Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Number of wealthy people in Korea up 14.8% last year
The number of people in South Korea with financial assets worth more than 1 billion won ($892,295) rose 14.8 percent on year to 242,000 last year, thanks to the robust stock market, a report showed Tuesday. According to the annual survey by KB Financial Group Inc.'s research institute, people classified as wealthy held a total of 552 trillion won worth of financial assets in 2016, accounting for 16.3 percent of total financial assets owned by all households. Compared with a year ago, the ratio w
EconomyAug. 1, 2017
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Korea's exports jump 19.5% in July
South Korea's exports continued their rally for nine straight months by rising a sharp 19.5 percent last month on brisk overseas sales of semiconductors, the trade ministry said Tuesday.Outbound shipments came to $48.85 billion in July, up from $40.88 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. The country posted double-digit expo
EconomyAug. 1, 2017
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BOK strengthens information collection on overseas financial instability
South Korea's central bank said Tuesday that it has set up a system meant to detect overseas financial instability at an early stage in the latest move to better cope with any possible external shock that could affect Asia's fourth-largest economy.The Bank of Korea said about 40 staff members will gather information to assess and analyze the resilience and vulnerabilities of the financial system by meeting with relevant officials of financial institutions, international organizations and major c
EconomyAug. 1, 2017
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Hyundai Mobis sales ranking falls amid China woes
Hyundai Mobis Co. ranked seventh in a global car parts makers' sales rankings last year, down one notch from a year earlier, due to lower demand from its captive buyers, an industry association said Tuesday. The country's biggest auto parts maker by sales took seventh place, with sales of 30.5 trillion won ($27.2 billion) in 2016, the Korea Automobile Manufacturers Association said, citing data from Automotive News in the United States. Back in 2006 when Automotive News began to announce the ran
MobilityAug. 1, 2017
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Nine firms added to antitrust watch list in July
The number of South Korean business groups' affiliates under tight restrictions on mutual investment and loan guarantees rose in July from a month earlier, the corporate watchdog said Tuesday.The Fair Trade Commission said 1,277 firms were on its monthly watch list as of end-July, up nine from the previous month. (Yonhap)They are owned by the country's 31 largest business groups, including Samsung Group and Hyundai Motor Group, with assets of 10 trillion won ($8.5 billion) or more.Eight groups,
IndustryAug. 1, 2017
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Seoul stocks open lower on tech losses
South Korean stocks opened lower early Tuesday due to losses by technology companies, such as market kingpin Samsung Electronics, analysts said.The benchmark Korea Composite Stock Price Index fell 4.89 points, or 0.18 percent, to 2,398.32 in the first 15 minutes of trading. Tech shares mostly lost ground, with Samsung Electronics moving down 1.2 percent and No. 2 chipmaker SK hynix shedding 1.36 percent. LG Display also surrendered 0.79 percent. Auto shares, meanwhile, were in positive terrain,
MarketAug. 1, 2017
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Kakao Bank's usage yet to meet its size
The Internet-only Kakao Bank has succeeded in starting big, gaining over 1 million clients in just five days following its launch, but how the initial clients are using the service suggests there is room for improvement, industry watchers said Tuesday.Kakao Bank outdid four-months-old K-Bank, the country's first Internet-only lender, in terms of the number of subscribers. K-bank had gained 100,000 accounts in three days.However, 67 percent of Kakao Bank clients asked for debit cards, an indicati
TechnologyAug. 1, 2017
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Britons most active traders of Korean stocks in June
British investors were most active stock traders among foreigners in South Korea in June, with Americans holding the largest amount of local shares, the financial watchdog said Tuesday.The value of local stocks traded by offshore investors came to slightly upwards of 78 trillion won ($69.7 billion) in June, accounting for nearly 30 percent of the total market turnover, according to data by the Financial Supervisory Service.Turnover by British investors stood at 25.8 trillion won that month, taki
MarketAug. 1, 2017
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Samsung's average handset prices up on Galaxy S8
The average sales price of Samsung Electronics Co.'s handsets rose in the second quarter to the highest level in three years, data showed Tuesday, helped by the robust shipment of the Galaxy S8 flagship.According to the data compiled by Strategy Analytics, the average sales price of Samsung handsets came to $235 over the April-June period, marking the highest figure over the past three years.The average price has been falling as Samsung continued to roll out various budget models to tap deeper i
TechnologyAug. 1, 2017
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Institutions log massive net stock buying in July
South Korean institutional investors loaded up on stocks in the final sessions of July, helping the local stock market keep its bullish run, data showed Tuesday.In a turnaround from their net selling position, local institutions turned net buyers in the final four days of last month, purchasing a net 1.78 trillion won ($1.59 billion) for all of the month, according to the data by the bourse operator Korea Exchange.Institutional investors had been net sellers till last Tuesday.In contrast, foreig
MarketAug. 1, 2017
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Head of major drug maker to be summoned for verbal abuse allegations
