Most Popular
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Doctors begin indefinite strike
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Korea's largest doctors' group begins full-scale strike despite warnings
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[Graphic News] Son Heung-min named 10th-best forward
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Korea, China to hold first diplomatic security dialogue since 2015
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[Business Diplomacy] Korean firms evolve to stay on top of compliance: Kim & Chang lawyers
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Health issues plague K-pop girl groups
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Dispute over 'disrespectful' form of speech leads to knife attack
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Thai travel to S. Korea plummets
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North Korea claims its own EV brand with improbable 720km range
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[Today’s K-pop] Blackpink’s Rose to join The Black Label: report
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KDIC reviews stronger protection for depositors
South Korea’s state-run depository insurance company said it will consider raising the threshold of protection money for depositors to better reflect the current size of the local economy.The Korea Depository Insurance Corp. provides protection of up to 50 million won ($44,000) in principal and interest per depositor, should a financial institution go bankrupt. The protection covers accounts in commercial banks, brokerages, insurers and savings banks. KDIC President Gwak Bum-gook (Yonhap) “The t
Oct. 14, 2016
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Doosan Heavy bags $850 mln order from Philippines
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Friday it has secured a $850 million order to build a power plant in the Philippines.Under the deal with Redondo Peninsular Energy Corp., Doosan Heavy will build the coal-powered plant in a region, 130 kilometers northwest of Manila, by December 2020.The deal follows a 1 trillion-won ($884 million) contract to build a power plant in Saudi Arabia.Stocks of Doosan Heavy were trading at 26,850 won on the Seoul
IndustryOct. 14, 2016
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Hanjin Shipping's asset up for sale
Part of cash-strapped Hanjin Shipping Co.'s assets went up for sale on Friday as the company is struggling to raise the cash needed to repay debts and unpaid bills, industry sources said.The country's No. 1 shipper currently under receivership got a nod from a local court Thursday to sell its Asia-US route, including manpower, and vessels, 10 overseas operations, according to the sources.The Seoul Central District Court will receive letters of interest from potential buyers by Oct. 28. Potential
IndustryOct. 14, 2016
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Korea has 2.2 doctors per 1,000 people: data
South Korea had 2.2 doctors per every 1,000 people in 2014, the lowest among members of the Organization for Economic Cooperation and Development, data showed Friday.According to the OECD data submitted by the Ministry of Health and Welfare to the National Assembly, South Korea scored the lowest in physician density, along with Mexico, among 28 member states in 2014, far below the OECD average of 3.3. The data included licensed physicians practicing oriental medicine.Austria ranked top with 5.1
TechnologyOct. 14, 2016
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Samsung estimates loss of mid-3 tln won from Galaxy Note 7's exit
Samsung Electronics Co. said Friday that the discontinuation of the Galaxy Note 7 smartphone is expected to dent the company's operating profit by additional $3.1 billion over the next two quarters. Samsung already slashed its estimate for third-quarter operating profit by 2.6 trillion won ($2.3 billion), saying the revision in third-quarter earnings guidance reflected "the direct cost from the discontinuation of the Galaxy Note 7 sales."The latest projection for another mid-3 trillion-won (abou
TechnologyOct. 14, 2016
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Some consumers remain loyal to Note 7 despite explosions
Lee Joo-hyun, 33, does not want to replace her Galaxy Note 7 with another smartphone although she is afraid of possible explosions. She said she does not want to give up the functions she has been enjoying with her Note 7.“I am satisfied with the upgraded S Pen stylus. I cannot find the same function even from other smartphones made by Samsung,” Lee said, who has only used smartphones under the Galaxy series for several years.The Galaxy fan said she wished she could continue using the smartphone
TechnologyOct. 13, 2016
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Celltrion confirms efficacy of Rituxan biosimilar in third phase trials
South Korean biopharma company Celltrion said Thursday that its Rituxan biosimilar has shown the same therapeutic effects as the originator drug in its third phase clinical trials.Celltrion’s Truxima is a biosimilar drug referencing Roche’s lymphatic cancer treatment Rituxan. Biosimilars refer to cheaper, near-replicas of biologic drugs that have lost patent protection.(Yonhap)Celltrion said that it has accumulated clinical data from Truxima’s third phase clinical trials that proves the pharmaco
IndustryOct. 13, 2016
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Policymakers, economists remain apart on growth outlook
Economic policymakers and private economists are making vastly different forecasts of the South Korean economy’s growth rate this year and next.Vice Finance Minister Choi Sang-mok said last week he expects the economy to reach the government-set growth target of 2.8 percent this year, despite lingering downside risks in the remainder of the year.In June, the government revised down its 2016 growth forecast by 0.3 percentage points to 2.8 percent. The Korean economy, the fourth-largest in Asia, e
Oct. 13, 2016
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Global investors pin hopes on smart-beta ETFs
Institutional investors and asset management firms around the world expressed keen interest in the growing smart-beta equity traded funds market at a forum in Seoul on Thursday, hoping them to bring high yields amid the prolonging low interest rate environment. At the 2016 Global ETF Conference hosted by Korea Exchange at a hotel in Yeouido in western Seoul, global financial investors agreed on the growth prospects of the smart-beta ETF market, in which they can achieve higher yields with more e
