Most Popular
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Yoon visits ancient Uzbek city, wraps up Central Asia trip
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[AtoZ into Korean Mind] Korea's broken ladder of social mobility
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N. Korean military's construction activities spotted inside DMZ: source
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Top 4 conglomerates convene strategy meetings to navigate uncertainties
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[Weekender] IV drips: A quick energy shot for overworked Koreans
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[Drama Tour] Follow Suwon’s fortress to find traces of ‘Lovely Runner’
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Yoon returns amid tensions over Putin's Pyongyang visit
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Doctors to go on indefinite walkout as government rejects final demands
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Unlicensed driver rams day care center van into wall
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Popular TV series, movies cross borders in remakes
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Huawei to supply network equipment for Olympics
Chinese tech giant Huawei is slated to provide its network equipment for the upcoming PyeongChang Olympics, Huawei and the Olympics committee confirmed Tuesday. Under the supply deal signed Tuesday, Huawei plans to supply wired network equipment and related services for the Olympics. The Chinese firm will also provide various network services including real-time data transmission, broadband certification and event network security monitoring based on an integrated network system. Huawei’s enterp
TechnologyDec. 13, 2016
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Capital injection for DSME to be wrapped up soon
Creditors will inject capital of nearly 3 trillion won ($2.6 billion) into Daewoo Shipbuilding and Marine Engineering by this month to rescue the cash-strapped company from delisting risk, industry insiders said Tuesday. Last month, the creditors, including the Korea Development Bank, decided to provide financial aid in the form of a debt-for-equity swap to the company. On Monday, the embattled shipbuilder’s board decided to sell stocks to the KDB to have its 1.8 trillion won debt swapped with s
IndustryDec. 13, 2016
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New electricity bill system finalized
The Ministry of Industry, Trade and Energy said Monday it finalized the new electricity pricing system for residential use. Under the new system, bills will be charged in one of three brackets, with the top cumulative rate three times higher than the lowest. The current power rate is determined using six brackets, with the top rate 12 times higher than the lowest. The ministry projected that the new system would cut power bills by 11.6 percent on average. Households consuming over 600 kilowatt-h
IndustryDec. 13, 2016
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Dozens of state-run companies face uncertain reshuffle
Dozens of South Korea’s state-run companies are in a leadership lull as the replacement of company heads who have reached the end of their term has been delayed due to the impeachment of President Park Geun-hye. According to the government’s data of state-owned firms disclosed on the website called Alio, the terms of 24 CEOs of state-run companies have ended but their successors have not been decided yet.Among such enterprises under the Ministry of Trade, Industry and Energy, heads of KEPCO Engi
IndustryDec. 13, 2016
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FSS to intervene in banks’ spread calculating system
South Korea’s financial watchdog will crack down on any unfair practices by banks when calculating spreads for household loans and establish a system enabling consumers to compare loan rates by bank, it said Tuesday. The Financial Supervisory Service convened a meeting with vice presidents of major commercial banks in order to discuss measures to improve the spread calculating system for household loans. The meeting was held a day after Korea’s top financial regulator Yim Jong-yong vowed to make
Dec. 13, 2016
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KT on track for 5G pilot service at 2018 Olympics
South Korean telecommunications company KT on Tuesday unveiled its latest preparations for the successful deployment of a pilot 5G network service at the 2018 PyeongChang Winter Olympics. Short for fifth-generation, 5G is an ultra-fast wireless network system offering up to 20 times faster transmission speeds than the existing 4G or Long-Term Evolution networks. The futuristic network is expected to be fully commercialized around the world in 2020. KT has pledged to run the world’s first-ever 5
TechnologyDec. 13, 2016
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Banks’ decision on merit-based system prompts backlash
Managing boards of Korea’s seven commercial banks held urgent board meetings late Monday evening and decided to adopt performance-related pay systems, drawing protests from labor unions.How and when the banks will enforce the new pay systems remains unclear, as managing boards will have to reach an agreement with labor unions first, observers said.Seven banks of KB Kookmin, Shinhan, Woori, KEB Hana, Standard Chartered Bank Korea, Citibank Korea and NongHyup held a board meetings and agreed to ad
Dec. 13, 2016
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A look into Seoul startup life at Google Campus recruiting day
To help South Korean startups find new talent and allow job seekers to learn more about the community, Google Campus Seoul hosted a recruiting event at its headquarters here Thursday. Google Campus Seoul, a co-working space for startups operated by the US internet giant, invited 12 startups looking to hire interns, entry-level designers, software developers, project coordinators and marketers.The recruiting program, in its 10th year, was organized by Google Campus Seoul and Korean startup recrui
TechnologyDec. 13, 2016
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[Photo News] 2nd Shake Shack in Seoul to open Saturday
2ND SEOUL SHAKE SHACK -- US premium burger chain Shake Shack will open its second outlet in Cheongdam-dong of Seoul’s Gangnam district Saturday, according to the brand’s South Korean licensee SPC Group. The outlet, located on Dosan-daero, will open at 11 a.m. (SPC Group)
IndustryDec. 13, 2016
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Shinsegae opens mega department store in Daegu
