Most Popular
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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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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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Student nabbed for biking naked 'due to stress'
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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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BOK holds rate at 3.5%, ups growth outlook
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Police arrest mastermind behind last year's palace vandalism
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[Behind the Wheel] Powerful yet elegant BMW 750Li
JEJU CITY, Jejudo -- German auto giant BMW invited the press on Friday to get behind the wheel of its flagship model 750Li xDrive on Jejudo, a resort island off the southern coast of South Korea, to mark its 100th anniversary. The new gasoline model, which delivers maximum 450 horsepower with a 66.3 kilogram-meter torque, offered peppy acceleration, breaking the stereotype that the feel of a large sedan is slow and heavy. It offered comfort driving below 3,000 revolutions per minute.The highligh
MobilitySept. 25, 2016
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Competition between Korea, China intensifies in ASEAN market
Competition between South Korean exporters and their Chinese rivals has been intensifying in the 10-member Association of Southeast Asian Nations over the past years, a report showed Sunday.The report by the Korea Institute for Industrial Economics and Trade showed that Chinese exporters are steadily catching up with South Korean competitors in the ASEAN market, especially on technology goods.The report cited the "export competition index," which measures the extent to which two countries export
Sept. 25, 2016
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China begins reducing tariffs on 201 technology goods
China has begun reducing its tariffs on a range of technology goods imported from World Trade Organization members, South Korea's customs authorities confirmed Sunday. On Sept. 15, China started reducing import tariffs on 201 technology goods under the Information Technology Agreement of the WTO, according to the Korea Customs Service. China will eliminate import duties on the goods over the next three to seven years. The technology goods included TV cameras and set-top boxes for satellite TVs,
TechnologySept. 25, 2016
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More than half of Galaxy Note 7 owners get replacements in Korea
More than half of Galaxy Note 7 owners in South Korea have swapped their used phablets for new ones, six days after Samsung Electronics Co. began a replacement program as part of a global recall over battery problems, industry officials said Sunday. The number of Note 7 owners who have received replacements exceeded 200,000 as of Saturday, the officials said. About 429,000 Note 7s were said to have been sold in South Korea.Only 5 percent of Note 7 owners are said to have received a full refund,
TechnologySept. 25, 2016
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Hyundai Motor donates $115 mln over 18 years to help children fight cancer
South Korea's top automaker Hyundai Motor Co. said Saturday it has donated about US$115 million over the past 18 years to its social contribution program in the United States to help children fight cancer. Hyundai Motor launched the anti-cancer campaign, titled "Hope on Wheels," in 1998, in which $14 is raised every time a new Hyundai vehicle is sold. The automaker's accumulative donation topped the $100 million last year. Participants called for more efforts to help children fight cancer at
MobilitySept. 24, 2016
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Court rejects arrest warrant request for ex-KDB chief
A Seoul court on Saturday rejected a prosecution request to issue a warrant to arrest a former head of the state-run Korea Development Bank (KDB) who is facing a string of bribery allegations. On Wednesday, the prosecution filed for a writ to formally arrest Kang Man-soo, 71, on charges of bribery and breach of trust. The Seoul Central District Court, however, said it is hard to acknowledge the reason and necessity for the detention when Kang's major crime allegations are still disputable.
IndustrySept. 24, 2016
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Bank workers strike against merit pay system
Unionized bank employees staged an industry-wide strike Friday to protest against a plan to introduce a performance-based salary system.Banking sources said fewer than expected bank workers took part in the protest, leading to no major disruptions of banking operations nationwide.According to an estimate by the Financial Supervisory Service, as of noon, about 18,000 to 20,000 members of the Korean Financial Industry Union gathered at the Seoul World Cup Stadium in Sangam-dong, Seoul, in protest
Sept. 23, 2016
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18 investors bid for Woori Bank stakes
A total of 18 institutional investors submitted letters of intent to buy splinter stakes in Woori Bank in preliminary bidding on Friday, boosting the chance of success of the government’s fifth attempt to privatize the state-owned bank, officials said. According to the Financial Services Commission, the investors including private equity funds handed in the documents to the Korea Deposit Insurance Corp. as of 5 p.m. The number was far higher than had been expected in the financial market.Woori
Sept. 23, 2016
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[Weekender] Frustrated youth seek opportunities overseas, but reality is harsh
On an early September morning, Jung Yun-jin arrived in Seoul from her hometown of Busan. Clad in a black jacket and skirt with neatly combed hair, she was to attend a 30-minute job interview for a Korean-run company in New Zealand in the afternoon. The 24-year-old hoped that the interview would lead to the end of a year of unemployment. “I hope I stand a better chance abroad,” Jung told the Korea Herald after the interview on Sept. 6. A graduate from a four-year university in Busa
EconomySept. 23, 2016
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[Weekender] Cramming for a Samsung job
