Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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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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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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Samsung mocks Apple over iPhone alarm glitch
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Govt. asks hospitals to mitigate impact of medical professors' absence
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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
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[Advertorial] KT&G continues support programs to help young job seekers
Korea’s largest tobacco producer KT&G pledged to continue its job training programs to help young job seekers here, as the country suffers from a record-breaking rate of youth unemployment, the company said Wednesday. As of June this year, the youth unemployment rate reached 10.5 percent, marking the highest level since 1999, when the nation was struggling to recover from the Asian financial crisis. A mentor listens to a young job seeker at KT&G’s career camp. (KT&G)The company annually runs a f
CompaniesAug. 30, 2017
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New resort complex in Jeju to open theme park next month
The operator of a new resort complex under development on the country's southern resort island of Jeju said Wednesday its theme park will open to the public next month, as it aims to become a world-leading tourist destination.The Shinhwa World resort complex will encompass high-end facilities along with a series of entertainment options such as a water park and casino when it goes into full operation in 2019, according to its developer Landing Jeju Development Co. It is partially open at the mom
IndustryAug. 30, 2017
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Kumho Asiana chief offers revised proposal in brand dispute over Kumho Tire
The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker's brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development Bank, remains undecided on a demand by China's Qingdao Doublestar Co. to cut its bidding price for Kumho Tire.Details of the revised proposal were unknown, but Kumho Asiana had requested Doubl
IndustryAug. 30, 2017
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Steel industry, government join forces to deal with US import restrictions
The Korean government is joining forces with the local steel industry to jointly tackle the United States’ import regulations on Korean steel, the Ministry of Trade, Industry and Energy said Wednesday. The ministry hosted a meeting titled “Mutual Cooperation with the Steel Industry” at the Lotte Hotel in Seoul on Wednesday morning, gathering ranking officials from the country’s steel industry, including Posco Chairman Kwon Oh-joon, to discuss ways to deal with ongoing trade issues with the Trump
IndustryAug. 30, 2017
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[Advertorial] Samsung C&T to begin sales of Raemian Gangnam Forest apartments
Samsung C&T will begin sales of its new luxury apartment complex Raemian Gangnam Forest in Gangnam-gu, Seoul, in September. The complex will be able to house 2,296 households, and Samsung C&T is expected to put up 208 apartments for sale to the public next month, the company said in a statement. A view of the new Raemian Gangnam Forest apartment complex (Samsung C&T) According to the firm, the new apartment complex located near Dalteo Park offers one of the best views in Gangnam. The company is
IndustryAug. 30, 2017
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[Monitor] Dim outlook for Korean carmakers amid slowing global demand
The number of Korean cars sold globally between January and July this year declined 6.8 percent from the same period last year, due to slowing demand from China and the US, the world’s two biggest auto markets, a study showed Wednesday.According to Woori Finance Research Institute, Korean carmakers’ sales in US turned south for the first time since 2010, while their sales in China plummeted 45.5 percent this year.Hyundai Motor has five plants for manufacturing passenger vehicles and one for comm
MobilityAug. 30, 2017
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SPC to expand US Paris Baguette to 300 stores by 2020
Food group SPC plans to expand its Paris Baguette bakery chain to 300 stores in the United States by 2020, according to the company Wednesday.SPC Chairman Hur Young-in said that he would pursue this expansion and create 10,000 jobs by 2020 during a meeting with members of the US House of Representatives on Tuesday at SPC’s headquarters in Seoul. SPC Group Chairman Hur Young-in (right) and Republican Rep. Ed Royce of California meet at the SPC headquarters in Seoul on Tuesday. (SPC)Reps. Ed Royce
IndustryAug. 30, 2017
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Seoul stocks rebound from N. Korea's missile rout
South Korean stocks finished higher on Wednesday, recovering from a market rout caused by North Korea's latest missile launch a day earlier. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 7.55 points, or 0.32 percent, to close at 2,372.29.Trade volume was light at 302 million shares worth 4.51 trillion won ($4.01 billion), with gainers outnumbering losers 441 to 346.The local stock market opened higher as market sentiment was boosted by overnight g
MarketAug. 30, 2017
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Korean govt. to lower public firms’ debt ratio to 152% by 2021
