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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New mobile facial identification system unveiled in Korea
A South Korean tech solution company unveiled a new facial biometric authentication service solution for smartphones on Wednesday, offering mobile app developers and interested companies a simpler and more cost-effective face identification system.The new solution, called BioCA, was jointly developed by the Korea Trade Network (KTNET), a subsidiary of the Korea International Trade Association in partnership with global biometrics company Daon and the Korea Smart Authentication Corp. A log-in scr
TechnologyNov. 23, 2016
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Netmarble sued for IP infringement in ‘Everybody’s Marble’
South Korea’s leading mobile game company Netmarble Games has been sued for infringing intellectual property rights in its flagship mobile board game “Everybody’s Marble.” Local game developer iPeoples Inc. said Wednesday that it has filed a lawsuit against Netmarble for copying several components of its mobile game “Blue Marble” and utilizing the game’s IP without due payments.iPeoples claims that Netmarble’s “Everybody’s Marble” released in 2013 features many of the same design elements and ga
TechnologyNov. 23, 2016
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Korea to list 3 new KOSPI 200-related futures products
Three more KOSPI 200 Sector Index Futures products will be listed next week in a bid to support the government's efforts to diversify derivative-related investment vehicles here, South Korea's stock market operator said Wednesday.The Korea Exchange (KRX) has seven KOSPI 200 sector futures programs -- energy and chemicals, information technology, financials, consumer discretionary, construction, heavy industries and health care. An image of stock numbers next to South Korea's stock market buildin
IndustryNov. 23, 2016
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Korea's terms of trade improve in October
South Korea's terms of trade improved from a year earlier in October due to a decline in import prices and a slight increase in export prices, central bank data showed Wednesday.The terms of trade index for products came to 102.92 last month, up 1.4 percent from a year earlier, according to preliminary data from the Bank of Korea.The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of others
IndustryNov. 23, 2016
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Transportation sector's sales edge up 0.5% in 2015
Sales at South Korea's transportation sector turned around to edge up 0.5 percent in 2015 from a year earlier on a rise in land transportation, storage and other transport services, government data showed Wednesday.The combined sales of local transportation firms totaled 140.9 trillion won ($120.2 billion) last year, up from 140.2 trillion won tallied a year ago, according to the data compiled by Statistics Korea.It marked the first on-year gain in three years as it logged a 0.9 percent fall in
IndustryNov. 23, 2016
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Conglomerates speed up spinoffs as legislators move to restrict them
A number of South Korean companies have announced spinoffs of subsidiaries with promises to become more transparent and improve management, but market watchers say they were driven by the growing legislative movement to prevent spinoffs from strengthening corporate owners' control.Snack manufacturer Orion Corp. and dairy producer Maeil Co. were the latest to declare affiliate spinoffs, saying Tuesday they will switch to a holding company structure. Orion will complete the process by June 1 next
IndustryNov. 23, 2016
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Department store market expected to top landmark 30 trillion won this year
South Korea's department store market is expected to top 30 trillion won ($25.6 billion) for the first time this year, industry watchers forecast Wednesday.The landmark figure will likely be reached 86 years after the peninsula's first department store opened in Seoul in 1930. Shoppers visit Shinsegae Department Store in the Gangnam district, which has partially opened after its renovation, on Feb. 25, 2016. (Yonhap)The watchers said domestic department stores have managed to emerge from years o
IndustryNov. 23, 2016
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Instant coffee loses market to brewed coffee
A growing number of people are shifting their preference from cheap instant coffee to brewed coffee and other types of coffee products, industry data showed Wednesday, prompting coffee makers to develop high-quality products.The instant coffee retail market was valued at 1.07 trillion won ($913 million) in 2015, down from 1.26 trillion won in 2013 and 1.14 trillion won in 2014, according to the data by the Korea Agro-Fisheries & Food Trade Corporation. Dongsuh Foods Co., South Korea's leading i
IndustryNov. 23, 2016
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Korea to swiftly deal with possible US protectionist measures: minister
South Korea's trade minister pledged Wednesday to swiftly take measures in case US President-elect Donald Trump takes protectionist measures against Seoul.Trade, Industry and Energy Minister Joo Hyung-hwan made the comments in an inaugural session of a consultative body set up between the government and private experts to better deal with trade issues with the US.His comments came amid concerns that Trump could strengthen protectionism. Trump has denounced the free trade pact between South Korea
Nov. 23, 2016
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Samsung, pension fund raided over the conglomerate's merger deal
Prosecutors on Wednesday raided Samsung's headquarters and South Korea's state-run pension fund over allegations that the presidential office influenced the pension fund's decision to back Samsung's merger plan last year.The National Pension Service (NPS) -- which held an 11.6 percent stake in Samsung C&T Corp. and a 5 percent stake in Cheil Industries Inc. -- played a key role in the two units' merger.Prosecutors are investigating whether President Park Geun-hye pressured the state fund to supp
