Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Doggy patrol team on the move to protect their cities
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Samsung mocks Apple over iPhone alarm glitch
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Korea to reinforce manpower, organization ahead of FTA revision talks: trade minister
Trade Minister Kim Hyun-chong said Friday he will reinforce the manpower and conduct a reorganization of the Office of International Trade and Investment to effectively cope with possible revisions to the trade deal with the United States.Kim held a video conference with US Trade Representative Robert Lighthizer last month to exchange views on Washington's request for revisions to the South Korea-US Free Trade Agreement.The conference was held as Lighthizer requested a meeting a month earlier to
EconomySept. 1, 2017
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Seoul stocks down on institutional sell-offs
South Korean stocks finished lower Friday, as investors continued to remain cautious in betting on risky assets. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index fell 5.5 points, or 0.23 percent, to close at 2,357.69.Trade volume was a moderate 277 million shares worth 4.67 trillion won ($4.16 billion), with gainers slightly outnumbering losers 405 to 401.The local stock market opened higher as market sentiment was boosted by overnight gains on Wall Stree
MarketSept. 1, 2017
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Kolon-owned TissueGene gets green light for Kosdaq listing
TissueGene, the US-based biotechnology subsidiary of South Korea’s Kolon Group, has received the green light from the local bourse regulator to begin its public listing procedures on the Kosdaq. The Korea Exchange announced Thursday it has approved TissueGene’s preliminary application for listing on the Kosdaq, kick-starting the firm’s initial public offering process.The news prompted shares of Kospi-traded Kolon to surge by 5.27 percent from the previous day to close at 69,900 won ($62.30) on F
IndustrySept. 1, 2017
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Merck features textile facade based on OPV, OLED tech at Seoul Biennale
German display materials maker Merck on Friday unveiled a new textile facade concept combining organic photovoltaics and organic light-emitting diodes technologies at the Seoul Biennale of Architecture and Urbanism. The facade concept was prepared by Merck in partnership with OledWorks, OPVIUS and South Korean chemicals company Kolon. German architects Nikolaus Hirsch and Michel Muller as well as New York-based Thai artist Rirkrit Tiravanija designed the work as part of their ongoing project cal
TechnologySept. 1, 2017
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Kia's Aug. sales rise 1% on solid domestic sales gain
Kia Motors Corp. said Friday its vehicle sales rose 1 percent in August from a year earlier as higher domestic demand offset weak numbers in China.The country's second-biggest carmaker by sales sold 222,740 vehicles in August, up slightly from 220,529 units a year earlier, the company said in a statement. Sharp sales declines in China continued to affect monthly results, the company said in a statement, citing political tensions between Seoul and Beijing over the deployment of the Terminal High
MobilitySept. 1, 2017
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Hyundai Motor Aug. sales fall 6% on weak overseas demand
Hyundai Motor Co. said Friday its sales fell 6 percent in August from a year earlier on weak overseas demand, particularly in the Chinese market. The country's biggest carmaker by sales sold 336,625 vehicles in August, down from 358,252 units a year earlier, the company said in a statement. Declining demand from China triggered by the diplomatic row between Seoul and Beijing over the deployment of the Terminal High Altitude Area Defense system continued to affect monthly sales figures, the carma
MobilitySept. 1, 2017
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Ssangyong VP appointed as new ICCK Chairman
Vasudev Tumbe, vice president and CFO of Ssangyong Motor Company, has been elected as the new chairman of the Indian Chamber of Commerce in Korea, according to a statement by ICCK. Tumbe worked with Mahindra & Mahindra for more than 30 years and was vice president of financing and accounts in the company’s Automotive Division before coming to Korea in 2013 as vice president and CFO of Ssangyong Motor Company.ICCK Chairman Vasudev Tumbe (ICCK) “India is one of the most promising markets in the w
IndustrySept. 1, 2017
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BOK picks 4 more companies for project for coinless society
South Korea's central bank said Friday that it has picked four more companies for its coinless society project in the latest move aimed at enhancing convenience for ordinary people.Under the project that began in April, consumers can deposit small change left from purchases of goods into prepaid mobile cards that can be used at convenience stores, discount stores and department stores, according to the Bank of Korea. It means that consumers won't have to carry coins in their pockets after making
EconomySept. 1, 2017
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Renault Samsung Aug. sales surge 28% on exports
Renault Samsung Motors Corp., the South Korean unit of French carmaker Renault S.A., said Friday its August sales jumped 28 percent from a year earlier on increased exports. Renault Samsung sold 19,469 vehicles in August, up from 15,240 units the previous year, helped by strong overseas demand for its QM6 SUV, the company said in a statement. Domestic sales fell 9.2 percent on-year to 7,001 cars from 7,713 units. But exports surged 66 percent to 12,468 from 7,527 during the same period, the stat
MobilitySept. 1, 2017
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GM Korea Aug. sales rise 15% on robust exports
GM Korea Co., the South Korean unit of General Motors Co., said Friday its August sales rose 15 percent from the previous year, helped by robust exports. GM Korea, which makes cars under the Chevrolet badge, sold 41,311 vehicles in August, up from 35,971 units a year earlier, the company said in a statement. (Yonhap)Monthly domestic sales fell 22 percent to 10,004 autos last month from 12,773 the previous year. But exports surged 35 percent to 31,307 from 23,198 over the same period, it said. I
