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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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Korea slaps anti-dumping duties on Vietnamese, Indian, Ukrainian ferroalloy
South Korea has decided to impose anti-dumping duties on ferroalloy imported from Vietnam, India and Ukraine, the trade commission here said Thursday.The Korea Trade Commission said it made the final decision to levy punitive duties of 4.06-19.06 percent on ferro-silico-manganese imported from the three countries for the next five years, for underselling their products here and causing damage to the local industry.Currently, a preliminary tariff of 6.08-32.32 percent has been imposed on the prod
EconomySept. 14, 2017
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McDonald’s Korea to resume sales of bulgogi burgers
McDonald’s Korea said Thursday that it would resume sales of the bulgogi burger starting Friday, as a set of inspections by authorities -- including Jeonju‘s local government -- found no sanitary issues with the product that was suspected of causing a group of children to fall ill.On Sept. 2, McDonald’s Korea halted sales of the burger after a group of grade school students and a teacher reported symptoms of enteritis after eating the burger at a branch in Jeonju, North Jeolla Province. Bulgogi
IndustrySept. 14, 2017
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Kumho Asiana to give up management rights of tire unit if restructuring plan falls through
Kumho Asiana Group said Thursday it will give up the management rights of its tire unit if the airline-to-construction conglomerate fails to restructure the financially troubled unit by March. The group said in a statement that it will also give up its right to buy back Kumho Tire Co. from a third party.The announcement comes after Kumho Tire's creditors raised a question about the "details-deficient" self-rescue plan submitted Tuesday by the tiremaker to its creditors, who are led by the state-
IndustrySept. 14, 2017
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Seoul shares tad higher in late morning on Wall Street gains
South Korean stocks traded mildly higher late Thursday morning as individual investors scooped up large-cap tech shares, tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index inched up 0.71 point, or 0.03 percent, to 2,360.89 as of 11:20 a.m.On Wednesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.1 percent and the Dow gaining 0.2 percent. Most large caps traded mixed, with market kingpin Samsung Electronics addin
MarketSept. 14, 2017
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N. Korean risks not high enough to change ratings on S. Korea: S&P official
Tensions over a raft of provocations by North Korea are not high enough to adjust ratings on South Korea, a senior official of the global rating agency Standard & Poor's said Thursday."As long as there is no actual war outbreak, I think the impact is relatively limited, and that's why we don't change our outlook on the rating of South Korea," Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, said in a brief interview with Yonhap News Agency.Last month, S&am
EconomySept. 14, 2017
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Young people's auto purchase dips on budget, car sharing: data
Young people in their 20s and 30s here have been buying fewer cars in recent years as they have difficulty finding jobs and car-sharing services here are more appealing to them, industry data showed Thursday.Those in their 30s bought a total of 144,360 vehicles in the first six months this year, down 11.1 percent from 162,422 a year earlier, according to the statistics by the Korea Automobile Manufacturers Association. The figure accounts for 18.2 percent of 793,987 units, the total newly regist
MobilitySept. 14, 2017
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Chemical firms to invest W10tr in upgrading industrial complex
South Korea's major chemical companies will join forces to invest 10 trillion won ($8.84 billion) in upgrading an industrial complex on the west coast, the government said Thursday.Lotte Chemical Corp., S-Oil Corp. and Hanwha Total Petrochemical Co. signed a memorandum of understanding with the provincial government for the investment in the Daesan Petrochemical Complex, according to the Ministry of Trade, Industry and Energy.The complex, 130 kilometers southwest of Seoul, is home to around 50 c
IndustrySept. 14, 2017
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Brokerages scrimp on donations in H1 despite huge net
South Korean securities companies were stingy with their donations in the first half of the year despite a jump in earnings, a market tracker said Thursday.According to data from financial information provider FnGuide, 12 brokerage houses donated a combined 4.3 billion won ($3.8 million) to local charities in the January-June period, down 18 percent from a year ago.In contrast, their combined net profit more than doubled to slightly over 1 trillion won over the cited period, driven by a bullish
MarketSept. 14, 2017
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Thursday tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index added 2.89 points, or 0.12 percent, to 2,363.07 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.1 percent and the Dow gaining 0.2 percent.Most large caps on the Seoul bourse traded mixed, with tech shares leading the gain. Market bellwether Samsung Electronics added 0.85 per
MarketSept. 14, 2017
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Over 20% of lavish foreign tourists come from Mideast: poll
Middle Eastern tourists accounted for more than 20 percent of big-spending foreign visitors to South Korea last year with their per-capita spending reaching over $16,000, a poll showed Thursday.The survey on the top 1 percent high-spending foreign tourists, taken by the Korea Culture & Tourism Institute, showed that 22 percent of them were from the United Arab Emirates, Saudi Arabia, Iran and other Middle Eastern countries. (Yonhap)China came next with 17.2 percent, followed by the United State
IndustrySept. 14, 2017
