Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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SNU alums nabbed for digital sex crimes
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Air purifier market grows globally amid worsening air pollution
The air purifier market has grown rapidly around the world in recent years, industry data showed Tuesday, amid air pollution concerns caused by rising levels of fine and yellow dust particles emitted by cars, power stations and factories.The market has expanded by over 10 percent annually for the past three years to reach $3.7 billion last year, according to the data. (Yonhap)As many as 15 million air purifiers were sold globally in 2014, and the figure is expected to jump to 17 million units by
IndustryApril 4, 2017
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Korea's cosmetics exports to Europe jump tenfold in 7 yrs
Exports of South Korean beauty and cosmetics products to Europe have expanded by tenfold over the past seven years, largely driven by surging demand for locally made facial care and makeup items, a report showed Tuesday. The outbound shipments of Korean beauty products to Europe reached 92.5 million euros ($98.6 million) last year, compared with 9.2 million euros tallied for 2009, according to the report by the Korea Trade-Investment Promotion Agency (KOTRA). (Yonhap)South Korea's share in the
IndustryApril 4, 2017
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FDI pledges drop 9.2% in Q1
New foreign direct investment pledged to South Korea fell 9.2 percent in the first three months of the year amid rising uncertainties at home and abroad, the government said Tuesday.Fresh FDI committed to the country in the January-March period came to $3.85 billion, down from $4.24 billion a year earlier, according to the Ministry of Trade, Industry and Energy.The amount of new FDI arriving here, however, soared 38.1 percent on-year to $2.77 billion over the cited period, the ministry said.New
April 4, 2017
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Analysis shows women executives very rare at top 10 conglomerates
Women account for only 2.4 percent of executives at South Korea's top 10 conglomerates, with Samsung Group showing the highest number while Hyundai Motor Group has the least, a corporate watcher's analysis showed Tuesday.Chaebul.com, which follows the activities of leading business groups, counted 5,590 executives at the top 10 listed conglomerates based on their financial reports for 2016. Among them, 134 were registered or unregistered women executives.(Yonhap)Hyundai Motor Group fared the wor
April 4, 2017
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Korea's food exports to China slide in March over THAAD row
South Korea's food exports to China fell 5.6 percent in March from a year earlier, dragged down by Beijing's apparent trade retaliation over the deployment of a US anti-missile system, government data showed Tuesday. The outbound shipments of local agricultural, livestock and processed foods to its biggest trading partner stood at $87.3 million in March, compared with $92.5 million in the previous year, according to the data by the Ministry of Agriculture, Food and Rural Affairs. (Yonhap)The exp
IndustryApril 4, 2017
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Average sales price of apartments in Seoul tops W600m
The average sales price of apartments in Seoul has surpassed the 600 million won ($537,000) mark for the first time, data showed Tuesday, due to reconstruction projects in the affluent Gangnam Ward in the southern part of the capital city.The average sales price of apartments came to 600.17 million won as of Tuesday, up 1.56 million won from a month earlier, according to data compiled by KB Kookmin Bank, a flagship unit of South Korea's leading banking giant KB Financial Group Inc.(Yonhap)The ba
April 4, 2017
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Korean shipyards trail Chinese rivals in Q1 new orders
South Korean shipyards stood at second place in terms of new orders secured in the first three months of the year, with their order backlog continuing to slip, industry data showed on Tuesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 890,000 compensated gross tons (CGTs) last month to build 22 ships, following Chinese rivals' 1.07 CGTs, or 58 ships.(Yonhap)Italy came third with 610,000 CGTs in new ord
IndustryApril 4, 2017
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Convenience store market surpasses W20tr
The market size for convenience stores surpassed 20 trillion won ($17.95 billion) in 2016, industry data showed Tuesday, doubling in five years as the number of single households increases.According to the Korea Association of Convenience Store Industry, total sales at convenience stores came to 20.4 trillion won last year, up 18.6 percent from 17.2 trillion won the year before. The market size had doubled from 10 trillion won in 2011.(Yonhap)South Korea had 32,611 convenience stores throughout
IndustryApril 4, 2017
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Korean shares open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index lost 7.29 points, or 0.34 percent, to 2,160.22 in the first 15 minutes of trading.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.Most large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained 0.77 percent, an
April 4, 2017
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Corporate investments drop in 2016, led by top 3 conglomerates
Investments by the country's top 30 conglomerates by assets dropped 18 percent in 2016 from a year earlier, with the top three business groups leading the overall decline, a tally from a corporate tracker showed Tuesday.The 30 business groups, which control 266 affiliates, invested 60.69 trillion won ($54.3 billion) in tangible and intangible assets last year, a 13.39 trillion won, or 18.1 percent, drop from a year earlier, according to CEO Score.(Yonhap)Of the difference, 95.6 percent of the am
April 4, 2017
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Scientists develop artificial skin with sensitivity