MobilitySept. 1, 2017
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Daewoo Shipbuilding in talks with Hyundai Merchant over ships
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it is in talks with the country's leading shipping firm, Hyundai Merchant Marine Co., over the construction of five very large crude carriers.In a regulatory filing, Daewoo Shipbuilding said the two, however, have yet to reach an agreement on the terms of the deal. (Yonhap)On Thursday, Hyundai Merchant said it plans to spend 470 billion won ($419 million) to buy five new VLCCs and 182 billion won to acquire two
IndustrySept. 1, 2017
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SsangYong Motor‘s Aug. sales fall 3.7% on weak exports
SsangYong Motor Co. said Friday its August sales fell 3.7 percent from a year earlier on sluggish exports. The South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. sold 11,725 vehicles in August, down from 12,178 units a year earlier, the carmaker said in a statement. Domestic sales rose 7.5 percent to 8,255 units last month from 7,676 units a year earlier. But exports plunged 23 percent to 3,470 cars from 4,502, the statement said. (Yonhap)In the January-August period, the maker of th
MobilitySept. 1, 2017
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Samsung facing hurdles in decision-making amid Lee's absence
A high-ranking executive from Samsung Electronics Co. on Friday said the company is facing various hurdles in rolling out business strategies amid the absence of the firm's de facto head Lee Jae-yong."It is true there are various troubles related to rolling out investment for the future, or seeking restructuring of businesses (amid Lee's absence)," said Yoon Boo-keun, who heads Samsung's home appliances arm, during meeting with reporters in Berlin at the Internationale Funkausstellung event.Last
IndustrySept. 1, 2017
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Galaxy Note 8 price to hover above 1 million won: Samsung
The head of Samsung Electronics Co.'s mobile business said Friday the price of the newly introduced Galaxy Note 8 phablet is likely to hover above 1 million won ($887).During a meeting with reporters in Berlin, Koh Dong-jin, president of Samsung Electronics' mobile business, said it will be "extremely difficult" to keep the price lower than 1 million won in South Korea, expressing an apology over his earlier statement.The price tag on the 64-GB Galaxy Note 7 was $850 in the United States and 988
TechnologySept. 1, 2017
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Korean stocks down late Friday morning on foreign selling
South Korean stocks traded slightly lower Friday morning as foreign investors continued to unload local shares.The benchmark Korea Composite Stock Price Index shed 3.33 points, or 0.14 percent, to 2,359.86 as of 11:15 a.m.Bourse heavyweights traded mixed, with market kingpin Samsung Electronics up 0.39 percent. SK hynix, a major chipmaker, fell 0.44 percent, and POSCO, the No. 1 steelmaker, declined 0.58 percent.Naver, the country's top Internet portal operator, lost 0.26 percent, while Hyu
MarketSept. 1, 2017
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Seoul asks Beijing to lift trade restrictions over missile row: trade ministry
South Korea has asked China to remove economic sanctions imposed on South Korea due to the diplomatic row over the deployment of a US missile defense system here, the Ministry of Trade, Industry and Energy said Friday.China has been retaliating economically against South Korea since early this year over the stationing of the Terminal High Altitude Area Defense system.South Korea says the missile defense system is not aimed at China but is to combat North Korea's missile and nuclear threats.
EconomySept. 1, 2017
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Credit card firms urged to cut costs, offer new payment services
South Korea's top financial regulator on Friday urged credit card firms to cut marketing spending and provide safer and more convenient payment services. Choi Jong-ku, chairman of the Financial Services Commission, made the remark at a meeting with top executives of credit card companies as the industry has been under pressure over competition with online payment services and a cut in credit card processing fees for small merchants. Choi said credit card firms "need to revamp their high-cos
MarketSept. 1, 2017
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[Management in Korea] Defusing the gender diversity time bomb
Management in Korea is a regular column written by the members of Egon Zhender Seoul touching on various aspects of Korean enterprises and business leaders and offering management tips.-- Ed.The persistent gender imbalance among Korea’s business leaders is well known. According to one recent study, only 2.4 percent of the executives of publicly listed Korean companies are women, compared with 12.4 percent for the Asia-Pacific region. And in Egon Zehnder’s 2016 Global Board Diversity Analysis, on
Sept. 1, 2017
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LG Electronics promote AI solutions at IFA
LG Electronics Inc. on Friday said it promoted its latest achievements in the field of artificial intelligence technology at this year's Berlin consumer electronics trade show, introducing its vision to home appliances and smartphones.The South Korean tech giant said at Internationale Funkausstellung that it plans to apply the AI technology to more products and services, and expand its partnerships with Amazon.com and Google Inc. to expand the ecosystem.In detail, LG Electronics demonstrated how
TechnologySept. 1, 2017
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Banks' loan delinquency rate edges up in July
The delinquency rate of South Korean banks' won-denominated loans edged up in July, due to a slight rise in people who could not pay off their debts, government data showed Friday. The rate for bank loans more than 30 days overdue stood at 0.48 percent at the end of July, up 0.05 percentage point from a month earlier, according to the data by the Financial Supervisory Service.Compared to a year ago, however, the rate was down 0.3 percentage point, it said. "In July, newly delinquent l
MarketSept. 1, 2017