South Korean police said Monday that they will call in the head of a major pharmaceutical company in connection with an ongoing investigation into allegations of verbal abuse involving multiple private car drivers.Rhee Jang-han, chairman of Chong Kun Dang Pharmaceutical Corp., will be summoned on Wednesday, according to the Seoul Metropolitan Police Agency. Chairman of Chong Kun Dang Pharmaceutical Corp. Rhee Jang-han (Yonhap)hee is suspected of verbally harassing four private car drivers with s
BusinessJuly 31, 2017
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Home appliances with movie themes appeal to kidults
Home appliance makers are releasing new devices with superhero and movie themes to stand out in the increasingly saturated market and appeal to a growing number of “kidults,” adults with interests similar to children. Local firm Dongbu Daewoo Electronics said Monday it had launched limited edition Marvel Comics-themed refrigerators in partnership with the US entertainment firm The Walt Disney Co. The small refrigerators feature the characters Iron Man, Spider-Man and Captain America, fictional s
IndustryJuly 31, 2017
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FTC set to review alleged cartel by German carmakers
A Seoul law firm has requested the nation’s antitrust agency look into allegations that German carmakers colluded on diesel control and other parts for decades, raising concerns such a cartel could have restricted the principle of free market competition here.Ha Jong-sun, a lawyer at Barun Law Firm, said Monday that he had filed a petition against five German car brands operating here for an investigation. The list included Volkswagen, Audi, Porches, Mercedes-Benz and BMW.A spokesman at the Fair
MobilityJuly 31, 2017
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[Monitor] Online sales surge while offline sales sluggish
The distribution market is undergoing a rapid shift from offline to online, with major offline retailers suffering sales declines while offline sellers enjoy a rise, data by the Ministry of Trade, Industry and Energy showed.In the first half of this year, large retailers and department stores saw no increase in their sales while convenience stores and online retailers saw two digit surges in sales.Convenience stores also showed a12.8 percent increase in the number of branches.Online sellers part
IndustryJuly 31, 2017
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Fallout from minimum wage hike spreading
President Moon Jae-in’s administration is pushing for a steep increase in the minimum wage as a key stepping stone for its income-led growth policy.But critics say sharp pay increases detached from the reality faced by most businesses in the country might drag down the economy.Complaints are simmering especially from small business owners over last month’s decision by a commission of representatives from the government and labor and management circles to raise the minimum wage for 20
EconomyJuly 31, 2017
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Samsung begins official distribution of Harman products
Samsung Electronics will start selling Harman International’s consumer audio products from Tuesday through its local distribution channels, the company announced Monday. It is the first official business move since the South Korean tech titan completed its acquisition of the 70-year-old US-based audio system manufacturer for $8 billion in March. Consumers look at audio products displayed at Samsung Digital Plaza in Nonhyeong-dong, southern Seoul, on Monday. (Samsung Electronics)Samsung will off
TechnologyJuly 31, 2017
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Is Korea’s stock market seeing end to tech run?
South Korea’s main bourse index on Monday saw a recovery from Friday’s drop of 1.73 percent, the largest in nearly 13 months.The Kospi edged up 0.07 percent from Friday to close at 2,402.71 on Monday. Tech giants Samsung Electronics and SK hynix rose 0.92 percent and 2.17 percent, slight recoveries compared to slides of 4.1 percent and 5.56 percent, respectively, Friday.While viewing Friday’s plunge of the Kospi as “short-term noise,” local analysts said time is rip
MarketJuly 31, 2017
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Kakao Bank attracts more than 1 million accounts in 5 days
Kakao Bank, South Korea's second Internet-only bank, said Monday it has attracted more than 1 million accounts in five days since its launch, a potential game-changing development in the country's financial sector.The bank said the number of clients hit the milestone as of 1 p.m. on Monday, with deposits and loans being estimated at 344 billion won ($307 million) and 323 billion won, respectively.It means that the lender has attracted customers at the pace of 9,800 accounts an hour. (Yonhap)Kaka
TechnologyJuly 31, 2017
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S. Korean stocks close mildly higher amid N. Korean tensions
South Korean stocks finished slightly higher Monday with institutions going on a buying spree as foreign and individual investors dumped local shares to lock in recent gains, amid growing geopolitical tensions caused by North Korea's intercontinental ballistic missile launch, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index edged up 1.72 points, or 0.07 percent, to close at 2,402.71. Trade volume was modest at 273.94 million shares worth 5.
MarketJuly 31, 2017
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‘Starcraft: Remastered’ prelaunches in Korea
“Starcraft: Remastered,” a high-definition remake of Blizzard Entertainment’s hit PC strategy game “Starcraft” is now available at selected PC cafes in South Korea as part of a prelaunch event exclusive to Korea. As of Sunday evening, “Starcraft: Remastered” has become available at local PC bang -- internet cafes where one can play computer games -- that are licensed with Blizzard Korea, the company said Monday. The game is slated for official worldwide release on Aug. 15. Blizzard Korea hoste
TechnologyJuly 31, 2017