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POSCO, LG Chem shine during large-cap rally
South Korea's top steelmaker POSCO and leading chemicals manufacturer LG Chem have seen their market value surge during this year's stock rally driven by large caps, data showed Thursday.POSCO's market capitalization stood at 29.1 trillion won ($25.8 billion) as of Wednesday, ranking fourth among the top 30 companies listed on the local stock market and rising five notches from the end of last year, according to the data by the Korea Exchange.POSCO trails the No. 1 automaker and third-biggest-ca
MarketSept. 14, 2017
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Fiat Chrysler, Mercedes-Benz to recall 4,419 vehicles
Fiat Chrysler Automobiles and Mercedes-Benz will recall over 4,000 vehicles sold in South Korea to replace faulty parts in air bags and seat belts, the transport ministry said Thursday. Fiat Chrysler must check 3,856 vehicles belonging to three models -- the Jeep Compass, Chrysler Sebring and Dodge Caliber -- over concerns that the air bag and seat belt pretensioners may not work correctly during an accident. The Italian carmaker is also recalling 288 Fiat Freemont SUVs to replace wires that cha
MobilitySept. 14, 2017
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Korea keeps electricity reserve rate at 22 pct in 2031
South Korea will keep the electricity reserve rate at 22 percent in 2031, the same estimated two years ago, as the government's push for renewable energy needs back up facilities for a stable power supply, a panel said Friday.A government working group to outline the power supply plan for2017-2030 said that it tentatively determined the reasonable electricity reserve rate at 22 percent in 2031.The detailed figure comes after the expert panel last month determined the reasonable electricity reser
IndustrySept. 13, 2017
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Bain, SK hynix back in running to buy Toshiba chip unit
Japan’s Toshiba is leaning back toward a global consortium that includes South Korea’s SK hynix in the bidding for its memory chip business, the company announced Wednesday. Toshiba’s board of directors on Wednesday signed a memorandum of understanding with the consortium led by US private equity group Bain Capital and technology giant Apple, Development Bank of Japan and Korean chipmaker SK hynix.“Toshiba’s board of directors has determined to continue negotiations with the Bain-led consortium
TechnologySept. 13, 2017
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KDB rejects Kumho Tire self-saving plan citing need for detail
The state-run Korea Development Bank leading the creditors’ association of Kumho Tire has rejected a management plan from Kumho Asiana Group for saving the troubled tire company, asking for more details about its execution before the creditors’ meeting next week.The move puts more pressure on Kumho Asiana Chairman Park Sam-koo to come up with new measures to keep Kumho Tire afloat. If the revised plan is also rejected, the creditors will begin steps to remove Kumho Asiana Chairman Park Sam-koo f
IndustrySept. 13, 2017
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iPhone X likely to go on sale in Korea in December
Apple’s new iPhone X, which was unveiled on Tuesday, is predicted to be launched in Korea in December. The US handset maker said its new phone will go on sale in more than 55 nations, including the US, China, Japan and Canada, on Nov. 3, but not Korea. Apple’s new phones have usually been released here around a month after their US launch. The iPhone 7 series was launched on Sept. 16 last year and arrived here on Oct. 21, with Korea being on the third list of countries for release. iPhone X (App
IndustrySept. 13, 2017
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[Herald Interview] ‘Forests are Korea’s largest resource’: minister
With Asia home to more than half of the world’s urban population, the depletion of natural resources, diminishing water quality, increased air pollution and adverse climate change effects are considered some of the biggest threats to humanity that experts are looking to combat amid growing urbanization across the continent. Therefore, Kim Jae-hyun, minster for the Korea Forest Service, is stressing the need for the government to use Korea’s vast greenery to improve the country&rsquo
EconomySept. 13, 2017
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Finance minister hints at slowing pace of minimum wage hike
Finance Minister Kim Dong-yeon said Wednesday that the government will carefully review how much it will raise the minimum wage from 2019, indicating that the government may slow the growth pace to reflect various conditions. In July, the government decided to raise the minimum wage by 16.4 percent to 7,530 won ($6.67) per hour next year, marking its biggest jump in nearly two decades. President Moon Jae-in has pledged to increase the minimum wage to 10,000 won by 2020, as part of his efforts to
EconomySept. 13, 2017
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[Photo News] Japanese students visit Asiana Airlines
Students from the Department of International Tourism Studies at Toyo University in Japan pose at Gimpo Airport‘s international arrivals terminal Wednesday. A total 385 freshmen and professors were invited to visit Asiana Airlines’ main facilities in Seoul, including the company‘s headquarters, control center and training center, from Wednesday to Friday. The program aims to provide a hands-on experience of the skills required in the airline industry, according to Asiana. (Asiana Airlines)
IndustrySept. 13, 2017
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Seoul stocks end lower after choppy trading
South Korean stocks closed lower Wednesday, paring earlier gains, as individual and foreign buyers went on a selling spree, analysts said. The Korean won closed unchanged against the US dollar.The benchmark Korea Composite Stock Price Index lost 5.29 points, or 0.22 percent, to close at 2,360.18. Trade volume was moderate at 315 million shares worth 5.8 trillion won ($5.3 billion), with losers far outnumbering gainers 546 to 253.Institutional buyers purchased a net 41.2 billion won worth of shar
MarketSept. 13, 2017