Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Korean firms target EV charging market in US
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Brexit to burden Samsung, LG's electronics biz
[THE INVESTOR] UK’s departure from the European Union is likely to further burden Korean electronics and home appliances makers.Europe’s slowdown has been dragging down Samsung Electronics and LG Electronics’ sales in the region in recent years. Samsung’s European sales had accounted for 21.2 percent of the total in 2013, but the figure dropped to 12.8 percent last year. Over the same period, LG’s figure went from 11.2 percent to 10.3 percent. While sales have slowed, Brexit is expected to add h
IndustryJune 24, 2016
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Won-yuan direct trading market in China to be launched next week
The Chinese market for direct trading of the Korean won and Chinese yuan will be launched next week, the finance minister here said Friday.The won-yuan direct trading market will start operation in Shanghai on Monday, with the state-run Chinese Foreign Exchange Trading System to take charge of the management, according to the Ministry of Strategy and Finance."South Korea and China are important trade partners for each other," Finance Minister Yoo Il-ho said in an official opening ceremony held i
June 24, 2016
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Korea to consider bilateral free trade pact with Britain: foreign minister
Korea will consider a bilateral free trade deal with Britain in response to its exit from the European Union, Seoul's top diplomat said Friday.Foreign Minister Yun Byung-se told lawmakers during a session of the parliamentary foreign affairs and unification committee that his ministry, in coordination with the trade ministry, will draw up "various measures," including a Korea-Britain free trade agreement, after Britons opted to leave the EU in a landmark referendum Thursday."Some experts at home
June 24, 2016
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Brexit batters Seoul financial markets
Like elsewhere in the world, Seoul’s financial markets took a heavy beating from Britain’s decision to leave the European Union on Friday, as panicky investors dumped emerging-market assets in a global flight to safety. KOSPI stocks fell 3 percent, while the local currency shed nearly 2.6 percent against the dollar. Government officials swiftly went into emergency mode, vowing to use “all means possible” to help stabilize markets. Despite the panic on the financial markets, some private economis
June 24, 2016
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Gyeonggi seeks additional duty-free licenses
Gyeonggi Province has proposed giving licenses to duty-free outlets in large exhibition facilities and changing the standard for additional licenses, according to the provincial government Thursday.On June 2, the Gyeonggi government submitted a proposal to the Korea Customs Service asking for changes to the current regulations concerning duty-free licenses in the area.Under current KCS regulations, each provincial government is permitted to grant one new duty-free license for on-year increases o
IndustryJune 24, 2016
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Lunch boxes top sales at convenience stores
The soaring popularity of lunch boxes has made it one of the top-selling products at Korea’s convenience stores, according to data Friday.Convenience store chain CU said that for the first time, a lunch box product recorded the most sales at its outlets. The retail chain’s “Baek Jong-won Hanpan Lunch Box” raised the most sales out of all its products this year. A customer walks into a CU outlet promoting its Baek Jong-won lunch boxes. (Yonhap)From January to June, sales of lunch boxes at CU tri
June 24, 2016
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Korea vows swift, firm response over Brexit if necessary
Korean Finance Minister Yoo Il-ho on Friday said Seoul will "swiftly and firmly" take measures to deal with volatility in financial markets if necessary as Britain voted to leave the European Union. Korea "has faithfully reviewed contingency plans and the government will swiftly and firmly deal with the development if necessary," the policymaker said in a statement, saying that the Brexit is expected to pose "long-term uncertainty" to the world economy and Korea. "In the short term, volatility i
June 24, 2016
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Woori Bank needs to sharply increase provisions to retain top rating
[THE INVESTOR] Woori Bank needs to set aside loan-loss provisions of 700 billion won (US$ 594 million) to maintain its credit rating of AAA, credit rating agencies said on June 24. Woori Bank’s BIS capital adequacy ratio declined to 13.5 percent as of the end of the first quarter, the lowest level among commercial banks. Due to its exposure to debt-laden shipping and shipbuilding companies, the ratio has been plunged from 15.5 percent to 13.7 percent during two years between 2013 and 2015. Accor
June 24, 2016
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Seoul stocks, currency stung by Brexit rout
Korea's financial market was roiled Friday by Britain's exit from the European Union, with the local stock market plunging over 3 percent and the local currency nosediving.The country's benchmark Korea Composite Stock Price Index shed 70.43 points, or 3.55 percent, to 1,916.53 as of 2:20 p.m. From a session earlier, the Korean won fell 28.20 won, or 2.6 percent, against the U.S. dollar to trade at 1,178.40 won. (Yoon Byung-chan /The Korea Herald)The main index opened up at 2,001.55 but turned l
June 24, 2016
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S. Korea going all-out to stem fallout from Brexit
Korea on Friday said it will use all means to stabilize the local financial market following the unexpected result of the historic British referendum to leave the European Union.As the world's fifth-largest economy got ready to leave the 28-member economic bloc, South Korea's financial market suffered a severe setback. Vice Finance Minister Choi Sang-mok (center) speaks at an emergency meeting in Seoul to discuss the impact of the Brexit on June 24, 2016. (Yonhap)The benchmark KOSPI sank 3.09 pe
