Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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[Grace Kao] American racism against Stray Kids
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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NewJeans' members' parents complained to Hybe, email shows
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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Korea's tax revenue continues to grow in 2017
South Korea's national tax revenue continued to grow in the first seven months of 2017 amid a steady growth pace of Asia's fourth-largest economy, the finance ministry said Tuesday.The government collected 168.7 trillion won ($149.2 billion) in taxes in the January-July period, up a solid 13.4 trillion won from a year earlier, according to the Ministry of Strategy and Finance.The amount collected is equal to 67.2 percent of this year's tax revenue target of 251.1 trillion won, including some 11
EconomySept. 12, 2017
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Foreign investors turn to net sellers of Korean stocks in August
Offshore investors turned to net sellers of South Korean stocks in August, official data showed Tuesday, marking the first monthly outflows in eight months amid worries about North Korea's nuclear and missile provocations. Foreign investors sold a net 2.4 trillion won ($2.12 billion) worth of local stocks last month, according to the data by the Financial Supervisory Service.Investors from the US, Singapore and Britain were among net sellers of local stocks last month, the data showed. 
MarketSept. 12, 2017
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Kumho prepares fateful plan to buy back tire unit
The fate of Kumho Tire, the nation’s second-largest tiremaker, hangs in the balance as Kumho Asiana Chairman Park Sam-koo has prepared a management plan to be submitted to creditors on Tuesday to persuade them to keep him on board as top brass, and to open another opportunity to buy back the beleaguered tire company.Creditors of the tire company led by Korea Development Bank have asked Park to submit a proposal to revive the flailing finances of the tire company, which saw a 50.7 billion won ($4
IndustrySept. 11, 2017
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Hyundai, Kia suspend US plants to avoid damage from Irma
Hyundai Motor Co. and its affiliate Kia Motors Corp., South Korea's two biggest carmakers, will temporarily shut down their plants in the United States to avoid any damages from Hurricane Irma, the companies said Monday.Hyundai Motor will suspend operation of its Alabama plant for two days from 4:45 a.m. on Sept. 12 (US time) and Kia Motors will also stop operation of its Georgia plant for one day from 6:45 a.m. on Sept. 11, a company spokesman said over the phone. The plants will be suspended a
MobilitySept. 11, 2017
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[Monitor] Spending soars on health care
Private spending on health-related items and services surged drastically among households in South Korea, surpassing 10 trillion won ($8.86 billion) for the first time in the second quarter this year, data from the Bank of Korea showed Monday.It was a 4.8 percent increase from the previous quarter.The health care spending includes hospital fees not covered by health insurance. Spending on health care has nearly doubled in the past decade, from 5.24 trillion won in the same quarter of 2007, a tre
IndustrySept. 11, 2017
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LIG Nex1 steps up Europe advancement
LIG Nex1, a South Korean defense company participated in the Miedzynarodowy Salon Przemysly Obronnego 2017 held in Poland last week, as part of its efforts to step up its foray into the European market. The exhibition, which took place in Targi Kielce Exhibition & Congress Center in Kielce, Poland on Sept. 5-8, was a first for LIG Nex1, which the company believes will be a significant milestone in tapping the global defense market. Norwegian Defense and Security Industry Association President To
IndustrySept. 11, 2017
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UNSC’s vote on NK to pose little impact on stocks: analysts
A vote by the United Nations Security Council to implement further sanctions on North Korea would have limited impact on South Korea’s stock market, analysts here said Monday, amid signs of geopolitical risks abating on the market.The stock market in Korea bounced back from Friday losses. The first-tier Kospi closed at 2,359.08, up 0.66 percent, while the secondary Kosdaq rose 0.34 percent.Shares of tech giants and financial sectors saw an upturn. Handset maker Samsung Electronics jumped 1
MarketSept. 11, 2017
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Korea’s export industry outperforming domestic businesses: BOK
Despite ongoing disparities in Korea’s export market concerning China’s business blackballing tactics and continued ambiguity regarding the Korea-US Free Trade Agreement, the BSI for the export industry reached 84 points last month, according to the Bank of Korea’s Business Survey Index on Monday. The index shows that the export industry outperformed domestic companies by nine points. The BSI is an economic indicator compiled to grasp business conditions for the current month
EconomySept. 11, 2017
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S. Korean economic prospects bright despite external challenges: IMF chief
Christine Lagarde, managing director of the International Monetary Fund, on Monday expressed optimism on South Korea’s economy for the upcoming years, despite external challenges including the North Korean military provocations.While assenting to President Moon Jae-in’s economic drive for inclusive growth, the IMF chief also raised some concerns that the nation’s structural reform should take guard against overpacing.“(The IMF) has a good and strong impression on the Kore
EconomySept. 11, 2017
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Seoul stocks end higher on institutional buying
South Korean stocks closed higher Monday as institutional buyers scooped up large-cap tech shares, recouping last week's losses sparked by concerns over North Korea's nuclear provocations. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 15.36 points, or 0.66 percent, to close at 2,359.08. Trade volume was low at 238 million shares worth 4.8 trillion won ($4.3 billion), with losers outnumbering gainers 416 to 396.Institutions purchased a net 345.
