Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Instagram posts fastest growth in Korea
The number of subscribers for Facebook-owned social-networking service Instagram in Korea grew at the fastest pace in the world this year, according to Facebook Korea on Monday. Benjamin Joe, the country manager of Facebook Korea, announced this during a press meeting at the firm’s head office in Seoul. Although he refused to reveal the exact number of users here, he said the entire number of users worldwide crossed 400 million and is on the rise. Facebook Korea country manager Benjamin Joe s
TechnologyDec. 14, 2015
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Korean firms brace for emissions target
The South Korean business community agreed on the inevitability of the new climate change pact for globally sustainable growth, but expressed concern over its impact on local industries.Korea is among the world’s top 10 carbon emitters as 30 percent of the export-driven country’s businesses are based in manufacturing. Under the new climate deal reached by world leaders last week, the Seoul government must develop a detailed road map to achieve its 2030 target of reducing greenhouse gas emissions
IndustryDec. 14, 2015
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[Graphic News] Pay gap widens between regular and nonregular workers
Contrary to initial predictions, the pay gap between regular and nonregular workers widened after the enactment of a law aimed at protecting job security of temporary workers in 2007.According to analysis released by the private Korea Economic Research Institute on Monday, nonregular workers received 74.5 percent of regular employees’ wages on average in 2005.But the ratio decreased to 65.5 percent in 2009 when the law was applied to all workplaces before a slight uptick to 67.8 percent last yea
Dec. 14, 2015
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[Newsmaker]After warm-up, SK chief may return to board
SK Group chairman Chey Tae-won is reportedly considering rejoining the board of three affiliates including the group’s parent company SK Corp., amid mounting pressure on him to hold more legal and ethical responsibilities as the owner of the nation’s third-largest conglomerate. According to industry sources and reports Monday, Chey is likely to join the board of directors of the three firms at the shareholders meeting scheduled in February and March. SK chairman Chey Tae-won (SK) If shareholder
IndustryDec. 14, 2015
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LSIS leads smart factory innovation
LS Industrial System is focusing on the smart factory industry in line with the government’s move to boost manufacturing innovation.Opened in 2014, the LSIS smart factory in Cheongju, North Chungcheong Province, boasts a smart manufacturing line that automates every stage of production.According to company officials, low-voltage circuits and magnetic switches are automatically manufactured, and programmable logic controllers and manufacturing execution systems oversee the process and collect dat
IndustryDec. 14, 2015
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Woori Bank seeks financial innovation
Woori Bank is seeking financial innovation to boost its profits under the leadership of its CEO Lee Kwang-goo, who took office a year ago.The bank set up a financial technology department and adopted a financial engineering tool that uses information communication and technology for the first time in the financial industry.It also created an asset management system using the Internet of Things and launched its mobile-only system Wibee Bank. Woori Bank CEO Lee Kwang-goo speaks at a management str
IndustryDec. 14, 2015
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Seoul shares sink 1% on deepening oil rout
South Korean stocks tumbled 1.07 percent Monday as investors shunned risky assets out of fears that plunging crude oil prices will protract the global economic slowdown. The local currency sharply fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index lost 20.80 points to 1,927.82. Trade volume was moderate at 425.67 million shares worth 4.02 trillion won ($3.39 billion), with losers far outnumbering winners 697 to 150. "Investors view the sharp fall in prices of oil and
Dec. 14, 2015
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KEPCO wins $510m wind power plant deal in Jordan
South Korea's state-controlled electric utility company on Monday said it has inked a deal to build and operate a wind power plant in Jordan. The $510 million agreement calls for Korea Electric Power Corp. to build the 89.1 megawatt Fujeij wind farm in the Middle Eastern country. The agreement also includes a power purchase agreement that outlines the details of the utility company operating the plant and selling the power generated to Jordan. The build, own and operate arrangement gives KEPCO
IndustryDec. 14, 2015
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Asian stocks fall as investors await Fed rate hike decision
Asian stock markets were mostly lower Monday following Wall Street's losses as investors awaited the U.S. Federal Reserve's decision this week on raising interest rates for the first time the financial crisis. KEEPING SCORE: Tokyo's Nikkei 225 sank 1.9 percent to 18,869.25 and Hong Kong's Hang Seng lost 0.8 percent to 21,285.92 The Shanghai Composite Index bucked the regional trend, rising 0.5 percent to 3,453.29. Australia's S&P/ASX 200 retreated 1.4 percent to 4,957.80 and South Korea's Kospi
Dec. 14, 2015
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Samsung expands share in chip market: data
South Korea's top tech firm Samsung Electronics Co. is expected to further expand its presence in the chip segment this year, data showed Monday, with its sales estimated to reach a record level. The South Korean chipmaker is anticipated to log a market share of 11.6 percent this year, up 0.9 percentage point from 2014, the data compiled by market tracker IHS showed. Its sales are also expected to advance 6.9 percent to a record US$40.7 billion over the cited period. Intel Corp. is expected to
IndustryDec. 14, 2015