June 24, 2016
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Hanjin Shipping sells W60b of operating rights to secure liquidity
[THE INVESTOR] Hanjin Shipping sold 60 billion won ($51 million) worth of operating rights on Southeast Asian routes to its affiliate in order to secure liquidity, local news reported Friday. Citing an official from the shipping industry, the shipper sold part of its rights to Hanjin Transportation, which runs the land transport service under Hanjin Group, during an emergency meeting of the board. The move came after the government and creditors, led by the state-run Korea Development Bank, push
IndustryJune 24, 2016
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South Korea Gov’t promises tight response to Brexit
[THE INVESTOR] The government will roll out all possible measures in responding to the effects of Brexit, Vice Minister of Strategy and Finance Choi Sang-mok said on June 24. Speaking at an emergency meeting in Seoul, Choi said that a pan-government effort will be orchestrated to “minimize the negative effects” of UK leaving the European Union. Saying that the government will closely monitor the foreign exchange market, Choi said that the authorities will take steps to stabilize the market. Yoon
June 24, 2016
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Shareholders OK Ildong’s revamp plan
[THE INVESTOR] Shareholders of Ildong Pharmaceutical agreed on June 24 to transform the firm into a holding company with four entities under its wing.In its second attempt to become a holding firm, the Korean drug maker successfully gained approval to spin-off its four units as new entities, aiming to boost transparency of it corporate governance structure and stabilize management rights.“Through the spin-off, we will efficiently allocate resources business sectors and promote business activitie
IndustryJune 24, 2016
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[Photo News] Telecoms' cooperation to improve human life
KT chairman Hang Chang-gyu speaks about the need for cooperation among global telecommunication companies to develop new technologies that contribute to human life during the U.N. Global Compact Leaders Summit 2016 in New York on Thursday. (Yonhap)
TechnologyJune 24, 2016
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CJ E&M successfully taps into global showbiz
[THE INVESTOR] Korea’s leading media giant CJ E&M has been persistently pushing to tap into the global show business to develop a new business model.And “Kinky Boots,” a Broadway musical, is one of its latest and most successful efforts. CJ E&M, which has participated in the production of the musical since 2012, is responsible for bringing the energetic stage performance to the Asian markets including China and Korea. A scene from Kinky Boots.“As a co-producer of ‘Kinky Boots,’ CJ E&M was able t
IndustryJune 24, 2016
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UHD TVs outstrip full HD TVs in global market
The global sales of ultra-high-definition TVs worldwide has exceeded those of full HD ones, an industry tracker said Friday.According to the data compiled by IHS, the market share of UHD TVs, also known as 4K TVs, jumped to 47.3 percent in the second quarter of this year from 42.1 percent in the previous quarter.In contrast, that of full HD TVs declined from 42.9 percent to 38.7 percent over the cited period. IHS predicted that the gap will further widen in the third quarter with UHD TVs expecte
TechnologyJune 24, 2016
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Sungjoo Group seeks to make MCM 'new school luxury' brand
Korean fashion giant Sungjoo Corp., which owns and runs German luxury bag brand MCM, on Friday said it will adopt the latest technology to create an innovative fashion code and lead the new luxury trend. "We will combine technology and fashion to create the new framework in the luxury market," Sungjoo Group said in the newly published book, titled "The Story of Sungjoo." Sungjoo Group is a fashion retail group that operates franchise stores for leading British retail group Marks & Spencer, Yves
TechnologyJune 24, 2016
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Korea revises down growth outlook to 2.8 percent
[THE INVESTOR] Korea has revised its annual economic growth rate outlook for 2016 to 2.8 percent from the previous 3.1 percent, the government said on Friday.During a meeting with the ruling Saenuri Party, government policymakers said growth is expected to slow in the second half of 2016. “If the second-half economic policy plan is executed as Finance Minister Yoo Il-ho at a meeting with the ruling Saenuri Party (Park Hae-mook/The Investor)expected, this year’s growth will decrease from (the) i
June 24, 2016
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Korea’s dependence on China poses risks and opportunities
[THE INVESTOR] Korea’s high economic dependence on China is a double-edged sword, a report said on Friday.In a report titled “China’s choice,” the McKinsey Global Institute ranked Korea fourth in the world in terms of economic dependence on China. According to the report, Korea is fourth in the world in terms of the proportion of gross domestic product raised from exports to China. Oman showed the highest dependence followed by Angola and Malaysia. Korea’s economy is highly trade reliant. About
June 24, 2016
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K-ITC Born2Global Center and its Members ④ Twinword
Big data start-up Twinword announced Tuesday that it would unveil its key word research platform “Twinword SEO” next month. Key word research is a marketing technique that uses big data to identify and analyze words associated with a particular search term. The objective is to find the best words to use in the introduction of a product or company in order to achieve the highest rankings possible on Internet search engines.Twinword is a venture company that collects, analyzes and utilizes big dat
TechnologyJune 24, 2016