Most Popular
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Korean labor force to shrink by 10 million by 2044: 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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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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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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Speaker floats dual citizenship as solution to falling births
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Korea calls on US to yield more in trade talks
WASHINGTON -- South Korea's trade minister said Wednesday he believes the United States should yield more in talks over their free trade agreement in the face of North Korea's nuclear threat.In a meeting with reporters in Washington, Kim Hyun-chong said the current military tensions with Pyongyang should strengthen, not weaken, Seoul's hand in negotiations over a possible amendment to the agreement known as KORUS."When there is a national security issue, shouldn't the US make more concessio
EconomySept. 28, 2017
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Korean stocks extend losses on foreign selling
South Korean stocks extended losses late Thursday morning on increased selling by foreigners amid heightened tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index fell 4.67 points, or 0.20 percent, to 2,367.58 as of 11:20 a.m.The main index continued to fall for the eighth consecutive session mainly on foreign selling. Foreigners dumped more than 1 trillion won ($876 million) worth of stocks in the past seven sessions due mainly to the North Korea ris
MarketSept. 28, 2017
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Retailers post sales rise despite anti-graft law: report
South Korea's major retail chains posted an increase in sales for the first half of this year, a market report said Thursday, despite concerns over the introduction of an anti-graft law last year.The anti-graft law that took effect last September was expected to hit local retailers, as it bans businesses from treating government officials, teachers and journalists to expensive gifts, meals and drinks.The law bans free meals valued over 30,000 won ($26.30), gifts worth more than 50,000 won and co
IndustrySept. 28, 2017
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Biz sentiment to worsen in Q4 amid N. Korea risks
South Korean manufacturers' business sentiments are expected to worsen in the fourth quarter due mainly to growing North Korea risks, a survey showed Thursday. The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 85 in the October-December period, down from 94 tallied in the third quarter, maintaining its bearish run for years. The BSI has been under the benchmark 100 point for the past 13 consecutive quarters. The last time the BSI measured above 1
EconomySept. 28, 2017
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Korea's export growth to slow down in Q4: poll
The pace of growth in South Korean exports is expected to slow down in the fourth quarter due to fewer working days and high raw materials costs, a local trade agency said Thursday. The Korea International Trade Association said its export business survey index of 801 exporting companies stood at 100.3 for the October-December period, down from 116.6 for the current quarter.It marks the third consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi
IndustrySept. 28, 2017
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Hyundai, Daimler and BMW recall 5,690 vehicles
Hyundai Motor Co., Daimler Truck and BMW issued a recall for 5,690 vehicles sold in South Korea because of faulty parts, the Ministry of Transport, Infrastructure and Transport said Thursday.South Korea's Hyundai Motor is recalling 3,408 Ioniqs manufactured from October to April due to manufacturing defects within the electronic power control unit. The problem allows coolants to come in contact the unit's circuit board resulting in a loss of power, which could increase the risk of a crash. (Yo
MobilitySept. 28, 2017
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Institutions tend to sell stocks ahead of Chuseok
Institutional investors have tended to become net sellers of South Korean stocks ahead of the annual Chuseok holiday over the past five years with foreigners turning net buyers, data showed Thursday.According to the data from the Korea Exchange, institutions were net sellers of local stocks before the Chuseok holiday from 2012-16 except for 2015.Their net selling amounted to 829 billion won ($724 million) last year, while institutional investors' net buying stood at 369 billion won two year ago.
MarketSept. 28, 2017
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Korea's consumer prices rise 2.1% in Sept.
