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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US expert says N. Korea might ignore Trump if he returns to White House
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[Photo News] Seoul seeks 'best sleeper'
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Yoon vows to advance freedom, welfare to uphold spirit of 1980 pro-democracy uprising
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Coway replaces CEO over faulty water purifiers
Coway Co., South Korea's leading water purifier maker, said Tuesday its chief executive offered to step down to take responsibility for selling defective products that caused a series of class action lawsuits.Coway CEO Kim Dong-hyun will be replaced by Lee Hae-seon, a former co-head of CJ Cheiljedang Corp., CJ's food subsidiary, the company said in a regulatory briefing. Lee's appointment will be confirmed in meetings of shareholders and the board of directors slated for Oct. 31, it said. Kim, w
Sept. 20, 2016
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Lotte group chairman summoned over corruption allegations
Shin Dong-bin, the chief of the embattled South Korean retail giant Lotte, was summoned by state prosecutors Tuesday as the high-profile corruption probe into the country's fifth-largest conglomerate neared its conclusion.The 61-year-old business tycoon appeared before the Seoul Central District Prosecutors' Office as a suspect on a string of charges, including embezzlement and breach of trust. Shin Dong-bin (Yonhap)"I am sorry for causing concerns," he told reporters before entering the prosecu
Sept. 20, 2016
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Korean home appliances enter Southeast Asia market
Korea’s small- and medium-sized home appliance makers are making inroads into Southeast Asian countries, targeting middle-class consumers. Coway, the country‘s No. 1 water purifier maker and rental service provider, is ahead of the pack, topping the water purifier market in Malaysia. Since its entry into the country in 2006, Coway Malaysia saw an average 118 percent jump in sales year-on-year. The company tops the local market with sales reaching 97.8 billion won last year. Hurom opened a cafe
Sept. 19, 2016
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Korean Air seeks alternative funding plans for Hanjin Shipping
Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper. During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.“Since there are multiple stakeholders, holding the terminal collateral is nea
Sept. 19, 2016
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Ediya Coffee No. 1 franchise shop operator in Korea
Ediya Coffee Co., a local low-cost coffee franchise operator, has the most shops in South Korea amid rising demand for cheap take-out coffee, government data showed Monday.There were 1,577 Ediya Coffee franchise outlets across the country last year, followed by 821 Caffe Bene stores and 813 Angelinus shops, according to the data compiled by the Fair Trade Commission. The two other coffee franchise operators are also home-grown brands.Starbucks has around 900 shops in the country, but the brand w
Sept. 19, 2016
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Korea imports 400 tons of Fukushima goods
South Korea has imported over 400 tons of foods grown with radiation exposure in Fukushima, Japan, over the past six years, a South Korean opposition lawmaker said Monday, despite local consumers' worries over contamination.A total of 407 tons of goods from the region were brought into the country, said Choi Do-ja of the main opposition Minjoo Party of Korea, citing data of the Korea Food and Drug Administration submitted to the National Assembly.A devastating earthquake off the east coast of Ja
Sept. 19, 2016
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Starfield attracts 1.5m visitors in 10 days, faces parking chaos
Korea’s largest shopping mall multiplex Starfield has attracted over 1.5 million visitors in the first 10 days of its opening, due to the long Chuseok holiday, its operator Shinsegae said Monday. “Starfield had a greater turn out than anticipated thanks to the various promotions we ran before the opening, such as television commercials staring famous celebrities and messages sent out to important clients,” a spokesman for Shinsegae said. Korea’s biggest shopping mall complex Starfield is crowded
Sept. 19, 2016
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Seoul might be home to Johnson & Johnson’s startup incubator JLABS
[THE INVESTOR] Johnson & Johnson is reviewing establishing a JLABS center in Korea, its seventh and the first outside North America, according to a company official on Sept. 19.Established in 2012 under Johnson & Johnson Innovation, JLABS is an incubator for health care startups that provides infrastructure and resources. JLABS head Melinda Richter on her visit to Seoul in August reportedly praised the creativity and technologies of South Korean bio venture companies, saying the nation has an
Sept. 19, 2016
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Daewoo Shipbuilding unit wins $120 mln deal from US shipyard
Major shipyard Daewoo Shipbuilding & Marine Engineering Co. said Monday that its unit has won a $120 million deal from a US shipyard to design two ships and supply materials. Under the deal with NASSCO, a unit of General Dynamics, the Daewoo Ship Engineering Company, a wholly owned subsidiary of DSME, will design two container ships that can also house automobiles.The vessels, 265 meters long and 35 meters wide each, will be able to carry 3,250 container boxes and 525 autos.The ships will be del
Sept. 19, 2016
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Korea Kolmar buys US cosmetics manufacturer for 17 bln won
Korea Kolmar Co., South Korea's original development manufacturing cosmetics manufacturer, said Monday it has bought a US-based cosmetics maker to pave the way for entering the North American market. In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging LLC for 17 billion won ($15.1 million).Established in 1993, the Pennsylvania-based PTP has provided cosmetics for global brands includi
