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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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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Why Korean crime stories typically feature nameless, faceless perpetrators
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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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Debate on 'no-seniors zones' heats up
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[Monitor] Korean tourism industry hit hard by THAAD dispute
With the number of Chinese tourists to South Korea sharply declining, the nation’s tourism industry may suffer from an estimated 81.6 trillion won ($72 billion) of losses and around 40,000 workers in the industry might lose their jobs.Hyundai Research Institute said in a report that around 3.33 million Chinese visitors appear to have canceled their trips to South Korea amid the escalating diplomatic dispute over the deployment of the US Terminal High Altitude Area Defense anti-missile system. Th
IndustrySept. 15, 2017
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Korea to wind down nuclear power over next 60 years: energy minister
The government is looking to gradually push its nuclear-free energy policy over the next six decades in an effort to establish a future of greener and safer energy, said Paik Un-gyu, minister of trade, industry and energy, on Friday. “Now is a good time to start transitioning our energy sources to be safer and cleaner,” said Paik during his keynote speech at the 57th Energy Forum at Lotte Hotel in Seoul on Friday. “We need to steer away from our past energy production models that focused on pr
IndustrySept. 15, 2017
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Seoul stocks up despite N. Korea's missile launch
South Korean stocks closed higher Friday, paring earlier losses fueled by geopolitical concerns, as institutional and individual buyers scooped up large-cap shares, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index added 8.41 points, or 0.35 percent, to close at 2,386.07. Trade volume was slim at 290 million shares worth 6.1 trillion won ($5.2 billion), with gainers slightly outnumbering losers 406 to 403.The Seoul index hand opened lower af
MarketSept. 15, 2017
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PM Lee, Wisconsin governor discuss economy, FTA
Prime Minister Lee Nak-yon met with the governor of the US state of Wisconsin on Friday and discussed trade and economic cooperation, including the free trade pact between the two countries, Lee's office said.Gov. Scott Walker has been on a four-day visit to South Korea since Wednesday, leading an economic mission of about 20 people that includes government officials and business leaders in the state. It is his first visit to Korea. During the meeting, Lee noted the steady development of co
EconomySept. 15, 2017
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Genesis G70 sedan to rival premium European brands
HWASEONG, Gyeonggi Province -- Genesis, a luxury auto brand spun off from South Korea’s Hyundai Motor, unveiled its third model, the G70 sedan, with aims to expand its presence in the high-end segment, the company said Friday. Amid Hyundai’s weak performance at home and in the US, Genesis premium cars have been gaining popularity, which makes the first G70 sedan rolled out under the independent Genesis brand an important model. (From left) Lee Sang-yup, head of Genesis Styling, Luc Donckerwolke
MobilitySept. 15, 2017
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[News Focus] Korean companies exit China as THAAD crisis continues
Korean companies operating in China are exiting the market, as anti-Korean sentiment stemming from intergovernmental tensions over Korea’s deployment of an American anti-missile system continues to hit sales. On Friday, Lotte Shopping said in a disclosure that it had “selected a managing firm and is considering selling Lotte Mart’s stores in China, but no details have been decided at present.” On Thursday, reports citing sources at Lotte said that Lotte Shopping had decided to sell its Lotte Mar
IndustrySept. 15, 2017
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[Eye Plus] Harvest season comes for ginseng
Early Tuesday morning, about 30 villagers gathered at a field in Asan, South Chungcheong Province, to begin the most important day of the year. The field has been contracted by the Korea Ginseng Corporation to grow prized six-year ginseng roots. After two years of nourishing the soil and six years of growth, the roots are finally ready to be unearthed.Tractors begin to turn the soil, bringing the golden-brown roots to the surface. The villagers begin dusting the soil off the roots and placing th
IndustrySept. 15, 2017
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THAAD row with China costs Korea dear: report
South Korea's tourism industry has been hit hard by a diplomatic row with China over the deployment of a US missile shield here that has sent the number of Chinese visitors tumbling, a report said Friday.In mid-March, China banned the sale of group tours to Seoul in retaliation against the installation of a Terminal High Altitude Area Defense battery in southeastern South Korea. Seoul and Washington insist it is purely designed to counter North Korea's missile threats, but Beijing argues the sys
EconomySept. 15, 2017
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Samsung releases advanced fitness band, VR headset in Korea
Samsung Electronics on Friday released an upgraded GPS-based fitness band and virtual reality headset in the South Korean market. The two had previously been unveiled at the IFA 2017 convention earlier this month. The company said it would start rolling out the fitness band Gear Fit2 Pro with newly added swimming functions in partnership with global sports brands at 229,000 won ($202) for a limited 1,000 units with Bluetooth earphones as part of a promotion through Sept. 22. The Gear Fit2 Pro is
TechnologySept. 15, 2017
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Korean economy remains calm despite NK missile provocation: finance minister
South Korea's top economic policymaker said Friday that the local financial market seems to remain calm despite the latest North Korean missile firing, but the government will take immediate action, if necessary."The market condition looks steady," Finance Minister Kim Dong-yeon said. "It does not seem likely that there will be sudden fluctuation in the market. But if we experience it, actions will be taken swiftly and resolutely."The North fired a ballistic missile over Japa
EconomySept. 15, 2017
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Galaxy Note 8 preorders top 800,000 in Korea
The combined preorders for Samsung Electronics Co.'s latest Galaxy Note 8 drew more than 800,000 preorders in South Korea in about one week, far outpacing its predecessor, the company said Friday.The tech giant said 850,000 people ordered the premium phablet during the eight days it received online and offline reservations for purchase through the country's three mobile operators.Those who preorder the Galaxy Note 8 got the device earlier in the day, Samsung said, although the official release i
TechnologySept. 15, 2017
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KT begins installing 5G network in PyeongChang
Starting this month, South Korean mobile carrier KT will begin establishing the fifth-generation network in major parts of PyeongChang, Gangwon Province, accelerating its preparations for the 2018 Winter Olympic Games, the company said Friday. KT signed an agreement with Korea Expressway Corp. on the establishment of the 5G network on major roads and facilities in PyeongChang, which will enable visitors to enjoy seamless telecom services on the road. Officials of KT and Korea Expressway Corpora
TechnologySept. 15, 2017
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Korea‘s trade remains in black for 67th straight month in Aug.
