Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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OpenAI gives ChatGPT new powers to see, hear
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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S. Korea to inject $70m into AI-powered public education
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[Graphic News] Only 34% of S. Korean elites favor nuclear arms
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Hyundai Life Insurance cuts one-third of staff
Hyundai Life Insurance, an insurance unit of South Korea's Hyundai Motor Group, has recently cut a third of its employees due to mounting debt, an industry source said Monday.The insurance firm has let 120 out of 450 employees go under a voluntary retirement program, according to the source.Cumulative losses at the insurer stood at 220 billion won ($195 million) at the end of June. Still, the financial health of Hyundai Life Insurance has improved, with its risk-based capital ratio standing
MarketSept. 18, 2017
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Seoul stocks up late Monday morning on Wall Street gains
South Korean stocks traded higher late Monday morning, hitting their highest level in more than a month, as they tracked gains on Wall Street.The benchmark Korea Composite Stock Price Index increased 23.61 points, or 0.99 percent, to 2,409.68 as of 11:20 a.m., after soaring to as high as 2,410.58 at one point. On Friday, US stocks closed at fresh record highs, with the S&P 500 inching up to surpass the 2,500-point mark for the first time. Most large caps improved, with market kingpin Sa
MarketSept. 18, 2017
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Weak employment conditions adversely affects sex life among women: survey
South Korean women in their 20s and 30s had sex less in 2014 compared with a decade ago, a survey showed Monday, amid high youth unemployment that has led to late marriage and less dating.South Korea's overall unemployment rate stood at 3.8 percent in June, up 0.2 percentage point from the same month last year. The unemployment rate for young people aged between 15 and 29 was much higher at 10.1 percent, up from 9.4 percent a year earlier. Jobless numbers have consistently outpaced those of the
EconomySept. 18, 2017
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Samsung opens school for Syrian refugees in Jordan
Samsung Electronics Co. said Monday it opened a smart school for Syrian children at a refugee camp in Jordan to provide them with IT device-based education.The South Korean tech giant said it launched the smart school at the Zaatari refugee camp in Jordan, which provides learning opportunities to Syrians aged between five and 24 through smartphones, tablet PCs and electronic displays. (Yonhap)"The Zaatari refugee camp, which was opened in July 2012, currently accommodates 80,000 Syrian refugees.
IndustrySept. 18, 2017
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Financial regulator vows greater role on job creation
The head of the nation's top financial regulator said Monday he will put more emphasis on helping the government to create jobs and offer financial incentives for startups. In a report to the National Assembly, Choi Jong-ku, chairman of the Financial Services Commission, said the FSC will eliminate entry barriers for financial firms to make inroads into new businesses. Job creation is one of the top priorities of President Moon Jae-in, who has embraced income-led economic growth as his main econ
EconomySept. 18, 2017
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Airport operator unlikely to accept duty-free operator's rent cut demand
The operator of Incheon International Airport is likely to snub calls from Lotte Duty Free, the country's top duty-free operator, to adjust its rental fees, industry sources said Monday, amid the ongoing diplomatic row between Seoul and Beijing over the deployment of a US missile system here.Last week, Lotte officially requested Incheon International Airport Corp. adjust the lease fee to reflect sales as it cannot pay rent for the remaining period of its five-year contract due to drastic changes
IndustrySept. 18, 2017
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Semiconductor, display makers to invest W52tr by 2024
Major South Korean manufacturers of semiconductors and displays plan to invest a combined 51.9 trillion won ($45.8 billion) in the domestic market by 2024 to help stimulate the local economy and create jobs, the government said Monday. Senior executives from major manufacturers announced their investment plans during a meeting with Minister of Trade, Industry and Energy Paik Woon-gyu, in which they outlined strategies to further develop the high tech industry, the ministry said. Kwon Oh-hyun, vi
TechnologySept. 18, 2017
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Institutions scoop up techs during market correction
South Korean institutional investors have loaded up on tech stocks during a recent correction period in the local stock market, in contrast to foreigners' massive selling, data showed Monday.Local institutions' top pick was largest-cap Samsung Electronics Co. between July 24 and Friday, with their net buying of the tech giant reaching 1.35 trillion won ($1.19 billion), according to the data from the Korea Exchange. Institutions also purchased a net 551.5 billion won worth of chip giant SK hynix
MarketSept. 18, 2017
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Korean chipmakers' sales to top W100tr in 2017
South Korea's top two chipmakers -- Samsung Electronics Co. and SK hynix Inc. -- are set to see their combined annual sales exceed 100 trillion won ($88.3 billion) this year on the back of an industry boom, industry sources said Monday.The outlook came as Samsung and SK hynix, which posted sound earnings for the first and second quarters, have been showing robust performances on higher chip prices around the globe. (Yonhap)Samsung is expected to rake in sales of between 72 and 78 trillion won fr
TechnologySept. 18, 2017
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Stocks open higher on tech gains
