Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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[Advertorial] Designer-friendly co-working space brings startup idea to life
Acquiring an office space for a fledgling startup is a grueling, if not impossible, task. Hence on the rise were co-working spaces that are shared and utilized by numerous freelancers, independent contractors and other professionals.Add to that a sense-stirring interior design, 3-D printers ready to use, recreational spaces, regular networking events and even shower booths, and the result is a hybrid version of co-working spaces operated by Hyundai Card.“Every piece of tableware,
MarketNov. 30, 2017
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SK Chemicals to adopt holding company structure
SK Chemicals, the chemicals and biopharmaceutical arm of South Korea’s SK Group, will officially take on a holding company structure from Friday, marking the biggest structural change for the company since its foundation 48 years ago. SK Chemicals will be split into a holdings company and a business operations company, in line with the board’s approval secured in June this year. The holdings firm will hold 48 percent of the initial SK Chemicals shares, while the operating firm will hold 52 perc
IndustryNov. 30, 2017
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[News Focus] Can Korea effectively investigate Google’s covert data collection?
South Korea has become one of the first countries to start questioning Google over recent reports confirming the firm has been collecting location data from Android phones even when GPS services were disabled. But will it be able to investigate with effective consequences?Experts here say that it is unclear whether Korean regulators can properly interrogate Google, as well as take punitive measures if needed, given the difficulties of investigating a foreign IT company whose servers and key exec
TechnologyNov. 30, 2017
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Moon vows all-out support for SMEs, new businesses
President Moon Jae-in promised to provide all-out support for small and medium-sized enterprises and startup businesses Thursday, calling them a second heart or engine for growth.The pledge came in a ceremony marking the launch of the newly created Ministry of SMEs and Startups. The ceremony came about a week after Hong Jong-haak was appointed its inaugural minister.Noting the new minister has promised to work as a salesperson for SMEs and new venture firms, the president said the government too
IndustryNov. 30, 2017
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BOK hikes key rate for first time in more than 6 years
South Korea’s central bank on Thursday raised the nation’s key interest rate by 25 basis points from a record-low 1.25 percent to 1.5 percent, making the first hike in more than six years.The largely anticipated action, which came in spite of North Korea’s latest military provocation the previous day, signaled an end to years of an easy-money policy and indicated a tightening monetary stance in upcoming years.“The monetary policy board decided to increase the key rate fro
EconomyNov. 30, 2017
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Conglomerates' insider stock ownership drastically up in 2017
Insider stock ownership of family-run conglomerates, such as Samsung and Hyundai Motor, jumped sharply this year to 58.9 percent, the country's antitrust watchdog said Thursday.According to the Fair Trade Commission, the insider stock ownership rate of the 57 conglomerates rose 29 percentage points this year from last year's 29.9 percent.Insider stock ownership refers to stocks held by the owner and his or her immediate family and top executives of companies affiliated with a business group. Thi
MarketNov. 30, 2017
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Korea economy expected to grow more than 3% in 2017: BOK
The Bank of Korea forecast Thursday that Asia's fourth-largest economy will likely expand at a faster pace than its earlier growth target of 3 percent this year on a modest upturn in global trade and domestic demand."The near-term growth rate is likely to be slightly higher than that forecast in October, supported by sustained trends of moderate improvements in both consumption and facilities investment, while exports also picked up, fueled by the global economic recovery," the central
EconomyNov. 30, 2017
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Korea to hold 2nd public hearing on KORUS FTA
South Korea will hold a second public hearing on the free trade agreement with the United States, the trade ministry said Thursday, after the first gathering was disrupted by angry farmers and livestock breeders.The Ministry of Trade, Industry and Energy will host the public hearing on Friday at the Convention and Exhibition Center in southern Seoul. Policymakers, trade experts and citizens will take part in the talks to discuss issues related to the five-year-old deal. The ministry last w
EconomyNov. 30, 2017
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[Breaking] BOK hikes key rate by 0.25% point for first time in more than 6 yrs
South Korea's central bank on Thursday raised the key rate by a quarter percentage point for the first time in more than six years amid clear signs of an economic recovery.In a widely expected move, the monetary policy board of the Bank of Korea voted to increase the base rate to 1.5 percent from a record low of 1.25 percent, ending 16 straight months of its wait-and-see stance after the last rate cut made in June last year.It also marked the BOK's first monetary tightening action since June 201
EconomyNov. 30, 2017
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Korea's risk premium falls despite NK missile launch
South Korea's credit default risk has gone south despite North Korea's latest launch of a new long-range ballistic missile, market sources said Thursday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 57.09 basis points Wednesday, down 1.02 basis points from the previous session, according to financial information provider Market and Yonhap Infomax, the financial news arm of Yonhap News Agency.The risk premium also declined
MarketNov. 30, 2017
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Overseas stock funds yield more than domestic ones in Nov.
