Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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[Herald Interview] ‘Time to Be Strong’ follows retired K-pop idols’ self-discovery
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Online retail sales soared 18% in 2016
South Korea's online retail sales surged 18 percent on-year in 2016, government data showed Monday, as consumers increasingly enjoy Internet shopping in search of discounts amid a prolonged economic slump. The Ministry of Trade, Industry and Energy said sales by 26 major retailers rose 8.5 percent. Their impressive performance amid the protracted economic slump was largely attributed to a robust growth in their online sales, which jumped 18.1 percent, compared with a 4.5 percent increase in offl
IndustryJan. 30, 2017
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[Photo News] Lotte World Mall offers Mercedes rides home
Lotte World Mall is offering shoppers who live within 10 kilometers of the mall a ride home in a Mercedes-Benz E350 if they spend more than 30,000 won ($25) using Lotte’s L.Pay system. The event will give rides to up to 100 customers daily from Monday to Thursday. (Lotte Asset Development)
IndustryJan. 30, 2017
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China tightens regulations as Korean cosmetics ride high
The Chinese government is strengthening regulations on the management of imported cosmetics, creating uncertainty for Korean cosmetics firms that have been sustaining growth through popularity among Chinese shoppers.These measures are the latest in a string of moves by the Chinese government seemingly aimed at the booming Korean cosmetics industry. Industry watchers speculate the protective measures are designed to put pressure on Korea, which has agreed to deploy a US Terminal High Altitude Are
IndustryJan. 30, 2017
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‘Pokemon Go’ off to successful first week in Korea
The hit augmented reality mobile game “Pokemon Go” enjoyed a successful first week in South Korea, overstepping the sub-zero temperatures and initial worries that the game had lost steam due to its belated launch here.The app has secured around 6.98 million users and 7.58 downloads in Korea as of Monday, according to data compiled by local mobile app marketing intelligence firm WiseApp. The game was released here on Jan. 24. (Niantic)The figures include only Android-based smartphone users and no
TechnologyJan. 30, 2017
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Air passenger numbers break record in 2016
The number of air passengers flying through Korea rose to a record high in 2016 with high growth in both domestic and international air travel, according to the Transport Ministry on Monday.Last year, there were a total of 103.9 million journeys by air in Korea. Travelers crowd Incheon International Airport on Monday, the last day of the Lunar New Year Holiday. (Yonhap)Domestic travel rose 10.5 percent on-year to 30.9 million trips, while international travel rose 18.8 percent to 73 million.The
IndustryJan. 30, 2017
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Bond funds suffer massive cash outflow amid rate hike concerns
Funds that invest in domestic bonds suffered massive cash outflows in January as investors pulled part of their money out of the funds amid concerns over the accelerating pace of rate hikes, industry data showed Monday.According to the data compiled by industry tracker FNGuide, domestic funds have logged an outflow of 879 billion won ($752 million) as of Wednesday, and saw a cash outflow of 3.33 trillion won in the past three months as concerns over rate hikes in the United States emerged. (Yonh
Jan. 30, 2017
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Household loans by major banks top W500tr in 2016
The outstanding household loans extended by the country's top five commercial lenders topped the 500 trillion-won ($428 billion) mark last year, as more people took out loans to buy homes and finance their costs for education and other things, industry data showed Monday.According to the data, the outstanding loans extended to households by the country's top five lenders -- Shinhan, Kookmin, Woori, Hana-KEB and Nonghyup -- reached a record high of 500.92 trillion won at the end of last year, up
Jan. 30, 2017
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Car keys are getting smarter
It has been roughly a decade since smart keys first appeared in Korea, allowing drivers to lock and unlock their car door via the press of a button. However, with the advent of smart technology, industry insiders are expecting car keys to make even more significantly high-tech strides by 2020. Korea’s largest automaker Hyundai Motor Co. revealed late last month that it is currently developing a wrist-band-type smart key for the first time in the local automotive industry. The smart device is e
MobilityJan. 30, 2017
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Woori Bank privatization to be completed this week
The privatization of Woori Bank, South Korea's No. 2 lender by assets, is expected to be completed this week after the state deposit insurer receives a final payment for its sale of a major stake. The Korea Deposit Insurance Corp. signed a 2.4 trillion-won ($2.06 billion) deal with seven institutional investors on the sale of its 29.7 percent stake in Woori Bank. This photo, taken on Nov. 13, 2016, shows people passing by the headquarters of Woori Bank in Seoul. (Yonhap)The deal calls for IMM P
Jan. 30, 2017
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Ramyeon exports nearly triple over past decade
Exports of South Korean-made instant noodles, or ramyeon, nearly tripled over the past decade, as their popularity has been spreading beyond China and Asia to the United States, Middle East and Europe, industry agencies said Monday.The nation's ramyeon exports totaled $290.4 million in 2016, up 32.7 percent from the previous annual record of $218.8 million set in 2015, according to figures released by the Ministry of Agriculture, Food and Rural Affairs, and the Korea International Trade Associat
IndustryJan. 30, 2017