As the summer heat fades, the cooler weather heralds not just autumn but also the nation’s biggest hiring season. It’s a crunch time for college graduates and graduates-to-be, who have been polishing their resumes in hopes of landing a job at big companies like Samsung, LG and Hyundai. An impeccable resume, however, won’t guarantee the applicant an interview. One must first pass a written exam, for which previous successful applicants strongly recommend old-fashioned cramming, brushing up of one
IndustrySept. 23, 2016
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[Weekender] Elusive jobs, elusive dreams
Finding one’s first job can be a difficult task. But in a country where over 70 percent of high school graduates advance to four-year universities and the economy is visibly slowing with a bag of some serious problems, competition is reaching new heights. “With a gloomy business outlook, companies aren’t in a big hiring mood this year,” said Song Won-geun of the Federation of Korean Industries. According to its survey of some 201 major companies in Korea this week, nearly 50 percent plan a cut i
Sept. 23, 2016
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Battery problems persist in exchanged Samsung Galaxy Note 7
Samsung Electronics has been replacing its Galaxy Note 7 devices that have faulty batteries which might explode, but the new handset still has battery issues, according to a news report Friday. News channel YTN reported that a Galaxy Note 7 buyer, surnamed Choi, had received a new Note 7 through the tech firm’s recall program, which began on Sept. 19 in Korea. His new phone, however, had a battery that drained quickly, with its battery level dropping almost 1 percent every second. It also overhe
TechnologySept. 23, 2016
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Samsung heir Lee Jae-yong ranks 18th on ‘Most Influential’ list
Samsung Electronics Vice Chairman Lee Jae-yong ranked 18th on Bloomberg’s annual list of the “50 Most Influential People in the World of Finance” published Thursday. Bloomberg’s 50 Most Influential list -- now in its sixth edition -- highlights prominent figures who command the most power and influence over global financial markets, as chosen by Bloomberg’s senior reporters and editors worldwide.Lee made the Bloomberg list alongside other chiefs of major tech companies such as Tesla Motors co-fo
TechnologySept. 23, 2016
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Daewoo Shipbuilding nixes negotiation to sell headquarters building
Troubled shipbuilder Daewoo Shipbuilding & Marine Engineering Co. has terminated its negotiation to sell off its headquarters building in downtown Seoul due to drawn-out procedures, industry sources said Friday.In May, the shipbuilder picked a local property developer as the preferred bidder to sell its building, a deal estimated at some 180 billion won ($163 million).The shipyard is currently in talks with other potential investors to complete the asset sale, which is part of its self-rescue pa
IndustrySept. 23, 2016
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Seoul shares extend slight gains
South Korean stocks traded slightly higher late Friday morning, extending gains to six sessions in a row, as the US Federal Reserve has decided to keep its key rate unchanged.The benchmark Korea Composite Stock Price Index gained 3.57 points, or 0.17 percent, to 2,053.27 as of 11:20 a.m.The Fed on Wednesday maintained its target range for the federal funds rate unchanged at 0.25 percent to 0.5 percent.Large-cap stocks traded mixed across the board.Market bellwether Samsung Electronics Co. lost 1
Sept. 23, 2016
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Korea Exchange wins int'l award for Azerbaijan's trading system
South Korea's stock exchange said Friday it has received an international award for its innovative trading system exported to Azerbaijan.The Korea Exchange installed the new information and trading system on the Baku Stock Exchange last year.It was selected as the 2016 Best Technology Innovation by an Exchange in a Singapore ceremony hosted Thursday by the Futures and Options World, a global capital data service provider, according to the KRX.It added the award demonstrates the superiority of th
Sept. 23, 2016
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Park attends ceremony to launch gov't-led finance agency
President Park Geun-hye on Friday attended a ceremony to launch a government-led institution handling micro-financing services in a show of resolve to pay greater attention to the underprivileged.Based on a law enacted in March, the Korea Inclusive Finance Agency was launched to serve as a "one-stop" lending center for financially strained citizens, including workers, young entrepreneurs and college students. The agency has integrated a set of existing micro-credit and other loan service program
Sept. 23, 2016
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100 mln households to have HDR TVs by 2020: data
More than 100 million households in the world will have Ultra HD TVs equipped with the High Dynamic Range technology in five years, a U.S.-based industry tracker said Friday.A total of 107 million households with over 250 million viewers will watch shows on TVs using the latest technology, HDR, according to the Strategy Analytics.The HDR technology allows screens to deliver vivid displays by optimizing brightness depending on colors, boasting improved quality compared with previous Ultra HD TVs.
TechnologySept. 23, 2016
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Hanjin Shipping vessels allowed to unload in Germany
Cash-strapped Hanjin Shipping Co. said Friday that a German court has accepted its stay of proceedings, paving the way for its ships to unload or take on containers at ports in the European country.Vessels operated by Hanjin Shipping, South Korea's No. 1 shipper, have been stranded at sea out of fears that they would be seized by creditors or port workers. Also, service firms have refused to work for the world's seventh-largest shipping line.Hanjin Shipping sought bankruptcy protection in the U.
IndustrySept. 23, 2016
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Small-scale cosmetics firms target made-to-order manufacturing business
South Korea's small-scale cosmetics firms are targeting niche markets by launching made-to-order manufacturing for other firms, a way of expanding their businesses without the cost of having to develop their own brands and marketing them, industry officials said Friday. K-beauty has caught on globally, allowing these companies to gain the trust of foreign cosmetics brands, the officials said. They are seeking business on an original equipment manufacturing and original development manufacturing
IndustrySept. 23, 2016