Most Popular
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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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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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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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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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Yoon vows to run country 'rightly' on Buddha's birthday
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CIO chief nominee to explain allegations at confirmation hearing
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Samsung unveils upgraded Bixby to be connected on appliances
Samsung Electronics revealed an upgraded version of its artificial intelligence voice assistant, Bixby, highlighting openness and compatibility at the Samsung Developer Conference in San Francisco on Wednesday. “We are moving intelligence beyond devices and into an ubiquitous, personal and open ecosystem with introduction of Bixby 2.0 with integrated with Viv Labs technologies,” Samsung said in a statement. The technology of Viv Labs, which Samsung acquired in October last year, was for the firs
Oct. 19, 2017
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Court says 2015 Samsung merger 'valid'
A Seoul court on Thursday rejected a request by Ilsung Pharmaceuticals to nullify a merger between two Samsung affiliates in 2015, ruling that the merger was “valid.” The Seoul Central District Court was dismissing a case filed by the local drugmaker, which held a 2.11 percent stake in Samsung C&T before the merger. Ilsung claimed that Cheil Industries’ takeover of the former Samsung C&T was “unfair” for shareholders.But the court said no illegality was found during the merger process, despite i
Oct. 19, 2017
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IKEA opens second store in Korea
Global furniture giant IKEA opened its second store in South Korea on Thursday, joining competition with small and big rivals in the region.The new outlet in Goyang in the northwestern outskirts of Seoul is located on the second and third floor of a four-story building. A separate outlet mall run by South Korean retail giant Lotte is located in the first floor and the first basement level of the same building. "We are excited to open our doors and offer better accessibility to the people in Seou
Oct. 19, 2017
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US citizens hold half of foreign-owned real estate in Korea
US citizens possessed half of all real estate owned by foreigners in South Korea, and the southern resort island of Jeju received the most investment under an accommodative visa policy, a parliamentary report showed Thursday.Foreigners held 233.5 million square meters of land nationwide as of the end of 2016, which is worth 32.3 trillion won ($28.2 billion), Rep. Kim Chung-woo of the ruling Democratic Party said, based on the data provided by the finance and justice ministries. (Yonhap)By nation
Oct. 19, 2017
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LIG Nex1 showcases low-cost fire-and-forget missiles at ADEX 2017
LIG Nex1, the third-largest defense company in South Korea by market cap, has showcased its tactical assets ranging from guided missiles to radars and robots at the biannual Seoul International Aerospace & Defense Exhibition 2017, which started Tuesday.LIG Nex1 presented outdoors the low-cost 2.75-inch guided rocket Logir, or “Bigung” in Korean, for which the firm embarked on a mass production project in January, as well as anti-artillery radars, one of which LIG Nex1 completed an upgrade for in
Oct. 18, 2017
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Asiana donates to Chinese school
Asiana Airlines, South Korea’s second-largest carrier by market cap, has supplied multimedia equipment for classrooms in a Chinese primary school and provided lessons on what it is like to become a flight attendant, according to the firm Wednesday. The classroom equipment, including 10 computers, found its way on Tuesday to Wenhua Street Primary School, located in the northeastern Inner Mongolia autonomous region in China. Some 900 students are expected to benefit from the program, according to
Oct. 18, 2017
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Children's finger paints found to contain toxins
Finger paint from many different brands sold in South Korea have been found to contain toxins, according to a study by the Korea Consumer Agency.Out of twenty brands tested, half showed toxic levels of preservatives, acidity and microorganisms. The study utilized safety standards for children‘s toys that are scheduled to go into effect on Feb. 1 next year.Six brands were found to have unacceptably high levels of chloromethylisothiazolinone and methylisothiazolinone, commonly referred to as CMIT
Oct. 18, 2017
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Mercedes-Benz Procurement scouts suppliers in Korea
German carmaker Mercedes-Benz met with trendsetting Korean companies in consumer electronics to scout for new suppliers, the company said Wednesday.The Mercedes-Benz Procurement and Supplier Quality booth at the Korea Electronics Show at Coex in Seoul (Mercedez-Benz)Mercedes-Benz was the first OEM automaker to participate in the four-day Korea Electronics Show that began Tuesday, where it met with potential suppliers. One of the companies that met with Mercedes-Benz was Geo-Line, a startup that
Oct. 18, 2017
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LG Display executive optimistic about approval for China plant
LG Display has been held up by the South Korean government, which has deferred its approval of a new plant in China by the firm, but the company remains optimistic as the time is ripe, an executive at the company said.Lee Jung-han, an executive of LG Display’s chief marketing office division, said, “We view (that approval for the plant) should be made and it is likely to be made. Timing is important and we view that the time is now,” when local reporters asked about the progress on building a pl
Oct. 18, 2017
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Moody's maintains Korea's credit rating at Aa2
