Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Robert J. Fouser] Social attitudes toward language proficiency
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[Graphic News] How much do Korean adults read?
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Korean firms target EV charging market in US
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Korean investors turn to overseas funds
South Korean investors are making aggressive investments in overseas funds in diverse forms of stocks, bonds and derivatives while avoiding local securities, figures showed Wednesday. According to data from Korea Financial Investment Association, the accumulated amount of money invested in foreign funds stood at 78.9 trillion won ($67.5 billion), as of Wednesday. The figure hit 88.2 trillion won last Friday, the largest since 2007. At the same time, the balance of cash management accounts hit a
Nov. 30, 2016
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Seoul to up incentives for youths at SMEs
The South Korean government will give cash incentives to more youths hired by small and medium-sized enterprises next year, the nation’s top economic policymaker said Wednesday.The plan comes as youth unemployment among those aged between 15 and 29 has continued to rise, from 8 percent in 2013 to 9.2 percent in 2015. In the first 10 months of this year, it hit 10.1 percent, government data showed.Yoo Il-ho, minister of strategy and finance, said the government would raise the target number for i
Nov. 30, 2016
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FSS to crack down on rumors surrounding political stocks
South Korea’s financial watchdog will enhance its monitoring of changes in stocks linked to political figures over the next three months, amid growing uncertainty about President Park Geun-hye’s term in office.The Financial Supervisory Service said Wednesday it would more closely monitor online postings, messages via mobile messengers and other social networking sites for rumors concerning about 60 publicly traded stocks. “For the particular stocks, uncertainties have been spiking regardless of
Nov. 30, 2016
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Prosecutors demand 20 year imprisonment for ex-Oxy CEO
South Korean prosecutors on Tuesday sought 20 years in prison for former Oxy Reckitt Benckiser Korea CEO Shin Hyun-woo, and 10 years for John Lee, another former CEO of the company, for failing to confirm toxic materials in Oxy humidifier disinfectants responsible for at least 73 deaths.Shin and Lee are on trial for manufacturing and selling toxic humidifier sterilizers, on sale from 2000, that contain a toxic chemical called polyhexamethylene guanidine, without conducting safety tests. “They de
IndustryNov. 30, 2016
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Net asset of Korea's overseas funds hits record high
The net asset of South Korea's overseas investment funds last week hit a record high of 88.2 trillion won ($75.4 billion) in nearly nine years, government data showed Wednesday.It marked the highest since Dec. 6, 2007, when the corresponding figure came to 87.8 trillion won, according to data compiled by the Korea Financial Investment Association. This photo, taken on Aug. 4, 2016, shows a group of self-employed people holding a press conference in front of the National Assembly in Seoul to call
Nov. 30, 2016
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Foreign shippers gain market shares after bankruptcy of Hanjin Shipping
Foreign shippers have increased their market shares in major global shipping routes following the bankruptcy of Hanjin Shipping Co., defying expectations that its Korean peer Hyundai Merchant Marine Co. would secure a chunk of Hanjin's share, data showed Wednesday. Hanjin accounted for 7.78 percent of the Asia-US shipping route in October last year, but its share plunged to 1.1 percent in October this year, according to the data by the Busan Port Authority. The data showed the vacuum created fro
IndustryNov. 30, 2016
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SM may ask Hyundai Merchant to jointly acquire Hanjin's US terminal
SM Group is looking for a partner in its plan to buy Hanjin Shipping Co.'s 54-percent stake in a port terminal on the US West Coast, an acquisition estimated at more than 400 billion won ($342.5 million), according to industry sources Wednesday.SM Group, which owns South Korea's No. 2 bulk carrier Korea Line Corp., has been seeking to buy a partial stake in the port terminal in Long Beach, California, after acquiring the troubled shipper's US-Asia route and other assets for 37 billion won last w
IndustryNov. 30, 2016
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Financial watchdog to tighten monitoring of financial cooperatives
South Korea's state financial watchdog said Wednesday it has established a consolidated monitoring system for the nation's credit unions and other financial cooperatives.There have been difficulties in regulating the industry vulnerable to financial accidents and breaches, with 2,263 firms, mostly small, operating nationwide, according to the Financial Supervisory Service (FSS). A file photo of the National Federation of Fisheries Cooperatives' building. (Yonhap)The FSS launched the Advanced Det
Nov. 30, 2016
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Korea's net external assets hit record high in Q3
South Korea's net external assets in debt instruments hit a record high of $383.5 billion in the third quarter, data showed Wednesday.The figure represents an increase of $25.7 billion from the previous quarter, according to the data by the Bank of Korea.The nation's total external liability reached $400.4 billion in the third quarter, up $8.6 billion from a quarter earlier.Among them, the country's short-term external debt, with a maturity of one year or less, totaled $111.8 billion as of the e
Nov. 30, 2016
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Eased bank loans lead to recent construction boom: think tank
South Korea's recent local real estate market boom has been largely driven by a government policy to ease bank loan regulations, a report by a state-run think tank said Wednesday.Housing construction in the country has been accelerating for more than a year since the government lowered a set of financial regulations on home-backed household debts -- the debt-to-income (DTI) and loan-to-value (LTV) ratios -- in August 2014.As a result, new construction permits had grown for 16 months in a row unt
