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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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Korea's increasing US investment mutually beneficial: report
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AI Seoul Summit adopts declaration on safe, innovative, inclusive AI
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South Korea bans viral North Korea propaganda video praising Kim
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Minister warns against trusting NK stated intentions, says Moon misguided
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Samsung replaces semiconductor chief amid heightened AI race
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Korea to swiftly discuss normalization plan for GM Korea: regulator
South Korea's top financial regulator said Tuesday the government will swiftly proceed with negotiations with General Motors Co. on a turnaround plan, including the government's potential support measures, for the US carmaker's troubled local unit.Choi Jong-ku, chairman of the Financial Services Commission, told lawmakers that due diligence on GM Korea will be conducted without delay.Earlier this month, GM, which asked the Korean government to provide financial support for GM Korea, said it will
Feb. 27, 2018
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Trump forecasts possible tariffs on steel
WASHINGTON -- US President Donald Trump said Monday he would impose tariffs on steel imports if that helps revive the domestic industry.He made the remark after the Department of Commerce earlier this month recommended tariffs for steel and aluminum imports. South Korean steel manufacturers could be subject to the action."I want to bring the steel industry back into our country," Trump said at a meeting with US state governors at the White House. "If that takes tariffs, let them take tariffs. OK
Feb. 27, 2018
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FTC forces Samsung SDI to sell 4 million of Samsung C&T shares
The Korean Fair Trade Commission said it ordered Samsung SDI on Monday to sell its remaining 4 million shares in Samsung C&T Corp. to further resolve Samsung’s circular chains since the merger between Samsung C&T and Cheil Industries in 2015.Monday’s order is a follow-up measure after the antitrust watchdog decided in December to change its earlier stance of having the affiliate discard only 5 million shares out of the total 9 million shares. A final decision was made by the Office for Governmen
Feb. 26, 2018
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HNB smokers still exposed to toxicants, but less, BAT claims
As tension with the government persists over the risks of heat not burn tobacco, British American Tobacco’s Korean subsidiary released clinical study findings that switching from conventional cigarettes to glo -- the company’s HNB device -- reduces exposure to harmful chemicals. (BAT Korea)While government test results have still not been released, scientists from BAT’s Reduced Risk Substantiation team found that toxicant levels in people who used glo were 90 to 95 percent less than smokers of n
Feb. 26, 2018
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[News Focus] Korea’s ‘zero’ interest in hunt for minerals leave tech firms vulnerable
While rival nations are stepping up the hunt for key minerals, which are increasingly in demand in the ‘fourth industrial revolution,’ South Korea, tied to past mistakes, is seen as going in the opposite direction by scaling down related businesses. Korea is now restructuring organizations and reducing budgets of public organizations related to overseas resource development. There won’t be any government-led overseas resource development for the time being through either consortium or joint inve
Feb. 26, 2018
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[IP in Korea] From trademarks to trade secrets, SMEs broaden IP horizons
For small enterprises with limited resources and technology, the extensive intellectual property war of industry giants such as Samsung and Apple may seem quite irrelevant.But the steady growth trend in the domestic patents sector over the years indicates that even second-tier businesses have now picked up on the importance of their intangible intellectual assets, according to an IP service leader of the state-run Korea Trade-Investment Promotion Agency.“Patents are a highly sophisticated field,
Feb. 25, 2018
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KDB to start review of GM’s financial records this week
Korea Development Bank, the second-largest shareholder of GM Korea, is likely to start due diligence on the US carmaker’s financial records later this week, amid intensifying concerns over the fate of the fourth-largest carmaker here.The state-run bank and GM are in last-minute negotiations before the review of the records, with KDB demanding legally binding access to corporate files. A local accounting firm, Samil PricewaterhouseCooper, will conduct the review of GM Korea’s accounts, on the agr
Feb. 25, 2018
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Canada eases quarantine standards for S. Korean pears
Canada has eased quarantine standards for pear imports from South Korea, a move that is expected to make it possible for the fruit to expand its presence in the North American market, Seoul's agriculture ministry said Sunday.Pear orchards located within 200 meters of peach trees have not been allowed to ship their products to Canada, but the two sides have agreed to remove the quarantine standards after 10 months of negotiations, the Ministry of Agriculture, Food and Rural Affairs said. Korean
Feb. 25, 2018
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S. Korea air passenger traffic hits record 109.36 mln last year
South Korea's air passenger traffic reached a new record high last year on growing travel demand, while flight delays declined due to improved schedule management, the transport ministry said Sunday.In 2017, the country's passenger traffic on domestic and international routes stood at 109.36 million, up 5.2 percent from a year earlier, the Ministry of Land, Infrastructure and Transport said in a statement. (Yonhap)The rate of overall flight delays fell 3.8 percentage points to 9.5 percent last
Feb. 25, 2018
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Korea, GM agree principles for GM Korea support
