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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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Sales of Celltrion’s Remsima affect Q1 earnings of Pfizer, MSD
The first-quarter earnings of Pfizer and US-based Merck & Co. appear to have been affected by sales of Celltrion’s Remsima, a biosimilar copy of Johnson & Johnson’s Remicade. Pfizer, which markets and sells Celltrion’s Remicade biosimilar in the US and other global markets, said in its earnings report for the January-March period Wednesday that worldwide sales of its biosimilars in the quarter came to $105 million. Of this amount, global sales of Remsima reached $78 million. Remsima is Celltrion
IndustryMay 4, 2017
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Naver launches new fine dust tracking service
Wary of growing concerns over worsening air quality, South Korea’s internet giant Naver on Thursday introduced a new visual mapping service that tracks the movement of fine dust in Korea, Japan and China. The new fine dust mapping service can be accessed by searching for fine dust levels on Naver via either PC or mobile device.(Naver)Previously, Naver had provided only numerical figures that showed the level of fine dust in different cities in Korea. The new feature visually displays the changes
TechnologyMay 4, 2017
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1 in 3 chaebol owners’ pay checks remain undisclosed: FSS
Around 1 in 3 South Korean chaebol chiefs are keeping their pay levels confidential as they remain unregistered at boardrooms. As of March, eight out of 26 leaders of conglomerates were not registered board members of their listed holding companies or other major subsidiaries, according to the Financial Supervisory Service on ThursdayThe eight unregistered chaebol leaders include Samsung Electronics Chairman Lee Kun-hee, Hanwha Group Chairman Kim Seung-youn, Asan Foundation Chairman Chung Mong-j
IndustryMay 4, 2017
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Corporate spending on entertainment down by 28% after anti-graft act
The entertainment expenses of the 30 largest Korean companies decreased nearly 30 percent on-year in the fourth quarter, following the enactment of the Kim Young-ran anti-graft act last September, according to corporate tracker CEO Score on Thursday. The Kim Young-ran law sets a maximum price limit for food and gifts -- 30,000 won ($26.50) and 50,000 won, respectively -- for public officials and journalists, among other restrictions. CEO Score surveyed the entertainment expenses of 111 local aff
IndustryMay 4, 2017
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Services deficit hits record high amid THAAD fallout
South Korea’s chronic deficit in its services account hit a new high in the first quarter, as Chinese tourists shunned the country in the wake of Beijing’s apparent retaliation against the deployment of a US anti-missile system, the central bank said Thursday.According to the Bank of Korea, Asia’s fourth-largest economy saw its current account surplus halve to $5.9 billion in March from $10.5 billion a year earlier, mainly due to a widened deficit in its services account and a
EconomyMay 4, 2017
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Korea's online sales hit record high in March
South Korea's online sales continued their upbeat mode to reach a fresh record high in March amid recovering consumer sentiment, government data showed Thursday.Total online transactions reached 6.33 trillion won ($5.58 billion) in March, up 21.3 percent from 5.22 trillion won tallied a year earlier, according to the data by Statistics Korea. (Yonhap)It marked the highest number to date, easily surpassing the earlier record of 6.21 trillion won set in December last year.Purchases made through sm
IndustryMay 4, 2017
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Korean shares turn higher on foreign buying
South Korean stocks turned higher late Thursday helped by increased buying by foreign investors.The benchmark Korea Composite Stock Price Index rose 13.02 points, or 0.59 percent, to 2,232.69 as of 11:20 a.m. Bae Sung-young, a market analyst at KB Securities Co., said foreign buying and improved corporate earnings pushed up the main index.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. rose 1.16 percent, and Naver, the top Internet portal operator, gai
MarketMay 4, 2017
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Rising number of seniors prefer smartphones over flip-phones
A rising number of seniors are purchasing the latest smartphones, industry data showed Thursday, breaking the perception that older users normally buy traditional handsets with buttons.According to the data compiled SK Telecom Co., 74 percent of its users aged 60 and above used smartphones as of April. The number compares to the 10 percent posted by a separate survey conducted by Gallup Korea in 2012. (Yonhap)The mobile carrier also said 40 percent of its clients aged 65 an above purchased Samsu
TechnologyMay 4, 2017
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Kospi hits record-high in morning trade
South Korea’s first-tier stock market index hit an all-time high about five minutes after the market opened Thursday. The benchmark Korea Composite Stock Price Index recorded 2,232.98 at around 9:05 a.m. Thursday, beating the record-high mark of 2,231.47 set on April 27, 2011. The market opened at 2,224.91, up 5.24 points, or 0.35 percent, compared to the previous trading day Tuesday, when it closed at 2,219.67. The market did not open Wednesday as it was a public holiday. Kospi extended
MarketMay 4, 2017
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US 4th largest market for Korean cosmetics in Q1
The United States ranked as the fourth-largest overseas market for South Korean cosmetic products in the first quarter of 2017 despite concerns of protectionism, a trade association said Thursday. In the January-March period, South Korean companies trailed French, Canadian and Chinese firms in terms of makeup products shipped to the world's largest economy, the Korea Trade-Investment Promotion Agency.In this photo taken on June 12, 2016, a Korean makeup artist puts makeup on a foreigner during a