Global rating agency Moody's Investors Service on Wednesday reaffirmed its record-high Aa2 rating for South Korea, with its rating outlook also remaining stable, despite rising tensions over North Korean issues."Korea's credit profile is supported by the country's very high economic strength, which is reflected in relatively robust growth and high competitiveness," it said in its latest report. "A very strong institutional framework also underpins the rating, bolstering resilience to potential e
Oct. 18, 2017
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Korean officials due in DC for ITC safeguard hearing on Korean washers
A group of South Korean officials and senior executives of local washing machine manufacturers departed for Washington D.C. on Wednesday to attend a hearing on the need for safeguards to protect US companies.The US International Trade Commission hearing will be held in the US capital Thursday at the request of Whirlpool Corp. This is part of the ITC safeguard probe of foreign washers, mostly made by South Korean companies.The official 120-day probe to determine whether the South Korean washing m
Oct. 18, 2017
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LG Chem launches combination drug for diabetes, dyslipidemia in Korea
LG Chem on Wednesday launched Zemiro in South Korea. The combination tablet simultaneously treats diabetes and dyslipidemia, a condition in which an abnormal amount of lipids exist in the bloodstream. Developed by LG Chem’s biopharmaceuticals unit, Zemiro is a new combination tablet that merges LG’s diabetes drug Zemiglo -- a Diepeptidyl peptidase-4 inhibitor -- with the lipid reduction drug ingredient rosuvastatin. (LG Chem)Patients who previously had to take two separate drugs can now take a
Oct. 18, 2017
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LG Chem forecast to report upbeat earnings for Q3
LG Chem Ltd., South Korea's No. 1 chemical company, is expected to deliver market forecast-beating earnings for the third quarter of the year, driven by firm demand for its key products and a recovery in its EV battery business, industry data showed Wednesday.LG Chem, set to report its third-quarter bottom line next week, is estimated to have logged a net profit of 517 billion won ($458 million) during the July-September period, compared with 297 billion won a year earlier, according to data com
Oct. 18, 2017
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Trade ministry affiliates report over 10,000 hacking attempts since 2013
The trade ministry's affiliates came under more than 10,000 hacking attempts over the last five years, with the key trade promotion agency subjected to the heaviest attack, the ministry said Wednesday.A report from the Ministry of Trade, Industry and Energy submitted to Rep. Lee Chae-ik for parliamentary audits showed there were 11,525 hacking attempts from 2013 to September this year. The yearly number for 2017 is either on the decline or has stayed nearly the same, from 3,058 in 2013 to 2,064
Oct. 18, 2017
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Whirlpool demands 50% tariff on Samsung, LG washers
US tech manufacturer Whirlpool Corp. has demanded a punitive tariff of 50 percent on South Korean firms' washers, government sources said Wednesday.According to South Korea's trade ministry, Whirlpool submitted the demand to the US International Trade Commission (ITC), which earlier determined that Samsung Electronics Co. and LG Electronics Inc.'s washers are harming the domestic industry.The US authority's announcement followed a four-month investigation that was kicked off by a safeguard petit
Oct. 18, 2017
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Amazon unlikely to launch in Korea
Despite rumors about Amazon‘s future plans to enter the South Korean market, it is unlikely that the e-commerce giant will launch a Korean version of its flagship online shopping website, according to industry insiders.“It is unclear what Amazon will have to gain by entering the e-commerce market at this point,” an official at another e-commerce firm operating in Korea said, asking not to be named.Rumors have been circulating that Amazon was planning a launch of a Korean arm after the US e-comme
Oct. 17, 2017
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[Monitor] Income disparity large among entertainers
The average income among the top earning actors reached as much as 2 billion won ($1.7 million) a year, while the majority of the actors received less than 600,000 won per month, a report by Rep. Park Kwang-on of the Democratic Party of Korea showed during a parliamentary audit.Citing statistics provided by the National Tax Service, Rep. Park said that the top 1 percent of actors (158 among 15,870) earned 47.3 percent of total income as of last year.The income disparity was also stark between ge
Oct. 17, 2017
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[Newsmaker] EU battery alliance may become threat to Korean firms
The European Union launching a battery alliance and European carmakers’ growing investment in battery plants may threaten Korea’s current technological lead in the global electric car battery market, industry watchers said. Last week, the European Commission launched the bloc’s battery alliance setting aside 2.2 billion euros ($2.6 billion) for the establishment of a full value chain of batteries in Europe. The commission invited European automakers, including Renault and Daimler, which are unde
Oct. 17, 2017
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Posco E&C teams up with Italian designer Alessandro Mendini
Posco Engineering & Construction has teamed up with Italian architect Alessandro Mendini to design the exterior of its latest construction of The Sharp apartment brand, the company said in a statement Tuesday. According to Posco E&C officials, the company chose to collaborate with the designer for the second time in an effort to develop an apartment building that features unique colors and box-shaped geometric designs. Italian architect, artist and designer Alessandro Mendini (POSCO E&C)“The ap
Oct. 17, 2017
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SK-Sinopec joint venture to invest W740b to raise production capacity
A joint venture between SK Innovation and Sinopec of China has decided to invest 740 billion won ($653.8 million) to expand its production capacity by some 36 percent, officials in Seoul said Tuesday.The Sinopec-SK Wuhan Petrochemical joint venture was established in 2013 with the two companies investing 3.3 trillion won. SK Global Chemical, a subsidiary of SK Innovation, holds a 35 percent stake in the venture. (Yonhap)The plant under the joint venture has an annual production capacity of 2.2 m
Oct. 17, 2017