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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Seoul stocks down 0.45% on profit-taking
South Korean stocks ended slightly lower Friday on increased selling by foreigners and institutions.The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.35 points, or 0.45 percent, to 2,286.02.Bae Sung-young, a market analyst at KB Securities Co., said foreigners and institutions offloaded stocks in apparent profit-taking, which are to blame for losses on the main bourse.Kim Ye-eun, an analyst at Cape Investment & Securities, also said foreign sel
MarketMay 12, 2017
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Naver introduces AI voice assistant app
South Korean internet giant Naver released a new mobile app running on its artificial intelligence voice assistant platform Clova on Friday, officially joining the global race to develop new AI-powered services for the public. The new app, called “Naver Clova” and currently offered in a beta version, is available for download on the Google Play app store. It is unavailable on the Apple App Store currently.(Naver)Naver Clova runs on the AI-powered voice assistant platform Clova, short for “cloud
TechnologyMay 12, 2017
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BOK names expert on foreign reserves as head of reserve management group
South Korea's central bank said Friday it has named an expert on foreign reserves as the new head of its Reserve Management Group.Suh Bong-gook, director general at the International Department of the Bank of Korea, will be in charge of planning, investment and risk management of the country's foreign reserves, according to the BOK. As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, according to the BOK.Suh worked at
MarketMay 12, 2017
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Cargill eyes W1.5tr revenue by 2025 in Korea
US commodity trading company Cargill Inc. said Friday it has set an annual revenue target of 1.5 trillion won ($1.33 billion) for its livestock feed business in South Korea by 2025, vowing to push for an aggressive expansion down the road. David MacLennan, CEO of the global agricultural commodity firm, said the company plans to increase its annual feed production to 2.7 million tons from the current 1.6 million tons over the next eight years to meet the revenue target for the Korean market. Dav
IndustryMay 12, 2017
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Pantech halts smartphone business to focus on IoT
South Korea’s once-mobile phone legend Pantech decided to temporarily halt its smartphone business and focus on Internet of Things and other new businesses, according to industry sources on Friday. An official at Pantech told the local media that the company will prioritize other businesses, likely to be IoT, rather than focus on the struggling smartphone business. (Pantech)“It is time to shift to the select and concentrated strategy,” the official said. “Patench has a competitive edge in the Io
TechnologyMay 12, 2017
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Netmarble debuts on Kospi, marking Korea’s biggest IPO in 7 years
South Korea’s Netmarble Games officially went public on Korea’s main bourse Kospi on Friday, marking the country’s biggest initial public offering in seven years. Shares of the Korean mobile game giant opened for trading at 165,000 won ($146.70), above its IPO price of 157,000 won, and rose as high as 171,500 won, up 9.2 percent, in early morning trading before falling to hover slightly below the day’s opening price.The stocks closed at 162,000 won, down 1.82 percent from the opening price. The
TechnologyMay 12, 2017
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[Herald Interview] ‘Uncertainty Korea’s biggest economic challenge’
Export-reliant Korea’s overall economic growth in past years has been clouded by a prolonged weakness in global trade, a report by the United Nations Economic and Social Survey of Asia and the Pacific stated earlier this month.While the economies of the Asia Pacific region are expected to achieve a 1.2 percentage point lower economic growth on average this year, uncertainty will be the biggest challenge for South Korea, an expert from a UN panel said Friday.According to Kilaparti Ramakrish
EconomyMay 12, 2017
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[Moon in Office] Sharp rise in housing prices unlikely: experts
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 third installment -- Ed.South Korea’s housing market is unlikely to see sharp rises under liberal President Moon Jae-in, who is more focused on market stabilization, real estate experts said Friday. As opposed to the former Park Geun-hye government’s deregulatory moves, the new Moon Jae-in government is expected to tighten some r
EconomyMay 12, 2017
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‘Fine dust’ cosmetics may be false advertising
Cosmetics that claim to protect the skin against damage caused by fine dust have been asked to provide evidence.According to the Ministry of Food and Drug Safety on Friday, the agency is requesting that companies provide proof of cosmetics‘ ability to shield the skin against, or wash away, fine dust. Fine dust blankets Seoul on Friday. (Yonhap)“The measure is designed to prevent misleading labeling or advertising by requiring companies to substantiate their claims,” a ministry official said.If
IndustryMay 12, 2017
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Philip Morris may launch smokeless cigarette soon
Philip Morris International is expected to announce the launch of its heated smokeless cigarette IQOS in Korea next week, according to industry sources.IQOS, which has already seen huge success in other markets including neighboring Japan, heats tobacco using a special device instead of burning tobacco, as in traditional cigarettes. IQOS (Philip Morris International)The Korean launch of IQOS is expected to be officially announced through a press conference scheduled for May 17 with PMI Korea’s
IndustryMay 12, 2017