MarketSept. 11, 2017
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THAAD reprisals undermine China FTA
China has shown no hesitation in disregarding its obligations under the free trade agreement with South Korea to take retaliatory measures against the deployment of a US missile defense system here.This behavior is reinforcing the perception that Beijing cannot be expected to abide by international norms, such as the separation of politics from economic affairs, when it feels the need to advance or defend its interests.China is threatening to intensify retaliation against South Korea after addit
EconomySept. 11, 2017
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Korean banking giants lag behind in global capital standard
South Korean banks failed to make it into the global top tier in capital volume last year, data showed Monday.According to an estimate by Korea Ratings, none of the country’s banking groups were among the top 60 in terms of core capital as of the end of 2016.Five banking groups -- KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Bank and the state-run Korea Development Bank -- were part of the top 100, but none made it on the top 50 list.The estimate was based on a
MarketSept. 11, 2017
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[Newsmaker] Korea’s FTC head faces flak for calling Naver founder ‘visionless’
The chief of South Korea’s antitrust watchdog, who built his reputation as a “chaebol sniper,” is facing flak from local IT industry leaders after calling Naver founder Lee Hae-jin a figure who “lacks vision for the future,” unlike Apple founder Steve Jobs. Fair Trade Commission Chairman Kim Sang-jo criticized the Naver founder, who he had recently met over the Korean internet giant’s listing on a new corporate watch list, in a recent interview with local newspaper Kookmin Ilbo. “A company of
TechnologySept. 11, 2017
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American Airlines appoints new head in Korea
American Airlines appointed Jang Eun-seok to head its business unit in Korea, the company said Monday. The US air carrier has operated its local business office here since 2013, starting with its nonstop flight between Incheon Airport and Dallas-Fort Worth International Airport in the US. Early this year, the company also started to fly new Boeing 787-9 aircrafts for its routes to Korea.“It is my great pleasure to lead the local unit of the world’s biggest airline company, said Jang. “I will try
IndustrySept. 11, 2017
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BAIC pressuring Hyundai seen as intended to foster parts unit: report
Hyundai Motor’s headquarters in southern Seoul (Hyundai Motor Group)The latest reports on BAIC Motor hinting that the company might end its joint venture with South Korea’s Hyundai Motor appear to be part of a plan to foster the Chinese company’s parts making unit, a local analyst suggested Monday.Lee Jae-il, an analyst in charge of automobiles at Eugene Investment & Securities, said in a report that there also has been a recent change in the Chinese government’s approach to the auto market and
MobilitySept. 11, 2017
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Renault Samsung launches upgraded SM5 sedan without price hikes
Renault Samsung Motors Corp. has launched an upgraded SM5 sedan but didn't raise the price in order to boost sales, the company said Monday.The SM5 midsize sedan powered by a 2.0-liter gasoline engine has been a long-running best seller for the South Korean unit of French carmaker Renault S.A. in the past 20 years. The SM5 is priced at 22 million won ($19,500) in the domestic market. Renault Samsung Motor`s upgraded SM5 sedan (Photo courtesy of Renault Samsung) (Yonhap)Last week, Renault Samsun
MobilitySept. 11, 2017
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Genesis G70's advanced safety features highlighted ahead of launch
Hyundai Motor Co. unveiled an advanced safety feature Monday that will be incorporated in its upcoming luxury G70 model ahead of the sedan's planned launch in South Korea this week.The car, part of the Genesis sub-brand, is a midsize sedan that will go on sale in its home market Friday. It will be exported to Europe this year and the United States next year.The G70 can detect a bicycle in front of it and automatically bring the vehicle to a halt if the driver fails to brake, the carmaker said in
MobilitySept. 11, 2017
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Moon meets with IMF chief, stresses importance of income-led growth
President Moon Jae-in said Monday he aims to realize "income-led" economic growth that spreads its benefits across all sectors.Moon made the remark as he outlined his economic policy during a meeting with International Monetary Fund Managing Director Christine Lagarde, saying the policy is in line with the IMF's call for a balance between domestic demand and exports, according to spokesman Park Soo-hyun."President Moon Jae-in explained that the South Korean government has made a h
EconomySept. 11, 2017
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Foreign luxury brands hike prices amid arrival of wedding season: sources
Foreign luxury brands raised the prices of their products early this month, industry sources said Monday, amid the arrival of the fall wedding season that fuels demand.French luxury brand Chanel said it began lifting the prices of it products by up to 17 percent as of Sept. 1.Prices of Classic 2.55 Medium and Mademoiselle Vintage bags have been jacked up to 6.94 million won ($6,133) from 6.77 million won and to 3.86 million won from 3.80 million won each.The price of Chanel Moccasin shoes also i
IndustrySept. 11, 2017
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Samsung strengthens foundry with 11-nm, 7-nm
Samsung is moving to strengthen its foundry business by adding a new 11-nanometer FinFET process technology and developing the industry’s first 7-nm process tech, the company announced Monday. By adding the 11-nm FinFET process, Samsung now has wider range of options for their next-generation products in terms of cost effectiveness. Also known as the 11 Lower Power Plus (11LPP) process, the cutting-edge tech delivers up to 15 percent higher performance and 10 percent chip area reduction with the
TechnologySept. 11, 2017