Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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South Korea unveils W26tr support program for chip industry
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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S. Korea to hold rotating presidency of UN Security Council next month
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Student nabbed for biking naked 'due to stress'
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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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BOK holds rate at 3.5%, ups growth outlook
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Police arrest mastermind behind last year's palace vandalism
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[Photo News] New favorite Korean instant noodles?
Samyang Foods and Homeplus said Wednesday that an accumulated 1.3 million packs of Samyang Kookmin Ramyun have been sold since its launch June 13. Samyang said the product was developed jointly with Homeplus to provide instant noodles at a reasonable price. Samyang Kookmin Ramyun is sold only at Homeplus stores and costs 2,000 won ($1.65) for a bundle of five packs. The word “Kookmin,” meaning people in Korean, is often used in describing a brand or product to suggest popul
Aug. 14, 2019
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Incheon Airport marks accumulated 700m passengers
Incheon International Airport Corp. said Wednesday that the airport’s accumulated number of passengers has surpassed 700 million. To mark the milestone, the operator of South Korea’s main gateway held various events, including giving a round-trip ticket and a Turtle Ship made of pure gold to the 700 millionth passenger who arrived at Incheon Airport. IIAC said the achievement of marking an accumulated 700 million passengers since its opening in March 2001 is meaningful, as
Aug. 14, 2019
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Despite apology, more Korean retailers suspend sales of DHC products
More South Korean retailers are joining the industry-wide boycott of Japanese cosmetics brand DHC after the company’s beauty TV channel aired offensive content allegedly mocking Koreans and the country’s history. According to the health and beauty industry, retail conglomerate Lotte Group’s online unit Lotte.com has decided to temporarily suspend sales of DHC products from Tuesday. Another retail giant Shinsegae stopped selling DHC cosmetics on its e-commerce platform SSG.
Aug. 14, 2019
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Korean firms feel cheated by asymmetric gameplay with China
As South Korea continues to be focused on the escalating trade conflict with Japan that is threatening the tech companies, a different kind of conflict is haunting the game industry here.From early 2017, not a single license has been issued for new games from Korea in China -- whose gaming market is estimated to be worth around 37 billion won ($30 billion).NCSoft has been waiting for Chinese approval of Lineage Red Knights since January 2017. Netmarble’s mobile games Lineage 2 Revolution a
Aug. 14, 2019
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Japan beats Korea in most biz sectors except chips, smartphones: report
In light of the aggravating trade dispute between South Korea and Japan, a report showed Wednesday that significant revenue gaps remain in most industrial sectors between the two countries. According to Seoul-based market research firm CEO Score’s survey on highest-grossing companies across 15 sectors as of last year, the revenue of Korea’s top three companies was only half of that of their Japanese competitors. In the business categories ranging from semiconductors to telecommunicat
Aug. 14, 2019
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LIG Nex1 chief wins industrial merit award
South Korean defense and aerospace company LIG Nex1 chief Kim Ji-chan received the government’s top award for his contribution to the country’s defense industry development, the company said Wednesday. During a ceremony held at the Defense Acquisition Program Administration, Kim was awarded the Order of Industrial Service Merit, also known as “Silver Tower,” the country’s second-highest decoration for a businessperson. He was recognized for his decades-long efforts
Aug. 14, 2019
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[Anniversary Special] Searching for lost land: S. Korea seeks to retrieve property seized by Japan
When Korea was under Japan’s colonial rule from 1910 to 1945, many Koreans lost their houses and land to the Japanese. A significant portion of Korean property was forcefully taken by the Japanese military and sold cheaply to its residents.The fledging Korean government, established in 1948, pledged to retrieve the property from the Japanese as promptly as possible. However, some has still not been returned to the government. With Korea ratcheting up pressure on Japan amid an escalating tr
Aug. 14, 2019
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S. Korea begins process to remove Japan's trusted trade partner status
South Korea's trade ministry on Wednesday started the process to drop Japan from its list of trusted trading partners, in a tit-for-tat move amid the growing trade row between the two Asian neighbors.Early this week, the South Korean government decided to revamp the categorization of its trading partners into three groups from the current two, placing Tokyo in the in-between group.The ministry said the reclassification of its trade partners will go into effect after gathering public opinion for
Aug. 14, 2019
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Seat occupancy on flights to and from Japan drops over trade row
The number of air passengers on routes between South Korea and Japan dipped during the peak summer vacation season amid an escalating bilateral trade spat, government data showed Wednesday.The passenger load factor for flights to and from Japan averaged 71.5 percent during the first week of August, down from84.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. The average seat occupancy rate came to 75.7 percent for the last week of July
Aug. 14, 2019
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Court rejects Kolon's petition on gene therapy drug Invossa
A Seoul court on Tuesday turned down a request by Kolon Life Science to suspend the government's decision to prohibit the production and sale of its gene therapy drug Invossa.The firm initially received approval for the medication from South Korea's Ministry of Food and Drug Safety in 2017. But this was revoked earlier this year after the drugmaker was found to have falsely reported an ingredient used in Invossa and violated labeling rules.Although Kolon acknowledged that a substance in the join
Aug. 13, 2019
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[Photo News] Starbucks honors independence patriots
Starbucks Korea said Tuesday that it has donated a piece of handwriting by Korean independence activist Dosan Ahn Chang-ho during an event to support and protect independence patriots, their descendants and heritage.
