Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Is NewJeans headed for a long 'break'?
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S. Korea, Cambodia forge strategic partnership
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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[Photo News] Hyundai Motor chairman Chung calls workers patriots
Hyundai Motor Group chairman Chung Mong-koo (center) inspects the quality of the carmaker’s new compact sport utility vehicle Creta, during his visit to its factory in St. Petersburg, Russia, Wednesday. Chung encouraged the employees to persevere despite difficult market conditions, calling them “patriots.” (Hyundai Motor)
MobilityAug. 3, 2016
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[Graphic News] H2 contraction forecast for major industries
Korea’s major industries are projected to contract in the second half of this year, a report showed Wednesday. According to the state-invested Korea Development Bank, the amount of orders that local shipbuilders receive will plummet by 88.2 percent in the second half of this year. In the first half, they fell by 94.6 percent on-year. The bank also forecast that construction firms’ orders will shrink by 7.4 percent this year, with a decline both locally and overseas.The display industry is also a
IndustryAug. 3, 2016
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Spolive to expand services in bid to regularize sports portal business
On July 27, Spolive (CEO: Kim Wan-su) announced that, by early 2017, it will offer real-time broadcasts and information services on not only baseball, soccer, and basketball but also volleyball and ice hockey. Spolive is a sports portal that provides live broadcasts of major professional sports tournaments from around the world as well as information on leagues, teams, and players. On the company’s website and via its mobile application, users are able to watch games and conduct searches for spe
IndustryAug. 3, 2016
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Sales of Korean slim cigarette skyrocket overseas
More than 200 billion sticks of the slim cigarette Esse have been sold overseas since 2001, said KT&G, Korea’s leading cigarette maker which produces the brand. According to KT&G on Wednesday, the number of slim cigarettes sold outside Korea from 2001 to July this year was around 220 billion. Sales of Esse currently account for more than one-third of slim cigarettes sold worldwide. The popularity of Esse stems from its high quality, low-tar, super slim design that met the demand of overseas cons
IndustryAug. 3, 2016
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[Monitor] Imported car sales sink on Volkswagen scandal
Sales of imported cars in Korea dropped 2.6 percent on-year in the first half of this year mainly due to Volkswagen‘s emission-rigging scandal, industry data showed Wednesday. According to the Korea Automobile Importers and Distributors Association, a total of 116,800 foreign brand cars were sold during that period.
MobilityAug. 3, 2016
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LG to bolster car parts business
LG Electronics will step up its efforts to strengthen its automobile component business, as General Motors’ new electric car Bolt is expected to go on sale later this year, a brokerage said in its report Wednesday.SK Securities said LG’s vehicle components division is expected to post 1.4 trillion won in the latter half of this year -- a more than 40 percent increase from the previous year. The division already fared well in the first half, by posting 1.2 trillion won ($1 billion) in sales, a 48
MobilityAug. 3, 2016
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External factors hamper Korea’s economy
A series of unfortunate events and negative factors abroad are hindering South Korea’s economy from growing toward its desired targets. The impact of the U.K.’s Brexit vote was beginning to ease up, with the government pledging fiscal support through a 28 trillion won ($25 billion) stimulus following the central bank’s monetary easing. But falling oil prices are now in the way of Asia’s fourth-largest economy reaching its potential.With crude oil prices dropping below $40 per barrel, the Korean
Aug. 3, 2016
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Seegene develops new DNA analysis tech
South Korean biotechnology firm Seegene on Wednesday said that it has introduced a new platform technology that automates steps involved in “molecular diagnostics” such as DNA analysis. Seegene’s newly developed “real-time PCR” platform technology, the “SGsilico,” is able to automate the dozens of steps involved in the “molecular assay” procedure -- analyzing the given components of a substance, such as human genes.Molecular diagnostics can determine and diagnose what kind of disease or conditio
IndustryAug. 3, 2016
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Top 10 conglomerates make up half of total market value: report
Korea’s top 10 conglomerates were found to make up more than half of the nation‘s total stock market value, a report showed Wednesday. According to corporate tracker CEO Score, the market capitalization of 181 listed companies owned by 10 top conglomerates recorded 778.5 trillion won ($698 billion) as of late last month, with 416 family members owning 70 trillion won. The entire listed companies under the 10 top groups accounted for 51.2 percent of the total market price of the Korean stock mark
IndustryAug. 3, 2016
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World Tower should open on schedule: Lotte
Lotte Corp. on Wednesday refuted mounting claims that its Lotte World Tower, the nation‘s highest building, will not be able to open within the year as initially planned.“Although it is true that Lotte Group as a whole is currently facing some issues, Lotte Corp. is not under investigation. There will be no problem in completing the tower within the year,” a company spokesman told The Korea Herald.The Lotte World Tower under construction (Yonhap)According to the spokesman, the 123-story tower is
