Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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LG Chem spurs China business with cutting-edge materials
LG Chem will ramp up its business in China by introducing high-value added cutting-edge materials to Chinese customers, the company said Monday. The leading South Korean petrochemical manufacturer, who is the front-runner in the race for electric vehicle batteries, will bring about 90 kinds of new materials to the Chinese market by unveiling them at the biggest material exhibition in Asia, Chinaplas 2017, which runs from Tuesday through Friday. LG Chem’s booth at the Chinaplas 2017 (LG Chem)LG
TechnologyMay 15, 2017
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Finance Ministry preparing for looming tax hikes
With President Moon Jae-in promising to create 810,000 jobs and enhance welfare for ordinary people, the new government needs a big boost in fiscal income to execute jobs and welfare programs.The Finance Ministry is preparing for a possible change in its tax code plan, which is expected to be completed by the end of July, according to ministry officials. After announcing the tax code plan, the ministry has to submit the plan along with the 2018 budget proposal to the National Assembly by Sept. 1
MarketMay 15, 2017
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Shinsegae indefinitely delays plan on Bucheon department store
Retail giant Shinsegae has decided to indefinitely delay its planned project to build a department store in Bucheon, adjacent to Seoul, according to the company Monday.The company was chosen in September 2015 by the city to build a shopping mall in a new cultural complex. However, the project faced fierce opposition from vendors in the area, who feared the new mall would take away from their business. (Yonhap)“After negotiating with the city of Bucheon, we had decided to change our original plan
IndustryMay 15, 2017
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FTA renegotiation with US looms large for Moon administration
In his second week as Korea’s new president, Moon Jae-in faces an uphill battle in the global trade arena, as he has to mend fences with the nation’s major trading partner, the US. One of the biggest economic issues in the domestic trade industry is US President Donald Trump’s vow to renegotiate the terms of the five-year Korea-US FTA. He has referred to the deal as “horrible.” The KORUS FTA has reported an annual average of more than $65 million in exported g
EconomyMay 15, 2017
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Posco execs donate indoor playground for children
The Posco 1% Sharing Foundation donated a welfare facility for children called Donggurang Steel Land to the Incheon Dong-gu Office on Monday.An indoor playground for children with a mini soccer field, artificial rock climbing wall, smart gym board and other play facilities, Donggurang Steel Land is to help children develop their five senses and provide them with a safe environment to play in, the company said. The interior of Posco 1% Sharing Foundation’s Donggurang Steel Land. (Posco)The buildi
IndustryMay 15, 2017
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Kia launches country's first SUV plug-in hybrid
Kia Motors Corp., South Korea's second largest carmaker by sales, on Monday launched the country's first plug-in hybrid sport utility vehicle model.The Niro plug-in hybrid can travel up to 840 kilometers -- 40 kilometers on a single charge and 800 km on a combined gasoline-battery drive. The 1.6-liter engine model has 141 horsepower on tap and 27.0 kilogram-force meters of torque, the company said in a statement. (Yonhap)The model is priced at 33 million won and 35 million won ($29,400-$31,100)
MobilityMay 15, 2017
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Household loans up 9.8% in April
South Korea's household loans extended by banks rose 9.8 percent in April from a year earlier due to increased mortgages, central bank data showed Monday.Outstanding household loans from lenders came to 718.6 trillion won ($637 billion) as of end-April, compared with 654.3 trillion won from a year earlier, according to the data from the Bank of Korea. Compared with March, the amount rose by 4.6 trillion won. Mortgages climbed 3.3 trillion won on-month to 541.8 trillion won in April. In March, mo
EconomyMay 15, 2017
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Dollar-won exchange volatility narrows in April
The dollar-won volatility eased in April from a month earlier in line with eased volatility in the global financial markets, central bank data showed Monday.The session-over-session changes in the dollar-won exchange rates averaged 0.43 percent last month, compared to 0.47 in March, the Bank of Korea said in a statement. "The won fell against the dollar in April due to geopolitical risks and remittances of dividends by foreign investors," the statement said.Tensions heightened on
MarketMay 15, 2017
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Korean startups to participate in European tech festival
South Korea's promising startups will showcase their technological prowess at a European technology and startup festival in Amsterdam, the Netherlands, later this week, Seoul's ICT ministry said Monday.The Next Web Conference Europe 2017 -- an annual festival that brings together international technology executives, investors and promising startups -- will kick off Thursday for a two-day run. (Ministry of Science, ICT and Future Planning)The conference, the 12th of its kind, has grown from a 200
IndustryMay 15, 2017
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Practical ties sought with China, Japan
President Moon Jae-in’s government is seen to be moving to decouple security and historical issues from South Korea’s economic ties with China and Japan.Moon expressed such intention during phone talks with his Chinese and Japanese counterparts a day after being sworn in last week. He asked Chinese President Xi Jinping to lift restrictions and sanctions imposed on South Korean people and businesses apparently in retaliation for Seoul’s hosting of a US anti-missile shield, calle
EconomyMay 15, 2017