Sept. 19, 2016
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Market for convenience store lunch boxes shows exceptional growth
Sales of boxed lunches at convenience stores are increasing at a record pace with demand growing from demographic shifts and a broadening age group of consumers, industry data showed Monday.CU said its sales of lunch boxes increased 2.98 times as of the end of August compared with the same period last year. The jump follows a 65.8 percent increase in 2015 for the year. Helping the sales is the retail chain's collaboration with popular chef Baek Jong-won, who selected the dishes that go into the
Sept. 19, 2016
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Price of tap water to rise 4.8% this week
The price of water supplied by public utility companies will be hiked by an average 4.8 percent later this week, to cover growing costs, the government said Monday.The price of tap water used by households will be increased to 323.6 won ($0.29) per ton, up 14.8 won from the current 308.8 won, according to the Ministry of Land, Infrastructure and Transport.The increase will mark the first of its kind since January 2013 but only the second in 10 years."Over the past 10 years, consumer prices have
Sept. 19, 2016
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Korea to give incentives for energy storage system
The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities as part of its efforts to foster the local renewable energy market, the trade ministry here said Monday.Those who install the energy storage system at their solar power plants will be given additional points on assessment of their renewable energy certificates starting next year, according to the Ministry of Trade, Industry and Energy.The REC-tagged electricity is
Sept. 19, 2016
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30% of Hanjin ships unloaded
About one third of the container ships operated by near-bankrupt Hanjin Shipping Co. have completed their cargo unloading at ports around the globe as of Sunday, the troubled shipper said Monday, with 34 container ships still stranded at sea.Of the 97 container ships operated by the financially shaky shipper, 28 have unloaded goods. Hanjin Shipping said it is also in negotiations to begin unloading in New York, Singapore and Mexico next week.Hanjin Shipping is also set to return a total of 17 sh
Sept. 19, 2016
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UPS eyes e-commerce as growth engine in Asia-Europe shipping
BRUSSELS -- The world’s largest package delivery company is looking to transcontinental shipping and the rise of e-commerce as growth engines, according to the chief executive of the company’s European branch.Nando Cesarone, CEO of United Parcel Service Europe, told a group of Asian reporters at UPS Europe’s headquarters in Brussels that the rise of e-commerce and the increasing preference among consumers to shop online and across borders were creating a shift in transcontinental shipping trends
Sept. 18, 2016
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Banks to issue refund guarantee for HHI
Local banks decided to issue a refund guarantee for Hyundai Heavy Industries, allowing the company to go ahead with ship-building projects, sources said Sunday. According to the financial sources, seven banks, including the firm’s main creditor KEB Hana Bank, made the decision to issue the refund guarantee for the company by early next month. A refund guarantee is a form of security for purchasers who normally pay for a substantial part of the vessels in advance of delivery. A ship-building cont
Sept. 18, 2016
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Superrich gravitate to Yongsan: data
The most Korean superrich in terms of stock value were found to live in Yongsan-gu in central Seoul, data showed Sunday. According to corporate information provider Chaebul.com, 19 percent, or 48 of 243, of rich individuals owning over 100 billion won ($88 million) in stocks live in Hannam-dong and Itaewon -- both of which are in Yongsan-gu, Seoul. Among them, 14 were found to possess over 1 trillion won in stocks. Samsung Group Chairman Lee Kun-hee's house in Yongsan, Seoul. (Yonhap)The Itaewon
Sept. 18, 2016
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Lotte group chairman to be summoned by prosecutors Tuesday
State prosecutors said Sunday they will summon Shin Dong-bin, the chairman of the embattled South Korean retail giant Lotte, this week to undergo questioning over corruption allegations involving the conglomerate.The Seoul Central District Prosecutors‘ Office said the business tycoon will be questioned as a suspect on charges of embezzlement and breach of trust on Tuesday.Prosecutors here have been looking into Lotte’s alleged wrongdoings since they launched full-fledged raids into the group‘s h
Sept. 18, 2016
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[Photo News] Starbucks’ tea brand Teavanna takes off in Korea
TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of the company’s flagship tea brand Teavanna at a Starbucks outlet inside the Starfield Hanam shopping complex in Hanam, Gyeonggi Province on Sept. 6. Since its official launch, more than 1 million Teavanna drinks have been sold at Starbucks outlets nationwide as of last Friday, according to Starbucks Korea. (Starbucks Korea) TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of t
Sept. 18, 2016
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Corporate M&As in Korea fall in H1
Corporate mergers and acquisitions by South Korean firms fell sharply in the first half of this year as local conglomerates remained reluctant to streamline their business, the antitrust watchdog said Sunday.The value of reported M&As reached 13 trillion won ($11.7 billion) in the January-June period, down from 39.4 trillion won a year earlier, according to the Fair Trade Commission.The number of merger cases also dropped to 209 from 249 over the cited period.The FTC said domestic companies rema
Sept. 18, 2016