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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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
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Hyundai Mipo to give paid leave to idled workers
The management and union of Hyundai Mipo Dockyard, an affiliate of Hyundai Heavy Industries, said Friday they agreed to arrange paid leave for the shipyard's workers idled by a lack of orders.The agreement is a compromise for the management, which last month had proposed up to one month of unpaid leave to deal with falling orders and an industrywide slump in the shipbuilding business. The company had also suggested a temporary suspension of fringe benefits but was rejected by the union, official
IndustryMay 12, 2017
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Korean shares open lower on Wall Street losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index lost 5.48 points, or 0.24 percent, to 2,290.89 in the first 15 minutes of trading.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.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained 1.01 percent, and
MarketMay 12, 2017
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Independent game developers betting on passion over profit
South Korea, a thriving hub of technology in Northeast Asia, is also second to none when it comes to the gaming industry, with the size of the local market estimated at 11.3 trillion won ($9.9 billion) as of last year.According to data compiled by Korea Creative Content Agency, the country's game market is expected to continue growing and reach 11.6 trillion won in 2017. The venue of the Indie Game Festival 2017 held in Seoul on April 22, 2017. (Yonhap)The growth is especially faster for mobile
IndustryMay 12, 2017
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Hyundai to support global sales network with new cars: vice chairman
The vice chairman and heir apparent of Hyundai Motor Co., South Korea's leading carmaker, on Thursday told the company's global salespeople that the company will churn out new vehicles and make necessary investments in technologies that will make it more competitive.On the second day of the 2017 Global Distributors Convention being held from Wednesday through Saturday in Seoul and Jeju Island, Chung Eui-sun stressed, "We will continue to support our sales networks and people by delivering new te
MobilityMay 11, 2017
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36 conglomerates to face debt assessment
The Financial Supervisory Service announced Thursday that 36 conglomerates will be put under a capital structure assessment by their respective commercial lenders in a pre-emptive move to relieve the financial risks of the groups. FSS data showed the 36 enterprise groups were indebted by six banks -- Woori Bank, Korea Development Bank, KEB Hana Bank, Shinhan Bank, Kookmin Bank and NongHyup Bank. Among them, Woori Bank was the creditor of 13 groups, including Samsung Group, LG Group and CJ Group
MarketMay 11, 2017
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Kospi bounces back to all-time high, momentum revives
South Korea’s stock indices set new all-time highs after bouncing back Thursday from Wednesday’s loss in the afternoon trade on robust institutional buying, raising expectations a return of momentum to the markets. The top-tier Korea Composite Stock Price Index closed at 2,296.37, up 26.25 points or 1.16 percent from Wednesday. It reached its intraday high of 2,297.67 at around 2:55 p.m.The Kospi ended its bullish ride Wednesday, when it closed at 2,270.12.This came days after the Ko
MarketMay 11, 2017
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Kia begins taking orders for Stinger sports car in domestic market
Kia Motors Corp., South Korea's second-biggest carmaker by sales, on Thursday began taking pre-orders for its much-awaited sports car, with domestic sales due to start late next month.The maker of the K5 midsize sedan and the Sorento sport-utility vehicle has unveiled the prices and features of its first vehicle that will carry an independent Stinger badge without the KIA logo. (Yonhap)The Stinger comes in three engines -- a 2.0 turbo, a 3.3 twin-turbo, and a 2.2 diesel engine -- all mated to a
MobilityMay 11, 2017
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[Monitor] Korea’s tourism deficit hits 10-year high
South Korea’s tourism industry recorded a deficit of $3.74 billion as of the end of March, marking a nearly decadelong record high, due largely to drop in Chinese visitors following the ban of Korea-bound trip sales by Beijing this year.The Bank of Korea said the deficit is the largest since $3.76 billion recorded in the fourth quarter of 2007.The deficit reached $1.35 billion in March alone, the biggest figure in nearly two years, after Korea saw $1.47 billion in travel deficit for July 2
