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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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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'Queen of Tears' riding high on Netflix chart
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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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Tax office launches second probe to catch tax dodgers
South Korea's tax office said Wednesday that it has launched a second round of investigations on real estate speculators who are suspected of not paying their dues as part of the government's drive to curb price hikes in the local property market.The National Tax Service said it is looking into 302 people who bought and sold lucrative reconstructed apartments in the Gangnam district of Seoul, which has been in the center of the overheated property boom.The agency said it will check all financial
EconomySept. 27, 2017
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Korea's seaport cargo up 8.1% in August
Cargo processed at South Korean seaports increased 8.1 percent last month from a year earlier, driven by brisk export of vehicles and imports of soft coal, government data showed Wednesday.The total amount of seaport cargo stood at 128.8 million tons in August, up from 119.1 million tons tallied a year earlier, according to the data by the Ministry of Oceans and Fisheries.Shipments of automobiles and coal jumped 77.1 percent and 22.8 percent, respectively, while traffic of sand and iron material
IndustrySept. 27, 2017
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Starting coffee shops gains popularity among young people
Opening a coffee shop is one of the most popular businesses being pursued by young South Koreans in recent years, data showed Wednesday, in a sign of growing coffee consumption in the Northeast Asian country.The number of coffee shops run by people aged between 15 and 34 stood at 5,000 last year, compared to 2,000 in 2011, according to data compiled by the National Tax Service.The data underscores the growing popularity of coffee among South Koreans. Last year, South Koreans drank 377 cups of co
IndustrySept. 27, 2017
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S. Korean stocks turn higher despite US-N. Korea tension
South Korean stocks turned higher late Wednesday morning, despite increased selling by foreign investors amid heightened tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index gained 1.16 points, or 0.05 percent, to 2,375.48 as of 11:23 a.m.The KOSPI's gains followed overnight losses on Wall Street with the Dow Jones average backtracking 0.05 percent."Foreign investors sold large-cap tech stocks in the face of persistent North Korea risks," s
MarketSept. 27, 2017
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K-Bank to launch lending for home mortgages, insurance distribution
K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch a 150 billion-won ($131.7 million) capital hike by the end of this year, after completing a 100 billion-won capital increase this month. Shim Sung-hoon, CEO of K-Bank, told r
MarketSept. 27, 2017
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S. Korean stocks open lower on US-N. Korea tension
South Korean stocks opened lower Wednesday on increased selling by foreign investors amid tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index fell 0.26 points, or 0.01 percent, to 2,374.06 in the first 25 minutes of trading."Foreign investors sold large-cap tech stocks as North Korea risks persist," said Kim Ye-eun, an analyst at Cape Investment & Securities.US President Donald Trump said Tuesday he is "totally prepared" to u
MarketSept. 27, 2017
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NTS collects record penalty taxes in 2016
South Korea's national tax office collected a record amount of penalty taxes in 2016 in close cooperation with the intelligence unit of the financial regulator, a lawmaker said Wednesday.Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.The amount was up slightly from the 2.4 trillion won collected the previous year and
EconomySept. 27, 2017
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Jinro soju most-sold spirit in the world for 16th year
Hite Jinro’s Jinro soju retained its title as the world’s top-selling spirit brand by volume for the 16th consecutive year, according to the company Tuesday.According to the UK-based magazine Drinks International, Jinro soju was the No. 1 selling spirit brand in 2016 with 73.9 million 9-liter cases sold. (Hite Jinro)This is more than double the amount sold by the runner-up, Indian whisky Officer’s Choice from Allied Blenders and Distillers, which sold 32.9 million cases.Local rival Lotte Liquor
IndustrySept. 26, 2017
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Park Sam-koo gives up claim to Kumho Tire
After a prolonged and messy fight to buy back Kumho Tire, Kumho Asiana Chairman Park Sam-koo has given up his right of first refusal over the tire company and has decided to step down from executive management. (Yonhap)“Chairman Park has decided to resign from his management position and give up his right of first refusal to prevent any interference with the business normalization of Kumho Tire,” said Kumho Tire’s lead creditor Korea Development Bank on Tuesday.The announcement brings Kumho Tir
IndustrySept. 26, 2017
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Affiliated insurers to face double task due to new accounting rules
Insurance providers that are affiliated with financial holding companies will have to keep a two-track record of their financial statements starting next year, due to upcoming changes in accounting ordinances, according to industry officials.The dual system, which will be effective until 2020, is likely to weigh upon insurance subsidiaries, especially those with low levels of capital reserves.Following a decision by the International Accounting Standards Board earlier this year, the financial in
MarketSept. 26, 2017
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Are NK risks denting consumption, domestic economy?
