Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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LS faces fines, prosecution over inter-subsidiary dealings
LS Corp. and its affiliates have become the first companies to be sanctioned since antitrust watchdog chief Kim Sang-jo said the Fair Trade Commission would take a tougher stance on conglomerates’ inter-subsidiary dealings Thursday. The FTC said Monday it would impose penalties of a total of 25 billion won ($22 million) on LS Corp. and its affiliates, and report six owner family members to the prosecution.“We decided to impose penalties and report the management to prosecutors after we found the
IndustryJune 18, 2018
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Job data heighten calls for policy shift
Calls are growing for President Moon Jae-in’s administration to readjust its income-led growth policy, which experts say has been only worsening unemployment and low-income households’ livelihoods.According to the latest data from Statistics Korea, the country’s jobless rate stood at 4 percent last month, up from 3.6 percent in May last year, when Moon took office. The figure for young people aged 15-29 rose from 9.2 percent to 10.5 percent over the cited period.The overall and
EconomyJune 18, 2018
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Woori Bank to seek approval for holding company structure
South Korea’s Woori Bank is set to apply for regulatory approval Tuesday to adopt a financial holding company structure.Following a regular board of directors’ meeting Tuesday, the bank will submit a plan for the restructuring to the Financial Services Commission, a financial regulator, according to the company. If the bank manages to earn a regulatory nod from the FSC by mid-November, the reform plan will be confirmed in the shareholders meeting at the end of this year. A new holdin
MarketJune 18, 2018
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Daewoong Pharma strengthens R&D units for new drug development
South Korea’s Daewoong Pharmaceutical said Monday that it has restructured its research and development units to lend a boost to its new drug development efforts.The Korean pharma company said that its R&D workforce will now work in different project-oriented groups called “extreme teams” designed to achieve specific goals of a particular project. Each team will focus on a different project, and be disbanded once the project ends.As a result, Daewoong’s R&D workforce will be divided into a new d
IndustryJune 18, 2018
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Govt. to step up readjustment of budget spending to boost job creation, innovative growth
SEJONG -- The government said Monday that it will continue its efforts to realign budget spending in a way to tackle the country's chronic low birth rate, boost job creation and facilitate innovative growth."The government will focus on the three key policies by improving the country's overall budget spending scheme," Deputy Finance Minister Kim Yong-jin said in a policy meeting.Kim said government agencies are urged to actively respond to changes in policy implementation and to do mor
EconomyJune 18, 2018
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US FDA resumes review of Celltrion's biosimilar Herzuma
Celltrion Inc., a South Korean biopharmaceutical firm, said Monday that the US Food and Drug Administration has resumed the review process for its biosimilar to treat breast cancer.In May, Celltrion made a resubmission to the FDA to obtain marketing approval for Herzuma, a drug that was originally developed by Swiss pharmaceutical giant Roche Holding.In accordance with FDA regulations, the approval procedure is forecast to be finalized within six months from the resubmission.Global sales of the
IndustryJune 18, 2018
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Cyber attacks caused $72b losses for Korea firms in 2017: Microsoft
The South Korean branch of US tech giant Microsoft Corp. released a report on Monday which claimed cyber attacks caused direct and indirect losses of $72 billion last year for local companies.The report announced by Microsoft Korea and Frost & Sullivan claimed that around 90 percent of such losses were indirect fallouts brought on by the loss of clients and damage to companies' reputations.Microsoft said around 29 percent of South Korean firms surveyed were not aware of cyber attacks, and claime
TechnologyJune 18, 2018
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Developer of Korea’s top fintech app Toss raises $40m from GIG, Sequoia China
South Korean fintech startup Viva Republic, the maker of money transfer app Toss, said Monday that it has newly raised $40 million in funding from Singapore’s sovereign wealth fund GIC and venture investor Sequoia China. The deal marks the first investment in a Korean startup by GIG and Sequoia China. It also brings Viva Republica’s total investment raised to $116 million, the company said. Launched in 2015, Toss is best known as a peer-to-peer money transfer app that allows users to wire money
TechnologyJune 18, 2018
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Job cuts most serious for 30s and 40s: data
While South Korea’s employment indexes continued to struggle amid controversies on increased minimum wage, the job decreasing rate turned out to be the most drastic for the primary labor force age clusters in their 30s and 40s, data showed Sunday. The number of newly employed people in their 40s stood at 669.7 million in May, down 88,000 from the same period last year and marking a decline for 31 consecutive months, according to data released by Statistics Korea.This was the longest period
EconomyJune 17, 2018
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US-China trade war may ripple through Korea
The Korean economy is likely to be hit hard as its two biggest trading partners are on the brink of a trade war following threats to slap each other with hefty tariffs over the weekend. (Yonhap)On Friday, the Trump administration announced it would impose 25 percent tariffs on the Chinese goods worth $50 billion in an effort to protect the US intellectual property and technology. A day later, China responded to the US by announcing 25 percent tariffs on a $34 billion list of the US goods in the
IndustryJune 17, 2018
