Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Samsung Heavy workers stage strike for 4 hours
Workers at Samsung Heavy Industries Co., a major Korean shipyard, went on a partial strike Thursday, demanding the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company's shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m. Some 5,400 members of the so-called "labor council," joined the strike. Samsung Heavy, a unit of the c
July 7, 2016
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Gov’t to increase support for steel, petrochemical R&D
[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments. Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. Posco's Finex steel millFor the steelmaking industry, the government hopes that
July 7, 2016
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Price of biosimilar, new drugs to increase
[THE INVESTOR] The price of biosimilars and new drugs that are covered under the national health insurance will increase from October, government plans showed on July 7. The price of biosimilar drugs will be priced up to 80 percent of the branded drugs, a 10 percent increase from the current 70 percent rate. The Health and Welfare Ministry unveiled a set of measures to foster the local pharmaceutical industry in a trade and investment promotion meeting chaired by President Park Geun-hye on July
July 7, 2016
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Korea eyes larger presence in halal, kosher markets
[THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan
July 7, 2016
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Gov’t to give ‘robot land’ a push
[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer
July 7, 2016
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Eight business groups engage in cross-shareholding: FTC
Eight Korean conglomerates rely on controversial cross-shareholding among their affiliated companies to strengthen their owner families' control over the entire group, the antitrust watchdog said Thursday.Korea's large business groups are accused of having wielded extra influence over their subsidiaries through complicated intra-group stakeholding arrangements. The Fair Trade Commission revised the local antitrust law in 2014 to tighten a ban on the cobweb-like shareholding system among subsidia
July 7, 2016
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Environment laws to be eased for Pyeongchang-Gangneung area to boost development
[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area. Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm
July 7, 2016
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[Super Rich] The pet superstars of the superrich
The local pet market -- or “petconomy”-- is growing, and along with it, the pets of the superrich are rising to the spotlight. Korea’s pet superstars of the superrich include two famous poodles called Mari and Molly owned by Chung Young-jin, the vice chairman and CEO of the Shinsegae Group, Korea’s largest retailer Shinsegae Group vice chairman and CEO Chung Young-jin with his pet dog Mari in this photo posted on his Twitter account.The two poodles rose to popularity when Mari was first featur
July 7, 2016
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Naver most-favored employer again among college students
Korea's largest internet portal Naver is the most-preferred employer among college students this year, the second consecutive year of the honor for the company, a survey said Thursday.Job information site Incruit canvassed 1,357 college students in search of jobs and found 10 percent of them named Naver as their No. 1 choice among 160 firms to pick from. The company was generously assessed for its growth, development potential and corporate vision, Incruit said.The next choice was CJ Cheiljedang
July 7, 2016
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Coway recalls water purifiers containing nickel
[THE INVESTOR] Water purifier rental company Coway has decided to recall its ice water purifiers amid public outcry over the company’s cover-up of defective products containing nickel. “We deeply apologize to consumers regarding some of the ice water purifiers,” the company said in a statement on July 6. “We decided to compensate all buyers of the products to alleviate their concern.”The official apology posted by Coway on its website.The company said it will recall all three disputed models --
July 7, 2016
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Sempio Foods turns to holding company system
[THE INVESTOR] Sempio Foods has announced that it will split the company into a holding company Sempio and an operating company Sempio Foods. The holding company will be listed again.In accordance with the regulation that bans heading both holding company and operating company, Park Jin-seon, who has been co-CEO alongside his father Park Seung-bok, resigned from the post. As the eldest son and the largest shareholder of the company, Jin-seon has been the de facto manager of Sempio and will take
July 7, 2016
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Virtual reality cluster planned for Seoul
