Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[Photo News] Seoul seeks 'best sleeper'
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US expert says N. Korea might ignore Trump if he returns to White House
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Yoon vows to advance freedom, welfare to uphold spirit of 1980 pro-democracy uprising
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Korea Inc. fears spillover from Samsung heir’s fate
A court review of a request by the special counsel to arrest Lee Jae-yong, the de facto leader of Samsung Group, spread fear through the business community here on Wednesday that the unprecedented case could only be the beginning of a long list of “corporate hunt.”The 48-year-old vice chairman of Samsung Electronics spent probably the longest day of his life at a detention center in Seoul, waiting for the court’s decision on the special prosecutor’s demand to put him in jail. Samsung Electronic
Jan. 18, 2017
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Former Daewoo Shipbuilding chief gets 10-year jail sentence for accounting fraud
A lower court court on Wednesday meted out a 10-year prison sentence to a former head of Daewoo Shipbuilding & Marine Engineering Co. who is at the center of a massive accounting fraud case.The Seoul Central District Court found Ko Jae-ho guilty of cooking the company's books to grossly inflate assets and getting loans using faked financial statements. Ko led the company between 2012 and 2015. This photo, taken on July 9, 2016, shows Ko Jae-ho, a former head of Daewoo Shipbuilding & Marine Engin
Jan. 18, 2017
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Samsung Heavy bags $230m deal for regasification unit
Samsung Heavy Industries Co., a major shipyard here, said Wednesday that it has clinched a $230 million deal to build a floating storage and regasification ship.Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing.Samsung has an option to build three more FSRU units, it said.Earlier this month, the shipbuilder won a $1.27 billion deal to build an offshore facility, marking the first mega deal of the yea
Jan. 18, 2017
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Hyundai, Kia log record sales in Europe in 2016
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. -- South Korea's two largest automakers -- logged the largest annual sales ever in Europe last year with their combined market share surpassing 6 percent, industry data showed Wednesday.According to data by a European automobile association, the corporate duo sold a combined 940,712 cars in Europe last year. Chung Mong-koo, chairman of Hyundai Motor Group, tours the manufacturing lines of the automaker's plant in Zilina, Slovakia, on A
Jan. 18, 2017
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KT&G under investigation for unfair profits from excise hike
The Korean fair trade watchdog has begun an investigation into tobacco manufacturer KT&G on allegations that the company gained up to 330 billion won ($282 million) in unfair profits following a hike on cigarette taxes in late 2014. (Yonhap)The FTC’s investigation follows a report from the Board of Audit and Inspection that was released Jan. 12 regarding the management of additional profits that may have been gained by tobacco manufacturers after the tax hike that went into effect in 2015.Accord
Jan. 18, 2017
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Ikea sets up distributions corporation in Korea
Furniture retailer Ikea has set up a distributions services corporation in Korea, according to the company Wednesday.“Ikea set up the new corporation as part of its expansion plan to become a multi-channel leader. We expect to be able to manage inventory and distribution more efficiently, and improve customer services such as delivery. We have not yet decided on any details,” Ikea said in an official statement.The company established a corporation called Ikea Distribution Service Korea Ltd. effe
Jan. 18, 2017
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[Photo News] Lotte Mall in Hanoi
Lotte will be building a new mall near the Hanoi West Lake, one of the Vietnamese city’s top attractions. The approximately 200,000-square-meter complex will include a shopping mall, a department store, a supermarket and a cinema, all to be directly operated by Lotte affiliates. Construction is set to begin in the first half of 2017, for completion in 2020. (Lotte Asset Development)
Jan. 18, 2017
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[Photo News] SSG.com sweeps awards
Shinsegae‘s online shopping mall SSG.com swept top honors at the Seoul Creative Festival of Film Advertising Awards on Tuesday. The brand took home the Grand Prix, Gold Prize and Bronze Prize for its SSG.com advertisements, and also took bronze in the Craft (direction) category. According to Shinsegae, mobile sales at SSG.com rose 50 percent on-year, which the company attributed to the campaign. (Shinsegae)
Jan. 18, 2017
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Korea to set up W3.5tr fund to help startups
South Korea will establish a 3.5 trillion won ($2.9 billion) fund to nurture startups and venture firms in the science and technology sectors to secure new growth engines, the science ministry said Wednesday.Under the comprehensive plan announced by the Ministry of Science, ICT and Future Planning, the fund will be floated to help young jobseekers launch 50,000 new startups. The ministry said it will partner with the Small and Medium Business Administration to nurture the fund that is aimed at b
Jan. 18, 2017
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LG smartphones' average sales price is about one-fifth of Apple
The average sales price of LG Electronics Inc.'s smartphones is about one-fifth that of Apple Inc.'s iPhones, industry data showed Wednesday, underlining LG's difficulty in reviving its loss-making smartphone business. According to a survey of 12 LG smartphones sold at KT Corp.'s online store, the average sales price of LG smartphones stood at about 137,000 won ($117.60). LG's smartphone line-up consists of mid- and low-range devices, including the LG Stylus 2 and X Screen, with sales prices ran