South Korean stocks opened higher Monday, as investors scooped up large-cap tech shares. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.39 percent, to 2,395.46 in the first 15 minutes of trading.Market kingpin Samsung Electronics gained 1.03 percent, and SK hynix was 2.85 percent up.LG Chem, South Korea's top chemicals firm, advanced 0.37 percent, and AmorePacific, the country's No. 1 cosmetics firm, rose 1.4 percent. Hyundai Motor, No. 1 automaker, meanwhile, s
MarketSept. 18, 2017
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Operating margin of top 100 listed firms slows over 3 years
South Korea's top 100 listed companies have seen their average operating margin lose steam over the past three years amid a slowdown in overall business conditions, a market tracker said Monday.The average operating margin of the leading firms stood at 5.48 percent for the 2014-2016 period, lower than the comparable figure of 5.8 percent from 2007-16, according to Chaebul.com.The figure refers to the ratio of operating income to sales and serves as a key barometer of a company's profitability.Of
IndustrySept. 18, 2017
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[Herald Interview] ‘Samsung wants to bring idea of Silicon Valley project to Korea’
Two years on since Samsung Electronics opened its office building in Silicon Valley, the Korean tech giant has seen a dramatic change in their work style and it hopes to bring the idea to Korea, according to a partner at the US architecture firm NBBJ.NBBJ is a firm that designed Samsung’s US building and those of many other global tech firms, including Microsoft, Amazon, Tencent and Google. “Samsung’s Silicon Valley building is very progressive. (I think) They are learning a lot from the project
IndustrySept. 17, 2017
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Korean car sales keep sliding in China
The sales of South Korea’s two largest automakers, Hyundai Motor and Kia Motors, continued to plunge in China last month amid growing competition in the local market, as well as the prolonged political tension between China and South Korea over the deployment of a US missile defense system.Hyundai Motor and its sister company Kia Motors last month sold a total 76,010 vehicles in China, compared to 124,116 units in August last year, according to the companies’ data. Hyundai Motor’s sales in Augus
MobilitySept. 17, 2017
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[Monitor] Losses from drop in Chinese tourists amount to W81.6tr
A report from Hyundai Research Institute showed over the weekend that losses incurred by a radical decline in Chinese tourists amount to 81.6 trillion won ($71.94 billion) yearly.The number of incoming Chinese visitors dropped by 40 percent from March and July this year compared to the same period last year. The report estimated that some 3.33 million Chinese decided not to visit Korea in light of the Chinese government‘s purported group travel ban in a retaliation to Seoul’s deploym
EconomySept. 17, 2017
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[Behind the Wheel] Renault Samsung’s new SUV caters to urban driving
Renault Samsung Motors, the South Korean unit of French carmaker Renault, has released a gasoline-powered version of its popular QM6 midsize SUV, targeting drivers who drive in the city and prefer SUVs, the company said Sunday. The press took the QM6 GDe gasoline model for a test drive from Gyeongwonjae Ambassador Incheon to Grand Hyatt Incheon, totaling 60 kilometers earlier this month.Before the test drive, CEO of Renault Samsung Motors Park Dong-hoon told reporters, “SUVs are no longer for pe
MobilitySept. 17, 2017
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Long Chuseok holiday poses dilemma for SMEs
Planned to encourage consumer spending and revitalize the domestic market, the government’s designation of Oct. 2 as a temporary holiday to fill the chain of holidays in early October comes amid discouraging indices and dilemmas faced by smaller merchants. “We still haven’t decided whether to keep our store closed throughout the holiday season or to partially open,” said Kim Rae-won, an owner of a small restaurant in central Seoul. “It is hard to figure out whether
EconomySept. 17, 2017
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[Ask a Lawyer] Is determining price of imported goods really free?
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.(123rf)Q: What tax issues should I take into consideration when determining the prices of goods imported from foreign affiliates?A: Company A (“A”) recently imported raw materials from foreign affiliate B (“B”), and A paid customs duties and income taxes based on th
IndustrySept. 17, 2017
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[ITU 2017] Revolution, ecosystem, ocean: 5G is just the beginning
“You cannot assume that 5G is just 4G on steroids. It is a revolution,” said Kailash Narayanan of Keysight Technologies.The neat linear progression from 2G to 3G to 4G does not apply to next-generation networks. The generic term for future communications technologies, 5G offers so much more than just the next level up in speed and data volume. If earlier technologies are like different types of fish, says Peter Ashwood-Smith, Chair of ITU-T Focus Group on IMT for 2020, then “5G is the full ocean
TechnologySept. 17, 2017
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SK Holdings turns to US investors for M&A push
SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, will be making its way to the US this week to meet with global institutional investors as it seeks new capital to fund its strategic investment activities.Top executives from SK Holdings, including its CEO Jang Dong-hyun, will be holding a four-day non-deal roadshow in major US cities including New York and Boston starting from Monday, with Credit Suisses as the lead manager, the company said.The SK Group headq
IndustrySept. 17, 2017
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Possible FOMC tightening to ease uncertainties: analysts
The United States Federal Open Market Committee’s decision this week to take another step back from yearslong quantitative easing is likely to ease uncertainties for the financial markets in South Korea, according to multiple analysts. The FOMC’s highly-anticipated decision to shrink the balance sheet, backed by signs of pick-up in US consumer inflation, will “lift some uncertainties out of the market,” wrote Kim Yu-kyum, an analyst at Cape Investment & Securitie
MarketSept. 17, 2017