Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Stocks open higher on Samsung Electronics' strong earnings
South Korean shares opened higher Thursday, boosted by market bellwether Samsung Electronics' strong earnings report.The benchmark Korea Composite Stock Price Index rose 12.75 points, or 0.52 percent, to 2,447.26 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.2 percent after releasing its second-quarter earnings through a regulatory filing. The tech giant said it racked up 14.1 trillion won ($12.6 billion) in the April-June period, up 72.7 percent from 8.14 t
MarketJuly 27, 2017
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President to meet top business leaders for beer, candid discussions
President Moon Jae-in was set to meet with the country's top business leaders Thursday for beer and frank discussions that may help fine-tune his economic policies, officials at the presidential office Cheong Wa Dae said.The meeting will begin at 6 p.m. with what the officials called a 20-minute beer time.The rare meeting involving beer comes at a suggestion from the president himself, according to the officials. "It will mark the first meeting with business leaders since the president's in
EconomyJuly 27, 2017
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Korea's economic growth slows in Q2 on weak exports: BOK
South Korea's economic growth slowed in the April-June period from a quarter earlier due to decreased exports, central bank data showed Thursday.In the second quarter, the country's gross domestic product increased 0.6 percent, down from the previous quarter's 1.1 percent gain, the Bank of Korea said in a statement.Exports -- one of the major pillars for the Korean economy -- fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, wh
EconomyJuly 27, 2017
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ABS issuance rises 15% in H1
The issuance of asset-backed securities in South Korea rose 15 percent on year in the first half of this year on the back of robust growth in sales of government-led mortgage funds, the financial regulator said Thursday. A combined 31.1 trillion won ($27.7 billion) worth of ABS were issued for the January-June period, compared with 27 trillion won for the same period last year, the Financial Supervisory Service said. ABSs are derived from underlying assets such as auto loans, home loans, credit
EconomyJuly 27, 2017
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Korea's 2nd Internet-only bank to begin operations Thursday
South Korea's second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation's banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea's dominant messaging app KakaoTalk, came after the first Internet-only bank, K-Bank, gained wide consumer appeal. Consumers can open an account at Kakao Bank by downloading an app and verifying their personal information throug
TechnologyJuly 26, 2017
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SK Innovation to pay out 1st interim dividends
SK Innovation Co., South Korea's top oil refiner, said Wednesday that it has decided to pay out its first-ever interim dividends worth 149 billion won ($133 million) to boost shareholder value.In a regulatory filing, SK Innovation said it will pay out 1,600 won per one common and preferred share each.Last year, the refiner paid out 6,400 won per share following 4,800 won per stock each in 2015. (Yonhap)"After reviewing a variety of options for shareholder-friendly management, we decided to pay o
CompaniesJuly 26, 2017
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SK hynix to invest W9.6tr on DRAM, NAND facilities
SK hyinx Inc. said Wednesday it plans to allocate some 9.6 trillion won ($8.5 billion) this year to expand its production facilities for dynamic random-access memory and NAND chips.Through a regulatory filing, the South Korean chipmaker said it expanded the amount of investment originally estimated at 7 trillion won this year. (Yonhap)SK hynix said the investment is aimed at actively coping with changing market conditions while laying a firm foundation for its future growth. The investment will
TechnologyJuly 26, 2017
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Samsung, LG battery arms on alert on cobalt shortage
In response to a supply shortage of cobalt, a key ingredient used in lithium-ion batteries, South Korean battery makers Samsung SDI and LG Chem are stepping up development of new batteries and diversifying their material suppliers.Amid growing demand for the lithium-ion batteries that power electric vehicles and smartphones, cobalt, the key energy metal, has seen a decline in production this year driven mainly by the unstable political situation of the Democratic Republic of Congo, which account
IndustryJuly 26, 2017
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New ministry dedicated to SMEs sets sail
The new ministry in charge of small and medium-sized businesses officially started work Wednesday amid expectations it will support smaller companies and create new jobs.Earlier this month, the parliament passed a bill to elevate the Small and Medium Business Administration to a ministry for SMEs, venture startups and micro-businesses, as pledged by President Moon Jae-in during the election campaign.The Ministry of SMEs and Startups is headquartered in Daejeon, central South Korea, with 431 empl
EconomyJuly 26, 2017
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Creditors of Kumho Tire to tentatively accept Kumho Asiana‘s proposals in brand dispute
Creditors of Kumho Tire Co. have tentatively agreed to accept original proposals by the tiremaker's parent group in a brand dispute with the Chinese buyer, the main creditor said Wednesday.The tentative agreement, which came after a meeting of the creditors earlier in the day, appears to pave the way for the creditors to complete the monthslong stalled sale of Kumho Tire to China's Qingdao Doublestar Co.Qingdao Doublestar signed a 955 billion won ($852 million) deal in March to acquire a 42 perc
IndustryJuly 26, 2017
