Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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Medical feud leaves hospitals in financial crisis
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Chip up cycle won’t stay long: SK chief
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JTI releases refill cartridge type electronic cigarettes
Japan Tabaco International Korea, a branch of a Japan-based global tobacco maker, has launched ‘Logic Pro,’ a new electronic cigarette model that uses refill cartridges, the first of its kind to be sold in Korea, the firm said Tuesday. “Logic Pro will deliver a one of a kind experience to electronic cigarette smokers on capsules made with premium materials from Europe and an outstanding production line,” said an executive level official at JTI Korea. JTI Korea releases Logic Pro, electronic cig
Sept. 6, 2016
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Hanjin Shipping to get W100b from parent group
Near-bankrupt Hanjin Shipping looks set to get an injection of 100 billion won ($90.5 million) from its parent group, although the amount falls far short of covering its entire overdue balance that approaches 600 billion won. Hanjin Group said Tuesday that it would provide the funds to the country’s largest container carrier which is facing disruptions in its freight handling worldwide due to overdue debt. Saenuri Party Chairman Rep. Lee Jung-hyun (right) and other lawmakers attend the governme
Sept. 6, 2016
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Inbound tour increase boosts convenience store sales
Convenience stores in Korea’s popular tourist areas saw an upsurge in sales in summer due to an increase in inbound tours, reports showed Tuesday.Major convenience store chains 7-Eleven and CU released a report based on a survey of its sales in the nation’s major tourist sites. The stores in Jeju Island recorded a 19.4 percent increase in sales in July and August compared to the same period last year. A rise in Chinese visitors contributed to the boost in the local sales, a market analyst said.O
Sept. 6, 2016
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Passengers demand Korean Air compensate them for incident on codeshare partner flight
A set of passengers have taken Korean Air Lines Co. to court for an incident aboard a foreign carrier with which it has a codeshare agreement, a case that may set the boundary of responsibilities between the actual operator of a flight and its partner, aviation industry officials said Tuesday.The plaintiffs were headed to the Czech Republic on a Czech Airlines flight on Sept. 12, 2014, out of Incheon International Airport, west of Seoul. The flight was a codeshare with Korean Air, with Czech Air
Sept. 6, 2016
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[Graphic News] Chuseok bonuses, holidays increase
Despite the economic depression, a majority of Korean companies plan to increase bonuses for the upcoming Chuseok, or Korean thanksgiving. According to a survey of 373 Korean companies conducted by the Korea Employer Federation, there will be a slight increase of 3 percent in bonuses and 0.5 days in allowed holidays for this year’s Chuseok, which falls on Sept. 15. Many Korean companies give cash bonuses or gifts to their employees on Chuseok, which is one of the two biggest traditional holidays
Sept. 5, 2016
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Posco expands business in Vietnam
HANOI, Vietnam -- Korea’s top steelmaker Posco is expanding its business in Vietnam in various fields, especially in steel-processing and new city projects. Since the steelmaker entered Vietnam in 1991, one year before Seoul and Hanoi established an official diplomatic channel, Posco has established 12 corporations and two offices in Vietnam, mostly in steel-making, steel-processing and construction. The view of Splendora in An Khanh, Vietnam (Posco)The steelmaker has run its Vietnam Ha Noi Pro
Sept. 5, 2016
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Former Aramco Korea director appointed as new S-Oil CEO
Korea’s oil refiner S-Oil has appointed Othman Al-Ghamdi, the former Aramco Asia Korea’s representative director, as the new CEO, the company said Monday.The Saudi-born CEO will succeed Nasser Al-Mahasher who headed S-Oil for four and half years. (S-Oil CEO Othman Al-Ghamdi)Building career as an engineer at Saudi Aramco from 1990, he worked for Fujian Refining and Petrochemical Company in China, the joint venture that Saudi Aramco established with Exxon Mobil and Sinopec, from 2004 to 2008. Al-
Sept. 5, 2016
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Kotra revamps its news portal
State-funded Korea Trade-Investment Promotion Agency announced Monday that it revamped its 10-year-old news portal website to better serve domestic and overseas companies with up-to-date business news. Kotra will launch Thursday the Kotra Overseas Market News, a new website providing news and in-depth reports on overseas markets produced by 126 KOTRA regional offices. (Kotra's new portal capture)At news.kotra.or.kr, the new site will be user-friendly and equipped with more visualized content su
Sept. 5, 2016
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Shinsegae’s ‘Starfield’ aims to be ‘shopping theme park’
Shinsegae Group is slated to open Korea‘s largest shopping mall complex, Starfield, in Hanam, some 20 kilometers east of Seoul on Friday, with the aim of providing the “shopping theme park” experience for customers. Designed to attract shoppers of all age groups, the mega-multiplex embodies a variety of unprecedented venues from the country’s first in-mall recreational sports arena Sports Monster to the first Tesla store in Korea scheduled to open in November.Starfield Hanam, Korea‘s first shopp
Sept. 5, 2016
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Lotte executive summoned over group's corruption allegations
A senior executive of retail giant Lotte was summoned Monday as prosecutors accelerated their investigation into the embattled conglomerate after one of its executives was found dead in an apparent suicide late last month.So Jin-sei, a close aide of the group chairman Shin Dong-bin and executive in charge of external affairs, was called in by the Seoul Central District Prosecutors' Office as a suspect on charges of breach of trust.In mid-August, prosecutors summoned So to gain insight into the i
