Most Popular
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Court refuses injunction on medical school expansion
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Is NewJeans headed for a long 'break'?
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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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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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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Korea pushes against US import restrictions on washers
WASHINGTON -- South Korea pushed Wednesday to stop the United States from imposing import restrictions on its large residential washers, saying such a move would adversely impact the American economy.A South Korean government and business delegation made the case at a public hearing held by the US trade representative in Washington with only weeks to go before a final decision by President Donald Trump.Kim Hee-sang, a South Korean diplomat in charge of the issue, stressed that "should the U
EconomyJan. 4, 2018
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Innocean to present smart driving sunglasses at CES
Innocean Worldwide, an advertising arm of Hyundai Motor Group, will unveil a set of smart sunglasses programmed to prevent drowsy driving and help drivers with hearing problems at the Consumer Electronics Show, the company said Wednesday. The product named “Glatus” has sensors built into the sides of the sunglasses to detect the wearer’s biorhythm. If signs of sleepiness are detected, the sunglasses vibrate to warn the wearer of the dangers of driving while drowsy, the company said. Glatus by In
IndustryJan. 3, 2018
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Financial innovation matters for 3% growth: finance minister
Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday urged the financial circles to grow out of their loan-focused business practices and to play innovative roles so as to contribute to the nation’s growth target this year.He also tendered a private meeting with the Bank of Korea Gov. Lee Ju-yeol, seeking to harmonize the government’s fiscal and monetary policies amid persisting challenges.“The financial circles should play their due rule for the sake of our ec
EconomyJan. 3, 2018
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Hyosung to spin off, relist subsidiaries
Hyosung on Wednesday embarked on a preliminary screening process to list a new holding company and four subsidiaries that will be spun off on the first-tier stock market Kospi, according to the Korea Exchange. By no later than June 1 this year, Hyosung will spin off the units, each dedicated to the polyester fiber industry, heavy industries, industrial materials and chemical products, according to a regulatory filing with the Financial Supervisory Service. (Hyosung)The four subsidiaries will ho
IndustryJan. 3, 2018
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Employment conditions set to worsen
Concerns are deepening that the country’s employment conditions will continue to worsen this year, leaving young job seekers frustrated and forcing mostly low-wage employees out of work.In his New Year’s message, President Moon Jae-in vowed to place top priority on improving people’s livelihoods.Critics were quick to note his pro-labor and anti-business policies stand in the way of creating more jobs, which hold the key to enhancing the quality of life.A sharp hike in the minim
EconomyJan. 3, 2018
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[Newsmaker] WHO’s labeling of gaming addiction as a disorder sparks concern in Korea
The World Health Organization’s latest decision to classify gaming addiction as an official mental health disorder this year has ignited an international controversy. The issue is gaining particular attention in South Korea -- home to a strong gaming industry and an avid gaming population -- which has long been caught between the responsibility to fight adolescent game addiction and the need to promote the country’s thriving gaming sector. Last week, the WHO revealed plans to recognize “gaming
TechnologyJan. 3, 2018
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Retailers look to digital, content and overseas expansion for 2018
South Korea‘s largest retailers are looking to incorporate digital technology into their shopping experiences, inject storytelling elements into their content and expand overseas in 2018.In his New Year’s address, Lotte Group Chairman Shin Dong-bin stressed the importance of adopting a “digital transformation” in processes across the entire group. In the retail sector, Lotte has already begun adopting artificial intelligence to its shopping experiences in partnership with IBM. Last month, Lotte
IndustryJan. 3, 2018
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KTB on track of leadership shift
South Korean brokerage KTB Investment & Securities is on track for a transition in leadership to incumbent Vice Chairman Lee Byung-chul, in the wake of a series of scandals involving Chairman Kwon Sung-moon. Lee, 48, announced Tuesday in a regulatory filing that he would exercise his right of first refusal on 18.76 percent of shares worth 66.2 billion won ($62.2 million) in the securities firm, which the 55-year-old Kwon waived in December 2017. By exercising the right, Lee can purchase or p
MarketJan. 3, 2018
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Don Tapscott to speak at blockchain conference in Seoul
Don Tapscott, a Canadian best-selling author and founder of Blockchain Research Institute, will speak at a blockchain conference slated for Jan. 17 in Seoul, according to an industry source Wednesday. The event, titled “Blockchain Revolution: Convergence with Traditional Economy,” will take place at Seoul Dragon City in Yongsan, central Seoul. Tapscott, co-author of “Blockchain Revolution,” last visited Korea in late October last year. Swiss blockchain tech sta
MarketJan. 3, 2018
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Gwanghwamun ranked Seoul’s top business district
Gwanghwamun in central Seoul was ranked first among the country’s business districts in terms of yearly sales and sales volume per person. YonhapSK Telecom’s big data analysis service Geovision analyzed 20 major business districts across the country from November 2016 to October 2017. Geovision provides an analysis of business districts by tracking statistics of location, population, sales, category of business and consumer’s consumption tendency, combined with information on a map.SK Telecom sa
