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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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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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 slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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[Robert J. Fouser] Social attitudes toward language proficiency
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Conglomerates increasing cash holdings
South Korea's leading conglomerates had some 116 trillion won ($103.29 billion) in cash or cashable assets as of the end of March this year, an increase of 54 percent from five years ago, data showed Monday, a sign that the companies remain hesitant about investing.Seventy-two companies were analyzed by the Korea Exchange after 28 of the top 100 market cap firms were excluded because their assets could not be measured on an annual basis. The results showed that the firms held an aggregate 115.7
IndustryJuly 31, 2017
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Rates for household loans inch down in June
Bank lending rates on new household loans inched down in June and interest rates paid by banks on new deposits slightly rose, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in June, down 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt stood at 1,359.7 trillion won ($1.2 tril
EconomyJuly 31, 2017
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BOK to keep monetary easing policy to support growth
South Korea's central bank on Monday renewed its stance to maintain the current monetary easing policy to support growth for Asia's fourth-largest economy.The Bank of Korea said in a report submitted to the National Assembly that it will maintain its stance of monetary policy accommodation, noting the inflationary pressures on the demand side are not expected to be high, though the solid trend of domestic economic growth could affect prices.The latest assessment came more than two weeks after th
EconomyJuly 31, 2017
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Seoul shares down in late-morning trade
South Korean stocks traded lower late Monday morning, tracking losses on Wall Street losses, although tech blue chips continued to gain ground, analysts said. The benchmark Korea Composite Stock Price Index backtracked 5.37 points, or 0.22 percent, to hit 2,395.62 as of 11:20 a.m.Tech giant Samsung Electronics gained 0.9 percent, with chipmaker SK hynix adding 1.7 percent.Top automaker Hyundai Motor, meanwhile, shed 2.68 percent, and its affiliate Hyundai Mobis, an auto parts maker, dropped 3.52
MarketJuly 31, 2017
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Korea launches anti-dumping probe on Chinese steel product
South Korea's trade commission said Monday that it has decided to launch an official investigation into the alleged dumping of a steel product imported from China that has been cited for disrupting fair competition.The decision follows a formal complaint from four South Korean manufacturers, according to the Korea Trade Commission. (Yonhap)"The petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting
IndustryJuly 31, 2017
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Korean convenience store chain taps Vietnam
GS Retail Co., a major convenience store chain operator, said Monday it has signed an agreement with a Vietnamese company to make inroads into the Southeast Asian market.The Korean firm said it signed a deal with SonKim Group in Ho Chi Minh City on Thursday to set up a joint venture with a plan to open the first GS25 store in the Vietnamese city within the year.The announcement came as the competition in South Korea's convenience store business, dominated by three chains -- CU, GS25 and 7-Eleven
CompaniesJuly 31, 2017
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Korea's exports to FTA partners jump 17.9% in H1
South Korea's exports to trade partners with which it has free trade agreements jumped nearly 18 percent in the first six months of the year on solid overseas demand, customs data showed Monday.Exports to 52 countries that have open trade pacts with South Korea reached $202.5 billion in the January-June period, up 17.9 percent from $171.6 billion tallied a year ago, according to the data released by the Korea Customs Service. Imports also rose 17.1 percent on-year to $147.9 billion over the cite
EconomyJuly 31, 2017
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NK missile launch has little impact on S. Korean financial market
South Korea said Monday that the latest North Korean missile launch had little impact on its financial market, but it will take swift and firm action against any unexpected developments.Pyongyang fired the Hwasong-14 shortly before midnight last Friday, following its first successful intercontinental ballistic missile launch on July 4. Defense experts said the latest provocation that drew swift condemnation from the international community demonstrated some technical progress compared to previou
EconomyJuly 31, 2017
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New ministry aims to expand exports of products made by SMEs
The country's new ministry dedicated to small and medium-sized enterprises said Monday it will vitalize the local economy by expanding exports of products made by smaller companies.The Ministry of SMEs and Startups said it aims to expand the proportion of exports made by SMEs to over 40 percent of all outbound shipments by 2022. Small and medium-sized companies accounted for 37.6 percent of exports in 2016, up 5.5 percentage points from 32.1 percent in 2012, according to the ministry. The amount
EconomyJuly 31, 2017
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T'way partners with Sky Angkor Airlines to develop routes
T'way Air Co., one of South Korea's six budget carriers, has formed business ties with Sky Angkor Airlines in Cambodia to develop new routes and cooperate in flight operations, the company said Monday. On Friday in Phnom Penh, the two airlines signed a memorandum of understanding to jointly develop new routes and operate their existing routes, T'way Air said in a statement. (Yonhap)Through the partnership, T'way Air expects to strengthen its services on routes to Vietnam and Cambodia, popular d
