Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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'Samsung-Magneti Marelli merger unlikely'
The rumor that Samsung Electronics might purchase Italian auto parts maker Magneti Marelli is unlikely to come true, said the head of Fiat Chrysler Automobiles’ operation in Seoul, citing the carmaker’s debt reduction plan, which is nearing its end, and a lack of correlation between the business strategies of the two companies. Market rumors have spread fast after a Bloomberg report last year said the South Korean tech giant was in private talks with FCA to buy its affiliate Magneti Marelli. The
MobilityMay 9, 2017
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Samsung’s smartphone sales drop by half in China in Q1
Samsung Electronics’ smartphone sales dropped by more than half in China in the first quarter of this year, according to a Hong Kong-based research firm. The Korean tech giant is losing its market share to Chinese brands, including Huawei, Oppo and Vivo, in the world’s largest smartphone market. Samsung Galaxy S8 (right) and Galaxy S8 Plus (Yonhap)According to the latest report published by Counterpoint Technology Market Research, shipments of Samsung Electronics smartphones fell around 60 perc
IndustryMay 9, 2017
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Private equity deals in Korea dip 30.4% last year
Transactions by South Korea's private equity firms slipped 30.4 percent on year in 2016 amid a lack of mega buyout deals, government data showed Tuesday. Local private equity groups invested a total of 8.9 trillion won ($7.8 billion) last year, compared with deals worth 12.8 trillion won in 2016, according to the data by the Financial Supervisory Service. In a statement, the financial regulator attributed the sharp decline to a lack of big merger deals last year. In 2015, local private equ
MarketMay 9, 2017
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[Herald Interview] Riding on SUV boom, FCA scores in Korea
When looking back over the past five years in South Korea, Pablo Rosso, president of Fiat Chrysler Automobiles Korea, sees a clear change in the local automobile market. Not only has the number of foreign cars surged, from 10 percent in 2012 to 14.3 percent in 2016, but market demand for unique cars -- in color and features -- has grown as an alternative to mass-produced domestic sedans. And that is what FCA could offer best, he said. Pablo Rosso, president of Fiat Chrysler Automobiles Korea (P
MobilityMay 9, 2017
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IMF keeps Korea's 2017 growth rate unchanged at 2.7%
The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year. In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda
EconomyMay 9, 2017
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Facebook temporarily down in Korea on Election Day
Some Facebook users in Korea were unable to access their social media accounts Tuesday morning, the day of the country’s presidential election.At around 10 a.m., users said they tried to log into their Facebook accounts, but were not able to gain access for around 50 minutes. The site only said, “Sorry, something went wrong. We’re working on it and we’ll get it fixed as soon as we can.”The Korean arm of the social media giant issued a statement around 11:30 a.m., saying, “Some users had difficul
TechnologyMay 9, 2017
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Hyundai Heavy, Samsung Heavy win container ship orders
Hyundai Heavy Industries and Samsung Heavy Industries have received orders for very large crude carriers amid increasing global demand.According to the Clarkson Research Institute, the increasing number of orders were brought about by a decline in newbuilding prices. Building prices hit $80 million in March, the lowest point in 14 years, which encouraged shipping companies to order new VLCCs to replace outdated vessels. (Yonhap)A rise in oil prices and the operation of newly constructed oil refi
IndustryMay 9, 2017
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Naver set to unveil AI-based smart speaker in summer
Naver Corp., South Korea's top Internet portal operator, plans to unveil an artificial intelligence embedded smart speaker, the WAVE, this summer, industry sources said Tuesday.According to the sources, Naver and its Japanese affiliate LINE Corp. are working to launch the smart speaker based on its AI virtual assistant, Clova CLOud Virtual Assistant, before the end of the first half. Naver Corp.'s auto infotainment platform, IVI (Yonhap)The WAVE speaker is said to be unveiled in Japan under the
TechnologyMay 9, 2017
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Big retailers' revenues top W40tr in 2016
Major South Korean discount retailers saw their sales edge up 1.8 percent last year to exceed 40 trillion won ($35.3 billion) for the first time ever, largely thanks to an increase in new outlets, industry data showed Tuesday.According to the data, the combined revenues of E-Mart, the country's top discount chain operated by retail conglomerate Shinsegae, and others reached 40.1 trillion won last year, compared with 39.4 trillion won a year earlier. (Yonhap)E-Mart launched the country's first bi
IndustryMay 9, 2017
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Positive impact of R&D subsidies on small firms: report
Government research and development subsidies provided to small and medium enterprises have had a positive impact on their innovation and competitiveness, a report said Monday.The report by the state-run Science and Technology Policy Institute showed that SMEs which received R&D support from 2011 through 2015 showed positive results both in terms of sales and job creation.(Yonhap)"The results show that the government subsidies play a huge role in getting SMEs to hire more people," the report sai
IndustryMay 8, 2017
