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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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Hyundai Motor seen eyeing car-sharing biz: report
The chances of Hyundai Motor entering the car-sharing market are high, a report by KB Securities said Wednesday, referring to Volvo‘s latest partnership with Uber.Volvo on Monday signed a deal with Uber to provide tens of thousands Volvo XC90 SUVs, specifically modified for autonomous driving, from 2019 to 2021. (Yonhap)The report noted that partnerships between original equipment manufacturers and car-sharing service providers will become more important down the road as car-sharing service firm
MobilityNov. 22, 2017
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Hyundai Rotem renews maintenance deal in Ukraine
Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday. (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea
IndustryNov. 22, 2017
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[News Focus] Korea's taxi drivers protest 24-hour carpooling services
South Korean taxi drivers have begun staging protests against the carpooling industry’s recent decision to operate their services around the clock, escalating controversy over the legality of providing commercial 24-hour carpooling services here. More than 400 unionized taxi drivers staged a protest in front of Seoul’s City Hall on Tuesday, calling for the government to “terminate illegal carpooling services that threaten the taxi industry” ahead of a public hearing on the issue. A similar prote
TechnologyNov. 22, 2017
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[Photo News] Barogo's motorcycle drivers deliver kimchi to the underprivileged in Seoul
KIMCHI DELIVERY TO THE POOR – Rep. Park Young-sun of the ruling Democratic Party of Korea (second from right) and Guro-gu Mayor Lee Sung (right) load kimchi and fresh eggs onto motorcycles operated by Korean food and goods delivery service provider Barogo in Seoul, Wednesday. The startup delivered 670 plates of eggs and 1,180 kimchi cabbages donated by the Kookmin Ilbo to underprivileged households and social service centers in Guro-gu as part of its seasonal charity program. (Courtesy of Barogo
IndustryNov. 22, 2017
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Korea to take firm stance against further opening of agriculture in KORUS
The South Korean government has expressed its firm stance to the United States against the additional opening of the agricultural market in the upcoming negotiations to amend the bilateral free trade pact, a senior ministry official said Wednesday."The government will not strike deals that turn the balance of interest against us," Yoo Myung-hee, a director general at the trade ministry, said in a Seoul meeting with people from the agricultural sector. "In previous talks, we've explained the sens
IndustryNov. 22, 2017
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SC Bank Korea promotes fixed deposit product
Standard Chartered Bank Korea is promoting a fixed deposit product online that offers an interest rate of up to 2.3 percent, before tax, the bank said in a statement Wednesday. The interest rate of the product will go up according to the amount of deposits raised through the promotion. If the product raises more than 100 billion won ($91.7 million), the bank will offer an annual interest rate of 2.3 percent for depositors, with the minimum rate guaranteed at 1.7 percent even if the volume
MarketNov. 22, 2017
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Korea’s export growth rate likely lower than global trade rise
Despite Korea experiencing a boom in exports in the semiconductor industry, overall export growth for Korean goods is expected to fall short of the overall growth rate of worldwide trade due to worsening international competitiveness, according to the Bank of Korea on Wednesday. The central bank forecast Korea’s exports would see 3.7 percent growth this year compared to last year. However, the figure is 0.5 percentage point lower than the International Monetary Fund’s global trade gr
EconomyNov. 22, 2017
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[PyeongChang 2018] Consumers queue overnight to buy ‘PyeongChang Coat’
The in-demand PyeongChang long padded coat sold out early Wednesday morning with eager consumers queuing from Tuesday evening.Lotte Department Store announced that its 7,000 PyeongChang long padded coats sold out nationwide by 6 a.m. on Wednesday due to the long line of shoppers.Branches around the country were allocated tickets to give to consumers in order to buy the much sought after coat. At Lotte Department Store Avenuel, World Tower Branch, people started arriving at 8 p.m. Tuesday, after
IndustryNov. 22, 2017
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Chinese firms nearly topple Samsung in India
Chinese smartphone firms that dominate their country’s market are now rapidly moving into India, where Samsung has taken the lead over the past six years. According to a report released by Counterpoint Research on Tuesday, Samsung barely retained its top spot with a 22.8 percent share in the Indian smartphone market during the third quarter. Chinese smartphone maker Xiaomi closely followed with a 22.3 percent share in the same period.Another research firm, Strategy Analytics, showed Samsung had
IndustryNov. 22, 2017
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Korea's childbirths slump in Sept.
