Most Popular
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Court refuses injunction on medical school expansion
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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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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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DSME to enforce unpaid leave for office workers
Daewoo Shipbuilding and Marine Engineering said Wednesday it will initiate one month of unpaid leave for all office workers starting from next year as part of its cost-saving efforts. The shipbuilder said about 300 office workers will first start their one month of unpaid leave next month. All three Korean shipbuilders -- DSME, Samsung Heavy Industries and Hyundai Heavy Industries -- vowed to enforce such unpaid leave as part of their self-rescue plans, but this is the first time that a company
Dec. 28, 2016
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Shinsegae names new CEOs
Shinsegae Group announced Wednesday that it has named two new chief executives to its duty-free and fashion companies, effective Jan. 1.Son Yung-sik, the Executive Vice President of Shinsegae‘s duty-free operator Shinsegae DF, was named the new CEO of the company. He will be replacing Sung Young-mok, who had been serving as CEO of both Shinsegae DF and Shinsegae Chosun Hotel.According to Shinsegae, Sung will be focusing exclusively on the company’s hotel business while Son will be in charge of t
Dec. 28, 2016
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Korean Air works to stop desertification
Korean Air is working to contribute to the fight against climate change with its Global Planting Project in China and Mongolia.Since 2007, Korea‘s largest airline has been planting trees in the Kubuchi Desert in China. Over the past decades, employees have visited the desert every year to plant trees in the Korean Air Eco-Park. This year, 50 employees joined 70 college students to plant trees from Sept. 20 to 22. Korean Air employees and college students at Kubuchi Desert in China pose at an an
Dec. 28, 2016
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Yuhan Corp. ends licensing partnership with China’s Luoxin Biotech
South Korean pharmaceutical company Yuhan Corp. disclosed Wednesday that it has terminated its licensing partnership with China’s Luoxin Biotechnology Co. over its failure to fulfill its contractual duties.Yuhan had licensed out its new lung cancer drug candidate YH25448 to Luoxin Biotechnology in July this year in a deal valued at around $120 million. The two firms had been carrying out further talks over the contract details.Under the deal, Luoxin Biotechnology had agreed to jointly develop Yu
Dec. 28, 2016
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New IBK chief vows more overseas operations
Kim Do-jin, new CEO of the Industrial Bank of Korea, said Wednesday he will focus efforts on diversifying the income source of the state-owned policy lender.Taking up his new post, Kim stressed the need for expanding noninterest revenue and capitalizing on the rapid growth of mobile banking and fintech businesses. Kim Do-jin, new CEO of the Industrial Bank of Korea, delivers a speech during his inauguration ceremony in Seoul on Dec. 28, 2016. (Yonhap)"The current financial (business) conditions
Dec. 28, 2016
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Korea's top 10 firms lag behind global rivals in R&D spending
South Korea's top 10 largest companies lag behind their global rivals in their spending for research and development projects, data showed Wednesday.In terms of a ratio of research and development spending to revenue, the average spending by the nation's top 10 firms is about 76 percent that of their global rivals, according to the data by market tracker CEO Score. An ad for mortgage loans by a South Korean bank is pictured in this undated file photo. (Yonhap)Of the 10 firms, Samsung Electronics
Dec. 28, 2016
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Korean firms' overseas units lose money in 2015
Overseas units of South Korean companies lost money in 2015 for the first time since the global financial crisis due mainly to a slowdown in global demand, a report said Wednesday.About 6,000 wholly owned subsidiaries in foreign countries registered an average net loss of US$700,000 last year, the first red ink since 2008, according to the report by the Overseas Economic Research Institute under the state-run Export-Import Bank of Korea. "Overseas units of local companies lost money last year a
Dec. 28, 2016
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LG Group, KT announce withdrawal of membership from FKI
LG Group and KT Corp. on Tuesday announced their withdrawal of membership from the Federation of Korean Industries (FKI), becoming two of the first major conglomerates to do so following the influence-peddling scandal involving President Park Geun-hye and her close friend Choi Soon-sil. The announcements came after the FKI, the country‘s largest business lobby that counts the top 600 firms as members, came under wide public criticism for its role in what is believed to be an illicit and coercive
Dec. 27, 2016
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[Newsmaker] Pension fund’s political neutrality, independence questioned
For most South Koreans, the national pension fund is the last bastion for their years after retirement. Launched in 1988, the 28-year-old pension operator currently has more than 21 million subscribers contributing 9 percent of their income every month.The power the National Pension Service yields in the capital markets is enormous. By size, the NPS is the world’s fourth-largest pension fund and has more than 5 percent of shares in about 290 companies. National Pension Service (The Korea Herald
Dec. 27, 2016
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Posco strives to lead automotive steel market
Korea’s top steelmaker Posco has been making aggressive investment moves to take the lead in the global automotive steel market, shipping 8.7 million tons of automotive steel to global carmakers last year, which made up 10 percent of the world’s total production of such steel. Only 20 of some 800 steelmakers around the world are able to produce automotive steel as it requires high technical skills. Posco’s continuous galvanizing line plant in Thailand (Posco)In January, the steelmaker showcased
Dec. 27, 2016
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Daewoo E&C collects W387.1b for project in Morocco
Daewoo Engineering and Construction said Tuesday it has received about 387.1 billion won ($323 million) of construction fees in the past two months from Morocco’s Safi Energy Company for building a coal power plant. The Korean company kicked off construction of the Safi Independent Power Project this year, but there have been some concerns over the construction fees, as the payment was delayed. The company said the payment is nearly completed, with the remaining small amount due early next year.