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[IP in Korea] 'Rise of e-sports, YouTube calls for new approach to copyright'
The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 17th installment. -- Ed. In an age of technology convergence and interactive communication, it is inevitable that major content platforms such as YouTube should attempt to deviate from the conventional concept of copyright so as to encourage individual creative activities.Such a flexible approach, however, should never mean lesser recognition or compensation for content creators, e
IndustryJune 17, 2018
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Naver challenges YouTube with video-strong blogs, but hurdles persist
In South Korea, Naver dominates the internet technology space. Here, the Naver portal website serves as a mainstream hub for just about every web-based activity, ranging from searches and shopping to blogs, news and maps. However, Naver is outpaced by its foreign rival Google in one key area — videos. Google-owned YouTube is currently Korea’s longest-used app and the primary tool used to share and watch online videos, according to Seoul-based app analytics firm WiseApp. With YouTube’s presence
TechnologyJune 17, 2018
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Household debt crisis shows little sign of abating: data
The increasing pace of household credit in South Korea showed little sign of abating, data showed Sunday, and the lingering debt crisis is likely to affect Korean households‘ finance amid central bank pressure for a key rate hike in tandem with the US Fed hike last week.Total credit to households as a percentage of gross domestic product came to 94.8 percent as of the fourth quarter of 2017, up 2.2 percentage points from the year prior, according to data by the Bank for International Settl
MarketJune 17, 2018
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Prosecution indicts 38 bank officials for hiring misconduct
The prosecution has indicted 38 officials from South Korean commercial and provincial banks, including former and incumbent chiefs, on charges of exerting inappropriate influence on entry-level employment, in the latest development in the local financial sector’s hiring scandal.The Supreme Prosecutors’ Office on Sunday announced it had sent the officials, including KEB Hana Bank Chief Executive Ham Young-joo and ex-CEO of Woori Bank Lee Kwang-goo, to trial. While Ham and Lee were boo
MarketJune 17, 2018
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Shin Dong-joo to give fifth try to seize Lotte Group, overthrow his brother
Shin Dong-joo, a former vice chairman of Lotte Holdings who was defeated in a management right feud with currently imprisoned younger brother Lotte Group Chairman Shin Dong-bin is attempting to seize his control over the group once again. According to Lotte Holdings, a Japanese firm which owns major stakes in many Lotte units and thus binds the whole conglomerate, it will hold a general a shareholders meeting on June 29 in Tokyo, upon Dong-joo’s request. Former Vice Chairman of Lotte Holdings
IndustryJune 17, 2018
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Over half of Koreans agree on tax hike for HNB cigarettes: survey
The majority of South Koreans agreed to levying various taxes on recently popular heat-not-burn e-cigarettes, a survey showed Sunday. According to a survey conducted on some 1,000 adults here by market research institute Trend Monitor, 55.6 percent of the respondents agreed to the government’s move to raise taxes on HNB cigarettes. Various heat-not-burn e-cigarette products from Philip Morris International. (Yonhap)Last December, the National Assembly passed a bill for a tax hike on HNB cigaret
IndustryJune 17, 2018
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Bulk of S. Korean trading firms want to take part in N. Korea projects: poll
The bulk of South Korean trading companies want to take part in North Korean development projects, with many showing an interest in construction, a local poll revealed Sunday.According to a survey carried out by the Korea International Trade Association on 1,176 companies, 80 percent said they wished to take part in North Korean ventures once international sanctions are lifted.Expectations are running high that the successful summit between US President Donald Trump and North Korean leader Kim J
IndustryJune 17, 2018
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Samsung ordered to pay $400m to KAIST over semiconductor tech patent infringement
Samsung Electronics has reportedly been ordered to pay $400 million to the licensing arm of South Korea’s top science and research university KAIST over infringing a patent related to key semiconductor technology. A US federal jury in Texas ruled that the Korean tech giant infringed KAIST’s patent related FinFet -- a key transistor technology used to produce processors for mobile phones -- and should pay a fine, according to a Bloomberg report Saturday.Chipmakers Qualcomm and GlobalFoundries wer
TechnologyJune 17, 2018
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Global smartphone shipments to grow 1.4% in 2018: report
Global shipments of smartphones are expected to grow 1.4 percent in 2018 compared to the year before, with numbers likely to rise at a faster clip from 2019 onwards once the real-world 5G network is introduced, a report by an industry consulting firm showed Sunday.According to Strategy Analytics, total smartphone shipments are expected to reach a little over 1.49 billion units, up from 1.47 billion in 2017. The poor showing is a repeat of numbers for 2016 and 2017 when annual growth was tallied
TechnologyJune 17, 2018
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Banks set to jack up lending rates after US rate hike
South Korean banks are poised to raise their lending rates after the key interest rate in the Unites States reached the 2 percent range, market sources said Sunday.As widely expected, the US Fed raised its rate by a quarter of a percentage point to a range of between 1.75 percent and 2 percent last week, signaling that two more rate increases may be on the cards this year.According to the sources, COFIX, a benchmark lending rate for mortgage loans, was 1.82 percent for new loans as of Saturday,
MarketJune 17, 2018