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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[Newsmaker] Lotte reopens duty free at World Tower
On Thursday morning, the duty-free floors of Lotte World Mall were bustling with Chinese tourists dragging travel luggage as they stood in long lines in the cosmetics section. Shoppers handed store attendants cell phones with pictures of specific products they wanted to buy. Periodically, announcements in Mandarin rang out from the store speakers. Lotte’s duty-free operator reopened its World Tower outlet Thursday after receiving a final operating license from the Korean customs regulator. The s
Jan. 5, 2017
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Hanwha chairman's son accused of assaulting bar employees
The third son of Hanwha Group Chairman Kim Seung-youn is under investigation without detention for allegedly assaulting two bar employees on Thursday, police said.Kim Dong-seon, 27, was arrested by police at the bar in southern Seoul at around 4:10 a.m., after beating the workers, whose identities were withheld, according to Gangnam Police Station. (Yonhap)The younger Kim, who is a member of the group's equestrian team and an official at Hanwha Engineering & Construction Corp., is also suspecte
Jan. 5, 2017
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Rating downgrades for major shipyards in the offing
South Korea's major shipyards may see their credit ratings downgraded in the coming months due to falling new orders and worsening financial status, industry sources said Thursday.According to the sources, the combined annual new orders clinched by the country's big three shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- stood at $9.1 billion in the first 11 months of last year, sharply down from $24.3 billion in 2015,
Jan. 5, 2017
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Prices of computer memory chips expected to jump 30% in Q1
The prices of computer memory chips are expected to jump about 30 percent in the first quarter of the year, according to industry data on Thursday, providing a boon to South Korean chipmakers, such as Samsung Electronics Co. and SK hynix Inc. According to market tracker DRAMeXchange and industry sources, the contract price of the benchmark 4-gigabit DDR3 recently surpassed 25, up 39 percent from an average contract price in November last year.DRAMeXchange expected an average contract price of DR
Jan. 5, 2017
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Korea's import car sales dip 7.6% in 2016
Sales of imported vehicles dropped significantly from a year earlier in 2015, largely due to a sales ban on Audi and Volkswagen cars following an emissions scandal, data showed Thursday.In 2016, the number of newly registered foreign cars came to 225,279, down 7.6 percent from 243,900 the previous year, according to the data from the Korea Automobile Importers and Distributors Association.This file photo, taken on Aug. 2, 2016, shows dozens of Audi and Volkswagen cars sitting idly at a pre-deliv
Jan. 5, 2017
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Retailers to raise prices of alcoholic beverages
South Korea's discount chains and convenience stores said Thursday they will raise prices of beer and soju, a popular Korean distilled beverage, beginning next week.CU, a major South Korean convenience store chain, is set to raise prices of two brands of 360 milliliter soju bottles -- Hite Jinro's Chamisul and Lotte Chilsung Beverage's Chum-Churum -- to 1,700 won ($1.4) from 1,600 won.The convenience store also plans to raise prices of Oriental Brewery's Cass and its rival Hite Jinro's Hite to 1
Jan. 5, 2017
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Conglomerates' entry erodes bed vacuum industry
Local small enterprises that successfully developed and marketed the world's first anti-bacterial bed vacuum are being nudged out by big name conglomerates, in what industry watchers say spells out doom for the market now saturated by competition.Sales records from online shopping mall GMarket on Thursday showed a 7-percent increase in sales of bed vacuums last year from the previous year. At another online mall, Auction, the increase was an even bigger 39 percent. The figures look promising for
Jan. 5, 2017
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SsangYong releases family friendly SUV
SsangYong Motor, the fourth-largest South Korean automaker, Wednesday launched a family friendly sports utility vehicle lineup, dubbed the New Style Korando C. “The new model can be described as ‘My first family SUV,’ made for families with newborns or for families with an active lifestyle,” said Maing Jin-soo from SsangYong’s marketing department during a media photo event in Gangnam, central Seoul. SsangYong Motor’s latest model, the New Style Korando C (SsangYong Motor)“The fifth generation m
Jan. 4, 2017
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Samsung SDS’ Chang Hwa-jin named new chief of IBM Korea
IBM said on Wednesday that it has appointed Chang Hwa-jin from Samsung SDS as the general manager of IBM Korea, and appointed the current chief Jeffrey Rhoda, to the chief position in China.Chang was the business leader of Analytical Internet of Things team and Smart Town team at Samsung SDS. New IBM Korea chief Chang Hwa-jin (Yonhap)Randy Walker, president of IBM Asia and Pacific, said, “Korea is a leading country in the field of artificial intelligence and IoT” and that the reason behind the a
Jan. 4, 2017
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Shilla CEO’s husband leaves Samsung
Lim Woo-jae, the husband of Samsung Group chairman’s daughter who is currently in a divorce trial, appears to have been fired, with Samsung Electro-Mechanics, an affiliate under Samsung Electronics, terminating his contract as an adviser to the company.According to Samsung officials, Lim was notified by the company last month that his one-year contract had been terminated. With the end of the contract, he has become a part-time adviser, widely seen as the final step for a Samsung executive befor
Jan. 4, 2017
