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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[Graphic News] World’s richest individuals
Spanish fashion brand Zara’s founder is richer than Bill Gates or Warren Buffett, according to a Forbes list Thursday.Amancio Ortega, the founder and chairman of Inditex Fashion Group topped the world’s wealthiest list by Forbes. His net worth is $79.5 billion. Inditex is a Spainish multinational clothing corporate that operates multiple brands including the popular Zara.Bill Gates ranked second richest with $78.5 billion, while Amazon.com founder and CEO Jeff Bezos was third with $67.6 billion.
Sept. 11, 2016
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Lotte probe zeroes in on chairman
Korean prosecutors digging into alleged corruption at the Lotte Group appear to be zeroing in on the group’s chairman Shin Dong-bin, the victor of a bitter family feud over the control of the Korean-Japanese conglomerate. The Seoul Central District Prosecutors’ Office questioned Shin Kyuk-ho, the ailing 93-year-old founder of Lotte, twice at his residence in a Seoul hotel last week. It is now mulling ways to summon his third wife, sources at the office said Sunday. Seo Mi-kyung, a 57-year-old Ko
Sept. 11, 2016
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Hyosung, Ho Chi Minh City seek further partnership
Hyosung's president met with a Ho Chi Minh City leader to discuss strategic partnership, the company said Sunday. Cho Hyun-joon, president of the South Korean conglomerate focusing on textile and chemicals, had a meeting with Dinh La Thang, secretary of the Ho Chi Minh City Party Committee, in Seoul on Friday to discuss cooperation including plans to expand infrastructure in Ho Chi Minh City.Hyosung Group President Cho Hyo-joon (left) shakes hands with Dinh La Thang, secretary of the Ho Chi Minh
Sept. 11, 2016
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With chief back at helm, CJ readies for bold moves
With its chairman Lee Jay-hyun back at its helm, CJ Group could emerge as a big buyer in Korea’s merger and acquisition scene, industry watchers predict.The CJ chairman, convicted last year on charges of embezzlement and tax evasion, was the only chaebol tycoon granted amnesty by President Park Geun-hye through a special pardon last month. The 56-year-old chief, however, has not returned to management, as he requires hospitalization for treatment of an inherited neurologic disorder. Nevertheless
Sept. 11, 2016
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Hanjin Shipping faces challenges even after unloading resumes
Hanjin Shipping still faces financial challenges even after its container ship safely began unloading at the US port, industry watchers said Sunday. Hanjin Shipping’s container ship Hanjin Greece was able to dock at the Port of Long Beach on Saturday after the US bankruptcy court granted the company provisional protection from creditors in the United States. Still, market watchers said the cash-strapped shipping company needs an estimated 170 billion won ($150 million) to complete the unloading.
Sept. 11, 2016
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Galaxy Note 7 users advised to stop due to fire risk
Samsung Electronics Co., the world's largest manufacturer of smartphones, on Saturday urged local users of its Galaxy Note 7 to stop using the phablet as the company is recalling its flagship smartphone due to a battery problem.In an online statement, Samsung said Galaxy Note 7 users are advised to visit its service centers nationwide to exchange their phones for other Samsung smartphones before receiving a new Galaxy Note 7 with a safe battery from Sept. 19. (Yonhap)Earlier this month, Samsung
Sept. 10, 2016
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Hanjin Shipping allowed to unload cargo at US ports
Cash-strapped Hanjin Shipping Co. was given provisional court protection in the US on Friday to unload cargo at some ports without worrying about its ships being seized by its creditors, industry sources said Saturday.Hanjin Shipping, currently under receivership in South Korea, has sought court protection in the US as four of its ships have been stranded off the coast of the US out of fears that they will be seized by creditors.According to the sources, US Bankruptcy Judge John K. Sherwood on F
Sept. 10, 2016
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SK chairman meets Sinopec head for partnership
SK Group Chairman Chey Tae-won met with Wang Yupu, the president of China’s state-run oil and gas firm Sinopec to forge a business partnership between the two, the group’s affiliate SK Innovation said Friday.In the meeting held in Beijing, Chey said he was hoping to strengthen business ties between the two, citing a previous case of successful cooperation.In 2012, Chey concluded a negotiation with Sinopec after meeting its former Vice Chairman Wang Tianpu to build a joint ethylene plant in Hubei
Sept. 9, 2016
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Korea, US discuss cargo disruption over Hanjin crisis
Government representatives from South Korea and the US have held a meeting in Seoul to seek ways to prevent cargo disruption in ports in North America over the deepening Hanjin crisis, officials said Friday. Korea’s Oceans and Fisheries Vice-Minister Yoon Hak-bae and US Department of Commerce’s Deputy Assistant Secretary for Asia Diane Farrell shared measures against the Hanjin aftermath amid widespread concerns that the near-bankrupt company could impede cargoes heading to the US ahead of the u
Sept. 9, 2016
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HHI receives 2nd approval for SkyBench
Hyundai Heavy Industries received the second approval in principle from global certification institution Det Norske Veritas und Germanic Lloyd for its unique design concept SkyBench, the company said Friday. At SSM, the leading international maritime trade fair held in Hamburg, Germany on Thursday, the shipbuilder received the second approval from DNV GL for its innovative design SkyBench which allows for maximization of the loading capacity of containerships by utilizing void space under the sl
