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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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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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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BMW to recall over 21,000 cars in Korea over fuel, air bag related issues
BMW Korea, the local importer and distributor of BMW cars, will recall over 21,000 cars sold in South Korea for various problems related to engine timing belts and air bags, the transportation ministry said Friday.Some 11,600 cars of 19 vehicle models, including the 530d xDrive and the X6 M50d, will be recalled for defective engine timing belt tensioners that may cause the engine to turn off even when the ignition is on, possibly leading to accidents, according to the Ministry of Land, Infrastru
MobilityNov. 25, 2016
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Poultry sale relatively stable despite AI outbreak
Early records indicate that the recent outbreak of avian influenza has not affected poultry sales, unlike previously when consumption dropped by more than 80 percent during the animal disease scare, a leading retailer said Friday.Figures provided by E-Mart said chicken sales from Nov. 11, when the AI virus was first confirmed from migratory wild birds, to Nov. 23 increased by 23.1 percent compared to same period last year. The number of people buying chicken also increased by 30,000, the retaile
IndustryNov. 25, 2016
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IPL signs agreement with China’s Roobo for distribution of social robot “iJINI”
IPL, a member company of the Born2Global Center, signed an agreement with Roobo on Nov. 11 for the distribution of its social robot “iJINI.” Under the agreement, IPL will provide iJINI and related AI services in China. IPL CEO Kim Kyeungwook said, “We will launch iJINI in China by March 2017, and this agreement guarantees a minimum sales value of 16 billion won ($13.5 million), the biggest amount for a single item exported by a domestic robot producer.”iJINI is a robot based on a new concept tha
TechnologyNov. 24, 2016
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NPS chairman quizzed over Samsung C&T merger
The prosecution questioned Moon Hyung-pyo, chairman of the National Pension Service, Thursday over alleged irregularities surrounding the high-profile merger of two Samsung affiliates last year.Moon was welfare minister when the state-run pension operator backed Samsung C&T’s attempt to incorporate Cheil Industries despite strong opposition from advisory groups and some shareholders. The prosecution questioned Moon as to whether he was pressured by Cheong Wa Dae to push the NPS to exercise its v
IndustryNov. 24, 2016
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[MONITOR] Young singles mostly live in Hongdae, Gangnam
Singles in their 20s mostly live near the subway stations of Hongdae and Konkuk University, while singles in their 30s tend to reside around Gangam and Silim, a report showed.The report, which won in a contest arranged by the Seoul Institute, analyzed residential choices of single households for the sake of rejuvenating the local economy around subway stations. It was written by Park Geun-deok of Hanyang University in his doctorate course.Both men and women in their 20s living alone were concent
Nov. 24, 2016
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Apple faces growing complaints over customer support
Apple recently faced a fresh round of complaints over its customer support in South Korea, after belatedly providing a Korean announcement for replacing problematic iPhone batteries.On Sunday, Apple posted an announcement in English only on its Korean website about how to replace batteries if the device unexpectedly shuts down. This was different from Apple’s move to immediately post a Chinese announcement after receiving complaints from Chinese consumers. The move here immediately stoked compla
TechnologyNov. 24, 2016
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[Super Rich]Tracing back Hanmi Pharmaceutical’s ups and downs
Hanmi Pharmaceutical, once an 8 trillion won ($6.76 billion) deal maker with global pharma partners, is currently stuck in free fall.Hanmi Pharmaceutical Chairman Lim Sung-ki and his family’s stock asset value dropped by over 1 trillion won in a week in October as the nation’s pioneering local drugmaker was hit in a scandal over its German partner’s withdrawal from a deal, a belated disclosure and suspected insider trading. On Sept. 30, Hanmi Pharmaceutical publicly disclosed that its German pa
IndustryNov. 24, 2016
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[Super Rich] Author of 50-year-old mathematics book worth W90b
Korean students are familiar with the book “Essence of Mathematics,” which is often described as the “best-seller second only to the Bible” here. It represents Koreans’ excellence in the subject and high schoolers’ intense preparations for exams.This year, the book marked the 50th anniversary since its first edition was published. Over the past five decades, it has earned its author Hong Sung-dae a fortune in the private schooling market, with his total assets from real estate and a foundation e
IndustryNov. 24, 2016
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Yuhan-Kimberly tackles aging by empowering seniors
As the Korean population rapidly ages, government agencies and corporations alike are looking for ways to ease the social burdens that comes with it. Household products maker Yuhan-Kimberly is among the leading companies that have been actively promoting programs aimed at improving the lives of seniors.“Yuhan-Kimberly views the issue of aging as an opportunity rather than a crisis, and has been pursuing Creating Shared Value management since 2012 to create opportunities for senior business,” sai
IndustryNov. 24, 2016
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Lotte, SK raided in probe of duty-free foul play
Prosecutors on Thursday morning raided 10 offices, including those of Lotte, SK, the Korea Customs Services and the Ministry of Strategy and Finance, in its investigation of suspected foul play in the companies’ bid for duty-free licenses. Lotte headquarters in Seoul (Yonhap)The Finance Ministry and the Customs Service are responsible for deciding which corporations receive licenses to operate duty-free stores here. This is the first time in ten years that the Finance Ministry has been raided by