[THE INVESTOR] A virtual reality cluster will be formed in western Seoul, and up to 30 percent of related R&D costs will be tax exempt, government plans showed on July 7.According to the plans drawn up as part of the government’s strategy for boosting trade and investment, a VR cluster will be set up in Seoul’s Digital Media City and 60 billion won (US$ 51.8 million) will be invested in the field until the end of next year. The fund will be raised in equal parts by the government and the private
July 7, 2016
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Hyundai Rotem’s trains decommissioned over suspension defect in US
[THE INVESTOR] Trains produced by Hyundai Rotem have been decommissioned in the US over defects in the suspension. Hyundai Rotem is subsidiary of Hyundai Motor Group that specializes in railroad vehicles and defense equipment. According to the company on July 7, 120 trains supplied to Southeastern Pennsylvania Transportation Authority were decommissioned on July 1 following the discovery of problems in suspension parts. The trains were supplied to SEPTA in a US$ 270 million contract signed in 20
July 7, 2016
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Higher fines for accounting fraud
[THE INVESTOR] South Korean companies committing accounting fraud will face much heavier fines in the future, the top financial regulator said on July 7. The Financial Services Commission noted that related regulations have been changed to enable the authorities to levy much higher fines that the current 2 billion won (US$ 1.7 million). FSC chief Lim Jong-ryong/ The InvestorUntil now, a company proven to have committed accounting fraud was fined once regardless of the duration of fraudulent acti
July 7, 2016
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Consumers moving to take legal action against Coway
Consumers are banding together for civil and criminal suits against Coway, South Korea's leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday.Some consumers are claiming the same defect in products from other companies, raising the possibility that the latest public outcry could hit the entire industry, they said.Nickel coating was found in dispensed water in three ice maker/water purifier models by C
July 7, 2016
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Head of Lotte Foundation arrested amid bribery scandal
Seoul prosecutors arrested the head of Lotte Foundation and daughter of the Lotte Group founder on Thursday for bribery as they widened their probe into the country's fifth-largest conglomerate. The Seoul Central District Court issued a warrant to formally detain Shin Young-ja, 73, over suspicions she received bribes from the former chief of a local cosmetics brand who is at the center of a lobbying scandal that is rocking the country's legal sector."There are considerable reasons to suspect she
July 7, 2016
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Samsung Electronics estimates Q2 operating profit at 8.1 tln won
Korea's top tech firm Samsung Electronics Co. estimated Thursday that its second-quarter operating income increased more than 17 percent from a year earlier on the back of robust sales of its flagship smartphones, such as the Galaxy S7 series.Operating profit is estimated at 8.1 trillion won ($6.98 billion) in the April-June period, up 17.39 percent from the 6.9 trillion won posted a year earlier, the world's top smartphone maker said in a regulatory filing.The estimate breaches the 8 trillion-w
July 7, 2016
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Prosecutors seek arrest warrant for former chief of Daewoo Shipbuilding
Prosecutors said Wednesday that they have requested a warrant to arrest a former head of Daewoo Shipbuilding & Marine Engineering Co. on charges of fraud and breach of trust. Prosecutors suspected that Ko Jae-ho cooked books worth some 5.4 trillion won (US$4.6 billion) from 2012 to 2014 by under-reporting the production cost or exaggerating sales or operating profit. Earlier this year the shipyard said it swung to huge losses in 2013 and 2014 from earlier reported profits, citing accounting mish
July 6, 2016
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[Graphic News] Traditional low-cost foods see price spike again in Q2
Food and beverage products that are traditionally considered to be low-cost choices when eating out have seen a price spike in the second quarter of this year, according to Statistics Korea.The largest increase was in the price of soju, which leaped 12.5 percent relative to last year. This is the second consecutive quarter in which soju has seen the biggest on-year price jump.Other popular foods when eating out such as gimbap and ramen have also risen significantly. Gimbap prices rose 5.2 percen
July 6, 2016
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Construction workers embark on indefinite strike
[THE INVESTOR] Over 24,000 construction workers staged a strike in central Seoul on July 6 to demand better working conditions and revision of laws to protect their rights. The Korean Construction Workers Union gathered at the Seoul Plaza at 4 p.m. to protest/ The InvestorMembers of the Korean Construction Workers Union, under the South Korea’s second largest umbrella labor union Korea Confederation of Trade Unions, gathered at the Seoul Plaza in central Seoul at 4 p.m. for a walkout that will
July 6, 2016