Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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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
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Strikes loom over shipbuilders
[THE INVESTOR] South Korea’s top three shipbuilders’ troubles are set to deepen with their unions gearing up for strikes. Samsung Heavy Industries labor organization was on July joined by the union of Daewoo Shipbuilding and Marine Engineering on the stage for strikes. Samsung Heavy’s labor organization is set to stage a 4-hour strike on July 7 from 1 p.m. Daewoo Shipbuilding and Marine Engineering headquarters/ The InvestorAs for DSME, its union approved the plans to strike with 88.3 percent su
July 6, 2016
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German software giant SAP opens office near Seoul
The world-renowned design center of German software giant SAP opened an office, called AppHaus, in Korea on Wednesday, in a demonstration of its commitment to a partnership with the nation's government in promoting innovation and digital startups.The AppHaus located on the Pangyo Startup Campus, situated just south of Seoul, is the third of its kind created by the SAP Design & Co-Innovation Center. It has similar space in Heidelberg and Silicon Valley.The Park Geun-hye administration has been ac
July 6, 2016
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LG CNS to build 'smart farm' to apply ICT
LG CNS Co., an IT affiliate of Korea's LG Group, said Wednesday that it will build a farming complex based on information and communications technologies on a vast tract of reclaimed land on the nation's southwest coast.The complex, dubbed "Smart Biopark," will span about 76 hectares in the southwestern coastal area of Saemangeum, the LG Group said. The farm's environment, including humidity and temperature, will be managed by mobile and computer devices.LG CNS said it will invest nearly 380 bil
July 6, 2016
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FTC announces pending changes to competition laws
[THE INVESTOR] The Fair Trade Commission on July 6 disclosed planned changes to the Monopoly Regulation and Fair Trade Act. The proposed revisions will segregate corporate groups with 5 trillion won (US$ 4.3 billion) or more assets into two categories. Those with 10 trillion won or larger assets will continue to be categorized as large corporate groups, and subjected to tougher regulations regarding cross-shareholding, and debt guarantees among affiliates. The groups whose assets range from 5 tr
July 6, 2016
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TCL to invest US$100m in Korean materials maker Sangbo
[THE INVESTOR] China’s TCL has decided to invest US$100 million in Korean parts and materials maker Sangbo. The two companies signed an agreement for the investment in Seoul on July 5. TCL’s chairman Li Dongsheng also attended the signing event during his recent visit to Korea. This is a large funding for Sangbo that has a market value of about 112.6 billion won (US$96 million) based on its stock price. Sangbo currently supplies optical films to Chinese TV makers, including TCL. It operates six
July 6, 2016
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Korea card firms mull legal action against Visa on fee hikes
A group of Korean credit card companies said Wednesday they will consider taking legal action against Visa Inc. following the global payment network company's recent decision to raise the card fees it receives from Korean card issuers starting next year.In May, Visa notified Korean card firms that it will collect a higher rate of card fees for Koreans' overseas credit card purchases using its networks from Korean card companies starting in October. The Korean firms balked at the hike plan becaus
July 6, 2016
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‘Lotte Home Shopping spent W3.3b on lobbying in 2015’
TV shopping company Lotte Home Shopping, which is currently under investigation for bribery, spent nearly 3.3 billion won ($2.83 million) on lobbying fees last year, according to a corporate information tracking website.According to Chaebul.com, that was the largest sum spent on lobbying by the company since 2008, surpassing the 2.9 billion won spent in 2014 when the company was preparing to receive an extension on its home shopping license. Prosecutors move seized documents from Lotte Home Shop
July 6, 2016
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Gov’t seeks W20tr private sector investment in rail networks
[THE INVESTOR] The government will open rail network projects in Korea to the private sector, and attract nearly 20 trillion won (US$ 17.1 billion) private sector funds into the field over the next 10 years. According to the plans revealed by the Ministry of Land, Infrastructure and Transport, rail projects across the country will be opened to the private sector. Until now, the majority of rail projects open to the private sector have been concentrated in Seoul and surrounding regions. A train o
July 6, 2016
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Seoul to shut down 10 aged coal power plants
The Korean government will gradually shut down 10 aged coal-fired power plants as part of measures to curb fine dust emissions, officials said Wednesday. The Ministry of Trade, Industry and Energy said that the 10, to be closed by 2025, are aged over 30 years and have a combined capacity of 3.3 million kilowatts. It will also no longer build coal power plants to support the country’s aim of cutting the fine dust level by 24 percent to 6,600 tons by 2030. Trade Minister Joo Hyung-hwan presides ov
