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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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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AmCham elects new leaders
The American Chamber of Commerce in Korea has appointed a new vice chair and seven new board of governors, it said Monday. Myung Chan Lee, country chief executive of Lockheed Martin Global, Inc. Korea, has been elected as vice chair. AmCham’s new board of governors include Steven Barnett, president and CEO of AIG Korea Inc., Brad Buckwalter, president and general manager of Johnson Controls Korea, and Colm Flanagan, head of the Seoul Foreign School. (American Chamber of Commerce in Korea) Jae
IndustryOct. 23, 2017
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Exports up 6.9% this month despite long holiday
Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e
EconomyOct. 23, 2017
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SKT prepares to launch 5G-like Wi-Fi service
South Korea’s SK Telecom said Monday it has developed Wi-Fi technology that is capable of transmitting data at a maximum speed of 4.8 Gbps and an application processor. At the company’s office in Bundang, Gyeonggi Province, SKT said it had succeeded in demonstrating the highest Wi-Fi speed that is about four times faster than the current Wi-Fi used on smartphones. SKT’s upcoming Wi-Fi technology will use four antennas and a 160 MHz frequency bandwidth, double the current Wi-Fi service, which wil
TechnologyOct. 23, 2017
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US rate hike unlikely to cause any drastic foreign capital outflow: BOK
The head of South Korea's central bank said Monday that Seoul is unlikely to suffer any drastic capital outflow, even if the interest rate gap between Korea and the United States is reversed.Bank of Korea Gov. Lee Ju-yeol made the assessment in a parliamentary audit of the central bank, noting that the inflow and outflow of capital is not determined only by the rate gap.In June, the US Federal Reserve raised its key rate by 25 basis points to between 1 percent and 1.25 percent, narrowing the rat
BusinessOct. 23, 2017
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Govt. to lower borrowing costs for those most in need
South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m
EconomyOct. 23, 2017
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Seoul stocks turn lower on profit taking late Monday morning
South Korean stocks turned lower Monday morning after a brief rise, as institutions dumped stocks on profit taking. The benchmark Korea Composite Stock Price Index fell 2.00 points, or 0.08 percent, to 2,487.54 as of 11:15 a.m.Institutions offloaded 258 billion won ($228 million) worth of stocks, exceeding a combined 225 billion won by foreigners and individuals. Market bellwether Samsung Electronics Co. rose 0.74 percent and No. 2 chipmaker SK hynix Inc. advanced 2.59 percent.Among declin
MarketOct. 23, 2017
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Moon to hold meeting with labor leaders this week
President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players
EconomyOct. 23, 2017
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Trade ministers in Asia-Pacific to gather for RCEP talks
Trade ministers of 16 countries in the Asia-Pacific region will gather in South Korea this week to discuss the Regional Comprehensive Economic Partnership, the trade ministry said Monday. RCEP is in essence a massive regional free-trade agreement between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has existing free trade agreements, including South Korea, China, Japan, India, Australia and New Zealand.Some 800 negotiators from the member na
EconomyOct. 23, 2017
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Manufacturers’ debt repayment ability improves in recent years: KSE
South Korea's manufacturing firms have improved their ability to repay short-term debt with the cash inflow from their operations in recent years, data showed Monday, despite Asia's fourth largest economy struggling with sluggish growth.The cash flow coverage ratio for 674 manufacturers listed on the benchmark Korea Composite Stock Price Index rose to 124 percent last year, up from 107 percent in 2013, according to the statistics by the Korea Stock Exchange. The comparable figure for the 65 larg
EconomyOct. 23, 2017
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Stocks open higher on foreign buying
South Korean stocks opened higher Monday as foreigners scooped up technology stocks. The won fell against the dollar. The benchmark Korea Composite Stock Price Index climbed 2.25 points, or 0.09 percent, to 2,491.79 in the first 15 minutes of trading. Market bellwether Samsung Electronics Co. gained 0.71 percent, and SK hynix, a major chipmaker, advanced 2.0 percent. Top carmaker Hyundai Motor Co. moved up 0.33 percent, and leading chemical firm LG Chem Ltd. rose 0.52 percent.In contrast,
MarketOct. 23, 2017
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Default rates rising for P2P lendings
Default rates for peer-to-peer loans have risen at an alarming rate, nearly tripling in September from a month earlier, market sources said Monday.According to Korea P2P Finance Association, aggregated lending by its 60 member companies totaled 1.47 trillion won ($1.29 billion) as of end-September. The current loans come to 730 billion won.The average default rate, which counts loans unrepaid for over 30 days but under 90 days, came to 2.99 percent last month, almost triple from 1.04 percent a m
