Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Why Korean crime stories typically feature nameless, faceless perpetrators
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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TVs forecast to bolster global display market
Global shipments of display panels are expected to fall about 5 percent on-year in 2015 due to tumbling demand for PCs, with the strong TV segment propping up the market, data showed Tuesday. According to the data compiled by industry tracker IHS, sales of large-sized display panels are estimated to reach 682 million units this year, compared with 720 million units posted in 2014. The figure excludes panels whose size is 7 inches or smaller. Industry watchers said the main reason is a continue
Nov. 24, 2015
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Hyundai founder’s saga inspires beyond generation
Following is the first in a three-part story featuring the late Hyundai Group founder Chung Ju-yung’s leadership and his management philosophy on the occasion of the 100th anniversary of his birth. ― Ed.As the 100th anniversary of the birth of the late Chung Ju-yung, founder of the Hyundai empire, draws near, a zeal to learn from his leadership is building across generations in Korea, whose economic vitality is weakening due to low growth and an aging population. The books published to reevaluat
Nov. 23, 2015
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Seoul pressured to extend duty-free licenses
The government has come under growing pressure to extend the five-year operational license term for downtown duty-free stores as experts argue the present validity could hinder the industry’s long-term growth. There has been a heated debate since last week when authorities issued new licenses to winners of an open bid to run tax-free stores and shortened the term from the previous 10 years under a law that took effect in 2013. Experts said the new term will pose risks and uncertainties to the co
Nov. 23, 2015
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Air Busan pushes forward IPO plan
Air Busan, one of South Korea’s leading budget carriers, is pushing forward plans to launch an initial public offering, seeking to channel in fresh capital to better strengthen itself against rising competition, company officials said Monday.The airline company, founded in 2007, held a board meeting in Busan on Monday to discuss who could potentially lead the IPO process, scheduled for completion by the end of next year. A model poses to promote budget airline Air Busan. (Yonhap)“The company org
Nov. 23, 2015
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KRIHS to hold forum on future vision of NE Asia
The Korea Research Institute for Human Settlements will hold an international seminar, “Future Vision for the Northern Area and the Korean Peninsula,” Tuesday in Seoul.Attending the seminar will be experts from China, Russia, Japan and Korea, such as professor Zhang Huizhi from China’s Jilin University, professor Serigei Sevastyanov from Russia’s Far Eastern Federal University, senior research fellow Mimura Mitsuhiro from the Economic Research Institute for Northeast Asia and research fellow Lee
Nov. 23, 2015
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Korea's new energy industry to reach 100 tln won by 2030
South Korea's market for new energy industries is expected to reach 100 trillion won ($86.4 billion) by 2030 on the back of efforts to expand existing know-how and develop next-generation technologies, the government said Monday. Unveiling a government strategy for boosting the new energy industry, the Ministry of Trade, Industry and Energy said it is designed to help Asia's fourth-largest economy meet its obligation to cut back on greenhouse gas emissions and create a future growth engine. So
Nov. 23, 2015
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Hyundai Motor starts to receive preorders for EQ900
South Korea's top automaker Hyundai Motor Co. said Monday that it started to receive preorders for the latest edition of its flagship model to be officially launched next month. The automaker will receive preorders for the EQ900, the first model to be launched under Hyundai Motor's new premium brand "Genesis," until Dec. 9, the company said in a press release. Its domestic launch is expected to start in time for the end of the preorder period, and the luxury sedan will be unveiled overseas as
Nov. 23, 2015
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Samsung C&T wins 970.7 bln won construction deal in Australia
Samsung C&T Corp., a South Korean builder, said Monday that it has signed a 970.7 billion won ($840 million) deal to construct infrastructure in Australia. The deal signed with the New South Wales government calls for Samsung C&T to join the construction of a 33-kilometer-long road that links the heart of Sydney to the state's southwestern region. Samsung C&T said that it will lead the construction of a 9-kilometer section of the project along with two other foreign partners. The South Korean
Nov. 23, 2015
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Chinese group invests $290 mln in FNC Entertainment
A subsidiary of Chinese conglomerate Suning Universal has decided to invest US$290 million in FNC Entertainment, the South Korean entertainment agency said Monday. FNC Entertainment said it will issue about 1.7 million new shares to Suning Universal Media Co. to raise 336.9 billion won ($290.8 million) in capital. "Through our partnership with Suning Universal Media, we will jump-start our business in China," the agency said in a statement. Suning Universal Media is based in Seoul and is prin
Nov. 23, 2015
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China rapidly narrows technology gap with Korea
China's rapid growth has helped the world's second-largest economy reduce its technology gap with South Korea over the past several years, a report showed Monday. According to the report by the Korea Institute for Industrial Economics and Trade, South Korean manufacturers have an average 3.3-year lead over their Chinese counterparts. The gap is down from 3.7 years tallied in 2011, and a sign that the world's No. 2 economy is speeding up efforts to bridge existing gaps. The report was based o
