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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Number of foreign executives in Korean companies declining
Foreign executives working for South Korean companies make up just 1.4 percent of senior management -- a decline from three years ago, as their biggest employer, Samsung, has cut back on such hirings -- data showed Monday. An analysis by market researcher Korea CXO Institute counted only 94 foreigners out of 6,843 executives. This is a decrease from 101 in 2015, or a drop of 1.5 percent. The number of companies that have non-Koreans as senior managers increased from 18 to 20 during the period. (
Oct. 29, 2018
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[Newsmaker] Supreme Court reaffirms prison term for ex-Hanjin Shipping chairwoman for insider trading
The Supreme Court on Monday finalized an 18-month prison term for a former head of the now-defunct Hanjin Shipping Co. for selling off her family's stake in the firm using insider information. Choi Eun-young, 56, was convicted in December last year of unloading the stakes held by her and her two daughters after she learned that Hanjin's creditors decided against the additional liquidity support. She avoided about 1 billion won ($875,270) of possible losses. (Yonhap)She was imprisoned following t
Oct. 29, 2018
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Despite hurdles, preparations needed for NK resources development: experts
Despite uncertainties stemming from UN sanctions against the North, preparations should still be made for resources development in North Korea, such as setting up an inter-Korean cooperative body, personnel exchanges and joint research, South Korean mineral experts have said.Speaking at a forum last week, they said approaches to North Korea for co-development should focus on persuading the North of its benefits.Since the inter-Korean summit last month, expectations are high in the South that, as
Oct. 28, 2018
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Samsung scion Lee to leave for Vietnam this week
Samsung Electronics Vice Chairman Lee Jae-yong will head to Vietnam this week on a business trip aimed at checking Samsung's key smartphone production lines amid a decline in its global market share, industry sources said Sunday. Lee is scheduled to leave on Tuesday and stop at Hanoi and Ho Chi Minh city, sources familiar with the matter said. The purpose of the trip is to check factories in Vietnam and meet with government and industry officials there, according to the sources. Samsung Ele
Oct. 28, 2018
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GS E&C reports record-high Q3 performance
South Korean builder GS Engineering and Construction reported a record-breaking quarterly performance in the third quarter, according to the firm. The company said it had recorded 9.7 trillion won ($8.4 billion) in sales, 843 billion won in operating profit and 657 billion won in pretax profit between July and September.Those figures are the highest in the history of the company, according to GS E&C.The company said its sales had increased 16.3 percent year-on-year, while its operating profit ha
Oct. 28, 2018
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Homeplus runs market to help female entrepreneurs
South Korean supermarket chain Homeplus said it was running a pop-up market for three months to help female entrepreneurs promote their products. The market, called Women’s Good Market, operates at Homeplus’ Yeongtong outlet in Suwon, Gyeonggi Province, in a joint partnership with Gyeonggi Province’s Gyeonggido Job Foundation. Participating companies are selling their products at the Yeongtong outlet, rent-free and commission-free, for three months until Dec. 31, according to Homeplus. The Women
Oct. 28, 2018
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Which Asian country has the most hydropower capacity?
NEW DELHI -- According to the recent Hydropower Status Report, East Asia and the Pacific has the highest annual increase in hydropower capacity with China contributing the largest share of installed capacity. Over 90 per cent of the capacity added in 2017 in the region came from China, which increased its total installed capacity to 341,190 MW.Japan is second in the region with an installed capacity of 49,905 MW. It is followed closely by India with an installed capacity of 49,382 MW. In India,
Oct. 28, 2018
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Arrival duty-free shop to open in May 2019
Incheon International Airport Corp. said Sunday it started detailed research on the country's first arrival duty-free shop, which will tentatively open in May. The move came as the government decided in September to allow duty-free shops at arrival terminals in a bid to reduce discomfort experienced by tourists and boost domestic consumption. Incheon International Airport duty free shops (Yonhap)Incheon International Airport said it will complete its studies on selecting the most optimal locatio
Oct. 28, 2018
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Coupang to launch eco-friendly logistics service
E-commerce company Coupang said it will launch a special delivery service, starting with a new environmentally friendly delivery center in Daegu in November. Coupang Logistics Service, a Coupang subsidiary that recently received authorization from the Ministry of Land, Infrastructure and Transport to operate as a delivery service provider, will open the country’s first logistics and delivery center with charging stations for electric cargo trucks. After opening its initial branch in Daegu, Coupa
Oct. 26, 2018
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KITA hosts networking event for German, Korean companies
The Korea International Trade Association and the Korean German Chamber of Commerce and Industry co-hosted a networking day in Seoul on Thursday to match German companies with Korean startups, according to KITA on Friday. Representatives of German and Korean companies listen to a presentation at a networking event co-hosted by the Korea International Trade Association and the Korean German Chamber of Commerce and Industry on Thursday in Seoul. (KITA)The event was attended by German companies inc
