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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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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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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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
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Naver’s Papago to help police communicate with foreigners
South Korean internet giant Naver said Wednesday that it has entered a partnership with the Seoul Metropolitan Police Agency, agreeing to help the public agency communicate more effectively with non-Korean speakers. The two have signed a memorandum of understanding, under which Naver has introduced a new section on its translation app Papago that provides translations of common Korean phrases that the local police use to carry out their duties.(Naver)Launched in August 2016, Naver’s Papago is a
TechnologyFeb. 1, 2017
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Seoul-based automakers‘ global sales fall 1.2% in January
Global sales of cars produced by five South Korea-based automakers shrank slightly from a year earlier in January due to a decline in overseas sales and a slump in domestic sales, data released by the carmakers showed Wednesday.The combined global sales of the five automakers came to 618,930 cars last month, down 1.2 percent from a year earlier, according to the data. (Yonhap)The January tally marks a decline for two consecutive months on a year-on-year basis. In December, the automakers' sales
IndustryFeb. 1, 2017
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7 out of Seoul's 10 most expensive houses located in Itaewon
Seven out of the 10 most expensive houses in South Korea are located in the popular foreigner-heavy neighborhood of Itaewon in the heart of Seoul, government data showed Wednesday.Among them, Lee Myung-hee, chairwoman of South Korea's retail giant Shinsegae Group, owns the most expensive house, according to the survey by the Ministry of Land, Infrastructure and Transport. This file photo shows the house of Lee Myung-hee, chairwoman of South Korea's retail giant Shinsegae Group. (Yonhap)Lee's 2,8
Feb. 1, 2017
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Hyundai Motor's global sales for January edge up 1.3% on-year
South Korea's largest carmaker Hyundai Motor managed a 1.3-percent increase in global sales in January from a year ago, the company said Wednesday, while its performance at home slackened. Hyundai sold 342,607 cars in the month, including 297,507 overseas and 45,100 domestically. The figures represent a 3.1-percent hike for overseas but a 9.5 percent slide at home. Of the cars sold abroad, 56,200 were manufactured in the country and 241,307 out of the country. Hyundai's new Grandeur (Hyundai Mot
IndustryFeb. 1, 2017
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Kia Motors' sales drop on-year in January at home, abroad
Kia Motors suffered on-year sales drops both at home and abroad in January, the company said Wednesday, citing aged models and lost production from holidays as the main reasons.Sales at home totaled 35,012 cars for the month, down 9.1 percent from the same month last year, according to the country's second-largest carmaker. Overseas sales came to 163,793 cars, down 6.5 percent from a year earlier. Kia's global sales in January fell 7 percent on-year to 198,805 units.The number of factory working
IndustryFeb. 1, 2017
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‘Lack of savings limit monetary easing effect on consumption’
A member of the Bank of Korea’s monetary policy committee said a shortage in Korea’s accumulated savings in the past decade seems to have limited the central bank’s current monetary easing effect on consumption.“While we have to prepare for aging, it seems that our accumulated savings (since the 1997 Asian financial crisis) have been in shortage. This could be the reason why boosting consumption through monetary easing did not work normally as we expected,” Lee Il-houng, one of seven member of t
Feb. 1, 2017
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Business tycoons to testify at court over influence-peddling scandal
The heads of South Korea's leading conglomerates will attend a court hearing later this month to give testimony over a high-profile influence-peddling scandal that has led to President Park Geun-hye's impeachment, legal sources said Wednesday.Hanwha Group Chairman Kim Seung-youn, SK Group Chairman Chey Tae-won and Hanjin Group Chairman Cho Yang-ho have been designated witnesses to testify at the hearing on President Park's friend Choi Soon-sil at the Seoul Central District Court on Feb. 28, acco
IndustryFeb. 1, 2017
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Korea's trade agency hires US lobbying firm for Trump govt.