EconomyMay 11, 2017
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Moon Jae-in expected to ease rules on LPG cars
The new Moon Jae-in administration is likely to deregulate liquefied petroleum gas for motors, as he has vowed to remove diesel vehicles from roads by 2030, industry insiders said Thursday. Besides Moon, other presidential candidates had also been supportive of deregulating LPG cars on the grounds they produce one-thirtieth of the ultrafine dust produced by diesel vehicles. (Yonhap)“South Korean citizens are suffering from various health-related problems due to high levels of fine dust. Vehicle
MobilityMay 11, 2017
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Unemployment hits 17-year high
Despite the number of employed individuals increasing last month, South Korea’s unemployment rate hit a 17-year high in April, according to data compiled by Statistics Korea on Thursday. The jobless number reached approximately 1.17 million, up by 99,000. This is the largest number for the month of April and the highest after February’s 1.35 million. The jobless rate also reached 4.2 percent, up 0.3 percentage point from the same month last year. It is the highest rate after the 4.5
EconomyMay 11, 2017
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LS develops cables for easier freight train loading
South Korea’s leading cable manufacturer LS Cable & System has developed movable overhead power cables for trains, the company said Thursday. Overhead rigid conductor systems, like the new cables developed by LS, hold wires above railways to transmit electricity to electric trains. But conventional cables can get in the way of loading and unloading freight from trains, LS Cable & System spokesperson explained. LS Cable & System’s new system allows the cables to be temporarily moved to make trans
IndustryMay 11, 2017
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[Exclusive] Former LG Uplus chief joins Huawei
Lee Sang-chul, South Korea’s former communications minister and chief of mobile carrier LG Uplus, is currently advising China’s Huawei, according to industry sources Thursday. On the official homepage of Huawei, Lee is named as chief adviser of Huawei, The Korea Herald confirmed. Former communications minister and chief of mobile carrier LG Uplus Lee Sang-chul (Yonhap)The website also described Lee as standing adviser of LG Uplus and LG Group. But LG Group denied the indication, saying he had n
TechnologyMay 11, 2017
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Cosmetics firms foresee export control tower
Cosmetics companies in Korea are looking forward to streamlined central control over industry regulations under the newly elected president. During his campaign, President Moon Jae-in pledged to create a new plan for the development of the cosmetics industry that would integrate the regulatory and funding authority of various agencies, creating a more cooperative system to help cosmetics companies export to other countries. Moon previously pledged that he would create a system that would allow c
IndustryMay 11, 2017
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[Moon in Office] Will Moon Jae-in remove overregulation to spur new ICT growth?
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 second installment -- Ed.South Korea’s new President Moon Jae-in faces the challenging task of bolstering the information and communication technology sector as the country struggles to retain its footing in the fast-advancing field of ICT amid growing competition from foreign rivals.During his campaign trail, Moon pledged to spur growth thr
TechnologyMay 11, 2017
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Celltrion's operating profit jumps 231% on global sales of Remsima
South Korea’s Celltrion said Thursday that its first-quarter operating profit jumped 231.3 percent on-year to 89.39 billion won ($79 million), led by successful global sales of Remsima, its biosimilar copy of Johnson & Johnson’s blockbuster drug Remicade.Celltrion’s revenue during the January-March period reached 196.6 billion won, up 81.2 percent on-year, while net profit soared 468.5 percent on-year to 67.09 billion won, the company said in its earnings report. (Celltrion)The Korean drugmaker
IndustryMay 11, 2017
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Refurbished Galaxy Note 7 to go on sale
The refurbished Galaxy Note 7 is expected to go on sale as early as June in Korea, according to local news reports. Refurbished phones are products resold at a cheaper price after defects have been repaired. (Samsung)Since the explosion of the Note 7 was apparently caused by battery defects, the phones are expected to reduce the battery capacity from the current 3500 milliamp hours to 3200 milliamp hours, industry watchers said. The price of the refurbished Note 7, which will be set in discussi
IndustryMay 11, 2017