Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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GM Korea April sales down 2.8% on weak local demand
GM Korea Co., the South Korean unit of General Motors Co., said Tuesday its April sales fell 2.8 percent from a year earlier due to weak domestic sales. GM Korea sold a total of 49,163 vehicles in April, down from 50,580 units tallied a year earlier, the company said in a statement. (Yonhap)Exports rose 2.2 percent to 37,412 from 36,602. But domestic sales plunged 16 percent to 11,751 units from 13,978 during the same period, it said.The sales results were affected by a 71 percent on-year drop i
MobilityMay 2, 2017
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SsangYong April sales fall 18% on lower demand
SsangYong Motor Co. said Tuesday its April sales plunged 18 percent last month from a year earlier due to slowing overseas demand. The South Korean unit of Indian carmaker Mahindra & Mahindra Ltd. sold a total of 11,071 vehicles in April, down from 13,462 units a year earlier, SsangYong Motor said in a statement. (Yonhap)Domestic sales fell 8.6 percent to 8,346 units last month from 9,133 units a year earlier. Exports plunged 37 percent to 2,725 autos from 4,329 during the same period, the stat
MobilityMay 2, 2017
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E-Mart to exit China on widening losses, THAAD woes
E-Mart Inc., South Korea's largest discount outlet chain by revenue, is closing down its business in China two decades after it first entered the country, the company said Tuesday, as widening losses and worsening business conditions stemming from a diplomatic standoff have left the company with little leeway for a turnaround.E-Mart currently has six stores in Asia's biggest economy, following moves to downsize operations from 2011 onward. It plans to wrap up its business by selling the remainin
IndustryMay 2, 2017
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Foreigners' Korean bond holdings again surpass W100tr
Foreign investors have snapped up South Korean bonds with their holdings exceeding 100 trillion won ($88.6 billion) again, industry data showed Tuesday. Offshore investors were net buyers of South Korean bonds worth 692.1 billion won last week, raising their holdings to 100.1 trillion won as of last Friday, according to the data and NH Investment & Securities.Foreign investors have been buying South Korean bonds, with the won showing strength against the US dollar. Kang Seung-won, a research
MarketMay 2, 2017
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[Monitor] Big four business groups’ revenue take more than half of top 30 firms
Of the top 30 conglomerates by assets, revenue generated by the four on the top of the list accounted for 56 percent of the total last year, according to the Fair Trade Commission.The large business groups on the FTC’s antitrust watch list generated 1,116 trillion won won in the year ending September 2016, 9.1 trillion won less than a year earlier.Under the fair trade law, affiliates of large conglomerates with assets exceeding 10 trillion won are banned from making equity investments among them
IndustryMay 2, 2017
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‘Moon’s dovish stance may lift credit standing’
North Korea policies proposed by Moon Jae-in, the front-runner in South Korea’s presidential race, may have a positive impact on the sovereign credit rating of the fourth-largest economy in Asia, said a report from Moody’s on Tuesday. The international credit rating agency said South Korea could undergo a change in its geopolitical risks after the upcoming election that falls on Tuesday, considering Moon’s North Korea-friendly policies that have been likened to the “Sunsh
MarketMay 2, 2017
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Samsung Heavy CEO apologizes for shipyard fatalities
Park Dae-young, president and CEO of Samsung Heavy Industries, apologized Tuesday for a shipyard accident Monday that killed six people and injured 25 others in Geoje, South Gyeongsang Province.He said there will be a thorough investigation into the exact causes of the incident. “I would like to express my sincerest sympathy and apology to the bereaved families and to those who suffered injuries,” said Kim Hyo-seop, vice president at Samsung Heavy Industries, apologizing at a press conference on
IndustryMay 2, 2017
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BMW Korea fined for overstating fuel efficiency
The government fined BMW Korea, the local unit of the German luxury carmaker, 102 million won ($90,273) and ordered it to recall 3,465 vehicles for reporting better fuel efficiency than the one measured by the Ministry of Land, Infrastructure and Transport, the ministry said Tuesday. The recall affects the Mini Cooper D 5-door hatchback made between July 2014 and October 2016.BMW Korea, the local unit of the German luxury carmaker, is fined 120 million won ($106,420) and ordered to recall 3,465
MobilityMay 2, 2017
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Celltrion to seek US approval for Truxima, Herzuma
South Korean biopharma company Celltrion, whose biosimilar copy of Johnson & Johnson’s Remicade hit the US market last year, is planning to seek regulatory approval for two additional biosimilars in the country by next month. Celltrion said Tuesday that it plans to file Truxima and Herzuma -- referencing Roche’s lymphatic cancer drug Rituxan (rituximab) and breast cancer therapy Herceptin (trastuzumab), respectively -- to the US Food and Drug Administration by June. Celltrion’s headquarters in S
IndustryMay 2, 2017
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[Newsmaker] Samsung poised to be world’s largest chipmaker
Samsung Electronics is predicted to become the world’s largest chipmaker in the coming quarter, displacing Intel, which has retained the top spot for the past 24 years. Intel has been the world’s top semiconductor manufacturer since 1993, when it introduced its Pentium-branded processors, which sent sales of personal computers soaring to new heights. However, the recent trends of a continued rise in prices and demand for memory chips are driving Samsung, the world’s largest memory chipmaker, to