Aug. 13, 2019
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LG Electronics introduces ‘safer’ solar ESS
LG Electronics said Tuesday it has launched a 100 kilowatt all-in-one energy storage system that operates on solar power. According to the company, the new system can store electricity that 30 households can use in a day. It has a capacity of 313 kWh, 14 percent larger than the previous model. A series of fires at 23 ESS facilities had prompted the Ministry of Energy to issue inspection guidelines in December 2018 and June this year. LG said it has added incombustible materials in the all-
Aug. 13, 2019
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Korea to toughen rules on cross-border M&As concerning key tech
The government said Tuesday it will tighten regulations on cross-border mergers and acquisitions to curb leaks of high-end technologies to other countries and impose harsher penalties on offenders.The Ministry of Trade, Industry and Energy said it has resolved to revise the related law to better prevent leaks of key technologies. The changes will take effect in February 2020, six months after promulgation. This is a follow-up to the government’s pledge in January to eradicate leaks of indu
Aug. 13, 2019
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E-Mart to sell assets, buy back stocks amid grim outlook
E-Mart Inc. said Tuesday that it plans to raise 1 trillion won($820 million) by selling assets as the country's top retailer is struggling with falling profitability amid increased competition with e-commerce giants here.The company said it plans to securitize its outlets worth 1 trillion won by the end of the year and buy back its stocks worth some 100 billion won to boost shareholder value. The measures came as the country's leading discount chain operator swung to the red in the second quarte
Aug. 13, 2019
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BAT Korea launches vaping e-cigarette Glo sens
British American Tobacco launched a fusion technology-based hybrid e-cigarette Glo Sens on Tuesday in South Korea, seeking to counter competition from KT&G’s Lil Vapor and American startup Juul Labs’ Juul. According to the company, Glo sens -- which was launched here first globally -- is powered by Taste Fusion Technology, which combines vaping with real tobacco. By heating a Neo pod, which contains flavored liquid, the vapor goes through a tobacco pod and delivers the
Aug. 13, 2019
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SK E&C, Daelim win Project Finance Deal of the Year through $3.1 deal in Turkey
South Korean builders SK Engineering & Construction and Daelim Industrial said Tuesday they won the Project Finance Deal of the Year award for securing a $3 billion construction deal in Turkey. The two companies clinched the deal as preferred bidders in 2017 through a four-way consortium comprising SK E&C, Daelim and two Turkish builders, Limak and Yapi Merkezi. Dubbed the Turkey Canakkale project, it involves building a 3.7 kilometer-long suspension bridge in Turkey, the longe
Aug. 13, 2019
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Lotte chief meets Israeli minister for startup investment
Lotte Group Chairman Shin Dong-bin met Israel’s Economy Minister Eli Cohen to discuss ways to strengthen partnership with tech companies and startups in the Middle Eastern country, the South Korean food and retail giant said Monday.During a meeting in Jerusalem on Sunday, the chairman told the minister that Lotte plans to invest in Israel’s innovative companies in the areas of agriculture, robots and artificial intelligence for the group’s future growth. Minister Cohen, in resp
Aug. 12, 2019
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Samsung BioLogics adopts N-1 Perfusion at Plant No. 3
Samsung BioLogics said Monday that a new cell-culturing technology called N-1 Perfusion -- adopted for its third plant in Songdo, Incheon, from July -- has proven to increase cell density up to 10 times and cut down on production time by 30 percent.“With this, we have opened up scaled-up commercialization for our clients,” said John Lim, vice president at Samsung BioLogics, who is in charge of Plant No. 3. The South Korean contract manufacturing organization will customize its c
Aug. 12, 2019
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Samsung, LG among top 10 patent holders in US in 2018
South Korean tech giants Samsung Electronics and LG Electronics were among the companies that were granted the greatest number of patents in the US last year, falling within the top 10 and rubbing shoulders with IBM, Microsoft and General Electric, a report by a US patent association showed Monday. Samsung ranked No. 2 with 5,836 registered patents in the US, surpassed only by US IT giant IBM, which filed 9,088, according to the Intellectual Property Owners Association. The Korean IT
Aug. 12, 2019
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S. Korea to exclude Japan from trade whitelist in September
South Korea is set to drop Japan as a preferred trading partner in September in response to Tokyo’s recent decision to exclude Seoul from its whitelist, officials said Monday. “An export control system on strategic items should be run under ground rules of an international export control system,” said Industry Minister Sung Yun-mo during a press briefing Monday afternoon.“(However) the system should be run accordingly (if a trading partner) operates the system that runs c
Aug. 12, 2019