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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Samsung begins Galaxy Note 7 replacement in Korea
Samsung Electronics Co. on Monday initiated its replacement program for Galaxy Note 7 phablets in South Korea in collaboration with local mobile carriers as part of its global recall of the new smartphones, industry officials said.Customers of the nation's three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp -- began exchanging their Galaxy Note 7s for new ones at outlets across the country after receiving mobile notifications from the carriers, said the officials.Old Galaxy Note
TechnologySept. 19, 2016
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Turnover rate of deposits hits 11-year low
The turnover rate of deposits in South Korea hit a record low in more than 11 years in July, central bank data showed Monday, in the latest indication that money circulation is clogged.The deposit turnover rate for July recorded 20.3, the lowest since February 2005 when it stood at 18.1, according to the Bank of Korea.The rate is calculated monthly based on the amount of withdrawals and the average account balance. Less turnover means fewer withdrawals, signaling that people are holding on to th
Sept. 19, 2016
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Market for convenience store lunch boxes shows exceptional growth
Sales of boxed lunches at convenience stores are increasing at a record pace with demand growing from demographic shifts and a broadening age group of consumers, industry data showed Monday.CU said its sales of lunch boxes increased 2.98 times as of the end of August compared with the same period last year. The jump follows a 65.8 percent increase in 2015 for the year. Helping the sales is the retail chain's collaboration with popular chef Baek Jong-won, who selected the dishes that go into the
IndustrySept. 19, 2016
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Price of tap water to rise 4.8% this week
The price of water supplied by public utility companies will be hiked by an average 4.8 percent later this week, to cover growing costs, the government said Monday.The price of tap water used by households will be increased to 323.6 won ($0.29) per ton, up 14.8 won from the current 308.8 won, according to the Ministry of Land, Infrastructure and Transport.The increase will mark the first of its kind since January 2013 but only the second in 10 years."Over the past 10 years, consumer prices have
IndustrySept. 19, 2016
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Korea to give incentives for energy storage system
The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities as part of its efforts to foster the local renewable energy market, the trade ministry here said Monday.Those who install the energy storage system at their solar power plants will be given additional points on assessment of their renewable energy certificates starting next year, according to the Ministry of Trade, Industry and Energy.The REC-tagged electricity is
IndustrySept. 19, 2016
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30% of Hanjin ships unloaded
About one third of the container ships operated by near-bankrupt Hanjin Shipping Co. have completed their cargo unloading at ports around the globe as of Sunday, the troubled shipper said Monday, with 34 container ships still stranded at sea.Of the 97 container ships operated by the financially shaky shipper, 28 have unloaded goods. Hanjin Shipping said it is also in negotiations to begin unloading in New York, Singapore and Mexico next week.Hanjin Shipping is also set to return a total of 17 sh
IndustrySept. 19, 2016
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Business closures by self-employed increasing for those with hired workers
Business shutdowns by the self-employed with hired workers went up for the 10th consecutive month in August, national statistics showed Monday, another sign of an economic slowdown.The number of self-operating businesses with hired hands decreased by 1,000 last month compared with a year ago, according to Statistics Korea. The self-employed are categorized in two different groups -- those that have hired workers and those that do not. Business closures by the latter have been declining steadily
Sept. 19, 2016
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K-ICT Born2Global Center and Its Members ⑩ Innomdle Lab
Innomdle Lab announced on Sept. 9 that it would begin mass producing its independently developed “Sgnl” by the end of the year. Sgnl is a watch strap that allows the user to talk on their cellphone simply by pressing their fingertip to their ear. As of Sept. 7, Sgnl had already exceeded its original Kickstarter goal tenfold, amassing $500,000 -- indicating the product’s innovativeness has been widely recognized. Innomdle Lab displayed Sgnl at the 2016 IFA, Europe’s largest home appliance expo, w
TechnologySept. 19, 2016
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UPS eyes e-commerce as growth engine in Asia-Europe shipping
BRUSSELS -- The world’s largest package delivery company is looking to transcontinental shipping and the rise of e-commerce as growth engines, according to the chief executive of the company’s European branch.Nando Cesarone, CEO of United Parcel Service Europe, told a group of Asian reporters at UPS Europe’s headquarters in Brussels that the rise of e-commerce and the increasing preference among consumers to shop online and across borders were creating a shift in transcontinental shipping trends
IndustrySept. 18, 2016
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[Graphic News] Korean life expectancy rapidly increases
South Korea’s life expectancy has increased at a rapid rate over the past two decades, largely on advances in medical services, a report showed last week.According to the Korea Insurance Research Institute, South Korea’s life expectancy came to 81 years as of end-2013, up 8.6 years from 72.5 years in 1990.KIRI officials attributed the large increase to medical advances, with the life expectancy of people diagnosed with cardiovascular diseases growing an average 3.9 years, according to the report
