Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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BOK campaign ends with over 260 mln dormant coins
The Bank of Korea said Tuesday that its campaign to put dormant coins back to use has successfully put more than 260 million coins back into circulation.In just one month of the recollection campaign in May, people brought out some 267 million coins, worth 36.7 billion won ($31.64 million) in value, to have them changed into banknotes, according to the central bank. The result marks a 1.9-percent increase in the number of reclaimed coins from last year's campaign, and a 1.4-percent rise in their
June 21, 2016
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Samsung Electronics launches new automobile lighting package
[THE INVESTOR] Samsung Electronics has launched the Flexible Chip Scale Package for automotive LED lighting, seeking to accelerate its market share, the company said on June 21. The package allows a compact design to be built in a position lamp or a headlamp with wide beam angle and low thermal resistance according to the company. The company expects the package to cater to automotive lighting that requires huge intensity of radiation based on different usage. Flexible Chip Scale PackageThe co
MobilityJune 21, 2016
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Samsung unveils new budget tablet model
Samsung Electronics Co., South Korea's top tech firm, released the updated version of its budget tablet series, the Galaxy Tab A, on Tuesday, saying it guarantees a better connection with entertainment.The Android-based "2016 Galaxy Tab A" features a 10.1-inch full HD-level display, a 1.6 GHz octa-core processor, 2GB of RAM and a microSD card slot for up to 200GB of removable storage. It has a 7.300 mAh battery.The tablet is equipped with an 8-megapixel rear camera and a 2-megapixel front-facing
TechnologyJune 21, 2016
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Samsung SDS rules out steps to boost share price
Samsung SDS Co., a key IT unit of South Korea's top conglomerate Samsung Group, said Tuesday it has decided not to take measures to boost its share price as it mulls spinning off the logistic business.The decision came a week after a group of small investors demanded Samsung SDS buy back shares or pay interim dividends to bolster its share price."Samsung SDS has decided not to consider a share buyback or an interim dividend as a spinoff is under consideration," the company said in a regulatory f
June 21, 2016
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Foreign banks' Korean exodus: Banco Santander to exit from Korea
[THE INVESTOR] Spanish lender Banco Santander will shut its Korean operations after seven years, joining foreign banks’ exodus from Korean market in a bid to slash costs through global restructuring, a source said on June 21.The eurozone’s largest bank by market value will close its office in Seoul before the end of the year and some of its employees will be dispatched to Hong Kong.Launched in 2009, the Seoul office has been serving as a liaison between Korean corporates and official institution
June 21, 2016
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Exports set to continue record-long decline
[THE INVESTOR] The downward spiral for Korea’s exports will likely continue for the 18th consecutive month, data showed on June 21. According to Korea Customs Service data, exports between June 1 and June 20 came in at about US$ 25.66 billion, down 12.8 percent compared to the same month last year. The customs office said that the fall in integrated circuit exports has contributed significantly to the figure for June so far. It noted that integrated circuit exports in June fell 9.1 percent compa
June 21, 2016
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Labor union opposes Hyundai Heavy’s spin-off plans
[THE INVESTOR] Hyundai Heavy Industries’ labor union is strongly opposing the company’s move to spin off its facility-assistance business unit, industry sources said on June 21.Although it is one of Hyundai Heavy’s key promises to its creditors, unionists claim that the move would lead to a rise in nonregular workers -- mostly the 994 employees who are currently working at the division. The union’s representatives decided to propose a general strike last week, denouncing the shipbuilder’s latest
IndustryJune 21, 2016
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Foreign investors keep buying Hana Financial stocks
[THE INVESTOR] Foreign investor are maintaining a strong appetite for Hana Financial Group, a major South Korean banking group, while overseas holders have reduced exposure to other Korean bank stocks as ongoing corporate restructuring weighs on local lenders. Foreign holdings of Hana Financial Group shares rose 0.9 percentage points during the past three months, from 64.8 percent in March to 65.7 percent in June. Foreigners bought some 3.27 million of Hana stocks since mid-March. In stark to co
June 21, 2016
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Korea to fine Volkswagen W80b: report
[THE INVESTOR] Korea’s antitrust agency will fine Volkswagen around 80 billion won (US$ 68.9 million) for deceiving customers with false advertisements in the German automaker’s emission rigging scandal that affected millions of cars globally, including here. The state-run Fair Trade Commission is probing VW’s false advertisement claims, the agency’s head Jeong Jae-chan said in an interview with local media on June 21. The agency has looked into VW’s advertisements from 2009 to 2015, which toute
MobilityJune 21, 2016
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New baby formula regulations to threaten Korean firms in China
[THE INVESTOR] China’s new tougher baby formula regulations could spell trouble for Korean producers, Seoul’s trade agency warned on June 21. According to Korea Trade-Investment Promotion Agency’s branch in Beijing, Chinese authorities will limit the number of brands and products a company can market in China from October. Under the measures announced by China Food and Drug Administration on June 8, a single company is limited to three brands, and nine products. China has been beefing up regulat
IndustryJune 21, 2016