South Korea posted the 67th consecutive month of trade surplus in August on rising global demand, customs data showed Friday.The country's trade surplus came to $6.6 billion last month, down sharply from a surplus of $10.3 billion tallied a month earlier, according to the data from the Korea Customs Service.Asia's fourth-largest economy has posted a monthly trade surplus since February 2012. (Yonhap)It logged $5.7 billion in trade surplus with Southeast Asian countries in August, including a sur
IndustrySept. 15, 2017
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Korea boosting efforts to attract more visitors for PyeongChang Olympics
PYEONGCHANG -- South Korea is gearing up its efforts to attract more local and foreign visitors to the 2018 PyeongChang Winter Olympics, officials said Friday, with the quadrennial event just five months away. The Winter Games will be held in the alpine county of PyeongChang, 180 kilometers east of Seoul, from Feb. 9-25, 2018, and will be attended by about 6,500 athletes and officials from 95 countries.The government of Gangwon Province, where PyeongChang and other venues for the upcoming
EconomySept. 15, 2017
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Banks' foreign currency deposits fall in August
Foreign currency deposits at banks in South Korea fell in August from a month earlier as exporters decreased their deposits in the US dollar and Japanese yen, central bank data showed Friday.Outstanding foreign currency deposits held by banks here reached $67.14 billion at the end of August, down $1.97 billion from a month earlier, according to the data compiled by the Bank of Korea.Broken down, foreign currency deposits held by domestic banks came to $57.41 billion in August, down from $59.38 b
EconomySept. 15, 2017
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North Korean acts become like `Boy Who Cried Wolf' for markets
Traders are getting less excited by North Korean provocations, judging by the diminished reactions in financial markets to the dictatorship’s weapons tests.Consider the yen. A highly liquid instrument, it’s a haven in times of geopolitical or global financial stress so is perhaps the most sensitive asset to look at for immediate reaction to North Korean acts. The currency soared as much as 0.6 percent against the dollar within about a minute on Friday morning after the news Pyongyang
MarketSept. 15, 2017
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Seoul shares lower in late Wednesday morning trading
South Korean shares traded lower Friday morning amid a massive selling spree by foreigners and institutions after North Korea fired another ballistic missile earlier in the day.The benchmark Korea Composite Stock Price Index lost 8.69 points, or 0.37 percent, to 2,368.97 as of 11:20 a.m. Earlier in the day, the North launched a ballistic missile eastward from its capital, the country's first missile launch after the United Nations Security Council adopted a fresh sanctions resolution this w
MarketSept. 15, 2017
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Health care costs for insured foreigners double over 5 years
Health care costs for foreigners covered by South Korea's state health insurance have more than doubled over the past five years as more subscribe to the scheme, data showed Friday.The total medical cost for covered foreigners came to 553 billion won ($487 million) last year, up 109 percent from 2012, according to the data by the National Health Insurance Service and the Justice Ministry.The amount is much larger than the 426 billion won paid by those covered foreigners in state health insurance
EconomySept. 15, 2017
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Seoul charging ahead as carmakers go electric
South Korea is speeding up its efforts to expand charging infrastructure for electric vehicles, as global carmakers' unveiled road maps for electrification at this year's Frankfurt Motor Show, industry watchers said Friday, The government is planning to increase the number of fast-charging stations to 3,000 across the country by the end of 2018 from 1,508 at the end of June. It will more than double the number by 2020 to approximately 6,000, Lee Hyung-sup, director of the Clean Air Strategy Divi
MobilitySept. 15, 2017
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Tax breaks lead to more hiring of regulars: report
South Korean companies increased hiring of regular workers by more than 14,000 in 2015 in return for government tax benefits, a report said Friday.A total of 2,164 large businesses and smaller companies applied for tax credits after employing a combined 14,109 young regular workers that year, according to the report from the Korea Institute of Public Finance.The companies hired an average 3.2 young regular employees, with large companies increasing the most with 16.4 workers. (Yonhap)The amount
IndustrySept. 15, 2017