The South Korean government and General Motors agreed on the key principles Thursday to be applied in deciding whether to support struggling GM Korea, with GM expressing willingness to speed up due diligence of its local arm. “GM’s decision to make the $2.8 billion investment is highly rated but the request for the Korea Development Bank to participate in the capital increase is likely to be turned down because the government has no reason to take responsibility for GM Korea’s poor management,”
Feb. 22, 2018
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Starbucks Korea to support restoration of Korean Empire heritage
As part of its efforts to honor the nation’s modern history and cultural heritage, Starbucks Coffee Korea has donated 100 million won ($92,217) in preservation funds for the Korean Empire legation headquarters in the United States, officials said Thursday.The company also unveiled a limited edition tumbler with pokerwork describing the legation building located in Washington DC, a third product of the cultural heritage project.During the ceremony which took place at the coffee franchise’s signat
Feb. 22, 2018
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SK Innovation discovers crude oil in South China Sea
South Korean petroleum refining company SK Innovation has successfully discovered crude oil at a Chinese block in the South China Sea, the company said Thursday. SK Innovation’s discovery of crude oil in Block 17/03 in the South China Sea (SK Innovation)According to the company, it found a 34.8-meter-thick effective oil pool at Block 17/03 located at a depth of some 2,000 meters down the Pearl River Mouth Basin in December last year. This marks SK Innovation’s first discovery in the area since
Feb. 22, 2018
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Samsung BioLogics’ 3rd plant secures $16.6m order from US drugmaker
Korean drugmaker Samsung BioLogics’ third plant has secured a manufacturing order worth at least 17.9 billion won ($16.6 million) from an undisclosed US pharmaceutical firm, according to the firm’s regulatory filing on Thursday. The contract is equal to roughly 6 percent of the Korean firm’s net revenue as of 2016, according to the disclosure. The order could increase in size to $148.2 million, depending on whether the US firm succeeds in bringing the drug to market. The US firm also may extend
Feb. 22, 2018
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[Advertorial] LG Chem aims to become global top 5 chemical company
South Korea’s major chemical firm and battery maker LG Chem said it will continue to brace for the “fourth industrial revolution” and pioneer the market, focusing on business growth in its units of basic material, chemical, electronic information material, battery and life science businesses in South Korea and internationally. LG Chem researchers conduct battery test for electric vehicles. (LG Chem)LG Chem said it plans to invest 3.8 trillion won ($3.4 billion) in capital expenditure, a 52 perc
Feb. 22, 2018
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E-mart Traders outnumbers Costco, aims W1.9tr in sales
Warehouse-style discount chain store E-mart Traders said Thursday that it aims to achieve sales of 1.9 trillion won ($1.7 billion) this year, in an effort to bolster its offline shopping base amid fierce competition on e-commerce market. E-mart Traders (E-mart)E-mart Traders, a retail arm of Shinsegae Group, plans to open one or two more outlets this year. Since its launch in 2010, it opened a total of 14 stores across the country, with new branches in Gunsan and Gimpo opening in December last y
Feb. 22, 2018
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S. Korean firms to participate in New Zealand's infrastructure projects
South Korean companies will actively participate in New Zealand's massive projects to build homes, roads and railroads as part of efforts to further deepen bilateral economic ties, Seoul's finance ministry said Wednesday. In a meeting with Deputy Finance Minister Koh Hyeong-kwon, New Zealand's chief economic policymaker Grant Robertson urged South Korean companies to join his country's efforts to expand infrastructure. South Korea's Deputy Finance Minister Koh Hyeong-kwon on Wednewday meets with
Feb. 21, 2018
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Lotte chief steps down as CEO from Japan-based holding firm
Lotte Chairman Shin Dong-bin’s voluntary offer to quit as chief executive officer at its Japan-based holding firm has been approved through a board meeting, the group said Wednesday. Lotte Chairman Shin Dong-bin (Yonhap)“Lotte Holdings decided in a board meeting to accept Shin’s suggestion to resign from the chief post with a heavy heart, considering his situation,” the company said in an official statement. Shin will maintain his post as vice chairman and board member.The finalization comes am
Feb. 21, 2018
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IBK takes issue with KT&G CEO appointment
What had seemingly been a smooth process at South Korea’s leading cigarette maker KT&G to reinstate its chief has been met with unusual interference from the state-run Industrial Bank of Korea, which is making increasing moves to get involved in the firm’s management.The bank holds 6.9 percent stake in KT&G and receives estimated dividends of 35 billion won ($32.5 million) annually. KT&G CEO Baek Bok-in (KT&G)Citing its voting right as a stockholder, IBK said it would simply be exercising its vo
Feb. 21, 2018
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Korea signs free trade deal with Central America as first in Asia
Korea signed a free trade agreement with Central America -- Costa Rica, El Salvador, Honduras, Nicaragua and Panama -- on Wednesday, becoming the first Asian nation to do so, with hopes of increasing exports of cars, steels and cosmetics. “The agreement between Korea and Central America will be an opportunity to build a comprehensive, strategic partnership among the nations,” Trade Minister Kim Hyun-chong said at a signing ceremony attended by trade ministers from the five nations on Wednesday m
Feb. 21, 2018
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LED firm wins patent suit against Taiwanese rival
Seoul Semiconductor, a light-emitting diode manufacturer, has won a $1 million patent lawsuit against Taiwan’s Everlight Electronics, which used a flawed patent against industry rivals.The UK Patents Court declared on Feb. 14 that Everlight’s LED heat protection patent was invalid, ordering the defending Taiwanese company to pay all legal expenses, officials said Tuesday,The court’s decision was based on Everlight’s written statement in which it admitted that the patent in question was invalid.A
Feb. 20, 2018