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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[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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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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KT&G included on FTC conglomerates watch list
Four companies including KT&G Corp., South Korea's largest tobacco manufacturer, have been included on the antitrust watch list as large business groups, with its mutual investments and loan guarantees to be restricted, the watchdog said Monday.Every year the Fair Trade Commission announces a newly updated list of large business groups with assets of 10 trillion won ($8.8 billion) or more to oversee their equity investments or inter-affiliate loan guarantees. (Yonhap)In its latest update, the FT
IndustryMay 1, 2017
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Govt. approves pilot run of Samsung's self-driving car
South Korea's land ministry said Monday it has approved a test run of Samsung Electronics Co.'s self-driving car currently under development based on deep-learning technology.The approval made by the Ministry of Land, Infrastructure and Transport will allow Samsung to test run the self-driving car on actual roads.Samsung Electronics plans to develop top-of-the-line sensors and computer modules backed by artificial intelligence and the deep-learning technologies to improve cars' self-driving capa
MobilityMay 1, 2017
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Samsung to start full-fledged service of Bixby AI program
Samsung Electronics Co. said it plans to start the full-fledged service of Bixby, an artificial intelligence program installed in its latest flagship Galaxy S8 smartphones.While Samsung officially released the Galaxy S8 smartphone last month, the Bixby service was still in launch preparations.Through deep-learning technology, Samsung said Bixby will learn users' speaking habits as well as other information to provide them with accurate voice assistance.(Yonhap)Market watchers said Bixby is likel
TechnologyMay 1, 2017
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Banks' loan delinquency rate edges down in March
The loan delinquency rate of South Korean banks edged down in March from a month earlier as they wrote off bad loans, government data showed Monday.The delinquency rate for their won-denominated loans stood at 0.51 percent at the end of March, down 0.06 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Loans with both the principal and interest overdue by one month or more are considered delinquent. The decline came as 1.2 trillion won ($1 billion
MarketMay 1, 2017
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Benz Korea aims to sell over 60,000 units this year
Mercedes-Benz aims to sell a record high of over 60,000 units in South Korea this year, posting double-digit sales growth for a second consecutive year, the head of the company's local unit has said.In the first quarter of the year, Mercedes-Benz Korea sold a total of 19,119 units, raising hopes that it could far exceed last year's annual sales.In 2016, sales of Mercedes Benz Korea came to 56,343 cars, spiking 19.9 percent from a year earlier, while annual sales of all imported vehicles dropped
MobilityMay 1, 2017
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Korea's exports soar 24.2% in April
South Korea's exports continued to rise in April, extending their winning streak to six months, on the back of brisk overseas sales of ships and chips, the trade ministry said Monday.Outbound shipments came to $51 billion last month, up 24.2 from $41.1 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering world trade. Imports jumped 16.6 percent on-year
EconomyMay 1, 2017
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Sales of OEM cars plunge 58% in Q1
Sales numbers of vehicles produced overseas and sold here by local manufacturers shrank greatly in the first quarter of the year from a year earlier, data showed Thursday, apparently due to advances by local competitors.Sales of the so-called OEM cars came to 3,171 units in the January-March period, sharply down 57.7 percent from the same period last year, according to the data compiled by the Korea Automobile Manufacturers Association. The QM3 small SUV by Renault Samsung Motors Co., the South
MobilityMay 1, 2017
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Bedridden Samsung head shows no signs of recovery
Lee Kun-hee, chairman of Samsung Electronics, has shown no signs of recovery since being hospitalized in May 2014 after suffering a heart attack, industry sources said Monday. Samsung officials and medical experts said that Lee's condition has neither significantly improved nor deteriorated. Samsung Group's Seoul-based headquarters (Yonhap)"I have not heard of Lee's condition for a long time. If there is no news, I believe his condition remains the same," a high-ranking Samsung executive said. W
IndustryMay 1, 2017
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KEPCO makes foray into first overseas CDM biz
South Korea's state-controlled electric utility company said Sunday that is has made its first overseas foray into the clean development mechanism business.Korea Electric Power Corp. said it signed a deal with its counterpart in Iran on Saturday to reduce greenhouse gases in the resource rich Middle East country. (KEPCO)It said the plan outlines cutting back on sulphur hexafluoride (SF6) being released into the atmosphere by some 700,000 tons in the next 10 years. It said a building energy manag
IndustryApril 30, 2017
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Samsung's Galaxy S8 sales hit 22,200 units on Saturday
Sales of Samsung Electronics Co.'s new flagship Galaxy S8 smartphone stood at about 22,200 units on Saturday in South Korea, industry data showed Sunday, up compared to weekdays. The increase marks a gain from 16,000 units activated by the country's carriers on Thursday and some 17,000 units reported for the following day, according to industry data. Samsung has said preorders for the Galaxy S8 surpassed 1 million units. (Yonhap)The daily figures included both preordered smartphones and phones
IndustryApril 30, 2017