Nov. 30, 2016
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Elliott describes Samsung's overhaul plan as 'constructive'
US hedge fund Elliott Management said Wednesday that Samsung Electronics Co.'s decision to consider shifting to a holding company structure and boost dividend payouts was "a constructive initial step" but hinted it wants "more meaningful changes."Shares of Samsung climbed a day after its announcement of governance overhaul decisions, which include a review of the possibility of creating a holding company structure, a 30 percent increase in dividends and an appointment of an independent director
IndustryNov. 30, 2016
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Elliott says Samsung taking ‘constructive step’
Elliott Management, a US activist hedge fund, said Wednesday that it views the restructuring plan announced by Samsung Electronics as the tech giant taking “a constructrive initial step,” but urged it to make more changes. “We view the plan outlined by Samsung to be a constructive initial step,” Blake Capital and Potter Capital, two affiliates of Elliott Management, said in an emailed statement. “We anticipate more meaningful changes following the company’s corporate structure review. We look fo
BusinessNov. 30, 2016
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LuDuS501 makes major update to its mobile game “Dangerous Outside the Blanket”
LuDuS501 (CEO: Serky Jeong) on Nov 28 announced that it had made a significant update to its game “Dangerous Outside the Blanket,” which was released in September. “Dangerous Outside the Blanket” is a mobile simulation game that puts players in everyday situations and is based on a survival and cultivation system. The game prompts players to choose specific actions in response to situations that arise in various aspects of everyday life (e.g., going to work, office duties, routine after getting
TechnologyNov. 30, 2016
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Earing to launch voice-based social media platform by December
Earing announced Friday that it would officially launch its independently developed social briefing app “Earing” by the end of the year. Earing is a social media platform that enables users to convey and share the latest news and information via audio. The product is currently being beta tested, with final improvements being made.What differentiates Earing from its competitors is its voice-based communication. Screenshots of the Earing app in use. (Earing)The firm’s CEO Hyuck Jae Lee said, “Fac
TechnologyNov. 30, 2016
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Asset-boosting program for youth to benefit 50,000 people
The South Korean government said Wednesday that it will expand a program to help young job seekers find jobs at small and mid-sized enterprises (SMEs) and create assets in a way to tackle the country's high youth unemployment rate.Under the program, which was initiated in April, an SME employee will be given a total of 12 million won after saving 3 million won for two years, with the employer and the government additionally paying 3 million won and 6 million won, respectively. South Korea's Fina
Nov. 30, 2016
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Deposits at cash management accounts rise to record high
Deposits at cash management accounts rose to a record high this week, as investors stayed on the sidelines over a lackluster performance in stock markets, data showed Wednesday. A cash management account refers to a type of account offered by brokerage houses and other financial institutions that allows an account holder to trade equities while earning interest on cash balances. The net asset value of cash management accounts reached 53.1 trillion won ($45.5 billion) as of Tuesday, up 500 billio
Nov. 30, 2016
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Coffee companies tie cultural promotions to their business
Coffee companies are engaging in cultural promotions as a way of improving their brand image with customers through hosting mini concerts and art exhibitions.Dongsuh Food, famous for its instant coffee mix brand Maxim, recently hosted its latest classical music concert in the southwestern city of Jeonju on Nov. 2. The company began the "Dongsuh Coffee Classic" series in 2008 as a cultural sharing event and to help promote the music genre in the country. The concert has toured throughout the nati
IndustryNov. 30, 2016
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Drug companies make changes to hangover remedies to gain customers
Pharmaceutical companies are diversifying hangover remedies to cater better to customers, especially foreigners, creating new products in different packaging, industry officials said Wednesday.Handok succeeded in grabbing Chinese customers with its Ready Q Chew, the only jelly-type hangover remedy in the local market, where most of the products are bottled drinks. "Ready Q Chew spread through the word of mouth among Chinese tourists, and its sales this year leaped about 970 percent this year fr
IndustryNov. 30, 2016
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Loan guarantees among conglomerate unites shrink in 2016
Loan guarantees among affiliates of South Korea's large business groups sank in 2016 from a year earlier, the country's corporate watchdog said Wednesday.The total corporate debt payment guarantees made among units of 27 conglomerates reached 321.2 billion won ($274.5 million) as of April 1, down 24.8 percent from 426.9 billion tallied a year ago, according to the Fair Trade Commission (FTC). Corporate images of South Korea's 30 large business groups.The total number of conglomerates eligible to
Nov. 30, 2016
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Convenience stores become biggest seller of alcohol drinks
Convenience stores have become the largest market for selling alcohol drinks, a market report showed Wednesday, apparently due to more people choosing to drink alone or with their families.The retail index provided by information analysis firm Nielsen Korea said convenience stores ousted discount chains to become the biggest seller of alcohol for the first time in the first half of this year.Sales increased across the board at convenience stores compared with previous years. For low alcohol cont
IndustryNov. 30, 2016