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Hyundai Motor‘s Q2 earnings drop, sluggish sales continue
(Yonhap)Hyundai Motor, South Korea‘s largest automotive company by sales, showed a decline in earnings in the second quarter of this year due to weakened profitability, the company said Wednesday.The company’s profits totaled 24.3 trillion won ($21.6 billion), down 1.5 percent on-year between April and June this year, while its operating profits plummeted 23.7 percent on-year to 1.3 trillion won.The net profit for the second quarter this year was drastically slashed 48.2 percent compared to the
MobilityJuly 26, 2017
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GS Engineering Q2 net jumps 48% on new orders
GS Engineering & Construction Co. said Wednesday its second-quarter net profit jumped 48 percent from a year earlier helped by increased orders in housing and plant projects. Net profit for the April-June quarter rose to 11.46 billion won ($10.2 million) from 7.74 billion won a year earlier, the company said in a regulatory filing. Operating profit rose 6.5 percent to 85.97 billion won in the second quarter from 22.66 billion won a year ago. Sales rose 11 percent to 2.99 trillion won from little
IndustryJuly 26, 2017
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New QM3 highlights French chic, fuel efficiency
Jumping into the market for B-segment crossovers in South Korea, Renault Samsung, the local unit of the French automaker, unveiled a revamped QM3 on Wednesday, highlighting the design heritage of the European country.Known as the Captur in Europe, the crossover utility vehicle was No. 1 in the segment in the market there three years in a row. But to make it appealing in Korea, where masculine German designs are favored, Renault Samsung added “charismatic features” to the existing design. “The ne
MobilityJuly 26, 2017
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AmorePacific's Q2 net drops sharply amid THAAD row
AmorePacific Corp., the country's top cosmetics maker, said Wednesday its second-quarter net profit plunged 59.8 percent from a year earlier, due largely to a protracted slump in the domestic market amid a sharp decline in Chinese tourists.Its net income came to 77.4 billion won ($69.2 million) in the April-June period, compared with 193 billion won the previous year, the company said in a regulatory filing. The operating profit for the cited period also fell 57.8 percent on-year to 102 billion
IndustryJuly 26, 2017
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Moon will hold talks with all economic players, including labor: official
President Moon Jae-in plans to hold talks with all major economic players here, including laborers and small or medium-sized firms, an official from the presidential office Cheong Wa Dae said Wednesday.The president is set to meet with 15 business conglomerates on Thursday and Friday.Hong Jang-pyo, the chief presidential secretary for economic affairs, said the first day of the meeting will involve top executives from eight business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan,
EconomyJuly 26, 2017
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[Monitor] Vehicle recalls to hit record-high in Korea
The Ministry of Land, Infrastructure and Transport has ordered local and multinational automakers to recall a combined 1.3 million vehicles so far this year. The number is expected to hit record high by the year’s end. The past record has been 1,369,925 vehicles in 2004.The spike in the number this year is driven by compulsory vehicle recalls by Hyundai Motor and Kia Motors, which are ordered to recall a combined 979,687 cars this year, a ministry official said.
MobilityJuly 26, 2017
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[Advertorial] Citibank streamlines online loan serviceability assessments
Citibank Korea’s quest for online penetration is not limited to online banking but also extends to the loan serviceability assessment of customers, the firm said Wednesday.The launch of an internet-only loan assessment platform on July 18, dubbed Debt Consolidation Service, allows customers to check their eligibility for loans and reduce the cost of consolidating debts. The assessment is not exclusively offered to the customers of Citibank Korea’s online banking service. Users are re
MarketJuly 26, 2017
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Banks’ dependence on household loans hurts economy: FSC chairman
Financial Services Commission Chairman Choi Jong-ku on Wednesday highlighted local banks’ overdependence on gains from household loans as a hurdle to wage-led growth and said he would lower the maximum interest rate to 24 percent from next year.In his first press conference as the head of the nation’s top financial regulator a week after he took office, Choi pledged to address banks’ overreliance on mortgage loans, saying they have distanced themselves from their original role
MarketJuly 26, 2017
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Prospect of higher electricity rates to turn away foreign firms
Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs have been cited as a key factor leading foreign manufacturing firms to build factories in Korea despite other unfavorable conditions.In particular, many Japanese companies have moved production to Korea in search of stable electricity supply at lower rates since Ja
EconomyJuly 26, 2017
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Sanofi Pasteur appoints new GM for Korea office
Sanofi Pasteur, the vaccines business unit of French pharmaceutical giant Sanofi, said Wednesday it has appointed Baptiste de Clarens as the new general manager of its South Korean office.De Clarens joined Sanofi Pasteur in 2006, holding a range of responsibilities ranging from finance and sales to marketing and business operations at the Sanofi-owned vaccine company. Sanofi Pasteur Korea’s new general manager, Baptiste de Clarens (Sanofi Pasteur Korea)He moved to the firm’s Singapore office in
IndustryJuly 26, 2017