Most Popular
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Court refuses injunction on medical school expansion
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Is NewJeans headed for a long 'break'?
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Kepco to raise electricity prices as total debt soars past W200tr
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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Chips, petrochemicals help Korea’s exports hit record high in 2018
South Korea’s exports set a new high of $600 billion in 2018 mainly driven by a strong performance in chips, petrochemicals and machinery, according to the government on Tuesday. The Ministry of Trade, Industry and Energy said the nation’s trade volume hit a record high of $1.1 trillion, having a trade surplus of $70 billion. Exports stood at $605 billion, up 5.5 percent from 2017, and imports recorded $534 billion, an 11 percent rise during the same period. Chip exports played a key role in exp
Jan. 1, 2019
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Antitrust chief calls for measures to protect smaller firms
South Korea's antitrust chief called on Monday for comprehensive measures to fundamentally address lingering unfair business practices between large companies and their smaller subcontractors.Kim Sang-jo, the chairman of the Fair Trade Commission, did not elaborate on what actions he planned to take, although the watchdog has consistently warned that big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in cases of illegal business practices.These
Dec. 31, 2018
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Revised Korea-US free trade pact to take effect
South Korea said Monday that the revised free trade agreement with the United States is set to take effect this week, a move that could improve commerce and investment, and further deepen bilateral relations.The two sides are scheduled to exchange a written notification Tuesday that they have completed domestic procedures for the implementation of an updated arrangement, the Ministry of Trade, Industry and Energy said. (Yonhap)The move comes after Seoul and Washington carried out negotiations on
Dec. 31, 2018
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Southeast Asian food gains popularity in food-delivery market
South Koreans show a marked preference for Southeast Asian food when ordering in, according to data released Monday. Food-delivery company Delivery Hero Korea said the number of orders for Southeast Asian dishes showed a whopping 875 percent increase this year compared with last year. The company manages Yogiyo, one of the leading mobile applications for food-delivery service. (Yonhap)Among types of Southeast Asian cuisine, the Vietnamese dish bun cha enjoyed strong sales, as did fried spring ro
Dec. 31, 2018
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Lotte World to showcase world’s largest VR ride
South Korea’s Lotte World Adventure is to launch a virtual reality ride that can hold 100 people to coincide with its 30th anniversary in late January next year, the company said Monday.The VR attraction, which the park says will be the largest in the world in terms of capacity, will be called “Across Dark” and take on a blockbuster cinematic VR format featuring a space adventure. It is a renewed version of its original ride Dynamic Theater. (Lotte World)For variation, visitors can choose betwee
Dec. 31, 2018
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Subscription e-commerce, fast delivery, eco-packaging to lead 2019 consumer trends
Led by transformations in sales channels and customer demand, consumer trends for 2019 will center on subscription e-commerce, faster delivery and eco-packaging, according to market experts. Subscription e-commerce, a field of business that involves curating products and delivering them on a regular basis, has been gaining popularity because it meets needs for tailored services, value and convenience.(123rf)From clean, neatly ironed business shirts to craft beers, you can get almost anything thr
Dec. 31, 2018
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[Feature] Forest marketing spreads as fine dust concerns soar
Soaring concerns over ultrafine dust and the overall air quality in South Korea have brought immense changes to the way people now perceive things that were previously taken for granted.“I have worried about tap water contamination or noise coming from construction sites, but having to worry about the actual air that my children breathe is truly terrifying. There is nowhere to escape,” said Park Min-jeong, a mother of three living in Ilsan, Gyeonggi Province.That is why a 55-year-old woman, who
Dec. 31, 2018
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Corporate governance lawsuits cripple accounting firms, benefit law firms
Throughout 2018, a number of iconic business figures here have found themselves embroiled in legal disputes, some over personal transgressions such as embezzlement and tax evasion and others for being implicated in the wide-ranging scandal surrounding ousted former President Park Geun-hye.The impact of this headache for the business community has been different for different industries. While accounting firms took a hit as a result of their clients’ noncompliance, large law firms enjoyed moneyma
Dec. 30, 2018
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[Monitor] Korea’s industrial output drops 0.7% in Nov.
