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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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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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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Korea, US, Japan agree to bolster cancer research
South Korea, the United States and Japan have agreed to cooperate to effectively treat and eventually eradicate cancer, the leading cause of death in the three countries, Seoul's health ministry said Tuesday.The agreement was made at a meeting of health ministers of the three countries, which was presided over by US Vice President Joe Biden in New York on Monday (local time), the Ministry of Health and Welfare said in a press release."The three countries agreed to construct an international cons
TechnologySept. 20, 2016
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Coway replaces CEO over faulty water purifiers
Coway Co., South Korea's leading water purifier maker, said Tuesday its chief executive offered to step down to take responsibility for selling defective products that caused a series of class action lawsuits.Coway CEO Kim Dong-hyun will be replaced by Lee Hae-seon, a former co-head of CJ Cheiljedang Corp., CJ's food subsidiary, the company said in a regulatory briefing. Lee's appointment will be confirmed in meetings of shareholders and the board of directors slated for Oct. 31, it said. Kim, w
IndustrySept. 20, 2016
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Lotte group chairman summoned over corruption allegations
Shin Dong-bin, the chief of the embattled South Korean retail giant Lotte, was summoned by state prosecutors Tuesday as the high-profile corruption probe into the country's fifth-largest conglomerate neared its conclusion.The 61-year-old business tycoon appeared before the Seoul Central District Prosecutors' Office as a suspect on a string of charges, including embezzlement and breach of trust. Shin Dong-bin (Yonhap)"I am sorry for causing concerns," he told reporters before entering the prosecu
IndustrySept. 20, 2016
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[Graphic News] Korean exports' global market shares shrink
The global market shares of major Korean export products like ships and display panels are dwindling, indicating that their international competitiveness is weakening, according to a report on Sunday.The market share of Korea‘s top 13 export items accounted for 5.3 percent in the global market in 2015, shedding 0.4 percentage points from 2011, the Korea International Trade Association said in a report. The key export items include semiconductors, autos, ships, steel, flat panel displays, wireles
Sept. 19, 2016
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[Photo News] Samsung Galaxy Note 7 recall begins in Korea
RECALL BEGINS -- A customer visits a SK Telecom retailer in Seoul to exchange his Galaxy Note 7 smartphone on Monday. Samsung Electronics initiated its replacement program for Galaxy Note 7 large-sized smartphones in Korea with local mobile carriers as part of its global recall of the new smartphones Monday. (Yonhap)
TechnologySept. 19, 2016
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[Monitor] Think tank predicts economic growth of 2.6% next year
A leading economic think tank in Korea predicted Sunday that the nation’s economy will grow 2.6 percent next year, marking a third consecutive year trapped in the 2-percent range. Hyundai Research Institute said in its report that the nation is expected to see continued low growth due to weak domestic consumption.
Sept. 19, 2016
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Korea sells more green cars than Germany in H1
South Korea sold more environmentally friendly vehicles than Germany, the largest producer of automobiles in the world, in the first half of the year, data showed Monday.According to the Korea Automobile Manufacturers Association, carmakers in Korea sold a combined 26,161 cars while those in Germany sold 25,031 cars.The sales of green cars in Korea between January and June surged 64 percent from the previous year while Germany saw a 21 percent increase in the same period. Germany is the third-la
MobilitySept. 19, 2016
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Korea’s underground economy larger than OECD peers: research
The size of South Korea’s underground economy in 2014 is estimated at 161 trillion won ($143 billion), or nearly 11 percent of the nation‘s gross domestic product, a report showed Monday.According to a research paper which analyzed the underground economy and tax evasion in 26 Organization for Economic and Cooperation Development countries, Korea’s shadow economy is, on average, bigger than 25 of its OECD peers. Between 1995 and 2014, Korea’s underground economy, on average, made up 10.89 percen
Sept. 19, 2016
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Korean home appliances enter Southeast Asia market
Korea’s small- and medium-sized home appliance makers are making inroads into Southeast Asian countries, targeting middle-class consumers. Coway, the country‘s No. 1 water purifier maker and rental service provider, is ahead of the pack, topping the water purifier market in Malaysia. Since its entry into the country in 2006, Coway Malaysia saw an average 118 percent jump in sales year-on-year. The company tops the local market with sales reaching 97.8 billion won last year. Hurom opened a cafe
IndustrySept. 19, 2016
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Expert urges Korea to step up fight against money laundering
The head of a new international educational institute on anti-money laundering urged Korea to upgrade its legal system to better combat illegal financial transactions and terrorism financing. Kevin Stephenson, the inaugural director of the Training and Research Institute under the Financial Action Task Force, or FATF TREIN, slated for official launch in Busan on Tuesday, acknowledged the efforts the Korean government has made so far to root out illegal financial transactions, but asked for more