DAEGU -- Retail giant Shinsegae is wrapping up the year with the grand opening of Daegu Shinsegae on Thursday, bringing a large-scale shopping and entertainment complex to the southern city connected to a transportation complex. The giant department store, which has more than 103,000 square meters of operating space, is Shinsegae Department Store‘s second large-scale branch outside of Seoul, following the Centum City branch in Busan. In addition to the traditional shopping areas, Daegu Shinsegae
IndustryDec. 13, 2016
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[Duty Free] Lotte Duty Free touts World Tower attractions
This is the second installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed.Lotte Duty Free, Korea’s largest duty-free operator, said that it would maximize tourist attractions in and around Lotte World Tower to build up the competitiveness of its branch there. The company pledged Tuesday to invest 2.3 trillion won ($1.97 billion) over the next five years to bring in tourists, develop tourism infrastructure in southern Seoul and suppor
IndustryDec. 13, 2016
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Trade and industry ministry to spend 3% less on R&D in 2017
South Korea's trade ministry will spend 3 percent less on research and development (R&D) in 2017, officials said Tuesday.The Ministry of Trade, Industry and Energy said the R&D budget allocated for the ministry for next year is set at 3.33 trillion won ($2.86 billion), down from 3.44 trillion won in 2016.The ministry's R&D budget has been on a downward trend, taking 18.3 percent of the total spending in 2015 compared to 17.2 percent in 2017.South Korea's combined budget for R&D will reach 19.5 t
TechnologyDec. 13, 2016
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Foreign currency deposits down $770 mln in November
Foreign currency deposits held by banks in South Korea dropped in November from a month earlier due mainly to a decline in US dollar deposits by exporters and individuals, central bank data showed Tuesday.Outstanding foreign currency deposits held by local residents came to $61.05 billion as of end-November, down $770 million from the previous month, according to the data from the Bank of Korea (BOK).Foreign deposits include those held by foreigners who have stayed in South Korea for more than s
Dec. 13, 2016
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Korean shares turn higher on Wall Street gains
South Korean stocks turned higher late Tuesday morning tracking gains on Wall Street ahead of this week's rate decision in Seoul and Washington.The benchmark Korea Composite Stock Price Index gained 2.11 points, or 0.10 percent, to 2,029.35 as of 11:15 a.m.The rise followed overnight gains on Wall Street. The Dow Jones industrial average gained 0.20 percent, with the tech-heavy Nasdaq composite index declining 0.59 percent.Bae Sung-young, a market analyst at Hyundai Securities Co., said global s
Dec. 13, 2016
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Samsung in dilemma over CEO shakeup amid scandal
Samsung Group appears to be in a quandary over when to conduct a leadership shakeup amid a nation-rocking political scandal, which has also forced the country's top conglomerate to delay a couple of year-end events, sources said Tuesday.Samsung has indefinitely postponed its annual management reshuffle, which used to take place in the first week of December, due to a parliamentary investigation into the corruption and influence-peddling scandal involving President Park Geun-hye and her longtime
CompaniesDec. 13, 2016
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Sales of US beef on rise: data
Sales of US beef increased in South Korea this year on the back of relatively cheap prices, while Australian beef suffered a setback in sales, industry data showed Tuesday.The sales of US beef at E-Mart, the leading retailer in the country, jumped 1.8 times on-year in the first 11 days of December.By comparison, sales of Australian beef shrank 10.1 percent on-year during the same period, it said.The reversal came as the US beef output increased and led to the price stabilization, while Australia
IndustryDec. 13, 2016
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Imported auto sales in Korea to grow 4% next year: trade association
Imported car sales in South Korea are expected to increase 4 percent next year, aided by a recovery in the sales of Volkswagen and Audi models, and the releases of new models, a trade association said Tuesday.According to the Korea Automobile Importers and Distributors Association (KAIDA), some 238,000 foreign vehicles are forecast to sell in the country next year, compared with this year's estimated 228,000 units.In the first 11 months of the year, a total of 205,162 imported vehicles have been
MobilityDec. 13, 2016
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Korean shares open lower ahead of rate decisions
South Korean stocks opened lower Tuesday as investors remain cautious on this week's rate decision in Seoul and Washington.The benchmark Korea Composite Stock Price Index lost 2.68 points, or 0.13 percent, to 2,024.56 in the first 20 minutes of trading.The Dow Jones industrial average gained 0.20 percent, with the tech-heavy Nasdaq composite index declining 0.59 percent.Analysts said investors took a wait-and-see attitude on this week's Federal Open Market Committee meeting."Declines in large-ca
Dec. 13, 2016
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Capital injection into Daewoo Shipbuilding to be completed this month
Embattled Daewoo Shipbuilding & Marine Engineering Co. is expected to receive 2.8 trillion won ($2.39 billion) from its creditors this month, averting a delisting from the local stock market, industry sources said Tuesday.Last month, the creditors, led by the state-run Korea Development Bank (KDB), decided to provide the financial aid, in the form of a debt-for-equity swap, to the ailing shipyard whose debts exceed assets amid mounting losses.According to the sources, Daewoo Shipbuilding will ho
IndustryDec. 13, 2016
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Calls for shareholder activism rise after Samsung merger
Controversy over a merger between two Samsung affiliates last year has been rekindled due to the influence-peddling scandal involving President Park Geun-hye, sparking serious discussion on ways to strengthen shareholder rights and signaling a possible change in the corporate governance of Korean companies, experts said Monday.A set of principles that target institutional investors to help them better engage in corporate governance for shareholders’ benefits is likely to be adopted within this y
IndustryDec. 12, 2016