Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Is NewJeans headed for a long 'break'?
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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S. Korea, Cambodia forge strategic partnership
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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What's next for the government's push in quota hike?
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Mercedes-Benz seeks to spearhead auto industry
Mercedes-Benz seeks to position the brand as an industry leader through its concept vehicle Concept EQ. (Mercedes-Benz)German luxury automaker Mercedes-Benz plans to introduce its future strategy and latest concept car at the upcoming Consumer Electronics Show in Las Vegas early next year, with an aim of emphasizing its continued role as an industry leader, the firm said Friday. The automaker will provide a detailed look into the four pillars known as “CASE” -- Connected, Autonomous, Shared, Ele
Dec. 30, 2016
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Gov't to give special loans to AI-hit poultry retailers
The South Korean government said Friday that it will offer special loans to local retailers and traders who suffer massive losses stemming from an outbreak of avian influenza in the country.At an emergency economic meeting chaired by Vice Finance Minister Choi Sang-mok in Seoul, the government said the loans of up to 70 million won ($58,000) with a fixed interest rate of 2 percent will be extended starting in January.Chicken and egg retailers, and restaurants and small bakeries are subject to th
Dec. 30, 2016
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Textile sector set to suffer trade deficit for 2nd straight year
South Korea's textile and garment industry is set to suffer a trade deficit for the second consecutive year in 2016 amid an influx of cheap Chinese products, industry data showed Friday.According to the data compiled by the Korea International Trade Association, the segment's exports dipped 4.8 percent on-year to reach US$12.4 billion in the first 11 months of the year.In contrast, imports of textiles and clothing increased 1 percent to $13.52 billion over the cited period. If the trend continue
Dec. 30, 2016
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One more firm subject to strict antitrust laws in Nov.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose slightly this month from a year earlier, the antitrust watchdog said Friday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,128 as of end-December, up one from the previous month.The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Seven business groups, including Shin
Dec. 30, 2016
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Korean business leaders urge ‘return to fundamentals’ in 2017
After a year of political unrest, public fury at problematic state-business ties and a prolonged economic downturn, the chiefs of South Korea’s major business groups called upon businesses to “return to the fundamentals” in 2017.“Korean businesses recently became a center of controversy, disappointing the public,” said Park Yong-maan, Chairman of the Korea Chamber of Commerce and Industry, the country’s largest business association, in his New Year’s speech.“We will work to foster stricter stand
Dec. 30, 2016
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AmorePacific chairman’s daughter comes on board
Suh Min-jung, the eldest daughter of AmorePacific Group chairman Suh Kyeong-bae, is scheduled to officially join her family’s company as a new employee from Jan. 1, 2017, the company said Friday. In doing so, observers say the junior Suh has taken the first visible step in preparing to take over the family business as her father’s successor.The 25-year-old AmorePacific heiress apparent will begin working as a starting-level employee at AmorePacific’s production plant in Osong, North Chungcheong
Dec. 30, 2016
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Budget carriers' share tops 20% in int'l routes
The share of South Korea's low cost carriers in international passenger traffic topped 20 percent last month, aided by growing demand for cheap air tickets and expanded capacity, data showed on Friday.According to the data compiled by the Ministry of Land, Infrastructure and Transport, a total of 1.27 million passengers coming into and leaving the country used flights operated by the country's five budget carriers in November, with their combined market share surging to 22.1 percent.Currently, f
Dec. 30, 2016
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Chief of GM Korea urges corrupt employees to come clean without consequence
James Kim, president and CEO of GM Korea Co., apparently sought to eradicate what is believed to be widespread corruption among many employees and labor union leaders selling job openings, urging them to come clean without facing any consequences, company officials said Friday.In a recent e-mail addressed to all employees of GM Korea, the South Korean unit of U.S. automaker General Motors Co., Kim said the company and prosecution will not punish those who voluntarily turn themselves in and ackn
Dec. 30, 2016
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NPS chief faces arrest, admits to ordering merger approval
The independent counsel team investigating the charges against President Park Geun-hye and other corruption suspicions surrounding her aides sought an arrest warrant for former welfare minister and current National Pension Service chief Moon Hyung-pyo on Thursday. The team reportedly secured an admission from Moon that he had ordered the NPS to approve the controversial merger deal between Samsung C&T and Cheil Industries last year when he was welfare minister. This is the first arrest warrant s
Dec. 29, 2016
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Lotte Duty Free given pre-permit to open World Tower outlet
Lotte’s duty-free operator said Thursday it has received a preliminary permit to open its World Tower branch, despite controversy over the duty-free licensing process.Following the competitive round of bidding for new duty-free licenses for outlets in Seoul earlier this month, Lotte Duty Free emerged as one of the licensees along with Shinsegae DF and Hyundai Department Store.The Korea Customs Service has notified the three companies that they have acquired preliminary permits to begin preparing
