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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Whirlpool demands 50% tariff on Samsung, LG washers
US tech manufacturer Whirlpool Corp. has demanded a punitive tariff of 50 percent on South Korean firms' washers, government sources said Wednesday.According to South Korea's trade ministry, Whirlpool submitted the demand to the US International Trade Commission (ITC), which earlier determined that Samsung Electronics Co. and LG Electronics Inc.'s washers are harming the domestic industry.The US authority's announcement followed a four-month investigation that was kicked off by a safeguard petit
IndustryOct. 18, 2017
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[Graphic News] 1 out of 6 Korean youths are obese
According to the Ministry of Health and Welfare, 1 out of 6 South Korean children and youths (elementary, middle school, and high school students) are obese with the rate increasing every year. The obesity rate increased from 11.2 percent in 2008 to 14.3 percent in 2010, 14.7 percent in 2012, 15 percent in 2014 and moved up to 16.5 percent in 2016, the data showed. Also, the data showed that 77.1 percent of children and teens drink soft drinks at least once a week, up from 74.2 percent in 2014
TechnologyOct. 17, 2017
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Amazon unlikely to launch in Korea
Despite rumors about Amazon‘s future plans to enter the South Korean market, it is unlikely that the e-commerce giant will launch a Korean version of its flagship online shopping website, according to industry insiders.“It is unclear what Amazon will have to gain by entering the e-commerce market at this point,” an official at another e-commerce firm operating in Korea said, asking not to be named.Rumors have been circulating that Amazon was planning a launch of a Korean arm after the US e-comme
IndustryOct. 17, 2017
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Samsung CEO’s resignation viewed as ‘unfortunate’ by semiconductor industry
Samsung Electronics CEO Kwon Oh-hyun’s resignation will inevitably impact the semiconductor business of the world’s largest memory chip provider in the short run, industry watchers said at a semiconductor tradeshow Tuesday. “It is unfortunate, since he has done a good job to build the company,” said Len Jelinek, director and chief analyst at IHS Markit. “His resignation would impact the company in the short term, but I don’t think Samsung will fall from the No. 1 position to (say) No.5.” He also
TechnologyOct. 17, 2017
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Signs of easing Korea-China tension lift entertainment stocks
Entertainment stocks in South Korea, long trapped under China‘s alleged ban on Korean artists performing in the country, rallied on anticipation of an easing of the Korea-China relationship after a renewed won-yuan currency swap deal last week. Shares of firms devoted to the Korean popular culture industry, ranging from K-pop music to TV series and films, have largely contributed to gains of the second-tier Kosdaq index Tuesday by 1.68 percent. Many entertainment stocks in Korea are listed
MarketOct. 17, 2017
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[Monitor] Income disparity large among entertainers
The average income among the top earning actors reached as much as 2 billion won ($1.7 million) a year, while the majority of the actors received less than 600,000 won per month, a report by Rep. Park Kwang-on of the Democratic Party of Korea showed during a parliamentary audit.Citing statistics provided by the National Tax Service, Rep. Park said that the top 1 percent of actors (158 among 15,870) earned 47.3 percent of total income as of last year.The income disparity was also stark between ge
IndustryOct. 17, 2017
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North Korea’s once-touted AI tech hits development ceiling: report
Though it may come as a surprise, North Korea has been pursuing the development of artificial intelligence technologies since the 1990s through its series of state-run tech software research agencies. Once recognized as a relative leader in AI computing, North Korea’s AI development is expected to hit hurdles due to strained resources, suggests a new report released Tuesday by KDB Research.The economic think tank under the state-run Korea Development Bank said that North Korea’s AI development w
TechnologyOct. 17, 2017
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Seoul stocks hit another new high on Samsung gains
South Korean stocks rose to a fresh all-time high Tuesday as market cap Samsung Electronics shot up on earnings hopes, market analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index gained 4.32 points, or 0.17 percent, to close at 2,484.37, after rising to as much as 2,487.88 at one point.Trade volume was moderate at 193 million shares worth 5.24 trillion won ($4.62 billion), with gainers outnumbering losers 403 to 384.The local stock market opene
MarketOct. 17, 2017
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Naver unveils new AI speakers with character designs
South Korean internet giant Naver on Tuesday unveiled a new artificial intelligence voice assistant speaker designed in the shape of two main characters from its mobile messenger Line. Dubbed “Friends,” the smart speaker comes in two versions, each resembling Line messenger’s Brown, a brown bear, and Sally, a yellow chick. Naver's Friends smart speaker (Naver)The speaker runs on Clova, the AI-powered voice assistant platform co-developed by Naver and Line. Friends is designed to be portable unli
TechnologyOct. 17, 2017
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Rolls-Royce unveils New Phantom, sees big growth potential in Korea
Rolls-Royce Motor Cars Ltd., the luxury car affiliate of BMW Group, said Tuesday that South Korea has a big growth potential given its growing appetite for "stylish and individual" cars. "Korea is a very important landmark destination for people in Asia. More and more people are coming here. That's why we have launched the eighth-generation Phantom in this market, the first among Asian countries," Rolls-Royce Motor's Asia Pacific Regional Director Paul Harris said in a press conference. Korea's
MobilityOct. 17, 2017
