Most Popular
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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South Korea unveils W26tr support program for chip industry
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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S. Korea to hold rotating presidency of UN Security Council next month
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Revote on Marine probe bill to be held next week
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Look to Japan for health care lessons: Kotra
With its aging population, South Korea should look to Japan for lessons and opportunities that can be applied to its health care industry, a government trade promotion agency said in a report Monday. The Korea Trade-Investment Promotion Agency said in its global strategy report titled, “The Fourth Industrial Revolution Era: Japan’s Medical and Health Care Industry,” that Japan is making an all-out push to strengthen the global competitiveness of its health care i
IndustryNov. 28, 2016
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Samsung CSR Awards recognize employees for volunteer works
From a special class for the visually impaired to teach how to use a smartphone to papering the walls for low-income households, some 35 employees of Samsung affiliates who shared their talents with people in need received the annual Samsung Corporate Social Responsibility award on Thursday. Recipients of 2016 Samsung CSR award pose for photo at a ceremony held at Samsung Electronics headquarters in Seocho, Seoul, Thursday. (Samsung Group) The Samsung CSR Award was established in 1995 to honor t
IndustryNov. 28, 2016
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KITA chief urges end to cozy corporate-state ties
Kim In-ho, chairman and CEO of Korea International Trade Association, on Monday urged the government to end its cozy ties to businesses, amid intensifying allegations that President Park Geun-hye lobbied chaebol leaders.Asked of his view on the scandal involving Park and her long-time friend Choi Soon-sil, Kim said he believes that the time is ripe to end such practices and take this as an opportunity to shift into a completely free market economy. “The current government is not the only one. Al
IndustryNov. 28, 2016
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[Monitor] Income of 40-somethings drops for the first time on record
South Korea’s economic doldrums have caused a decline in average household income for people in their 40s in the third quarter this year, data by Statistics Korea showed. It is the age group’s first decline in income since Statistics Korea’s income survey began in 2003. The data showed that householders aged 40 to 49 -- Korea’s most economically active age group -- earned an average of 5.05 million won ($4,254.41) during the period, a drop of 1,569 won ($1.30) from a year ago.
IndustryNov. 28, 2016
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[Kosdaq Star] BHflex shares rally on new global contracts
Clinching contracts with new customers abroad has raised market watchers’ expectations on the growth of BHflex, a flexible printed circuit board provider based in South Korea. According to the financial industry on Monday, the company’s sales and operating profit for next year are estimated to surge compared to this year as it received new overseas orders. The FPCB manufacturer is forecast to post 376.1 billion won ($321.8 million) in sales by the end of the year, and 13.4 billion won in operati
Nov. 28, 2016
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Korea to toughen rules on anti-money laundering
South Korea said Monday it will step up efforts to close systemic loopholes in efforts to combat money laundering.The government plans to revise related legislation to cover lawyers, accountants, realtors and other professionals in non-finance sectors, according to the initiative by the authorities.Currently, only financial firms and casinos are subject to the law calling for the identification of customers, storage of relevant records and reporting of suspicious transactions.Yim Jong-yong, chai
Nov. 28, 2016
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Public entities to hire record numbers in 2017
South Korea's public firms and agencies will recruit a record high of nearly 20,000 new employees next year to take part in nationwide efforts to boost the employment of young job seekers, the government said Monday.According to the recruitment plan compiled by the Ministry of Strategy and Finance, 321 state-funded organizations will hire an all-time high of 19,862 new employees in 2017, up about 1,300 from this year's plan of 18,518. The figure had risen from 17,323 in 2013 to 18,932 in 2015. P
Nov. 28, 2016
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Money circulation drops as people keep more in banks
Turnovers for deposits fell to their lowest rate in over 11 years in September, the latest central bank figures showed Monday, indicating worsening monetary congestion that is blocking the flow of investment and consumption needed to revive the economy.The turnover of demand deposits in September came to 19.6, down from 20.7 the previous month. The September number is the lowest since 18.1 in February 2005, the last time the rate fell below 20, according to the Bank of Korea.The deposit turnover
Nov. 28, 2016
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Seoul to introduce systematic management of air traffic to reduce flight delays
South Korea will set up a new air traffic flow management system before the end of next year to enhance airport safety while also improving airline services by greatly reducing flight delays, the government said Monday.Such a system will be up and running before the end of July 2017, according to the Ministry of Land, Infrastructure and Transport."The government will work to reduce air traffic and flight delays by establishing a new air traffic management system that will help predict airport co
TechnologyNov. 28, 2016
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Korean exports expected to grow 3.9% in 2017: report
South Korea's exports will likely expand next year, marking a turnaround from two consecutive years of drop, though its trade surplus is expected to shrink due to fast growing imports, a report suggested Monday.According to the report from the Korea International Trade Association (KITA), the country's outbound shipments are expected to reach $516.5 billion in 2017, up 3.9 percent from an estimated $497 billion this year.The anticipated increase will mark the first on-year gain since 2014 when t
Nov. 28, 2016
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Discount gas stations have little impact on overall gas prices
Discount gas stations have had little to no impact on overall gas prices since they were introduced about five years ago, a report showed Monday.The country's state-run Korea National Oil Corp. (KNOC) introduced the discount gas stations in late 2011 to sell car fuel at cheaper prices as part of efforts to curb inflation and to promote competition. Signboard of a discount gas station (Yonhap file photo)Discount gas stations sell gasoline at prices around 2 percent lower than typical gas stations
IndustryNov. 28, 2016
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Korean banks' net profits widen in Q3 on cost cut
South Korea's banks sharply increased their net profits in the third quarter of this year mainly on reduced costs, official data showed Monday.The combined net income of the banks here came to 3.2 trillion won ($2.7 billion) during the July-September period, up 151.2 percent from a year earlier, according to the Financial Supervisory Service (FSS). It marks the highest level since they posted 3.3 trillion won in combined net income in the first quarter of 2012. A scene of banking services at a S
Nov. 28, 2016
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Korea's int'l air passenger traffic jumps 12.4% in Oct.
