Most Popular
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Graphic News] Medical tourists visiting Korea reach record high
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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Revote on Marine probe bill to be held next week
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Illit’s agency sues Ador CEO Min Hee-jin for defamation
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Kakao Corp. to open map tool to game developers
Kakao Corp., an internet company that operates the country's top mobile messenger KakaoTalk, said Friday it will provide its map tools to local game developers from the first half of this year to help them produce a megahit like Pokemon Go.The move was disclosed by Namkoong Whon, the company's chief game officer, through Facebook. Namkoong Whon, chief game officer at Kakao Corp. (Yonhap file photo)Kakao "will provide the software development kit so that the developers can use Kakao Map to more
TechnologyFeb. 3, 2017
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Govt. under fire for losing policy control
The government is facing criticism for losing control of major policies amid a political maelstrom stemming from the impeachment of President Park Geun-hye over a corruption scandal in December, analysts said Friday.As if defying a government vow to rein in inflation, businesses are scrambling to jack up product prices. Also, the government has irked small merchants and self-employed people by requiring them to stick to stricter rules on the safety of electric appliances and daily goods. People
Feb. 3, 2017
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Top court clears railway strike leaders of obstruction charges
South Korea's top court on Friday upheld a lower court's decision to exonerate four former railway union leaders from charges of obstruction of business in connection with the 2013 railway strike against the privatization of railway services.The defendants, including Kim Myung-hwan, former chief of the Korean Railway Workers' Union, were indicted and detained in February 2014 on charges of disrupting railway operations by leading an illegal strike for 23 days in December 2013. (Yonhap)The bone o
IndustryFeb. 3, 2017
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Illegal private lending on rise amid economic slump
A growing number of South Koreans are seeking help from the state financial watchdog for damages caused by loan sharks amid a prolonged economic slump, official data showed Friday.A total of 2,306 relevant cases were reported to the Financial Supervisory Service last year, up 89 percent from a year earlier. The FSS operates a call center for damages due to illicit private finance.A composite photo of bank lending and leaflets on private loans. (Yonhap)Unregistered loan sharks usually target cash
Feb. 3, 2017
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Watchdog to release info on price-fixing cases
South Korea's antitrust watchdog will make public a set of data on price comparison regarding price-fixing cases to help customers take legal action, government officials said Friday.The information contains data on prices before and after suspected companies engage in price collusion collected by the Fair Trade Commission, according to the officials. (Yonhap)Customers who seek compensation from the price-rigging practices can submit the price comparison data as powerful evidence to the court, t
Feb. 3, 2017
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Gold-related funds gather pace on weaker dollar
Gold-related funds here have regained momentum in recent weeks, returning over 6 percent, as the US dollar has weakened after a months-long rally, data showed Friday.Those funds posted an average of 6.41 percent gains in January, reversing a three-month loss of 4.96 percent, according to the Korea Exchange and financial information provider FnGuide. Gold bars in storage. (Yonhap)Gold prices soared 4.5 percent on-month to $1,200.50 an ounce at the end of January, they said. The prices jumped to $
Feb. 3, 2017
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Korea's FX reserves up in January
South Korea's foreign exchange reserves rose slightly in January from a month earlier due to increased gains from investment in foreign assets and an increase in the dollar-converted value of non-dollar currencies, central bank data showed Friday.As of the end of January, the country's foreign exchange reserves came to $374.04 billion, up $2.94 billion from the previous month, the Bank of Korea said in a statement. (Yonhap)Foreign exchange reserves consist of securities and deposits denominated
Feb. 3, 2017
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Slowing economy lures young Koreans to claw machines
In one corner of a bustling street in Seoul's Hongdae district popular with young people, 30-something office worker Lee Choon-han's face is glued to the glass of a coin-operated claw machine. For about $1, Lee can drop the claw twice to try to grab prizes such as plush toys, key chains or cheap watches. After three failed attempts, his skill pays off and he captures a Pokemon doll. (Yonhap)"Every time I go past this street, I play it. If I win, I feel as though it awards a small fortune to me,
Feb. 3, 2017
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Trump pledges to speed up NAFTA renegotiation
US President Donald Trump said Thursday he will speed up renegotiation of the North America Free Trade Agreement, slamming the deal as a "catastrophe" for the US."I have very serious concerns about NAFTA. NAFTA has been a catastrophe for our country. It's been a catastrophe for our workers and our jobs and our companies. They're leaving our country. I want to change it," Trump said at the start of a meeting with some members of Congress. (Yonhap)Trump said the letter F in NAFTA should mean not o
Feb. 3, 2017
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S. Korea court to declare Hanjin Shipping bankrupt
South Korea's Hanjin Shipping -- once the country's largest shipping company and the world's seventh biggest -- is expected to be declared bankrupt this month, a court said Thursday, resulting in thousands of job losses. Hanjin filed for bankruptcy protection in August after creditors refused to further help the firm, which was sinking under the weight of $5.37 billion of debt.The company started going under after the shipping industry suffered its worst downturn in six decades owing to slumping