Sept. 19, 2016
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[News Focus] Samsung, LG, SK bet future on biotechnology
Searching for new, promising businesses to propel their continued growth in the future, South Korea’s leading conglomerates have arrived at a common destination -- biotechnology. Korea’s top tech giants Samsung Group and LG Group, alongside telecom-focused SK Group, have all set sights on biotechnology as a promising business of the future and are swiftly moving to drive up their presence in the field with hefty investments. Biotechnology, which has applications across multiple industries, refer
TechnologySept. 19, 2016
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Korean Air seeks alternative funding plans for Hanjin Shipping
Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper. During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.“Since there are multiple stakeholders, holding the terminal collateral is nea
IndustrySept. 19, 2016
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Ediya Coffee No. 1 franchise shop operator in Korea
Ediya Coffee Co., a local low-cost coffee franchise operator, has the most shops in South Korea amid rising demand for cheap take-out coffee, government data showed Monday.There were 1,577 Ediya Coffee franchise outlets across the country last year, followed by 821 Caffe Bene stores and 813 Angelinus shops, according to the data compiled by the Fair Trade Commission. The two other coffee franchise operators are also home-grown brands.Starbucks has around 900 shops in the country, but the brand w
IndustrySept. 19, 2016
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Korea imports 400 tons of Fukushima goods
South Korea has imported over 400 tons of foods grown with radiation exposure in Fukushima, Japan, over the past six years, a South Korean opposition lawmaker said Monday, despite local consumers' worries over contamination.A total of 407 tons of goods from the region were brought into the country, said Choi Do-ja of the main opposition Minjoo Party of Korea, citing data of the Korea Food and Drug Administration submitted to the National Assembly.A devastating earthquake off the east coast of Ja
IndustrySept. 19, 2016
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Financial sector less contributing to GDP: research
South Korea's economy has become less dependent on the financial sector over the past several years despite the latter's growth in size, a study showed Monday.The financial industry's output accounted for only 4 percent of the total output of the country's economy in 2014, down from 4.7 percent in 2007, according to National Assembly Research Service.The findings, based on the analysis of the Bank of Korea's data, mean the financial industry has contributed less to the gross domestic product of
Sept. 19, 2016
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[Kosdaq Star] Innox to gain momentum from Apple’s switch to OLED displays
Information technology material provider Innox, which is worth 15 billion won ($13.4 million), is performing well this year and is expected to do even better, as global electronics makers are turning to organic light-emitting diode display panels. Founded in 2001, Innox produces OLED materials, including adhesive films for flexible OLED display panels that are used to reinforce the panel boards, as well as circuit and semiconductor materials. The company used to rely heavily on the circuit mater
Sept. 19, 2016
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Starfield attracts 1.5m visitors in 10 days, faces parking chaos
Korea’s largest shopping mall multiplex Starfield has attracted over 1.5 million visitors in the first 10 days of its opening, due to the long Chuseok holiday, its operator Shinsegae said Monday. “Starfield had a greater turn out than anticipated thanks to the various promotions we ran before the opening, such as television commercials staring famous celebrities and messages sent out to important clients,” a spokesman for Shinsegae said. Korea’s biggest shopping mall complex Starfield is crowded
IndustrySept. 19, 2016
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Seoul might be home to Johnson & Johnson’s startup incubator JLABS
[THE INVESTOR] Johnson & Johnson is reviewing establishing a JLABS center in Korea, its seventh and the first outside North America, according to a company official on Sept. 19.Established in 2012 under Johnson & Johnson Innovation, JLABS is an incubator for health care startups that provides infrastructure and resources. JLABS head Melinda Richter on her visit to Seoul in August reportedly praised the creativity and technologies of South Korean bio venture companies, saying the nation has an
IndustrySept. 19, 2016
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Daewoo Shipbuilding unit wins $120 mln deal from US shipyard
Major shipyard Daewoo Shipbuilding & Marine Engineering Co. said Monday that its unit has won a $120 million deal from a US shipyard to design two ships and supply materials. Under the deal with NASSCO, a unit of General Dynamics, the Daewoo Ship Engineering Company, a wholly owned subsidiary of DSME, will design two container ships that can also house automobiles.The vessels, 265 meters long and 35 meters wide each, will be able to carry 3,250 container boxes and 525 autos.The ships will be del
IndustrySept. 19, 2016
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Korea Kolmar buys US cosmetics manufacturer for 17 bln won
Korea Kolmar Co., South Korea's original development manufacturing cosmetics manufacturer, said Monday it has bought a US-based cosmetics maker to pave the way for entering the North American market. In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging LLC for 17 billion won ($15.1 million).Established in 1993, the Pennsylvania-based PTP has provided cosmetics for global brands includi
IndustrySept. 19, 2016