Sept. 9, 2016
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Shinsegae seeks shift in retail business with Starfield
Starfield Hanam, South Korea’s largest shopping mall complex operated by local retail giant Shinsegae Group, officially opened its doors to the public on Friday. Designed as an all-in-one space for shopping, dining, leisure and entertainment, Starfield aims to become a so-called “shopping theme park” for locals looking to spend a relaxing as well as interactive day at the mall, Shinsegae said. “We worked hard to make Starfield Hanam more than just a shopping mall but a ‘shopping theme park’ off
Sept. 9, 2016
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Cheap whiskies lead new drinking trend in Korea
Whisky brands in South Korea have released affordable, smaller products to target a growing number of people who drink at home and cope with the enforcement of an anti-corruption law later this month, industry officials said Friday. Lotte Liquor Co., a liquor unit under Lotte Group, said it has released "Scotch Blue King," which blended Scottish grain whisky and malt extract, at 16,500 won ($15), removing unnecessary packaging to lower the price below $20.The latest product comes after they laun
Sept. 9, 2016
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'Time commerce' apps spreading in hotel industry
Mobile commerce is rapidly changing the way people are reserving hotel rooms amid the growing popularity of "time commerce" apps, industry officials said Friday.It's apparently a win-win business model for consumers and hotels, timed with the spread of the view that hotels are not just a place to sleep but also a space for entertainment and rest.Time commerce methods for hotel reservation services enable people to book vacant rooms at cheaper prices. On the day of a stay, vacant rooms are provid
Sept. 9, 2016
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Sales of mobile gift cards surge ahead of Chuseok holiday
Online retailers have reported a surge in sales of mobile gift certificates ahead of the Chuseok holiday, according to the retailers on Friday. Thanks to their convenience, mobile gift cards have rapidly gained popularity in South Korea and become a staple of gift-giving before major holidays such as Chuseok or Christmas. According to an online shopping website, 11th Street, sales of mobile gift certificates jumped about six times more during the first seven days of this month, compared with the
Sept. 9, 2016
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IKEA recalls dressers in Korea on tip-over concerns
Swedish furniture group IKEA on Friday said it will recall 15 dressers sold in South Korea over concerns they could pose a safety risk to children, months after similar products caused deaths in North America.IKEA recalled 36 million dressers in the US and Canada in June after six children were crushed to death when Malm chests toppled on them. The company has since stopped selling the drawers in North America but continued to sell similar products in South Korea as there were no regulations on
Sept. 9, 2016
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Top 30 biz groups to pay nearly 8 tln won in advance ahead of Chuseok
Displaying their holiday spirits and goodwill, South Korea's top 30 business groups will pay nearly 8 trillion won ($7.28 billion) in advance to their suppliers ahead of the upcoming traditional harvest holiday Chuseok, a survey showed Friday.In the survey conducted by the Federation of Korean Industries, the 30 largest business groups here said they planned to pay 7.94 trillion won in advance to their suppliers before the start of the three-day Chuseok holiday on Wednesday.The amount marks a 31
Sept. 9, 2016
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Accounting firms' revenues jump 10% in 2015: FSS
Accounting companies operating in South Korea saw their combined revenues climb 10.1 percent on-year to 2.46 trillion won ($2.25 billion) in fiscal 2015, data showed Friday.Their profits increased in major fields such as audit, consulting and tax-related services during the period, according to the data compiled by the Financial Supervisory Service.The proportion of sales by the so-called Big Four firms fell to 51.2 percent from 53.3 percent a year earlier, as more than a dozen new companies wer
Sept. 9, 2016
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Park pledges to support South Korean firms operating in Laos
President Park Geun-hye on Thursday pledged to strengthen government support for South Korean firms operating in Laos, expressing expectations that it can help deepen economic ties between the two countries.During a meeting with South Korean residents in the Laotian capital of Vientiane, Park also expressed her appreciation for their contribution to the development of the relations between Laos and South Korea -- the Southeast Asian state's fourth largest trading partner."South Korean companies
Sept. 9, 2016
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[Graphic News] Cargo transportation hit by Hanjin crisis
Hit by the Hanjin Shipping crisis, the damage of cargo transportation has escalated. According to the Korea International Trade Association, a total of 161 export damage cases have been reported as of late Wednesday. The number is five times higher than when the association started to receive damage reports on Sept. 1. The financial losses are estimated to have reached about $70 million so far, the agency said. By types of damage, ship arrest accounted for the most, with 58 cases, followed by do
Sept. 8, 2016
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[Photo News] Spreading Korean language
Asiana Airlines Vice President Cho Young-seok (third from left, back row), Korean Consul General to Almaty Jeon Seung-min (fifth from left, back row) and related officials pose with a group of students learning Korean at a school in Almaty, Kazakhstan, after delivering 3,737 Korean books donated by the company and the Seoul Metropolitan Office of Education. (Asiana Airlines)
Sept. 8, 2016