Dec. 29, 2016
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Hanmi and Sanofi shrink licensing deal over new diabetes drug
South Korea’s Hanmi Pharmaceutical on Thursday announced the reduction of a major licensing partnership it entered with Sanofi over a set of new long-acting diabetes treatments developed by Hanmi. Under the newly agreed terms, Sanofi will return the development and commercialization rights to one of the three diabetes treatments it had licensed from Hanmi. In turn, Hanmi will refund a part of the upfront payment it had originally received from the French drugmaker. The Hanmi Pharmaceutical headq
Dec. 29, 2016
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S-Oil donates W2b to underprivileged
Korean oil refiner S-Oil has donated 2 billion won ($1.6 million) to the underprivileged as part of its regular efforts to support those in need, the company said Thursday. S-Oil CEO Othman Al-Ghamdi (left) poses for a photo with Community Chest of Korea Chairman Hur Dong-soo at a donation ceremony in Seoul, Thursday. (S-Oil)“I hope that S-Oil’s donation serves as some help to those in need in every corner of our society, including senior citizens living alone, single-parent families, the disabl
Dec. 29, 2016
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Daelim Industrial bags W2.3tr construction deal with Iran
Daelim Industrial has bagged a 2.3 trillion won ($1.9 billion) construction deal with Iran, marking the largest construction contract that a Korean company has won since economic sanctions on the Middle Eastern country were lifted, the company said Thursday. The company said it received a letter of award from Iran’s Isfahan Oil Refinery to improve and expand oil refining facilities in Isfahan, 400 kilometers south of Tehran. The deal’s value makes up about 24 percent of the company’s sales last
Dec. 29, 2016
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Daelim wins 2 tln won construction deal in Iran
Daelim Industrial Co., a major construction firm here, said Thursday that it has secured a 2.3-trillion-won ($1.9 billion) deal to expand refinery facilities in Iran.Daelim said it has received a letter of award on the contract to improve and expand the facilities of Iran's Isfahan Oil Refinery, located around 400 kilometers south of Tehran. The headquarters of Daelim Industrial Co. in a file photo. (Yonhap)The two sides plan to sign a formal contract next month for the four-year construction pr
Dec. 29, 2016
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Gov't to spend over 4 tln won for development of ports in Jeju, Donghae
The government said Wednesday that it plans to spend 4.22 trillion won ($3.48 billion) to upgrade seaport facilities and strengthen logistics functions on the country's southern resort island of Jeju and the eastern port city of Donghae.According to the Ministry of Ocean and Fisheries, a total of 2.45 trillion won will be poured into building more cruise berths and sea walls at the port of Jeju by 2030, to attract more cruise passengers, with 1.77 trillion won to be spent for the port of Donghae
Dec. 29, 2016
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Retail investors stay net sellers for 8th year
South Korean retail investors have net-sold more than 8 trillion won ($6.6 billion) worth of stocks this year amid a stagnant market, retaining their net-selling position for the eighth consecutive year, data showed Thursday.Individual investors sold a net 8.76 trillion won worth of shares between Jan. 4 and Dec. 28, the largest net selling among market players, according to the data by the Korea Exchange.Institutions sold a net 4.91 trillion won during the cited period, while foreign investors
Dec. 29, 2016
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Overseas units of Korean firms lost money in 2015
Overseas units of South Korean companies were in the red in 2015 for the first time since the global financial crisis, as the business environment in foreign countries has deteriorated, a report said Wednesday. A total of 6,045 overseas subsidiaries with more than $1 million in foreign direct investment logged a net loss of $4 billion in 2015, or $700,000 per company on average, declining 2.3 percent from a year ago, showed a report by the Overseas Economic Research Institute under the state-r
Dec. 28, 2016
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[Best Brand] Lotte Duty Free to pass on business tips to SMEs
Lotte Duty Free has geared up to buttress local small and medium-sized businesses by offering its business knowhow. Since September 2016, Lotte Duty Free has been offering consulting services on management to Joongwon Duty Free, located in Cheongju, North Chungcheong Province. Joongwon Duty Free has been enduring a dry spell in sales since it opened in April 2014. Through the consulting services spanning brand negotiation, marketing and promotions both at home and abroad, business operating tips
Dec. 28, 2016
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Korean Air pilots call off strike
Unionized pilots at Korea‘s largest airline on Wednesday called an early end to its strike originally scheduled to last until Jan. 10. The strike began on Dec. 22.Through an official statement, the Korean Air Pilot Union said that it had reached an agreement to return to negotiations with the company on Thursday at 3 p.m, holding off the strike from midnight Thursday until Jan. 15. This would be the 10th round of wage negotiations. (Korean Air)The pilots’ union had initially demanded a wage incr
Dec. 28, 2016
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Pension fund chief detained for favoring Samsung merger
The National Pension Service’s head Moon Hyung-pyo was brought into custody Wednesday by the independent counsel team on suspicion of having pressured the pension fund to support the Samsung merger deal last year when he was the welfare minister. The special investigation team said it detained the former Welfare Minister Moon, who was summoned Tuesday, on charges of abusing his power to back the merger between Samsung C&T and Cheil Industries in July of last year. The controversial merger helped
Dec. 28, 2016