a
IndustryMarch 17, 2015
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Coupang makes huge investment in logistics
Coupang, a leading ecommerce company, said on Tuesday it would pour more resources into logistics in a bid to offer the highest level of delivery service in the rapidly growing market for online discounts in Korea. “We will offer the best ecommerce model, even compared with Amazon,” said Coupang CEO, Kim Bom, during a press conference held at a Seoul hotel. According to Kim, the key to the ambitious plan is a huge investment in logistics, especially into delivery personnel called “Coupang Man.”
TechnologyMarch 17, 2015
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GS Energy bids for stake in Abu Dhabi oil fields
GS Energy, an energy business arm of GS Group, joined a bid to secure a stake in the Abu Dhabi Company for Onshore Oil Operations, which operates 15 oil fields in the United Arab Emirates, to expand its crude oil production business in January, the company said in a recent filing to financial authorities.“GS Energy is seeking to buy a 5 percent stake in ADCO, which is estimated at 1.25 trillion won ($1.11 billion),” industry sources said.“When GS Energy wins the deal this month, it will secure 4
IndustryMarch 17, 2015
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Hyundai unveils all-new Tucson
Hyundai Motor on Tuesday released the all-new Tucson, targeting youngsters looking for compact sport utility vehicles. With the latest technology, refined exterior design and reinforced safety system on one hand and the global SUV boom on the other, Korea’s leading carmaker is determined to sell about 570,000 units worldwide this year. More than 3.95 million units were sold worldwide since the Tucson’s launch in 2004 and it has become one of the best-selling models for the world’s fifth-largest
MobilityMarch 17, 2015
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SK chairman to fund social enterprises
SK Group said Tuesday its imprisoned chairman Chey Tae-won will support social enterprises by funding related start-ups through his own investment company.The chairman, who is serving out a four-year prison sentence after being convicted for embezzlement in January 2013, injected his personal money worth 10 billion won ($8.8 million) into the company last year with an aim to nurture social enterprises whose profits are spent for social good. SK said five start-ups have been picked for the first
IndustryMarch 17, 2015
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SK E&C faces probe over collusion
SK Engineering & Construction is facing an investigation by the prosecution regarding its alleged price rigging in a huge local project.The probe was launched into the builder as the nation’s antitrust watchdog was criticized for slapping it with only a fine earlier this month for the alleged malpractice. According to the prosecution, Prosecutor General Kim Jin-tae requested the Fair Trade Commission to file a criminal complaint against SK E&C for its collusion in the Saemangeum reclamation proj
IndustryMarch 17, 2015
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Lamborghini pulls out of Seoul Motor Show
Italian luxury sports brand Lamborghini on Tuesday withdrew from participation in the 2015 Seoul Motor Show, which will run April 3-12 at KINTEX in Ilsan, Gyeonggi Province. “We regret to confirm that Lamborghini has pulled out from the plan at the last minute, due to a lack of support from headquarters,” the organizing committee stated on the day. The committee, which has put the supercar-maker at the forefront of the promotion this year, said it will seek for compensation of up to 30 million w
MobilityMarch 17, 2015
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KCCI calls for reduced tax burden
The nation’s largest business community has called for easing tax audits and further deductions for corporate entertainment expenses.In a lunch meeting with the National Tax Service Commissioner Lim Hwan-soo on Tuesday in Seoul, members of the Korea Chamber of Commerce and Industry said that the government should boost corporate investment by reducing the regulatory burden on legitimate business activities.“In order for the Korean economy to make a new leap, it is crucial that corporates and the
March 17, 2015