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Shin Dong-bin participates in Lotte World Tower evacuation training
Lotte Group Chairman Shin Dong-bin recently participated in a joint evacuation training session at Lotte World Tower in southern Seoul, making his first public appearance of the year.The evacuation drills were conducted jointly by Lotte Corp., the Seoul Metropolitan Government and the Songpa-gu District Office, starting from 3 a.m. with the participation of 3,000 volunteers. They underwent a simulation of a fire breaking out on the 107th floor of the 123-floor building. The drills involved 23 ag
Jan. 4, 2017
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'Over 60 percent of stock riches in Korea are heirs’
More than 60 percent of the top stock rich in Korea made their fortunes through inheritance, drawing a stark contrast against those in the US, China and Japan, analysis showed Wednesday.According to a report by CEO Score, a local corporate tracker, 25 of 40 Koreans, or 62.5 percent, amassed wealth through inheritance -- much more than those in Japan and the US, where 10 and 12 people, respectively, become rich through the transfer of wealth. China had only one beneficiary of inheritance. Little
Jan. 4, 2017
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LF breaks into liquor industry
Fashion company LF said Wednesday that it is entering the liquor industry through an investment deal with alcohol distributor Indulge.Although LF declined to comment on its investment stake in Indulge citing contract confidentiality agreements, there are reports estimating that LF‘s stake is now more than 50 percent of the company.(LF)Indulge is the sole distributor of the sparkling wine brand Bernini, tequila brand Patron, and beer brand Brew Dog. According to LF, Indulge also plans to open a b
Jan. 4, 2017
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Japan to surpass Korea in shipbuilding
South Korea’s shipyards are poised to be overtaken by Japanese competitors in order backlogs for the first time in 17 years, preliminary data from a global shipping information firm showed on Wednesday. According to tentative data from UK-based Clarkson Research Service, South Korea’s backlogged orders stood at 19.91 million compensated gross tonnages, a measurement to gauge the amount of work that goes in the construction of a vessel, as of the end of December 2016. It compares with Japan’s pro
Jan. 4, 2017
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Shinsegae Food begins franchise business
Food manufacturer and restaurant operator Shinsegae Food said Wednesday that it has begun franchise operations, starting with its first franchise stores for burger chain Johnny Rocket and ice cream chain O’slo.The two stores are the first franchise stores operated under brands launched in Korea by Shinsegae Food. Shinsegae currently also owns the franchise chain Smoothie King, which already had stores nationwide before the company acquired it in 2015. O’slo’s first franchise store in Paju, Gyeon
Jan. 4, 2017
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Is Asiana looking to launch catering business?
Korea’s second-largest air carrier has set up a joint venture with Swiss airline catering company Gate Gourmet, raising speculation over whether the company is looking to launch its own catering business.Asiana Airlines and Gate Gourmet launched the joint venture Gate Gourmet Korea here last October. Asiana disclosed at the end of December that it acquired a 5.2 percent stake in the company for 53.3 billion won ($44.2 million), bringing its stake in the company up to 40 percent effective July 20
Jan. 4, 2017
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Hanmi to globally launch dual-action hyperlipidemia drug with MSD
South Korea’s Hanmi Pharmaceutical said Wednesday it will launch its dual-action drug for hyperlipidemia, Rosuzet, across global markets in partnership with US pharmaceutical giant Merck Sharp & Dohme. The two have newly entered a licensing partnership under which MSD will take charge of selling Hanmi’s Rosuzet across 23 countries, excluding Korea. Hanmi said it could not specify the given countries due to contract stipulations. Hanmi Pharmaceutical's Rosuzet (Hanmi Pharmaceutical)Rosuzet is a d
Jan. 4, 2017
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Pizza Hut Korea fined for extorting franchise owners
Pizza Hut Korea has been fined by South Korea’s antitrust regulator for its unfair business practices against franchise owners here.According to the Fair Trade Commission on Tuesday, Pizza Hut was fined 526 million won ($437,000) for unilaterally creating and collecting new fees -- called “administration fees” -- from franchise owners. To date, the FTC estimated that Pizza Hut has extorted 6.8 billion won from franchise owners through these fees. (Pizza Hut official website)The fee was not incl
Jan. 3, 2017
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Yongin eyes industrial complex around Amorepacific R&D center
South Korean cosmetics maker Amorepacific‘s R&D Center in Yongin could be at the center of a new urban industrial complex if it receives a final approval, according to the company and Yongin City on Tuesday.The cosmetics company is mulling plans to invest 32.9 billion won ($27.3 milllion) into the project, which will result in a 231,000-square-meter complex set to be completed by 2019.Currently, Amorepacific is expanding its existing R&D Center in Giheung-gu to add more research facilities. Urba
Jan. 3, 2017
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Green Cross retains leadership in global chickenpox vaccine market
South Korean biopharma company Green Cross has taken the lead in the global chickenpox vaccine market by winning a major order from the Pan American Health Organization. Green Cross said Tuesday that it has secured a $60 million order to supply its varicella -- the virus that causes chickenpox -- vaccine, to PAHO from 2017-2018. This amounts to around 66 percent of the agency’s total varicella vaccine procurement quota.Under the new contract, the Korean drugmaker will export its varicella vaccin
Jan. 3, 2017