Oct. 26, 2018
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Plastic cup ban a headache for coffee shop workers: poll
A recent survey showed that part-time servers at coffee shops are experiencing worsened working conditions since the imposition of a ban on plastic cups for in-store customers.Job portal Albamon said Friday that according to its survey, 87.2 percent of the part-time servers who responded answered that their work had become more difficult since the ban.(Yonhap)When asked why, 53.6 percent of respondents said they had more work, including washing mugs and glasses.In addition, 33.6 percent said man
Oct. 26, 2018
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Kolon, BASF launch joint venture for polyoxymethylene production
Kolon Plastics, an affiliate of South Korea’s Kolon Group, launched Kolon BASF innoPOM, a joint venture with German chemicals firm BASF, to make polyoxymethylene (POM) a plastic used in car parts, the company said Thursday. Backed by the world’s biggest POM production capacity and growing demand in the auto industry, the joint venture is expected to bolster Kolon’s annual revenue by 80 billion won ($70.2 million).Located in Gimcheon, North Gyeongsang Province, Kolon and BASF each invested 30 bil
Oct. 25, 2018
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Posco to support 5,500 job seekers over 5 years
South Korea’s leading steelmaker, Posco, will support 5,500 job seekers over the next five years by offering job training as part of its vision for mutual growth with society, the company said Thursday. Its three education programs are an artificial intelligence and big-data academy for young adults, hands-on experience of working in the corporate world and an entrepreneur incubation school.To help participants focus on learning, Posco will cover accommodations and provide an allowance of betwee
Oct. 25, 2018
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Cafe24 launches e-commerce platform in Japan
South Korean e-commerce platform Cafe24 said Thursday it has launched an information technology solutions and services platform for Japanese business operators. The company said it launched the one-stop e-commerce solutions platform to provide online store-building, a payment gateway, logistics and marketing services. The company said it expects Japanese businesses of all sizes, from one-person operations to large-scale corporations, to now sell their products to billions of global consumers thr
Oct. 25, 2018
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Kakao labor union launches
South Korean internet services provider Kakao confirmed Thursday its employees have created an in-house labor union that aims to challenge the company’s current wage system.Kakao marked the fourth information technology company in Korea to see an organization to represent workers’ rights, following Naver, Nexon and Smilegate. Prior to the launch, the union was affiliated with the Korean Chemistry & Textile Federation of Unions. (Kakao)“We respect the launch of the labor union and their activitie
Oct. 25, 2018
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Posco to support 5,500 job seekers over 5 years
South Korea’s leading steelmaker Posco will support 5,500 job seekers over the next five years by offering job training as part of its vision for mutual growth with society, the company said Thursday. Its three education programs are an artificial intelligence and big data academy for young adults, hands-on experience of working in the corporate world and an entrepreneur incubation school.For participants to focus on learning, Posco will cover accommodations and provide an allowance of between 5
Oct. 25, 2018
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Italy fines Apple, Samsung millions for slowing phones: official
Italy's competition authority on Wednesday said it was fining Apple and Samsung 10 and five million euros ($11.5 and $5.7 million) respectively for the "planned obsolescence" of their smartphones.The ruling is believed to be the first against the manufacturers following accusations worldwide that they encourage operating system updates for older phones which slow them down, thereby encouraging the purchase of new phones. (Yonhap)An investigation by the anti-trust authority revealed that "Apple a
Oct. 24, 2018
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Construction experts gather to discuss how to achieve rebound in global market
Representatives of South Korean construction companies and related associations gathered at a forum hosted by KOTRA on Wednesday to discuss how to achieve a rebound in the global market. Among the challenges they discussed were low oil prices and increased competition from Chinese companies. Over the last five years, Korean companies saw the value of their overseas contracts drop from $65.2 billion in 2013 to $29 billion last year -- mainly the result of a plunge in oil prices and the stronger p
Oct. 24, 2018
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Asiana Airlines donates to school in Fujian
South Korean air carrier Asiana Airlines has supplied classroom equipment for local students in Fuzhou in China’s southeastern Fujian province, and delivered special lectures for young aspiring flight attendants, the company said Tuesday. Local students in Fuzhou, Fujian province, China pose for a photo with Asiana Airlines flight attendants during its “Beautiful Classroom” project. (Asiana Airlines)It was part of the airline’s “Beautiful Classroom” project, a corporate outreach campaign the co
Oct. 24, 2018
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Lotte Confectionery buys Myanmar’s top bakery company
Lotte Group’s confectionery-making unit said Wednesday that it had acquired a bakery company in Myanmar to facilitate its penetration into the Southeast Asian market.According to the company, Lotte Confectionery will own an 80 percent stake in L&M Mayson Company for 76.9 billion won ($69 million).Established in 1996, L&M Mayson is the largest bread-making company in Myanmar with annual sales of approximately 35 billion won. It runs three manufacturing plants, 12 sales branches and 10 logistics c
Oct. 24, 2018