South Korea again saw a steep slide in the number of newborn babies in September as the country is expected to experience record low childbirths in 2017, government data showed Wednesday.About 30,100 babies were born in the month, down 12.5 percent, or 4,300, from 34,400 tallied a year earlier, according to the data from Statistics Korea.The monthly childbirths have decreased every single month since December 2015 with a double-digit decline continuing for 10 straight months. The number of newbo
EconomyNov. 22, 2017
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[PyeongChang 2018] Airbnb officially supports 2018 Winter Olympics
Airbnb signed on to become an official supporter of the 2018 PyeongChang Winter Olympics on Wednesday. The community-driven hospitality firm will work with the local community to offer accommodation to travelers visiting Gangwon Province during the games. At a signing ceremony that took place Wednesday, Uhm Chan-wang, director of the PyeongChang Organizing Committee, expressed gratitude to Airbnb for participating as an official supporter.Uhm Chan-wang, director of the PyeongChang Organizing Com
IndustryNov. 22, 2017
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Korean fashion firms accelerate restructuring amid slump
South Korean fashion companies are accelerating their move to trim unprofitable brands amid a prolonged domestic slump, industry sources said Wednesday.Handsome Corp., the apparel unit of Hyundai Department Store Group, said it is in the process of closing down one of its brands, Mothan."It is part of our efforts to improve profitability and to build a stable growth base," a company official said.Shinsegae International Inc., the apparel arm of retail giant Shinsegae, meanwhile, is re-examining
IndustryNov. 22, 2017
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Jobless rate rising for people with doctorates
One out of five people holding doctoral degrees are jobless in South Korea, the highest rate since recordkeeping began in 2014, official data showed Wednesday.Some 22.9 percent of people who earned doctorates locally this year are without jobs, according to the Korean Statistical Information Service. For previous years, the figures were 21.3 percent in 2014, 20.3 percent in 2015 and 21.6 percent last year.Another 2.8 percent were not looking for employment at the time of the survey, which was he
EconomyNov. 22, 2017
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Market value of KOSDAQ-listed biopharmaceuticals soars
Pharmaceutical and biotech firms traded on South Korea's secondary KOSDAQ market have seen their combined value top 20 percent of the total market capitalization for the first time on jumps in big-cap prices, data showed Wednesday.According to the data from the Korea Exchange, the combined market value of 73 KOSDAQ-listed pharmaceutical and biotech companies stood at 59.2 trillion won as of Monday, accounting for 21.5 percent of the total market cap. The percentage, which came to 17.3 percent at
MarketNov. 22, 2017
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Game makers help power KOSDAQ boom
South Korean game makers have contributed greatly to the recent boom of the country's secondary stock market as their stock prices are on an upswing on hopes of rising earnings, industry sources said Wednesday.Driven mainly by strong earnings momentum, the tech-laden KOSDAQ market has been recently on a roll with its benchmark price index flirting with the 800-point level. It closed 0.52 percent up at a new all-time high of 789.38 on Tuesday.According to the Korea Exchange, Pearl Abyss finished
MarketNov. 22, 2017
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[PyeongChang 2018] Travel authorities step up PyeongChang Olympics promotional shows across continents
Tourism authorities are cranking up promotions to attract foreign visitors to the 2018 PyeongChang Winter Olympics by engaging actively in international travel events across all continents, officials said Wednesday.The Korea Tourism Organization led a large delegation to the China International Travel Mart, one of the largest professional travel exhibits in Asia, held in Kunming from Nov. 17-19. Representatives from 15 local governments and institutions operated a 198-square-meter booth at the e
IndustryNov. 22, 2017
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US trade panel calls for import restrictions on Korean washers
WASHINGTON -- A United States trade panel on Tuesday called for import restrictions on South Korean washing machines to improve the standing of domestic rivals.The US International Trade Commission said it is recommending a 50 percent tariff rate on large residential washers built by Samsung and LG, and exceeding a quota of 1.2 million units.The recommendation comes in response to a safeguard petition filed by US-based Whirlpool in May. The commission determined last month that the Samsung and L
IndustryNov. 22, 2017
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S. Korean tycoon's son under heat for misconduct
A scion of South Korea's Hanwha Group, a chemical-to-finance conglomerate, came under fire once again for misconduct, this time, against lawyers, in the latest case involving the family running one of the country's biggest businesses. In a statement released Tuesday by Hanwha, Kim Dong-seon, the youngest son of Hanwha Group Chairman Kim Seung-youn, publically apologized for his use of foul language and assault while intoxicated during a dinner meeting with a group of attorneys in September."If g
IndustryNov. 21, 2017
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Lotte chairman sells W214b worth of shares in retail unit
Lotte Shopping Co., the retail affiliate of South Korea's fifth-largest conglomerate Lotte, said Tuesday that the group chairman sold part of his holdings in the company for 214.6 billion won ($196 million).Chairman Shin Dong-bin unloaded over 1 million shares of Lotte Shopping after the local stock market closed, the company said in a regulatory filing. (Yonhap)The sales reduced Shin's stake in the company to 9.89 percent from 13.46 percent. Lotte Shopping said the chairman sold the shares to
IndustryNov. 21, 2017
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[Save the startups] ‘Understanding why startups fail can help attract investment’
In order to acquire investment, it is crucial for startups not only to convince the potential investor, “why this specific business model will work right,” but also to display an insight as to “why similar attempts have not succeeded in the past,” advised a renowned entrepreneur-turned-investor. “Startups often tend to be so immersed in their innovative ideas and visions for the future that they may at times miss out on the history of their given sector,” Simon Seok-heun Kang, CEO and partner of
IndustryNov. 21, 2017