Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Minister warns against trusting NK stated intentions, says Moon misguided
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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South Korea bans viral North Korea propaganda video praising Kim
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Hermes celebrates craftsmanship
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After 6-year hiatus, Kia to return to Paris Motor Show in Europe push
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Govt. calls for junior doctors who left worksites to return to hospitals by Monday
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#MeToo spreads to business sphere, partially
A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG
March 6, 2018
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Coway expanding business overseas
South Korea’s leading water and air purifier maker Coway said it will make an aggressive move to expand its overseas market base this year. An official at Coway Malaysia explains a product to a customer. (Coway)According to the company, it aims to hit the target of 520 billion won ($480 million) of overseas sales in 40 countries this year, about 26 percent up from the previous year’s target. Overseas sales include the sales from overseas branches and original design manufacturing production, the
March 6, 2018
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OB’s Brazilian CEO gets Korean name
Oriental Brewery, the Korean affiliate of the world‘s largest beer maker AB InBev, said Tuesday that its Brazilian CEO Bruno Cosentino has been given the Korean name Ko Dong-woo. Oriental Brewery CEO Ko Dong-woo (OB)The 45-year-old CEO, who took the post in January, is a veteran beer expert with over 20 years of experience at AB InBev. Until recently, he served as the vice president of AB InBev’s Asia-Pacific branch.OB said his name was made based on Korean traditional fortune telling. The Chine
March 6, 2018
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Korean biopharma association to support AI-based drug development
South Korea’s largest biopharmaceutical business association has kickstarted preparations for a support center that will leverage artificial intelligence to help Korean pharmaceutical companies accelerate new drug development processes.The move comes as Korea seeks to catch up with big pharma firms in the US and Europe which have begun to pour investments into AI for drug discovery. Uses for AI in developing medicines include identifying promising drug candidates and determining the right biomar
March 5, 2018
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Popularity of clothes dryers, steam closets changes home appliance market
Increased consumer interest in keeping clothes hygienic in a convenient way is changing the home appliance market, with clothes dryers and steam closets continuing to see sales growth. The LG TROMM clothes dryer and TROMM Styler (E-Mart)Both clothes dryers and steam closets had long been seen as supplementary or niche items here. But with changing lifestyles and shifting priorities of consumers, the two appliances have increasingly become more of a necessity than a luxury, industry watchers said
March 5, 2018
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Task force suggests scaling down, merger of resources firms
A task force reviewing measures to restructure overseas resources businesses at public entities suggested Monday that the government integrate scandal-ridden and loss-making Korea Resources Corp. with a related organization to solve the organization’s liquidity problem. “If the organization is immediately abolished, it will face problems in terms of its public functions and employment,” said the task force Monday. “We recommend the government abolish the departments related to direct investments
March 5, 2018
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SK Biopharmaceuticals’ narcolepsy drug on track to hitting US market
SK Biopharmaceuticals, the new drug development unit of South Korea’s telecom-to-energy conglomerate SK Group, is drawing closer to launching its investigational narcolepsy drug in the US, raising hopes for a fresh influx of profits in the near future. SK Biopharmaceuticals and its partner Jazz Pharmaceuticals announced Monday that the US Food and Drug Administration has accepted for standard review their new drug application seeking marketing approval for solriamfetol, an investigational drug t
March 5, 2018
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[Photo News] Galaxy S9 shines on Burj Khalifa
GALAXY S9 ON BURJ KHALIFA -- An advertisement for the release of Samsung Electronics‘ latest flagship phone Galaxy S9 is shown on the facade of the Burj Khalifa building in Dubai. The ad was shown five times over two days on March 2 and 3 (local time) on the world’s tallest building, complementing an experience zone where consumers could try out the new features of the Galaxy S9. (Samsung Electronics)
March 4, 2018
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[IP in Korea] ‘Patents, the most valuable capitalist assets in AI technology era’
Patents are often considered ways to appreciate and protect technological inventions. But they are also a highly practical capitalist resource that may open the door to a lucrative market, according to the developer of a patent big data technology system.“Even those who recognize the market potential of the intellectual property sector are quite nearsighted, failing to see beyond the current industrial borders,” Eric Min-soo Kang, patent attorney and CEO of PatentPia, told The Korea Herald in an
March 4, 2018
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Dayou acquires Daewoo Electronics, begins normalization process
Dayou Group has completed the acquisition of Daewoo Electronics and has begun measures to normalize operations at the electronics company, the group said Sunday.Dayou Group purchased an 84.5 percent stake in Daewoo Electronics from DB Group and financial investors through a special purpose company, confirmed by a Daewoo shareholders’ meeting on Feb. 28. The shareholders elected Ahn Jung-gu as the company’s representative director. Daewoo Electronics `s plant in Gwangju (Yonhap)Ahn Jung-gu, the r