South Korea’s overall industrial output dropped 0.7 percent in November, with production in mining, manufacturing and service output declining, data showed Friday.Mining and manufacturing output fell 1.7 percent, with production in chips and communications equipment decreasing 5.2 percent and 14.4 percent, respectively.Output in the service sector also dropped 0.2 percent from the previous month, but marked a 1 percent increase from a year ago.Retail sales gained 0.5 percent, showing an upturn f
Dec. 28, 2018
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Antitrust watchdog says Samsung clear of cross-shareholding structure
The nation’s largest companies including Samsung have improved transparency in their corporate governance by cutting the links of cross-shareholding structures often blamed for strengthening control of the founders’ descendants over the conglomerates, the antitrust watchdog said Friday.On Friday, the Fair Trade Commission announced 15 companies -- out of the nation’s largest 60 firms -- that have voluntarily made efforts in either improving ownership structure or corporate governance, or easing
Dec. 28, 2018
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Hanmi Pharmaceutical’s Rolontis submitted for US FDA approval
Hanmi Pharmaceutical said Friday that Rolontis, its biologic drug for the management of chemotherapy-induced neutropenia, has been submitted for approval to the US Food and Drug Administration. Neutropenia refers to an abnormally low level of neutrophils, a type of white blood cell. Spectrum Pharmaceuticals, which has been developing Rolontis for commercialization since in-licensing the drug from Hanmi in 2012, submitted a biologics license application to the US FDA for Rolontis (eflapegrastim)
Dec. 28, 2018
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KB Kookmin Bank workers to launch strike next month
Workers at KB Kookmin Bank, a major South Korean lender, will go on a general strike next month for the first time in 19 years, its labor union said Thursday.More than 50 percent of some 12,000 unionized workers voted in favor of the walkout, meeting the minimum required for the passage, in protest of the management's offer for this year's bonuses and wage payment system, the union said, adding that the strike will start on Jan. 8, 2019. (Yonhap)They last took such a collective action in 2000 ov
Dec. 27, 2018
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Daewoo Shipbuilding workers reach tentative wage deal
Daewoo Shipbuilding and Marine Engineering Co. said Thursday it has tentatively reached a wage deal for this year.Under the deal, the company agreed to raise employees' basic monthly wage by 21,000 won ($18.73) in 2019 while providing performance-based bonuses for this year, plus 1.5 million won in extra compensation. Two officials of Daewoo Shipbuilding and Marine Engineering Co. union launch a protest on Dec. 11, 2018 atop a tower crane calling for a swift wage deal. (Yonhap)The management and
Dec. 27, 2018
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[News Focus] Korean-style apartment complexes go global
SEJONG -- Major South Korean builders are making inroads into overseas emerging markets to foster new residential towns on the back of pacts signed between the Land Ministry and its counterparts in South America, the Middle East, Africa and Asia.Among the destinations are cities and residential districts in Paraguay, Bolivia, Algeria, Ethiopia, Iraq, Saudi Arabia, Kuwait, Nepal, India, Indonesia, Vietnam and China.The builders include Korea Land & Housing Corp. (dubbed LH), Hanwha Engineering &
Dec. 27, 2018
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Korean drugmakers eye opportunities at JPMorgan Healthcare Conference 2019
South Korea’s top biopharmaceutical companies and ventures will be making their way to the 37th J.P. Morgan Healthcare Conference in the US next month, eyeing new partnerships, foreign investment and promotional opportunities. The conference, taking place in San Francisco, California, from Jan. 7-10, is the world’s largest and oldest health care investment symposium. Held annually, the event brings together major pharma companies and global investors to discuss the latest development trends and
Dec. 27, 2018
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Aspiring K-pop artists to get a chance at first Stage & concert
SK Telecom is venturing into the entertainment world by helping aspiring artists gain global attention using its new music platform.The telecom operator is hosting the first Stage & concert Thursday evening at the Modeci club in Sangsu-dong, Seoul. Aspiring artists including Choi Jung-yoon, So Soo-bin, Wetter and George are taking the stage. (SKT)The featured artists are singer-songwriters who write and produce their own songs and are not represented by any talent agency or record label. The eve
Dec. 27, 2018
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[Herald Interview] How Imvely became South Korean women’s fashion and beauty icon
In just five years, a young and vibrant fashion brand has become a staple for young South Korean women. Im Ji-hyun, Imvely’s spokesperson and creative director, said it all started with a genuine interest in what to wear and how to put on makeup.“Like most other women, I have always been fascinated with clothes and cosmetics. But since I could not afford a variety of them, I often liked to play around with what I had and mix and match,” Im told The Korea Herald at her office in the Gasan-dong ar
Dec. 27, 2018
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Refiners feared to report weak Q4 earnings on low oil prices
South Korean refiners, led by SK Innovation Co., may report earnings declines for the fourth quarter of the year, due to a sharp falloff in oil prices and a narrowing refining margin, industry sources said Thursday.SK Innovation, the No. 1 player, is forecast to rack up an operating loss of over 200 billion won ($178 million) from its refining business in the October-December period, with GS-Caltex Corp. and S-Oil Corp. widely expected to log operating losses of over 150 billion won as well, acc
Dec. 27, 2018
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Ssangyong E&C wins W850b expressway project in Singapore
South Korean builder Ssangyong Engineering & Construction has obtained an 850 billion-won ($750 million) contract to expand an expressway in Singapore, according to the firm on Thursday.The project involves building the N102 and N111 sections of road for the North-South Corridor project of Singapore’s Land Transport Authority. Ssangyong E&C won an exclusive 400 billion-won deal for the N111 section. It also won a 350 billion-won deal for the N102 section via a joint venture with Singaporean cons
Dec. 27, 2018
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Daewoo Shipbuilding wins another LNG ship order
Daewoo Shipbuilding and Marine Engineering Co., the world's second-biggest shipbuilder by sales, said Thursday it has won a $230 million order to build a liquefied natural gas ship.Under the deal with an unidentified customer in the Oceania region, Daewoo Shipbuilding will deliver the 174,000-cubic meter vessel by the end of 2021. (Yonhap)This month alone, Daewoo Shipbuilding has clinched deals to build six LNG ships.With the latest order, the shipyard, located on Geoje Island some 470 kilometer
Dec. 27, 2018