MarketOct. 23, 2017
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Samsung set to continue sharing record profits with shareholders
Samsung Electronics Co. is expected to implement a massive share buy-back drive after announcing its third-quarter profit report next week, which is presumed to set another record amid strong returns from the chip business, industry watchers said Monday.The company is also expected to announce detailed plans on buy-backs and dividends for 2018-2020 as well, they added. The outlook came as the South Korean tech giant said last year it plans to allocate around 50 percent of its free-cash flow gene
IndustryOct. 23, 2017
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Samsung Electronics to pick new CEO this week
Samsung Electronics may pick a successor to its CEO and Vice Chairman Kwon Oh-hyun, as early as this week, after the top executive announced plans to retire, corporate sources said Sunday.Insiders familiar with the world’s largest computer chip and smartphone manufacturer said there could be a move to appoint a new chief to head the device salutation and display business area that Kwon is in charge of.The vice chairman announced on Oct. 13 that he plans to step down in early 2018. (Yonhap)“To ge
MobilityOct. 22, 2017
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Korea's economy to grow 2.8% in 2017: think tank
South Korea's economy is expected to grow 2.8 percent this year due to a weakening in business investment, a non-governmental think tank said Sunday.The Korea Economic Research Institute said it is lowering growth numbers for 2017 from the previous 2.9 percent, with its growth forecast for next year standing at 2.7 percent.The institute under the Federation of Korean Industries, the lobbying group for large businesses, said that while facility investment surged 15.9 percent in the first half, th
EconomyOct. 22, 2017
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[Ask a Lawyer] Korea’s unique regulations of gab-eul relationship
Q. What is the regulation of the gab-eul relationship?The regulation of the gab-eul relationship refers to the regulation of unfair trade practices performed by a more powerful party against the other party in a transaction between enterprises. For example, if a manufacturer commissions the manufacture and supply of parts to a part supplier and pays the price six months after receiving the supply of parts (case one), a seller unilaterally increases the sales price set forth in the contract with
IndustryOct. 22, 2017
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[Monitor] Income gap widening among professional jobs
Nearly 15 percent of professionals working as individual businesses made less than 2 million won ($1,765), or one-tenth of an average of income in these traditionally highly paid professions, suggesting growing competition in the professional market.While those in these professions, a total of 35,108, earned an average of 230.8 million won a year, 14.3 percent of the group made a monthly income of 2 million won or 24 million won a year, according to data provided by the National Tax Service requ
EconomyOct. 22, 2017
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[Exclusive] Samsung invests in Chinese AI chipset startup DeePhi Tech: sources
Memory chip giant Samsung Electronics has invested in a Chinese artificial intelligence technology developer as part of its efforts to catch up in the intensifying global race for AI platforms and devices, according to sources Sunday. In August, Samsung made a significant investment in DeePhi Tech, a Tsinghua-based startup with deep learning technologies, a source told The Korea Herald. “Samsung made quite a large investment in DeePhi Tech, which a group of Korean developers who met the startup’
TechnologyOct. 22, 2017
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SsangYong seeks plan B for China plant over THAAD woes
A plan by SsangYong Motor to build its first overseas plant in China could go back to square one due to growing anti-Korean sentiment in China over the Korean government’s decision to deploy an anti-missile system here, the company’s chief executive said Friday.At a meeting with Korean reporters, SsangYong President and CEO Choi Johng-sik said the plan that involves Shaanxi Automobile Group as a joint venture partner has been making slow progress since a diplomatic dispute between Seoul and Beij
MobilityOct. 22, 2017
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Samsung Electronics to seek successor to CEO Kwon Oh-hyun this week
Samsung Electronics Co. may pick a successor to its CEO and Vice Chairman Kwon Oh-hyun, as early as this week, after the top executive announced plans to retire, corporate sources said Sunday.Insiders familiar with the world's largest computer chip and smartphone manufacturer said there could be a move to appoint a new chief to head the device salutation and display business area that Kwon is in charge of.The vice chairman announced on Oct. 13 that he plans to step down in early 2018. Kwon Oh-hy
TechnologyOct. 22, 2017
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China denies THAAD retaliation against Korea: WTO report
Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday. According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against
EconomyOct. 22, 2017