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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Rebidding for remaining new Incheon airport duty-free shops fails again
An attempt to lease out the remaining duty-free store licenses by tender at the new terminal at Incheon International Airport has failed again, as no duty-free operators made a bid, authorities and industry sources said Wednesday.The auction for licensing to run the apparel and accessories store at the second terminal (T2) at the hub airport that is expected to open later in the year has been put off for a second time due to a lack of tenders, according to Incheon International Airport Corp. and
IndustryMay 10, 2017
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[Moon in Office] Financial authorities face overhaul
President Moon Jae-in is expected to implement a sweeping overhaul of the financial authorities to reassign their roles and enhance oversight. As a presidential candidate, Moon had pledged to divide the authorities‘ roles between policymaking and regulating, and protecting financial consumers. Moon’s team had pointed to the Financial Services Commission that has been serving as a policymaker and regulator, saying the FSC had been monopolizing the roles.Moon’s economic think tan
MarketMay 10, 2017
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Kospi takes loss after hitting 2,300 in morning trade
The main bourse took a loss Wednesday mainly on foreign selling of futures, after its index hit a height of above 2,300 points in early morning trade Wednesday.The benchmark Korea Composite Stock Price Index closed at 2,270.12, down 22.64 points, or 0.99 percent, from the previous session Monday. Markets did not open Tuesday for the presidential election, where Moon Jae-in of the Democratic Party of Korea clinched a landslide victory. Opening at 2,295.25 on Wednesday, the Kospi surged to an intr
MarketMay 10, 2017
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Trading in Netmarble shares to begin Friday
Shares of Netmarble Games Corp, South Korea's largest mobile games maker, will begin on the Korea Exchange later this week, the bourse operator said Wednesday. The value of the initial public offering is expected to stand at about $2.4 billion when Netmarble stocks are listed on the main bourse on Friday.(Yonhap)Netmarble sold 20 percent of the company's outstanding stock.Analysts said the price of the stock could be at the top of an indicative range, or 157,000 won ($138) apiece, given bright p
IndustryMay 10, 2017
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Kia adds more safety features to upgraded K9 model
Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Wednesday it added more safety features to the upgraded K9 flagship sedan to reflect the latest demands by consumers. Kia Motors has adopted a blind-spot warning system as standard for its K9 models and an "around-the-view" monitoring system as an option, the company said in a statement. Kia K9 flagship sedan (Kia Motors)Three versions of the upgraded K9 are available in the domestic market. They come with 3.3, 3.8 and 5.0-li
MobilityMay 10, 2017
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Doosan Heavy Q1 net dips 58% on one-off factor
Doosan Heavy Industries Co., South Korea's top power equipment maker, said Wednesday its first-quarter profit shrank 58 percent from a year earlier largely due to a one-off factor.Net profit reached 37.5 billion won ($51.3 million) on a consolidated basis in the January-March period, compared with a profit of 89.7 billion won a year earlier, the company said in a regulatory filing. (Yonhap)The company posted an operating income of 237 billion won in the first quarter compared with an operating i
IndustryMay 10, 2017
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[Moon in Office] Moon Jae-in to push for renewable energy policies
South Korea’s freshly inaugurated President Moon Jae-in is expected to push forward renewable energy policies to tackle concerns over pollution and the safety of nuclear energy.On Moon’s campaign website, titled “Moon’s 1st Street,” his pledges related to energy have garnered 284,080 likes to date, topping many other promises by the camp.Moon is likely to scale down coal and nuclear power dependency as pledged during his campaign. His camp had said the government would no longer build nuclear re
IndustryMay 10, 2017
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Korean stocks retreat from pre-election rally
South Korea's main stock index fell on Wednesday as a pre-election rally ran out of steam and investors try to digest the policies of new President Moon Jae-in. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dipped 22.64 points, or 0.99 percent, to close at 2,270.12. Trade volume reached 418 million shares changing hands worth 9.2 trillion won ($8.1 billion). The Kospi index jumped more than 2 percent on Monday to set its highest-ever close
MarketMay 10, 2017
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Asiana Q1 net more than doubles on FX gains
Asiana Airlines Inc. said Wednesday its net profit more than doubled in the first quarter from a year earlier on currency gains. Net profit for the three months ended March 31 jumped to 96 billion won ($85 million) from 44 billion won a year earlier, the company said in a statement. (Yonhap)"The won's strength against the dollar sharply reduced the value of dollar-denominated debts in the first quarter, giving a boost to the quarterly bottom line," a company spokesman said. But rising oil price
IndustryMay 10, 2017
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[Moon in Office] Chaebol reform drive to bolster FTC
The election of Moon Jae-in as president of South Korea comes amid intensified calls to reform an economic landscape centered on family-run chaebol or conglomerates. In light of such calls, Moon is likely to strengthen the scope and authority of the Fair Trade Commission, as he has repeatedly vowed to protect small businesses and root out unfair corporate practices. (Yonhap)“I will take the lead in reforming chaebol. The phrase ‘collusive ties of politics and business’ will completely vanish und
IndustryMay 10, 2017
