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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S. Korea, China to be affected by THAAD fallout: think tank
South Korea and China will both be hurt economically by the fallout caused by the deployment of the advanced US missile defense system on the Korean Peninsula, a local think tank said Wednesday.According to the Hyundai Research Institute (HRI), Beijing's retaliation against Seoul's decision to station a Terminal High Altitude Area Defense (THAAD) battery here could cost Asia's fourth-largest economy 8.5 trillion won ($7.5 billion) in losses in 2017. This translates into the country's gross domes
EconomyMay 3, 2017
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Watchdog slaps 2.2 bln won fine on six department stores
Korea's corporate watchdog said Wednesday that it has slapped a combined 2.2 billion won ($1.94 million) in fines on six local department stores for abusing their power to control their subcontractors.The companies -- Shinsegae Department Store, Lotte Department Store, Hyundai Department Store, Hanwha Galleria, NC Department Store and AK Plaza -- were accused of refusing to give back written contracts to their suppliers, or forcing the suppliers to pay for interior remodeling, according to the F
IndustryMay 3, 2017
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Manufacturers to operate plants during May holidays
Korean manufacturers said Wednesday they will operate their plants as usual during the May holidays to avoid any production losses.For companies such as chipmaker Samsung Electronics Co., refiner SK Innovation Co. and steelmaker POSCO, it takes time and costs to resume operations in their production facilities following a full-scale halt for a certain period. Samsung Electronics has operated its chip assembly lines around the clock to meet growing demand for high-end products mainly used in hand
IndustryMay 3, 2017
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Premium product sales help LG sidestep Samsung in Q1 TV earnings
Strong sales of premium products allowed LG Electronics to beat out its main rival Samsung Electronics in the first-quarter TV market earnings race, data showed Wednesday.According to LG, its Home Entertainment (HE) division, which focuses on TVs, posted a record-high operating profit of 382.2 billion won ($338 million) in the January-March period. Its operating profit ratio reached 8.8 percent, the highest ever for the first three months of any year.Samsung Consumer Electronics (CE) division, w
TechnologyMay 3, 2017
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Korean firms win 50 bln won transformer order in Britain
An affiliate of shipbuilder Hyundai Heavy Industries Co. and trading company POSCO DAEWOO secured a 50 billion won ($44 million) transformer order from Britain's National Grid plc, the companies said Wednesday. Hyundai Electric & Energy System and POSCO DAEWOO said they signed the deal to supply 23 high-pressure transformers to electric power stations in Britain for three years ending 2020. (Yonhap)The two Korean firms have already provided 130 billion won worth of transformers to National
IndustryMay 3, 2017
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US production of Kia Sorento SUV tops 1 mln mark
Kia Motors Corp., Korea's second-biggest carmaker by sales, said Wednesday that its US production of the Sorento midsize SUV surpassed the 1 million mark. Kia reached the milestone with a pearl-colored Sorento SUV built at its Georgia plant on May 2 (US time). The Sorento SUV went into production in the US on Nov. 16, 2009, following the construction of the plant that took three years, according to the company. (Yonhap)The carmaker invested 1.24 trillion won ($1.1 billion) in the Georgia plant.
MobilityMay 3, 2017
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Stock prices to hit record levels under new president: market watchers
Korea's incoming president is expected to help push up the country's stock prices to record high levels, local market watchers, citing past trends, said Wednesday.Analysts said the prediction is based on the recent rise in share prices fueled by generally good earnings reports by big name companies in the first quarter and forecasts that the global economy is on the mend. They also said that the country's stock market has almost always moved up during the first two years of a new president's ter
EconomyMay 3, 2017
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Korean retailers bet on outlets for new growth
Korean retailers are betting on suburban outlets to secure a new profit driver as they find little room for growth in the downtown department store business, industry sources said Wednesday. Lotte Group, Hyundai Department Store, Shinsegae Co. and other retail conglomerates said they plan to open additional outlets or expand their existing shopping malls on the outskirts of Seoul. More than nine outlets are scheduled to open in the next two years to meet growing demand from customers who can t
IndustryMay 3, 2017
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Foreign investors' holdings of Korean stocks hit new high
Offshore investors' holdings of Korean stocks hit an all-time high last week, as the nation's benchmark index has gained on better-than-expected corporate earnings, according to the Korea Exchange on Wednesday. Foreign investors' holdings of Korean stocks stood at 522.8 trillion won ($463.1 billion) as of last Friday, compared with 408.3 trillion won on May 2, 2011, when the index closed at an all-time high of 2,228.96.Foreign holdings accounted for 36.5 percent of the KOSPI's market capitalizat
EconomyMay 3, 2017
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Global digital cartoon market to expand to $1.17 bln in 2020
The global market for digital animation is expected to grow at an average of 10.8 percent annually to US$1.17 billion in 2020, an industry report said Wednesday.According to the annual report by the National IT Industry Promotion Agency (NIPA), the global digital cartoon market came to $814 million in 2016, up 15.7 percent from a year earlier.(Yonhap)The findings showed digital cartoons accounted for only 4.1 percent of the entire animation industry in 2011 but the ratio expanded to 10 percent i
