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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Is NewJeans headed for a long 'break'?
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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S. Korea, Cambodia forge strategic partnership
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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What's next for the government's push in quota hike?
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Cash-strapped DSME bags $250m deal
Cash-strapped Daewoo Shipbuilding & Marine Engineering, a major South Korean shipbuilder whose fate hangs on a meeting of its creditors later this month, has secured a $250 million deal to build three very large crude carriers, the company said Tuesday. Daewoo will deliver three 318,000-ton VLCCs to Maran Tankers Management, a unit of Greece’s largest shipper Angelicoussis Shipping Group by 2018. Since 1994, Angelicoussis, a longtime contractor of DSME, has ordered 92 ships and Daew
IndustryApril 4, 2017
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[Photo News] Starbucks hosts resource recycling campaign event
Starbucks Korea held an event to promote its resource recycling campaign at Seoul Forest Park on Tuesday, together with the Ministry of Environment, the Korea Zero Waste Movement Network and the Seoul Forest Park Conservancy. Starbucks Korea CEO Lee Seok-gu (first from right) plants trees with officials and volunteers at the event. (Starbucks Korea)
IndustryApril 4, 2017
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Retailers compete to win over single consumers
The retail market is making moves to better capture consumers living in single-member households as demand in this demographic continues to rise, with notable impact on revenues.Retailers and manufacturers alike are making changes to their products to appeal to these so-called “single-sumers,” who are seeking out smaller furniture and appliances, multifunctional products and single-serve foods. (Hanssem)The rise of single-member households in Korea has been noted for several years. According to
IndustryApril 4, 2017
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Hyundai Motor’s China sales halve amid THAAD row
Hyundai Motor, the world’s fifth-largest carmaker headquartered in Seoul, saw its sales in China tumble by half last month, amid intensifying anti-Korean sentiment there over the South Korean government’s decision to host an US anti-missile system.Hyundai Motor and its sister company Kia Motors sold a total of 72,032 vehicles in China in March, a 52.2 percent decrease from a year ago. Separately, Hyundai Motor saw its sales fall 44.3 percent, while Kia suffered a 68 percent decline in sales, acc
MobilityApril 4, 2017
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Seoul stocks down 0.30% on profit-taking
South Korean stocks ended slightly lower Tuesday on increased selling by foreigners and institutions.The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 6.41 points, or 0.30 percent, to 2,161.10Bae Sung-young, a market analyst at KB Securities Co., said the foreign selloff and profit-taking by investors are to blame for losses in the main bourse.Institutions remained net sellers of local stocks, selling more than 123 billion won ($109 million) and forei
April 4, 2017
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Policy loans to be expanded for people with mid-level creditworthiness
The financial regulator said Tuesday it will allow mutual savings banks to extend policy loans to people with mid-level creditworthiness and those who have difficulty borrowing money from banks. Starting in June, mutual savings banks, such as the Nonghyup and Suhyup banks, will make non-mortgage policy loans worth 200 billion won ($178.3 million) with an annual interest rate of 9 to 14 percent to such people, the Financial Services Commission said in a statement. Yim Jong-yong, chairman of the
April 4, 2017
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[Monitor] Korea's consumer prices surge 2.2%
South Korea’s consumer prices increased 2.2 percent last month, the fastest hike in nearly five years in March on a sharp rise in gas prices, Statistics Korea said Tuesday.Core inflation, which excludes volatile oil and food prices, increased 1.7 percent compared with last year.
April 4, 2017
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Samsung expected to add flexible OLED facility this year
(Samsung Electronics)Samsung, the dominant player of flexible OLED, is expected to add new facilities in Tangjeong this year. “Samsung Display is expected to add new facilities at the end of this year to meet the growing demand. The official announcement is predicted to be made after the presidential election in May,” Chung Won-seok, an analyst at HI Investment and Securities said at Display TechSalon held in Seoul. “(To meet the demand) Samsung Display needs to either shift its current LCD ass
TechnologyApril 4, 2017
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Samsung Display predicts foldable phones to be commercialized in 2019
Samsung Display’s principal engineer said Tuesday foldable phones may not be commercialized until 2019 as bezel-free display currently sells well and the foldable display still has technical challenges to be addressed.There have been wide speculations in the market that Samsung may unveil its foldable phones that can both work as smartphones and tablets sometime this year or next year.“Because the bezel-free display currently sells well, we still have enough time to develop foldable display. The
TechnologyApril 4, 2017
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Korean drugmakers to seek global partnerships at Seoul conference
South Korean pharmaceutical companies and global drugmakers will come together to discuss new business partnerships and “open innovation” at this year’s Korea Pharma Associations Conference in Seoul next week.The KPAC will be held at the InterContinental Seoul Coex hotel from April 11-12 for some 400 attendees, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the Korea Research-based Pharmaceutical Industry Association, the event’s co-organizers.As one of the bi
