Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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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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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Youth employment hits record low, senior jobs soar
South Korea continues to struggle with its high youth unemployment rate, with the number of employed Korean youths hitting a record low last month and the number of senior citizens in Korea continuing to climb, according to data from Statistics Korea on Tuesday. The number of employed Koreans aged 15 to 29 stood at 3.93 million in October, 52,000 lower compared to the same month last year. The employment figure also represents an all-time low percentage of 14.6 percent of Korea’s total em
EconomyNov. 21, 2017
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LG Uplus showcases cloud-based drone control system
LG Uplus said Tuesday that the mobile carrier will make inroads into the drone business, at an event held to demonstrate a cloud-based drone controlling system. At a press conference held at the telecom firm’s headquarters in Yongsan, central Seoul, the company demonstrated spotting a missing child with a drone flying over Sky Park in Sangam-dong in the northwestern part of the city, taking just three minutes. The drone communicated with the company’s U+ Smart Drone Cloud Control System at the h
TechnologyNov. 21, 2017
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LG Chem in legal battle with ATL in US
Korean battery maker LG Chem is in a legal battle with its Chinese rival ATL over technology patents in the US, the Korean company confirmed on Tuesday. Last month, LG Chem and its Japanese partner Toray filed a complaint against ATL in Michigan where the South Korean company has plants producing batteries for clients including General Motors and Chrysler. LG accused ATL of infringing three US patents covering an LG-developed technology related to battery components called separators. LG Chem ha
IndustryNov. 21, 2017
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Korean scientists develop potential drug candidate for hair loss
South Korean scientists have developed a biochemical substance that instigates new hair follicle growth, opening new doors in the realm of hair loss treatments, which have been limited to slowing hair loss or accelerating growth, rather than regeneration, experts said.The Korean Ministry of Science and ICT said Monday that a team of researchers led by Yonsei University’s professor Choi Kang-yell has developed a potential drug candidate targeting a protein that prohibits new hair follicle growth.
TechnologyNov. 21, 2017
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Job offerings in Korea increase in 2016
The number of jobs offered by local businesses in South Korea edged up last year from a year earlier amid a protracted economic slump, government data showed Tuesday.There were a total of 23.23 million jobs as of December 2016, up 0.9 percent, or 220,000, from a year earlier, according to the data compiled by Statistics Korea.Some 3.61 million jobs were newly created last year, while 3.39 million position were lost. Incorporated companies offered 11.14 million jobs, or 48 percent of the total, o
EconomyNov. 21, 2017
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Korea to delay opening of FX market by 1 hour on college entrance exam day
The opening of South Korea's foreign exchange market will be delayed by one hour on the day of the college entrance exam this week, the committee in charge of the foreign exchange market said Tuesday.The foreign exchange market is set to open at 10 a.m. and close at 3:30 p.m. Thursday as part of efforts to ease traffic, according to the Seoul Foreign Exchange Market Committee.The committee also delayed the opening of the foreign exchange market by one hour last Thursday due to the college entran
MarketNov. 21, 2017
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Low growth, high household debt threatening Korean economy: experts
An extended period of slow growth and steady increase in household debt could spark an economic crisis in South Korea, which suffered a financial crisis two decades ago, economists said Tuesday.Seven out of 10 economists stated they believe the country could face an economic crisis within the next five years if low growth persists and household debt continues to rise, the Korea Economic Research Institute said in a statement. In a seminar arranged by KERI on Tuesday, economists such as former fi
EconomyNov. 21, 2017
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Youth employment hits nadir in Oct.
South Korea's youth employment hit a record low in October due to demographic changes and their difficulty finding jobs, government data showed Tuesday.The number of employed South Koreans aged 15-29 stood at 3.93 million last month, down 52,000 from a year earlier and marked the fifth consecutive month of decline, according to the data from Statistics Korea.The figure accounted for 14.6 percent of the country's total employed people at 26.86 million, which was an all-time low percentage.The por
EconomyNov. 21, 2017
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Data shows tax write-offs for education costs not providing intended benefits
Tax write-offs for education costs intended to help low-income families are helping the rich more, data showed Tuesday.An analysis provided by the National Assembly's finance committee said tax exemptions in the education category this year are to reach 1.18 trillion won ($1.07 billion) and increase to 1.32 trillion won next year. The amount has been growing annually, from 1.08 trillion won in 2014 to 1.15 trillion won in 2015 and 1.16 trillion won last year.Households are given a number of tax
EconomyNov. 21, 2017
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Refiners to bask in another boom year
Aided by improved cracking margins and solid demand for petrochemical products, local oil refiners are forecast to pocket more record earnings this year, and their stellar performance may continue into next year, industry sources said Tuesday.Oil prices have been in the doldrums since 2015 on concerns of an oversupply. Crude oil prices, measured by Dubai crude, briefly dropped below $30 a barrel in January 2016, hitting a more than 10-year low. But since the second half of last year, oil prices
