Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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[Robert J. Fouser] Social attitudes toward language proficiency
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[Graphic News] How much do Korean adults read?
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3.5m more low-income people eligible for govt.-backed loans
South Korea's financial regulatory body said Thursday it will ease qualifications for relatively low interest rate loans backed by the authorities so that more people can benefit from the program.The Financial Services Commission has decided to lower the credit rating for Miso Finance policy loans to the sixth level or lower from the current seventh or lower. Miso Finance is designed to help those who seek to launch or operate their own businesses. A brochure on Miso Finance policy loans for low
Feb. 2, 2017
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Govt. to spend W315.7b to develop bio technology in 2017
South Korea's science ministry said Thursday that it will spend 315.7 billion won ($273.7 million) this year to develop new bio technology, as part of efforts to become a global biotech and medical industry hub.The 2017 budget, a 31.4 percent jump from a year earlier, is aimed at developing key biotech in sectors, such as genomes and brain science, the Ministry of Science, ICT and Future Planning said. (Yonhap)Of the total, 262.6 billion won will be allocated to develop key technology, including
IndustryFeb. 2, 2017
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Koreans consume more foreign beef over expensive local hanwoo
South Koreans consumed more American and other foreign beef than expensive local beef last year, a move that has lowered the country's self-sufficiency rate for beef to below 40 percent over 13 years, a state-run think tank said Thursday.Last year, South Koreans consumed 362,000 tons of foreign beef, accounting for 62.3 percent of the total beef consumption in the country, according to the Korea Rural Economic Institute.(Yonhap)Australian beef came to 178,000 tons, making up 49 percent of total
Feb. 2, 2017
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KT&G chief acquitted of receiving kickbacks from lobbyist
A local court on Thursday acquitted the head of the country's leading tobacco maker of receiving some tens of millions of won in bribes from a lobbyist for striking a deal with an advertising agency, citing a lack of evidence.The Seoul Central District Court found Baek Bok-in, who led KT&G Corp. from 2015, not guilty of receiving 55 million won ($47,000) from the person, surnamed Kwon, between 2011 and 2012 in return for securing a contract with the company. This file photo taken on March 31, 20
IndustryFeb. 2, 2017
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Korean cosmetics drop in price, shipment volume in China
The price of imported Korean cosmetics in China dropped by some 40 percent last year, Chinese customs data showed Thursday, for reasons industry watchers see as driven both politically and by the market. Records from the Tianjin Entry-Exit Inspection and Quarantine Bureau indicated an average 40 percent drop in the price of cosmetics shipped in from South Korea. The volume of the imported shipments totaled 2,200 tons last year, down 46 percent from the year before. (Yonhap)The monetary value of
IndustryFeb. 2, 2017
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Acting president calls for enhanced industrial safety efforts
Acting President and Prime Minister Hwang Kyo-ahn on Thursday called on the government and businesses to enhance industrial safety management, especially for smaller subcontracting companies.During a regular meeting of ministers on pending state affairs, Hwang warned that the government will take "stern measures" against companies that are negligent of workplace safety obligations. Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting of ministers on pending state affairs at
IndustryFeb. 2, 2017
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Korean firms' facility investments to edge up in 2017
Facility investments by South Korean firms could edge up 0.1 percent in 2017 from a year earlier, but there is a divide between large and small companies, South Korea's state-run Korea Development Bank said Thursday.The combined facility investments planned for this year reached 179.7 trillion won ($156 billion), up 300 billion won from a year earlier, the bank said, citing its recent survey of 3,550 local firms. (Yonhap)Big companies said they would spend 154.6 trillion won on facility investme
Feb. 2, 2017
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Mobile carriers under pressure to cut fees as marketing costs fall
South Korea's three mobile carriers have been under pressure to cut fees as a law helps them save about 310 billion won ($269.2 million) in marketing spending last year, according to a consumer advocacy group Thursday. The Mobile Device Distribution Improvement Act came into force in October 2014 with the aim of keeping fierce competition to woo customers with hefty subsidies in check. (Yonhap)The law had originally been designed to benefit customers by eliminating illegal subsidies, but critics
IndustryFeb. 2, 2017
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S-Oil's 2016 net doubles on improved refining margin
S-Oil Corp., the No. 3 oil refiner in South Korea, said Thursday that its earnings doubled last year from a year earlier, helped by a surge in its refining margins and widening spreads for chemicals goods.Net profit reached 1.26 trillion won ($1.1 billion) last year, compared with a profit of 631 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income also more than doubled to a record 1.69 trillion won from 817 billion won over the cited period, while sales
IndustryFeb. 2, 2017
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SK to take over Dow Chemical's EAA unit for $370m
SK Innovation Co., the country's No. 1 oil refiner, said Thursday that its affiliate has decided to take over Dow Chemical Co's ethylene acrylic acid business in a bid to diversify its business portfolio.Its affiliate SK Global Chemical Co. will buy Dow Chemical's EAA business for $370 million, it said in a regulatory filing. (Yonhap)The deal includes the purchase of EAA production facilities in the US and Spain, and the related technology, it added. The company said the takeover is aimed at hel
