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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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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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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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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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
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Ransomware strikes Korean theater
The notorious WannaCry ransomware, which has recently haunted computers around the globe, struck a local movie chain, industry watchers said Monday, causing alarm among South Korean companies.Ransomware refers to malware that infects files in a computer until victims pay a certain amount of money to hackers. The latest ransomware, called WannaCry, first surfaced last week, damaging some 200,000 computers in 150 countries around the globe.This is a CJ CGV screen in Seoul that has been crippled by
IndustryMay 15, 2017
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1 in 5 employees work 54 hours or longer per week
One in five South Korean employees work 54 hours or longer a week with the downtrend in weekly work hours losing steam in the 2010s, government data showed Monday.According to the data by Statistics Korea, some 5.33 million employees had a workweek of 54 hours or more in April, up 507,000 from a year earlier and accounting for 20.1 percent of the country's total workforce of 26.58 million. That translates into about 11 hours per day should they take Saturdays and Sundays off. South Korea started
EconomyMay 15, 2017
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South Korea raises cybersecurity alert against WannaCry attack
South Korea raised its cybersecurity alert on Sunday amid growing concerns about the WannaCry ransomware cyberattack that has spread across the world. The Korea Internet & Security Agency said four companies have reported to the state computer security agency that they were affected by the malicious software over the weekend.Seven companies have consulted with it for two days and four of them registered official damage reports. The agency said it will provide technical support to them.Private se
TechnologyMay 14, 2017
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LG Innotek mass produces thermoelectric modules for wine cellars
LG Innotek said Sunday it had begun mass production of thermoelectric modules for wine cellars, enabling production of smaller and lighter wine storage units that control temperatures without vibrations that often oxidize the wines.The thermoelectric module is an electronic cooling and heating component that controls temperatures by supplying electricity to a semiconductor element. It uses the “Peltier effect” in which, when electricity flows to metals of different properties, one side is heated
TechnologyMay 14, 2017
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Korean companies make progress in autonomous driving tech
South Korean companies in various industries are speeding up development of self-driving systems to gain a foothold in the lucrative sector.SK Telecom, South Korea’s top mobile carrier, is the latest, announcing Sunday plans to initiate a pilot run of autonomous driving using its high-definition 3-D maps within this year.It has signed a business agreement on self-driving with US-based graphics chip maker Nvidia, and has begun development of the map system, the company said. The HD 3-D maps are a
MobilityMay 14, 2017
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[Moon in Office] M&As to be encouraged to boost startups
The Korea Herald is publishing a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the fourth installment -- Ed.President Moon Jae-in is expected to encourage mergers and acquisitions, deregulate Internet of Things-related laws and abolish joint surety to boost startups.There has been consensus among experts here that more decent jobs should be created from startups and small and medium-sized businesses to reduce excessive dep
IndustryMay 14, 2017
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SK Networks chief receives philanthropy award
SK Networks Chairman Choi Shin-won became the first recipient of the United Way Global Philanthropy Award, the company said Sunday.Choi received the award during the Community Leaders Conference held by United Way Worldwide in Orlando, Florida, Tuesday to Friday.UWW is one of the world‘s largest charities, currently with a network of some 1,800 affiliates globally. SK Networks Chairman Choi Shin-won (center) takes a picture with United Way Worldwide President Brian Gallagher (left) and UWW’s Gua
CompaniesMay 14, 2017
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Accumulated sales of Kia's K-series breaks 5 million
South Korea’s No. 2 automobile manufacturer Kia Motors’ combined sales of its K-series surpassed 5 million units, the company said Sunday.The accumulated overseas sales of the series reached 4.1 million, while domestic sales marked some 920,000 units, as of April this year, it said.Of the total 4.1 million overseas sales, 1.28 million units were manufactured in South Korea. The K-series has accounted for more than 30 percent of Kia Motor‘s total sales each year since 2009, when the K-series was
IndustryMay 14, 2017
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Regulators recommence work to consolidate financial oversight
Financial regulators have restarted their postponed discussion to consolidate a financial supervision system, a measure aimed at better spotting potential financial risks. The move is part of the Moon Jae-in administration’s chaebol reform drive, by examining financial transfers between a group’s companies, including loans and investments such as cross-shareholding. The Financial Services Commission and Financial Supervisory Service have reportedly picked up talks on how to oversee
MarketMay 14, 2017
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Listed companies increase facility investments in Q1