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Location of new southeastern airport to be announced Today
[THE INVESTOR] The location of a new airport in the country’s southeast will be announced at 3 p.m. on June 21, the Ministry of Land, Infrastructure and Transport said.The location of the new airport has been narrowed down to Miryang and Busan’s Gadeokdo Island, with the former considered to be the more likely choice. A bird's eye view of Gadekdo new airport.With the project estimated to require as much as 10 trillion won (US$ 8.6 billion), the project has been at the center of heated debate and
June 21, 2016
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Koreans shifting to second-car ownership: data
The number of registered passenger vehicles in South Korea is expected to top 20 million this month, heralding the advent of the "one household with two cars” era, data showed Tuesday.The number of registered passenger cars here came to 19,964,178 as of the end of May, according to the data compiled by the Ministry of Land, Infrastructure and Transport. Ministry of Land, Infrastructure and Transport (Yonhap)It marked a steady increase from 19.7 million in January, 19.75 million in February, 19.8
MobilityJune 21, 2016
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Nine in 10 seniors forecast to live on state pension in 2060
Nine in 10 South Korean seniors are expected to live on the state pension in 2060, when the country's national pension fund is estimated to dry up, a report said Tuesday.According to the report by the National Pension Research Institute, 91.3 percent of 17.62 million South Koreans aged 65 and older are projected to receive various state pensions in 2060.Last year, 36.4 percent of 6.78 million senior South Koreans received state pensions, but the ratio will likely soar to 41 percent in 2020, 50.2
June 21, 2016
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Hyundai Heavy seeking to spin off biz unit, labor union in opposition
Embattled Hyundai Heavy Industries is seeking to spin off a business unit, while the labor union strongly opposes the move, claiming that it would lead to a massive number of non-regular workers in the end, industry sources said Tuesday.According to the sources, Hyundai Heavy said in its emailed statement that the spin-off of its facility-assistance business division is one of its key promises to its creditors, which demand a tougher restructuring program, pledging to push ahead with related pro
IndustryJune 21, 2016
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Tesla set to start sales in Korea
[THE INVESTOR] The US electric car manufacturer Tesla Motors is hiring new staff, including shop manager, sales advisor and software engineer, to work in Seoul, hinting that its first Korean store is imminent. Tesla has long gauged the marketability of full-electric sedans in a market where Hyundai and Kia cars dominate almost 70 percent of total car sales, even though it has continued supply talks with Korean battery and display makers. Tesla Model 3 prototype.In November last year, the firm re
MobilityJune 21, 2016
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Ruling party urges gov't to roll out 'significant' extra budget
South Korea's ruling Saenuri Party on Tuesday urged the government to provide a "significant" amount of extra budget to bolster the country's economy that is struggling with a prolonged slump."The country is facing challenges in the job market due to youth unemployment and corporate restructuring issues," the party said during its special meeting arranged to find solutions to the country's employment issues. Ministry of Strategy and Finance in Sejong City (Yonhap)"As the central bank is rolling
June 21, 2016
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Presidential office says announcement over new airport will be made 'promptly and fairly'
The presidential office Cheong Wa Dae said that the announcement over the site of a new airport in the country's southeastern region will be made in a "prompt and fair" manner amid growing political tensions over the selection process.With the announcement slated for this week, the presidential office has been walking a tightrope, striving to fend off any possible fallout from the politically tinged race between the two candidate sites: Milyang, South Gyeongsang Province, and Gadeok Island in th
IndustryJune 21, 2016
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Customer deposits at brokerages soar amid low rates
Customer deposits at South Korean securities companies have hit a new high, data showed Tuesday, as investors search for high-yielding vehicles amid record-low interest rates.In a blitzkrieg move, the Bank of Korea slashed its key interest rate by a quarter percentage point to 1.25 percent on June 9 in an apparent bid to cushion any fallout from the ongoing corporate restructuring drive and bolster the sputtering economy.It was the first rate cut in 12 months.According to the data by the Korea E
June 21, 2016
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Major banks reduce loans to large firms
Apparently spooked by problems facing the country's top-ranked companies in the shipping and shipbuilding industries, major commercial banks here are beginning to reduce the amount of their loans to large firms, market data showed Tuesday.According to the data from the country's five commercial banks, their outstanding loans to large firms came to some 89.59 trillion won ($77.21 billion) as of end-May, down 1.83 trillion won from 91.42 trillion won at the end of 2015.The five banks are KEB Hana
June 21, 2016
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Pompidou Seoul branch: Culture meets economy
[THE INVESTOR] The French cultural platform Pompidou Centre is set to open a Seoul branch in March 2017 in a move that could help revitalize the Korean economy that is increasingly becoming more diverse. However, there are also doubts and concerns surrounding the plan due to the rumored royalty payment, which is expected to reach 1.5 million euros (2 billion won). The amount would be paid annually to the Paris Pompidou Centre. The Korean art industry is questioning whether the branch’s contribut
June 21, 2016