Jan. 18, 2017
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Chinese SUV launched in Korea
A Chinese SUV, the Kenbo 600, made its debut in South Korea on Wednesday, becoming the first Chinese passenger vehicle to be marketed here.China-Korea Motor Co., the local importer and distributor of the Chinese vehicle, unveiled the Kenbo 600 in a ceremony held at its Incheon headquarters, just west of Seoul.The Kenbo 600, marketed as the S6 in China, is an SUV produced by BAIC Motor Corp., the passenger car making unit of China's state-owned BAIC Group, the fourth-largest automotive group in C
Jan. 18, 2017
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Hyundai, Kia recall about 150,000 Tucson, Sportage SUVs
Hyundai Motor Co. and its affiliate Kia Motors Corp. are recalling about 150,000 Tucson and Sportage SUVs to fix faulty shock absorbers in their rear wheels, the government said Wednesday. Subject to the recall in South Korea are 88,514 Tucson vehicles, which were produced between March 3, 2015, and July 25, 2016, the Ministry of Land, Infrastructure and Transport said in a statement. Kia is recalling 61,662 Sportage vehicles, which were produced between Aug. 1, 2015, and July 27, 2016, accordin
Jan. 18, 2017
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Shinsegae joins top 10 biz group list
Shinsegae, a retail conglomerate, joined the list of the country's top 10 business groups in terms of assets last year, while logistics group Hanjin suffered a sharp drop on the conglomerate ranking chart as its affiliate Hanjin Shipping Co. was put under court receivership, industry data showed Wednesday.According to the data compiled by industry tracker CEO Score, a total of 1,183 companies were affiliated with the country's top 30 conglomerates as of September last year, whose combined assets
Jan. 18, 2017
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Department stores rely on VIP customers to keep up sales
Department stores are counting more on their top-spending VIP customers to keep their businesses going, sales figures indicated Wednesday, as consumption drops across all consumer segments due to the slowing economy.Retail statistics showed that a handful of high spenders continue to account for approximately 20 percent of total sales at department stores. At Lotte, the top 1 percent of VIP guests accounted for 22.8 percent of sales last year, up 0.9 percentage point from the previous year. For
Jan. 18, 2017
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Korea to invest W98.2b in upgrading biopharma evaluation guidelines
The South Korean government said Tuesday that it would invest 98.2 billion won ($82.76 million) in improving its evaluation guidelines for new biopharmaceutical products over the next 10 years. The plans came as part of the latest agenda set by a special pan-government biotechnology committee led by the Ministry of Science, ICT and Future Planning.The body was established in March 2016 to streamline all policymaking related to the country’s fast-growing biotech business and to act as a “control
Jan. 17, 2017
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Lotte, Shilla mulling Hong Kong Airport bid
Korea‘s two largest duty-free operators are mulling bids to run outlets at Hong Kong International Airport, according to the two companies Tuesday.Although both Lotte Duty Free and The Shilla Duty Free held back from confirming that they will be submitting bids, both said that they are “positively considering” the tender.“We are actively pursuing overseas expansions, and have the highest overseas sales of all Korean duty-free operators,” said a spokesman for Hotel Shilla, which runs The Shilla D
Jan. 17, 2017
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PyeongChang 2018 chief says Olympic prep 'clean' despite scandal
The head of the 2018 PyeongChang Winter Olympics said Tuesday that preparation for the games has been "clean," even with the sports community mired in a nation-rocking influence-peddling scandal.At his first press conference of 2017, Lee Hee-beom, head of the PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games, addressed the impact of the scandal involving President Park Geun-hye and her confidante Choi Soon-sil on the build-up to the country's first Winter Games. Lee
Jan. 17, 2017
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Korea mulls over resolving trade friction from THAAD at WTO
South Korea is exploring the "possibility" of resolving the ongoing trade and economic feud with China over Seoul and Washington's joint decision to deploy an advanced missile defense system through the World Trade Organization, a government source said Tuesday.In July, South Korea and the US announced a plan to station the Terminal High Altitude Area Defense system on the Korean Peninsula within this year to counter the growing threats from North Korea. China has voiced strong opposition, argui
Jan. 17, 2017
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Volkswagen executive to visit Seoul prosecution over emissions scandal
A senior executive of German carmaker Volkswagen will visit South Korean investigators this week to discuss issues related to its emissions scandal, the prosecution said Tuesday.Francisco Javier Garcia Sanz, member of Volkswagen AG's Board of Management, will visit the Seoul Central District Prosecutors' This file photo, taken on June 1, 2016, shows Audi Volkswagen Korea's pre-delivery inspection center in Pyeongtaek, about 70 kilometers south of Seoul. The Seoul Central District Prosecutors' Of
Jan. 17, 2017
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Govt. to expand financial support for SMEs
The South Korean government said Tuesday it will provide small and medium-sized enterprises here with a record level of financial support this year via policy lenders to help them weather difficult business conditions.The lenders will increase their lending to 186.7 trillion won ($156 billion) for the year from 178.7 trillion won last year, according to the Financial Services Commission. A file photo showing the Korea Development Bank's support for tech startups. (Yonhap)The move comes as concer
Jan. 17, 2017