Facility investments by listed companies showed signs of recovery in the first quarter this year, increasing 25.9 percent from the same period last year, a tally from the Korea Exchange on Sunday showed.Total facility investments by firms on the main and secondary bourses were logged at 1.308 trillion won ($1.158 billion) during the three months, up from 1.039 trillion won for the same months a year ago. The number of companies that increased their investments also rose from 19 last year to 30.T
EconomyMay 14, 2017
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4 out of 10 Kospi stocks left out of bullish trend
Despite the record-setting bull run on South Korea’s main bourse, 4 out of 10 stocks there fell, data from the Korea Exchange showed Sunday.The KRX said 302 stocks out of 750 listed on the benchmark Korea Composite Stock Price Index fell as of Thursday compared to Dec. 29, accounting for 40.3 percent. The Kospi rose 13.32 percent over the cited period, from 2,026.46 to 2,296.37. As for the listed firms of both the first-tier and second-tier stock markets, 890 stocks out of 1,973, accountin
MarketMay 14, 2017
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Plug-in hybrids sales yet to pick up in Korea
Sales of plug-in hybrid vehicles have yet to pick up in South Korea, mostly due to high prices and lack of consumer recognition, industry officials said Sunday.Hyundai Motor sold 37 units of its Ioniq plug-ins in April, the best monthly sales since the model's launch in February but still in the low double digits. Its competitor Prius Prime from Toyota Korea, launched last month, sold 17 units.BMW Korea's sole PHEV model i8 sold 14 so far this year. (Yonhap)In yearly terms, Hyundai sold 117 of i
IndustryMay 14, 2017
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Korea holds forum on content industry
Government officials and experts gathered at a forum to seek ways to expand exports of local digital content, the ICT ministry said Sunday. The forum, hosted by the Ministry of Science, ICT and Future Planning, was held in Seoul on Friday with participants from the government, academia and the content industry. (Yonhap)The participants gathered to discuss ways to bolster overseas demand for homegrown digital content in the face of changes brought on by the fourth industrial revolution, the scien
IndustryMay 14, 2017
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Schaffengott to release two IoT-based car products in H2
A domestic hardware startup is set to release two IoT-enabled products for cars – a parking sensor and a smoke detector -- in response to tougher legislation on parking lot accidents and fire safety.Schaffengott said May 4 that, in the second half of the year, it will be releasing Door Edge Protection System 2, an upgraded version of the company’s independently developed ding prevention product, following the completion of product testing. Image of DEPS, the door ding prevention product develope
TechnologyMay 14, 2017
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AMCHAM to promote benefits of Seoul-Washington FTA in US
US businesses based in South Korea said Sunday they will send a delegation to the White House this month to promote the benefits of the free trade agreement between Seoul and Washington as the Donald Trump administration is reviewing the five-year deal for a possible renegotiation. The delegation of the American Chamber of Commerce in Korea will visit Washington from Monday to Thursday and meet high-ranking officials at the White House. The visit came as US President Donald Trump has been
EconomyMay 14, 2017
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Major refiners bask in decent Q1 profit, set to see another upbeat result
South Korean oil refiners, led by top player SK Innovation Co., logged decent earnings in the first quarter of the year on the back of robust petrochemical business, and expect their bottom line to remain firm under the current quarter thanks to the recovery of their refining margin, industry sources said Sunday.SK Innovation posted a net profit of 859 billion won ($757 million) in the first quarter, sharply up from 566 billion won profit a year earlier, thanks to better-than-expected results fr
IndustryMay 14, 2017
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More Korean women economically active in 2017: data
The rate of South Korean women either working or actively searching for jobs reached a record high in 2017, data showed Saturday, thanks to a rising number of married women returned to the job market.According to the data compiled by the Statistics Korea, 53 percent of women were found to be economically active this year, up 0.8 percentage points from a year earlier.This year's number is the highest since the agency started compiling data from June 1999. The figure refers to the portion of econo
EconomyMay 13, 2017
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Controversies linger as Samsung plans on selling refurbished Galaxy Note 7s
While Samsung Electronics Co. plans to sell refurbished models of the ill-fated Galaxy Note 7 smartphone in the near future, controversies surrounding the troubled model still linger, especially in terms of safety requirements, according to market watchers Saturday. The South Korean tech giant said in March that it plans to sell refurbished Galaxy Note 7s. The production of the device was short-lived last year after some devices caught fire while charging due to battery problems. When and wher
TechnologyMay 13, 2017
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Seoul shares likely to test 2,300 points next week
South Korean shares are likely to remain in a tight range next week, while testing whether it can breach the 2,300 point mark amid hopes of an extra budget being pushed forward by President Moon Jae-in, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2.286.02 points on Friday, up 2 percent from a week ago. This week the local stock market was boosted by expectations of an economic stimulus by the new administration, although it t
MarketMay 13, 2017