Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Korea's top 1% rich own 6.5 homes on average: data
South Korea's super rich, who make up the top 1 percent of the population, own on average 6.5 homes, while half of the people don't own their own houses, government data showed Sunday.The findings submitted by the tax office and ministry of interior to ruling Democratic Party lawmaker Park Kwang-on showed the number of homes the rich owned jumped twofold in the past nine years."The richest 139,000 people owned 906,000 homes last year," the official numbers showed. The total value of th
EconomySept. 10, 2017
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Gift preorders surge ahead of long Chuseok holiday: data
Preorders for gifts to relatives and acquaintances are surging ahead of this year's very long Chuseok holiday, industry data showed Sunday.The 10-day holiday, the longest in decades, starts on the Sept. 30 weekend, runs through the three-day long Chuseok holiday and ends with Hangeul Day, which commemorates the invention of the Korean alphabet that falls on Oct. 9. The government earlier designated Oct. 2, which is a normal working day as a one-off holiday in the hopes it will spur domestic cons
IndustrySept. 10, 2017
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Korea's food price inflation fifth highest among OECD states
South Korea's food prices rose at the fifth-highest rate among member states of the Organization for Economic Cooperation and Development in July partly on the back of unfavorable weather conditions, a report showed Saturday.The prices of foodstuffs and non-alcoholic beverages in South Korea were up 5.6 percent from a year before, behind 10.1 percent for Turkey, 9.7 percent for Mexico, 6.6 percent for Latvia and 5.8 percent for the Czech Republic, according to the OECD report. The OECD average w
IndustrySept. 9, 2017
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S. Korea's central bank chief heads to Switzerland for BIS meeting
South Korea's central bank chief has left for Switzerland to attend a meeting of the Bank for International Settlements, the Bank of Korea (BOK) said Friday. BOK Gov. Lee Ju-yeol also plans to discuss with his counterparts from major and emerging economies, global economic and financial market conditions, according to the bank. Lee is set to return home Tuesday. The BIS is an international financial institution that serves as a bank for central banks, providi
EconomySept. 8, 2017
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Lagarde expects S. Korea's stable growth despite N. Korea risks
International Monetary Fund chief Christine Lagarde expected Friday South Korea's economy will continue to grow stably despite security risks stemming from North Korea, the foreign minister here said after their meeting in Seoul. Top diplomat Kang Kyung-wha met Lagarde to discuss the economy of South Korea and the world as well as the country's cooperation with the IMF. "Lagarde shared the point that South Korea's stable economic growth will be sustained in sp
EconomySept. 8, 2017
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Public overseas investment funds back on track
South Korea’s publicly offered overseas investment funds have recently reverted back to the popularity they enjoyed in the early 2000s, due to tax benefits and higher returns, data showed Friday.According to the Korea Financial Investment Association, the total net worth of these funds stood at 39.4 trillion won ($35 billion) as of Tuesday this week. This marked the first time in six years that the figure inched up toward the 40 trillion won mark.The figure has remained below the given mar
MarketSept. 8, 2017
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[Weekender] Korean cosmetics companies vie for growing anti-aging market
Vying for the bigger pie in the lucrative and fast-growing anti-aging cosmetics market, Korean companies are spewing out reinvented products and brands using more natural ingredients and less chemicals. According to data compiled by the Ministry of Food and Drug Safety, the production volume of functional cosmetics products by Korean cosmetics companies in 2016 increased by 15.3 percent on-year to reach 4.4 trillion won ($3.9 billion). Of the total functional cosmetics production, the production
IndustrySept. 8, 2017
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Smart speaker users report low satisfaction
South Korean users of voice-controlled smart speakers are largely dissatisfied with the products over issues such as failing to recognize voice commands, a survey showed Friday.Voice-controlled smart speakers are artificial intelligence-based devices that respond to voice requests from users and provide relevant services. The AI-speakers that are currently in the domestic market are KT’s Giga Genie, SKT’s Nugu, Amazon’s Echo and Google Home. (Yonhap)The Korea Consumer Agency’s survey asked 300
IndustrySept. 8, 2017
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[Weekender] In search of youth
The term “babyface” has far wider connotations in the modern era than as a nickname for boxers and legendary bank robbers. Saying someone has a babyface may be the biggest compliment one can pay in a society that seems determined to stay forever young.Koreans enjoy a reputation for being well-groomed, with the country ranking No. 3 in the world in the number of cosmetic procedures done and No. 5 in the number of plastic surgeons, according to 2015 data by the International Society of Aesthetic P
TechnologySept. 8, 2017
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[Weekender] Secret to reversing aging? Think again
As people age, so do their looks. In the hopes of reversing the ravages of time, a growing number of people are willing to pay for the privilege: The anti-aging industry in South Korea is expected to gross more than 28.3 trillion won ($25.1 billion) by 2020. Yet aging is a natural process of life, and experts warn against manipulating the pace using therapies that have not yet been proven to have significant benefits. 123rfA growing number of beauty clinics across the nation are offering stem ce
TechnologySept. 8, 2017
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German investors in Korea voice concerns over new labor policies