CompaniesJuly 31, 2017
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Stocks open lower on US losses
South Korean stocks opened lower Monday following late last week's losses on Wall Street.The benchmark Korea Composite Stock Price Index fell 2.62 points, or 0.11 percent, to 2,398.37 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics losing 0.42 percent and leading automaker Hyundai Motor shedding 1.67 percent.In contrast, leading steelmaker POSCO gaining 0.33 percent, and SK hynix was up 1.24 percent on its better-than-expected third-
MarketJuly 31, 2017
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Medical community in conflict over minimum wage
The medical community is reeling from the planned minimum wage hike next year, with small neighborhood clinics and hospitals appealing for at least a matching hike in billing rates, industry officials said Monday.The government and labor unions earlier this month agreed on a 16.4 percent hike in the minimum pay for next year, from 6,470 won ($5.76) to 7,530 won. The scale of the hike has drawn protests from many businesses, which say they cannot afford the extra cost, triggering concerns by jobs
EconomyJuly 31, 2017
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Korea Gas, POSCO Daewoo jointly bid for LNG terminal in Bangladesh
South Korea's state-run Korea Gas Corp. has jointly submitted a preliminary bid with POSCO Daewoo Corp. construction for a terminal for importing liquefied natural gas in Bangladesh, according to Korea Gas officials on Sunday. A consortium formed by Korea Gas and POSCO Daewoo recently submitted its expression of interest to the Bangladesh government for the terminal with an annual capacity of 7.5 million tons of LNG. (Yonhap)SK E&S Co., an energy affiliate of South Korea's SK Group, is also bel
IndustryJuly 30, 2017
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Chaebol heads qualified for financial firm ownership, questions remain
The heads of South Korean conglomerates including Samsung, Hyundai Motor and Hanwha appear to have passed a qualification screening by financial authorities, which tested whether they are eligible to run or own financial arms of the group they lead. However, questions are being raised over the effectiveness of the screening, as it allows those who have been indicted on charges of malpractice and embezzlement. The Financial Services Commission said Sunday, “We found no distinct problems while scr
IndustryJuly 30, 2017
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Semiconductor Q2 exports jump fourfold in seven years
South Korea’s semiconductor exports surged to record highs in the second quarter of this year, according to the Bank of Korea’s trade statistics Sunday.The country’s semiconductor export volume index hit 393.97, nearly four times the 100 benchmark in 2010. The export volume also marked a 20.2 percent increase compared to the second quarter of last year, when it stood at 327.86, and a 2.7 percent jump compared to the first quarter of this year. Industry experts say the con
EconomyJuly 30, 2017
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Kakao Bank attracts 800,000 accounts in 4 days
Kakao Bank, South Korea's second Internet-only bank, said Sunday it has attracted some 800,000 accounts four days since its launch, with combined deposits and loans hovering above 500 billion won ($445.2 million).The bank said the number of clients came to 826,000 as of 3:00 p.m., with deposits being estimated at 275 billion won. The newly established bank also rolled out loans worth 260 billion won so far. More than 1.48 million users also downloaded the Kakao Bank application.Its performance f
MarketJuly 30, 2017
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[Herald Interview] ‘GM here for future,’ not leaving Korea
BUPYEONG, Gyeonggi Province -- Amid market rumors of General Motors pulling out from South Korea, the GM Korea vice president said the US automaker is here for the future, stressing the country’s role as a strategic hub. In an exclusive interview with The Korea Herald, Dale Sullivan, vice president of vehicle sales, service and marketing at GM Korea, said the company is set to reach 1 million sales for its Chevrolet vehicles here in August, marking the shortest time among GM operations in emergi
MobilityJuly 30, 2017
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[Photo News] Samsung's air conditioner sales soar
AIR CONDITIONER SALES SOAR -- Visitors check out Samsung Electronics’ wind-free air conditioners at a Samsung Digital Plaza store in Seoul on Sunday. Samsung said it sold more than 1 million air conditioners from Jan. 1 to July 21, setting a new top sales record for the company. It attributed the sales hike to the rising popularity of its wind-free air conditioners, which accounted for around 60 percent of Samsung’s air conditioner sales in Korea for the year. (Samsung Electronics)
TechnologyJuly 30, 2017
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[Behind the Wheel] New BMW 4-series more dynamic, but stable
New BMW 4-series are seen on a test drive in Busan, Friday. (BMW Korea)BUSAN -- BMW Korea, the local unit of the German luxury carmaker, unveiled Friday an upgraded version of its 4-series, adding variety to its popular series.The new lines introduced were the 4-Series coupe, convertible and gran coupe, as well as the high-performance models M4 coupe and M4 convertible.“The new 4-series cars have bodies that are 40 millimeters lower than 3-series cars. Enhanced suspension and a new control syste
MobilityJuly 30, 2017
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Celltrion founder becomes Korea’s No. 10 stock rich
Seo Jung-jin, the founding chairman of South Korean biopharmaceutical company Celltrion, has officially taken the 10th spot in the country’s list of stock rich billionaires, following Celltrion Healthcare’s initial public offering last Friday.Celltrion Healthcare, the sales and marketing subsidiary of Celltrion, went public on the Kosdaq on Friday. Its shares soared 15.23 percent from its initial offering price to close at 53,000 won ($47.30), with its market capitalization at 6.88 trillion won,
IndustryJuly 30, 2017