Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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'Queen of Tears' riding high on Netflix chart
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Govt. asks hospitals to mitigate impact of medical professors' absence
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CEOs, top executives to be held accountable for financial misconduct
Executives of financial companies will be held accountable for misconduct within their assigned areas of responsibility starting in July. The Financial Services Commission announced guidelines on Tuesday for the new "responsibilities map" system, requiring financial institutes to detail responsibilities for executives, including chief executive officer. In December, the National Assembly passed a revised bill for the Act on Corporate Governance of Financial Companies, introducing the
Feb. 13, 2024
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[KH Explains] Why NCSoft is playing coy on game revenue
NCSoft announced an annual revenue of 1.78 trillion won ($1.34 billion) and operating profit of 137.3 billion last week, down 31 percent and 75 percent on year, respectively. Following the earnings announcement, the South Korean game developer held a conference call Thursday to explain last year's financial results. During the call, an analyst castigated the company for a recent change to its reporting practices: “You say that the company is putting efforts together, but it seems that (
Feb. 13, 2024
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[KH explains] Why ramyeon makers still stick with 'ramen' marketing
Amid soaring exports of Korean instant noodles in recent years, a renewed spotlight has been cast on a decadeslong dilemma among local food companies -- whether or not the word "ramen" should be ditched from their marketing strategy. Ramen, rooted in Japanese culinary tradition, has become a household name globally that refers to noodles in broth. The term "ramen" can also refer to instant noodle products. Amid a growing global presence, Korean businesses have long used the t
Feb. 12, 2024
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Korea’s defense exports amount to $14b last year
South Korea secured its place among the world's top 10 defense exporters for the second consecutive year in 2023 with approximately $14 billion in exports, anticipating continued demand this year bolstered by substantial deals already in place. Data from the Korean Ministry of National Defense and domestic defense companies published on Monday show that Korea, ranking ninth globally behind Spain, expanded its export markets to 12 countries last year, including new partners like the United A
Feb. 12, 2024
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Korea ranked No. 4 in Starbucks store count
South Korea ranked fourth in the world in terms of the number of Starbucks stores in the country, following the United States, China and Japan, with an increase of over 100 new stores in 2023. According to the Starbucks global website on Sunday, the number of stores in Korea at the end of last year stood at 1,893, marking an increase of 116 from the previous year. There are 38,587 Starbucks stores worldwide, with the US hosting the largest number at 16,466, followed by China with 6,975 stores. T
Feb. 12, 2024
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CJ Logistics speeds up overseas expansion
CJ Logistics, the nation’s largest logistic firm, affiliated with retail giant CJ Group, is speeding up its overseas expansion this year, according to industry sources on Monday. Its Indian subsidiary, CJ Darcl Logistics, aims to make its stock debut in the first half of the year, while the company plans to start construction of three massive distribution centers in the US later this year. CJ Logistics, commanding 45 percent of the domestic parcel delivery market, has been steadily expandi
Feb. 12, 2024
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Samsung chief inspects battery plant in Malaysia during holidays
Samsung Electronics Chairman Lee Jae-yong last week renewed his will to continue bold investments despite business uncertainties upon his visit to the construction site of a new 1.7 trillion won ($1.2 billion) battery plant in Malaysia. According to the tech giant on Monday, the Samsung chief on Friday visited the Malaysian city of Seremban where Samsung SDI, the battery-making arm of Samsung Group, is building its second plant with its completion set for 2025. Samsung SDI aims to bolster its re
Feb. 12, 2024
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Thingsflow's AI chatbot becomes global featured on Google Play
An artificial intelligence chatbot developed by Thingsflow, a South Korean startup, has been selected as Global Featured on Google Play for the first time as a Korean chatbot service, according to the company Sunday. Thingsflow's Hellobot is a first-generation AI chatbot platform where anyone can easily create and distribute chatbots with unique expertise, such as love tarot, personality and psychological analysis, fortune telling and others. With the selection as Global Featured on Google
Feb. 11, 2024
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S. Korea's coffee imports top $1 bln for 2 yrs in row
South Korea's imports of coffee topped $1 billion for two straight years on its growing popularity here, customs data showed Sunday. The combined value of imported green and roasted coffee beans reached $1.11 billion in 2023, compared with $1.3 billion a year ago, according to the data from the Korea Customs Service. Last year, the country imported 193,000 tons of coffee, down from 205,000 tons a year ago. South Korea's coffee imports had been on a steady rise since 2018 as an increasi
Feb. 11, 2024
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Soju exports surpass $100 mln for 1st time in 10 yrs: data
