Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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[Robert J. Fouser] Social attitudes toward language proficiency
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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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
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LOT Polish Airlines adds 8th Boeing 787-8 Dreamliner
Poland’s flag carrier said Wednesday that it had received its eighth Boeing 787-8 Dreamliner, completing its fleet order from 2005.The 787-8 will be used on LOT Polish Airlines’ expanded routes to Seoul and Tokyo, as well as the Warsaw-Newark route that begins service in August. LOT Polish Airlines‘ 787-8 Dreamliner (LOT Polish Airlines)The airline said that it is planning to receive the first of four 787-9 Dreamliners next April and that it will be one of the first airlines in the world to rec
IndustryJuly 26, 2017
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Seoul shares end lower on foreign selling
South Korean stocks closed lower Wednesday as foreign investors offloaded local stocks on profit-taking, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index slid 5.39 points, or 0.22 percent, to finish at 2,434.51. Trading volume was moderate at 332 million shares worth 6.4 trillion won ($5.7 billion) with losers outpacing gainers 419 to 385.The local stock market opened slightly higher, taking a cue from overnight Wall Street gains, but c
MarketJuly 26, 2017
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Celltrion posts record earnings in Q2 on Remsima sales increase
South Korean drugmaker Celltrion said Wednesday that it posted record high earnings in the second quarter, fueled by expanded global sales of Remsima, a cheaper biosimilar copy of Johnson & Johnson’s Remicade. During the April-June period, Celltrion’s operating profit jumped 79.4 percent on-year to 138.3 billion won ($123 million), while revenue rose 33 percent to 246.1 billion won, marking the company’s best quarterly performance to date, the firm said.Celltrion’s headquarters in Songdo, Incheo
IndustryJuly 26, 2017
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Nexon's 'Dark Avenger 3' to hit Korea this week
Online gaming firm Nexon Korea Co. said Wednesday that the third edition of its mega-hit series "Dark Avenger" will launch in South Korea later this week.The action role-playing game will be officially available on both Android and iOS on Thursday, the latest edition of the mobile game series which has racked up more than 35 million downloads worldwide."The Dark Avenger 3 is the game that offers the same dynamic action and graphic quality presented by console games," said No Jung-hwang, a Nexon
TechnologyJuly 26, 2017
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Most intra-group trading done through negotiated contracts: CEO Score
Most South Korean big businesses signed negotiated contracts for intra-group trading last year without going through public bidding, industry data showed Wednesday, amid rising concerns about business transparency and fair competition.The ratio of direct agreement contracts for the 699 companies affiliated with the country's 30 biggest business groups reached 93.2 percent, or 135.8 trillion won ($121 billion), of the total volume of trading between business affiliates of 145.7 trillion won, acco
IndustryJuly 26, 2017
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FTC gestures at stern legal measures against rule breakers
The nation’s antitrust watchdog Fair Trade Commission on Wednesday filed complaints against two business operators that “deliberately breached laws,” in addition to sending down penalties, signaling stern action against rule breakers. The measure was also seen as reflecting the stance of the new FTC chief Kim Sang-jo, a former civic activist known for his strong call for transparent business operations.The watchdog decided to file complaints against multilevel marketing firm Nucerity and funeral
IndustryJuly 26, 2017
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Seoul apartments exceeding W1b double in five years
The number of apartments that cost more than 1 billion won ($892,000) nearly doubled over the past five years, as Seoul’s real estate prices continues to soar, according to data from property market research company Real Estate 114 on Wednesday. At the end of July 2012, the number of high-priced apartments exceeding 1 billion won stood at 105,773. As of this month, the figure increased to 204,791. In addition, the data revealed that approximately 78 percent of apartments in Se
EconomyJuly 26, 2017
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Hyundai Heavy to secure W1tr via management improvement plan
Hyundai Heavy Industries Group announced Wednesday it expects to acquire some 1 trillion won ($892 million) this year on the back of the company’s management improvement plan implemented last year to sell-off nonessential assets. HHI Group has sold 100 percent of its shares of Hotel Hyundai to private equity investment group Hahn & Company worth 200 billion won, according to the company’s press release.(Yonhap) The company added that so far this year it has also secured another 400 billion won
IndustryJuly 26, 2017