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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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Frozen meal market swelling in Korea
The market for frozen dishes is growing fast in South Korea, on the back of a new social trend in which more people are choosing to live and eat alone, industry data showed Thursday.The market for frozen meals, such as frozen fried rice with prawn or kimchi, reached 46.5 billion won ($40.6 million) in 2016, growing by more than five-fold from 8.9 billion won in 2012, according to the data released by CJ Cheiljedang, a leading food manufacturer. (Yonhap)Fried rice with various ingredients that c
IndustryFeb. 23, 2017
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Trump govt. unlikely to focus on Korean economy
The US government will likely put South Korean economic issues on the back burner for a while as it will focus more on security concerns in the northeast Asian region, experts said Thursday.According to the report by the state-run Korea Development Institute, researchers and experts from renowned think tanks, including the Korea Institute for International Economic Policy, held round-table talks in Seoul last week to discuss the future of Northeast Asia and the Korean Peninsula in the Trump era.
Feb. 23, 2017
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Foreigners' card spending in Korea jumps 32% in 2016
Credit card spending by foreign visitors to South Korea jumped more than 30 percent from a year earlier last year, helped by a sharp increase in spending by Chinese visitors, a report showed Thursday.Credit card purchases by non-residents came to 13.7 trillion won ($12 billion) in 2016, up 32 percent from the previous year, according to the report from the Korea Culture & Tourism Institute.(Yonhap)Credit card spending by Chinese visitors came to 8.3 trillion won, accounting for 60.6 percent of t
Feb. 23, 2017
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Korean firms fret about China‘s THAAD threat
South Korean companies and duty-free shops remain jittery over China's threats that the deployment of a high-tech US missile defense battery on South Korean soil would wreak havoc on their business, industry sources said Thursday.With Seoul and Washington pushing ahead with the deployment in defiance of China's strong protest, Chinese media have unleashed a cascade of reports that South Korean companies will suffer "severe damage" should it become a reality. (Yonhap)In July last year, South Kore
IndustryFeb. 23, 2017
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Korea's seafood imports rise for 3rd yr in 2016
South Korea's seafood imports rose for the third straight year in 2016 on rising demand for healthier food and ingredients, government data showed Thursday.The total value of imported seafood reached $4.79 billion in 2016, up 5.2 percent from a year earlier, according to the data compiled by the Ministry of Fisheries and Oceans. (Yonhap)It marked the third consecutive year of growth in imports since 2014, when they posted a 15.7 percent on-year jump.The amount, however, slid 2.4 percent on-year
IndustryFeb. 23, 2017
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Smartphones with on-screen fingerprint scanning to debut this year
Fingerprint module maker CrucialTec said on Feb. 22 that it will start supplying its on-screen fingerprint scanning solution that allows fingerprint authentication on a smartphone screen, not the home button, to global smartphone manufacturers this year. Smartphone makers have been pinning high hopes on the new technology that ensures both better security and more flexible device design. “Our on-screen fingerprint solution, dubbed Display Fingerprint Solution or DFS, is getting positive respon
TechnologyFeb. 23, 2017
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Acting president calls for bold policy initiatives to bolster consumption
Acting President and Prime Minister Hwang Kyo-ahn on Thursday called on the government to craft "bold" policy initiatives to stimulate domestic demand, warning that consumption could further weaken due to a string of risk factors, including rising prices.During a meeting of ministers tasked with bolstering local demand, Hwang stressed the need to stop declining consumption "at an early stage" through aggressive steps such as the early execution of state budgets and fiscal reinforcements. Acting
Feb. 23, 2017
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Cosmetics products drive up duty-free sales
Make-up products accounted for more than half of the annual sales at duty-free shops in South Korea last year, fueled by brisk demand from foreign tourists immersed in Korean entertainment culture, data showed Thursday. The combined cosmetics revenue from duty-free chains, including top players Lotte Duty Free and Shilla Duty Free, stood at 6.28 trillion won ($5.48 billion) at the end of 2016, up 51.7 percent from a year earlier, according to the data by the Korea Customs Service and the compani
IndustryFeb. 23, 2017
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BOK holds key rate steady at 1.25% in Feb.