Sept. 5, 2016
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Korea's clean energy exports on rise
South Korea's exports of clean, renewable energy products have sharply increased from a year earlier in the first seven months of the year, the trade ministry said Monday, indicating improving competitiveness of South Korean products.Outbound shipments of solar panels and other related equipment came to $2.01 billion in the January-July period, jumping 46.7 percent from the same period last year, according to the Ministry of Trade, Industry and Energy.Exports of energy storage systems have also
Sept. 5, 2016
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Processed meat market grows as eating habits change
Growing preference for meat dishes and quick foods has increased demands for processed meat products, industry data showed Monday.The market for canned meat products, such as ham and sausage, reached nearly 1.24 trillion won ($1.11 billion) last year, a 12.4 percent expansion from 2013, according to tallies from the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp.Sales grew 6.6 percent to 349.5 billion won in the first quarter of this year alone, co
Sept. 5, 2016
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[Graphic News] 4G LTE usage surpasses 5GB
The monthly average data usage of fourth-generation Long Term Evolution surpassed 5 gigabytes for the first time last July, according to data by the Ministry of Science, ICT and Future Planning. The overall data usage per person has rapidly grown due to the advancements of mobile technology and services such as live video-streaming and instant messaging.Industry experts say the increase is attributable to a growing number of consumers subscribing to unlimited monthly data plans and watching vide
Sept. 4, 2016
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Gov't expands task force to handle Hanjin Shipping crisis
The government on Sunday said it will expand a task force to ensure there are no delays to the flow of cargo after the country's No. 1 container carrier Hanjin Shipping Co. went under court receivership.On Friday, the world's seventh-largest shipper was put under receivership. A day earlier, it filed for court protection after its creditors, led by the state-run Korea Development Bank, rejected its self-restructuring plan.Following the decision, the government set up a task force led by the Mini
Sept. 4, 2016
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Korea Productivity Center’s 2017 brand forecast
In the automobile industry, consumers saw a wider range of new products integrated with innovative concepts and technology in 2016, resulting in an increase in the Korea Productivity Center’s brand awareness index by one to three points. Hyundai Motor ranked at the top for the all six auto segments. However, other brands are closely chasing after Hyundai in large vehicle and SUV sectors. (Yonhap)It is expected that the gap between Hyundai and its competitors will get shorter as the industry move
Sept. 4, 2016
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Diageo eyes whisky resurgence in Korea
FUKUOKA, Japan -- South Korea’s whisky market is facing a dark age, in light of sluggish demand for strong liquors and pricey bars serving high-end foreign liquors.Today, major whisky brands are seeking ways to revitalize Korea’s lackluster whisky sales, which fell by 38 percent from 2008 to 2015. In lieu of such efforts, Diageo, the world’s largest distiller and producer of major whisky brands including Johnny Walker and Windsor, said it can help ease the problem by looking to the nearby market
Sept. 4, 2016
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Korean firms boost brand power
The brand power of Korean goods and services increased this year on the strength of companies’ effort to boost their brands despite the global economic slowdown, the state-run Korea Productivity Center said Monday. The KPC-provided National Brand Competitiveness Index, a key indicator for the brand power of Korean goods and services, stood at 73.5 points on average, up from 72.3 points last year. The KPC surveyed a total of 232 brands in 64 industries.“The index increase is important for compani
Sept. 4, 2016
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Korean firms win $5.1 bln deal to construct fertilizer factory
A South Korea-led consortium has signed a $5.1 billion deal to construct a massive fertilizer production factory in Russia's eastern port city of Nakhodka, Seoul's presidential office Cheong Wa Dae said Sunday.The signing of the deal took place on Saturday after President Park Geun-hye and her Russia counterpart Vladimir Putin held a summit on the sidelines of the Eastern Economic Forum in Russia's Far East city of Vladivostok.The consortium consisting of Hyundai Engineering Co., Hyundai Enginee
Sept. 4, 2016
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Samsung starts U.S. recall program for Galaxy Note 7
Samsung Electronics Co. has begun the U.S. exchange program for the Galaxy Note 7 smartphones amid concern over a battery problem, the local sales arm of the South Korean tech giant said.On Friday, Samsung announced its findings that some of the new devices that went on sale two weeks ago caught fire due to a "battery cell issue."Samsung announced a global recall of all Galaxy Note 7 phones sold worldwide in a quick and bold response."Samsung is taking a proactive approach to address customer ne
Sept. 3, 2016
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USITC finalizes massive antidumping duties on Korean steel products
WASHINGTON (Yonhap) -- The U.S. International Trade Commission on Friday endorsed massive antidumping and countervailing duties that the Commerce Department imposed on steel product imports from South Korea. In July, the department decided to impose 64.7 percent of antidumping and countervailing duties on imports of cold-rolled steel flat products from South Korea's POSCO and 38.2 percent of duties on imports from Hyundai Steel, saying their products were sold in the U.S. at less than fair value
Sept. 3, 2016