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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Gov't appears to shelve punitive measures against mass walkout by doctors
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Korean labor force to shrink by 10 million by 2044: report
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Doggy patrol team on the move to protect their cities
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Sales of eco-friendly cars top 100,000 in Q1 in S. Korea
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[Monitor] Korea's fertility rate drops to 7-year low
South Korea’s fertility rate fell to a seven-year low last year, data by Statistics Korea showed.The total fertility rate, or the average number of babies that a woman is projected to have during her lifetime, reached 1.17 in 2016, down from 1.24 a year earlier.The number of newborns also declined 7.3 percent to a record-breaking low of 406,200 last year.The average age that a woman had her first child was 31.4 last year.To tackle the low birthrate that would hurt the country’s econo
EconomyAug. 31, 2017
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SK Siltron officially launched after SK chief acquired remaining stake
SK Siltron has officially launched as SK Group’s semiconductor parts maker, after the group’s chairman acquired a remaining 29.4 percent stake from LG Siltron’s creditors.According to news reports, the conglomerate’s chief Chey Tae-won bought a 29.4 percent stake Wednesday from creditors including Woori Bank, via a special purpose company. The latest acquisition followed SK Group’s purchase of a 51 percent stake from LG for 620 billion won ($549 million) in January and an additional 19.6 percent
IndustryAug. 31, 2017
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Kia to unveil hatchback-style concept car Frankfurt show
South Korean automaker Kia Motors Corp. will unveil its hatchback-style concept car at an international auto show next month, the company said Thursday.The "KED-12" will be presented at the 2017 Frankfurt Auto Show and its teaser image was unveiled to the public for the first time earlier in the day. (Yonhap)Kia Motors said its European Design Center, a creative research lab based in Europe, is responsible for the design that blends dynamic performance with sleek design.This year's International
MobilityAug. 31, 2017
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Hyundai Robotics launched as holding firm for heavy industries group
Hyundai Robotics Co. was officially launched on Thursday as the holding company of the Hyundai Heavy Industries Group with the aim to diversify its products and exports markets.The company started operations at its new headquarters in Daegu, 302 kilometers southeast of Seoul, where it completed a smart factory in April that converges information, communication and technology with production. Hyundai Robotics, established in 1984 as a team under Hyundai Heavy Industries, is South Korea's top manu
TechnologyAug. 31, 2017
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Daewoo E&C signs memorandum with Bangkok’s Metropolitan Waterworks Authority
Daewoo E&C, the Korea Environmental Industry & Technology Institute and the Center for Eco-Smart Waterworks System signed a memorandum of understanding with Bangkok’s Metropolitan Waterworks Authority on Aug. 29 at the MWA Office in Bangkok, Thailand, according to an announcement by Daewoo E&C. The MWA is responsible for the production and supply of tap water in Bangkok. Under the agreement, each organization agreed to share their know-how and expertise on waterworks systems by hosting network
IndustryAug. 31, 2017
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Regulator to consider adjusting banks' loan-to-deposit ratio to curb household lending
South Korea's financial regulator said Thursday it will consider adjusting banks' loan-to-deposit ratio requirement to help slow the growth of household lending. The idea was one of the topics being discussed at a meeting of government officials earlier in the day to revamp regulations on capital markets. The meeting was led by Kim Yong-beom, vice chairman of the Financial Services Commission.In a statement, the FSC said it "will review the feasibility of changing the weight of the househol
MarketAug. 31, 2017
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S-Oil targets W3tr in operating income by 2025
S-Oil on Thursday unveiled its vision for 2025, vowing to become the most renowned energy company in the Asia Pacific region with an operating profit of 3 trillion won ($2.6 billion) by 2025.“S-Oil aims to become an energy and chemicals company with an operating profit of 3 trillion won and 25 trillion won of market capitalization by 2025,” CEO Othman Al-Ghamdi said during a ceremony.S-Oil CEO Othman Al-Ghamdi attends the vision 2025 proclamation ceremony. (S-Oil)The goal would indicate a twofol
IndustryAug. 31, 2017
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Korea to create 200,000 jobs in health sector over 5 yrs
South Korea aims to create 200,000 new jobs in the health care sector over the next five years in an effort to improve medical services, the health ministry said Thursday.The government forecast that some 100,000 new jobs will be created naturally over the next five years, with another 100,000 positions being made with the government's policy intervention. It said such growth is possible as health care is the country's next growth engine after information technology. The plan was announced durin
EconomyAug. 31, 2017
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Daewoo Shipbuilding wins sub maintenance deal from Indonesia
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Thursday that it has clinched a 30 billion-won ($26.7 million) deal from Indonesia's Navy to provide maintenance and upgrade services for one of its submarines.Under the deal, Daewoo Shipbuilding will work with Indonesia's largest shipyard, PT. PAL, on the maintenance of a submarine operated by the Indonesia's Navy by 2020.Early this month, Daewoo Shipbuilding handed over a 1,400-ton diesel-electric submarine to
IndustryAug. 31, 2017
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Korea tops ICT development in 2016: report
South Korea ranked No. 1 in the level of development in its information and communications technologies in 2016, the second year in a row that it topped the global ranking, a government report showed Thursday.According to the annual report by the Ministry of Science and ICT, the International Telecommunications Union said Asia's fourth-largest economy ranked first among 175 countries surveyed last year. (Yonhap)After losing its top spot to Denmark in 2015 for the first time since 2010, South Kor
TechnologyAug. 31, 2017
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Korean stocks down late Thursday morning on foreign selling
South Korean stocks traded slightly lower Thursday morning as foreign investors are set to extend their selling to a fifth straight day.The benchmark Korea Composite Stock Price Index shed 7.88 points, or 0.33 percent, to 2,364.40 as of 11:15 a.m.Market heavyweights traded mixed, with market kingpin Samsung Electronics up 0.48 percent. SK hynix, a major chipmaker, rose 0.15 percent, and POSCO, the No. 1 steelmaker, gained 1.93 percent.In contrast, Naver, the country's top Internet portal operato
MarketAug. 31, 2017
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Samsung's refrigerator inverter compressors receive durability certificate
Samsung Electronics Co. said Thursday its inverter compressors for refrigerators won a certificate from a German evaluator for boasting an operational lifespan of more than two decades.Citing Germany's Verband Deutscher Elektrotrchniker, the South Korean tech giant said its inverter compressors, which act as a key part of refrigerators, can last at least 21 years without problems.Inverter compressors are significant as they play a crucial role in a refrigerator's power consumption, noise and vib
IndustryAug. 31, 2017
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FTC adds four firms on its antitrust watch list in Aug.