Nov. 23, 2015
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Bidding for Coway to be held next week as scheduled: source
The main bidding for Coway Co., South Korea's top water purification maker, will be held early next week as scheduled, a market source said Monday, dismissing prospects that it could be delayed due to insufficient market interest. A consortium led by CJ Group and China's Haier has been cited as a highly potential player in the bid for Coway with an identified China-based strategic investor later taking part. The exact number of companies who joined after the preliminary bidding process has not
Nov. 23, 2015
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FTC conditionally OKs merger between global chip firms
South Korea's antitrust watchdog on Monday approved the merger between two multinational semiconductor companies, while making certain that the deal did not hurt fair market competition in the country. The Fair Trade Commission said it has consented to NXP Semiconductors N.V. taking over Freescale Semiconductors Ltd. The arrangement would give NXP a solid grip on the local automotive, networking and industrial embedded hardware and software markets. NXP and Freescale are based in the Netherla
Nov. 23, 2015
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Samsung dogged by smaller rivals in NAND flash market: data
U.S.-based SanDisk Corp. is expanding its presence in the global NAND flash market, narrowing its gap with industry leader Samsung Electronics Co., data showed Monday. SanDisk's share in the global NAND flash market reached 15.4 percent in the third quarter, up 2 percentage points from a year earlier, according to the data compiled by DRAMeXchange. In contrast, Samsung Electronics garnered 31.5 percent of the market, down 1.1 percentage points from the same period last year, they showed. Tosh
Nov. 23, 2015
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Large retailers cry foul over 'discriminatory' commission rates
Large retailers in South Korea are claiming that they are being discriminated against by card firms over commission rates which could eat into their bottom lines amid a protracted economic slowdown, industry sources said Monday. According to the sources, some large-sized retailers have demanded a reduction in commission rates paid to card firms after the government forced card issuers to cut them for smaller players to help ease financial burdens. For small merchants with annual sales of 200 m
Nov. 23, 2015
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Hyundai E&C wins $727 mln deal to build power plant in Indonesia
Hyundai Engineering & Construction Co., a South Korean builder, said Monday that it has won a $727 million deal to build a power station in Indonesia. The deal signed with CEPR, a local energy facility operator, called for Hyundai E&C along with Hyundai Engineering Co. to build a 1,000-MW coal-fired power plant along the coastal line of Java, an island 200 kilometers east of Jakarta. Under the deal, which will be led mostly by Hyundai E&C, they will also lay down power lines and expand a tran
Nov. 23, 2015
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Convenience stores flourish as household size shrinks
South Korean convenience stores have continued to thrive on the rising popularity of ready-made meals and various items among single-person households despite lackluster domestic consumption, industry data showed Monday. The stores that sell food and daily necessities in smaller quantities and stay open 24 hours have emerged as a key retail outlet in the country, expanding far more than bigger and traditional retail channels. The top three players -- GS Retail, BGF Retail and 7-Eleven -- logge
Nov. 23, 2015
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Large retailers cry foul over 'discriminatory' commission rates
Large retailers in South Korea are claiming that they are being discriminated against by card firms over commission rates which could eat into their bottom lines amid a protracted economic slowdown, industry sources said Monday. According to the sources, some large-sized retailers have demanded a reduction in commission rates paid to card firms after the government forced card issuers to cut them for smaller players to help ease financial burdens. For small merchants with annual sales of 200 m
Nov. 23, 2015
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Gyeonggi Center for Creative Economy & Innovation actively supports new startups
Supporting 34 promising, ICT-related startups in IoT, games, and Fintech industriesThe Gyeonggi Center for Creative Economy & Innovation (“Gyeonggi Innovation Center”) is located on the fifth floor of the Public Support Center in Pangyo Techno Valley. It houses many independent offices, including IoT labs and 3D printing rooms, and is the kind of place where business startups flourish.The Center is currently supporting 34 startups, which is above the national average, as 17 innovation centers na
Nov. 23, 2015
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Hotel Lotte pushes on with IPO
Lotte Group’s hotel unit will push ahead with its public initial offering as scheduled, despite projections of a possible plunge in market value from its recent failure to renew a license to run one of its duty-free stores, Lotte officials said Sunday. Hotel Lotte plans to apply for preliminary reviews for a stock listing in December to float its shares on the main bourse Korea Exchange by February 2016. “Irrespective of the result on the duty-free store license, Hotel Lotte will continue to mak
Nov. 22, 2015
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GS Home Shopping reaps W9.1b dividends in China
GS Home Shopping earned around 9.1 billion won ($7.9 million) in dividend income from its business operations in China, and expects to see a robust performance in operating profits in other countries, company officials said Sunday.The firm said in a regulatory filing that it has received $3.95 million from China Home Shopping Group, in which GS Home Shopping holds a 28.2 percent stake.GS Home Shopping made inroads into the Chinese market in 2012 in the form of buying shares of the Chinese home s
Nov. 22, 2015