March 4, 2018
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S. Korean business lobby asks for exemption from US steel tariffs
A major Korean business lobby said Sunday it has asked the United States to make an exception for South Korea from its proposed tariffs on steel imports, citing the close security and economic ties between the two nations.The Federation of Korean Industries said it has sent letters to 565 US lawmakers, officials and opinion leaders to ask the administration of President Donald Trump to reconsider its decision to levy a 25 percent duty on imported steel based on national security grounds."We unde
March 4, 2018
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Samsung Electronics to reveal new QLED TVs this week
South Korean tech giant Samsung Electronics Co. will unveil its new lineup of QLED televisions in New York this week to step up its push for the high-end TV market, company officials said Sunday. Samsung said it plans to show off its new QLED TVs that are 65 inches or more in a global launching event at the American Stock Exchange in New York City on Wednesday, without disclosing details of the new products. (Yonhap)The term "QLED" is a marketing acronym created by the electronics maker for its
March 4, 2018
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Hyundai Heavy Industries to use robots in shipbuilding
Hyundai Heavy Industries Co. said Sunday it will use robots to build ships for the first time in the industry to improve efficiency and cut costs. The world's largest shipbuilder has recently completed a year of testing of a robotic system that automatically shapes a vessel's 3-D curved surface at its shipyard in Ulsan, located 414 kilometers southeast of Seoul. The unmanned system is based on the Internet of Things and automation technologies, and is equipped with a high-frequency inductive hea
March 4, 2018
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S. Korea to promote cruises at global trade fair
South Korea will step up efforts to promote a wide selection of cruise travel programs at a global trade fair next week to attract more travelers from abroad, the maritime ministry said Sunday. South Korean officials from the oceans and tourism ministries, as well as local travel agencies will be present at the Seatrade Cruise Global 2018 gathering, which will kick off in Florida on Monday for a four-day run. They aim to introduce local cruise programs at the leading industry exhibition. Over 7
March 4, 2018
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2,500 GM Korea workers apply for voluntary retirement
More than 2,000 workers at the South Korean unit of General Motors Co. have applied for voluntary retirement as the US-based carmaker plans to shut down one of its plants here, local and company sources said Saturday.According to the sources, about 2,500 workers at four GM Korea plants out of a combined workforce of 16,000 employees applied for the program by the Friday deadline.In particular, about 1,000 out of 1,550 workers at the Gunsan plant joined the list of people willing to leave the com
March 3, 2018
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China weighs whether to retaliate over Trump’s tariff hikes
BEIJING -- After threatening to retaliate if President Donald Trump raised trade barriers, Chinese leaders need to decide whether his hikes in steel and aluminum tariffs justify starting a fight that might disrupt access to one of China’s biggest markets.Beijing had no immediate reaction Friday to Trump’s plan for tariffs of 25 percent on steel and 10 percent on aluminum. Asian stock markets fell amid talk of a “trade war.“.Chinese leaders need to weigh the need to back up threats with action ag
March 2, 2018
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Korean steel industry readies countermeasures against Trump’s tariff
Korean steelmakers said Friday that heavy tariffs proposed by US President Donald Trump on all imported steel products would inevitably hurt their businesses.On Thursday, Trump told reporters that the US would impose a 25 percent tariff on imported steel products after meeting with CEOs from US steel companies. The president is expected to sign an order to impose the tariffs next week. South Korea is the third-biggest steel exporter to US, after Canada and Brazil.Expressing disappointment, steel
March 2, 2018
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Creditors move to sell Kumho Tire to China’s Doublestar
South Korea’s troubled tire maker Kumho Tire will take steps to sell its majority stake to China’s Qingdao Doublestar, a state-run creditor bank said Friday. Korea Development Bank Senior Vice President Lee Dae-hyun speaks at a press conference on its deal with China‘s Double Star over the fate of Kumho Tire, in Yeouido, Seoul, Friday. (Yonhap)According to Korea Development Bank, it will push ahead with a plan to sell it to the Chinese tiremaker for 646.3 billion won ($597.4 million) and close a
March 2, 2018
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Popularity of raw noodles grows
With continued demand for instant noodles, South Korean retailers recorded an increase of sales of raw products, data showed Friday. Pulmuone’s noodle products (Pulmuone)One major food company in that business is Pulmuone, which saw 844 million won ($780,000) of sales of ready-to-cook raw noodle products last year, 11.4 percent jump from the previous year. Pulmuone currently tops the local raw noodle market with a 27 percent market share as of 2017. While udon noodles -- a 230 billion won marke
March 2, 2018
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Burger King raises prices of 12 menu items
Fast-food chain Burger King said Thursday that it would raise the price of 12 menu items here by 100 won (9 cents) from Friday. A Burger King store (Burger King)The items are 10 burgers, such as the signature Whopper, Cheese Whopper and Bulgogi Whopper, and two sides including coconut shrimp. With the increase of 100 won, or an average price increase of 0.3 percent, a single Whopper is to be sold at 5,700 won. However, if purchased as a set, the price is the same at 7,700 won.The company said t
March 1, 2018