Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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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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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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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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KT&G enjoys sales boom in Mongolia with tailored strategies
Hallyu is strong in Mangolia, where there are three streets named after Korean places and around 7 in 10 cars are from Korea. Many stores also sell Korean products, including cigarettes. KT&G is showing a high growth rate in the country, which is a rising market for the exports of Korean firms. KT&G products ESSE Blue and ESSE Change are being sold in a wholesale store situated in the downtown area of Ulaanbaatar, Mongolia. (KT&G)The company started off by selling 4.7 million cigarettes there i
IndustryFeb. 27, 2017
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Lotte approves land swap plan for THAAD deployment
South Korea's Lotte Group approved a planned land swap with the military on Monday, paving the way for the deployment of an advanced US missile defense system between May and July, the defense ministry said."We have received a notice from Lotte Group that the company has given the green light to the land exchange plan with the military," the Ministry of National Defense said in a text message sent to reporters. This bird's-eye view taken on Oct. 27, 2016, shows a golf course currently owned by
IndustryFeb. 27, 2017
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[MWC] KT pledges to be world’s first 5G provider by 2019
Hwang Chang-gyu, CEO of mobile carrier KT, pledged to make his company the world’s first to commercialize the next generation wireless network by 2019 in an address to global telecom providers on Monday. At an opening ceremony of the Mobile World Congress that kicked off in Barcelona, Spain, Hwang delivered a keynote speech aimed at expressing KT’s ambition to be a leader in establishing the fifth generation telecommunication network. It is the second time that Hwang addressed at the MWC after h
TechnologyFeb. 27, 2017
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Samsung Group to abolish all groupwide tasks
Samsung Group, South Korea's largest business conglomerate, plans to abolish its groupwide tasks and let affiliates independently make business decisions, a group official said Monday.The plan is in line with Samsung's move to abolish the group's key future strategy office, which has been responsible for coordinating key affairs among affiliates. (Yonhap)Samsung has said it will shut down the office as early as next month after the special prosecution team concludes its probe into a presidential
IndustryFeb. 27, 2017
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Korean Air president pledges to push growth with new B787s
Korean Air’s new President Cho Won-tae on Monday said the airline will aim to boost sales with its cutting-edge aircraft and ensure passenger safety by making changes to the carrier’s safety policies.At an event at Korean Air’s Incheon Airport hangar to unveil the new Boeing 787-9 Dreamliner that will begin servicing flights in mid-March, Cho spoke to reporters on board the plane in his first public press appearance since being named president.Cho, who is the son of Korean Air Chief Executive Of
IndustryFeb. 27, 2017
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Local researchers develop 3D cargo inspection technology
A local group of researchers successfully developed technology for three-dimensional inspection of container cargo that would greatly reduce inspection time and cost, the oceans ministry said Monday.The Research Institute of Ships and Ocean Engineering is the first in the world to develop the technology after nearly nine years of study totaling 25.3 billion won ($22.36 million) in research money, according to the Ministry of Oceans and Fisheries. (Yonhap)A 3D inspection would cut the needed time
TechnologyFeb. 27, 2017
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Pharmaceutical industry adds 20,000 to workforce over 5 yrs
The workforce of South Korea's pharmaceutical sector has grown by more than 27 percent in five years, data showed on Monday.A total of 94,929 people were working in the local drug industry at the end of 2016, up from 74,477 in 2011, according to the data by the Korea Pharmaceutical Manufacturers Association. The Korea Pharmaceutical Manufacturers Association said on Feb. 27, 2017, that the workforce of South Korea's pharmaceutical sector has grown by more than 27 percent in five years. (Yonhap)T
IndustryFeb. 27, 2017
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Ssangyong Motor to locally produce vehicles in Saudi Arabia from 2020
Ssangyong Motor said Monday it signed a licensing contract for auto parts with a Saudi firm that would allow it to locally manufacture vehicles in Saudi Arabia from 2020.With the agreement signed Saturday in Seoul, Ssangyong would provide technological assistance to Saudi National Automobile Manufacturing Co. in building an auto production factory, localizing car parts and training technicians, the company said. (Yonhap)Ssangyong Motor is a local unit of Indian carmaker Mahindra & Mahindra Ltd.
MobilityFeb. 27, 2017
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Hyundai Heavy shareholders OK spinoff plan amid labor union opposition
Shareholders of Hyundai Heavy Industries Co., South Korea's major shipbuilder, gave the green light on Monday to the company's overhaul scheme to split the troubled shipbuilder in an effort to regain financial health amid strong opposition from the labor union. The preliminary shareholder meeting, held earlier in the day, passed the proposal to separate the shipyard, once the world's largest, into six independent businesses, the company said. Hyundai Heavy Industries President Kang Hwan-gu raps
IndustryFeb. 27, 2017
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Korea rises as Shake Shack’s top performing location worldwide
The opening of US premium burger joint Shake Shack’s first outlet in South Korea was the talk of the town last year, with hundreds of people enduring long waits to taste the famous hamburger hailing from New York City.Seven months into its opening, the brand’s first store near Gangnam Station continues to see long lines of customers day and night. And this store currently boasts the No. 1 sales across all of Shake Shack’s outlets worldwide, the brand’s founding chairman revealed Monday.“There ar
IndustryFeb. 27, 2017
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[MWC] Biggest mobile tech show kicks off in Spain
BARCELONA -- The biggest tech event of the year, the Mobile World Congress 2017, kicked off Monday in Barcelona, Spain. With the theme of “The Next Element,” around 2,200 tech firms are showcasing their new devices and technologies to the estimated 100,000 visitors during the four-day event. With Apple not joining the MWC as in previous years and Samsung delaying the launch of the Galaxy S8, this year’s event started off with less hype, though it also offered more opportunities for rivals to ste
TechnologyFeb. 27, 2017
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Banks' loan delinquency rate edges up in Jan.