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Seoul shares down 1% in late morning trade
South Korean stocks tumbled 1.02 percent late Monday morning as a further slump in oil prices dampened investor sentiment here. The benchmark Korea Composite Stock Price Index shed 19.91 points to 1,928.71 as of 11:20 a.m. On Friday, benchmark U.S. crude fell more than 3 percent to a fresh seven-year low after the International Energy Agency warned that the supply glut will continue well into next year. The news also sent the Dow Jones industrial average skidding 1.76 percent and the Nasdaq tu
Dec. 14, 2015
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Korean banks to tighten home loan standards
Korean banks are expected to tighten credit standards for home loans starting from February next year, amid concerns over the country’s record-high household debt. The Korean Association of Lenders and the watchdog Financial Services Commission jointly announced new lending guidelines Monday, which will be introduced in Seoul in February and the rest of the country in May. The industry-led guidelines call for lenders to require new borrowers to prove their income and repayment ability, a depart
Dec. 14, 2015
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Kia Motors posts sales spike in Mexico in Nov.: data
Kia Motors Corp., South Korea's second-ranked carmaker, saw its sales in Mexico jump over 20 percent in November from a month earlier, industry data showed Monday. According to data provided by a local automotive association, Kia Motors sold a total of 2,247 cars in Mexico last month, up 22.9 percent from the previous month. This followed a 6.9 percent on-month rise in October, and also marked the fourth straight month of growth since its first entry into the Mexican market in July. With the
IndustryDec. 14, 2015
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Korea calls for financial safety net, macroeconomic health at G20 meeting
South Korea is calling for the creation of a global financial market safety net and improvements in the macroeconomic health of countries at the Group of Twenty deputies meeting in China, the government said Monday. The two-day gathering being held in Sanya on Hainan Island, marks the first meeting of representatives from the world's 20 key systemically important industrialized and developing economies, after Beijing assumed the rotating chairmanship, the finance ministry said. The working-lev
Dec. 14, 2015
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Korea‘s home rental deals fall 6.1% in Nov.
South Korea's home rental transactions contracted 6.1 percent on-month in November mainly due to a drop in seasonal demand, the government said Monday. In the one-month period, the number of home rental transactions reached 115,138 units, down from 122,617 transactions in October, the Ministry of Land, Infrastructure and Transport said. Compared with a year earlier, monthly transactions inched up 1.5 percent from 113,451 units. Data showed that in the 11 months of this year, transaction numb
Dec. 14, 2015
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SK Telecom to roll out direct-call Gear S2
South Korea's top mobile carrier SK Telecom Co. said Monday it will roll out a new edition of Samsung Electronics Co.'s Gear S2 smartwatch this week that allows users to make calls without being linked to a smartphone. While previous Samsung Gear S2 models have to link to smartphones with Bluetooth technology, SK Telecom said the new device, sold exclusively to its subscribers, can connect to the network independently. The top mobile carrier said wearable devices were especially popular among
IndustryDec. 14, 2015
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Seoul shares start lower on sliding oil prices
South Korean stocks got off to a weak start Monday as investors sentiment was spooked by the sharp fall in oil prices and last week's drop in U.S. stocks. The benchmark Korea Composite Stock Price Index tumbled 26.45 points, or 1.36 percent, to 1,922.17 in the first 15 minutes of trading. Stocks fell across the board, with tech firms and chemicals leading the losses. Market bellwether Samsung Electronics dropped more than 1 percent, and chipmaker SK Hynix sank 3.02 percent. Amore Pacific, the
IndustryDec. 14, 2015
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Telecom carriers to see drop in revenue
South Korea’s big three telecom carriers ― SK Telecom, KT and LG Uplus ― are expected to see an unprecedented drop in their combined revenue this year amid rapid market saturation. According to market analyst FnGuide, their combined revenue is set to fall to 49.6 trillion won ($42 billion) this year, about 4 percent down from last year’s 51.5 trillion won. KT would see the largest drop to 21.8 trillion won from 23.4 trillion won, while SK Telecom expects a fall to 17.1 trillion won from 17.8 tr
TechnologyDec. 13, 2015
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[Graphic News] Saving for retirement tall order for households with children
The average Korean households will need 2.26 million won ($1,900) per month for essential costs of living after retirement, but what they are saving now comes to less than half of that, a recent study has revealed. According to a Seoul think tank under KB Financial Group, Korean households’ average postretirement income from savings, pensions and other sources is projected at an average 1.1 million won, about 48 percent of the amount needed. The deficit is largest for households with children, w
Dec. 13, 2015
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Hana Financial chief wins award for top negotiator
Kim Jung-tai, chairman of Hana Financial Group, has been honored by a local association of business management scholars for his negotiation skills, the group said Sunday. Kim, who has been serving at the helm of Hana Financial since March 2012 after a five-year stint as vice chairman, won the top prize given by the Korean Association of Negotiation Studies as this year’s most recognizable negotiator. Kim Jung-tai (third from left), chairman of Hana Financial Group, poses with others at the awar
IndustryDec. 13, 2015