Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Govt. asks hospitals to mitigate impact of medical professors' absence
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[Exclusive] Kepco selected as preferred bidder for Moorside nuclear project
South Korea‘s sole utility provider Korea Electric Power Corp. has been selected as the preferred bidder for the Moorside nuclear power plant project in the UK, a source familiar with the matter told The Korea Herald Wednesday. The Korean utility provider has been moving to acquire the 100 percent share held by Toshiba in the NuGen consortium that is developing the Moorside project. (Yonhap)Kepco‘s selection is anticipated to be announced before the week’s end, according to sources.This will be
IndustryDec. 6, 2017
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South Korea out of bitcoin futures race
South Korea, an emerging market for cryptocurrency trade, is likely to remain out of the global race to sell bitcoin futures to investors.Securities firms in Korea withdrew plans to draw investments through foreign bitcoin-related derivatives, upon the Financial Services Commission’s order to ban the trade. The direction was sent through the Korea Financial Investment Association on Tuesday.As a result, securities firms such as eBest Investment & Securities and Shinhan Financial Invest
MarketDec. 6, 2017
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Naver CEO pledges to improve communication between IT sector, government
Naver CEO Han Seong-sook pledged Tuesday to improve understanding and communication between the internet technology sector and the South Korean government in 2018, reflecting on the hardships that have hit the local IT industry this year. “The year 2017 was a difficult one filled with many hardships and regulatory issues that impacted the general IT industry, including internet companies, startups and game companies alike,” Han said during the 2017 Startup x Internet Corporations Night event in
TechnologyDec. 6, 2017
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BMW Korea appoints new CEO, chairman
BMW Korea, the local unit of the German luxury carmaker, has named CEO Kim Hyo-joon as chairman, effective as of Jan. 1 next year, the company said Wednesday.Han Sang-yun, head of BMW Malaysia, will replace Kim as CEO starting March 1, 2018.“Kim will continuously assume responsibility for representing the Korean subsidiary of BMW Group as the CEO and Han Sang-yun will take charge of overall business operations. BMW Group Korea is now set to embark on its management succession process,” Hendrik v
MobilityDec. 6, 2017
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[Photo News] Line Friends x Castelbajac artworks on sale in Seoul
LINE FRIENDS X CASTELBAJAC -- French pop artist Jean-Charles de Castelbajac shows limited-edition works of art created in collaboration with Line Friends at the Art Major Cafe in Gangnam, Seoul, Wednesday. The four types of collaborative art pieces, designed by Castelbajac, feature Line Friends characters Brown, Cony and Sally. A total 400 pieces are available for sale. (Line Friends) LINE FRIENDS X CASTELBAJAC -- Limited-edition works of art created by Jean-Charles de Castelbajac in collaborati
IndustryDec. 6, 2017
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Korea collects W1.14tr in taxes from offshore tax evaders
South Korea's tax office said Wednesday that it has collected 1.14 trillion won ($1.04 billion) in taxes from suspected offshore tax evaders so far this year.The National Tax Service collected the amount in the first 10 months of the year from 187 offshore tax dodgers. The take is slightly more than the 1.1 trillion won dues collected from evaders in the same period a year earlier, it said.In 2016, the NTS collected a total of 1.3 trillion won from 228 overseas tax dodgers. Offshore tax evasion
EconomyDec. 6, 2017
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Finance minister vows to create more jobs
South Korea's chief economic policymaker vowed Wednesday to create more jobs even though the employment situation is not favorable at present.In a meeting with a group of employees of a local firm in southern Seoul, Finance Minister Kim Dong-yeon said the government's top priority is to generate good jobs. "This year's economic growth is expected to top 3 percent and exports remain bullish," Kim said. "But employment conditions are still facing difficulties." Some 20 trillion
EconomyDec. 6, 2017
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[PyeongChang 2018] PyeongChang Olympics to showcase advanced robots
The PyeongChang Winter Games will assign various kinds of robots to stadiums, airports and event venues to assist athletes and showcase the latest technology, the commerce ministry said Wednesday.A total of 85 robots will be placed in venues to provide information on schedules, transportation and tourist attractions during the Olympics, which runs from Feb. 9-25, the Ministry of Trade, Industry and Energy said. The ministry said 11 kinds of robots will be used.A walking humanoid robot developed
TechnologyDec. 6, 2017
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Economic growth to slow to 2.9% in 2018: KDI
The South Korean economy is expected to grow 2.9 percent next year, slowing down from this year's estimate of a 3.1 percent expansion, as export growth and domestic consumption recovers, while facility investment declines."Our economy's export growth will be maintained and domestic consumption should recover, but a growth of facility investment and construction will slow down," the KDI said in its latest outlook report. The KDI's latest growth estimate for next year is higher than its
EconomyDec. 6, 2017
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Economic recovery pace slows down: KDI
South Korea's export-led economic recovery is showing signs of slowing down as the growth of outbound shipments decelerates, although consumer sentiment is continuing its upward trend, a state-run think tank said Wednesday."October posted a sharp contraction in production indicators, but the improvement trend was maintained at a modest pace, given the reduced workdays caused by the long Chuseok holiday. Most production indicators posted negative growth but there was a small increase in aver
