Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Tax cuts, financing support planned for cultural contents
[THE INVESTOR] Tax cuts and state financing will be introduced for cultural contents producers as part of the Korea’s service sector growth plans, government ministries revealed on July 5. The plans are aimed at facilitating the growth of Korea’s domestic market for cultural contents to 135 trillion won (US$ 116.8 billion) and contents trade balance to US$ 8 billion by 2020. The country’s contents market came in at 100 trillion won last year, and trade balance was US$ 4.6 billion. Under the plan
July 5, 2016
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Software on top of South Korean gov’t agenda
[THE INVESTOR] Large companies will face lower barriers in bidding for the public sector’s software development projects, and more educational institutions will be made to offer specialized software-related education. The government aims to raise software exports from US$ 6 billion last year to US$ 10 billion by 2020.As part of its service sector development strategy announced on July 5, the government said that the barrier for large companies in conducting government projects will be lowered. T
July 5, 2016
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[Newsmaker] SK-CJ HelloVision merger faces disapproval
SK Telecom faced a major setback on Tuesday over the Fair Trade Commission’s rejection of its request to take over CJ HelloVision -- a 1 trillion won deal that was widely expected to give a major boost to the nation’s leading mobile carrier in expanding its media platform business.The watchdog has notified SK Telecom that it will not permit the merger plan, saying the deal impedes fair market competition. The FTC also told the telecom giant that the two should neither carry out a merger, nor any
July 5, 2016
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Gov’t seeks service-manufacturing convergence
[THE INVESTOR] The government will facilitate the convergence of service and manufacturing industries through tax breaks and establish a supervisory body for aiding service sector’s overseas expansion, it announced on July 5. Through the measures, Korea hopes to raise the average intermediate input ratio to 25 percent by 2020. According to government data, the figure for Korea stood at 20 percent in 2011. In comparison the figure for the UK stood at 55 percent, and 34 percent for Japan in the sa
July 5, 2016
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Samlip GFS sales more than triple in 2 years
[THE INVESTOR] Samlip GFS, an affiliate of Korean food giant Samlip General Foods, said on July 5 that its sales have been more than tripled in two years. According to the firm specialized in food distribution and logistics, its revenue surged 315 percent to 553.1 billion won (US$478.7 million) last year from 133 billion won in 2014 when the company was established. Its first-quarter sales grew 35 percent year-on-year to 167 billion won this year. Samlip GFS was spun off from Samlip General Food
July 5, 2016
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Public outcry over nickel in Coway’s ice makers
Coway, which rents out household products, has reportedly kept consumers in the dark for an entire year regarding nickel found in its ice makers, causing outrage and fears about health risks. On Monday, Coway posted an official apology on its website regarding the controversy. The statement said that the company had found that if the nickel coating on its products’ tubes had worn off, nickel might have been mixed with the ice and water produced. “(Nickel has been found in) some of the ice makers
July 5, 2016
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RGBW TV panel sales soar in UHD TV market
TV flat panels that enhance colors and brightness for display have become more crucial than ever in the global ultra-high definition TV market, a report showed this week.The number of UHD TV panels with RGBW technology is expected to increase from 6.6 million to 16 million, according to market research institute IHS’ report.Among all UHD TV panels, RGBW panels are expected to account for 24 percent of market share this year, from 16 percent in 2015.The RGBW panel is a new type of TV panel that a
July 5, 2016
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Gov’t plans deregulation, R&D support for logistics industry
[THE INVESTOR] Robots, drones and Internet of Things will be deregulated, and receive state R&D support in a government drive to improve South Korea’s logistics industry.Under the plans unveiled by the Ministry of Land, Infrastructure and Transport on July 5, drone regulations will be eased to allow the use of unmanned aerial vehicles for courier services. As part of the plans, businesses involving drones weighing less than 25 kilograms will not be required to meet any capital requirements. In a
July 5, 2016
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Samsung Heavy workers to stage strike this week
Workers at Samsung Heavy Industries Co., a major Korean shipyard, said Tuesday that they will go on a partial strike this week to demand the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder faces a labor dispute.The group of workers at the company's shipyard in Geoje, South Gyeongsang Province, announced that the partial strike is scheduled for Thursday.(Yonhap)Samsung Heavy, a unit of the country's top conglomerate Samsung, does not formally al
July 5, 2016
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Hyundai Motor union says wage negotiations with management collapse
The union of Hyundai Motor Co. said Tuesday its negotiations with the management over wages have collapsed, a move that could lead to a strike at the largest Korean carmaker.The union made the announcement at its meeting with the management at Ulsan, the home to Hyundai's main assembly plants, located some 410 kilometers southeast of Seoul. "There is no more patience," the union said in a message posted on its website as it strongly suggested that the unionized workers could stage a strike.Some
July 5, 2016