Oct. 13, 2016
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BOK cuts 2017 growth forecast to 2.8%
South Korea’s central bank cut its 2017 growth forecast to 2.8 percent from the July projection of 2.9 percent, citing bigger uncertainty in the global economy and risks from ongoing corporate restructuring here. The Bank of Korea said it left the 2016 growth outlook unchanged at 2.7 percent, despite a possible dent in Korean exports in the wake of the halt of production of Samsung Electronics’ smartphone Galaxy Note 7.The central bank’s 2017 growth projection is gloomier than the Finance Minist
Oct. 13, 2016
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[Photo News] Called in
Chong Il-woo, CEO of Philip Morris Korea (left) and Tony Hayward (right), CEO of British America Tobacco Korea take a witness oath prior to a parliamentary audit by the Planning and Finance Committee on Thursday over tax evasion allegations. (Yonhap)
IndustryOct. 13, 2016
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[Newsmaker] How to refund or exchange your Galaxy Note 7
The owners of explosion-prone large smartphone Galaxy Note 7 are able to refund or exchange their device from Thursday until the end of this year, according to Samsung Electronics. The short-lived Galaxy Note 7, which first rolled out on Aug. 19 in the US and Korea, sold around 1.8 million units globally. Around 500,000 units were sold in Korea alongside 1 million units in the US, where refunds and exchanges began Tuesday. Samsung said Thursday owners of the Galaxy Note 7 would receive benefits
TechnologyOct. 13, 2016
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[Super Rich] Korean conglomerates cash in on EXO's success
Korean conglomerate Lotte Group in March opened a duty-free shop in Tokyo’s luxurious shopping district Ginza, drawing a crowd to its opening ceremony early one morning. To be more precise, they were there to see the duty-free shop’s spokespersons -- EXO, a K-pop boy band under the talent agency S.M. Entertainment. EXO has sold more than 3 million albums since 2013 and has a large social media reach that includes 2 million followers in total on its Instagram accounts. In light of such popularity
IndustryOct. 13, 2016
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[Super Rich] Two moguls behind Starfield's luxury drive
Starfield Hanam, an enormous shopping and entertainment mall, has become the new hot spot for South Koreans in the past month.Located in Hanam, Gyeonggi Province, southeast of Seoul, the shopping mall attracted more than 1.5 million visitors within 10 days since opening on Sept. 9.Equivalent to 70 soccer stadiums combined, the massive mall is a collaboration of South Korea’s retail giant Shinsegae Group and US shopping mall centers management firm Taubman Centers. Shinsegae Vice Chairman Chung Y
IndustryOct. 13, 2016
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China’s PEF takes over a listed Korean entertainment agency
A Chinese private equity fund Gold Finance Group acquired majority stake and management rights of Korean management agency Fantagio Entertainment for 30 billion won ($26.6 million), the agency said Thursday. Fantagio announced early Thursday morning that the Chinese firm became the largest shareholder, holding a 27.56 percent stake in the company, and in doing so acquired management rights.“Chinese firms have expanded their presence Korea’s entertainment business as leading investors. However th
IndustryOct. 13, 2016
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Hyundai sales to see first dip in 18 years
Hyundai Motor, the nation’s largest carmaker, is expected to see its global sales decline for the first time in 18 years, due to the prolonged recession in emerging markets and slowing demand in its home turf. The carmaker had set an annual sales target of 8.13 million units in January, slightly lower than last year’s 8.2 million. But the South Korean carmaker appears to be in a difficult situation to reach that goal, some market analysts said, citing its slowing sales.As of September, the compa
MobilityOct. 13, 2016
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SKT aims to expand IoT innovation via LoRaWAN
South Korean network carrier SK Telecom on Thursday shared its long-term plan and ongoing efforts to push forward the development of Internet of Things technologies that make use of its newly deployed LoRaWAN network. The LoRAWAN network, which stands for “long-range wide-area network,” is designed to transmit small amounts of data at very low speeds of below 5 kilobits per second from battery-equipped objects to base stations across long distances.Participants attend a press conference for this
TechnologyOct. 13, 2016
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[Photo News] Bringing AI into finance
Participants including Kim Mi-seob (third from left), chief officer of management and administration at Mirae Asset, and Chung Jin-taek (third from right), dean of the Korea University College of Engineering, pose at a memorandum of understanding signing ceremony for the Mirae Asset Artificial Intelligence Financial Research Institute, the country’s first AI research institute dedicated to developing financial solutions at the Mirae Asset Center One Building in central Seoul on Thursday. (Mirae
Oct. 13, 2016
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Daesung chief takes over as World Energy chief
Daesung Group Chairman Younghoon David Kim was inaugurated as the chairman of the World Energy Council, a group of energy leaders around the world, at a ceremony in Istanbul on Thursday, the company said.Kim is the first Korean and second Asian to lead the council. His term ends in 2019.Daesung Group Chairman Younghoon David KimHe will represent the council with Jean-Marie Dauger, a former executive vice chair at Engie, who has been appointed as co-chair for the next three years. In his inaugura
IndustryOct. 13, 2016
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S-Oil provides heating oil for Ulsan typhoon victims
Korea’s oil refiner donated heating oil worth 1.5 billion won ($1.3 million) for 3,000 households in Ulsan hit by typhoon Chaba, the company said Thursday. Each household will receive a heating oil coupon worth 500,000 won, it said. Two regions in Ulsan were designated as a “special disaster area” on Monday after the typhoon caused over 9 billion won of damage. S-Oil CEO Othman Al-Ghamdi (S-Oil)“As a member of the Ulsan community, which houses our refinery, S-Oil will make every effort to suppo
IndustryOct. 13, 2016