Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Govt. asks hospitals to mitigate impact of medical professors' absence
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Doggy patrol team on the move to protect their cities
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Sales of eco-friendly cars top 100,000 in Q1 in S. Korea
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[Herald Interview] Director of 'Goodbye Earth' aimed to ask how we would face apocalypse
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LG gifts new government with W19tr investment, jobs plan
LG Group on Tuesday pledged to invest 19 trillion won ($17.4 billion) in new businesses pivoting on electric vehicle parts and next-generation displays, and hire around 10,000 new employees next year in a bilateral meeting with the country’s economy chief Kim Dong-yeon on Tuesday. It was the first one-on-one meeting between the top economy policymaker and a conglomerate leader.The meeting was held Friday at the request of Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, wh
IndustryDec. 12, 2017
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[Herald Interview] Smart city to take center stage at CES
With smart cars stealing the spotlight at the Consumer Electronics Show in recent years, next year attention may shift to smart cities which aim to connect cars, homes and devices, according to a vice president of international sales in the Consumer Technology Association.Every year the CTA holds the CES, the world’s biggest technology event, which is set to kick off Jan. 9 until Jan. 12 in Las Vegas. Brian Moon, a vice president of international sales in the Consumer Technology Association“The
IndustryDec. 12, 2017
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Posco levied W170b tariff for underreporting LNG price
The government has imposed a 170 billion won ($156 million) tariff on Posco, South Korea’s leading steelmaker, for underreporting the price of liquefied natural gas imported from Indonesia to evade tax, Korea Customs Service said Tuesday.KCS‘ latest decision was based on grounds that the price of LNG imported by Posco between 2012 and 2016 was about half the figure reported by state-run Korea Gas Corporation. The government argues Posco has evaded tax worth some 100 billion won by underreporting
MobilityDec. 12, 2017
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LS HongQi signs $53 million cable supply deal in Kuwait
LS HongQi Cable & System, the local manufacturing unit of LS C&S in China, logged a cable supply deal worth some 58 billion won ($53 million) in Kuwait, the company said Tuesday. Under the deal signed with the Ministry of Electricity and Water in Kuwait, LS HongQi C&S will begin supplying 132-kilovolt cables in Kuwait next year, to complete the construction by 2019, according to the company’s officials. LS Cable & System's cable manufacturing facility in China (LS C&S)The latest deal secured in
IndustryDec. 12, 2017
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YouTube most popular among smartphone users in teens, 20s: report
South Korea’s Android users 10-29 years old were found to have spent the most time on Google’s YouTube app, according to a market report Tuesday. Korea’s local application market research firm WiseApp collected data from some 23,000 Korean Android users in November to compare the hours people spent on different applications. (Yonhap)The combined hours those 10-19 spent on YouTube reached 129 million hours in November. This compared to 43 million hours spent on KakaoTalk, the nation’s most popul
IndustryDec. 12, 2017
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Hyundai Motor to set up commercial vehicle joint venture in Indonesia
South Korea’s Hyundai Motor signed a business deal to set up a commercial vehicle joint venture with Indonesia’s Artha Graha Group to tackle the Southeast Asia market, the company said Tuesday.The joint venture marks the first outcome in the private business sector of President Moon Jae-in‘s New South Policy introduced during the Asia-Pacific Economic Cooperation summit last month. The initiative aims to expand economic cooperation and personnel exchanges between South Korea and Southeast Asian
MobilityDec. 12, 2017
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Korea's social commerce trio turn to open markets for growth
Social commerce platform WeMakePrice announced that it has set the launch of an open market-style “seller market” for Friday, becoming the last of the so-called Big Three in social commerce to turn to open market operations for growth.The “seller market” will combine elements of open markets, which simply connect sellers with buyers, and social commerce, which offers products selected by merchandise buyers at low prices to achieve large sales volumes.“This is not a simple transition to open mark
IndustryDec. 12, 2017
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[Herald Interview] 8Percent leverages power of platform
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the sixth installment. — Ed.Peer-to-peer platform can be a destination not only to retail investors seeking higher yields, but also for borrowers taking loans for their business which would face more expensive options from conventional financiers, 8Percent, a South Korean P2P lending platform, said.The power of such a platform is particularly attractive to borrowers holding midrange
MarketDec. 12, 2017
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Korea’s biotech production grows over 4% to W8.9tr
South Korea’s biotechnology sector production grew 4.4 percent on-year to 8.88 trillion won ($8.14 billion) in 2016, buttressed by robust growth of the medical device and biotech services segments, according to government statistics released Tuesday.The data was compiled by Korea’s Ministry of Industry, Trade and Commerce which conducted a survey of 980 local biotechnology companies in 2016. The results are now being announced here. (123RF)Korea’s biotech industry revolves mainly around medicine
IndustryDec. 12, 2017
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Korea to start digitizing hospital prescription forms next year
A visit to the hospital typically ends in a doctor prescribing a particular set of medications, the details of which are printed on a physical form and handed to the patient. The patient must then take the form and submit it to a pharmacist. Looking to overturn this traditional model, South Korea has set out to start digitizing prescription forms and make them accessible via mobile devices. The Korea Internet & Security Agency said Tuesday that it has signed a Memorandum of Understanding with Se
