Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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Debate on 'no-seniors zones' heats up
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Baskin-Robbins to sell Bacchus sorbet
Dong-A Pharmaceutical has partnered with the local unit of global ice cream chain Baskin-Robbins to turn its signature energy drink Bacchus into a sorbet, according to industry sources Friday.The new sorbet will carry the flavor of Dong-A Pharmaceutical’s flagship Bacchus energy drink, which has developed an iconic image in South Korea since its launch in 1963.The new sorbet will reportedly go on sale later this month. (Yonhap)The Bacchus brand includes sugar-rich, caffeine-heavy Bacchus-D sold
Nov. 3, 2017
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iPhone 8 sales kicks off in S. Korea amid lukewarm response
US tech giant Apple Inc. started sales of the new iPhone 8 smartphones in South Korea on Friday, with the devices receiving a relatively tepid response from local users, industry watchers said.According to sources, the preorders for the iPhone 8 smartphones were only 60-70 percent of the iPhone 7 series in South Korea. (Yonhap)Industry watchers said the sluggish sales of the iPhone 8 came as some Apple users in South Korea are waiting for the iPhone X. The US company has not yet decided on the r
Nov. 3, 2017
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Cosmetics companies engaged in aggressive overseas marketing campaigns
Local cosmetics companies are taking more aggressive approaches to win over foreign markets, as they gain confidence from easing tensions between South Korea and China, industry officials said Friday.AmorePacific, which suffered a drop in stock prices and exports due to Seoul's diplomatic row with Beijing, is set on a three-pronged marketing strategy eyeing China, Southeast Asia and North America, its officials said.In China, it plans to strengthen its market presence through its research center
Nov. 3, 2017
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[Exclusive] Allergan aims to start phase 3 trials of Medytox’s liquid BTX next year
Allergan said Friday that it would initiate phase 3 clinical trials of Innotox, Medytox’s type A liquid botulinum toxin product, “as soon as is reasonably possible.”The announcement indicates that the trials for the cosmetic treatment, also known as BTX, would likely begin next year if Medytox supplies the testing batch as scheduled.This is the first time in more than a year the US drugmaker has officially spoken up on its development plans for Innotox, and its partnership with Seoul-based Medyt
Nov. 3, 2017
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Samsung tops global smartphone market in Q3
Samsung Electronics Co. stood as the world's top smartphone producer in the third quarter in terms of shipments, data showed Friday, helped by rising sales of budget models.Industry tracker Strategy Analytics said the South Korean tech giant sold 83.4 million units of smartphones in the July-September period, with its share standing at 21.1 percent. It marked a sharp growth from a year earlier when the company shipped 75.3 million units. "Samsung's growth is being driven by strong demand for its
Nov. 3, 2017
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Builder confidence drops amid tightened loan rules, reduced budget
South Korea’s construction business is set to slow down over the next few years due to stricter loan regulations aimed at curbing real estate speculations and the reduction in social overhead capital budget, according to local economic think tanks.The Construction Business Survey Index, a sectoral benchmark for business sentiment, took a slight upturn this month but did not show actual growth in the number or amount of construction deals, according to data released Thursday by the Construction &
Nov. 2, 2017
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LS Cable & System builds EV battery parts plant in Poland
LS Cable & System said Thursday it plans to invest 20 billion won ($18 million) to build a plant for electric car battery parts in Dzierzoniow, southwestern Poland. The new Poland plant is aimed at supplying battery parts to the European market, where automakers are increasing the portion of their electric cars and Korean battery makers are seeking to further their presence. The plant will be capable of supplying battery parts to around 200,000 cars annually starting from 2019. They will be supp
Nov. 2, 2017
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Kwon named to chair Samsung’s key research body
Samsung Electronics promoted Kwon Oh-hyun, a resigning vice chairman, to chairman of the firm‘s research entity in a follow-up reshuffle of its executives on Thursday aimed to further stabilize the organization.Two other former CEOs Yoon Boo-keun and Shin Jong-kyun were also promoted to vice chairman of the firm’s external corporate relations and vice chairman responsible for fostering the firm’s future leaders respectively, a measure considered as a symbolic gesture recognizing the contribution
Nov. 2, 2017
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FTC to look into chaebol charities
The head of the nation’s antitrust watchdog told the leaders of the five top conglomerates on Thursday that the nature of their nonprofit foundations would be tested as part of the new government’s chaebol reform. “We will check whether the foundations for public welfare under large businesses are operating the way they are supposed to, and seek ways to limit their voting rights,” said Kim Sang-jo, chairman of the Fair Trade Commission, while meeting CEOs from Samsung Electronics, Hyundai Motor
Nov. 2, 2017
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Coupang renews daily order record during Chuseok
Coupang has renewed its own record for the amount of orders during the Chuseok holiday, the company said Thursday. Over one million items were ordered in a day through the company’s direct purchase and delivery service Rocket Delivery, it said. During the 10-day Chuseok holiday Coupang received over 1,000 Rocket delivery orders at its peak in a span of one minute. Per hour searches made by customers exceeded 430,000. (Coupang)The last record set by Coupang in gross merchandise value both weekly