A group of South Korean scientists has developed an artificial skin with sensitivity, the science ministry said Tuesday, a development that could be a boon to a variety of robots and products in numerous fields.The team lead by Kim Do-hwan at Soongsil University and Jung Hee-tae at Korea Advanced Institute of Science and Technology co-developed the stretchable yet ultrasensitive artificial skin, the Ministry of Science, ICT and Future Planning said. It said scientists developed the artificial sk
TechnologyApril 4, 2017
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Korea's consumer prices growth hits almost 5-yr high in March
South Korea's consumer prices shot up at the fastest clip in nearly five years in March on a sharp rise in gas prices, government data showed Tuesday.The country's consumer price index gained 2.2 percent last month from a year earlier, accelerating from the previous month's 1.9 percent rise, according to the data compiled by Statistics Korea.(Yonhap)The March number marked the highest on-year gain since June 2012.From a month earlier, the index stayed unchanged at 102.79 in March, with it set at
April 4, 2017
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Samsung considered 'cool' among young consumers
South Korea's top electronics brand Samsung is considered "cool" among young US consumers, an industry report released by Internet giant Google Inc. showed Tuesday.In the study titled "It's Lit: A guide to what teens think is cool," Google conducted a survey on 400 teens aged 13 to 17, and 800 millennials, or those aged 18-26, last year.Samsung Electronics Co.'s Galaxy S8 smartphone is displayed at one of its shops in Seoul in this photo taken on April 2, 2017. (Yonhap)Brands were evaluated with
IndustryApril 4, 2017
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KT, Verizon test world’s first 5G live hologram call
Two mobile carriers from South Korea and the US held the world’s first live hologram international call service via the companies’ fifth-generation networks on Monday, testing the future of the telecom service industry.The demonstration came as the heads of the two companies -- KT CEO Hwang Chang-gyu met Verizon CEO Lowell McAdam -- held a meeting in Seoul to discuss ways to expand bilateral partnership on services under development including a live hologram video call. Verizon CEO Lowell McAdam
TechnologyApril 3, 2017
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G90 named most luxurious sedan in Saudi Arabia
Hyundai Motor‘s flagship G90 sedan was named the most luxurious sedan in Saudi Arabia for 2017, the carmaker said Monday.(Hyundai Motor)Hyundai’s sedan, also known as the EQ900 in South Korea, topped the luxury segment listed by Okaz, a Saudi Arabian daily newspaper based in Jeddah, it added. Hyundai began selling the flagship model in the Middle East country and others in October. The South Korean carmaker said it hopes to take the opportunity to increase sales of the Genesis Sedan in oil-rich
IndustryApril 3, 2017
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Kia March sales plunge 11% on weak demand
Kia Motors Corp. posted a 11 percent on-year drop in sales last month due to sluggish demand from domestic and overseas markets, the company said Monday.The country's second-biggest carmaker by sales sold a total of 238,222 vehicles in March down from 268,306 units a year earlier, the company said in a statement."In particular, weak overseas demand for (Kia) vehicles weighed on the monthly figures," a company spokesman said. Domestic sales fell 5.7 percent to 47,621 units last month from 50,510
MobilityApril 3, 2017
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Samsung Group website, blogs shut down
Official websites and blogs of Samsung Group, which disbanded its corporate strategy office in February, were shut down Monday in what was seen as an attempt by the country’s largest conglomerate to improve its public image. The group’s website and blogs were used to advertise the conglomerate’s history, philosophy and corporate social responsibly activities of Samsung affiliates. The website www.samsung.com is now automatically redirected to the Samsung Electronics website.
IndustryApril 3, 2017
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HHI to spend W3.5tr in R&D
Hyundai Heavy Industries, which launched four separate companies on Saturday, will invest 3.5 trillion won ($3.1 billion) in research and development by 2021 in its efforts to secure new growth engines, the group said Monday. The HHI group officially launched four independent business units on Saturday -- HHI, Hyundai Electric and Energy System, Hyundai Construction Equipment, Hyundai Robotics -- after the spinoff plan was given the green light at the shareholders’ meeting on Feb. 27. Pr
IndustryApril 3, 2017
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LG expands vehicle component unit amid ailing smartphone business
LG Electronics hired more than 3,000 workers for its vehicle component division last year, demonstrating its strong willingness to strengthen its automobile business amid slowing smartphone sales. According to LG’s business report released last week, the number of its vehicle component workers increased 90 percent to 4,607 as of the end of last year from 1,232 in 2015. The change is in contrast with its mobile communications unit, which saw its number of employees drop by 9 percent during the sa
IndustryApril 3, 2017
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[Newsmaker] Lotte Group reaches 50th year amid hardships
Lotte Group, South Korea’s retail giant, marked its 50th anniversary Monday with the announcement of a new vision and the lavish opening of Lotte World Tower, amid lingering concerns over its future growth and legal troubles for its leader Shin Dong-bin.Chairman Shin Dong-bin speaks at a ceremoy celebrating Lotte Group's 50th anniversary Monday. (Lotte Group)“Today as we welcome our 50th anniversary, we are at a turning point for new growth,” Chairman Shin told Lotte employees at an internal eve
IndustryApril 3, 2017