Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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North Korea fires several short-range ballistic missiles into sea: JCS
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Samsung, SK hynix investors dump shares on Nvidia crash
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Autos, IoT to lead semiconductor growth going forward: report
Autos and Internet of Things will lead growth in the semiconductor market going forward, a report by a global industry tracker said Sunday.According to IC Insights Inc., new growth engines will fuel advances in the computer chip market as demand for them in mobile phones remains a solid pillar for the industry that has witnessed a surge in growth in recent years. It said the global semiconductors will continue to grow for the foreseeable future.The chip market researcher claimed semiconductors u
IndustryDec. 10, 2017
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Samsung Pay expanding into mobile banking service
Samsung Electronics Co.'s mobile payment system is moving to expand into the banking sector to offer more diverse services to users, the South Korean tech giant said Sunday.The company said that starting Thursday, the payment system installed on some of its newer smartphones can be used to carry out transactions at some local banks.Under the upgrade, the 9 million domestic users of Samsung Pay, who can now use their phones like cash or credit cards, as well as at ATMs, will be able to withdraw o
IndustryDec. 10, 2017
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Korea maintains second-largest coal subsidies in world: report
South Korea maintains the second-largest coal subsidies in the world, as other countries move to cut state support for such energy programs, a report by an autonomous intergovernmental organization said Sunday.The latest findings released in the 2017 World Energy Outlook by the Paris-based International Energy Agency showed Seoul spent $150 million to subsidize the coal sector in 2016.Energy-related subsidies are paid by the state to producers and consumers to bolster industries and make energy
EconomyDec. 10, 2017
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BOK expects Fed to raise rates 2 or 3 times in 2018
South Korea's central bank expects the U.S. Federal Reserve to raise its key interest rates two or three times next year, in line with a broader expectation on Wall Street, according to a report by the Bank of Korea on Saturday. The Fed is widely expected to raise rates during its policy meeting next week, as it has begun increasing borrowing costs from record lows set in the wake of the 2008-09 global financial crisis. On Dec. 1, the Bank of Korea increased its key rate by a quarter percen
MarketDec. 9, 2017
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Korea's construction trade surplus plunges as orders dip
South Korea's trade surplus for construction plunged in October as new orders from the Middle East dipped due to a decline in oil prices, data showed Saturday.South Korea reported a trade surplus of US$428 million in the construction sector in October, down 32.9 percent from a year ago, according to the data from the Bank of Korea. This is the smallest monthly figure since February 2007, according to the data. South Korea's positive balance of trade for construction began falling in late 2014, w
IndustryDec. 9, 2017
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South Korea mulling ways to curb craze for bitcoins
South Korea is studying ways to regulate speculative trading in crypto currencies as the latest surge in prices stokes a craze over bitcoins. The country's financial regulator said Friday that it has ruled out using bitcoin for derivative products. The decision effectively bans investing in bitcoin futures that will start trading on the Chicago Board Options Exchange this weekend. It's part of a backlash against digital currencies in some Asian countries, even as Japan embraces their use. I
MarketDec. 8, 2017
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Coupang launches cat products under premium PB Tamsaa
South Korea’s e-commerce platform Coupang said Friday it has launched new products for cats under its premium brand TamsaaTM, further stepping into the lucrative pet market while expanding its private brand lineup.The products, Tamsaa Cat Food and Tamsaa Cat Litter, were developed after analyzing the lifestyle of cats, cat owners, their habits and tendencies, the company explained.With Tamsaa Cat Food, the company offers a choice of three combinations of taste and benefits with recipes incorpora
IndustryDec. 8, 2017
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Kakao Friends boosts sales via ‘Winter Ryan’
Kakao Friends has jumped on the bandwagon of releasing a “special product,” as consumers lined up to purchase its limited character edition “Winter Ryan.” The company announced Friday that this year‘s newest, limited Ryan doll is now sold out. Its price tag was 59,000 won ($52) per doll. Consumers raved about the doll’s cuteness as it comes with a red or navy long, padded coat, thus calling Winter Ryan the “Padded jacket Ryan.” "Winter Ryan" in red or navy padded coat(Kakao Friends)It may be fa
IndustryDec. 8, 2017
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[Herald Interview] Korean creators capable of global growth: Collab Asia CEO
South Korean content creators show potential for global growth particularly in gaming, K-pop and beauty-related content, through which they would be able to stabilize income from platforms, according to the head executive of Collab Asia Friday.“By bringing in more viewers from abroad, Korean creators can increase their stable income through YouTube,” Eugene Choi said in a group interview Friday. Choi visited Korea as part of the CKL Live Talk, a two-day forum for content start-ups hosted by the
IndustryDec. 8, 2017
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US lobby group opens FTA support site
Ahead of trade revision talks between Seoul and Washington over the Korea-US Free Trade Agreement, the US Chamber of Commerce has launched a website highlighting the benefits of the KORUS deal. Since the Donald Trump administration announced its intent to amend the five-year-old bilateral trade deal earlier this year, representatives of the US Chamber of Commerce have publicly voiced opposition against altering terms of the FTA, saying, “The KORUS agreement is working.” &ldquo