The South Korean government will reduce the debt ratio of public corporations to 152 percent by 2021 as part of its efforts to improve the balance sheets of state-funded agencies, the finance ministry said Wednesday.Under a long-term financial management plan, 38 public firms, including the Korea Electric Power Corp. and the Korea Land & Housing Corp., are required to maintain their debt-to-total asset ratio at an average of 152 percent from 178 percent in 2016 in the next five years, accord
EconomyAug. 30, 2017
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Hyundai Steel helps protect school from earthquake
Hyundai Steel completed a seismic retrofit for a school free of charge Tuesday in an increasingly earthquake-prone zone in North Gyeongsang Province, South Korea. Hyundai Steel staff and executives including Executive Director Ham Young-chul (fourth from right) and the Principal of Naenam Elementary School Kim Nak-gon (fifth from left) pose for a photo at a ceremony to celebrate the completion of a seismic retrofitting project Tuesday. (Hyundai Steel)The Incheon-headquartered steelmaker, the sec
IndustryAug. 30, 2017
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[Herald Interview] ‘Smartphone OLED will face oversupply by 2020’
Organic light emitting diodes, undoubtedly the most sought-after display right now, will face oversupply by 2020 and only innovative technologies will survive, said LG Display’s chief technology officer in a display conference in Korea. “The world’s OLED supply for smartphones will outstrip demand by 2020, resulting in a ‘game of chicken’ among display firms. Despite that, innovative OLED technologies will still survive,” said Kang In-byeong, LG Display’s chief technology officer during his keyn
IndustryAug. 30, 2017
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KITA chairman urges US, Korean business leaders to strengthen ties
Amid ongoing talks with the US government to amend the bilateral free trade agreement with South Korea, the head of the nation’s largest group of exporters on Tuesday evening urged business leaders to strengthen cooperation, stressing that it would benefit both in the fast changing trade environment. Speaking at a forum held to welcome members of US congress visiting Seoul, Kim In-ho, Chairman of the Korea International Trade Association said that business leaders should promote bilateral exchan
IndustryAug. 30, 2017
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Moody's upgrades Korea's economic growth outlook to 2.8%
Global rating agency Moody's Investors Service said Wednesday that it has revised up South Korea's growth forecast for this year on the back of strong investment growth.Moody's adjusted South Korea's gross domestic product growth to 2.8 percent for 2017, up from its previous estimate of 2.5 percent."Overall growth is supported by strong investment growth," Moody's said in a global macroeconomic outlook. It said South Korea's export momentum is showing signs of a slowdown, but it remain
EconomyAug. 30, 2017
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Health insurance outlays up 9.2% in H1
South Korea's health insurance outlays rose to 33.9 trillion won ($30.1 billion) during the first half of this year, a report showed Wednesday, partly on the back of more senior citizens requiring medical attention.According to the report by the Health Insurance Review and Assessment Service and the National Health Insurance Corp., the total amount to cover medical examinations, hospitalizations and drug purchases rose 9.2 percent on-year from January through June.The report showed that the mone
EconomyAug. 30, 2017
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AmCham expresses concerns over base wage issue in Korea
The American Chamber of Commerce in Korea on Wednesday urged the Korean government to carefully handle the base wage policy, ahead of the court‘s ruling on Kia Motors’ case scheduled for Thursday. AmCham expressed concerns that the Seoul Central District Court ruling against Kia Motors may bring in great impacts on the overall competiveness of the nation‘s economy. The court is to rule on whether to acknowledge the workers‘ demand to recognize their bonuses as part of their ordinary wages. (Yon
IndustryAug. 30, 2017
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Air traffic on Chinese routes halves in July amid THAAD row
Air traffic on South Korea-China routes nearly halved in July from a year ago in the wake of Beijing's retaliation against Seoul's deployment of an advanced US missile shield, government data showed Wednesday.The number of passengers on Chinese routes operated by domestic carriers came to 1.12 million last month, down 45.2 percent from the 2.04 million posted during the same month last year, according to the data from the Ministry of Land, Infrastructure and Transport.In mid-March, China banned
IndustryAug. 30, 2017
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New international cruise terminal to open in east coast port city of Sokcho
A new international cruise terminal will be completed at the eastern port of Sokcho this week to accommodate a growing number of travelers coming to Korea through the coastal city, the oceans ministry said Wednesday.The port will be fully completed on Thursday with the commemorative ceremony scheduled for Sept. 21, timed with the port call of Italian cruise ship Costa neoRomantica, according to the Ministry of Oceans and Fisheries. A cruise ship carrying Japanese passengers is docked at Sokcho P
IndustryAug. 30, 2017