IndustryMay 3, 2017
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Samsung's presence on main bourse to fall on cancellation of treasury shares
Samsung Electronics Co.'s presence on the main bourse is anticipated to edge down after the company completes its plan to cancel its treasury shares, market watchers said Wednesday.NH Investment & Securities Co. said Samsung Electronics' presence on the KOSPI200, the basket of 200 blue chip firms' shares listed on the main bourse, will drop by 1.3 percentage points if the company completes the write down."If there is no change in the price, the combined market capitalization will fall i
MarketMay 3, 2017
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[Graphic News] Korea likely to suffer $17b loss if FTA with US is revised
South Korea’s exports to the United States are expected to suffer losses of as much as $17 billion over five years if the two nations renegotiate their bilateral free trade deal, according to a report. The Korea Economic Research Institute, a private think tank in Seoul, said in the report that South Korea’s auto, machine and steel sectors would suffer the most if tariff rates are revised upon renegotiation.In another possible scenario, if the two agree to delay the tariff eliminatio
EconomyMay 2, 2017
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Korea five carmakers' sales fall 11% in April
South Korea's five carmakers said Tuesday their combined sales fell 11 percent last month from a year earlier on weak overseas vehicle demand. The five automakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a total of 656,735 vehicles in April, down from 740,228 units a year earlier, according to data released by the companies. (Yonhap)Their overseas sales plunged 13 percent to 524,060 units last month from the previous year'
MobilityMay 2, 2017
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Stocks trade higher again, despite afternoon losses
Stocks in South Korea’s main bourse traded higher again, though earlier sharp gains evaporated in the afternoon Tuesday. The benchmark Korea Composite Stock Price Index ended at 2,219.67 on Tuesday, up 14.23 points, or 0.65 percent, over Friday, when it closed at 2,205.46 to end seven consecutive gains. The stock market did not open Monday for a public holiday.The first-tier stock market hit its intraday high at around 11:47 a.m. at 2,229.74, approaching its all-time high mark of 2,231.47,
MarketMay 2, 2017
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Regulations threaten to hold up blockchain's progress in Korea
Financial authorities in South Korea have yet to decide on whether to exempt blockchain technology from regulations on financial privacy, which may hurt Korea’s move to pursue the fintech-led fourth industrial revolution, a news report said Tuesday.Blockchain is expected to be a key feature of financial technology infrastructure in Korea, as it offers enhanced security from tampering. But it requires records in a block of transactions to remain permanent, with no option to alter them retro
MarketMay 2, 2017
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Seoul stocks close higher on blue chip gains
South Korean stocks closed higher on robust gains of blue chip shares, including market behemoth Samsung Electronics, analysts said Tuesday, posting the second-highest closing figure. The Korean won gained against the US dollar.The benchmark Korea Composite Stock Price Index gained 14.23 points, or 0.65 percent, to close at 2,219.67. Trade volume was low at 290 million shares worth 4.72 trillion won ($4.17 billion), with losers outnumbering gainers 429 to 363.The latest figure marks the second-h
MarketMay 2, 2017
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Kia's April sales fall 13% on lower overseas demand
Kia Motors Corp. said Tuesday its vehicle sales fell 13 percent last month from a year earlier on lower overseas demand. The country's second-biggest carmaker by sales sold a total of 209,832 vehicles in April, down from 241,617 units a year earlier, the company said in a statement. (Yonhap)Domestic sales fell 10 percent year-over-year to 43,515 units from 48,505 units. Overseas sales were down 14 percent to 166,317 from 193,112 during the same period, it said. In particular, sales of vehicles p
MobilityMay 2, 2017
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Hyundai's April sales fall 12% amid slowing growth
Hyundai Motor Co. said Tuesday its April sales fell 12 percent last month from a year earlier due to lower demand from emerging markets.The country's biggest carmaker by sales sold a total of 364,225 vehicles in April, down from 412,588 units a year earlier, the company said in a statement. (Yonhap)Domestic sales rose 1.5 percent year-over-year to 60,361 vehicles in April, up from 59,465 units. Overseas sales plunged 14 percent to 303,864 from 353,123, it said. As the low-growth trend is expecte
MobilityMay 2, 2017
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Hyundai Mobis Q1 net falls 4.2% on FX losses
Hyundai Mobis Co., South Korea's biggest auto parts maker by sales, on Tuesday posted a 4.2 percent on-year drop in first-quarter net profit due to foreign exchange losses and lower demand from China.Net profit for the three months that ended on March 31 fell to 761.9 billion won ($674 million) from 795.2 billion won a year earlier, the company said in a statement.The won's strength against the dollar in the first quarter weighed on the earnings result, the company said. (Yonhap)The won strengt
MobilityMay 2, 2017
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Renault Samsung April sales up 2.1% on new model
Renault Samsung Motors Corp., the South Korean unit of French carmaker Renault S.A., said Tuesday its April sales rose 2.1 percent last month from a year earlier on robust sales of a new model.Renault Samsung sold a total of 22,444 vehicles in April, up from 21,981 units a year earlier, helped by strong sales of its QM3 compact sport-utility vehicle, the company said in a statement. Domestic sales increased 1.9 percent year-over-year to 8,702 units from 8,536 units. Exports were up 2.2 percent t
MobilityMay 2, 2017