EconomyDec. 6, 2017
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Cryptocurrency transactions with bank accounts to be restricted from next year
A private association of cryptocurrency exchanges in South Korea said Wednesday that it will voluntarily restrict cryptocurrency transactions with bank accounts starting next year, in a bid to prevent such transactions from being used for money laundering and other crimes. The Blockchain Association, an industry group of some 30 cryptocurrency exchanges, including Bithumb and Korbit, said it will encourage customers just one bank account in the selling and buying of cryptocurrencies. Under the v
MarketDec. 6, 2017
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Korea's trade surplus with US narrows this year: KITA
South Korea's trade surplus with the United States fell sharply during the first 11 months of this year from a year earlier amid growing pressure from Washington, data showed Wednesday.The US has demanded a revision to a free trade agreement with Seoul, which US President Donald Trump has called the deal a "job killer," citing the rising deficits in trade with South Korea.The US side is expected to focus on the auto and steel sectors while South Korea has voiced opposition to further lowering ba
IndustryDec. 6, 2017
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[PyeongChang 2018] Companies aim to boost sales via Olympics marketing
Companies in South Korea are stepping up efforts to promote consumption through the upcoming PyeongChang 2018 Winter Games, with the quadrennial event just two months away, industry sources said Wednesday.Corporate sponsors of the Winter Games, which can officially use the images or phrases related to the Olympics, are actively utilizing them to advertise their products, according to the sources. This image provided by Coca-Cola Beverage Co. on Dec. 6, 2017, shows its products with drawings of a
IndustryDec. 6, 2017
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Govt. to focus on boosting nat'l interest in KORUS FTA renegotiation: finance minister
South Korea's chief economic policymaker said Wednesday that the government will put its focus on expanding national interest at the upcoming free trade deal renegotiations with the United States."National interest will be the top priority in the talks (for the trade pact)," Finance Minister Kim Dong-yeon said in an economy-related meeting. "Our government should make utmost efforts to reflect the views of the industrial sector and fully take into consideration the whole economy.&
EconomyDec. 6, 2017
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NPS stakes in listed firms jump over 4 years
South Korea's state pension operator has sharply increased its stakes in major firms over the past four years on eased investment rules, a market tracker said Wednesday.The National Pension Service had stakes of 10 percent or more in 84 listed companies as of the end of September, double the number at the end of 2013, according to CEO Score.The surge was attributed to the easing in September 2013 of a rule banning the NPS from holding 10 percent or more in each listed company. The combined marke
MarketDec. 6, 2017
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Govt. holds meeting on luring China investment
South Korea's commerce ministry hosted a meeting of Chinese entrepreneurs and private experts in Seoul on Wednesday to help address tumbling investment from the neighboring country.The meeting, the second of its kind this year, focused on ways on how to stem plunging investment in South Korea from Chinese companies and seek investment cooperation models, the ministry said.The gathering brought together officials from Chinese companies that have built production facilities in South Korea, and pri
EconomyDec. 6, 2017
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Seoul expresses 'deep' regret over inclusion on EU tax haven blacklist
South Korea slammed the European Union's decision on Wednesday to put Asia's fourth-largest economy on a new EU blacklist of tax havens, saying that its inclusion is "not in accordance with international standards" and poses the risk of "violating taxation sovereignty."On Tuesday, the EU disclosed a blacklist of 17 countries, including Macau, the Marshall Islands and the United Arab Emirates in what it claims is a substantive step to deter worldwide tax avoidance.The EU said
EconomyDec. 6, 2017
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BOK forecast to conduct another rate hike in July
South Korea's central bank is expected to carry out another rate raise in July next year in light of its guarded stance and the country's mild inflation, a private think tank said Wednesday.In a monthly policy meeting last week, the Bank of Korea hiked the so-called base rate by a quarter percentage point to 1.5 percent amid clear signs of an economic recovery, snapping the 16-month run of its wait-and-see stance."Some watchers project the BOK to jack up the key rate in the first half of ne
MarketDec. 6, 2017
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Labor Ministry orders Paris Baguette to pay fines
The Ministry of Labor and Employment said Tuesday that it has decided to impose a penalty on Paris Baguette for failing to follow its order to directly hire bakers by the deadline which expired on the same day.The ministry said that the bakery chain will pay fines corresponding to the number of subcontracted bakers, excluding those that expressed their wish not to become full-time employees of the food company. The total fine amount has not been finalized, it added. (Yonhap)The ministry also sai
IndustryDec. 5, 2017
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Long holiday, Chinese travel ban cause largest travel deficit in October: data
South Korea’s current account balance in the service sector hit a record low in October, due to the soaring number of overseas trips during the long Chuseok holiday and a drop in the number of Chinese tourists here, central bank data showed Tuesday.The services account deficit widened in October to a record $3.53 billion from the $1.79 billion deficit a year earlier, according to preliminary data released by the Bank of Korea. The previous record was $3.34 billion observed in January this
EconomyDec. 5, 2017