IndustryNov. 21, 2017
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Short-term time deposits soar on rate hike hopes
South Korean banks saw their short-term time deposits jump more than 10 percent on-quarter in the third quarter amid expectations of interest rate hikes down the road, central bank data showed Tuesday.The outstanding balance of short-term time deposits at local lenders came to 221.6 trillion won ($202 billion) as of the end of September, up 19.4 trillion won from three months earlier, according to the data from the Bank of Korea.It was up 10.1 percent from the second quarter, the largest quarter
MarketNov. 21, 2017
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Local think tank expects won to remain strong next year
The Korean won will remain strong against the US dollar next year, hitting its peak in the third quarter, a local economic think tank said in its report Tuesday.The Hana Institute of Finance predicted that the won will reach 1,130 won per dollar in the last quarter of this year and rise to 1,115 won in the first quarter next year. It will climb more to 1,095 won in the second quarter before ending the third quarter at 1,080 won, according to the institute. The fourth quarter next year will see t
MarketNov. 21, 2017
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Card loans swing to upturn in Q3
South Korean credit card firms saw their card loans pick up in the third quarter from a slight decline three months earlier, industry data showed Tuesday.The country's six stand-alone card firms -- Shinhan, KB, Woori, Hana, Samsung and Lotte -- extended 9.4 trillion won ($8.6 billion) in combined card loans in the July-September period, up 7.2 percent from a year earlier.The figure marks a turnaround from a slight fall in the previous quarter. Card loans edged down 0.4 percent on-year in the Apr
MarketNov. 21, 2017
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KT&G launches sales of new tobacco-heating device
KT&G Corp. South Korea‘s leading cigarette maker, on Monday officially began selling its new tobacco-heating device, amid growing popularity of heat-not-burn (HNB) products in the country. The new product, dubbed lil, heats up tobacco leaves without generating smoke using battery power, according to the company. KT&G said the 10,000 units it put on the market via pre-order were sold out in just two days last week. The consumers who purchased the items during the period can pick up the devices st
IndustryNov. 20, 2017
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Lotte makes solo bid for duty-free license in Seoul
Lotte Duty Free, South Korea‘s No. 1 duty-free operator, has submitted a bid to renew its license to run a store in Seoul, authorities said Monday, amid growing hopes for a return of Chinese tourists. Lotte Duty Free applied to win the license to continue its operation at the Convention and Exhibition Center (COEX) in the southern part of the capital city, as it has been doing since 2010. The Seoul customs office opened the process as Lotte’s current contract is set to expire at the end of next
IndustryNov. 20, 2017
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KB Financial chief clinches second term, hands over bank chief post
KB Financial Group on Monday separated the group chairman post and its flagship bank president role for the first time in three years, signaling its new business momentum as the nation’s top-tier banking group, officials said.The group’s shareholders’ meeting confirmed through an extraordinary meeting that incumbent Chairman and bank chief Yoon Jong-kyoo is to serve for another three-year term, this time as the group’s chairman only. The Kookmin Bank president post is to
MarketNov. 20, 2017
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Kosdaq roars to 10-year high on biotech boom
South Korea‘s second-tier Kosdaq market hit a 10-year high in its closing mark Monday, riding on a biopharma boom.Kosdaq closed at 785.32 Monday, up 1.22 percent from the previous session Friday. The index jumped by 16.7 percent for the month.The closing mark was the highest in over a decade since Kosdaq, designed in its birth to benchmark US’ tech-heavy Nasdaq, closed at 794.08 on Nov. 7, 2007.A combined market cap of Kosdaq hit an all-time high at 275.5 trillion won ($250.6 billion
MarketNov. 20, 2017
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SK Group pulls out of used car market
SK Group has pulled out of the online and offline used car market, selling its stake in its online used car seller to its Australian partner, according to a disclosure Monday.According to the filing, SK sold its 50.01 percent stake in SK Encar.com to Carsales Holdings for 205 billion won ($186.4 million). Australia-based Carsales Holdings acquired 49.9 percent of the company in 2014. Through this deal, Carsales will hold 100 percent stake in SK Encar.com.Last month, SK Group finalized a deal to
IndustryNov. 20, 2017
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Samsung sales expected surpass Intel this year
Samsung Electronics Co. is expected to outpace US-based Intel Corp. in terms of sales this year and emerge as the world's No. 1 chipmaker, data showed Monday.According to the data compiled by industry tracker IC Insights, Samsung will likely post sales of $65.6 billion in the chip segment to account for 15 percent of the global market. Intel, on the other hand, is anticipated to rake in $61 billion and take up 13.9 percent of all sales worldwide. (Yonhap)"For the first time since 1993, the semi
TechnologyNov. 20, 2017
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[Health-tech Korea] MediBloc eyes blockchain for patient-centered medical recordkeeping
The Korea Herald is publishing a series of articles highlighting South Korea’s promising startups in the emerging sectors of digital health care and next-generation medical devices. This is the 13th installment. - Ed.Seeking to overturn the traditional hospital-led medical recordkeeping system, a South Korean technology startup has set out to create a new patient-centered health database platform using blockchain technology.Medical recordkeeping has long operated as a closed system, with individ
TechnologyNov. 20, 2017