The delinquency rate of domestic banks' won-denominated loans edged up in January from a month earlier, South Korea's financial watchdog said Monday.The delinquency rate for bank loans came to 0.53 percent in January, up from 0.47 percent in December, according to the Financial Supervisory Service. (Yonhap)The rate stood at 0.81 percent in October and 0.64 percent in November.The delinquency rate of loans extended to large firms stood at 0.71 percent in January, down 0.06 percentage point from a
Feb. 27, 2017
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[MWC] Samsung’s tablet optimized for entertainment with Harman audio
Samsung Electronics said its new Galaxy Tab S3, unveiled at the Mobile World Congress in Barcelona on Monday, is optimized for entertainment with enhanced audio technology by Harman, the US car-connected products maker that Samsung is planning to acquire.Releasing the latest tablet two years after the unpacking of the Tab S2, Samsung said the Tab S3 comes with a 9.7-inch Super AMOLED screen and quad-stereo speakers tuned by the AKG from Harman for quality visual and audio experiences in movie wa
IndustryFeb. 27, 2017
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Former chief of KDB questioned over Daewoo Shipbuilding crisis
A former head of South Korea's state-run Korea Development Bank was questioned by prosecutors Monday in connection to management troubles at cash-strapped Daewoo Shipbuilding & Marine Engineering Co.Hong Ky-ttack appeared at the Seoul Central District Prosecutors' Office in southern Seoul to undergo questioning after a local civic group filed a complaint against him in June last year. Hong Ky-ttack, a former head of the state-run Korea Development Bank (KDB), arrives at the Seoul Central Distri
IndustryFeb. 27, 2017
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[MWC] SKT boasts most advanced LTE technologies at MWC
SK Telecom on Monday announced it successfully tested the highest level of Long Term Evolution network technologies in collaboration with Samsung Electronics and Ericsson. Named “LTE-A Pro,” SKT demonstrated three technologies -- LTE-Advanced five-band carrier aggregation, tri-band carrier aggregation applied with 4x4 multiple input multiple output and Licensed Assisted Access -- at the Mobile World Congress 2017 in Barcelona, Spain. A model promotes the successful demonstration of LTE-A five-b
TechnologyFeb. 27, 2017
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Internet banking users up in 2016
South Korea's Internet banking service rose at a fast clip in 2016 with the number of daily transactions and its value reaching record highs, central bank data showed Monday.The number of Internet and mobile banking service users came to 122.54 million in 2016, up 4.9 percent from a year earlier, according to the data from the Bank of Korea. (Yonhap)The number is the sum of all registered users of 16 Internet and mobile banking service providers in South Korea, including commercial banks.The ave
Feb. 27, 2017
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[MWC] Samsung SDS showcases AI-powered training chatbot for retailers
Samsung SDS, the Internet technology solutions unit of South Korea’s Samsung Group, is showcasing its artificially intelligent chatbot training solution for retailers at the Mobile World Congress in Barcelona. Samsung SDS said Monday that it will showcase its “Nexshop Training” solution for retailers at this year’s MWC taking place from Feb. 27 to Mar. 2. Samsung SDS presents its new AI-powered training solution for retailers "Nexshop Training” at the MWC in Barcelona on Monday. (Samsung SDS)Its
TechnologyFeb. 27, 2017
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Rates for household loans inch up in January
Bank lending rates on new household loans edged up in January, while interest rates paid by banks on new deposits fell, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.39 percent in January, up 0.10 percentage point from the previous month, according to the Bank of Korea. (Yonhap)The BOK data came amid South Korea's efforts to tackle rising household debt. The country's outstanding household credit, which is composed of househ
Feb. 27, 2017
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SK Group benefits from M&As by holding firm SK Holdings
SK Group, South Korea's No. 3 conglomerate, has largely benefited from mergers and acquisitions pushed by the group's holding firm, SK Holdings Co., in the chipmaking and biotech sectors, industry sources said Monday.SK Materials Co., a semiconductor materials company taken over by SK Holdings, reported record-high earnings last year to serve as the crown jewel of the group, they said. (Yonhap)SK Materials said it reported 461.4 billion won ($407.2 million) in sales and 154.1 billion won in oper
Feb. 27, 2017
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New home permits plunge 16.1% on-year in Jan.
New home permits dropped 16.1 percent from a year earlier in January, the government said Monday, amid a government move to limit the number of new homes as a way of curbing household debt.Construction permits issued for new homes came to 39,898 last month, compared with 47,536 issued in the same month last year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)New home permits have been on a steady decline since July, except in November when they gained 3.2 percent on-ye
Feb. 27, 2017