Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Budweiser releases new slogan: King of Beers
US beer brand Budweiser recently released a TV commercial touting itself as the “King of Beers,” Korean distributor Oriental Brewery said.The advertisement features close-up shots of the beer and its logo, as well as the slogans “The King is Here” and “King of Beers,” with an inverted beer cap resembling a crown. The campaign aims to highlight the smooth and clean taste of Budweiser lager and emphasize its worldwide brand value, the company said.(OB)The commercial encourages consumers to be conf
Feb. 7, 2019
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[Photo News] Transparent screen
LG Electronics’ transparent organic light-emitting diode signage is introduced at Europe’s biggest commercial screen event, Integrated Systems Europe 2019, in Amsterdam, the Netherlands. LG’s see-through screens serve various functions, such as digital windows, mirrors and touch-screen panels. The ISE 2019 runs from Tuesday through Friday. (LG Electronics)
Feb. 6, 2019
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Refiners' weak earnings may continue into Q1
South Korean refiners, led by SK Innovation Co., may see their weak earnings continue into the current quarter due to a sharp falloff in oil prices and a narrowing refining margin, industry sources said Tuesday.SK Innovation, the No. 1 player, and other refiners, including GS-Caltex Corp. and S-Oil Corp., reported weaker-than-expected earnings in the fourth quarter of last year due to narrowed margins from their refining business.A drop in oil prices leads to a rise in valuation losses of their
Feb. 5, 2019
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Hyundai Oilbank to import 2m barrels of Iranian condensate in Feb.
Hyundai Oilbank Co., a major South Korean refiner, plans to import 2 million barrels of Iranian condensate this month, a person familiar with the issue said Monday.It would be Hyundai Oilbank’s first imports of ultralight crude since September, two months before the United States imposed the most biting sanctions ever on Iran. US President Donald Trump abandoned a landmark 2015 nuclear deal with Iran in May.(AFP)Still, the US has allowed South Korea and seven other countries to continue to buy I
Feb. 4, 2019
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No more holiday traffic jam? Korean tech giants introduce traffic predictions
Starting from Friday, South Korea braced itself for one of the biggest annual movements of people nationwide as many head to their hometowns for Lunar New Year celebrations next week. According to the Ministry of Land, Infrastructure and Transport, some 49 million people are expected to hit the road during the holiday that lasts until Wednesday. Traveling from Busan to Seoul by car, for example, would take more than eight hours when people head home on Tuesday afternoon. Traffic is congested in
Feb. 2, 2019
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Viral children's song 'Baby Shark' faces lawsuit as it hits Billboard chart
The South Korean children's song "Baby Shark" made history as part of the Korean Wave, or "hallyu," by charting on Billboard's most competitive Hot 100 list as the first non-pop Korean song.For the week of Feb. 2, "Baby Shark" came in 36th place on the Hot 100, stepping up one notch from a week earlier.It was the fourth week in a row that the simple viral song remained on the main Billboard song chart after debuting at 32nd in the second week of January.Captured image from Baby Shark music video
Feb. 2, 2019
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Yuhan Corp. taps new head of Yuhan USA
South Korean pharmaceutical company Yuhan said Friday that it had tapped its research center head as a new chief of its US subsidiary Yuhan USA. The company said Choi Soon-kyu would lead Yuhan USA, making full use of his experience in developing new medicines and exporting technologies. Choi has worked at multinational companies including German pharmaceutical company Bayer and PTC therapeautics. Seoul-based Yuhan established a wholly owned subsidiary in the US, named Yuhan USA, in San Diego in
Feb. 1, 2019
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Business leaders express worries over NPS’ Hanjin intervention
South Korea’s business leaders on Friday expressed concerns over the National Pension Service’s decision to actively exercise its shareholder rights over Hanjin KAL, claiming that it could dampen corporate activities. “If the NPS decides to actively exercise shareholder rights (on Hanjin KAL), this would be the first such case to be applied on a private firm,” the Federation of Korean Industries said in a statement. (Yonhap)“We have concerns that the NPS’ decision to intervene in the firm’s mana
Feb. 1, 2019
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NPS to actively intervene in management of Hanjin KAL
South Korea’s state pension fund said Friday it had decided to actively exercise its shareholder rights over Hanjin KAL, the holding company of the nation’s No.1 carrier Korean Air.The National Pension Service added however, drew the line at Hanjin KAL, saying that it will not be extending the appliance of the stewardship code or active involvement in management of Korean Air.Hanjin KAL will be the first case in which the NPS’ stewardship code will be applied. The code is a set of guidelines on
Feb. 1, 2019
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Homeplus to convert all 12,000 contract workers to regular positions
South Korean discount chain Homeplus said Friday it will grant permanent full-time employment status to all of its some 12,000 contract workers at 124 stores.The exact date when their status will be changed has not been confirmed, as it requires discussions with the labor union, the company said. It is the first attempt in the industry to grant contract workers permanent-employment positions.According to Homeplus, the company has been discussing the minimum wage with its labor union. Both sides
Feb. 1, 2019
