Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Weekender] Geeks have never been so chic in Korea
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Korean firms target EV charging market in US
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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Human rights commission urges Korea to raise awareness of LGBTQ rights
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Kumho Tire creditors reject Doublestar‘s demand of price cut
(Yonhap)A yearlong negotiation between creditors of Kumho Tire and Qingdao Doublestar hit a major snag on Tuesday, as the former group rejected the Chinese company’s demand of cutting down its bid price for a controlling stake in the South Korean tiremaker.If the Chinese firm refuses to renegotiate, the deal is terminated automatically.“We were not able to accept, because Doublestar made an excessive demand,” said an official representing one of the creditors, including the state-run Korea Devel
IndustrySept. 5, 2017
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Samsung SDS launches conversational AI platform for businesses
Samsung SDS, the internet technology solutions arm of South Korea’s Samsung Group, on Tuesday launched its new artificial intelligence platform for enterprises Brity, joining the global race to develop AI-powered solutions to enhance workflow efficiency.Brity is a conversational AI assistant, or a chatbot solution, which understands and processes natural language. It can converse with users in both written and spoken form to respond to different requests as needed. Powered by deep learning algo
TechnologySept. 5, 2017
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Korea-ASEAN FTA support center opens in Jakarta
South Korea has established a support center for businesses operating in Jakarta to serve as a help desk on the bilateral free trade agreement with the Southeast Asian country, the Ministry of Trade, Industry and Energy said Tuesday.The center was set up at the Korea Trade-Investment Promotion Agency office in the capital city of the Association of Southeast Asian Nations member state to mark the 10th anniversary of the open trade deal.South Korea's exports to the 10-member ASEAN nearly doubled
EconomySept. 5, 2017
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Financial regulator urges tighter screenings in high-risk lending
Banks and other financial institutions should tighten screenings of lending applications by high-risk borrowers, the top financial regulator said Tuesday. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a forum in Seoul, as financial authorities are scheduled to announce a fresh package of measures this month to curb the growth of household debt. Choi urged banks and other financial institutions to "break away from the practice of unconditionally extending l
MarketSept. 5, 2017
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Tax chiefs of Korea, China discuss ways to bolster cooperation
South Korean and Chinese tax agencies agreed to strengthen two-way cooperation in taxation administration amid the diplomatic row caused by the deployment of US anti-missile system on the Korean Peninsula, the government said Tuesday.South Korea's National Tax Service Commissioner Han Seung-hee held an annual meeting with his Chinese counterpart Wang Jun in Beijing, according to his office.The two tax authorities have held regular talks every year since 1996, four years after the two neighbors n
EconomySept. 5, 2017
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Korea further strengthens housing market regulations
The government announced a fresh set of regulations Tuesday to cool down the overheated housing market, a month after adopting strong measures for Seoul and other cities. On Aug. 2, the Ministry of Land, Infrastructure and Transport designated 25 regions in Seoul and two other cities as "overheated speculative districts" to tighten mortgage rules and restrict transactions of new homes. This action is seen to have curbed price hikes over the past month.Under the follow-up measure, the m
EconomySept. 5, 2017
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Daily credit card spending in Korea hits record high in H1
Daily credit card spending in South Korea hit a record high in the first half of this year, data showed Tuesday, in the latest sign that plastic has become one of the most favored tools for payment.The amount of transactions processed through credit cards came to 1.76 trillion won ($1.5 billion) a day on average in the January-June period, up 8.3 percent from a year earlier, according to the data compiled by the Bank of Korea. Among them, average daily spending of mobile credit cards came t
EconomySept. 5, 2017
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Hyundai unveils localized truck in Moscow
South Korea's leading automaker Hyundai Motors Co. said Tuesday it has unveiled a light truck designed for the local market at a Russian commercial car exhibition.Hyundai will promote the HD36L, a 2.5-liter diesel-powered light truck, at the 2017 Comtrans Commercial Vehicles Auto Show set to run this week in Moscow. The truck is based on the Mighty truck, which is available in South Korea, the company said in a statement. This photo provided by Hyundai Motor shows its HD36L light truck in Mosco
MobilitySept. 5, 2017
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Korean stocks down late Tuesday morning
South Korean stocks traded lower late Tuesday morning as investors took a wait-and-see stance on the geopolitical tension on the Korean Peninsula sparked by Pyonyang's nuke provocations.The benchmark Korea Composite Stock Price Index shed 3.11 points, or 0.13 percent, to 2,326.54 as of 11:20 a.m.Financial shares lost ground, with Shinhan Financial moving down 2.95 percent and Samsung Life Insurance dropping 0.89 percent. KB Financial plunged 4.08 percent. Top carmaker Hyundai Motor lost 0.7
MarketSept. 5, 2017
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Hyundai plant operations in China suspended due to payment problems