IndustryMay 4, 2017
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Korea's current account surplus narrows to $5.93b in March
South Korea's current account surplus narrowed in March from a year earlier due to an increased deficit in the service balance, central bank data showed Thursday.The country's current account surplus reached $5.93 billion in March, compared with a surplus of $10.55 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 61 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the widened deficit
EconomyMay 4, 2017
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Korea's FX reserves up in April
South Korea's foreign exchange reserves rose slightly in April from a month earlier due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Thursday.As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International M
EconomyMay 4, 2017
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Korea's eco-friendly product exports surge 32 pct this year: govt
Korea's eco-friendly product exports surged 32 percent annually in the first four months of 2017, the government said Wednesday.According to the Ministry of Trade, Industry and Energy, outbound shipments of such products as energy storage systems reached around $148 million as of late April.It said exports of EVs centered on the popular Ioniq and Soul reached 4,367 units worth $110 million in the first quarter, a gain of 9 percent from the year before. The Ioniq is Hyundai Motor Co.'s answer to
IndustryMay 3, 2017
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Trade policies missing from presidential pledges
Conspicuously missing from the five major presidential candidates’ campaign pledges is how they would address increasing external trade pressures on the country, particularly the protectionism pursued by US President Donald Trump, upon winning next week’s election.During their debate on economic issues last week, the audience was apparently let down by their unfocused approaches to a rising US demand for renegotiating the bilateral free trade agreement that took effect in 2012.A day
EconomyMay 3, 2017
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Hyundai, Kia's April US sales remain sluggish
The combined sales of Hyundai and Kia Motors, South Korea’s top two automakers, in the US market continued a downward slide in April as older models lost popularity, industry experts said Wednesday. The two automakers sold a combined 61,651 units, down 0.9 percent on-year in April, according to Hyundai and Kia Motors America. Kia Motors store located in Indianapolis, Indiana. (123rf)“The US auto market is the most competitive worldwide. This is because automakers need US drivers’ recognition as
MobilityMay 3, 2017
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Signal error cited as possible cause of shipyard crane collision
Police said Wednesday their investigation into a crane collision that killed six people and injured 25 others at Samsung Heavy Industries’ shipyard in Geoje, South Gyeongsang Province, on Monday, is honing in on the possibility of a signal error as the cause of the incident.According to investigators, police are currently focusing on whether the crane collision was caused due to an error with the start/stop signals that resulted in a miscommunication between the crane operators, adding that ther
IndustryMay 3, 2017
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Shipbuilding industry outlook improves
Despite stagnation that has been plaguing the global shipbuilding industry over the past few years, Korea’s big three shipbuilders -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- have managed to rake in surpluses this year.On the surface, the country’s top three shipbuilders appear to show signs of recovery in the first quarter, as they landed major ship order receipts, looking to overcome the global shipbuilding financial slump. (Yonhap)Las
IndustryMay 3, 2017
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Singapore Airlines celebrates 70th anniversary
Singapore Airlines will run a number of promotional events through this month to celebrate its 70th anniversary, the company said Wednesday. “Singapore Airlines has prepared various promotions in May as part of efforts to continuously enhance customer satisfaction for those who have supported our company,” Singapore Airlines said in a statement. (Singapore Airlines is holding promotion events in celebration of its 70th anniversary until the end of May. Singapore Airlines)The carrier plans to giv
IndustryMay 3, 2017
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Return of 50,000 won notes hits four-year high this year: BOK
The return of high denomination 50,000 won notes hit a four-year high early this year, the Bank of Korea (BOK) said Wednesday.The central bank said it retrieved 4.59 trillion won ($4.06 billion) worth of the notes in the first quarter of this year, while printing 6.96 trillion won in new bills.This represents a return rate of roughly 66 percent, up from 57.5 percent in the last three months of last year.The return rate of the notes first issued in June 2009 has been on the decline since 2013 fal
EconomyMay 3, 2017
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US to probe LG-Blu patent complaints
The US International Trade Commission began investigating whether the US smartphone maker Blu infringed standard patents of LG Electronics’ Long Term Evolution, according to the independent federal agency. Blu, established in 2009, is the sixth-largest handset maker in the North American market, selling low-end phones worth below $300. The firm sold around 5.2 million units last year -- a 68 percent growth from the previous year. LG Electronics is the third-largest handset maker in the US, with
TechnologyMay 3, 2017