South Korea's state-funded trade agency has signed a contract with a US lobbying company to deal with the Donald Trump era, officials said Wednesday.Ever since Trump has stated his protectionist policies, a sense of alarm has grown here over trade pressure from the new US administration. Kim In-ho, chairman and CEO of the Korea International Trade Association, in a photo provided by KITA (Yonhap)"(We) recently inked a contract with the US lobbying firm K&L Gates," an official at the Korea Intern
Feb. 1, 2017
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Renault Samsung's January sales up 34.8%
Renault Samsung Motors Co. said Wednesday it sold 20,256 cars in January, up 34.8 percent from the same month last year, pushed by strong sales at home.The company, which is the local unit of French automaker Renault S.A., sold 7,440 units in the domestic market, 254.1 percent higher than January of last year despite production days lessened by the Lunar New Year holidays that fell at the end of the month. The company said the January performance is the second highest for the month after 2011, w
IndustryFeb. 1, 2017
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Ssangyong Motor's January sales up 3.4% on-year as Tivoli rolls on
Ssangyong Motor Co.'s January sales increased 3.4 percent on-year to 10,420 cars on strong domestic sales, with its popular SUV Tivoli taking the lead, the automaker said Wednesday.Domestic sales accounted for 7,015 units, up 6.8 percent, and exports 3,405, down 3 percent from same month last year. The company said the overall sales increase came despite negative factors such as less number of working days from the Lunar New Year holiday and the end of the grand sale period. Crossover SUV Tivoli
IndustryFeb. 1, 2017
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GM Korea's January sales down 4.8% on-year
GM Korea Co. said Wednesday it sold 46,842 cars in the month of January, 4.8 percent less than a year ago although its local sales increased by some 25 percent. The Minicar Spark, the mid-sedan Malibu and the crossover SUV Trax led the overall sales, according to the South Korean unit of U.S. automaker General Motors Co. The company sold 3,564 units of the Malibu, up 581.5 percent from January last year, while the Trax sales were also up 162 percent to 1,436 units. Malibu from GM Korea (GM Kor
IndustryFeb. 1, 2017
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Financial watchdog to address unfair auto lease contract terms
Consumers here will shoulder less financial burden for canceling car lease contracts under the related authorities' drive to address unfair business practices, the state financial watchdog said Wednesday.The number of people leasing cars instead of buying ones has been on a constant rise. Consumers' complaints have increased as well. A file photo about leasing a car (Yonhap)A total of 192 civilian petitions related to car leases were filed with the Financial Supervisory Service last year, up fro
Feb. 1, 2017
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Incheon Airport opens to T2 duty-free bids
Incheon International Airport Corp. said Wednesday it has officially begun accepting bids for duty-free operators hoping to open stores in its second terminal, which is set to open later this year.The call for bids comes about three months later than initially planned, in the midst of tensions between the airport and the Korea Customs Service about the way in which licenses are granted.“We could not hold off any longer on the bids. If we do not choose the operators by April, we may face a crisis
IndustryFeb. 1, 2017
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Dongwha Duty Free may be up for sale
Doubts are growing over the future of Dongwha Duty Free, as industry speculation grows that it is unlikely to meet an extended debt repayment deadline amid heated competition among duty-free stores in central Seoul.The country’s first downtown duty-free store, which opened its doors in 1973, is currently in crisis, as it has failed to meet a December deadline to pay back Hotel Shilla in a put option. (Yonhap)In May 2013, Hotel Shilla acquired a 19.9 percent stake in Dongwha Duty Free with a put
IndustryFeb. 1, 2017
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Mercedes-Benz takes students to German headquarters
Select students of Mercedes-Benz’s Mobile Academy visit the Mercedes-Benz headquarters in Stuttgart, Germany. (Mercedes-Benz Korea)Select students from the annual Mercedes-Benz Mobile Academy won the opportunity to visit the luxury auto giant’s headquarters in Stuttgart, Germany, the company said Tuesday. The Mobile Academy is an industry-academy joint project run by the carmaker, aimed to nurture and develop students looking to pursue a career in the automotive industry. Fifteen students were
MobilityFeb. 1, 2017