A Hyundai Motor Co.'s plant in China was forced to suspend operations Tuesday as a German company refused to supply auto components due to payment problems, the South Korean carmaker said.Hyundai's plant in Cangzhou, Hebei District, was brought to a halt as the supplier has stopped delivering air intake components due to delayed payments, a company spokesman said over the phone."We are in talks with the German partner so work can resume at the No. 4 plant (in China)," he said without elaborating
MobilitySept. 5, 2017
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Refiners set to report strong Q3 earnings
South Korean oil refiners, led by SK Innovation Co., are expected to report stronger-than-expected earnings for the third quarter of the year on the back of good refining margins and solid demand for their key products, industry sources said Tuesday.The benchmark Singapore complex gross refining margin hovered around $8 per barrel last month, up from $7.40 in July, $6 in May and $5.80 in March, according to industry sources. Singapore is the regional trading hub of the benchmark Dubai crude.The
IndustrySept. 5, 2017
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Korea recaptures top spot in global shipbuilding orders in August
South Korean shipyards recaptured the No. 1 position in new orders worldwide in August amid a plunge in overall numbers, industry data showed Tuesday.According to the data compiled by global research firm Clarkson Research Institute, local shipbuilders clinched new orders worth a combined 130,000 compensated gross tons last month to build nine vessels. (Yonhap)Chinese rivals came next with 110,000 CGTs, or seven ships. Japanese shipyards bagged orders worth 40,000 CGTs or two ships.In the first
IndustrySept. 5, 2017
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Kakao to launch smart speaker this month
South Korea's top mobile messenger operator Kakao Corp. on Tuesday showcased its smart speaker, Kakao Mini, which will officially hit shelves later this month.Kakao, which also holds the country's No. 2 portal Daum under its wing, said the Kakao Mini will come with its artificial intelligence platform, Kakao I, along with voice recognition and software that can understand natural languages.The Kakao Mini is equipped with four high-end microphones to accurately capture users' speech. As the devic
TechnologySept. 5, 2017
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GM Korea workers to stage partial strike
Workers at GM Korea Co. will stage a partial strike Tuesday to demand higher wages as the company has not offered any satisfactory terms in this year's wage talks, the union said.GM Korea union said its day-shift workers in the company's plant in Bupyeong, about 30 kilometers west of Seoul, will carry out a four-hour strike and night-shift workers will also walkout for four hours. "The planned strikes are a normal part of wage negotiations," union spokesman Dang Sung-geun said by phone. (Yonhap
MobilitySept. 5, 2017
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Korea's FX reserves hit record high in August
South Korea's foreign exchange reserves hit a record high in August due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Tuesday.As of the end of August, the country's foreign exchange reserves came to $384.84 billion, up $1.08 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fun
MarketSept. 5, 2017
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Credit unions see combined profit slightly fall in H1
South Korea's credit unions, or member-owned financial cooperatives, saw their combined net profit fall 1.3 percent on year for the first half of this year, due to a rise in loan-loss provisions, data showed Tuesday. The combined net profit of 2,258 credit unions, including Nonghyup and Suhyup banks, stood at 1.21 trillion won ($1.06 billion) for the January-June period, down 16.1 billion won from a year earlier, according to the data by the Financial Supervisory Service. Their combined loan-los
EconomySept. 5, 2017
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Kakao Bank implements W500b capital hike
Kakao Bank, South Korea's second Internet-only bank, implemented a 500 billion won ($441.9 million) capital increase on Tuesday as a part of a refinancing plan to bolster its lending business. Kakao Bank, launched in late July with paid-in capital of 300 billion won, has attracted about three million accounts and extended loans worth 1.4 trillion won as of Aug. 27. The capital hike was made by issuing 100 million new shares worth 5,000 won each.Major shareholders of Kakao Bank, including Korea I
MarketSept. 5, 2017
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Ice cream sales fall amid fewer children, popular alternatives: report
South Korea's ice cream sales have declined in the past few years in the face of fewer children and the growing popularity of alternatives, such as ice coffee and shaved ice, a report said Tuesday.Per capita annual consumption of ice cream fell to 58 servings in 2015 from 71 servings in 2013, according to the report written by the Ministry of Agriculture, Food and Rural Affairs.The report attributed the decrease to the drop in the number of kids, the main consumers of ice cream, and the drastic
IndustrySept. 5, 2017
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Koreans' awareness of mobile payment high: poll
South Koreans' awareness of mobile payment services ranks high among major advanced and emerging countries, a poll showed Tuesday, as many tech-savvy consumers turn to their smartphones for settlements.According to the survey of 18,180 consumers in 23 countries by global opinion research firm Ipsos, 64 percent of South Korean respondents said they are aware of a mobile payment service that they can use immediately.It is the fourth-highest figure among the surveyed countries. China tops the list
TechnologySept. 5, 2017
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Seoul stocks open higher on techs, autos
South Korean stocks opened higher Tuesday after suffering a sharp decline in the previous session following Pyongyang's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 6.74 points, or 0.29 percent, to 2,336.39 in the first 15 minutes of trading.On Sunday, Pyongyang claimed it successfully conducted a test of a hydrogen bomb that can be loaded on an intercontinental ballistic missile. Tech shares led the recovery, with top cap Samsung Electronics advancing 0.13 p
MarketSept. 5, 2017