Signs of downward turns in consumption, the domestic economy as well as the financial market seem to be apparent, amid the saber-rattling between North Korea and the United States, which has heightened tension to the degree of a “declaration of war” on the Korean Peninsula.The main bourse index in South Korea slumped for the sixth consecutive trading day Tuesday with tech giants taking losses, while South Korea’s Composite Consumer Sentiment Index fell for two consecutive month
MarketSept. 26, 2017
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[Exclusive] Former Alipay Korea country manager to helm Bithumb: source
Jung Won-shik, former country manager of Alipay Korea, has become the new chief executive of BTC Korea, the operator of South Korea’s largest cryptocurrency exchange Bithumb, a source familiar with the matter told The Korea Herald.“(Jung) had been scouted as CEO of BTC Korea since Sept. 4,” said the source, who declined to be named. The source also said Jung’s arrival at BTC Korea was part of the company’s “first batch of a management team made up of key
MarketSept. 26, 2017
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Gene editing meeting to open in Seoul
Genome editing experts from around the globe will get together in Seoul later this week to introduce and share their new genome engineering technologies, organizers said Tuesday. "The IBS-Nature Conference on Frontiers in Genome Engineering will open at Seoul National University on Wednesday for a three-day run, with 18 renowned scientists from home and abroad attending," the organizers said. The Institute for Basic Science is based in Daejeon, 164km south of Seoul.The meeting will handle three
TechnologySept. 26, 2017
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Seoul stocks end lower amid wait-and-see stance by investors
South Korean stocks finished lower Tuesday as investors took a wait-and-see attitude amid heightened geopolitical tensions, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 6.08 points, or 0.26 percent, to close at 2,374.32. Trade volume was light at 297 million shares worth 5.6 trillion won ($5 billion), with gainers outnumbering losers 560 to 243.Foreigners and individuals offloaded a net 377.1 billion won and 159.6 billion wo
MarketSept. 26, 2017
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[Monitor] BOK consistently exposed to cyber attacks
There have been nearly 400 cases of cyberattacks against South Korea’s central bank over the past four years, some of which are suspected to have come from North Korea, a report by Rep. Shim Jae-chul of the Liberty Korea Party showed Tuesday.A total of 399 cases of cyberattacks were made against the Bank of Korea from 2013 to August this year. The majority, or 273 cases, were hacking attempts. Eighty-two percent of the total were conducted from a foreign country.A government official was q
MarketSept. 26, 2017
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Samsung starts mass producing world’s first eUFS for vehicles
Samsung Electronics has started to mass produce a premium memory product for cars, rapidly expanding into the automobile industry, the company announced Tuesday. The South Korean memory chip giant said it would provide the industry’s first 128 gigabyte embedded universal flash storage solution for vehicles, which will enable connections between cars and mobile devices, providing advanced data transfer speeds and robust data reliability. Consisting of 128 GB and 64 GB versions, the new eUFS solut
TechnologySept. 26, 2017
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Korea, Japan discuss ways to boost business ties
Business leaders of South Korea and Japan gathered in Seoul on Tuesday to discuss ways to step up collaboration in the technology and energy sectors, as well as in facilitating multilateral free trade with other Asian nations. About 300 businessmen from major companies attended the meeting hosted by the Korea-Japan Economic Association in downtown Seoul to share views on the next technological revolution and other industrial issues. The Korea-Japan Economic Association held its first meetin
EconomySept. 26, 2017
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Korean duty-free store to close down business amid THAAD row
A South Korean duty-free store will shut down this week amid a sharp drop in the number of Chinese tourists following a diplomatic row over the deployment of a US missile defense system here, officials said Tuesday.Hana B&D, located at the Pyeongtaek port, some 70 kilometers south of Seoul, will end operations Saturday, according to city officials.The company asked the city to terminate the contract Sept. 1, citing difficulties in running the store due to a sharp decline in the number of Chinese
IndustrySept. 26, 2017
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[ITU 2017] KT’s control tower for undersea cables boasts cutting-edge technologies
BUSAN -- South Korean telecommunications firm KT has launched a control tower in Busan that manages internet cables laid thousands of feet underwater, which are often called submarine communication cables.KT is one of multiple global network operators in charge of managing underwater cables that connect seven nations, including the US, China and Japan. Of the entire 130-kilometer submarine cables currently up and running around the globe, the KT-backed cables account for 12 percent, or equivalen
TechnologySept. 26, 2017
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[ITU 2017] Meetings made easy with AI-powered scheduler bot Kono
BUSAN — In the real world, only the big bosses get a personal secretary to manage their schedule and set up meetings at the most suitable time. But a new digital scheduling assistant may change that with just an email. Meet Kono, a new artificially intelligent scheduling bot developed by South Korean tech startup Konolabs. The smart bot syncs with calendar apps built into smartphones like Google Calendar, and is powered by an AI engine equipped with machine learning and natural language processi
TechnologySept. 26, 2017