South Korean funds for overseas stock investment posted higher returns than domestic-focused ones in November due to a sluggish equity market here, a market tracker said Thursday.The average return of overseas stock funds with a net asset of 1 billion won ($930,000) or more came to 1.62 percent as of Tuesday, compared with a yield of 0.79 percent for domestic equity funds, according to KG Zeroin.The figures mark a turnaround from their yields the previous month. Domestic stock investment funds p
MarketNov. 30, 2017
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Korea's industrial output dips 1.1% in Oct.
South Korea's industrial output dipped in October from a month earlier, ending its rise for three straight months on a slump in the automaking industry, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries dropped 1.1 percent on-month in October, following an adjusted 0.2 percent rise in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output also sank 5.9 percent last month, a turnaround from a 8.5 p
IndustryNov. 30, 2017
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Mahindra partners with Uber for EV sales
Indian carmaker Mahindra & Mahindra has teamed up with Uber to expand sales of electric vehicles in India, the company’s office in Seoul said Wednesday.The collaboration includes deploying hundreds of the vehicles in Delhi and Hyderabad, and operating Mahindra’s electric vehicles -- the e2oPlus hatch and eVerito -- on the Uber platform there, it said.Under the partnership, Uber drivers can purchase Mahindra electric vehicles at competitive prices and with attractive financing and insurance premi
MobilityNov. 29, 2017
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Samsung chief’s hidden accounts to face taxation
The National Tax Service has begun reviewing the Samsung chief’s assets allegedly withdrawn from accounts opened under borrowed names, after the Finance Ministry said the accounts are subject to taxation regardless of the timeline, officials said Wednesday.The Finance Ministry said as the upper body of the tax office that it could apply the limitation of period for tax assessment for 10 years on the accounts allegedly used for fraud and other wrongdoings. With the ministry’s interpretation, it w
MobilityNov. 29, 2017
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China, Turkey, Iran tech firms eye Dongbu Daewoo Electronics
Electronics manufacturers from China, Turkey and Iran are competing to acquire South Korea’s Dongbu Daewoo Electronics, along with two other Korean companies, according to industry sources Wednesday. China’s Meidi Electronics, Turkey’s Vestel and Iran’s Entekhab have submitted letters of intent to purchase a 100 percent stake in Dongbu Daewoo, as of late Tuesday, the deadline for the main bidding applications, according to the financial industry. The two Korean companies are Dayou Winia, a provi
IndustryNov. 29, 2017
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NK's missile launch to have limited impact on financial market: Seoul
South Korea’s top financial policymaker said Wednesday that North Korea’s latest missile launch is expected to have limited impact on the nation’s financial market, but vowed swift actions if necessary.“I expect that North Korea’s provocations will not have a great impact on the domestic financial market,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said in a meeting with economic-related ministers at Seoul Government Complex.“But we will ke
EconomyNov. 29, 2017
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Biggest Supermoon of year to light up Seoul sky this weekend
The biggest supermoon of this year is set to brighten up Seoul sky around midnight on Sunday, a state-run maritime research agency said Wednesday.According to Korea Astronomy and Space Science Institute, the best time to see the astronomical event is 0:47 a.m. on Monday, when the moon will appear at its largest for skygazers in Seoul. The supermoon phenomenon will be observed at different times across the earth.The upcoming lunar show will mark the fourth occasion and the largest scale this year
TechnologyNov. 29, 2017
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GS E&C set to re-enter Iranian construction market
South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million. (Yonhap)“GS E&C in October signed a head of agreement with the Iranian firm with regards to the design of the project,” GS
IndustryNov. 29, 2017
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FTC head highlights market stability, drive for transparency to assure foreign businesses
The head of the nation’s antitrust watchdog, Kim Sang-jo, assured foreign businesses here that he is confident the South Korean market will remain strong despite concerns over North Korea’s latest missile launch Wednesday. The chairman of the Korea Fair Trade Commission also said his organization is devoted to increasing transparency to raise the market’s credibility for foreign businesses operating here. “When looking at the stock market conditions and economic outlook,
EconomyNov. 29, 2017
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Korean shares end lower on foreign selling
South Korean stocks ended lower Wednesday as foreign selling of market bellwether Samsung Electronics Co. and other large-cap stocks weighed on the main index. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.29 points, or 0.05 percent, to 2,512.90.Foreign investors offloaded shares worth more than 162 billion won ($150.4 million).Kim Ye-eun, an analyst at IBK Securities Co., said the decline can be blamed on the foreign selling of Samsung Electron
MarketNov. 29, 2017