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Tourism Ministry unveils plans for boosting tourism spending to W40tr
[THE INVESTOR] The government will form a 4,500-kilometer trail around South Korea, and introduce medical-cultural tour packages.These and other measures were included in the Ministry of Culture, Sports and Tourism’s plans for boosting the country’s tourism industry revealed on July 5. The Tourism Ministry’s plans are included in the government’s strategy for the service sector. The plans are aimed at raising domestic and foreign tourists’ spending in Korea to 40 trillion won (US$ 34.7 billion)
July 5, 2016
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Hanjin Shipping starts talks with creditors over debt maturity extension
[THE INVESTOR] Ailing Hanjin Shipping has begun negotiations with foreign lenders to extend the maturity of its debts, sources said on July 4.According to local creditors, the firm started talks on the extension of repayment of 150 billion won (US$130 million) worth of debt that matures at the end of next year.It is part of ship financing debts worth over 3.2 trillion won the company borrowed from foreign financial institutions to buy vessels. The move comes as the shipping liner seeks to secure
July 5, 2016
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Korean gov’t to boost support for medical institutions’ overseas expansion
[THE INVESTOR] The government will draw up support measures for local medical institutions that enter overseas markets, and allow insurance schemes for foreign medical tourists, the government revealed on July 5. The plans were included in the government’s strategy for boosting Korea’s service industry. Support for medical institutions’ overseas expansion will include funding and tax benefits. As part of the plans for luring medical tourists to Korea, insurance companies will be allowed to sell
July 5, 2016
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Samsung Electronics' American employees form political committee
Local employees of Samsung Electronics America have reportedly established a political action committee in the United States in the run-up to the presidential and congressional elections in November, industry sources said Monday.Samsung Electronics America Inc. PAC officially registered with the Federal Election Commission earlier this year and has so far raised $17,000, they said.A PAC is an organization that pools campaign contributions and donates the funds to candidates that they support. Mo
July 5, 2016
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Visa says will raise card fees from 2017 in Korea
Visa Inc., a global payment network company, said Tuesday it will raise the fees for overseas credit card purchases using its networks it receives from South Korean credit card companies starting next year.In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In June, the country's eight card issuers sent a joint letter to protest the planned hikes in Korea because there were no such plans in Japan and China. In a reply letter sent on July 1 to the Credit Finance A
July 5, 2016
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Korean gov’t overhauls service industry support measures
[THE INVESTOR] The service industry will get larger tax breaks and financial support funds, under the government’s “Service Economy Development Strategy” announced on July 5. The measures will be applied across the service sector, excluding adult entertainment businesses. The government also plans to review more than 200 regulations and remove those deemed detrimental to the industry. Regarding tax benefits, the service industry will be given the same benefits as the manufacturing sector, the go
July 5, 2016
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Big Korean pharma firms launch venture capital biz
[THE INVESTOR] A handful of Korean pharmaceutical companies are scurrying to set up venture capital firms to find new revenue sources by investing in smaller firms in need of capital. Hanmi Pharm announced on July 4 that it has founded a 10 billion won (US$ 8.7 million) investment company that will invest into biotech and pharmaceutical fields. “We will contribute to create an open innovation ecosystem by focusing on discovering new drug candidates and pharmaceutical and biotech start-ups,” said
July 5, 2016
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Antitrust body rejects SKT's takeover bid: sources
Korea's antitrust watchdog has effectively banned SK Telecom Co. from taking over the country's dominant cable TV operator, saying a merger would hurt normal market competition, industry and government sources said Tuesday.SKT, the top mobile carrier here, agreed to acquire a 53.9-percent stake in CJ HelloVision Co. from its parent firm CJ O Shopping, an affiliate of CJ Group, for 1 trillion won ($870 million) in November last year. CJ HelloVision has a budget phone service business as well.The
July 5, 2016
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Kolon to commercialize materials for foldable, flexible displays
[THE INVESTOR] Chemical firm Kolon Industries has reportedly developed colorless, transparent polyimide -- a material that can be used for flexible and transparent displays.The development of the material, the first of its kind according to the company, is hailed as a big leap forward in the display sector as it can speed up the commercialization of next-generation displays, such as those that can be rolled up or folded. Kolon’s headquarters in Gwachoen, Gyeonggi Province. Kolon“We plan to soon
July 5, 2016
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Auto brands step up marketing after tax breaks expire
Korean carmakers and foreign auto brands have beefed up sales marketing with discounts and promotional events after the temporary excise tax break expired at the end of June, industry officials said Tuesday. The Seoul government temporarily slashed excise taxes by 30 percent on cars to 3.5 percent from August to June to bolster the sluggish domestic demand, which pushed up auto sales by 10.9 percent in the first half from a year earlier.To deal with a potential sales drop, several auto brands de
July 5, 2016