IndustryMay 2, 2017
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Samsung Electronics’ market cap to shrink 1.3 percent: report
Samsung Electronics’ market capitalization as well as its portion of the nation’s major bourse will shrink 1.3 percent if the tech giant cancels about 49 trillion won ($43.3 billion) worth of treasury shares as planned.“Canceling treasury shares leads to a decrease in (the number of) listed stocks,” said Choi Chang-kyu, a senior analyst at NH Investment and Securities in a report. “If Samsung Electronics completes the plan of canceling treasury shares, the firm’s portion on the Kospi, in terms o
IndustryMay 2, 2017
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[Photo News] LG CNS introduces electronic labeling system for supermarkets
SMART LABELING -- A GS Supermarket employee uses a mobile manager program connected to LG CNS’ Electronic Shelf Label to digitally change the price labels for vegetables Tuesday. LG CNS has commercialized its ESL system, which displays prices on digital labels that can be altered to reflect special sales and promotions, at 100 GS Supermarket outlets nationwide. (LG CNS)
TechnologyMay 2, 2017
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E-Land Retail to sell 69 percent to consortium
The retail arm of E-Land Group said it has agreed to sell a majority stake to a consortium as part of its efforts to reduce financial burdens and restructure the company ahead of its planned public listing early next year.According to the company on Tuesday, E-Land Retail is set to sell 69 percent of its shares for 600 billion won ($531 million) to a consortium including Curious Partners. Dongbu Securities is managing the deal.“The deal is not complete yet, but we expect it to be closed before t
IndustryMay 2, 2017
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Korea’s trade surplus with US under Trump down 34 percent
South Korea’s trade surplus with the US fell roughly 34 percent on-year in the first four months of 2017, amid the new US administration’s repeated threats to rewrite a bilateral trade deal with Seoul. According to the Ministry of Commerce, Industry and Energy on Tuesday, the country’s trade surplus with the US totaled $6.03 billion from January to April. The figure is down by $3.11 billion, or 34 percent, from $9.15 billion surplus a year earlier. While exports to the US showe
EconomyMay 2, 2017
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Beer sales take up over half of liquor sales at E-mart
Beer sales made up more than half of liquor sales at a major supermarket chain here, according to data Tuesday. Figures from retailer E-mart showed that sales of beer made up 55 percent of all liquor sales in April, up from 51 percent in March. Last month was the first time that beer made up more than half of all liquor sales. A shopper browses imported beer at a department store in Seoul. (Yonhap)“People are increasingly avoiding large drinking parties and strong liquor,” said a spokesperson f
IndustryMay 2, 2017
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Korea mid-sized firms expect no improvements in exports
South Korea's medium-sized companies are not expecting the country's exports to improve this year compared to 2016 due to unfriendly business environments, a local business lobby said Tuesday. In a survey conducted by the Association of High Potential Enterprises of Korea, nearly 80 percent of 166 companies which have assets of less than 10 trillion won ($8.8 billion) and annually post 40 billion won-150 billion won in sales said exports will remain unchanged or deteriorate in 2017 compared to t
IndustryMay 2, 2017
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Samsung likely to become No. 1 chipmaker in Q2: IC Insights
Samsung Electronics Co. is expected to emerge as the top chipmaker in the world by beating US rival Intel Corp. in the second quarter of this year, a report showed Tuesday.According to the data compiled by industry tracker IC Insights, Samsung is expected to post sales of $14.9 billion in the April-June period, up 7.5 percent from the previous quarter. The estimate is higher than the $14.4 billion expected for Intel.(Yonhap)In the first quarter, Intel posted sales of $14.2 billion, hovering abov
TechnologyMay 2, 2017
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Korea to ease customs clearance to boost exports
South Korea will simplify customs clearance process to help local exporters do business more easily in a way to give further momentum to the country's exports which seems to have entered an upside cycle, the customs agency said Tuesday.The Korea Customs Service said those who sell goods to foreign customers through an online platform will face easier and faster customs regulations, as only 27 items will be subject to mandatory declaration, down from the current 57 items. The businesses will also
EconomyMay 2, 2017
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Korean stocks trade higher in late morning trading
South Korean stocks traded higher late Tuesday morning on the back of the robust gains of major blue-chip shares.The benchmark Korea Composite Stock Price Index rose 21.66 point, or 0.98 percent, to 2,227.10 as of 11:20 a.m.Market behemoth Samsung Electronics shot up 1.03 percent, and No. 2 chipmaker SK hynix also advanced 2.41 percent. LG Electronics and LG Display gained 2.03 percent and 2.04 percent, respectively.Carmakers are also winners, with Hyundai Motor rising 4.51 percent and its auto
MarketMay 2, 2017
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Samsung Pay available for Gear S3 smartwatch
Samsung Electronics Co. said Tuesday it has incorporated its mobile transaction system on its Gear S3 smartwatch.Samsung said the Gear S3 smartphone will connect to Samsung Pay installed on smartphones, allowing users to make payments using the wearable instead of taking out their mobile devices. (Yonhap)The South Korean tech giant had originally planned to introduce the service on the Gear S3 smartwatch in September 2016, but the plan was delayed due to the slow pace of talks with local credit
TechnologyMay 2, 2017