South Korea's corporate watchdog said Thursday that it has put four more affiliates of large business groups under tight restrictions on mutual investment and loan guarantees.The Fair Trade Commission said 1,281 firms were on its monthly watch list as of end-August, up four from the previous month.They are owned by the country's 31 largest business groups, including Samsung Group and Hyundai Motor Group, with assets of 10 trillion won ($8.5 billion) or more. Three groups, like Hanwha and LS
EconomyAug. 31, 2017
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Court orders Kia to pay W422b in ordinary wages suit
A local court ruled bonuses and lunch allowances paid to workers at Kia Motors as part of “ordinary wages” Thursday, ordering the nation’s second-largest carmaker to pay 422.3 billion won ($375.5 million) as compensation.The Seoul Central District Court was partially upholding the demand by workers from Kia Motors, the nation’s second-largest automaker, who had claimed 1.09 trillion won, or about 110 million won per worker in compensation. However, the court ordered that they be paid around one-
IndustryAug. 31, 2017
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Corporate direct financing edges up in July
South Korean companies' equity and debt sales edged up on-month in July due mainly to a rise in stock issuance, government data showed Thursday. Local companies raised 14.4 trillion won ($12.8 billion) by selling stocks and bonds last month, compared with 14.3 trillion won in June, according to the data from the Financial Supervisory Service. Stock sales, including 10 initial public offerings, reached 1.27 trillion won in July, up 88.8 percent from the previous month. "A total of ten c
MarketAug. 31, 2017
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Record number of vehicles recalled this year
A record number of vehicles have already been recalled so far this year with 32 more cases still pending, the transport ministry said Thursday.A total of 1,382,490 cars were recalled as of Thursday involving 188 cases, according to the Ministry of Land, Transport and Infrastructure. The number is the highest since a self-certification system was put into effect for auto manufacturers in 2003. The previous record was in 2004, when 1,369,925 vehicles were recalled.More than 1 million autos were re
MobilityAug. 31, 2017
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Stocks open slightly higher on US gains
South Korean stocks opened slightly higher Thursday, taking a cue from overnight gains on Wall Street, although there is still lingering woes over North Korea's provocations.The benchmark Korea Composite Stock Price Index rose 0.24 point, or 0.01 percent, to 2,372.53 in the first 15 minutes of trading. Market kingpin Samsung Electronics was up 0.39 percent, while SK hynix, a major chipmaker, rose 0.73 percent.Hyundai Motor, the No. 1 automaker, dropped 1.05 percent, while AmorePacific, the
MarketAug. 31, 2017
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Korea's industrial output rebounds 1.9% in July
South Korea's industrial output rose at the fastest pace in six months in July on gains in cars and electronic devices, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries climbed 1.9 percent on-month in July, turning around from a 0.5 percent on-month drop in the previous month, according to the data by Statistics Korea.It also marked the fastest on-month gain since January when it posted a 2.8 percent rise.From a year earlier, output also edg
EconomyAug. 31, 2017
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[IFA 2017] Samsung proposes ‘new normal’ lifestyle for global consumers
BERLIN -- Aiming to grab the spotlight among global tech giants, Samsung Electronics said Wednesday that its presentation theme at Europe’s largest trade show for home appliances will be of lifestyles with enhanced connectivity and convenience.Two days before IFA 2017 kicks off Friday, Samsung Electronics unveiled new flagship consumer electronic products and services for the second half of the year at a series of press conferences. Calling it the “new normal,” David Lowes, chief marketing offic
TechnologyAug. 31, 2017
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[IFA 2017] LG to supply OLED TV for Bang & Olufsen
BERLIN -- LG Electronics announced Wednesday its partnership with Bang & Olufsen to supply the company’s organic light-emitting diode televisions to the Danish audio system maker. Under the partnership, LG will start supplying OLED TVs to B&O from September. The audio company will add its sound technologies to the TVs to maximize their sound combined with their OLED displays’ ultimate color representation. The Danish firm will present the LG OLED TV applied with B&O sound technologies at the upc
TechnologyAug. 30, 2017