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Bodyfriend to open flagship store in Paris
South Korean health-and-wellness company Bodyfriend is tapping into the European market with the opening of a flagship store in Paris, the company said Friday.The firm has opened flagship stores in the US and China. The 660-square-meter store in Paris will be located in a building on Boulevard Haussmann, an area known for luxury shops. Prior to the opening, the company will run a pop-up store at the Bon Marche department store for two months from Feb. 23. High-end massage chairs, such as the Lam
Feb. 1, 2019
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AmorePacific 2018 net falls 16% on low demand, costs
AmorePacific Corp., South Korea's dominant cosmetics company, said Thursday its net profit fell 16 percent in 2018 from a year earlier on weak domestic demand and one-off costs.Last year, net profit fell to 334.8 billion won ($307 million) from 398 billion won in 2017 due to fierce competition from rivals and increased labor costs, the company said in a statement. In 2019, the company aims to achieve a 24 percent growth in operating profit and a 10 percent sales growth by putting greater fo
Jan. 31, 2019
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[Weekender] Startup innovation can solve Korea’s quagmire of aging society
A key hurdle the Korean economy faces is the fast-aging population. One way to coax a soft-landing of this problem is to speed up deregulation so that local startups can carry out innovation and improve productivity, according to Startup Alliance Korea Managing Director Lim Jung-wook. “Considering how fast South Korea is aging, we really should have a sense of urgency. Instead of spending too much time and energy fighting superficial issues such as whether or not to allow carpoo
Jan. 31, 2019
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[Weekender] Pinning fresh hopes on ‘sandbox’ phenomenon
It’s far from perfect, but South Korea’s latest adoption of a regulatory sandbox may provide some relief to the country’s startups, according to the head of one of the largest and oldest startup associations. “Urging member companies to utilize the regulatory sandbox is one of our priorities for this year,” Korea Startup Forum chief Choi Sung-jin said during a recent interview with The Korea Herald. KSF is a three-year-old organization that represents 650
Jan. 31, 2019
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KDB undertakes DSME selloff, signs temporary deal with Hyundai Heavy
The state-run Korea Development Bank said Thursday that it had signed a conditional memorandum of understanding on Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering.While KDB is also to check the intention of Samsung Heavy Industries, the third of South Korea’s so-called “Big Three,” the latest deal was seen as putting industry frontrunner HHI in a highly favorable position to take over the cash-strapped DSME and secure market monopoly.“KDB has signed today a cond
Jan. 31, 2019
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[Eye Plus] Royal attire, art of exquisite handicraft and powerful symbols
Throughout various dynasties, Korea’s royals considered their garments not as functional daily necessities but rather as symbols of authority and expressions of courtesy, as well as the highest level of contemporary craftsmanship.“When it comes to royal and noble attire, every detail was designed to reveal the wearer’s social rank and power at a single glance,” said Choi Jeong, professor at Wonkwang University’s Department of Fashion Design and Apparel Industry.“This is why we need to refer to a
Jan. 31, 2019
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[Weekender] Korea, always in search of the next unicorn
One of the Moon Jae-in administration’s primary goals has been to create jobs and rejuvenate the economy. However, failing to gain momentum, the nation’s conventional growth engines, such as semiconductors, smartphones, and auto businesses are sputtering, while the unemployment rate has hit record lows.Since it looks like these industries aren’t likely to get back on track soon, the government has turned its eyes toward startups, hoping that the industry will be a spark to bolster the cooling ec
Jan. 31, 2019
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[Weekender] How long can the startup boom cycle last?
South Korea is riding the global trend of high liquidity in the startup scene. Money is pouring into the sector, and investors are looking for the next big thing to invest in. However, concerns linger that the upcycle is being maintained by government spending, and not a real appetite for startups. In 2018, venture capital investment surged 43.9 percent on-year to 3.4 trillion won ($3 billion), according to latest data by the Ministry of SMEs and Startups. However, of that amount, 20 percent a
Jan. 31, 2019
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Netmarble joins Nexon bidding war
South Korea’s leading game developer Netmarble confirmed Thursday it will participate in the bidding for fellow industry giant Nexon, as industry watchers forecast a tense battle potentially involving China’s largest gaming company, Tencent. “We have decided to form a consortium centered on South Korean capital and participate in the bidding,” Netmarble said in a statement.“The decision was made over concerns of the risk of damage that could be inflicted on the gaming industry along with possibl
Jan. 31, 2019
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Pernod Ricard strives for business recovery despite labor resistance
Struggling for a breakthrough in the unfavorable whiskey industry in South Korea, Pernod Ricard Korea has been pushing to downsize and restructure, including plans for the sale of a local brand and an early retirement program.The local unit of the French beverage company Pernod Ricard currently runs two corporate bodies here: Pernod Ricard Korea that sells imported brands such as Ballantine’s, Absolut and Royal Salute; and Pernod Ricard Korea Imperial that sells local whiskey brand Imperial. Ami
Jan. 31, 2019