IndustryApril 4, 2017
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Over 60,000 accounts opened on second day of online-only bank
South Korea’s first online-only bank provided over 60,000 accounts to new subscribers as of Tuesday, since its opening Sunday. As of 3 p.m. Tuesday, the bank issued a total of 61,501 bank accounts and 53,960 debit cards. It also accepted 4,123 loan applications. The figures showed the internet-only bank is off to a smooth start, as the numbers drastically contrasted with the some 12,000 bank accounts created per month through 16 commercial banks’ online services in Korea for a year from December
April 4, 2017
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Korea's trade dependence hits 10 year low
South Korea's reliance on trade fell to an all-time low in a decade last year, data showed Tuesday, but there are lingering concerns that Asia's fourth-largest economy remains vulnerable to external factors.The proportion of South Korea's trade to its gross national income (GNI) -- a gauge of a country's trade dependence -- stood at 80.8 percent at the end of last year, down 5.9 percentage points from 2015, according to data compiled by the Bank of Korea. (Yonhap)The ratio jumped to 104.5 percen
April 4, 2017
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Asiana to cut fleet on China routes amid THAAD row
Asiana Airlines Inc. said Tuesday it will increase flights on routes to Japan and Southeast Asia in the second quarter to offset lower demand from China. Asiana, the country's second-biggest passenger carrier by sales, will flexibly respond to sharp declines in inbound Chinese travelers by reducing flights on routes to and from China, the company said in a statement. (Yonhap)"From April to June, we will explore fresh demand from Japan and Southeast Asian countries by offering more flights to th
IndustryApril 4, 2017
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‘Listed firms’ net profit to surpass 120 trillion won
The combined net profit of listed companies in South Korea is expected to top 120 trillion won ($107 billion) this year, according to securities firm Mirae Asset Daewoo. (Yonhap)“The combined net profit of 246 listed firms is expected to reach 126.6 trillion won this year,” Yoo Myung-gan, an analyst at Mirae Asset Daewoo, said Tuesday. He added that the steel, telecommunications and semiconductors industries are predicted to post stronger profits, whereas sectors dealing with capital goods, trad
IndustryApril 4, 2017
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Youth pioneer group launched to explore new export markets
The government said Tuesday it has launched a group of youths tasked with exploring business opportunities abroad to fuel exports of South Korean agricultural products.The government has set a goal of farm product shipments at $7 billion this year, up from $6.5 billion last year, while targeting Islamic countries with halal food products prepared in accordance to Islamic Sharia law. (Yonhap)The Agrifood Frontier Leader Organization (AFLO), consisting of 20 people with expertise in trade, marketi
IndustryApril 4, 2017
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Naver’s Papago to help convenience stores communicate with foreigners
South Korean internet giant Naver said Tuesday that it has entered a new partnership with GS Retail, agreeing to help employees at local GS24 convenience stores communicate more effectively with those who do not speak Korean. The two have signed a memorandum of understanding, under which Naver has opened a new section on its translation app Papago that shows translations of common customer service phrases used by convenience store clerks. Naver’s Chief Technology Officer Song Chang-hyun (left) a
TechnologyApril 4, 2017
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Korea’s debt-to-GDP ratio continues to rise in 2016
South Korea’s national debt in proportion to gross domestic product continued to increase to 38.3 percent in 2016, due to increased fiscal expenditure to prop up the sluggish economy, government data showed Tuesday.According to the Ministry of Strategy and Finance, Korea’s national debt hit a record high of 627.1 trillion won ($560 billion) last year, up by 35.7 trillion won from a year earlier. Most of the annual gain in national debt, or 31.8 trillion won, was from the issuance of Treasury bon
April 4, 2017
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BCC Korea rises to success via eBay’s direct overseas sales platform
BCC Korea, a company that directly sells Korean goods overseas online, was set up by Kim Ji-hyun and Choi Seok-min, a married couple who were struggling to escape bankruptcy some 10 years ago.Now, BCC Korea’s revenue has reached 14.5 billion won ($12.9 million), as of last year, and the couple attributes its success to eBay’s direct overseas sales platform.BCC Korea CEO Choi Seok-min (left) and CEO Kim Ji-hyun at a warehouse of e-Bay“In enlarging our online business, eBay’s program was like a te
IndustryApril 4, 2017
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Korea, Kenya discuss closer economic collaboration
South Korea and Kenya have discussed ways to step up their collaboration on a range of economic issues, including investment and trade, the foreign ministry said Tuesday.In the fourth round of the joint South Korea-Kenya economic committee held in Nairobi on Monday, South Korea's Deputy Foreign Minister for Economic Affairs Lee Tae-ho and Kenya's Political and Diplomatic Secretary Tom Amolo discussed economic cooperation issues before adopting an "Agreed Minutes," the Ministry of Foreign Affairs
April 4, 2017
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Korean shares down 0.07% in late morning trade
South Korean stocks narrowed losses Tuesday, as extended gains in Samsung Electronics helped prop up the main index.The benchmark Korea Composite Stock Price Index lost 1.51 points, or 0.07 percent, to 2,166.00 as of 11:15 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.06 percent, with the tech-heavy Nasdaq composite index declining 0.29 percent.Kim Ye-eun, an analyst at Cape Investment & Securities, said gains in Samsung Electronics helped narr
April 4, 2017