Dec. 27, 2016
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Former welfare minister summoned over Samsung merger
The Chairman of the National Pension Service Moon Hyung-pyo was summoned Tuesday by the independent counsel team on the suspicion of having pressured the National Pension Service to favor the merger between Samsung C&T and Cheil Industries last year, when he was welfare minister. Moon was summoned as a witness but may turn into a suspect during the investigation, according to local news reports.Before entering the office of the special counsel, Moon denied the alleged influence-peddling, saying,
Dec. 27, 2016
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Korean Air vows to strengthen security training
Korea‘s largest air carrier vowed Tuesday to strengthen security training for its air cabin crew following strong public backlash for a seemingly weak response to an unruly passenger on Dec. 20.Korean Air President Chi Chang-hoon told reporters at a press conference at Korean Air’s Training Center in Gangseo-gu, Seoul, that the airline would be improving its training procedures for cabin crew to focus more on drills for real-life scenarios. Korean Air flight attendants practice restraining unrul
Dec. 27, 2016
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LG Group, first to officially withdraw from FKI
South Korea‘s fourth-largest conglomerate LG Group on Tuesday announced its withdrawal from the Federation of Korean Industries, marking the first major firm to officially withdraw from the controversial business lobby group.LG Group notified the FKI that it will no longer participate as a member from 2017, and that it will not pay the 5 billion won ($4.14 million) membership fee, the company said in a press release.LG Group Chairman Koo Bon-moo had expressed willingness to withdraw membership e
Dec. 27, 2016
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Korea starts process to build 6 new frigates by 2026
South Korea has signed a 16.6 billion won ($13.8 million) deal with Hyundai Heavy Industries Co. for the planning of six new naval frigates, the state defense procurement agency said Tuesday. The Batch-III project calls for the Defense Acquisition Program Administration to inject a total of 2.8 trillion won into the building of six 3,000-ton frigates by 2026. These ships will form an integral part of the Navy's defense strategy. This image provided by the Defense Acquisition Program Administrat
Dec. 27, 2016
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Korean Air revises rules to allow more use of force against in-flight violence
South Korea's largest flag carrier Korean Air Lines Co. said Tuesday that it has instructed its flight attendants to more actively consider the use of force, including tasers, during cases of in-flight violence.The move follows a widely publicized incident where a 35-year-old South Korean man went on a near rampage while drunk on a Korean Air flight from Hanoi, Vietnam, to South Korea last week. This photo provided by Korean Air shows a 35-year-old South Korean passenger tied to his seat followi
Dec. 27, 2016
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Pension fund chief grilled over Samsung's merger deal
The chief of South Korea's state-run pension fund was questioned by investigators looking into the scandal surrounding President Park Geun-hye and her friend Tuesday over allegations he unlawfully influenced a decision to back Samsung Group's merger plan last year.Moon Hyung-pyo, chief of the National Pension Service, appeared before the special probe team's office in southern Seoul to undergo questioning over suspicions he played a role in the merger plan of the country's largest family-run bus
Dec. 27, 2016
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Shipbuilders face gloomy order outlook for 2017
South Korea's top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday.In the face of a global vessel glut and fiercer competition from Chinese rivals, the three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are struggling to set their order targets for next year, according to the sources.Industry le
Dec. 27, 2016
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Korea to remove import tariffs on 68 products in 2017
South Korea will remove import tariffs levied on 68 products including facility equipment for new industries next year as part of efforts to foster emerging industrial sectors, the finance ministry here said Tuesday.Starting from Jan. 1, the rate cut, which is part of the country's flexible tariff system, will be worth a combined 445.7 billion won ($372 million), down 8.2 percent from a year earlier, according to the Ministry of Strategy and Finance.The flexible tariff system refers to a governm
Dec. 27, 2016
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Has siblings’ race to Shinsegae leadership begun?
Market rumors are circulating over a possible battle between the son and daughter of Shinsegae Group Chairwoman Lee Myung-hee over the future leadership of the retail giant, with the latter making a rare public appearance earlier this month and securing two exclusive licenses to operate duty free-shops in a year.Shinsegae Inc. President Chung Yu-kyung made a surprise visit to Daegu on Dec. 15 to celebrate the opening of Shinsegae Department Store in the city. The event was considered rather surp
Dec. 26, 2016