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Seoul shares up in late morning trading
South Korean shares traded higher late Monday morning as institutional buyers scooped up big cap stocks amid a massive selling spree by foreigners.The benchmark Korea Composite Stock Price Index added 6.35 points, or 0.28 percent, to 2,293.37 as of 11:20 a.m.The index opened lower on losses in market heavyweights, including market bellwether Samsung Electronics. However, the local index pared earlier losses as most market heavyweights turned higher.Top cap Samsung Electronics added 0.74 percent,
MarketMay 15, 2017
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Analogue Plus launches Kickstarter campaign for helmet communication device
Startup Analogue Plus announced Monday plans to launch a campaign on Kickstarter, the world’s largest crowdfunding platform, for its smart communication device, Ahead, on May 31. Ahead is a Bluetooth-based communication product that can be attached to any kind of helmet, such as a bicycle helmet, to enable the user to listen to music, make/take phone calls and use a voice navigation service. CEO Marco Park said, “Having received positive responses in January and February at some of the world’s t
TechnologyMay 15, 2017
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Police raid Samsung Heavy again over deadly crane accident
Police on Monday raided five offices of Samsung Heavy Industries Co. for a second time over a deadly crane accident that occurred at one of its shipyards earlier this month.On May 1, two cranes collided at the shipyard in the southeastern port city of Geoje, causing a structure to fall from one of the cranes. Six workers at the site were killed and another 25 were injured. This photo taken on May 4, 2017, shows the site where the deadly crane accident took place at Samsung Heavy Industries Co.'
IndustryMay 15, 2017
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Hyundai Merchant's Q1 operating loss narrows
Hyundai Merchant Marine Co., a major shipping firm here, said Monday that its operating loss narrowed in the first quarter from the previous quarter.The operating loss came to 131 billion won ($117 million) in the January-March period, compared to an operating loss of 163 billion won the year earlier, the company said in a regulatory filing.Sales rose 7 percent on-year to 1.3 trillion won over the cited period, it said.(Yonhap)Hyundai Merchant handled 958,000 twenty-foot equivalent (TEU) contain
IndustryMay 15, 2017
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Korea EV sales soar in Q1 on prices, infrastructure
All-electric vehicle sales in South Korea posted a nearly ninefold jump in the first quarter on improving infrastructure and reasonable prices, industry associations said Monday. Carmakers sold a combined 1,729 electric vehicles in the January-March period, soaring from 193 a year earlier, according to data offered by the Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association. (Yonhap)South Korea's electric car market looks pale before three b
MobilityMay 15, 2017
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Stock market's daily turnover hits 22-month high
The daily turnover of South Korea's main stock market has reached a 22-month high in May on the back of strong foreign buying, data showed Monday.The daily value of shares traded on the main stock market has averaged 6.67 trillion won ($5.92 billion) through Friday this month, up 45 percent from the previous month and 32.4 percent from a year earlier, according to the data by the bourse operator Korea Exchange. In particular, the turnover reached a monthly peak of 9.38 trillion won on May 10, a
MarketMay 15, 2017
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New govt. set to increase taxes in 2nd half
The new Moon Jae-in administration will likely revise tax codes in the second half of the year to finance its election pledges to create jobs, government officials said Monday.On the campaign trail, President Moon promised to focus more on job creation and expanding welfare for young people. In particular, he said his government will create some 800,000 public jobs during his five-year term, grant an allowance to young jobseekers and offer public residence to newlyweds at lower rent. Many estima
EconomyMay 15, 2017
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Korea logs 63rd consecutive trade surplus in April
South Korea posted a trade surplus for 63 straight months in April on a steady recovery in exports, customs data showed Monday.The country's trade surplus came to $13 billion last month, up from a surplus of $8.7 billion tallied a month earlier, according to the data from the Korea Customs Service.Asia's fourth-largest economy has enjoyed a trade surplus since February 2012. It posted $6.57 billion in trade surplus with Southeast Asian countries in April, followed by China with a surplus of $2.6
EconomyMay 15, 2017
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Seoul shares open lower on foreign selling
South Korean stocks opened lower Monday as foreign investors continued to dump market heavyweights, such as Samsung Electronics amid lingering geopolitical uncertainties.The benchmark Korea Composite Stock Price Index lost 4.7 points, or 0.21 percent, to 2,281.32 in the first 15 minutes of trading.Earlier in the day, North Korea said that it has successfully tested-fired a new surface-to-surface intermediate-range ballistic missile, claiming that the US mainland is within its reach.Market bellwe
MarketMay 15, 2017
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Moon expected to set up new control tower for industrial restructuring
The Moon Jae-in administration is expected to set up a new control tower for industrial restructuring as soon as its new Cabinet takes shape, inside sources said Monday.President Moon's official campaign pledges do not specify actions or directions for restructuring. For the shipbuilding and shipping industries that are in the middle of major overhauls, the pledge has been that the two industries cannot be abandoned, and that they will be rebuilt through co-existence. Hong Jong-haak, a former le
EconomyMay 15, 2017