Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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'Queen of Tears' riding high on Netflix chart
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Kellogg Korea CEO wins CSR award
Kellogg Korea‘s chief executive was awarded the top honors for corporate social responsibility by Fortune Korea, Kellogg said Friday. Kellogg Korea CEO Han Jong-kap (right) receives the CSR award at the 2017 Fortune Korean Leader Awards, Friday. (Kellogg)Kellogg Korea President & CEO Han Jong-kap took home the CSR award at the 2017 Fortune Korean Leader Awards. The awards are hosted by Fortune Korea and sponsored by the Industry Ministry and the Future Ministry. Han was given the award in recogn
IndustrySept. 29, 2017
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Auto industry outlook worst in eight years
The economic outlook of the nation’s auto industry has plunged to its worst level in eight years due to concerns over continued labor strikes and THADD reprisals, according to a report by the Bank of Korea released Friday. The bank’s data showed that the Business Survey Index for the economic outlook for the automobile industry in the month of October was expected to fall by 13 points compared to the previous month’s 59. The figure marks the lowest outlook level since July 2009. The BSI is an e
IndustrySept. 29, 2017
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Korean stocks end higher on institutional buying
South Korean stocks closed higher Friday as institutional investors and foreigners bought large-cap stocks ahead of a long holiday next week. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 21.33 points, or 0.90 Percent, to 2,394.47.South Korea's stock markets will be closed from Oct. 2 through Oct. 9 as people celebrate Chuseok -- the equivalent to Thanksgiving Day in the US -- and two other national holidays. The main index advanced for a sec
MarketSept. 29, 2017
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Finance minister expects Oct. economic data to deteriorate due to long holiday
Finance Minister Kim Dong-yeon said Friday he expects exports and other economic data for next month to deteriorate due to the 10-day Chuseok holiday.Kim made the remarks during a meeting with religious leaders earlier in the day. This year's Chuseok, or autumn harvest celebration, which falls next Wednesday, will be longest in decades because of its nearness to two other national holidays. The government even declared next Monday a one-off holiday to bridge the gap between this weekend an
EconomySept. 29, 2017
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Korea delays opening of new duty-free shops amid THAAD row
South Korea has postponed the opening of new duty-free shops by one year amid a diplomatic row between Seoul and Beijing over a missile defense system, industry sources said Friday.In December last year, the Korea Customs Service announced six new operators of duty-free shops in Seoul and two provincial cities, giving them 12 months to prepare to open their shops.The KCS picked Hyundai Department Store, Shinsegae DF and Lotte Duty Free for three outlets in Seoul. Top City took the Seoul slot res
IndustrySept. 29, 2017
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US semiconductor packaging firm files lawsuit against Samsung Electronics
A US-based semiconductor technology company filed a lawsuit against Samsung Electronics Co. claiming patent infringement, industry sources said Friday.According to the sources, Tessera Technologies Inc. and its affiliates claimed Samsung Electronics made use of some 24 patented items, covering a wide range of semiconductor processing, bonding and packaging technologies. (Yonhap)The Samsung products involved in the alleged infringements include the Galaxy S6, S7 and S8 smartphones, as well as the
TechnologySept. 29, 2017
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Korean researchers develop sensor to detect drug intake from single drop of sweat
South Korean researchers have developed a portable wireless sensor which is able to detect a person’s intake of amphetamine-based drugs like Adderall, Ecstasy and Crystal Meth using just a drop of sweat, saliva or urine. The sensor was co-developed by Korea’s Institute for Basic Science and Pohang University of Science and Technology. Their work was published Friday in Chem, a sister journal to the physical sciences journal Cell.Right now, drug testing involves using complex diagnostics devices
TechnologySept. 29, 2017
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Bank of Korea offers net W7tr in liquidity ahead of Chuseok holiday
The Bank of Korea said Friday it has injected a net 7 trillion won ($6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead of the Chuseok holiday. The central bank said its money injection for the 10 business days leading up to the holiday jumped 43.3 percent from a year ago as this year's holiday is the longest in decades. The government gave everyone Monday off to boost domestic consumption, while this year's Chuseok is preceded and followed by other na
MarketSept. 29, 2017
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Hanmi presents new Lapscovery-based drug candidates
Hanmi Pharmaceutical has presented two drug candidates employing its proprietary Lapscovery platform technology at the European Association for the Study of Diabetes.The two therapies in development are a triple agonist for non-alcoholic fatty liver disease and Parkinson’s, and a glucagon analog for treating congenital hyperinsulinism.Both drugs employ Hanmi’s Lapscovery — short for Long Acting Protein and Peptide Discovery — which extends the life of a biologic drug within the body, extending i
IndustrySept. 29, 2017
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Mobile purchases continue to break new records in Aug.
