Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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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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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Korean biz survival rate lower than EU
South Korean small and medium enterprises have a lower survival rate than their European Union counterparts with some 6 out of 10 surviving more than one year and less than 30 percent past five years, data showed Wednesday.A total of 62.4 percent of Korean companies remained opened for more than one year as of 2015, and 27.3 percent were doing business beyond five years, according to the data by the Korea International Trade Association. Korean businesses' one-year survival rate is lower than Ge
EconomySept. 20, 2017
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Firms reorganize wage systems to head off possible court battle after Kia case: sources
South Korean companies are struggling to restructure their wage systems to stave off a possible court battle over "ordinary wage" which serves as the basis for overtime, severance and other payments, industry sources said Wednesday.The move comes as the Seoul Central District Court ruled last month that fixed bonuses and meal costs are part of ordinary salaries and that Kia Motors Corp. should pay an overdue amount of 422.4 billion won ($373.2 million), or 38.7 percent, of what the union has req
IndustrySept. 20, 2017
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Korea to kick off nationwide shopping festival next week
A nationwide shopping festival involving hundreds of retailers and traditional markets will begin next week, the government said Wednesday, as it aims to draw foreign travelers amid a sharp decline in the number of Chinese tourists.The annual Korea Sale FESTA, jointly organized by the Ministry of Culture, Sports and Tourism and the Ministry of Trade, Industry and Energy, will kick off from Sept. 28 and run through Oct. 31. During the special bargain sales event, major retailers and manufacturers
IndustrySept. 20, 2017
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Ex-KAI head detained over alleged fraud, negligence
A former chief of Korea Aerospace Industries Co. has been detained for questioning in a major corruption scandal, prosecutors said Wednesday.The Seoul Central District Prosecutors' Office put Ha Seong-yong, former CEO of the nation's sole aircraft manufacturer, into custody on charges of accounting fraud and negligence. The prosecution has 48 hours before it decides whether to seek an arrest warrant from a court.Prosecutors have been investigating KAI and its officials on allegations that they
IndustrySept. 20, 2017
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Seoul shares open slightly higher on Wall Street gains
South Korean stocks opened slightly higher Wednesday, following overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index added 1.9 points, or 0.08 percent, to 2,417.95 in the first 15 minutes of trading.On Tuesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.11 percent and the Dow gaining 0.18 percent. Most large caps on the Seoul bourse traded mixed, with marking kingpin Samsung Electronics shedding 0.04 percent.SK hynix, a
MarketSept. 20, 2017
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Samsung BioLogics tops Swiss drug giant Lonza in market cap
South Korean biopharmaceutical maker Samsung BioLogics Co. has overhauled Swiss drug behemoth Lonza in terms of market value though its sales remain dwarfed by the latter's top line, industry sources said Wednesday.The market capitalization of Samsung BioLogics, a unit of South Korea's top conglomerate Samsung Group, came to 22.4 trillion won ($19.8 billion) as of Tuesday, compared with 22.1 trillion won for Lonza.Established in 1897, Lonza is a global pharmaceutical company that engages in both
MarketSept. 20, 2017
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Diageo Korea to roll out special whisky packages for Chuseok
Diageo Korea said Tuesday it would offer specially packaged versions of its whisky brands in celebration of the upcoming Chuseok holiday.The company’s 20 kinds of whisky including Johnnie Walker, Windsor and Bell will be gift packaged and some will come with promotional cups. The recently relaunched Johnnie Walker Aged 18 Years will also be introduced to Korea for the first time. The 18-year-old whisky is priced at 129,000 won ($114) per 750-mililiter bottle. (Diageo Korea)There will also be a h
IndustrySept. 19, 2017
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Hyundai could become world’s No. 1 with FCA merger: report
Market rumors are circulating that Hyundai Motor is looking to acquire the world’s seventh-largest auto manufacturer Fiat Chrysler Automobiles despite the automaker’s vehement denial. And a local analyst said Tuesday that Korea’s largest auto company would leap forward to become the world’s No. 1 if the deal goes through.Lee Jae-il, an analyst in charge of automobiles at Eugene Investment & Securities, said in a report that Hyundai Motor would benefit from the acquisition due to an expanded port
MobilitySept. 19, 2017
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[Save the startups] What it takes to keep a startup up and running
While the former Park Geun-hye administration’s slogan of “creative economy” may have seemed somewhat abstract to many, the incumbent Moon Jae-in government narrowed the concept down to a distinct keyword -- startups.Such a message was clear in the promotion of the former Small and Medium Business Administration into the Ministry of SMEs and Startups, as well as the incoming launch of a presidential committee to promote the “fourth industrial revolution.”Despite such an ample gesture of encourag
IndustrySept. 19, 2017
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Scientist develop stable solar cell out of flourine
A group of South Korean scientists have developed highly stable and cheap solar cells made out of flourine, a state-run institute said TuesdayThe team led by Kim Jin-young from the Ulsan National Institute of Science and Technology developed the edged-selectively fluorine functionalized graphene nanoplatelets with structure of perovskite solar cells that can achieve a stability of 82 percent. (Yonhap)A perovskite solar cell is a type of cell which includes a perovskite structured compound, consi