IndustryNov. 23, 2016
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Mini home appliances popular among single-member households
Small-size home appliances are growing in popularity in South Korea amid the increasing number of single-member households, a local manufacturer said Wednesday.Dongbu Daewoo Electronics Co. said it has so far sold more than 2 million refrigerators, washers and other products targeting consumers living alone. A model poses for a photo, provided by Dongbu Daewoo Electronics Co., to mark the sale of 2 million products for single-member households. (Yonhap)The number of single-person households here
IndustryNov. 23, 2016
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Korea Line takes over Asia-US line of Hanjin Shipping
Korea’s top bulk carrier Korea Line took over the Asia-US shipping route of the near-bankrupt Hanjin Shipping, a representative from the shipping industry said Tuesday. Hanjin Shipping announced it agreed to sell the operation rights and human resources of its Asia-US line, seven overseas subsidiaries and essential business information at 37 billion won ($31.4 million) to Korea Line, which is under Samra Midas Group. (Yonhap)“(The decision) aims to maintain the competitiveness of the Korean ship
IndustryNov. 22, 2016
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Accident delays Samsung marine drill project
Samsung Heavy Industries’ project to build a marine drilling facility is expected to be delayed after a rig leg was severely damaged in the construction, incurring massive financial damage, the company said Tuesday. The company said a 50-meter-long jack-up rig leg, which was connected to a crane, fell to the ground late Sunday while the construction team was attempting to lift and connect it with the main part of the jack-up rig. A jack-up rig, consisting of a buoyant hull fitted with a movable
IndustryNov. 22, 2016
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[MONITOR] South Korea’s deficit in IP rights trade narrows
South Korea’s deficit in the trade of intellectual property rights declined in the second quarter this year from a year ago, the Bank of Korea said Tuesday.Korea exported $2.34 billion and imported $2.5 billion in intellectual property rights in the period. The decline was mainly attributed to reduced deficit from the trademark and franchise sector, the bank said.By country, Korea saw the largest trade deficit of $820 million with the United States, and the largest surplus of $460 million throug
Nov. 22, 2016
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Hyundai aims to sell 100,000 units of new Grandeur
South Korea’s largest carmaker Hyundai Motor aims to sell 100,000 units of its new Grandeur, a company executive said at the official launch event Tuesday. “Before we began receiving preorders three weeks ago, I was worried because of the prolonged economic recession and end of benefits for the individual consumption tax and competition,” Lee Kwang-guk, an executive vice president of Hyundai Motor, told the media. ”But the record-breaking preorders have made me confiden
CompaniesNov. 22, 2016
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Naver to become tech platform for small businesses, creators
The newly appointed CEO of South Korea’s leading portal operator Naver pledged to make Naver a tech-savvy platform that helps small businesses and local creators grow and flourish, at a conference in Seoul on Tuesday. Han Seong-sook, the executive vice president of Naver’s services division, is slated to become the company’s first female chief executive, as the successor to CEO Kim Sang-hun, who recently resigned from his post at the year’s end. Han reaffirmed Naver’s dedication to its ongoing “
TechnologyNov. 22, 2016
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Credit outlook for Korean banks, businesses stable for 2017: Moody’s
The credit outlook for Korean financial and non-financial corporations are stable for 2017 on the back of support by steady economic growth and low commodity prices, Moody’s announced on Tuesday. At a media briefing session prior to the 14th annual conference on Korean firm’s credit outlook in Seoul, Michael Taylor, managing director and chief credit officer at Moody’s Investors Service based in Hong Kong, highlighted Korea’s strong fiscal position that will help to smooth the ongoing economic r
Nov. 22, 2016
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Businesses agitated as tycoons face hearings
Concerns are growing among South Korean businesses after political parties agreed on Monday to call in eight conglomerate heads to December’s parliamentary hearings over the scandal involving President Park Geun-hye and her longtime friend Choi Soon-sil.Samsung Electronics’ Vice Chairman Lee Jae-yong will be summoned to testify alongside the chairmen of LG, Hyundai Motor, SK, Lotte, Hanwha, Hanjin and CJ. The business heads are suspected of having made donations to the Mir and K-Sports foundatio
IndustryNov. 22, 2016
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Suhyup to become mid-tier lender: CEO
Suhyup Bank will broaden its capital base to 2 trillion won ($1.7 billion) and become a mid-tier bank when it separates from the National Federation of Fisheries Cooperatives on Dec. 1, its CEO said Tuesday.The semi-policy bank, mainly providing financing and support for the fisheries and maritime industries, has been preparing to launch as a separate subsidiary of the NFFC to meet Basel III capitalization standards.When the Financial Services Commission announced in 2013 that the regulator woul
Nov. 22, 2016
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[Photo News] Premium household electronics soar
PREMIUM PRODUCTS SOAR -- Dyson products are displayed for sale at Lotte Department Store in Sogong-dong, Seoul on Tuesday. While sales of household electronics rose 18.1 percent from January to October this year overall, sales of premium vacuums including those from Dyson rose 78 percent, showing that premium products remain strong even in a sluggish economy. (Yonhap)
IndustryNov. 22, 2016