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[Newsmaker] EU battery alliance may become threat to Korean firms
The European Union launching a battery alliance and European carmakers’ growing investment in battery plants may threaten Korea’s current technological lead in the global electric car battery market, industry watchers said. Last week, the European Commission launched the bloc’s battery alliance setting aside 2.2 billion euros ($2.6 billion) for the establishment of a full value chain of batteries in Europe. The commission invited European automakers, including Renault and Daimler, which are unde
IndustryOct. 17, 2017
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Posco E&C teams up with Italian designer Alessandro Mendini
Posco Engineering & Construction has teamed up with Italian architect Alessandro Mendini to design the exterior of its latest construction of The Sharp apartment brand, the company said in a statement Tuesday. According to Posco E&C officials, the company chose to collaborate with the designer for the second time in an effort to develop an apartment building that features unique colors and box-shaped geometric designs. Italian architect, artist and designer Alessandro Mendini (POSCO E&C)“The ap
IndustryOct. 17, 2017
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WTO to rule on Japanese fisheries import ban early next year
The World Trade Organization announced Tuesday that its dispute settlement report regarding South Korea’s ban on fisheries imports near Japan’s Fukushima is expected to be released in January or February next year. Following the Fukushima Nuclear Power Plant explosion in March 2011, Korea imposed a ban on imports of agricultural and marine products near Fukushima. In 2013, the country extended its import ban and announced special measures to prohibit the importation of fisheri
EconomyOct. 17, 2017
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Audi, Volkswagen owners sue ministry over recall approval
A group of customers who bought Audi and Volkswagen vehicles involved in a diesel emissions scandal has filed a complaint against South Korea’s Environment Ministry over its approval of the German carmakers’ recall plan.In August, the ministry approved the plan to carry out a software update on a total of 82,291 units of Volkswagen and Audi models equipped with the emissions-cheating 2.0-liter EA189 diesel engine. However, the planned software update is insufficient to curb emissions and is not
MobilityOct. 17, 2017
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SK-Sinopec joint venture to invest W740b to raise production capacity
A joint venture between SK Innovation and Sinopec of China has decided to invest 740 billion won ($653.8 million) to expand its production capacity by some 36 percent, officials in Seoul said Tuesday.The Sinopec-SK Wuhan Petrochemical joint venture was established in 2013 with the two companies investing 3.3 trillion won. SK Global Chemical, a subsidiary of SK Innovation, holds a 35 percent stake in the venture. (Yonhap)The plant under the joint venture has an annual production capacity of 2.2 m
IndustryOct. 17, 2017
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Korea's rice output expected to fall below 4m-ton mark this year
South Korea's rice output is expected to drop below the 4 million-ton mark for the first time in over three decades, due mainly to bad weather conditions in the harvest season, government data showed Tuesday.The country's rice production is expected to come to 3.96 million tons this year, down 5.8 percent from 4.2 million tons in 2016, according to the data compiled by Statistics Korea.The last time the total fell short of 4 million tons was in 1980 when the country's rice output stood at 3.55 m
IndustryOct. 17, 2017
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[Save the Startups] 'Keep calm and beware the toxic clauses'
A startup entrepreneur may heave a sigh of relief when finally signing an investment contract, taking it as a tangible solution to the numerous uncertainties lying ahead of the budding business.But it is especially at this stage that one should take the upmost guard, looking out for possible “toxic clauses” which may deliver irrevocable consequences upon the business in moments of crisis, according to lawyer Roh Jong-eon.“People, most of all startup founders who are new in the business realm, te
IndustryOct. 17, 2017
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Samsung, LG in bottom tier for eco-friendly performance: Greenpeace
Samsung Electronics Co. and LG Electronics Inc. were among the least environment-friendly IT companies worldwide in terms of their use of renewable energy and harmful chemicals, a report by Greenpeace showed Tuesday.The two South Korean electronics companies each scored a "D-" and a "D+" in overall grades for their environmental performance, the global non-governmental organization revealed in its 2017 Guidelines on electronics products. Google Inc. of the United States, Japan's Sony Corp. and H
TechnologyOct. 17, 2017
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Korean stocks slightly up late Tuesday morning
South Korean stocks traded slightly higher Tuesday morning on tech gains, with top market cap Samsung Electronics rising sharply.The benchmark Korea Composite Stock Price Index rose 2.61 points, or 0.11 percent, to 2,482.66 as of 11:15 a.m. Market kingpin Samsung Electronics was 1.71 percent up after forecasting upbeat third-quarter earnings, aided by robust chip sales.SK hynix, a major chipmaker, advanced 0.59 percent, and Naver, the country's top Internet portal operator, gained 1.05 percent.H
MarketOct. 17, 2017
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Airlines to impose higher fuel surcharges on intl. routes next month
South Korea's airlines will impose higher fuel surcharges on international passengers next month due to an increase in jet fuel prices, industry sources said Tuesday. Local airlines didn't impose fuel surcharges on long-haul routes from May to September as the average price of jet fuel remained below the benchmark $1.50 per gallon.But they imposed fuel surcharges on international routes this month as the average fuel price went above the number. (Yonhap)Fuel surcharges on international routes w
IndustryOct. 17, 2017