IndustryFeb. 2, 2017
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Apple, Samsung lead shrinking global tablet PC market
Apple Inc. and its South Korean archrival Samsung Electronics Co. will roll out their latest tablet PCs in the first half of this year amid a prolonged slump in global sales, market watchers said Thursday.No. 1 player Apple, which has seen its signature iPad sales fall to the lowest level since its launch in 2011, is gearing up to launch three new models sometime around March and April, they said. Apple Inc.'s iPad Pro (Apple Inc.)First, the so-called iPad Pro 2 -- a bigger version of the iPad P
IndustryFeb. 2, 2017
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Hyosung forecast to have logged upbeat earnings in 2016
Hyosung Corp., a leading South Korean synthetic fiber manufacturer, is expected to have an operating income of over 1 trillion won ($864 million) in 2016, aided by strong sales of spandex and tire cord, industry sources said Thursday.Hyosung, scheduled to report its 2016 earnings this week, logged an operating income of 801 billion won in the first nine months of last year. In 2015, the company posted an operating income of 950 billion won. (Yonhap)Hyosung, the world's No. 1 player in the global
IndustryFeb. 2, 2017
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Authorities to crack down on audit info leaks
South Korea's state financial watchdog said Thursday it will crack down on unfair stock trading using illegally acquired corporate audit information.The move comes as local companies have entered the full-fledged settlement and accounting season. The logo of the Financial Supervisory Service (Yonhap)Over 95 percent of incorporated firms in the nation finish their fiscal year at the end of December.Accounting settlements and outside audits are usually held between January and March."(Those firms)
Feb. 2, 2017
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Lone diners drive Dec. consumption growth
Despite a fall in shipments of durable goods, South Korea's retail sales posted moderate growth in December on increased spending by people who dine or drink alone, government data showed Thursday.The country's retail sales index expanded 1.6 percent in December from the same month a year earlier, according to the data by Statistics Korea. (Yonhap)The gain was bolstered by a 4.9 percent on-year increase in sales of nondurable consumer goods, though shipments of cars and other durable goods shran
Feb. 2, 2017
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Honda to recall 1,400 cars in Korea for Takata air bags
Honda Korea, the local importer of the Japanese car brand, will recall over 1,400 cars sold in South Korea for Takata air bags whose metal inflator can fracture and shoot at passengers when the air bag is deployed, the transportation ministry said Thursday.The recall affects 1,407 Honda Accord cars produced between Aug. 2, 2011, and July 26, 2012. (Yonhap)"The ministry advises owners of such vehicles to immediately have their cars repaired as the issue has led to fatal accidents in other countri
IndustryFeb. 2, 2017
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Hyundai Motor plans to build Korea's tallest building in Seoul
Hyundai Motor Group's new headquarters building to be constructed in southern Seoul by 2021 will be the country's tallest, a district office said Wednesday.Its draft document for environmental impact assessment submitted to the Gangnam Ward Office showed that the main building of the planned Global Business Center (GBC) will be 569 meters tall.Previously, the world's fifth-largest carmaker said the 105-story main tower will be 553 meters, lower than the 555-meter Lotte World Tower awaiting the c
CompaniesFeb. 1, 2017
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Korea’s exports grow for three straight months
Korea’s exports grew for a third consecutive month in January to show the first double-digit growth in four years, preliminary data showed on Wednesday, offering hope to the country’s ailing economy. In January, the country’s exports jumped 11.2 percent on-year, the first double-digit growth since January 2013, by logging $40.3 billion, according to the Ministry of Trade, Industry and Energy. Increase in semiconductors and petrochemicals shipments boosted the exports. Outb
Feb. 1, 2017
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[Graphic News] Middle class shrinking worldwide
The shares of many countries’ populations who are on middle incomes has fallen and particularly in advanced countries, statistics gathered by the Organization for Economic Cooperation and Development showed.The share of South Korea’s population that was in the middle income group -- defined as those with household disposable income of between 75 and 200 percent of the median -- came in at 60 percent, lower than the OECD average.The middle income groups have been declining since 1980. Countries s
Feb. 1, 2017
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Kang, finance minister during 1997 financial crisis, dies
Former Finance Minister Kang Bong-kyun, who led the ministry at the heart of the financial crisis in the late 1990s, passed away Tuesday. Kang suffered from pancreatic cancer for three years before he died at the age of 74. Kang led the finance ministry for two years after the nation asked the International Monetary Fund to borrow $58 billion in a bailout package in late 1997. He led the reform of conglomerates and financial institutes alike. After heading the ministry under the Kim Dae
Feb. 1, 2017
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Korea to expand FTA network to offset US protectionism
South Korea’s policymakers are scrambling to cope with rapid changes in global trade conditions as new US President Donald Trump has put into practice his protectionist pledges.Measures drawn up at their meeting last week focused on expanding the country’s network of free trade agreements with the rest of the world, increasing imports from the US and winning more contracts to build massive infrastructure facilities abroad. (Yonhap)An escalation in the trade conflict between the US and China, Kor
Feb. 1, 2017