EconomyDec. 8, 2017
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Korean retailers allowed to sell menstrual ‘cup’
After the “sanitary pad scare” swept the nation last summer, there were voices that demanded the government to allow the sales of menstrual cups in Korea. Before, there hadn’t been a manufacturer entitled to sell the product in Korea, though it is widely used in other countries. Consumers had to purchase the product through overseas websites and pay a high price for delivery.The Ministry of Food and Drug Safety announced Thursday, that it approved the sales of “Femmycycle,” a menstrual cup made
IndustryDec. 8, 2017
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[Management in Korea] Reversing culture of scarcity
Management in Korea is a regular column written by the members of Egon Zehnder Seoul touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Korean companies historically have been reluctant to recruit from the outside. Increasingly, however, they are hiring external talent, particularly when they need to quickly expand in a critical area. Unfortunately, our observation in working with many of Korea’s leading corporations is that external hires
IndustryDec. 8, 2017
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Korea’s shipbuilding orders look to finish at world’s No. 2 this year
Build orders for South Korea’s rebounding shipbuilding industry are likely to reach the second highest in the world this year, following China, according to data by British shipbuilding and marine analysis agency Clarkson Research Services on Friday. The research data shows that China‘s cumulative order volume for the January to November period reached 7.13 million CGT or 324 vessels, followed by Korea with 5.74 million CGT and Japan at 1.82 million CGT. CGT refers to the Compensated Gross Tonn
IndustryDec. 8, 2017
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Hyundai, Kia to focus on regional management in 2018
Hyundai Motor and Kia Motors separately held biannual meetings on Friday with some 50 overseas representatives, where they discussed ways to recover this year’s lackluster performance with overseas sales boost next year by focusing on regional management.The discussions took place at the company’s headquarters in southern Seoul.Hyundai Motor Vice Chairman Chung Eui-sun led the meeting for Hyundai for the second time, followed by the one in July this year. Lee Hyoung-keun, vice chairman of Kia Mo
MobilityDec. 8, 2017
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Kumho Tire shares Christmas spirit
Kumho Tire officials visited a social welfare center in western Seoul to share the holiday spirit with minority groups, the company said Friday.As part of its Christmas campaign managed with Childfund Korea, the company delivered gifts including unicycles and family trips to Jeju to 12 children from underprivileged households. Kumho Tire employees deliver Christmas presents to children at the Salvation Army Seoul Broadview Children‘s Home in western Seoul on Friday. (Kumho Tire)“The event was pr
MobilityDec. 8, 2017
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Hyundai overseas salespeople discuss ways to boost sales next year
Hyundai Motor Group on Friday held a meeting with representatives from its overseas sales operations in Seoul to discuss ways to boost sales, the company said Friday. On Friday, some 50 representatives of Hyundai Motor Group's overseas sales offices gathered at its headquarters in southern Seoul to share views on outstanding issues in the automobile market and discuss sales strategies for each market for the new year, the group said in a statement. In separate meetings with the salespeople, Hyun
MobilityDec. 8, 2017
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[Newsmaker] Shinsegae to implement 35-hour workweek ‘with no pay cut’
Korean retail giant Shinsegae decided to institute a 35-hour workweek to enhance employee’s working conditions, the company said Friday. The move marks the first time for a local conglomerate to implement such a short work week. Under the policy, all employees from Shinsaegae’s retail sectors are set to work seven hours a day from January. Working hours are from 9 a.m. to 5 p.m., but it could be flexible depending on the types of work. Shinsegae Group Vice Chairman Chung Yong-jin (Yonhap)The wag
IndustryDec. 8, 2017
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KEPCO CEO retires after securing top bidder status in British nuclear project
NAJU, South Korea --The head of the Korea Electric Power Corp. stepped down Friday, shortly before the end of his five-year term, after getting the state-run utility firm a step closer to securing a nuclear project in Britain.Cho Hwan-eik announced his decision to step down after KEPCO was selected as the preferred bidder of Toshiba Corp. on Wednesday. The project calls for the construction of two nuclear reactors in Moorside, northwest England."KEPCO's beating (China Nuclear General) in the com
IndustryDec. 8, 2017
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Seoul to seek pre-emptive, market-centered corporate restructuring: finance minister
South Korea will engage in constant, pre-emptive, market-centered corporate restructuring going forward, breaking away from government-spearheaded responses to developments that have been the norm in the past, the country's chief economic policymaker sad Friday."The government will reshape its corporate restructuring paradigm in a way that can prod existing companies to seek innovation and strengthen their competitiveness," Finance Minister Kim Dong-yeon said at an economy-related mini
EconomyDec. 8, 2017
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Korean economy on recovery track thanks to exports: govt. report
The South Korean economy is maintaining its current recovery pace on the back of strong overseas sales, although there are some downside risks, such as North Korea's provocations and ongoing trade issues, a government report said Friday."The South Korean economy is keeping its recovery pace, aided by robust exports in line with the improving global economy," the finance ministry said in its monthly economy assessment report. "For the time being, its recovery pace is expected to co
EconomyDec. 8, 2017