TechnologyDec. 12, 2017
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[Photo News] KAIST’s humanoid robot carries 2018 PyeongChang Olympics torch
HUMANOID ROBOT CARRIES OLYMPICS TORCH — Hubo, a humanoid robot developed by a team of researchers led by Professor Oh Jun-ho at Korea’s top science and technology research university KAIST, receives the 2018 PyeongChang Olympics torch from Dennis Hong, the founding director of the Robotics and Mechanisms Laboratory at UCLA, in Daejeon, Monday. It is the first time that a robot has carried the Olympic torch. (Yonhap)HUMANOID ROBOT CARRIES OLYMPICS TORCH — Hubo, a humanoid robot developed by a tea
TechnologyDec. 12, 2017
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IDA awarded ‘$1 Million Export Tower’ at Trade Day Festival
IDA Co., which specializes in baby products, was awarded the $1 million Export Tower in the 54th Trade Day Festival ceremony on Dec. 5 at the Coex in Gangnam, for its export of baby products.The festival, which was hosted by Korea International Trade Association and sponsored by Ministry of Trade, Industry and Energy, aims to encourage people to engage in the trade industry and develop the export industry. About 2,000 people attended the event, including President Moon Jae-in; Paik Un-gyu, the M
IndustryDec. 12, 2017
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Multinational companies required to report aggregate biz info
Apple Inc., Google and other multinational enterprises are required to provide detailed business information in order to deal with the issue of tax avoidance by multinational companies, the country's tax agency said Tuesday.According to the National Tax Service, South Korea introduced the annual reporting by multinational companies of aggregate information in accordance with the OECD and G20 countries' guidance in 2015. The scheme, aimed at assessing high-level transfer pricing and other profit-
IndustryDec. 12, 2017
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Korea's auto exports decline 8% in Nov.
South Korea's exports of automobiles fell last month compared to a year earlier due to sluggish sales of compact and midsize vehicles, government data showed Tuesday.The number of vehicles sold abroad stood at 237,083 units in November, down 8 percent compared with a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)However, the total value of vehicles shipped overseas rose 3.4 percent on-year to $4.07 billion, as large sedans and sports utility vehi
MobilityDec. 12, 2017
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List of 21,000 tax defaulters made public
Unpaid tax by Korean tax defaulters amounted to 11.3 trillion won ($10.4 billion) in 2017, the National Tax Service revealed on Monday. The tax agency annually discloses names of those whose unpaid tax money exceeds 300 million won. This year, there were about 4,700 more names on the list compared to 2016 because the standard for disclosure was lowered to 200 million won.Some 21,000 entities failed or delayed to pay their taxes amounting over 200 million won in 2017 without giving specific reaso
EconomyDec. 12, 2017
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Samsung, Amazon to start streaming premium video content
Samsung Electronics Co. said Tuesday it will start the streaming of videos that utilize the latest High Dynamic Range 10 Plus technology via its premium TVs with the US-based Amazon.com.Under the agreement, users of Samsung's high-end QLED and UHD TVs can enjoy quality content through the Amazon Prime Video streaming application starting Wednesday. The HDR 10 Plus technology is a next-generation standard for high-resolution video content promoted by Samsung. Shown in this picture, released by Sa
TechnologyDec. 12, 2017
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Tariff on LNG imports faces backlash from energy firms
South Korean energy companies are resisting a recent government decision to impose a huge tariff on steel giant POSCO for its imports of low-priced liquefied natural gas, industry sources said Tuesday.The backlash comes after the Korea Customs Service informed the country's leading steelmaker on Nov. 30 that it should pay 170 billion won ($156 million) in back tariffs for underreporting the price of LNG imported from Indonesia from 2012-16.The KCS has reportedly decided to impose the tariff, bel
IndustryDec. 12, 2017
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ELS sales jump in Q3 on brisk stock markets
The issuance and redemption of equity-linked securities soared in the third quarter on the back of bullish stock markets at home and abroad, the financial regulator said Tuesday.The issuance of ELS products stood at 18.1 trillion won ($16.6 billion) in the July-September period, up 15.3 percent from the previous quarter and 64.5 percent from a year earlier, according to the data from the Financial Supervisory Service.ELS refers to hybrid debt securities whose returns are determined by the perfor
MarketDec. 12, 2017
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KRX to nurture 1st venture firm on Kosdaq under ‘Tesla Policy’
Information technology solutions firm Cafe24 gained Monday preliminary approval for an initial public offering on the nation‘s second-tier Kosdaq market operated by the Korea Exchange, marking the first company to be listed through the operator’s “Tesla Policy” introduced in December 2016.Cafe24, a Korean company that offers IT solutions for sellers looking to create online retailers, is expected to earn some 40 billion won ($36.6 million) through the entry into Kosdaq sl
MarketDec. 11, 2017
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US safeguard against Samsung, LG to halve washer imports: panel
If a US safeguard is implemented on products manufactured by South Korean appliance makers, the number of washing machines imported to the country is expected to half, according to a report compiled by a US trade watchdog.In the final report on its Section 201 investigation to US President Donald Trump last week, the US International Trade Commission stated that a broad tariff will increase the retail prices of large residential washers (LRW) sold in the US market compared to 2016 while benefitt
TechnologyDec. 11, 2017