TechnologySept. 19, 2017
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[Monitor] Tattered reputation of Korean companies
Samsung Electronics’ reputation in terms of social responsibility in 15 overseas markets took a nosedive from 20th place last year to 89th, largely due to recalls of the Galaxy Note 7 smartphones and Vice Chairman’s Lee Jae-yong’s involvement in the former president’s bribery scandal, said US magazine Forbes citing an annual survey by Boston-based consulting firm Reputation Institute. While European and US businesses occupied the top 10 list, crowning Lego Group from Denmark, and Japanese firms
IndustrySept. 19, 2017
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Credit card app makes it easier to go Dutch
Splitting the bill is set to become easier, as South Korea’s financial watchdog is set to introduce a system that allows people to use just one credit card to divide the bill.After meeting with the CEOs of eight credit card companies in July, Korea Financial Services Commission decided to allow a system where customers can split the bill by paying the divided amount via mobile application under certain circumstances. Previously, customers had to ask store owners to charge them separa
EconomySept. 19, 2017
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Korea eyes Saudi Arabia's nuclear plant deal
South Korea is eyeing Saudi Arabia's first nuclear power plant project, hoping to export its nuclear technology following a 2009 deal with the United Arab Emirates, the government said Tuesday. Saudi Arabia, the world's largest crude exporter, is set to announce a plan to build two nuclear reactors to reduce its reliance on oil, drawing keen attention from major nuclear power producers including South Korea, China, France and Russia. The Gulf nation held a presentation Monday on its nuclear ener
IndustrySept. 19, 2017
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Hanjin Group chief grilled by police
Hanjin Group’s chief executive was questioned by police Tuesday regarding allegations that he used company funds to renovate his private home.Cho Yang-ho, who heads the group that runs Korean Air, appeared at the National Police Agency for questioning. He told reporters before the session that he would “fully cooperate with the investigation.” Cho Yang-ho, Hanjin Group’s chief executive, appears for questioning at the National Police Agency in Seoul on Tuesday. (Yonhap)Cho is suspected of using
IndustrySept. 19, 2017
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Korean online game ‘Battlegrounds’ breaks Steam record for highest concurrent player count
Online shooting game “PlayerUnknown’s Battlegrounds” developed by South Korea’s Bluehole Studio has broken the record for the highest concurrent player count on Steam, the world’s largest online video game store platform.The game, which was released as an early access beta version on Steam around six months ago, hit the milestone by achieving more than 1.34 million concurrent player counts Saturday, Bluehole said this week.With the new record, “Battlegrounds” beat the top peak player count recor
TechnologySept. 19, 2017
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Samsung's Galaxy S8 price higher in Korea than US: consumer group
The price of Samsung Electronics Co.'s Galaxy S8 without a mobile carrier contract in South Korea hovers far above that of the United States, a local consumer group said Tuesday.According to Green Consumer Network in Korea, the local sales price of the unlocked Galaxy S8 released earlier this year has been set at 1.02 million won ($908), which it claimed is higher than the official price tag of $780 set for US consumers including taxes. (Yonhap)Considering discounts provided to US consumers for
TechnologySept. 19, 2017
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Seoul stocks end almost flat amid profit-taking
South Korean stocks finished almost flat Tuesday as investors attempted to lock in recent gains, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index inched down 2.16 points, or 0.09 percent, to close at 2,416.05. Trade volume was slim at 248.4 million shares worth 5.2 trillion won ($4.3 billion), with losers outnumbering gainers 409 to 366.Foreigners and institutions offloaded a net 143.6 billion won and 50.5 billion won worth of local
MarketSept. 19, 2017
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Korea inks MOU with AfDB on 2018 annual meeting in Busan
The South Korean government said Monday that it signed a memorandum of understanding with the African Development Bank on preparations for the institutions’ annual meeting to be held in a city of Busan next year.The memorandum addresses the sharing of role and cost for the 53rd annual meeting of the AfDB that is expected to draw more than 4,000 finance ministers, governors of central banks, heads of international organizations and business leaders from nearly 80 member states, according to
EconomySept. 19, 2017
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S. Korea to assure credibility of economy during NY summit
Finance Minister Kim Dong-yeon is scheduled to meet with foreign investors in New York on Wednesday (local time) and intends to reassure the international financial community that the South Korean economy remains solid despite heightened tensions over North Korea’s nuclear and missile programs. Kim has joined President Moon Jae-in on his visit to New York for the annual UN General Assembly this week. Amid continuing provocations by North Korea, including the ballistic missile fired over
MarketSept. 19, 2017
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[Herald Interview] Hacker-turned-CEO brings digital currency offline
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the first installment. -- Ed. While cryptocurrency exchanges among those in their 40s and 50s deal with larger volumes, the older generation more often than not face inconveniences in trading their digital currencies.“Some traders often found themselves in trouble,” Kevin Cha, founder and chief executive of digital currency exchange Coinone, told The Korea Herald in an interview. The inte
Sept. 19, 2017