IndustryNov. 24, 2016
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Korea’s household debt hits all-time high
South Korea’s household debt hit a new high in the third quarter this year, data showed Thursday, posing a greater threat to the vulnerable economy anticipated to be hit by higher interest rates.The Bank of Korea’s data showed that household credit rose by 38.2 trillion won ($32.3 billion) in the July-Sept. period to reach 1,295.8 trillion won at the end of September, the highest volume in the country’s history. When added to the 7.4 trillion won household lending by banks in October, the total
Nov. 24, 2016
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SK chairman vows for new business model with Middle East
SK Group Chairman Chey Tae-won pledged to cultivate a new business model with Middle Eastern countries by utilizing technology, the group said Thursday. Chey talked with Mubadala Development Co. CEO Khaldoon Khalifa Al Mubarak and Mubalada Petroleum CEO Musabbeh Al Kaabi in Abu Dhabi in the United Arab Emirates. They agreed to jointly put effort into raising a new business model.SK Group Chairman Chey Tae-won (left) talks with Sabic officials in Riyadh, Saudi Arabia, Wednesday. (SK Group)“The pe
IndustryNov. 24, 2016
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Korean agro-fisheries exports to reach $8.6b by year-end: aT
South Korea’s agricultural and fisheries exports have steadily increased during the 10 months of this year, led by a recovery in Japan-bound sales and successful marketing activities in China, the Korea Agro-Fisheries and Food Trade Corp., or aT, said Thursday.Korean agricultural and fisheries exports in the January-October period rose 5.9 percent on-year to $7 billion, according to the state-run agency, which promotes local agro-fisheries products.By category, exports of fresh food rose 6.7 per
IndustryNov. 24, 2016
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Ssangyong E&C bags three overseas projects worth $280m
Ssangyong Engineering and Construction said Thursday it has won three overseas projects worth $280 million in total. The company won a contract from the Investment Corp. of Dubai to participate in a large-scale tourist district project in Dubai, United Arab Emirates. The blue print of the Duabi project (Ssangyong E&C)It will build a 14-story hotel, two residential buildings and a 10-story office building. The contract amounts to $170 million.The company also reached a deal with City Developments
IndustryNov. 24, 2016
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Ministry plans to cut electricity bill by 11 percent
The government Thursday released three possible power cut scenarios after the record-breaking heat wave last summer caused public uproar over the cumulative electricity bill system. The Ministry of Industry, Trade and Energy said the new power charge system will reduce electricity bills by about 11 percent on average for households, as it lowers the cumulative rate. Under the current system, residential electricity bills are cumulatively charged under six brackets based on power usage, with the
IndustryNov. 24, 2016
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BOK to cut rate-decision meetings to eight starting next year
South Korea's central bank said Thursday it will cut the number of rate-decision meetings starting next year to be able to make more insightful decisions in macroeconomic policies. Currently, the Bank of Korea holds a monetary policy meeting every month to set the key rate and announces its annual economic forecast every three months. In a major policy change, the BOK said it will hold a monetary policy meeting in just eight months of the year, excluding March, June, September and December. Inst
Nov. 24, 2016
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Cargo processed at Busan port dips 6.5% in Oct.
Transshipment cargo processed at South Korea's largest seaport of Busan shrank more than 6 percent in October due mainly to a logistics disruption stemming from the court receivership of cash-strapped Hanjin Shipping Co., the world's seventh-biggest shipper, government data showed Thursday.Busan port's transshipment cargo, or cargo processed here while en route to a final destination, fell 6.5 percent on-year to 817,000 twenty-foot equivalent units (TEUs) last month, while the port handled a tot
IndustryNov. 24, 2016
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Financial watchdog to simplify Internet banking procedures
South Korea's financial authorities said Thursday they will step up efforts to streamline Internet banking procedures by promoting the removal of unnecessary security software and the minimum use of digital certificates.The measures are part of the government's financial reform drive, and were drawn up by a council of representatives from the Financial Supervisory Service, the Financial Institute, financial services firms, and civilian financial security experts.The FSS pointed out that some fin
Nov. 24, 2016
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Some local banks raise rates on new deposits
Some local banks have raised rates on new deposits, but the increase seems to be negligible compared to hikes in their lending rates, industry data said Thursday.NH Nonghyup Bank, one of the largest lenders in South Korea, raised its rates by up to 0.25 percentage point on new two-year time deposits for individual and corporate customers. This means the rate paid by the bank on a new two-year time deposit stands at 1.45 percent for individuals and 1.40 percent for corporate customers.A NH Nonghy
Nov. 24, 2016
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Vietnam's consumer market key to growth in Korean exports: report
South Korea must work to boost shipments of consumer goods to Vietnam to maintain the growth of its exports to the world's third-largest destination for South Korean goods, a report said Thursday.The report from the Korea International Trade Association noted Vietnam's own exports were expected to shrink following the election of Donald Trump as the next US president, suggesting South Korea's exports of industrial parts and materials to Vietnam may dwindle in turn."While Vietnam's economic growt
IndustryNov. 24, 2016