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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[Robert J. Fouser] Social attitudes toward language proficiency
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Eximbank finances Turkish hospital project
The Export-Import Bank of Korea has provided 143 million euros ($159 million) in direct loans and loan guarantees for a hospital construction project led by Samsung C&T in Turkey, the state-run lender said Wednesday. This is the first time that the Seoul-based bank has financed an overseas hospital construction project, it said in a press statement. The Turkish government-initiated project envisions a 1,875-bed general hospital to be constructed in the southeastern Turkish city of Gaziantep, wit
Sept. 21, 2016
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Seoul stocks up 0.51% on BOJ's freeze of key rate
South Korean stocks ended higher Wednesday on the Japanese central bank's decision to freeze its key rate. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index climbed 10.28 points, or 0.51 percent, to 2,035.99.The Bank of Japan kept its key rate unchanged at minus 0.1 percent."The BOJ's decision pushed up the benchmark index as investors were relieved from the bank's decision to keep its key rate unchanged," said Kim Ye-eun, an analyst at LIG Investment
Sept. 21, 2016
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[Monitor] Producer prices fall in August
South Korea’s producer prices dropped slightly from a year earlier in August in response to large cuts in the prices of coal and petroleum products, central bank data showed Wednesday. The producer price index for August came to 99.02, down 1.7 percent from the same month last year, according to the Bank of Korea.
Sept. 21, 2016
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Finance minister calls for self-help efforts by businesses
South Korea's finance minister said Wednesday that the government will push forward with reforming the corporate sector under the principles of self-help efforts by businesses and do its best to minimize the adverse impact."Based on the principles that creditor banks give out additional aid only when troubled companies come up with painstaking self-reform plans, the government will firmly lead the nationwide corporate restructuring process," Finance Minister Yoo Il-ho said in a meeting of econom
IndustrySept. 21, 2016
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Prosecution remains undecided on detaining Lotte chief
The prosecution is likely to indict Lotte Group Chairman Shin Dong-bin for alleged embezzlement and tax evasion, but it remains undecided on whether to detain him or not.After 18 hours of questioning, Shin left the prosecutors’ office in Seoul early Monday. He said he sincerely responded to the prosecution’s investigation without elaborating. The tycoon has reportedly denied allegations that he created slush funds and evaded taxes. Regarding suspicions that he shifted damages from failed M&A att
IndustrySept. 21, 2016
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Medical expenses for diabetes treatment top 8 tln won in 2011-2015
Nearly 8 trillion won ($7.15 billion) was used in medical expenses for more than 11 million diabetes patients in the past five years, a lawmaker said Wednesday.A total of 11.79 million people received medical treatment for diabetes and diabetic complications with the costs amounting to 7.89 trillion won in the 2011-2015 period, In Jae-keun of the main opposition Minjoo Party of Korea said, citing data of the National Health Insurance Service submitted to the National Assembly.The number of diabe
TechnologySept. 21, 2016
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[News Focus] Government braces for industry-level strike by financial workers this week
Tension is growing between South Korean financial authorities and the trade unions of financial institutions ahead of an industry-wide labor strike slated for Friday.The Financial Services Commission and the Financial Supervisory Service on Wednesday held an emergency meeting with the heads of seven commercial banks whose labor unions decided to go on strike this week to discuss contingency plans regarding possible inconvenience to consumers. The Korean Financial Industry Union has been warning
Sept. 21, 2016
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Firms to adopt their own credit rating systems next year
The Financial Services Commission on Wednesday came up with a string of measures to improve the credit rating market after coming under fire for belated actions on defaulting companies by local credit rating agencies. The FSC will allow financial institutions to adopt stand-alone credit rating systems starting next year, and all businesses from 2018. Such independent rating systems will help firms evaluate their own risks while making investment decisions and improving fiscal soundness, the comm
Sept. 21, 2016
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Sanofi files patent suit over Lantus biosimilar developed by MSD, Samsung Bioepis
French pharmaceutical giant Sanofi has filed a patent infringement lawsuit against US-based Merck & Co. over a Lantus biosimilar the US drugmaker developed with partial funding from Samsung Bioepis. Sanofi on Monday sued Merck & Co. in the US District Court of Delaware, claiming that Merck’s international division Merck Sharp & Dohme infringed as many as 10 patents held by the French drugmaker for its blockbuster diabetes treatment Lantus and its injection device SoloStar. The French company sai
IndustrySept. 21, 2016
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Demand for emergency supplies soars over earthquake risk
Sales of disaster-related supplies in South Korea are skyrocketing due to heightened safety concerns after unprecedented quakes hit the nation’s southeastern area last week.Since the magnitude 5.8 quake hit Gyeongju in North Gyeongsang Province on Sept. 12, online retailer G-market has seen the sales of some goods rise. For instance, gas masks and emergency generators saw a 37 percent increase in sales compared to last year. Pain relief patches and first aid kits have also been selling well on G