A number of German investors in Korea have voiced skepticism regarding the new Moon Jae-in administration’s income-led growth economic policies, and to what extent it will lead to increased labor productivity while adding fiscal burdens for businesses. More than 100 representatives of the Korean-German Chamber of Commerce and Industry member companies gathered together in Seoul last week for the KGCCI half-year economic outlook seminar, according to the chamber’s statement on Thursd
EconomySept. 8, 2017
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Beijing Hyundai resumes operation of Changzhou plant, but woes persist
Beijing Hyundai Motor's plant in Changzhou, eastern China. (Hyundai Motor Group)Beijing Hyundai Motor, a 50-50 joint venture between Hyundai Motor and Chinese state-owned BAIC Motor, resumed production at Changzhou plant in eastern China on Friday, after a three-day long suspension due to delayed payments to an auto parts supplier.Operations there halted earlier this week when a German-based air filter supplier refused to deliver air intake systems due to unpaid bills.“We are currently in talks
MobilitySept. 8, 2017
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Galaxy Note 8 preorders hit nearly 400,000 on first day
Samsung Electronics Co. said Friday the combined preorders for its Galaxy Note 8 in South Korea reached nearly 400,000 units on the first day, far outpacing its predecessor.The South Korean tech giant said around 395,000 consumers applied to purchase the phablet Thursday. The figure eclipses numbers for the ill-fated Galaxy Note 7, which managed to draw in 380,000 preorders over a 13-day preorder period. The previous device was removed from the market altogether due to faulty batteries that caus
TechnologySept. 8, 2017
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US lawmakers defend Samsung, LG in safeguard hearing: report
South Korean officials defended the country's makers of washing machines against the US safeguard action during a hearing in Washington, the foreign ministry said Friday. In June, the US government started a safeguard investigation into foreign washers, mostly from South Korean companies, at the request of Whirlpool Corp. A safeguard action is taken to protect the domestic industry from a sudden jump in imports causing or threatening damage on domestic production. (Korea Herald DB)A team of Kore
IndustrySept. 8, 2017
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Hyundai's China plant resumes operations despite payment problems
Hyundai Motor Co. said Friday one of its plants in China resumed operations Friday following a three-day suspension after a German company refused to supply auto parts due to payment problems, the South Korean carmaker said. On Tuesday, Hyundai's plant in Cangzhou, Hebei District, was brought to a halt as the supplier stopped delivering air intake components due to delayed payments."We persuaded the German company to resume supplying parts to the No. 4 plant (in China). We are in talks to resol
IndustrySept. 8, 2017
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New iPhone's price dependent on Korean parts
The consumer price of US tech giant Apple Inc.'s new iPhone to be unveiled this month will depend on how much is paid to South Korean parts manufacturers, industry watchers said Friday.The outlook came as many high-end features to be applied in the upcoming iPhone, including OLED panels, NAND flash memory chips and dual-camera modules, are provided by South Korean companies. (AFP-Yonhap)Industry watchers said the next generation iPhone, which is set to be revealed next week, will likely come wit
TechnologySept. 8, 2017
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US lawmakers urge Trump to keep S. Korea trade agreement
A bipartisan group of American lawmakers Thursday urged President Donald Trump to keep the US free trade agreement with South Korea amid a deepening security crisis on the Korean Peninsula.In a letter addressed to the president, four co-chairs of the Congressional Caucus on Korea underscored the importance of a tight alliance in the wake of North Korean provocations, including its sixth nuclear test Sunday.Trump was earlier reported to be planning a withdrawal from the five-year-old trade pact.
EconomySept. 8, 2017
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Hankook Tire to supply high functioning tires for Audi RS5
Hankook Tire, the nation’s largest tiremaker, will supply its ultra-high-functioning tire Ventus S1 evo2 for Audi’s new RS5 Coupe model, the company said Thursday. The product will be supplied as original equipment tire to German luxury carmaker, it added.It is the second high-spec Audi model to equip Hankook Tire’s Ventus S1 evo2. Hankook Tire has already been supplying the product for the Audi TT. (Yonhap)Winning recognition from the Deutsche Tourenwagen Meisterschaft, a touring car racing ser
MobilitySept. 7, 2017
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Boosting female workforce is solution to aging society problems: IMF chief
Christine Lagarde, managing director of the International Monetary Fund, on Thursday asserted that the most effective solution to Asia’s aging population and consequent productivity decline is to boost the proportion of women in the workforce. “Korea and Japan, for example, could further increase their focus on reforming secondary earner taxation and boosting child care benefits and tax incentives for part-time work,” Lagarde said in a speech at a conference addressing the chal
EconomySept. 7, 2017
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SK Holdings invests in US-based car-sharing company Turo
SK Holdings has invested in San Francisco-based car-sharing company Turo, the company said Thursday. One of the largest car-sharing companies in Silicon Valley, Turo provides peer-to-peer car rental services in around 5,000 areas in US, UK and Canada. (Yonhap)SK Holdings and German carmaker Daimler led Turo’s latest fundraising worth a total of $92 million, according to the company. However, details on the terms and shares of the investment were not disclosed.With the investment, SK Holdings sai
IndustrySept. 7, 2017