Purchases made through mobile devices in South Korea continued to break new records last month as a growing number of people spend more time with their handsets, government data showed Friday.Mobile transactions through smartphones and tablets reached an all-time high of 4.04 trillion won ($3.5 billion) in August, up 29.5 percent from a year earlier, according to data from Statistics Korea. (Yonhap)The total amount of mobile transactions accounted for 61.9 percent of all online purchases made du
TechnologySept. 29, 2017
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[Monitor] Female employment grows, glass-ceiling at public sector exists
The percentage of female employees hired by large businesses and public institutions grew 7 percentage points to 37.8 percent over the last decade, according to data compiled by the Ministry of Labor. The percentage of female managers also rose 10 percentage points to 20 percent last year, but senior female employees at public offices remain lower than those at private companies. The percentage of female managers at public entities was 16.47 percent while those in the private sector was 21.16 p
IndustrySept. 29, 2017
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[Photo News] FedEx to open terminal at Incheon Airport
Incheon International Airport Corp. CEO Chung Il-young (center left) and FedEx Express Regional Vice President for North Pacific Masamichi Ujiie (center right) pose at a signing ceremony for the development and operation of an exclusive freight terminal for FedEx at Incheon Airport, Thursday. The new FedEx terminal will span 23,425 square meters and begin operations in the first half of 2021, handling 18,000 cargo per hour. (Incheon Airport)
IndustrySept. 29, 2017
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Celltrion moves to be listed on Korean main bourse
South Korean biopharmaceutical firm Celltrion Inc. on Friday said it has decided to be listed on the main bourse after being traded on the tech-heavy KOSDAQ market.The decision made by shareholders earlier in the day in Incheon, will likely put the drug company within the top 17 in terms of aggregate value of shares among KOSPI companies. At present the total value of the company's shares stands at around 17.5 trillion won ($15.3 billion).The gathering came after small shareholders called on the
IndustrySept. 29, 2017
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SKT to fully own ICT solution subsidiary amid restructuring speculations
SK Telecom, the No.1 mobile carrier by subscriber numbers in South Korea, announced Friday it will fully own SK Telink, a total ICT solution providing subsidiary, widely seen as a move by the telecom giant to turn itself into a mid-level holdings firm.At a board meeting on Thursday, SKT’s board of directors made a decision to acquire a 14.14 percent stake in Telink, in addition to the 85.86 percent already owned by the telecom business, for 270,583 won ($236.2) per share. Telink, at the same tim
TechnologySept. 29, 2017
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Artistry sponsors BIFF for 6th consecutive year
Premium skincare brand Artistry said Friday that it will be a Diamond Sponsor for the 22nd Busan International Film Festival. This is the sixth consecutive year that Artistry has sponsored the film festival. Since 2012, the brand, run by wellness company Amway, has operated brand booths at the festival and conducted promotional events for festival visitors and consumers. Amway Korea CEO Kim Jang-hwan (right), Vice President of Global Beauty Brand of Amway Kelli Templeton (center), and BIFF Chair
IndustrySept. 29, 2017
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Toshiba deal still facing hurdles: SK head
NEW YORK -- The chief of South Korean conglomerate SK Group said Thursday its chipmaking unit's participation in a deal to acquire Toshiba Corp.'s memory business still has many hurdles to clear, adding he will keep the company on its toes until the deal is finalized.Japanese tech giant Toshiba signed a deal Thursday to sell its memory business to a global consortium which includes participants from South Korea, the United States, and Japan. The consortium also includes US-based Bain Capital, Ap
IndustrySept. 29, 2017
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Korean stocks extend gains
South Korean stocks extended gains late Friday morning as institutions turned buyers offsetting foreign selling. The benchmark Korea Composite Stock Price Index rose 13.14 points, or 0.55 percent, to 2,386.28 as of 11:20 a.m.The main index rose for a second consecutive session after a week-long losing streak due to foreign selling. Foreigners continued to sell local stocks for a fifth straight session, offloading about 830 billion won ($725 million) stocks in the past four sessions amid ris
MarketSept. 29, 2017
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Korea to ban digital currency offerings
South Korea's financial authorities said Friday they will ban all forms of initial coin offerings, joining a wave of global regulations against the popular fundraising scheme with cryptocurrencies. The decision came after a meeting of senior officials from relevant ministries, led by the Financial Services Commission, the regulator said in a statement. Initial coin offerings allow start-ups or individuals to raise funds by offering cryptocurrencies. It has fueled a surge in values of digital cur
EconomySept. 29, 2017
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Retail sales in Korea rise 4.3% in August
Retail sales in South Korea increased 4.3 percent in August from a year earlier, driven by strong sales posted by online malls and convenience stores, government data showed Friday.Sales of 13 major online stores and marketplaces jumped 13.1 percent on-year last month as more people bought airline tickets and travel packages, as well as clothing and fashion items via the Internet, according to the data from the Ministry of Trade, Industry and Energy.In contrast, sales of 13 offline-based retaile
EconomySept. 29, 2017
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IKEA Korea to launch mobile app ahead of second store opening
The local unit of global furniture giant IKEA said Friday it will launch an augmented reality technology-based mobile application next week to provide a better chance for customers to shop for its products, with its second outlet set to open in October.IKEA Place, where people can virtually place furniture in their homes or offices using the AR technology, will be available on the Apple's App Store starting Thursday, the company said. This photo provided by IKEA Korea on Sept. 29, 2017, shows it
TechnologySept. 29, 2017