Sept. 18, 2016
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Banks to issue refund guarantee for HHI
Local banks decided to issue a refund guarantee for Hyundai Heavy Industries, allowing the company to go ahead with ship-building projects, sources said Sunday. According to the financial sources, seven banks, including the firm’s main creditor KEB Hana Bank, made the decision to issue the refund guarantee for the company by early next month. A refund guarantee is a form of security for purchasers who normally pay for a substantial part of the vessels in advance of delivery. A ship-building cont
IndustrySept. 18, 2016
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Superrich gravitate to Yongsan: data
The most Korean superrich in terms of stock value were found to live in Yongsan-gu in central Seoul, data showed Sunday. According to corporate information provider Chaebul.com, 19 percent, or 48 of 243, of rich individuals owning over 100 billion won ($88 million) in stocks live in Hannam-dong and Itaewon -- both of which are in Yongsan-gu, Seoul. Among them, 14 were found to possess over 1 trillion won in stocks. Samsung Group Chairman Lee Kun-hee's house in Yongsan, Seoul. (Yonhap)The Itaewon
IndustrySept. 18, 2016
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4 in 10 female workers in Korea underpaid: OECD
Four in every 10 female workers in Korea are underpaid, and the proportion of underpaid female workers is the highest among the group of rich countries, data showed Sunday.In 2014, 37.8 percent of female laborers in Korea made less than two-thirds of median earnings, according to data by the Organization for Economic Cooperation and Development. This ratio topped the list among the 22 member countries of the OECD, and far outpaced No. 2 Ireland’s 31 percent. In most developed countries, less tha
BusinessSept. 18, 2016
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Korean carmakers to unveil hatchbacks, electric cars for Paris show
South Korean carmakers are seeking market expansion in Europe through the upcoming Paris Motor Show, unveiling an array of new cars and concept vehicles targeting consumers sensitive to environment issues and fuel efficiency.The nation’s largest automaker, Hyundai Motor is set to bring both the new hatchback i30 and Ioniq lines of energy-efficient cars to the show. But the company remains undecided on its main concept for the show, an official said, adding that Hyundai is still contemplating whe
MobilitySept. 18, 2016
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Lotte group chairman to be summoned by prosecutors Tuesday
State prosecutors said Sunday they will summon Shin Dong-bin, the chairman of the embattled South Korean retail giant Lotte, this week to undergo questioning over corruption allegations involving the conglomerate.The Seoul Central District Prosecutors‘ Office said the business tycoon will be questioned as a suspect on charges of embezzlement and breach of trust on Tuesday.Prosecutors here have been looking into Lotte’s alleged wrongdoings since they launched full-fledged raids into the group‘s h
IndustrySept. 18, 2016
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[Photo News] Starbucks’ tea brand Teavanna takes off in Korea
TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of the company’s flagship tea brand Teavanna at a Starbucks outlet inside the Starfield Hanam shopping complex in Hanam, Gyeonggi Province on Sept. 6. Since its official launch, more than 1 million Teavanna drinks have been sold at Starbucks outlets nationwide as of last Friday, according to Starbucks Korea. (Starbucks Korea) TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of t
IndustrySept. 18, 2016
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LG asks Italian court to nullify Secop’s patents
LG Electronics has requested an Italian court to nullify two patents held by Germany’s compressor manufacturer Secop, claiming that such technologies are no longer subject to legal protection as they are widely used throughout the industry.LG said Sunday in a statement that it filed the suit against Secop with the Torino Court in response to a claim by the German company that the South Korean electronics giant had infringed its patents.In July, Secop sent a letter of complaint to LG Electronics
TechnologySept. 18, 2016
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Samsung sells W1tr worth of stocks in global tech firms
Tech behemoth Samsung Electronics said Sunday that it has sold its shares in a total of four global tech companies, including Sharp of Japan and Seagate Technology of the US in recent weeks.The series of stock sales are said to be in line with Samsung Vice Chairman Lee Jae-yong’s push to streamline the company’s business portfolio and focus on flagship businesses, including smartphones and chips.Samsung said selling the shares of the four companies -- Sharp, Seagate Technology, Dutch chip equipm
TechnologySept. 18, 2016
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Samsung to roll out Galaxy Note 7 replacements this week
Samsung Electronics will begin rolling out replacements of the Galaxy Note 7 in South Korea and the US this week, moving fast to restore consumer trust hurt by faulty batteries prone to potential explosions. The new Galaxy Note 7 replacement devices, equipped with new batteries, will become available in Korea from Monday and in the US from Wednesday, according to Samsung’s latest announcement. The ongoing recall affects Samsung Galaxy Note 7 smartphones released in 10 nations last month, incl
TechnologySept. 18, 2016
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Corporate M&As in Korea fall in H1
Corporate mergers and acquisitions by South Korean firms fell sharply in the first half of this year as local conglomerates remained reluctant to streamline their business, the antitrust watchdog said Sunday.The value of reported M&As reached 13 trillion won ($11.7 billion) in the January-June period, down from 39.4 trillion won a year earlier, according to the Fair Trade Commission.The number of merger cases also dropped to 209 from 249 over the cited period.The FTC said domestic companies rema
IndustrySept. 18, 2016