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President vows to remove all non-regular jobs in public sector
President Moon Jae-in on Friday reaffirmed his pledge to create hundreds of thousands of quality jobs in the public sector, vowing to turn all non-regular job openings in the public sector to regular, full-time employment within his term."I will open an era of zero irregular jobs in the public sector within my term," Moon said in a meeting with workers and citizens at Incheon International Airport Corp., a key public enterprise. The meeting marked the new president's first public event
EconomyMay 12, 2017
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Hyundai, Kia Motor accept forced recall
Hyundai Motor and Kia Motors, South Korea’s leading two automotive companies, announced they will comply with a forced recall ordered by the government, the companies said Friday.The Ministry of Land, Infrastructure and Transport has ordered the recall of some 240,000 vehicles across 12 models, including Hyundai Motor’s luxury Gensis and Equus sedans and best-selling Avante compact sedans due to faulty auto parts and manufacturing defects. (Yonhap)“Our company has explained the five cases, whic
MobilityMay 12, 2017
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Hyundai Wia to produce in-house turbo chargers
Hyundai Wia Corp., an auto parts affiliate of Hyundai Motor Group, said Friday it will produce in-house turbo chargers after years of joint production with its Japanese partner. Hyundai Wia IHI Turbo, a 51-49 joint venture set up between Hyundai Wia and Japanese auto parts maker IHI, has produced turbo chargers since late 2015 for vehicles made by Hyundai Motor Co. and Kia Motors Corp. at its plant in Seosan, 151 kilometers southwest of Seoul, a Hyundai Wia spokesman said. Hyundai Wia's turbo c
IndustryMay 12, 2017
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NPS earns W13tr from local equity investment this year
Earnings made by the National Pension Service through its investments in local stocks have amounted to 13 trillion won ($11.5 billion) this year, with the main bourse Kospi recently hitting highs above the 2,300 level, industry data showed Friday.The appraised value of local stocks held by the nation‘s largest institutional investor rose 13.5 percent from 93.6 trillion won at the end of last year to 106.2 trillion won as of Wednesday, according to financial data tracker FnGuide. The value
MarketMay 12, 2017
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Korean shares down 0.36% in late morning trade
South Korean stocks extended losses late Friday morning as foreign investors offloaded large-cap stocks.The benchmark Korea Composite Stock Price Index lost 8.25 points, or 0.36 percent, to 2,288.12 as of 11:15 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.11 percent, with the tech-heavy Nasdaq composite index declining 0.22 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said foreign selling of large-cap stocks worth nearly
MarketMay 12, 2017
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China invites Korea to economic development forum
China has invited South Korea to join a forum on Beijing's regional economic development plan in what appears to be a move to mend the bilateral relationship following the inauguration of new President Moon Jae-in in Seoul, a government official said Friday.The delegation to be led by Rep. Park Byeong-seug of the Democratic Party will leave for Beijing on Saturday to attend the Belt and Road Forum for International Cooperation that will kick off on Sunday for a two-day run, according to the offi
EconomyMay 12, 2017
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Govt. to set aside supplementary budget for job creation
The finance ministry said Friday that it will set aside a supplementary budget to help create jobs, a key campaign pledge of Presidential Moon Jae-in."We will create jobs through aggressive macroeconomic policies, including a supplementary budget," the ministry said in its monthly economy assessment report called the "Green Book." The ministry also vowed to revitalize Asia's fourth-largest economy, which is showing signs of a recovery on increased exports.It marked the first
EconomyMay 12, 2017
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Samsung Electronics promotes 42 executives at chip biz amid chief's absence
South Korean tech giant Samsung Electronics Co. said Friday that it has promoted 42 employees to senior management posts at its chipmaking business as part of its latest regular personnel appointment, five months later than usually, as its vice chairman has been arrested for alleged graft charges.On Thursday, the world's largest manufacturer of smartphones also carried out a partial personnel appointment, which affected 54 executive level posts at its consumer electronics and smartphone business
IndustryMay 12, 2017
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Audi Volkswagen's Tiguan recall goes smoothly: sources
Audi Volkswagen's recall of its Tiguan compact SUV in South Korea has been going without a hitch with the recall rate reaching more than 30 percent for the first three months, industry sources said Friday.In January, the Seoul government allowed Audi Volkswagen Korea, the local importer and distributor of the German brands, to recall some 27,000 Volkswagen Tiguan cars sold here for fabricating test results of emissions, noise and fuel efficiency. (Yonhap)As of May 6, Audi Volkswagen Korea recall
MobilityMay 12, 2017
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IPTV business emerges as cash cow for mobile carriers
South Korean mobile carriers' Internet-based TV businesses have emerged as their stable source of profit on the back of an increase in the number of subscribers, data by the companies showed Friday.The country's three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- saw sales from their Internet protocol television business jump 10 percent to 20 percent in the first quarter of this year from a year ago, according to the data based on their first-quarter earnings reports. (Yonhap
TechnologyMay 12, 2017