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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SK Holdings buys 11.77% of e-Shang Redwood
SK Holdings announced it would buy 11.77 percent of Chinese logistics firm e-Shang Redwood Group’s newly issued stock, worth some 372 billion won ($333.3 million), in a disclosure Tuesday. The holding company of South Korea’s second-largest conglomerate in market capitalization aims to tap into the “explosive growth in e-commerce market” in China through the purchase, the firm said in a release. (SK)SK Holdings’ decision in the board meeting Tuesday came in tandem with the purchase of pharmaceut
IndustryJuly 25, 2017
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LG Display to invest W7.8tr in OLED
LG Display announced Tuesday a new investment of 7.8 trillion won ($6.9 billion) for organic light-emitting diode panels, pinning its hopes on the emerging OLED market and hoping to become the second OLED display supplier for Apple’s iPhones.The investment plan, which was decided at its board meeting, includes 5 trillion won for small plastic OLED and 2.8 trillion won for large OLED out of the total 7.8 trillion won.“We made the meaningful decision in the TV and plastic OLED with the confidence
IndustryJuly 25, 2017
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SK hynix reports record quarterly earnings
SK hynix reported its best-ever quarterly operating profit in two successive quarters, amid favorable conditions in DRAM and NAND flash markets, the chipmaker announced Tuesday. The firm said it posted 6.6 trillion won ($5.9 billion) in sales and 3.05 trillion won in operating profit, rising by 69 percent and 573 percent, respectively, in the April-June period on-year. The ratio of operating gains to revenue was 46 percent, also setting a new record in surpassing the 40 percent posted in 2004.Th
IndustryJuly 25, 2017
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Moon to hold first talks with top business leaders over beer
President Moon Jae-in is set to hold his first dialogue with top business leaders here this week over beer to help break the ice and possibly allow more frank discussions, an official from the presidential office, Cheong Wa Dae, said Tuesday.The talks will be held Thursday and Friday, each day involving part of the top executives from the 14 largest business conglomerates, according to Cheong Wa Dae spokesman Park Soo-hyun."To ensure practical and candid discussions, President Moon will lis
EconomyJuly 25, 2017
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Korea ups economic growth forecast to 3% for 2017
South Korea on Tuesday raised its economic growth forecast for this year to 3 percent, pledging to create inclusive growth with its four major economic policy pillars of income-led growth, job creation, a fair economy and innovative growth.The Ministry of Strategy and Finance on Tuesday drew up the Moon Jae-in government’s economic policy directions, in which it raised the nation’s growth forecast from 2.6 percent to 3 percent on the back of an uptrend in exports and an incoming fisc
EconomyJuly 25, 2017
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Banks post record-high H1 profits on household lending
South Korea’s leading banks last week posted record-high first-half earnings, attributing the result to the economic recovery, cost savings, structural improvements and success in nonbanking sectors.But their positive performance was mostly due to an increase in interest rates, a factor weighing on the nation’s households as debt levels continue to rise.The rates for business loans, in contrast, were eased during the period, placing the issue as a task for the Moon Jae-in government
MarketJuly 25, 2017
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[Monitor] Korean firms increase spending on US lobbying
Korea’s leading exporters have raised their lobbying activities in the US since the inauguration of the Donald Trump administration, data by the US Senate Lobbying Disclosure Database showed Tuesday.Samsung Electronics spent $1.47 million on lobbying activities in the first half of this year, triple the $490,000 spent in the same period last year. Trade issues, including the bilateral free trade agreement, North America Free Trade Agreement, Trans-Pacific Partnership, trade restrictions and fore
IndustryJuly 25, 2017
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Tobacco regulations are the beginning of ‘slippery slope’: JTI executive
Regulations that restrict packaging and other marketing by tobacco manufacturers are spilling over into other sectors creating a “slippery slope,” an executive of a global cigarette company has claimed.“At the extreme end of the slippery slope is plain packaging that removes all brand imagery, which will have major ramifications for other consumer goods industries, because the measure could be extended to any product under increased regulatory scrutiny,” said Michael Deignan, vice president of c
IndustryJuly 25, 2017
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Samsung Bioepis, Merck & Co. launch Remicade biosimilar in US
Samsung Bioepis said Tuesday that it has begun selling a cheaper biosimilar drug referencing Johnson & Johnson’s Remicade in the US via its partner Merck & Co., marking the second Remicade copy to hit the US market. The launch of Samsung’s Remicade biosimilar, named Renflexis, comes three months after its official approval by the US Food and Drug Administration in April.Renflexis was developed by Songo-based Samsung Bioepis and is being commercialized in the US by its global sales marketing part
IndustryJuly 25, 2017
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Seoul stocks retreat on profit-taking
South Korean stocks finished lower Tuesday on profit-taking, after the key index hit a record high in the previous session, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 11.63 points, or 0.47 percent, to close at 2,439.90. Trade volume was moderate at 270 million shares worth 5.3 trillion won ($4.7 billion), with losers outnumbering gainers 499 to 300.The local stock market opened nearly flat as investors sought profit-taking after