South Korea's central bank on Thursday held its key rate steady for February to support growth ahead of additional US rate hikes this year.The Bank of Korea maintained its policy rate at an all-time low of 1.25 percent for the eighth consecutive month in February after sending the rate to its lowest level to support the growth of Asia's fourth-biggest economy. Lee Ju-yeol, governor of the Bank of Korea (Yonhap)In December, the US Federal Reserve raised its key rate by a quarter of a percentage p
Feb. 23, 2017
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KITA pledges efforts to boost Korea's exports
A local association of exporters in South Korea on Thursday vowed all-out efforts to boost the country's exports this year, despite what it called many lingering risks at home and abroad."The ongoing political turmoil continues to have a great impact on our economy and exports," said Kim In-ho, head of the Korea International Trade Association. Kim In-ho, president of the Korea International Trade Association, speaks at the general assembly of KITA in Seoul, South Korea on Feb. 23, 2017. (KITA)"
Feb. 23, 2017
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Report urges hike in state pension age
South Korea needs to hike the state pension age to keep its rapid population aging from worsening the financial health of the government-run pension fund down the road, a report showed Thursday.Currently, South Korean subscribers to the state pension fund are entitled to receive payments starting at the age of 61, but the state pension age will be raised to 65 in 2033 under a reform plan. The logo of South Korea's state pension fund operator (Yonhap)In the policy report, Lee Yong-ha, a senior re
Feb. 23, 2017
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Korea to promote development, commercialization of fuel cell vehicles
South Korea will soon come up with a detailed plan for the development and use of fuel cell vehicles, the government said Thursday, launching a special task force to work toward that end.The task force will map out a detailed strategy aimed at promoting sales and the use of fuel cell cars, the Ministry of Trade, Industry and Energy said in a press release. The photo, taken on Dec. 13, 2016, shows new fuel-cell electric taxis launched in Ulsan, South Korea. (Hyundai Motor Co.)The task-specific co
MobilityFeb. 23, 2017
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Anti-graft law hits flower shops, bars hard
South Korea's draconian anti-graft law has hit flower shops, bars and karaoke rooms hard since its implementation in September last year due to decreased use of corporate credit cards there, data showed Thursday.However, overall use of company credit cards has increased nearly 7 percent on-year, indicating the law's negative impact on private consumption has not been as great as previously feared. (Yonhap)According to the data by the Credit Finance Association and the credit card industry, use o
IndustryFeb. 23, 2017
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Korea promotes flexible working system to boost private consumption
South Korea said Thursday that it will expand flexible working hours in the private and public sectors in an effort to boost domestic consumption and stimulate the economy, while expanding financial support to lower income brackets.The government unveiled a set of measures to reinvigorate private consumption at a ministerial-level meeting presided over by Acting President Hwang Kyo-ahn in Seoul. (Yonhap)"Domestic demand is showing some signs of slowdown, offsetting a slight upturn in exports, as
Feb. 23, 2017
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Dankook’s startup foundation fosters entrepreneurs
A sponsor for venture startups, under the wing of Dankook University, is drawing attention because of its tangible results over the past few years.Dankook University Startup Support Foundation, established in 2014, said its members had posted 28 billion won ($24.5 million) in cumulative sales as of the end of 2016.Sales for the 2015-16 period grew substantially, compared to the first-year (2014) outcome of 1.8 billion won. Dankook University Startup Support Foundation holds the “Startup Demo Day
IndustryFeb. 22, 2017
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Korea, China to boost cooperation for project management
South Korea and China are speeding up efforts to boost cooperation on project management to seize opportunities, according to the International Project Management Association Korea on Wednesday. Kim Soo-hong, CEO of Incheon Bridge Corp., the operator of the 21-kilometer Incheon Bridge, and vice president of IPMA Korea, met with Ding Ronggui, a professor at Shandong University, and discussed plans to strengthen bilateral cooperation in project management from Monday to Wednesday. In June l
IndustryFeb. 22, 2017
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Shinsegae perks up in duty-free biz
Shinsegae Inc., South Korea's leading retail chain, has turned a corner in the duty-free business as its new flagship branch posted its first turnaround last month amid fierce industry competition, company data showed Wednesday. Shinsegae DF, the conglomerate's affiliate in charge of its duty-free business, said the Myeongdong branch recorded 1.2 billion won ($1.05 million) in operating profit in January, with sales coming in at 75 billion won. (Yonhap)The company said in a statement that it is
IndustryFeb. 22, 2017
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Google's AI software wins top score among machines in translation battle
Artificial intelligence language software by US Internet giant Google Inc., scored higher than its rival AI machines in a translation battle between humans and machines held in South Korea earlier this week, industry officials said Wednesday.On Tuesday, a group of four professional translators competed against three AI-powered programs provided by Google, South Korea's top Internet provider Naver Inc. and leading automated interpretation company Systran International. (Yonhap)Without revealing
TechnologyFeb. 22, 2017
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What Lee Jae-yong’s absence means to Samsung, Korea
Nearly a week after Samsung Group’s de facto leader Lee Jae-yong was arrested, the tech giant has been directly and indirectly emphasizing his absence may cause a serious leadership vacuum and undermine the tech giant’s position in and out of the country. Other industry lobby groups also raised concerns that South Korea is facing an unprecedented situation due to Lee’s arrest, citing Samsung’s massive influence over Asia’s fourth-largest economy. Samsung Electronics Vice Chairman Lee Jae-yong
IndustryFeb. 22, 2017
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KT to develop satellite-based GPS system with KARI
KT and the Korea Aerospace Research Institute will co-develop Korea’s first Satellite Based Augmentation System GPS system, which is expected to bring technological advancements in the fields of transport, defense and science, the mobile carrier announced Wednesday. The company said a consortium led by KT has been selected as the preferred bidder for the project by the Ministry of Land, Infrastructure and Transport. A satellite to be developed by the Korea Aerospace Research Institute. (Yonhap f
TechnologyFeb. 22, 2017