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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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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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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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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About half of salaried workers paid less than W2m per month: data
Nearly half of South Korea's salaried workers were paid 2 million won ($1,772) or less in monthly wages during the first six months of this year, government data showed Tuesday.About 32.6 percent of the country's 19.7 million salaried workers were paid between 1-2 million won per month while 10.4 percent received less than 1 million won, according to the figures by Korea Statistics. About 27.3 percent were paid 2-3 million won, 14.9 percent 3-4 million won and 14.8 percent over 4 million won. Th
EconomyOct. 24, 2017
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Legislator calls for measures to revive Gwangyang Port
GWANGYANG -- A ruling party legislator called Tuesday for urgent measures to revive Gwangyang Port, a major seaport in South Korea whose cargo processing volume is rapidly diminishing.Rep. Lee Gae-ho, elected from the constituency including the southern city of Gwangyang, said the volume of cargo handled at the port has fallen for five consecutive years. "There were less than 2.3 million TEUs processed at Gwangyang last year, and the goal for 2.33 million TEUs this year is also unlikely to
EconomyOct. 24, 2017
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LG Household logs decent profit in Q3 despite THAAD woes
LG Household & Health Care Ltd., South Korea's No. 2 cosmetics and household goods maker, said Tuesday it racked up a solid profit in the third quarter of this year on the back of its high-end cosmetic brands, despite concerns over a setback from a diplomatic row between Seoul and Beijing over a US anti-missile system here.Its operating profit came to 253 billion won ($224 million) in the July-September period, up 3.5 percent from 244 billion won tallied the previous year, the company said in a
IndustryOct. 24, 2017
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Intl. passengers using Gimhae airport rise due to more Australians, Russians: data
The number of international passengers using Gimhae International Airport in the southeastern port city of Busan has risen sharply this year despite a drop in Chinese tourists, industry data showed Tuesday. As many as 5.24 million passengers used international flights through Gimhae in the first seven months of this year, according to statistics provided by the Korea Airports Corp.The number represents a 12.9 percent hike from a year earlier. Gimhae International Airport passenger terminal (Yonh
IndustryOct. 24, 2017
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US dollar-Korean won exchange rate least volatile in 3 years in Q3
The US dollar-Korean won exchange rates were the least volatile in three years during the third-quarter of this year, despite rising tension surrounding North Korea, the central bank said Tuesday. The average gap between the daily high and low of the dollar-won exchange rates came to 4.8 won in the third quarter, down from a 5.8 won fluctuation a quarter earlier, according to the Bank of Korea. It is the smallest average daily fluctuation since the third-quarter of 2014, according to the B
MarketOct. 24, 2017
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Seoul stocks trim earlier gains late Tuesday morning
South Korean stocks pared back earlier gains Tuesday morning to trade slightly lower as institutions and foreigners offloaded stocks on profit taking. The benchmark Korea Composite Stock Price Index fell 1.86 points, or 0.07 percent, to 2,491.91 as of 11:15 a.m.Institutions and foreigners sold a combined 57 billion won ($50 million) worth of stocks, exceeding the 52 billion won stocks purchased by individuals. Tech stocks led the losses, with market bellwether Samsung Electronics falling 0
MarketOct. 24, 2017
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[Exclusive] LG Electronics launches new R&D base in UK for automotive business
A vehicle component unit under South Korea’s LG Electronics has established its new base in the United Kingdom to expand its automotive business with car manufacturers in the fast growing European market.The tech giant has opened a research and development center at the University of Warwick Science Park in the city of Coventry, and is registered as a tenant in the academia-industrial cluster, based on information provided by market insiders exclusively to The Korea Herald. The center marks LG’s
MobilityOct. 24, 2017
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Korea, Vietnam hold economic committee meeting to discuss cooperation
South Korea and Vietnam held a joint economic committee meeting on Tuesday to discuss cooperation in various areas and tackle any stumbling blocks that could hamper further development.The meeting, the 16th of its kind, was held in Seoul between Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and his Vietnamese counterpart Nguyen The Phuong. "South Korea-Vietnam relations have developed into something special," Yun said at the start of the meeting. "The South Kor
EconomyOct. 24, 2017
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President Moon to meet labor leaders over his new policies
President Moon Jae-in was set to hold a special meeting Tuesday with leaders of the country's top labor organizations over his new economic and labor policies.The meeting will be held at the presidential office Cheong Wa Dae.It was initially expected to involve officials from the country's two largest umbrella labor organizations -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- as well as several sectored and independent labor unions, but the KCTU has said
EconomyOct. 24, 2017
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Many tax evaders receive lenient punishment: data