Nov. 2, 2017
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Doosan Infracore Q3 net more than doubles on hefty sales
Doosan Infracore Co., South Korea's top construction equipment maker, said Thursday that its third-quarter earnings more than doubled from a year earlier on the back of increased sales in emerging markets such as China.Net profit reached 77.2 billion won ($69.3 million) in the July-September period, compared to a loss of 35.7 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income was tallied at 144 billion won, up 36.1 percent from a year earlier, while sal
Nov. 2, 2017
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GS Group chairman seeks opportunities in India
GS Group Chairman Huh Chang-soo and affiliate CEOs visited India to discuss the group‘s business strategies overseas, the group said Thursday. Starting in 2011, GS Group has been holding overseas meetings as a means to find future growth engines outside of Korea. This year, GS Group decided to hold meetings in India where the group aims to increase its footing down the road. GS Group Chairman Huh Chang-soo (center) visits HomeShop18, an Indian on-air shopping channel that GS Group has a 15 perc
Nov. 2, 2017
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Hanwha to build 100MW floating solar power farm in Dangjin
A consortium led by Hanwha General Chemical has been selected as a preferred bidder by the Korea Rural Community Corporation to build a 100-megawatt floating solar power plant in Dangjin, South Chungcheong Province, Hanwha Group said Thursday. The construction of the floating solar power farm is expected to start in 2019 after a series of licensing procedures and begin operations in 2020, Hanwha Group said. The consortium of Hanwha General Chemical and Korea Midland Power will be responsible for
Nov. 2, 2017
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Samsung promotes executives as follow-up to leadership reshuffle
Samsung Electronics Co. announced the promotion of key executives Thursday as a follow-up to the appointment of its major business division heads.The latest move came after Samsung named next generation leaders for its chip, mobile and consumer electronics divisions earlier this week.Samsung said that while the three former business division heads will not be involved in business management, they will still “leverage their knowledge and insight” to advise the current managerial team.It promoted
Nov. 2, 2017
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Korea to inject W30tr to foster innovative startups
The South Korean government said Thursday that it will inject a combined 30 trillion won ($26.9 billion) in the next three years to foster innovative startups and venture firms in a way to create a virtuous business cycle and secure a new growth engine. Under the comprehensive plan endorsed by a ministerial level meeting chaired by Finance Minister Kim Dong-yeon, the government will focus on expanding money supply for fledgling enterprises and creating a generally venture-friendly environment.“T
Nov. 2, 2017
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Global chip industry records highest-ever quarterly sales in Q3
The world‘s semiconductor industry is continuing its record-breaking boom as it has recorded quarterly sales of more than $100 billion for the first time in the third quarter of this year, according to industry reports. In its latest summary on worldwide semiconductor sales, the Semiconductor Industry Association reported third quarter chip sales totaled $107.9 billion, marking the industry’s highest-ever quarterly sales. The sales number also represent an increase of 10.2 percent compared to t
Nov. 2, 2017
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SK Innovation Q3 net up 87% on higher oil prices
SK Innovation Co., South Korea's top oil refiner, said Thursday its third-quarter earnings shot up 87 percent from a year earlier due to higher oil prices and improved cracking margins.Net profit stood at 696 billion won ($625 million) on a consolidated basis in the July-September months, compared with profit of 372 billion won a year earlier, the company said in a regulatory filing.Operating income more than doubled from a year earlier to reach 964 billion won in the third quarter, with sales r
Nov. 2, 2017
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More than half of foreigners visit Korea after watching hallyu content: poll
More than half of foreigners coming to South Korea on private trips chose their destination after experiencing "hallyu," which refers to the Korean Wave of popular culture, a local poll showed Thursday.The Korea Tourism Organization polled 3,199 people who visited the country with reservations for flights only or for flights and lodgings. The survey was narrowed to travelers from eight countries -- China, Japan, the United States, Hong Kong, Taiwan, Thailand, Malaysia and Singapore -- and was ca
Nov. 2, 2017
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KEPCO CEO says Northeast Asia supergrid project 'feasible'
GWANGJU -- The state-run Korea Electric Power Corp. has looked into the potential for a power grid project in Northeast Asia encompassing South Korea, Japan, China and Russia, and concluded that it is feasible if the countries work together, the utility company's chief executive said Thursday."We have carried out a preliminary feasibility study on the project and concluded that it is feasible economically and technically," CEO Cho Hwan-eik told reporters on the sidelines of the Bitgaram Internat
Nov. 2, 2017
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Samsung Q4 earnings expected to jump on back of strong chip exports
Following a strong third-quarter performance, operating profits for Samsung Electronics are expected to continue to rise in the fourth quarter on the back of strong semiconductor exports, according to local investment and securities researchers on Wednesday. (Yonhap)Samsung Electronics’ fourth-quarter sales are expected to increase by 6 percent to 65.69 trillion won ($59.1 billion), while its operating profit is estimated to increase by 12 percent to 16.29 trillion won, according to a Mirae Ass
Nov. 1, 2017