South Korea's international passenger traffic spiked 12.4 percent from a year earlier in October amid a steady rise in passengers to and from China, the transportation ministry said Monday.Air passengers to and from the country came to 6,301,828 in October, compared with 5,605,199 in the same month last year, according to the Ministry of Land, Infrastructure and Transport.The country's overall air passenger traffic surged 9.7 percent to some 9.15 million as domestic air passengers gained 4 perce
IndustryNov. 28, 2016
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Bill submitted for heavier fines, prison sentence for illegal stock trading
A bill was proposed stiffening monetary penalties and prison sentences for illegal stock trading made with inside information and price manipulation, people in the financial community said Monday.The bill submitted by Rep. Kim Young-joo of main opposition Democratic Party would allow monetary fines in the amount two to five times the sum of profit or evaded losses from such illegal trading, they said. The current law caps the fines at up to three times the amount involved.The proposed law also l
Nov. 28, 2016
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12 1/2 years of saving needed to buy Seoul apartment
Koreans in their 20s and 30s have to save up all of their disposable income for more than 12 years to purchase an apartment in Seoul, which now costs an average 554.8 million won ($474,300). The average monthly disposable income of those younger than 39 years old stood at 3.71 million won in the third quarter of 2016, data from Statistics Korea showed Monday.The Korea Appraisal Board tallied the average sales price of an apartment in the capital at 554.8 million won for September.Based on the fi
Nov. 28, 2016
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Can Tesla, BYD boost Korean EV market?
The world’s two leading electric vehicle makers, Tesla Motors and BYD Auto Co, are set to hit the Korean market within this year. But questions remain over whether they can shake up the world‘s 10th-largest auto market that suffers from the sluggish EV sales. The total sales of eco-friendly cars saw a growth of 68 percent in the first 10 months of this year with a total of 53,631 units sold. But 94 percent of the total were hybrid cars with the rest being plug-in hybrid EVs, pure E
MobilityNov. 27, 2016
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[Behind the Wheel] Grandeur reconstructs Hyundai’s legacy
Forget about the Grandeur that you used to know. The old image of the luxury sedan for upper class, middle-aged drivers is gone with the release of the all-new Grandeur last week. The new Grandeur, the sixth generation of Hyundai’s signature luxury sedan, is young, innovative and sporty.And the market is responding fast. Of all preorders, 48 percent of the drivers were in their 30s and 40s, a 7 percent increase from its previous model Grandeur HG, said Ryu Chang-seung, head of Hyundai’s domestic
MobilityNov. 27, 2016
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‘Korean youths less inclined to start new businesses’: report
South Korean youths in their 20s and early 30s are less inclined to start their own businesses and become entrepreneurs compared to their counterparts elsewhere, a global report by Amway said Sunday.According to the 2016 Amway Global Entrepreneurship Report covering 45 countries and more than 50,000 men and women, Korean youths, aged 35 and below, scored 49 points in terms of “entrepreneurial spirit.” (123RF)Amway’s entrepreneurial spirit index measures a person’s intention to start a business a
IndustryNov. 27, 2016
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Apple faces complaints for slow customer service in Korea
Apple once again faces mounting complaints from Korean customers, this time for a lack of stock to replace faulty iPhone 6s batteries.Apple has been offering new batteries for free of charge to users with a problematic iPhone 6s devices, which shut down at random points, since Nov. 21, local reports said Sunday. A growing number of customers, however, are reporting cases of inconvenience over the shortage of batteries at Apple authorized service providers and wireless carriers.“My phone turns of
IndustryNov. 27, 2016
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Behind rallies, mobile apps support Seoul protesters
Merging technology with social activism, South Korean developers have rolled out a series of new mobile apps to support citizens who are taking to the streets of Seoul to demand President Park Geun-hye’s resignation. As the weekly demonstrations continue to widen, multiple mobile apps designed for easy use by rally participants have appeared on the Google Play and Apple app stores. Apps that display a virtual candlelight on a smartphone screen are by far the most widely downloaded app among loc
TechnologyNov. 27, 2016