Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Korea to set up W3.5tr fund to help startups
South Korea will establish a 3.5 trillion won ($2.9 billion) fund to nurture startups and venture firms in the science and technology sectors to secure new growth engines, the science ministry said Wednesday.Under the comprehensive plan announced by the Ministry of Science, ICT and Future Planning, the fund will be floated to help young jobseekers launch 50,000 new startups. The ministry said it will partner with the Small and Medium Business Administration to nurture the fund that is aimed at b
IndustryJan. 18, 2017
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Labor minister urges big biz to employ more youth
Labor Minister Lee Ki-kweon urged big businesses on Wednesday to employ more youth in the first half of the year as the sluggish economy is expected to further worsen youth unemployment.Lee made the call during a meeting with leaders of the country's top 30 conglomerates after the jobless rate for youth climbed to a record 9.8 percent last year. Labor Minister Lee Ki-kweon (R) speaks during a meeting with leaders of the country's top 30 conglomerates at the Korea Press Center in Seoul on Jan. 18
Jan. 18, 2017
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LG smartphones' average sales price is about one-fifth of Apple
The average sales price of LG Electronics Inc.'s smartphones is about one-fifth that of Apple Inc.'s iPhones, industry data showed Wednesday, underlining LG's difficulty in reviving its loss-making smartphone business. According to a survey of 12 LG smartphones sold at KT Corp.'s online store, the average sales price of LG smartphones stood at about 137,000 won ($117.60). LG's smartphone line-up consists of mid- and low-range devices, including the LG Stylus 2 and X Screen, with sales prices ran
IndustryJan. 18, 2017
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Public housing going to wrong beneficiaries from lax inspection
Public housing that is intended to help low-income families is partly benefiting the wrong people because of loose state inspections, a report said Wednesday.The report, authored by researcher Choi Sung-eun of the Korea Institute of Public Finance, analyzed residence data from 2014 and compared them with tenants' income. The findings showed that 1 out of 5 public housing units were occupied by middle-class income tenants, and in some cases by people whose yearly earnings are in the top bracket.S
Jan. 18, 2017
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Govt. mulls easing anti-graft law's impact on economy
South Korea is considering easing an anti-corruption law by raising the cap on the values of free meals, sources said Wednesday, amid criticism that it adversely impacts consumer spending.The law currently bans those working in government, media and schools from receiving free meals priced higher than 30,000 won ($25), gifts exceeding 50,000 won, and congratulatory and condolence money over 100,000 won. An image of gift boxes of fishery goods sold at a local department store (Yonhap)The governm
Jan. 18, 2017
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Chinese SUV launched in Korea
A Chinese SUV, the Kenbo 600, made its debut in South Korea on Wednesday, becoming the first Chinese passenger vehicle to be marketed here.China-Korea Motor Co., the local importer and distributor of the Chinese vehicle, unveiled the Kenbo 600 in a ceremony held at its Incheon headquarters, just west of Seoul.The Kenbo 600, marketed as the S6 in China, is an SUV produced by BAIC Motor Corp., the passenger car making unit of China's state-owned BAIC Group, the fourth-largest automotive group in C
IndustryJan. 18, 2017
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Egg prices starting to stabilize after imports arrive
Egg prices that have been jumping for over a month from the avian influenza epidemic in the country are showing signs of calming down after imports started arriving, officials said Wednesday.The price for a set of 30 eggs fell for the first time in 37 days Friday, and again Tuesday. Discount supermarket chains, including E-mart, Homeplus and Lotte Mart, have not raised their prices for days. The last price increase at E-mart was Jan. 6. At Homeplus, the last increase was on Jan. 7. Lotte last ma
Jan. 18, 2017
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Regulator says sturdy financial 'breakwater' needed
South Korea's top financial regulator on Wednesday stressed the need for all-out efforts to secure financial stability this year, citing a host of risk factors including rises in the US interest rate."It's the time when solidifying the stability of the financial market is more important than any other year," Yim Jong-yong, chairman of the Financial Services Commission, said at a government-civilian meeting on financial policy. It marked the first plenary session in 2017 of the Committee for Sout
Jan. 18, 2017
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Finance minister vows to put more focus on job creation
South Korea's finance minister said Wednesday that he will put more policy priority on creating more jobs in the new year to reinvigorate the economy."The government will accelerate its drive to focus on job creation," Finance Minister Yoo Il-ho said in a minister-level meeting held in Seoul. "The public sector will hire 30,000 in the first half." South Korea's Finance Minister Yoo Il-ho (2nd from L) speaks at a minister-level meeting in Seoul on Jan. 18, 2017. (Yonhap)He said more than one-thir
Jan. 18, 2017
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Hyundai, Kia recall about 150,000 Tucson, Sportage SUVs
Hyundai Motor Co. and its affiliate Kia Motors Corp. are recalling about 150,000 Tucson and Sportage SUVs to fix faulty shock absorbers in their rear wheels, the government said Wednesday. Subject to the recall in South Korea are 88,514 Tucson vehicles, which were produced between March 3, 2015, and July 25, 2016, the Ministry of Land, Infrastructure and Transport said in a statement. Kia is recalling 61,662 Sportage vehicles, which were produced between Aug. 1, 2015, and July 27, 2016, accordin
IndustryJan. 18, 2017