Exports of soju, distilled Korean liquor, topped $100 million for the first time in 10 years in 2023, data showed Saturday. According to the Korea Customs Service, outbound shipments of soju reached $101.4 million in 2023, an increase of 8.7 percent from 2022. The last time soju exports surpassed $100 million was in 2013. Soju is a distilled liquor made of ethyl alcohol and water, with the addition of sweeteners. An industry source said soju sold overseas had been mostly consumed by South Korean
Feb. 10, 2024
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Industry ministry launches support group ahead of S. Korea-Africa summit in June
The industry ministry has launched a support group ahead of a summit between South Korea and African nations slated for June, aiming to enhance bilateral economic cooperation, according to officials Friday. The Korea-Africa Economic Cooperation Public-Private Support Group will make efforts to prepare for the upcoming summit that will pave the way for South Korea's deeper cooperation with the continent with a 1.4 billion population, according to the Ministry of Trade, Industry and Energy. &
Feb. 9, 2024
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Prosecution appeals court acquittal of Samsung chief Lee
Prosecutors on Thursday appealed a recent court acquittal of Samsung Electronics Chairman Lee Jae-yong in a controversial Samsung affiliate merger case, sources said. On Monday, the Seoul Central District Court delivered a not-guilty sentence for Lee, who was charged over alleged engagement in market irregularities over the course of the controversial merger of two Samsung affiliates, Cheil Industries Inc. and Samsung C&T Corp., in 2015. In response, the Seoul Central District Prosecutors Of
Feb. 8, 2024
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Former Posco CEO named as group’s next chairman
Posco Holdings said Thursday it has named Chang In-hwa, former CEO of steelmaker Posco, to lead the nation's fifth-largest business group as its next chairman. The result was announced after seven members of the CEO Candidate Recommendation Committee of Posco Group interviewed six candidates in the final list on Wednesday and Thursday. If approved at the group’s annual general meeting of shareholders and board meeting on March 21, Chang will be appointed as chairman of the country&rsq
Feb. 8, 2024
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Conglomerates hesitant to hire
South Korean conglomerates are becoming more reluctant to finalize their hiring plans this year or downsize the number of new employees as their business prospects are shrouded in uncertainty, a poll on job recruiters showed on Thursday. Some 67 percent of conglomerates with over 1,000 employees confirmed that they have recruitment plans this year, falling for the third year in a row from 72 percent and 73 percent in 2023 and 2022, respectively, according to a report by online job portal Incruit
Feb. 8, 2024
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Anticipation grows over Samsung chief's next move
As the legal charges have been cleared for Samsung Electronics Chairman Lee Jae-yong in a recent ruling, anticipation is growing that the tech giant will now go in search for mega mergers and acquisitions to secure future growth engines at full throttle. The Seoul Central District Court this week acquitted Lee of charges including stock manipulation linked to the merger of two of Samsung affiliates in 2015. In Korean business culture, legal risks surrounding a company's leader are often per
Feb. 8, 2024
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Kakao Bank racks up record earnings on mortgage sales
Kakao Bank, South Korea's internet-only bank, announced on Wednesday it achieved a record-high net profit of 354.9 billion won ($267.67 million) last year, a 34.9 percent increase from a year earlier. Its operating profit also soared by 35.48 percent to 478.5 billion won. The online lender's credit expanded mainly on housing mortgage loans, the firm explained. In the fourth quarter, Kakao Bank's deposit balance was approximately 47.1 trillion won, increasing by 14 trillion won fro
Feb. 7, 2024
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HMM sale slips off table
The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to sell off the shipper. The stock purchase agreement deal was to be worth 6.4 tril
Feb. 7, 2024
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Samsung chief heads to Middle East after cleared of merger case charges
Samsung Electronics Chairman Lee Jae-yong took off on a business trip to the Middle East and Southeast Asia shortly following Monday’s court ruling that cleared him of stock manipulation charges in a high-profile 2015 merger deal. According to industry sources on Wednesday, Lee took off to the United Arab Emirates on a private jet on Tuesday to inspect local operations and meet partners there. He is also expected to visit Southeast Asia, including Malaysia, to meet with employees and boost
Feb. 7, 2024
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Lotte to sell off 7-Eleven's ATM unit
As part of its business restructuring aims for this year, Lotte Group has decided to sell the ATM business of Korea Seven, formerly known as Lotte PSNet, which oversees the operation of the nation’s 7-Eleven convenience stores. According to Lotte Corp. on Wednesday, the group recently appointed accounting firm Samjeong KPMG to oversee the sale process and identify a suitable company to acquire Korea Seven's ATM division. Korea Seven is a distribution company that manages the 7-Eleven
Feb. 7, 2024
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HD Hyundai to set up relief fund for shipyard accidents
South Korean shipbuilding giant HD Hyundai said Wednesday that it will set up a foundation to support bereaved families of victims of industrial accidents at shipyards – the first of its kind within the industry. According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho H
Feb. 7, 2024