Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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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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Savings banks' household loans soar amid economic slump
The ratio of South Korean savings banks' loans extended to households hit a record amid shrinking corporate investment, data showed Sunday.Their outstanding loans totaled 41.1 trillion won ($34.9 billion) as of end-September, up 15.77 percent from the end of last year, according to the Bank of Korea's economic statistics system. A composite image provided by Yonhap News TV shows savings banks in operation. (Yonhap)Corporate loans rose 9.84 percent to 23.4 trillion won, while household loans jump
Nov. 27, 2016
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S. Korean shares expected to remain range bound next week
South Korean shares will likely take a breather next week ahead of the Federal Reserve's rate-setting meeting early next month, local analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1974.46 on Friday, only slightly down from 1,974.58 a week earlier.Investors were mostly swayed by increased volatility in the won-dollar exchange rate amid what the analysts called a lack of any apparent leads this week.Foreigners purchased a net 446 billion won (US$379 milli
Nov. 26, 2016
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LG’s G6 is rumored to adopt iris, mobile payment
LG Electronics is rumored to adopt several new technologies, including iris recognition and mobile payment for its upcoming flagship smartphone, G6. Experts said the tech firm needs to blow the competition out of the water with the G6 in order to make up for the 800 billion won ($67 million) loss caused by the failure of the previous G5 model.LG recently unveiled a new type of all-in-one module that could serve as both a camera and an iris scanner at the Korea Electronics Show in October. Indust
TechnologyNov. 25, 2016
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BMW cars recalled over engine, airbag defects
The South Korean government recalled more than 21,300 BMW vehicles distributed by local importer BMW Korea over defects found in the engine and airbags, officials said Friday.Of the total, 11,689 vehicles of BMW’s 19 models, including the 530d xDrive and the X6 M50d, are subject to the recall due to defective engine timing belt tensioners. The problem found with the component could make the engine stop while driving, the ministry said, quoting tests conducted by the Korea Transportation Safety A
MobilityNov. 25, 2016
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[Weekender] Ajae rise as key customers in trendy modern industries
Gone are the days of men waiting in the resting area while their wife or girlfriend shops for them. South Korea’s middle-aged men are redefining their culture from the outdated and unattractive image embedded in the term “ajeossi,” to a younger and less formidable “ajae.”The new trend is also filtering into industries that were once considered sanctuaries for women, such as fashion, cosmetics and even plastic surgery.(123rf)Industries that traditionally focus on the younger generation, such as g
IndustryNov. 25, 2016
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HDC Shilla Duty Free eyes young, independent travelers
HDC Shilla Duty Free, currently preparing a bid for a new duty-free license in Seoul next month, said it plans to build a “millennial duty-free shop” aimed at young travelers coming independently by introducing high-tech services. Millennials refer to those born from the 1980s to early 2000s.This age group is considered to be independent with high consuming power, opting to travel alone rather than through tour agencies’ group itineraries. They are considered to be friendly towards South Korea’s
CompaniesNov. 25, 2016
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Korea hit 100 department stores in 2015
The number of department stores in Korea hit 100 at the end of last year, according to data released by the Korea Chainstores Association on Friday.The landmark number comes 85 years after Korea opened its first-ever department store, the Mitsukoshi Department Store Gyeongseong Branch, in 1930. As of October this year, Lotte Department Store had the most branches, with 33 outlets, followed by E-Land’s NC with 19, Hyundai at 15, and Shinsegae at 12. An interior shot of Shinsegae Department Store'
IndustryNov. 25, 2016
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Woori Bank sells Hanjin’s four tankers
Woori Bank said it had sold four tankers owned by Hanjin Shipping for $58.6 million to recover 36.8 billion won of uncollected ship financing debt.When the financially troubled shipper went into court receivership in early September, it handed over its 44 ships bought on borrowed money to the creditors.The four tankers, 8-9 years old, were the first to be sold among the 44 vessels, the bank said.The bank put the vessels on sale in September on public bidding and selected a Hong Kong-based shippi
Nov. 25, 2016
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[Eye Interview] Matching company’s growth history with investors’ imaginative power
Ever since Levi’s first introduced denim jeans in the late 1800s, the denim industry has continued to grow regardless of the economic situation, according to Jung Jang-geun, a veteran financial investor based in Seoul. “As long as the population grows, it is impossible to see the denim industry slowing,” Jung said in an interview with The Korea Herald. “Denim jeans may be a fashion item in developed countries now, but they are still work wear for laborers in emerging countries.” Jung Jang-geun,
Nov. 25, 2016
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[Weekender] Ajae, the new middle-aged man
Brian Bae, 40, recently wrote on his Facebook wall, “I can’t believe it’s the 20th anniversary of the launch of Diablo -- yet more evidence that I’ve become an ajae.” Diablo is a popular role playing video he had taken up as a college student. Now he is the father of two children and holds a senior position at his company. A few years ago, he might have been called “ajeossi,” an appellation for middle-aged men in Korean, but his youthful fashion style