South Korea's consumer prices continued their sharp growth in September due to high-flying food prices, government data showed Thursday.The country's consumer price index advanced 2.1 percent this month from a year earlier, decelerating from a more than five-year high of 2.6 percent tallied in the previous month, according to the data compiled by Statistics Korea.The index has stayed over the 2 percent level for three months in a row.Starting a month earlier, the index went up 0.1 percent in Sep
EconomySept. 28, 2017
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Bank investment in tech startups soars in H1
South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday.Domestic lenders' investment in low-credit startups with a high level of technology stood at some 1.2 trillion won ($1.05 billion) in the January-June period, up 48.9 percent from the second half of last year, according to the Financial Services Commission.Their lending to those companies also increased 5.5 p
MarketSept. 28, 2017
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Seoul stocks open lower on US-N. Korea tension
South Korean stocks opened lower Thursday, despite Wall Street gains, amid growing tensions between North Korea and the United States. The benchmark Korea Composite Stock Price Index fell 2.83 points, or 0.12 percent, to 2,369.74 in the first 25 minutes of trading.The main index continued to fall for the eighth consecutive session on foreign and institutional selling. Foreigners dumped more than 1 trillion won ($876 million) worth of stocks in the past seven sessions due mainly to the Nort
MarketSept. 28, 2017
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Samsung's QLED TVs win positive review by US industry trackers
Samsung Electronics Co. said Thursday its QLED TVs won positive reviews from US industry trackers as it pushes to promote the cutting edge technology. Samsung Electronics said US-based DisplayMate and Forbes praised its QLED TVs for delivering satisfactory all-round performance.The QLED TVs make use of so-called quantum-dot technology, which are semiconductor nanocrystals that Samsung says improve display brightness, contrast and power efficiency. The feature compares well to the OLED TVs promot
TechnologySept. 28, 2017
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Anti-graft law reduces corporate card use at luxury bars, restaurants: NTS
Use of corporate cards at luxury bars and restaurants fell substantially in the first six months this year from a year earlier, government data showed Thursday, as the anti-graft law that took effect last September bans businesses from treating government officials, teachers and journalists to expensive meals and drinks.The amount spent dropped 44.8 billion won ($39.2 million), or 8.8 percent, to 467.2 billion won for the January-June period of 2017 from 512 billion won a year earlier, according
IndustrySept. 28, 2017
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Govt. to purchase 720,000 tons of rice this year
The government will buy 720,000 tons of rice harvested this year to stabilize domestic market prices amid chronic oversupply of the staple grain, the agriculture ministry said Thursday. The Ministry of Agriculture, Food and Rural Affairs said it will buy 350,000 tons of rice for its reserve and 370,000 tons to help maintain market prices at a certain level.The government increased the amount of rice purchased for the supply adjustment from 299,000 tons in 2016, when rice prices fell to a 21-year
EconomySept. 28, 2017
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Korea to create tourism boom to support local industry
The South Korean government said Thursday that it will make a concerted effort to stimulate a new tourism boom in a bid to support the local industry, which has been hit hard by a protracted diplomatic row between Seoul and Beijing over the stationing of a US missile defense system here.The number of Chinese visitors has beyen on a sharp decline since the Beijing government imposed a ban on selling group tourist packages heading to South Korea in March in retaliation for Seoul's THAAD deployment
IndustrySept. 28, 2017
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[Monitor] S. Korea ranks 26th in global competitiveness: WEF report
South Korea’s global ranking in the global competitiveness index remained unchanged at No. 26 this year, held back by challenges in the labor and financial sectors, according to a report by the World Economic Forum.While the macroeconomic environment rose to be the world’s second most competitive, the labor market efficiency and financial market development pillars hung at Nos. 73 and 74 among the 137 subject countries.“Korea is one of the few advanced economies that have exper
EconomySept. 27, 2017
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Korea's key rate is below neutral rate: board member
South Korea's key rate is below neutral levels, a monetary board member said Wednesday, in the latest signal that the country's central bank could move to raise interest rates going forward.Shin In-seok, a member of the BOK monetary policy board, made the assessment in a meeting with reporters, noting that the BOK's monetary policy is accommodative.Earlier this month, BOK Deputy Governor Jeon Seung-cheol also made similar comments at an international conference in Seoul. In August, the BOK
EconomySept. 27, 2017
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Overreliance on semiconductor sector causes concern
The booming semiconductor sector has veiled the sagging vitality of other major manufacturing industries in Korea, analysts say.The high performance of two local chipmakers -- Samsung Electronics and SK hynix -- has helped boost the country’s exports and corporate profits as a whole. But the overreliance on them causes concerns over the potential damage the Korean economy will suffer when the boom cycle in global demand for semiconductors ends.The country’s semiconductor exports are
EconomySept. 27, 2017
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Revised duty-free license evaluation to be led by nongovernment experts
The evaluation process for awarding duty-free licenses will be led by nongovernment experts instead of the Korea Customs Service in order to improve fairness and transparency, according to the Finance Ministry on Wednesday.The Strategy and Finance Ministry released the first round of revisions to the duty-free license evaluation process, with the changes reflecting criticisms of biased and unfair evaluations in the past, as revealed by the Audit Board in July. (Yonhap)Since last year, the Korea
IndustrySept. 27, 2017
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S. Korean stocks end lower on foreign selling amid tensions over N. Korea
South Korean stocks ended lower Wednesday as foreign investors offloaded local stocks amid tensions between North Korea and the United States. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 1.75 points, or 0.07 percent, to 2,372.57."Foreign investors sold large-cap tech stocks in the face of persistent North Korean risks," said Kim Ye-eun, an analyst at Cape Investment & Securities. US President Donald Trump said Tuesday he
MarketSept. 27, 2017
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Seoul Dragon City, Korea's largest hotel cluster to open Oct. 1
South Korea’s largest hotel and entertainment complex Seoul Dragon City is set to open on Oct. 1. It is also dubbed Korea’s first “hotelplex,” as it combines four hotels. Seung Man-ho, CEO of Seobu T&D, speaks to reporters at Seoul Dragon City on Wednesday. (Seoul Dragon City)“We are building Korea’s first hospitality landmark,” said Jerome Stubert, the cluster general manager of Seoul Dragon City, at a press conference Wednesday.The gigantic three-tower complex is an ambitious 500 billion won
IndustrySept. 27, 2017