Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Boon or bane? FTA renegotiation deal prompts mixed reactions
The Seoul government’s midterm briefing on its renegotiation of a free trade deal Monday was met with mixed reactions here, with steelmakers heaving a sigh of relief while carmakers expressing concerns of losing its presence further to imported cars from US.The Trade Ministry said that South Korea agreed to open its auto market to the US in return for exempting the country from the US’ steel tariffs. Though excluded from the list of countries to be faced with the tariffs, South Korean steelmaker
March 26, 2018
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[GM Crisis] Militant labor union poured fuel on fire in GM crisis: experts
Long after market rumors had circulated of GM Korea’s possible withdrawal from the country, GM headquarters made a decision to shut down the Gunsan plant in North Jeolla Province in February. The announcement immediately sent shock waves across the local auto industry, which is facing similar hardships, with militant labor unions demanding higher wages despite declining productivity and sales. The last time Daewoo Motor, the predecessor of GM Korea, was sold in 2002, it was due to the 1997-1998
March 26, 2018
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Genesis EV concept car to debut at NY Motor Show
Hyundai Motor will unveil a concept vehicle of an electrified Genesis at the New York International Auto Show that kicks off next week, the company said Sunday. The concept car will be a gran turismo designed to show off Genesis’ long-distance driving range on electric power. Special edition of Genesis G90 unveiled in Los Angeles earlier this month (Hyundai Motor)Genesis, a luxury brand by the South Korean auto giant, plans to begin production of an electric sports coupe that can travel 500 kil
March 25, 2018
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[Advertorial] LG Chem to invest W3.8tr this year, aims global top 5
LG Chem, the nation’s largest chemical company, will invest 3.8 trillion won this year, a 52 percent increase on-year, to accelerate its goal of reaching the world’s top five by 2025, the company said Sunday.The investment is being made to prepare each business for the “fourth industrial revolution,” increase competitiveness and explore new businesses, it said.LG Chem’s carbon nanotube plant in Yeosu, South Jeolla Province (LG Chem)The company plans to speed up its development of more high valu
March 25, 2018
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Amorepacific hosts marathon for breast cancer awareness
South Korean cosmetic giant Amorepacific hosted a marathon in the southern port city of Busan to raise public awareness about breast cancer, with about 5,000 participating, the company Sunday. Participants of Pink Run, a marathon event held by Amorepacific, pass the starting line in Busan on Sunday. (Amorepacific)Titled “Pink Run,” Amorepacific has been holding marathons in five cities in South Korea. Funds raised during the events, by selling tickets, have been donated to the Korea Breast Cance
March 25, 2018
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Korean cars take up 3% of Chinese market: BOK
South Korean cars currently make up 3 percent of the Chinese market, the central bank said in a report on Sunday, claiming that local carmakers should target smaller cities in China currently experiencing growth in purchasing power.According to the report released by the Bank of Korea, South Korean carmakers saw their market share in China fall gradually after posting a record 9 percent in 2014. As of the January-February period in 2018, South Korean carmakers accounted for only 3.8 percent of A
March 25, 2018
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[EYE] The world of dream cars
As with many other enthusiastic motorists around the world, a Porsche was a dream car for Michael Kirsch, managing director of the German luxury car’s subsidiary in South Korea.Recalling Porsche posters hanging on the wall of his room in the pre-internet era, the head of Porsche Korea said the passion he has for this brand has been with him since, calling the brand an irreplaceable symbol of “a true racing car.” The super luxury cars usually come with jaw-dropping prices, with entry models price
March 23, 2018
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Doublestar chairman guarantees Kumho Tire’s independent management
In efforts to convince the labor union and public that China’s Doublestar is a credible buyer of Kumho Tire, Doublestar Chairman Chai Yongsen on Thursday promised autonomous management of the local firm and guaranteed three years of employment.While urging the labor union to cooperate with the recapitalization deal Doublestar had signed with creditors last week, Chai hinted at a possible withdrawal if the union does not come on board by the end of this month.“Together with Kumho Tire, Doublestar
March 22, 2018
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Doublestar chairman visits Korea to persuade labor union
As Kumho Tire continues to face fervent opposition from unionized labor regarding the sale of the company to China’s state-run tiremaker, Doublestar Chairman Chai Yongsen is visiting Korea to persuade the labor union, the Korea Development Bank confirmed Wednesday.While here, Chai is scheduled to hold a press conference Thursday morning at the KDB headquarters and discuss unresolved issues with creditors during the trip.As for the labor union, Chai is expected to explain Doublestar’s future inve
March 21, 2018
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Kumho Tire to supply tires for BMW’s new X3
South Korean tiremaker Kumho Tire will supply its Crugen HP91 high performance original equipment tires to German luxury BMW’s new X3 SUV, diversifying its customer portfolio, the company said Tuesday.The tires made at Kumho’s Gwangju plant in South Jeolla Province will be supplied to the BMW new X3 that began production at the Spartanburg factory in June 2017.The X3 midsize SUV is BMW’s top-selling model first released in 2003. The German carmaker has since sold over 1.6 million units worldwide
March 20, 2018