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Kospi extends winning streak
South Korea‘s main bourse-based index reached another all-time high Monday, following abated global uncertainties after French centrist Emmanuel Macron was elected president, as well as rising expectations of the presidential transition in South Korea. The benchmark Korea Composite Stock Price Index closed at 2,292.76, up 2.3 percent, or 51.52 points, Monday, breaking the record high set in the previous trading day of Thursday at 2,241.24. The Kospi hovered around 2,254 points from late mo
MarketMay 8, 2017
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Number of 'early state pension' recipients down
The number of South Korean recipients of "early state pension" decreased in 2016, data showed Monday, as more senior citizens opted for the regular benefit program to ensure they get a meaningful income later on in life.According to the data by the National Pension Service, the number of people receiving the early pension came to 36,614 in 2016, compared to 43,447 in 2015. The early state pension program was introduced to guarantee income for senior citizens up to five years earlier th
EconomyMay 8, 2017
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LG Electronics rules out acquisition of Pantech
LG Electronics Inc. on Monday ruled out the rumor that the company is considering the acquisition of South Korea's No. 3 smartphone manufacturer, Pantech Co.Through a regulatory filing made after getting the request from the Korea Exchange, the main bourse operator, South Korea's No. 2 tech giant said it has never considered purchasing Pantech. (Yonhap)After facing financial troubles, Pantech was normalized in late 2015 after Solid Inc. listed the company on the secondary bourse Kosdaq acquired
TechnologyMay 8, 2017
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[Monitor] Proportion of direct taxes surpasses 55%
Revenue from direct taxes accounted for a record 55.3 percent of all dues collected last year, the Finance Ministry said Sunday.Upon the government’s reform of its tax credit rules on income and transfer taxes, the percentage of direct taxes to overall revenue earnings continued to rise for the past three years.The ministry said the tax earnings reached 230 trillion won ($202.3 billion), excluding taxes on education and rural development.
MarketMay 8, 2017
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[Election 2017] Tech giants aim to provide accurate, real-time data for presidential election
As South Korea prepares to hold its 19th presidential election Tuesday, the country’s major internet companies have set out to provide the public with accurate, timely and convenient information about the candidates and real-time voting updates. Naver, the operator of Korea’s most widely-accessed portal website, has a special section on its election page that will continuously update voting information as the results come in. The portal operator said it will display the information based on real
TechnologyMay 8, 2017
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Outlook of Korea's export is fragile: UN ESCAP
In the wake of continued economic uncertainty regarding US President Donald Trump, the possible abolishment of the five-year Korea-US FTA and political disputes with China, the United Nations Economic and Social Commission for Asia and the Pacific has predicted a “moderate” economic growth forecast for the Korean economy. “As an export oriented economy (Korea), overall economic growth in past years has been clouded by prolonged weakness in global trade,” said ESCAP’
EconomyMay 8, 2017
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Samsung may reshuffle executives this month
Samsung Group is expected to carry out a reshuffle of its executives as early as this month, company sources said Monday. Korea’s largest conglomerate usually carries out reshuffles and appointments of its executives, as well as CEOs, in December. However, Samsung delayed last year’s appointments after the company was embroiled in a corruption scandal which led to the impeachment of former President Park Geun-hye and the arrest of Lee Jae-yong, the company’s de facto leader.“It is true there is
IndustryMay 8, 2017
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Hyundai, Kia remain determined against forced recall
Hyundai Motor and Kia Motors, South Korea’s top two automakers, attended on Monday a hearing on a forced recall, following the first-ever refusal by a local automotive company to comply with recalls ordered by the government.The Ministry of Land, Infrastructure and Transportation had ordered Hyundai and Kia to recall 250,000 vehicles across 12 models last month, after looking through five cases of possible safety risks caused by allegedly faulty auto parts.While acknowledging the defective parts
MobilityMay 8, 2017
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'Pororo' studio OCON plans to go public next year
OCON Inc., the animation studio that created the computer-animated TV series "Pororo the Little Penguin," plans to launch an initial public offering next year, company officials said Monday. First aired in 2005, Pororo is one of the most popular cartoon characters for children in South Korea.(Yonhap)OCON holds a 27 percent stake in the copyright of the TV series, with another studio, Iconix Entertainment, holding another 27 percent. The remaining 46 percent is equally owned by SK Broadband and b
IndustryMay 8, 2017
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Korea has highest employment rate of seniors in OECD
South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday.The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for Economic Cooperation and Development, according to the data compiled by the Paris-based agency. It is far higher than the OECD average of 4.8 percent. Mexico came next with 17 percent, followed by Japa
EconomyMay 8, 2017