IndustrySept. 21, 2016
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Long-term unemployment hits record
Long-term unemployment, one of the most worrisome signs of a sinking economy, has risen sharply in Korea in recent months, approaching levels last seen in the aftermath of the so-called IMF crisis in the late 1990s, data showed Wednesday. According to Statistics Korea, over 182,000 Korean workers had been out of work for six months or longer in August, accounting for 18.27 percent of the population without jobs. This represents an increase of 62,000 from July, the data showed. That monthly gain
Sept. 21, 2016
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KT chairman touts intelligent networks as future of mobile era
Hwang Chang-gyu, the chairman of telecom giant KT, said Tuesday that ongoing innovation in network technology, or so-called “intelligent networks,” will lead to a paradigm shift in industries overall and bring a greater change in lifestyles than today’s mobile-focused networks.In a speech delivered at Harvard, the chairman said intelligent networks would create new value and new business opportunities, not just because of its speed but also because of its enhanced connectivity and capacity.In 20
TechnologySept. 21, 2016
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[Photo News] Financial job fair
A jobseeker wearing a virtual reality headset searches for recruitment plans by financial institutions on a screen at the first financial industry-level job fair held at Coex in Samseong-dong, southern Seoul on Wednesday. (Yonhap)
Sept. 21, 2016
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Korea pushes to develop high capacity secondary cells for electric cars
The government will jointly develop high capacity secondary cells for electric vehicles with the private sector to boost the local electric car industry, officials said Wednesday.The Ministry of Trade Industry and Energy said it launched a large-scale project with the private sector to develop the high capacity batteries for electric vehicles that allow up to 400 kilometers of travel on a single charge.The participants consist of 230 researchers from 27 private institutions, including conglomera
IndustrySept. 21, 2016
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Hyundai to build Seoul's largest department store in Yeouido
Hyundai Department Store Co. said Wednesday it will open Seoul's largest outlet in a new skyscraper to be built in the financial district of Yeouido by 2020.Hyundai Department Store said it has been selected as a preferred bidder to build its latest shopping facility in the new skyscraper called "Parc 1" under a 20-year lease contract for 30 billion won ($26.74 million). It will sign a formal agreement next week.Parc 1 will be built next to the International Finance Center in Yeouido in a space
IndustrySept. 21, 2016
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Antitrust watchdog seeks legal punishment against Lotte founder
South Korea's antitrust watchdog said Wednesday that it will file a petition against the founder of retail giant Lotte Group with state prosecutors for falsely reporting its overseas affiliates' shareholding.The Fair Trade Commission made the final decision to take the legal punitive step after a months-long review of the case that dates back to when Shin Kyuk-ho was in control of South Korea's fifth-largest conglomerate.Under South Korea's fair trade law, companies with assets exceeding 5 trill
IndustrySept. 21, 2016
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Overseas Korean businesspeople to gather for conference in Jeju
Some 1,000 Korean businesspeople from around the world will hold a meeting on the southern resort island of Jeju later this month to expand business opportunities and discuss ways to contribute to the development of South Korea’s economy, the event's organizer said Wednesday.About 2,000 local businesspeople will also join the 15th World Korean Business Convention under the theme "New Changes & Possibility, Hansang Network" set for Sept. 27-29, the Overseas Koreans Foundation said. Hansang refers
CompaniesSept. 21, 2016
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Price jump pushes consumers to buy ready-made kimchi
Consumers are resorting to packaged kimchi after record summer heat and drought have sent prices of napa cabbage, the side dish's key ingredient, up by more than 230 percent, retailers said Wednesday.At E-Mart, sales of packaged kimchi rose 67 percent so far this month compared to the same period last year, totaling 4 billion won ($3.58 million), company officials said. Such a rise is common during the summer vacation months of July and August, when travelers buy ready-made kimchi for convenienc
IndustrySept. 21, 2016
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Gov't urges bank labor to drop strike plan
South Korea's chief financial regulator called on the nation's umbrella bank union Wednesday to withdraw its plan to go on a general strike later this week, saying such a collective action will never win public support especially at a time when the local banking industry faces a "life-or-death" crisis.Yim Jong-yong, chairman of the Financial Services Commission, delivered the message in a meeting with the heads of seven major local banks to discuss ways to deal with the move by the Korean Financ
Sept. 21, 2016
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Ukraine wants Korean TV channels: report
A senior Ukrainian official said Tuesday his country wants South Korean satellite TV channels to fill in for blocked Russian ones, according to a news report.Ukraine blocked 77 Russian satellite TV channels over the past two years amid the worst-ever bilateral ties over the Crimea issue.Instead, dozens of new Ukrainian TV channels began services."We don't have enough. So we want Korean (TV satellite channels)," the Interfax news agency quoted Yuri Artemenko, the head of Ukraine's national counci
IndustrySept. 21, 2016