IndustryAug. 3, 2016
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KB Financial nurtures fintech start-ups
KB Financial Group has geared up to coordinate with rising fintech start-ups to take the industry mainstream. KB Financial launched “KB Starters Valley” in March to offer all-in-one package of services to promising start-ups, which include working space, mentoring service, funding and partnership with the financial group.Representatives from KB Financial Group and Cambodia’s Canadia Bank pose at am MOU signing ceremony in June. (KB Financial)The start-ups, or KB Starters, prove their business va
IndustryAug. 3, 2016
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Agriculture Ministry to offer insect food tastings
The Ministry of Agriculture, Food and Rural Affairs has organized an insect food tasting event in Seoul, with the aim of improving the public perception of edible insects and promoting the growth of the insect food industry. The event will run from Aug. 4-17 at the Nonghyup Hanaro Club in Yangjae-dong of southern Seoul and feature 19 insect-based food items made by four food companies, the ministry said.Visitors can try out diverse foods that contain edible insects -- such as cookies, noodles, e
IndustryAug. 3, 2016
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Heavy debts, private education costs weigh down household consumption
Data released by the Bank of Korea last week showed the country’s economy grew by 0.7 percent on-quarter during the April-June period of this year. The figure, which represents a 0.2 percentage point improvement from the previous quarter, is still disappointing for policymakers and economists here, given a range of stimulus measures taken by the government, including those to help boost private consumption.On-quarter growth of Asia’s fourth-largest economy has remained below 1 percent since the
Aug. 3, 2016
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Galaxy Note 7 shows off bolstered security, stunning design
[THE INVESTOR] NEW YORK -- Since its 2011 launch, not many expected that Samsung Electronics’ Galaxy Note smartphone would survive the tough competition with smaller-size peers including Apple’s iPhone, the most popular option at the time.The Note lineup, which had its latest and sixth model Note 7 unveiled Tuesday in New York, has evolved and gained a great deal of popularity for itself along the way, so much so that almost all global smartphone makers that used to look down on the Note phablet
TechnologyAug. 3, 2016
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More passengers complaining about budget carriers
Complaints filed against low-cost carriers greatly outnumbered those against full-service carriers, data showed Wednesday.According to data submitted by the Korea Consumer Agency to a lawmaker Wednesday, the agency took corrective measures for a total of 337 complaints filed against airlines last year, with just 136 of them related to full-service carriers Asiana Airlines and Korean Air.Between October 2015 and March 2016, 60.3 percent of the 446 complaints filed in relation to airline services
IndustryAug. 3, 2016
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Samsung SDS steps up mobile security business in Europe
Samsung SDS, the IT solutions affiliate of Samsung Group, is expanding its mobile security solution business into the European market, company officials said on Wednesday. The tech firm recently partnered with the U.K. banking and financial services company Barclays to back the development of digital banking services together with Samsung Electronics. Under the partnership, Samsung Electronics is set to provide its mobile security platform KNOX while Samsung SDS plans to offer its mobile authent
TechnologyAug. 3, 2016
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[Photo News] LG promotes Korea in Time Square
LG Electronics started this week to run promotion videos of Korean cultural heritage in Times Square, New York. The company said the 60 second video ad that portrays 11 cultural heritages and Bulguksa Temple will be displayed throughout August. Cultural Heritage Administration.
TechnologyAug. 3, 2016
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Samsung expands biosimilars business with new affiliate
South Korean tech giant Samsung Group is working to expand its biosimilars business beyond Samsung Bioepis, the group’s drug developing unit specializing in making biosimilar drugs, according to industry sources on Wednesday. Archigen Biotech Ltd., a joint venture between Samsung BioLogics and U.K.-based AstraZeneca, on June 20 applied for the U.S. Food and Drug Administration’s approval to initiate phase 3 clinical trials for SAIT101, a biosimilar drug referencing Biogen’s Rituxan (rituximab).
TechnologyAug. 3, 2016
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Korea selects 5 consortiums for VR projects
South Korea's science ministry on Wednesday said it has selected five consortiums, including the one led by the country's largest fixed-line and broadband operator KT Corp., to carry out various virtual reality projects.The Ministry of Science, ICT and Future Planning said it will invest 3.78 billion won ($3.39 million) in the projects and another 4 billion won will be funded by the private firms.The government earlier announced a package of measures to foster the VR industry, saying that the se
TechnologyAug. 3, 2016
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Banks to introduce iris recognition system for mobile banking
Two of South Korea's major banks on Wednesday said they will use iris recognition as a biometric identification system for those who use mobile banking in the latest move to strengthen security.KEB Hana Bank and Woori Bank said they plan to introduce the system later this month in time with the launch of the Galaxy Note 7, Samsung's latest phablet that has an iris scanner.The two banks said the biometric identification system will be available only for those who will use the Galaxy Note 7.Samsun
Aug. 3, 2016