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Shinsegae joins top 10 biz group list
Shinsegae, a retail conglomerate, joined the list of the country's top 10 business groups in terms of assets last year, while logistics group Hanjin suffered a sharp drop on the conglomerate ranking chart as its affiliate Hanjin Shipping Co. was put under court receivership, industry data showed Wednesday.According to the data compiled by industry tracker CEO Score, a total of 1,183 companies were affiliated with the country's top 30 conglomerates as of September last year, whose combined assets
IndustryJan. 18, 2017
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Department stores rely on VIP customers to keep up sales
Department stores are counting more on their top-spending VIP customers to keep their businesses going, sales figures indicated Wednesday, as consumption drops across all consumer segments due to the slowing economy.Retail statistics showed that a handful of high spenders continue to account for approximately 20 percent of total sales at department stores. At Lotte, the top 1 percent of VIP guests accounted for 22.8 percent of sales last year, up 0.9 percentage point from the previous year. For
IndustryJan. 18, 2017
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Swedish central bank chief says cashless society is major trend
The head of the Swedish central bank has said changing to a cashless society is a major trend as a growing number of people are rapidly reducing the use of notes and coins in favor of electronic payments.Riksbank Governor Stefan Ingves said notes and coins are not going to disappear, though they will be used less and less. Riksbank Gov. Stefan Ingves (L) and Susanne Eberstein, the chairperson of the General Council at the Swedish central bank, hold an interview with Yonhap News Agency at a Seoul
Jan. 18, 2017
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Kia Motors launches new compact car
Kia Motors, South Korea’s second-largest auto manufacturer, launched the third-generation Smart Compact All New Morning at a media showcase Tuesday. Kia Motors President Park Han-woo (right) and Executive Vice President Kim Chang-sik pose at the launch of the Smart Compact All New Morning at Dongdaemun Design Plaza, central Seoul, Tuesday. (Kia Motors)According to Kia Motors, it developed the latest model with the aim of producing a compact car that has enhanced safety with a stronger body struc
MobilityJan. 17, 2017
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Korea to invest W98.2b in upgrading biopharma evaluation guidelines
The South Korean government said Tuesday that it would invest 98.2 billion won ($82.76 million) in improving its evaluation guidelines for new biopharmaceutical products over the next 10 years. The plans came as part of the latest agenda set by a special pan-government biotechnology committee led by the Ministry of Science, ICT and Future Planning.The body was established in March 2016 to streamline all policymaking related to the country’s fast-growing biotech business and to act as a “control
IndustryJan. 17, 2017
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KT debuts audio visual AI platform Genie
KT, the second-largest mobile carrier in South Korea, on Tuesday unveiled an artificial intelligence-based Internet Protocol television set-top box with an aim to realize smart home system centering on TV. Named “GiGA Genie,” the AI platform looks like an ordinary speaker. The 28-centimeter-tall device resembling a spaceship is equipped with Harman Kardon’s 20-watt woofer and 15-watt tweeter. It also has a 6-megapixel camera that will help maximize the sound effect with visual images and better
TechnologyJan. 17, 2017
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Samsung, LG ‘intimidated by Chinese firms’ at the CES
Executives from Korea’s biggest tech firms told top policymakers that they were intimidated by Chinese companies’ improved home appliance technology unveiled at the latest Consumer Electronics Show."We were intimidated to see improved hardware technologies of Chinese firms at the event," said Lee Min, an executive at Samsung Electronics’ television business unit at a briefing attended by the ICT minister and eight tech firms on Monday."Although they are still behind us in terms of providing cust
TechnologyJan. 17, 2017
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Lotte, Shilla mulling Hong Kong Airport bid
Korea‘s two largest duty-free operators are mulling bids to run outlets at Hong Kong International Airport, according to the two companies Tuesday.Although both Lotte Duty Free and The Shilla Duty Free held back from confirming that they will be submitting bids, both said that they are “positively considering” the tender.“We are actively pursuing overseas expansions, and have the highest overseas sales of all Korean duty-free operators,” said a spokesman for Hotel Shilla, which runs The Shilla D
IndustryJan. 17, 2017
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Korea to not ask Japan to resume negotiations for currency swap deal
South Korea has no plan to ask Japan to resume negotiations for a currency swap which Tokyo suspended for diplomatic reasons, a senior finance ministry official said Tuesday."There has been no contact with Japan since it announced a halt to ongoing negotiations," Song In-chang, deputy finance minister for international affairs, said in a media briefing in Sejong, the country's administrative city. "Japan has to return to the table first. We will not ask Japan for the resumption of a currency swa
Jan. 17, 2017
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Political crisis has made business in Korea more difficult: ECCK
European businesses in South Korea are increasingly voicing negative feedback regarding the business environment here, a survey by the European Chamber of Commerce in Korea showed Tuesday. Of the 131 European executives polled, 60 percent said business in Korea has become more difficult, compared to 52 percent in 2014 and 2015. Eleven percent responded that business has become easier. The ECCK is a nonprofit, non-political organization of European companies operating in or related to Korea. Its
Jan. 17, 2017