Nov. 25, 2016
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[Weekender] Middle-aged men's fashion loosens up
What was once a staple outfit for middle-aged men -- dress shirts and stoic suits -- is now considered outdated as they opt for a less formal look.Nowadays, it is more common to see men in their 40s wearing sweatshirts or crew neck knits, slacks and sneakers as they go to work or spend a day with their kids.The transformation of the traditional “ajeossi” style is now widely referred to as the “ajae” phenomenon. Both words refer to middle-aged men, with the former carrying an outdated connotation
Nov. 25, 2016
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Consumer sentiment falls amid uncertain economic factors
South Korea’s consumer sentiment in November is the worst since the 1998 Asian financial crisis, reflecting people’s growing fear over the already weak economy.According to the Bank of Korea’s data, the composite consumer sentiment index plunged to 95.8 in November, the lowest since April 2009 when it was 94.2. A figure below 100 means pessimists outnumber optimists.It was the first time in five months that the index fell below 100 since June at 98.8.The survey was conducted on 2,056 households
Nov. 25, 2016
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SK C&C establishes logistics joint venture with Jusda
SK C&C, an IT service unit of South Korea’s conglomerate SK Group, established a logistics joint venture called FSK L&S with Jusda to jointly boost the ICT technology-based logistics business, the company said Friday. Jusda is a logistics subsidiary of the Taiwanese company, Foxconn. SK C&C CEO Park Jung-ho (third from right) cuts a cake with his counterpart at the FSK L&S inauguration ceremony held in Pangyo, Gyeonggi Province, Friday. (SK C&C)The two parties unveiled a comprehensive logistics
IndustryNov. 25, 2016
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HMM picked as preferred bidder for Hanjin Shipping’s Spain terminal
Hyundai Merchant Marine was named as the preferred bidder for near-bankrupt Hanjin Shipping’s Spanish terminal, the company announced Friday. The company said it would complete the official contract to take over Total Terminal International Algeciras late next month after two or three weeks of due diligence. The exact value of the deal has not been disclosed. Located in Algeciras, Spain, the TTI Algeciras is considered as a global strategic logistics hub as it serves as the intersecting point of
IndustryNov. 25, 2016
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Gov't to crack down on unfair insurance sale practices
South Korea's state financial watchdog said Friday it will tighten the monitoring of unfair or deceptive insurance sale activities in the local market.The Financial Supervisory Service (FSS) plans to crack down especially on insurance sales agencies involved in irregularities.The ratio of insurance sales in South Korea via independent sales agencies climbed to 37.8 percent in the first half of this year from 34.3 percent in 2014 and 35.9 percent in 2015, according to its data.Concern has grown a
Nov. 25, 2016
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Finance minister reaffirms relentless push for corporate restructuring
South Korea's top economic policymaker said Friday that the government will continue its push to restructure ailing sectors such as shipbuilding and shipping in order to help Asia's fourth-largest economy take another leap in the future."The government has been implementing corporate restructuring schemes as they are not an undeniable task for the survival of the economy and a future growth," Finance Minister Yoo Il-ho said during a minister-level meeting."The corporate restructuring is the proc
Nov. 25, 2016
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100 department stores operate in Korea
The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets.A total of 100 department stores were operating as of the end of 2015, with the number to increase to 103 by the end of this year, the watchers said. Shinsegae Department Store has opened or is opening new outlets in Hanam south of Seoul, Gimhae on the southeastern coast, and in the southeastern
IndustryNov. 25, 2016
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Corporate card spending dips at bars, golf courses on anti-graft law
Corporate credit card spending declined at restaurants, bars and golf courses in South Korea in October, apparently affected by the introduction of a tough anti-corruption law.The legislation took effect in late September, covering millions of public servants, school teachers and journalists nationwide.Widely called the Kim Young-ran Act after the former supreme court judge who drafted it, the law prohibits them from accepting free meals valued 30,000 won ($25.40) or more and gifts worth 50,000
Nov. 25, 2016
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Consumer sentiment hits near 8-year low in November
South Korea's overall consumer sentiment fell to the lowest point in nearly eight years this month, central bank data showed Friday, reflecting a further economic slowdown.The composite consumer sentiment index for November came to 95.8, the lowest since April 2009 when it stood at 94.2, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists.A separate index gauging the people's sentiment toward the current economic condition came to 60 for N
Nov. 25, 2016
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Korean investment in overseas securities rises in Q3
The amount of foreign securities held by major South Korean institutions grew in the third quarter from a year earlier due mainly to a surge in South Korean investment in foreign bonds, central bank data showed Friday.As of the end of September, the value of foreign securities held by South Korea's institutional investors came to $167.8 billion, up 51 percent from $111.2 billion a year earlier, according to data compiled by the Bank of Korea (BOK).Quarter-on-quarter, the value of foreign securit
IndustryNov. 25, 2016