July 6, 2016
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Japan's Toray completes factory in Saemangeum
Toray Advanced Materials Korea Inc., a subsidiary of Japan's Toray Industries Inc., has completed the construction of a factory on reclaimed land in the southwestern coastal area of Saemangeum, officials said Wednesday.The company had a ceremony in the region located in Gunsan, North Jeolla Province, earlier in the day to mark the end of two years of construction worth 190 billion won ($163 million), according to its spokesman Lee Jae-sun. It plans to make an additional investment of 110 billion
July 6, 2016
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Foreign auto sales in Korea slip 3.5 pct in June
Sales of foreign cars in Korea shed 3.5 percent on-year in June, weighed down by a slump of German automaker Volkswagen Group in the wake of a widening probe into its emissions scandal here, industry data showed Wednesday.A total of 23,435 units of imported cars were registered last month, down from 24,275 tallied in the previous year, according to the data compiled by the Korea Automobile Importers and Distributors Association.June sales, however, jumped 20.4 percent from a month earlier, the d
July 6, 2016
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AIIB considers financing SK E&C-led consortium
[THE INVESTOR] The Asian Infrastructure Investment Bank plans to finance a SK Engineering and Construction-led infrastructure project, the Ministry of Land, Infrastructure and Transport said on July 5. The AIIB is considering lending US$ 75 million to the South Korean consortium to build a peripheral ring road in Almaty, Kazakhstan. During the AIIB’s first annual meeting held in Beijing in June, the bank announced its plan to finance the Almaty highway, along with four other projects The bank wi
July 6, 2016
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Lotte Homeshopping’s massive entertainment expenses raise questions
[THE INVESTOR] Lotte Homeshopping racked up 6.2 billion won (US$ 5.3 million) entertainment expenses in 2014 and 2015, data showed on July 6.According to Chaebul.com’s analysis of Lotte Group’s consolidated financial statements for the 2008-2015 period, Lotte Homeshopping spent 13.9 billion won in entertainment expenses during the period. More than half of that was spent since the launch of the Park Geun-hye administration. The figure for 2013 to 2015 came to 8 billion won. Chaebul.com is a webs
July 6, 2016
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Hanwha chairman bets on solar energy for future growth
[THE INVESTOR] It can’t be denied that the South Korean economy is dominated by conglomerates. And while they may appear to be pretty much the same on the outside, each is busy seeking their own individual strategy for the future.Hanwha Group is no exception to this. On July 5, Hanwha Group chairman Kim Seung-youn visited the company’s solar energy cell plant in Chungcheong Province. During the hourlong tour, Kim proclaimed the group’s vision of fostering solar energy as its next growth engine.H
July 6, 2016
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Hanjin Shipping in talks to postpone debt repayment
Financially troubled Hanjin Shipping Co. is in talks with a group of local and financial companies to delay the repayment of debts in a bid to stay afloat amid a protracted slump, industry sources said Wednesday.According to the sources, the country's No. 1 shipping line is seeking to postpone the repayment of 2.5 trillion won ($2.17 billion) debt borrowed to buy container ships and other vessels by up to three years, which market analysts say would help the shipper save billions of won.Hanjin S
July 6, 2016
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Hyundai, Kia post robust H1 sales in Mexico
Sales of vehicles made by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have nearly quadrupled in Mexico in the first half of 2016 compared with a year ago, industry data showed Wednesday.The two Korean carmakers sold a combined 40,264 units in Mexico in the first six months of the year, compared with 11,004 from a year earlier, data compiled by the Mexican Automotive Industry Association showed.Kia Motors has shown a strong performance since entering the Mexican market in July 2
July 6, 2016
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Incheon Bridge draws global recognition
Incheon Bridge is drawing attention at home and abroad after it won the premium gold award from the leading Swiss-registered International Project Management Association last year, officials from the bridge operator said.The Incheon Bridge Company‘s officials said the project was recognized as an example of best practice by IPMA experts, who praised Korea’s technological, financial and managerial competitiveness. Incheon Bridge (Incheon Bridge Co.)“Incheon Bridge’s long-term approach and susta
July 5, 2016
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Franchisees sue Pizza Hut for unfair business practice
[THE INVESTOR] Angry Pizza Hut franchisees have once again sued the company for its unfair practice of collecting marketing and management fees outside of the contract, local news reported on July 5. The 25 owners of Pizza Hut outlets filed a suit with the Seoul Central District Court, demanding the global pizza house’s Korean unit pays back the amount it collected under “admin fee,” totaling around 760 million won (US$ 658,015). The owners claim that the company made them pay an additional 0.55
July 5, 2016