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Hyundai receives 733 preorders for Nexo on first day
Hyundai Motor received a total of 733 preorders on the first day of opening for its Nexo, the automaker’s latest sport utility vehicle powered by fuel cells, the company said Tuesday.The number of preorders is three times more the number of vehicles subject to the government’s subsidy, reflecting its popularity, officials said. Hyundai Vice Chairman Chung Eui-sun (right) poses with Chris Urmson, CEO of Aurora, at a press conference held to unveil Nexo on sidelines of Consumer Electronics Show i
March 20, 2018
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Kia starts preorders of K9, plans to sell 26,000 a year
Kia Motors, sister company to South Korean auto giant Hyundai Motor, has started preorders of all new K9, the largest model of its signature K-series here, with an aim to sell 20,000 units a year, the company said Tuesday.At a media session held to unveil the all new K9, the carmaker’s vice president Kwon Hyuk-soo said it also plans to sell the luxury sedan overseas in the second half, setting the sales target at 6,000 a year.A K9 sedan displayed at Salon de K9 in Seoul (Kia Motors)Calling it th
March 20, 2018
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Toyota leads Korea’s hybrid car market
As carmakers compete in the eco-friendly vehicle market, Toyota Motor Korea is poised to lead the hybrid market here, achieving average annual growth of 82 percent, the company said Tuesday.Toyota and its luxury brand Lexus sold a combined 19,102 units of hybrid vehicles here in 2017, up 26 percent on-year, the company said.The two made up 84 percent of the imported hybrid car market in 2017, when a total of 22,773 units of hybrids were newly registered, according to data from the Korea Automobi
March 20, 2018
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Pace quickens for Kumho Tire sale
Inching closer to a deadline set by the creditors of Kumho Tire for the protesting labor union to decide on selling the ailing company to Chinese tiremaker Doublestar, related parties are making all out efforts to hype up public opinion for the sale, against the opposing voices of the labor union.Office workers of Kumho Tire on Monday held a protest in front of the Kumho Asiana headquarters in northern Seoul, opposing a walkout and calling for prompt management normalization.Doublestar Chairman
March 19, 2018
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US investigating deadly Hyundai, Kia airbag failures
The US National Highway Traffic Safety Administration has opened an investigation into a series of deadly crashes in which airbags in Hyundai and Kia cars failed to inflate. (Yonhap)The administration's Office of Defects Investigation (ODI) "is currently aware of six crashes with significant collision-related damage events involving Hyundai and Kia models where airbags failed to deploy in frontal crashes," which four people died and six were hurt, its website said.The "failure of the airbag cont
March 18, 2018
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GM Korea posted highest productivity among 5 local automakers in 2012: report
Amid continued uncertainty surrounding the fate of GM Korea, a report Thursday showed that the automaker achieved the highest productivity per worker of any Korean carmaker, countering the company’s argument that its poor performance was due to high operating and labor costs.GM Korea and its second-biggest shareholder Korea Development Bank officially started due diligence this week, following the headquarters’ decision to shut down one of its plants in the country.In a report released Thursday,
March 15, 2018
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GM Korea needs to up operating rate to get back on track: report
Ailing automaker GM Korea Co. should raise its capacity utilization, cut fixed costs and receive a new cash injection of around 1 trillion won to get back on its feet, a report said Thursday.The report comes as the local unit of the US auto giant struggles to stay afloat amid snowballing deficits. GM Korea posted a cumulative loss of around 3 trillion won ($2.8 billion) from 2014-17, with its equity capital eroded completely.Citing low productivity, GM announced in mid-February that it would shu
March 15, 2018
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Toyota Korea releases Prius C hybrid with fuel, price efficiency
Toyota Korea has rolled out the Prius C hybrid compact car, boasting 19.4 kilometers per hour fuel economy and an affordable price tag of 24.9 million won ($23,400), with aims to bolster its hybrid vehicle portfolio, the company said Wednesday.Marking the last model of Toyota’s Prius hybrid car lineup, the Prius C was first introduced in Japan in 2011, followed by the US and other countries.Reaping popularity worldwide, the Prius C hybrid is the Japanese automaker’s second best-selling hybrid mo
March 14, 2018
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[Newsmaker] Engle in tug-of-war over fate of GM Korea
A week after General Motors announced that it would be shutting down one of its plants in South Korea, an executive in charge of the US carmaker’s overseas operations made yet another rare move. On Feb. 20, Barry Engle, the president of GM International, visited the parliament to meet lawmakers apparently uneasy over the carmaker’s restructuring plan. While shaking hands with lawmakers suspicious of the fate of GM’s remaining operations here, he said that the carmaker wants to stay and continue
March 13, 2018
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[News Focus] Why is GM demanding foreign investment zone designation?
Amid a debacle over its plant shutdown, GM Korea applied Monday to Incheon Metropolitan City and South Gyeongsang Province for a designation of its remaining three plants as foreign investment zones for tax benefits.During his fourth visit to Korea last week, GM International President Barry Engle met with Lee Dong-gull, head of the state-run Korea Development Bank, and related officials. He said the automaker would submit requests for factory sites in Bupyeong, Incheon and Changwon, South Gyeon
March 12, 2018