IndustryJan. 3, 2018
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SsangYong aims to take over minivan market with upgraded model
SsangYong Motor, the local unit of India’s Mahindra & Mahindra, has released its first upgraded Korando Turismo minivan in five years to tackle the Korean market, the company said Wednesday.“The new Korando Turismo comes with a SUV-like design, equipped with enhanced smart features to satisfy drivers,” said Lee Seok-woo, a marketing manager at SsangYong Motor, during an unveiling event in eastern Seoul.“We plan to tackle the local minivan market through active promotional events.” SsangYong Moto
MobilityJan. 3, 2018
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Korean car-sharing service enters Malaysia
Socar, operator of a South Korean vehicle-sharing app, has entered Malaysia, seeking to expand into Southeast Asian countries, the company said Wednesday.This marks the first time that a Korean ride-sharing service has ventured overseas.“There is high growth potential for car-sharing in Malaysia, where car-sharing is a rather unfamiliar service. Like Korea, the population density in Malaysia is very high,” Socar said in a statement.Socar has set up 120 Socar zones and is offering some 240 vehicl
MobilityJan. 3, 2018
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Samsung Heavy merges divisions, sheds 30% of execs
South Korean shipbuilder Samsung Heavy Industries has axed 30 percent of its executives as part of the struggling firm’s latest efforts to prepare for a decline in its business due to a further drop in orders. Samsung HeavyFollowing a reshuffle conducted last week, the firm now has a total of 50 board members, down from 72. It also streamlined the organization from 89 to 67 departments or teams by converging its management. In addition, the company decided to increase its capital by 1.5 trillion
IndustryJan. 3, 2018
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Hyundai Heavy sets 2018 sales target at W7.9tr
Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Wednesday that it aims to achieve 7.98 trillion won ($7.5 billion) in sales this year as its president warned of an unprecedented crisis due to declining order backlogs."This year, we could face a grave situation that we have never gone through before," Hyundai Heavy President and CEO Kang Hwan-goo said in his speech for 2018.He warned that Hyundai Heavy could face difficulties due to dwindling order backlogs and building work
IndustryJan. 3, 2018
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Samsung’s Lee likely to quit Boao Forum board
Samsung Electronics Vice Chairman Lee Jae-yong is likely to leave the board of the Boao Forum, known as Asia’s Davos Forum, as he is unable to carry out his role.His term as a board member ends in April. The heir apparent of the nation’s largest conglomerate is not likely to seek another five-year term, industry observers said.Lee took the board member position from SK Group Chairman Chey Tae-won in 2013. The board includes Singapore’s former Prime Minister Goh Chok Tong and former US Secretary
IndustryJan. 3, 2018
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Lotte faces bumpy road to sell off its discount store chain in China
South Korean retail giant Lotte is facing a bumpy road as its latest negotiations over the sale of its hypermarket chain in China fell through, industry sources said Wednesday.In September, the business group announced its decision to pull out Lotte Mart in China after it suffered major losses in the wake of the Seoul-Beijing diplomatic spat over a US anti-missile system.The conglomerate had been in talks with Thai conglomerate Charoen Pokphand Group, which runs other supermarket chains in China
IndustryJan. 3, 2018
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Banking groups vow digital innovation in 2018
South Korea’s leading banking groups on Tuesday vowed to achieve innovation in the digital finance sector this year, seeking to vie with burgeoning financial technology rookies and internet-only banks. KB Financial Group, the nation’s top banking group by market capitalization, said that it would become the industry’s “first mover” by incorporating new digital technology and co-working with fintech startups.“We shall build a new KB-centered financial ecosystem
MarketJan. 2, 2018
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[Herald Interview] Robo adviser quenches thirst of retail investors: Newsystock
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the seventh installment. — Ed.Securities firms in South Korea have for the past few years joined the race to lower commission fees -- to nearly zero -- to draw in more retail investors. But to Ryan Moon, co-founder of Korea’s first robo adviser-powered investment service provider Newsystock, such an approach is off the point, as increasingly sophisticated retail investors here
MarketJan. 2, 2018
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[Herald Interview] Line Pay eyes world connected by ‘seamless payment experience’
Since dominating the mobile messaging space in Asia’s major markets, Tokyo-based Line has been looking to transform itself into an all-around “smart portal” that links users in both their offline and online worlds. Central to Line’s O2O vision is Line Pay, the mobile payment service created by Line and operated by its subsidiary Line Pay. Three years in, Line Pay is on track to creating a new ecosystem where users can make payments with the touch of a smartphone anywhere and at any time, accordi
TechnologyJan. 2, 2018
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Korea Inc call for innovation, change, and synergy in 2018
Amid fierce competition as markets move toward the “fourth industrial revolution,” leaders of major Korean companies on Tuesday urged their businesses to seek innovative ideas and responsible management as well as to secure key technologies for the future while embracing challenges in the new year.Emerging protectionism, geopolitical uncertainties as well as fast-changing market environments will be hurdles for Korean businesses this year, they said in their New Year’s messages, adding that chan
IndustryJan. 2, 2018