IndustryFeb. 2, 2017
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Amid scandal, Samsung heir to get hefty cash return
Buoyed by Samsung Electronics’ outstanding performance last year and a more generous, shareholder-friendly program, the tech giant’s de facto leader Lee Jae-yong is expected to enjoy a large cash return this year in contrast to the swirling corruption scandal that he is facing.The vice chairman of Samsung Electronics, who is the only son of the chairman, will get 46.8 billion won ($40 million) in dividend income this year, beating out other bigwigs including Hyundai Motor Group Chairman Chung Mo
IndustryFeb. 2, 2017
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Hyosung’s operating profit surpasses W1tr for first time
Hyosung announced Friday its annual operating profit surpassed 1 trillion won mark in 2016 for the first time in the company’s history. The company said in a regulatory filing that its annual sales inched down 4.2 percent on-year to reach 11.92 trillion won in 2016. Operating profit hit 1.02 trillion won in 2016, a 7 percent gain from a year earlier, the company said. Net profit was down 9.6 percent on-year at 475 billion won. The company, which leads the global spandex and tire cord markets, at
IndustryFeb. 2, 2017
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Ministry recalls 19 international car models
A total of 5,204 vehicles across 19 different non-domestic car models are being recalled by local distributors of brands including Honda, Nissan, Land Rover and Maserati, the Ministry of Land, Infrastructure and Transport said Thursday.Japanese automakers Honda and Nissan will be initiating a combined recall of 3,565 vehicles from four different models. (Yonhap)Honda Korea will recall 1,407 Accords that are equipped with Takata air bags, which have led to fatal accidents in other countries beca
MobilityFeb. 2, 2017
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Problems abound as ‘Pokemon Go’ craze grips Korea
The “Pokemon Go” craze that has swept through South Korea has ignited various safety problems, with reports of players entering dangerous situations in order to catch virtual characters that appear in the game. The hit augmented reality mobile game, which involves people visiting real-life locations to catch “Pokemon” on their smartphones, has led to potential accidents and even the arrest of some players who were caught trying to trespass in closed parks and other facilities at night. Co-devel
TechnologyFeb. 2, 2017
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LG Uplus achieves balanced growth in 2016
South Korean mobile carrier LG Uplus achieved around 18 percent growth in operating profit last year, owing to increased profits from both mobile and broadband internet businesses, it said on Thursday. The third largest in the Korean telecommunication industry, the company reached 9 trillion won ($7.8 billion) in sales, up 4.3 percent from a year earlier, and 746.5 billion won in operating profit. (LG Uplus)The net profit jumped 40.3 percent to 492.7 billion won, which had the company’s board r
TechnologyFeb. 2, 2017
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Google Chrome to support Korea’s Hancom Office
Google Korea announced Thursday it is working to introduce a new viewer function that lets users directly view documents from Hancom Office, the South Korean equivalent of Microsoft Word, on its web browser Chrome.The US internet giant is currently conducting tests on a new viewer function that lets Chrome users open .hwp format documents in the browser. The firm has yet to determine exactly when the new feature will be added, Google Korea said.Chrome currently allows users to open and view Micr
TechnologyFeb. 2, 2017
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Coupang leaves social commerce
Coupang said Thursday it is ending its social commerce offerings to wholly transition into an e-commerce company.The company will be immediately discontinuing its social commerce deals, which included limited-time discount coupons for local restaurants and services such as beauty salons. Coupang began in 2010 as a social commerce company, meaning its main focus was on local service deals and group-buying coupons. In 2012, it began moving into the e-commerce space.“We decided that our open market
IndustryFeb. 2, 2017
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Amorepacific breaks W1tr in operating profit in 2016
Cosmetics maker Amorepacific released its fourth-quarter and yearly profits on Thursday, showing a drop in operating profits in the fourth quarter but a successful year overall.Amorepacific saw 1.56 trillion won ($1.36 billion) in sales in the last quarter, up 7.3 percent on-year. However, its operating profits fell 16.5 percent on-year to 134 billion won. Overall in 2016, the company saw a 18.3 percent rise in sales to nearly 6.7 trillion won, bringing its operating profits up 18.5 percent to 1
IndustryFeb. 2, 2017
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[Superrich] After acquittal, Nexon founder sets out for new future
Korea’s top 100 rich list is dominated by chaebol families, but there is one self-made man who has made it on to the list, Kim Jung-ju. At 49 years old, Kim is the chairman of NXC, the holding company of Nexon, which is the representative figure of the online game industry.According to The Superrich Team’s “Korea’s Richest 100,” Kim has 2 trillion won ($1.7 billion) worth of assets through his ownership of unlisted companies. He ranks 12th as of Jan. 30 on the list.Kim does not own any share of
CompaniesFeb. 2, 2017
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Samsung Pay Mini to intensify online payment market
Samsung Electronics’ plan to launch Samsung Pay Mini in Korea is expected to intensify online payment competition with local internet and mobile giants Naver and Kakao. Samsung said Thursday it would “launch Samsung Pay Mini in March to enable Android users to pay online with the app.”It allows users to conveniently pay online with their credit card information saved via a smartphone running on Android 5.0 Lollipop and with a high definition display. Since the app does not support magnetic secur
TechnologyFeb. 2, 2017