Many people caught not paying taxes receive lenient punishment, parliamentary data showed Tuesday.Only 13,548 tax evaders have been indicted in the past five years, constituting 20.9 percent of total evaders in comparison to the average indictment ratio of 37.9 percent of other crime suspects, the findings by the National Assembly Research Service said.As many as 49.1 percent of those indicted were tried without physical detention, with 45.3 percent receiving summary trials. Only 5.7 percent wer
EconomyOct. 24, 2017
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New firms join W10tr market cap club
Twenty-four companies have newly joined the ranks of those with 10 trillion-won ($8.84 billion) market capitalization compared with 10 years ago, raising the number of such firms to a record high of 35, according to the Korea Exchange on Tuesday.Of the group, 34 were on the main bourse, including Samsung Electronics with a market cap of 352.32 trillion won as of Monday. SK hynix had 61.66 trillion won, and Kakao had 10.24 trillion won. Celltrion, with 21.86 trillion won, was the only firm on the
MarketOct. 24, 2017
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IFEZ development to be delayed to 2030
INCHEON -- The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday.Known as IFEZ, the project was designated in August 2003 as South Korea's first such zone where foreign investors would receive tax and administrative benefits and services to promote their business activities in the country.The Ministry of Trade,
EconomyOct. 24, 2017
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Stocks open higher on sound earnings hope
South Korean stocks opened higher Tuesday, as investors expect strong earnings from major companies. The benchmark Korea Composite Stock Price Index climbed 2.97 points, or 0.12 percent, to 2,493.02 in the first 15 minutes of trading.Retail investors bought stocks worth more than 35 billion won ($31 million), offsetting 34 billion won sold by foreigners and institutions.Large-cap stocks were mixed across the board, with market bellwether Samsung Electronics Co. leading the gains. The tech giant
MarketOct. 24, 2017
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Samsung Electronics says OLED displays not suitable for TVs
Samsung Electronics Co. said Tuesday the organic light-emitting diode technology is not suitable for use on television sets, apparently targeting its main rival LG Electronics Inc. while promoting its own QLED screens.The statement follows a YouTube video posted by the South Korean giant earlier, which also criticized LG Electronics' OLED displays. Samsung and LG have been promoting QLED and OLED as their next-generation TV technologies, respectively.The South Korean tech giant said OLED display
TechnologyOct. 24, 2017
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[Monitor] Premium German cars sell well in Korea
Despite the so-called “dieselgate” scandal and aggressive marketing by Japanese carmakers, South Koreans remain largely loyal to German cars such as those by BMW and Mercedes-Benz Korea, data showed.According to BMW Korea on Sunday, some 3,200 BMW 5 Series models were sold in September, making Korea the second-largest market for the automaker after the US.Benz has also continued to top the imported car market here, selling 5,606 vehicles last month, according to the Korea Automobile Importers &
MobilityOct. 23, 2017
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[Graphic News] S. Korean HIV patients on rise
The number of people with HIV in South Korea has nearly tripled over the past 10 years, data showed last week. A total of 13,584 people had been diagnosed with HIV in 2016, up from 5,316 tallied in 2007, according to data from the Korea Centers for Disease Control and Prevention submitted to the National Assembly. Patients in their 30s accounted for 27.2 percent of the total, followed by those in their 20s with 25.9 percent, those in their 40s with 21.3 percent, and those between 10 and 2
TechnologyOct. 23, 2017
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Korea’s reshoring policy far from effective
Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have
EconomyOct. 23, 2017
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Samsung Electronics to announce 3-year buyback plan
Samsung Electronics is set to announce next week a three-year plan to buy back shares, which is anticipated to be the largest backed by the tech giant’s thriving chip business.The tech giant will also announce its third-quarter profit and plans for cash dividends for 2018-2020. (Photo by Park Hyun-koo/The Korea Herald)Last year, the company said it would spend 50 percent of its net profits to increase its share value and return the benefits to its investors. Of the 22.4 trillion won of net profi
IndustryOct. 23, 2017
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Consumers wary as tax hike looms on HNB tobacco
Following the passage of a tax hike bill on heat-not-burn tobacco products at a parliamentary committee, South Korean consumers are bracing for a price hike to begin as early as next month.On Friday, the strategy and finance committee of the National Assembly passed a proposal to raise individual consumption taxes on HNB products to 90 percent of the same tax levied on conventional cigarettes. If the bill passes the floor next month, each 20-stick pack of HNB sticks will be taxed to the tune of
IndustryOct. 23, 2017
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Pureunbam enters Mongolian market
Shinsegae‘s private soju brand Pureunbam has entered the Mongolian market, according to the company Monday.On Sunday, the first shipment of Pureunbam soju was sent from Incheon to Ulaanbaatar, Mongolia. The products are expected to hit shelves at E-mart’s two branches in Ulaanbaatar in mid-November. Poster for Pureunbam soju (Shinsegae)The first shipment includes 19,200 bottles of the low-alcohol “Short Night” and 4,800 bottles of the stronger “Long Night.”According to Shinsegae, the decision to
IndustryOct. 23, 2017