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[Moon in Office] ICT Ministry expected to remain intact
South Korea’s new President Moon Jae-in is expected to keep intact the current Ministry of Science, ICT and Future Planning, a unit symbolic of ousted President Park Geun-hye’s administration. In 2013, the ICT Ministry was set up with much fanfare by Park, emphasizing the creative economy, although the drive was criticized as lacking progress. A tech seminar is held by ICT Minister Choi Yang-hee at the Ministry of Science, ICT and Future Planning in January.(Ministry of Science, ICT and Future
IndustryMay 10, 2017
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Hanwha chairman talks US relations with Heritage Foundation president
Hanwha Group Chairman Kim Seung-youn sat down with Edwin J. Feulner Jr., president of the Heritage Foundation, in Seoul on Tuesday to discuss the future of Korea-US relations, according to Hanwha officials Wednesday. The Heritage Foundation is a representative conservative think tank in the US and focuses on policy development in the areas of politics, economy, diplomacy and security. Feulner, who also served as an assistant political adviser to US President Donald Trump, is considered a le
EconomyMay 10, 2017
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[Moon in Office] Corporate governance to improve: analysts
The election of Moon Jae-in as the new president of South Korea is likely to improve corporate governance, along with Moon’s promise to reform chaebol, analysts at global investment banks said Wednesday.Goldman Sachs economist Kwon Goo-hoon said he expected corporate government to improve, along with the National Assembly’s broad support for better governance as a sound business strategy. “A more likely step toward better governance would be the adoption of the stewardship code
EconomyMay 10, 2017
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[Moon in Office] Biopharma sector to grow under new administration
South Korea’s new President Moon Jae-in is expected to boost the country’s biopharmaceutical and health-related industries, which have continuously called for more government support and attention.There are high expectations that Moon, who assumed office Wednesday, will establish a new government body dedicated to centralized policymaking for the biopharma and health care sectors.South Korea’s new President Moon Jae-in (Yonhap)On the campaign trail, Moon pledged to create a “fourth industrial re
IndustryMay 10, 2017
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Imported auto sales spike 12% in April on Japan, Europe models
Sales of imported vehicles in South Korea rose 12 percent last month from a year earlier on robust sales of Japanese and European models, industry data showed Wednesday. The number of newly registered foreign cars climbed to 20,051 in April from 17,845 a year earlier, the Korea Automobile Importers and Distributors Association said in a statement. (Yonhap)Sales of Japanese vehicles jumped 15 percent last month compared to a year earlier, with European car sales up 10 percent over the cited peri
MobilityMay 10, 2017
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[Moon in Office] Who will be finance minister to lead recovery?
As soon as President Moon Jae-in picked South Jeolla Province Gov. Lee Nak-yon to be prime minister, attention moved to who would become the concurrent deputy prime minister and finance minister to lift the sagging economy to recovery.The new top economic policymaker will face daunting tasks, such as making sure the recent rebound of exports and consumer sentiment lead to a recovery of domestic demand and jobs. External risks include dealing with the US over a possible renegotiation of a bilater
EconomyMay 10, 2017
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Samsung launches new tablet PC amid falling demand
Samsung Electronics’ Galaxy Tab S3 will hit the market Thursday. It is the first new Samsung tablet PC in two years, but the prospects of the global tablet PC market are bleak due to falling demand. The South Korean tech titan said Wednesday it will release in Korea the 9.7-inch AMOLED display tablet PC equipped with the company’s signature S Pen and four embedded stereo speakers.The Galaxy Tab S3 was unveiled at the Mobile World Congress in February, but its official launch was strategically po
TechnologyMay 10, 2017
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[Moon in Office] Cigarette taxes to remain at current level under Moon
Korea’s new president will not consider lowering the excise tax on cigarettes, according to a spokesman for the administration Wednesday.“Instead of lowering the tax, we are looking into the possibility of creating tax-free cigarettes for low income consumers,” Moon Jae-in’s spokesman Hong Ik-pyo told The Korea Herald on Wednesday. No timeframe has been set for the introduction of the lower-priced cigarettes, according to Hong. Cigarettes for sale at a convenience store (Yonhap)The excise tax on
IndustryMay 10, 2017
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Samsung Elec to exhibit lifestyle TV mimicking art at Venice Biennale
Samsung Electronics will exhibit its lifestyle TV "The Frame" at the 57th Venice Biennale opening this weekend in Italy, the tech firm said Wednesday."The Frame" copies art with a bezel that looks like picture frames, a design concept targeting European consumers who work television sets into home decor. It offers UHD picture quality when turned on and shows a work of art when turned off. Artist Lee Wan poses in front of "The Frame" TVs from Samsung Electronics that display his video work "Mad
TechnologyMay 10, 2017
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Hyundai Asan hopes to resume inter-Korean tour program
Officials at Hyundai Asan, the operator of a halted inter-Korean tour program and developer of the closed Kaesong industrial park, announced its anticipation Wednesday for Korea’s new President Moon Jae-in to ease tension with North Korea so the company can resume its tour program and operations at the industrial park. “Hyundai Asan will by fully prepared for the moment that the two Koreas resume dialogue that could lead to a reopening of the Mount Kumgang tour. We hope that it won&r
EconomyMay 10, 2017