MarketJuly 25, 2017
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New ICT minister urge researchers to face various challenges
South Korea's new chief ICT policymaker made a visit to the state-run science laboratory on Tuesday, stressing that both the government and researchers should push forward reform to face various challenges under the fourth industrial revolution. You Young-min, who took office earlier this month, made his first official visit to the Korea Institute of Science and Technology located in northern Seoul. (Yonhap)"I will make visits as much as possible to communicate more with field researchers," Yoo
TechnologyJuly 25, 2017
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Consumer sentiment in ‘phase of adjustment’: BOK
South Korea’s composite consumer sentiment index inched up 0.1 point to 111.2 this month from June, indicating a phase of adjustment in anticipation for President Moon Jae-in’s new policies, the Bank of Korea said Tuesday.The CCSI has moved upward six straight months and been in optimistic terrain for four consecutive months, inching closer to the 111.4 recorded in January 2011. However, the increase in July was close to “insignificant,” Park Sang-woo, an official at the
EconomyJuly 25, 2017
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Seoul counteroffers on Washington’s FTA amendment call
As part of his first duties in office, the newly appointed Minister of Trade, Industry and Energy Paik Un-gyu sent a letter to his US counterpart agreeing to hold a joint committee on the two countries’ free trade agreement, but with a different timeline, venue and agenda, the ministry said Tuesday. Making no mention of trade revision deliberations, the Seoul government suggested instead that the committee be used to discuss how to objectively analyze and assess the effects of the KORUS F
EconomyJuly 25, 2017
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LG Chem apologizes over alleged wire-tapping of union members
South Korea’s leading chemical firm LG Chem on Tuesday sent out a statement apologizing for the alleged wire-tapping of its labor union members at its Iksan plant in North Jeolla Province. LG Chem said that it has requested a full-scale investigation with the authorities to find the facts surrounding the scandal.The wire-tapping issue broke out Thursday as an LG Chem union member reportedly found a wire-tapping device in their staff lounge. (Yonhap)Upon finding the device, LG Chem union members
IndustryJuly 25, 2017
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Korean government to unveil tax hike plan next week: finance minister
The South Korean government will unveil its plan to increase taxes for the super rich and biggest businesses next week to secure funds for expanded welfare costs over the next five years, the country's top economic policymaker said Tuesday."The tax-hike issue has been raised in government policy meetings, with the ruling party calling for it," Finance Minister Kim Dong-yeon said at a press conference on the new Moon Jae-in government's economic policy plan. "The ministry is consid
EconomyJuly 25, 2017
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CJ Cheiljedang to build production base in Vietnam
CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Tuesday it will spend 70 billion won ($63 million) on building a new production complex in Vietnam to expand its presence in the Southeast Asian market.The Korean firm said it held a groundbreaking ceremony Monday for the 66,000 square meter base in Ho Chi Minh City.When the construction is complete by July next year, the new base is expected to produce up to 60,000 tons of foodstuffs, including both refrigerated and frozen
CompaniesJuly 25, 2017
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Pizza chain founder to stand trial for embezzling W15b
The founder of a local pizza franchise will face trial on charges of embezzlement and breach of trust worth 15 billion won ($13.4 million), prosecutors said Tuesday. The Seoul Central District Prosecutors' Office has indicted Chung Woo-hyun, ex-head of MP Group, for misappropriating company funds, breach of duty and obstruction of business, it said. The indictment comes nearly three weeks after Chung was arrested early this month following the court approval on the writ.The prosecution also indi
IndustryJuly 25, 2017
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Fine dust decreases 15.4% after temporary shutdown of coal power plants
Fine dust levels have decreased some 15 percent in the central region of South Korea following the temporary shutdown of eight old coal-fired power plants last month as part of the government's efforts to reduce the country's air pollution levels, a study showed Tuesday.Starting June 1, the thermal power plants, including four in central Chungcheong Province, were closed for 30 days. The plants have a combined generation capacity of 2.8 gigawatts, or some 2.5 percent of the country's total.Durin
IndustryJuly 25, 2017
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Senior employment rate up 1.1% in May
The employment rate of senior citizens in South Korea gained ground in May from a year earlier as a growing amount remained in the job market or sought work amid the rapidly aging population, government data showed Tuesday.The employment rate of those aged between 55 and 79 reached 54.8 percent as of May, up 1.1 percentage points from a year ago, according to the data compiled by Statistics Korea.The number of the employed in the age group rose 424,000 to 7.08 million over the cited period, whil
EconomyJuly 25, 2017
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Korea to cut credit-card processing fees for small merchants
South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon Jae-in that the new administration aims to ease financial burdens on consumers by assessing "propriety" of commission fees charged on banking and financial services.
EconomyJuly 25, 2017