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Amid South Korea’s SUV boom, local automakers seek momentum
SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra, launched a premium large-size SUV dubbed the G4 Rexton last week, seeking to cement the company as an automaker that specializes in SUVs. Competition in the local SUV market will further heat up as Hyundai Motor is slated to launch its first small-size SUV, the Kona, this summer. “Local and foreign automakers are rolling out a wide range of SUVs on rising demand. The launch of SUVs, however, hold greater meaning for l
MobilityApril 30, 2017
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Korea to raise parental leave subsidy for second child
Starting in July, the maximum parental leave subsidy for a second child will rise to 2 million won ($1,753) a month for the first three months, the Welfare Ministry said Sunday.In November 2014, the government started to provide a 1.5 million won monthly financial incentive when a second parent takes parental leave to care for their second child. The move was an effort to encourage more fathers to participate in child care and help couples to have a second child.The government will raise the amo
EconomyApril 30, 2017
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Google to commercialize artificial intelligence to detect diseases
With the recent advances in artificial intelligence, Google has been working to apply a form of high-level AI computing known as deep learning to the field of medicine and health care. Though further developments are underway, Google said Thursday that it has successfully developed new deep learning algorithms that can detect and diagnose diabetic retinopathy, an eye disease which can lead to blindness, as well as locate breast cancer. Lily Peng, product manager of the medical imaging team at G
TechnologyApril 30, 2017
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Non-life insurers’ profits rise on smaller loss ratios for cars
South Korea’s non-life insurers saw their profits rise due to reduced loss ratios for car insurance and the rise in medical insurance rates in the first quarter, data showed Sunday.However, criticism persisted as the insurers appear to rely on group buying schemes, which allows them to overcharge customers to sustain financial stability for coverage, observers said.The combined net profit of the five major non-life insurers -- Samsung Fire & Marine Insurance, Dongbu Insurance, Hyundai
MarketApril 30, 2017
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Samsung's Flex Wash laundry system win ergonomics award
Samsung Electronics Co. said Sunday that its innovative Flex wash laundry system won the "Best of Best" ergonomics design award at an industry event on Jeju Island.The global electronics giant said the recognition by Ergonomics Society of Korea on Friday highlighted the excellent convenience and ease of use incorporated into the washing machine that was unveiled at the Consumer Electronics Show in Las Vegas earlier in the year. (Yonhap)It said ESK members also gave high marks for efficiency and
IndustryApril 30, 2017
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Banks continue to raise household lending rates
Commercial lenders in South Korea have raised interest rates for household lending, weighing on household debt, the central bank’s data showed Sunday. Fresh household loans with rates lower than 3 percent, extended by local banks, took up 26 percent of total household loans in March, hitting a 25-month low, according to data from the Bank of Korea. The proportion of new loans with interest rates below 3 percent plummeted by 50 percentage points to reach 25.8 percent, from 76 percent in Aug
MarketApril 30, 2017
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Uncertainty over Trump's policies grows: BOK
The Bank of Korea said Sunday that despite US President Donald Trump celebrating his first 100 days in the White House, uncertainties over his policies have grown and are causing jitters. Citing concerns about Trump's protectionist moves, legal challenges over his anti-immigration policy and a revamped healthcare plan, the central bank urged Asia's fourth-largest economy to strengthen its monitoring on policies being pursued in the world's No. 1 economy. In an interview with Reuters last week, T
EconomyApril 30, 2017
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China’s top 3 smartphone makers catching up with Samsung
China’s top three smartphone makers, Huawei, Oppo and Vivo, are catching up with the market shares of Samsung and Apple, based on their affordable prices and premium stylings, according to a US research firm. According to the latest report published by IDC, the combined smartphone shipments by the three Chinese firms increased by 15.5 million units on-year to 77.9 million units in the first quarter. During the same period, Samsung and Apple remained essentially flat with shipments reaching 79.2
IndustryApril 30, 2017
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Korea to help local software firms make headway in global stage
South Korea will inject a total of 38.6 billion won ($33.9 million) over the next two years to support local small and mid-size software firms become more globally competitive, the ICT ministry said Sunday.Under the so-called Global Creative Software project spearheaded by the Ministry of Science, ICT and Future Planning, 16 companies in various software sectors such as security and system software will receive support. (123RF)The government has been making various efforts to assist promising so
TechnologyApril 30, 2017
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Local think tank ups Korea's growth forecast on exports, investments
A local private think tank said Sunday it has raised its growth outlook for South Korea this year, helped by increased exports and facility investments.The Korea Institute of Finance projected the country's gross domestic product to increase by 2.8 percent for 2017, higher than its earlier estimate of 2.5 percent growth forecast in October.It said the economy should expand 2.6 percent in the first half followed by 2.9 percent gains in the July-December period.The upward revision came as the glob
EconomyApril 30, 2017