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Global chip market forecast to grow 7.3% annually through 2021
The global memory chip market is expected to grow at an annual rate of 7.3 percent till 2021, on the back of solid demand and higher prices, data showed Monday. The global market size for DRAM and NAND flash is forecast to reach $109.9 billion in 2021, up from last year's estimated $77.3 billion, according to the data compiled by industry tracker IC Insights and other industry sources. Samsung Electronics Co.'s DRAM product (Samsung Electronics Co.)The DRAM market, which was the catalyst for the
IndustryJan. 30, 2017
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Top 10 biz groups take up more than half of stock market cap
South Korea's top 10 conglomerates by assets take up over half of the country's stock market capitalization, data showed Monday, pointing to their huge clout in Asia's fourth-largest economy.According to the data by corporate tracker Chaebul.com, listed subsidiaries of the 10 largest family-controlled business groups, known as chaebol here, had a combined market capitalization of 793.9 trillion won ($680 billion) as of Wednesday, or 51.6 percent of the value of all shares traded on the main bour
Jan. 30, 2017
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Korean stock market's return rate far below those of foreign rivals
South Korea's stock market has risen 11 percent in the past five years, far lower than other global markets' yield rates, as the local stock market has been locked in a tight range, data showed Monday.According to the data compiled by the Korea Exchange, the country's benchmark index, the KOSPI, closed at 2,026.46 points on the last trading day of 2016, up from 1,825.74 points five years ago. (Yonhap)Japan's Nikkei 225 index came at the top of the performance list by surging to 19,114.37 points
Jan. 30, 2017
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Korea's used car sales hit record in 2016
More than 3.7 million used cars were traded in South Korea last year, hitting a record high, data showed Sunday.The number of used cars newly registered with the authorities during the year totaled 3.78 million, according to the Ministry of Land, Infrastructure and Transport. It marks an increase from 3.66 million in 2015, 3.46 million in 2014, 3.37 million in 2013 and 3.28 million in 2012. Used cars are for sale in this file photo. (Yonhap)The continued expansion of the second-hand car market i
IndustryJan. 30, 2017
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Korean cosmetics exports rise on Chinese consumption in 2016
South Korea's cosmetics industry saw its exports rise by more than 40 percent last year in large part thanks to Chinese consumers' bigger spending power and their increasing interests in grooming and beauty products, industry experts said Sunday.According to data from the Korea International Trade Association, exports of skincare and makeup products amounted toUS$3.97 billion last year, up 44.3 percent from US$2.75 billion.The number doubled from the 2014 figure of US$1.79 billion. Among the exp
IndustryJan. 29, 2017
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Samsung Electronics widens gaps with other giants in 2016
Samsung Electronics Co. saw its earnings overwhelm other South Korean companies in 2016, data showed Friday, expanding its presence in the country's economy.The South Korean tech giant posted sales and operating profit of 201 trillion won ($172 billion) and 29.2 trillion won, respectively, in 2016, market data showed. (Yonhap)SK hynix Inc., the No. 2 player on the main bourse in terms of market capitalization, managed to post sales and operating profit of 17.1 trillion won and 3.2 trillion won,
BusinessJan. 27, 2017
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Korean stocks up on Samsung's rally
South Korean shares ended higher Thursday as foreigners went on a buying spree of market heavyweights, such as top cap Samsung Electronics. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added16.65 points, or 0.81 percent, to 2,083.59. Trade volume came to254.64 million shares worth 4.26 trillion won ($3.67 billion), with advancers outnumbering decliners 560 to 255.Foreigner investors bought a net 348.21 billion won worth of local stocks, wh
BusinessJan. 26, 2017
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Rates for household loans inch up in December
Bank lending rates on new household loans edged up in December while interest rates paid by banks on new deposits also increased, central bank data showed Thursday.The average interest rates on fresh household loans extended by local banks came to 3.29 percent last month, up 0.09 percentage point from the previous month, according to the Bank of Korea. (Yonhap)The BOK data came amid South Korea's efforts to tackle rising household debt. The country's overall household debt reached a record high
Jan. 26, 2017
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Korea set to expand imports from US
South Korea said Thursday that it will consider importing more US products this year as part of its efforts to adjust its trade schemes to new trade policies by the Donald Trump administration.The government unveiled the 2017 overseas economic policy plans at a minister-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, focusing on increasing policy resilience against rising uncertainties and trade protectionism.A container ship carrying import goods is anchored in Seattle in the Unit
Jan. 26, 2017
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SK Group to spend record W17tr this year
SK Group, South Korea's No. 3 conglomerate, said Thursday that its affiliates plan to invest a combined 17 trillion won ($14.7 billion) this year, up 21 percent from last year, although economic uncertainty still persists at home and abroad.Energy and telecom giant SK said its 16 affiliates will newly hire 8,200 this year, up 200 from last year. (Yonhap)SK's aggressive investment plan is accelerating as group chief Chey Tae-won came back to the management last year.In 2014, the group chief stepp
BusinessJan. 26, 2017