Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Science Ministry expresses regret over Japan’s pressure on Naver
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Haeundae Beach to become sand art museum in late May
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Police officer jumps barefoot into drainage tunnel to save man
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Yoon interacts with public for 1st time since election defeat
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Lee Sun-kyun's posthumuous film to hit theaters in August
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[Photo News] Nissan rolls-out new mid-size sedan
NISSAN UNVEILS NEW MIDSIZE SEDAN -- Nissan Korea unveiled its new midsize sedan All-New Altima, which has a combined fuel efficiency of 13.3 kilometers per liter, in Seoul on Tuesday. The price of the new sedan starts from 29.9 million won ($26,270). (Nissan Korea)
MobilityApril 19, 2016
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[Market Now] Lotte sells Eunpyeong commercial building to KEB Hana fund
Lotte Shopping said Tuesday it will sell its commercial building in Eunpyeong New Town, Seoul, to a real estate trust fund of KEB Hana Bank by the end of this month.Hana’s fund will purchase the property for 430 billion won ($380 million), according to a disclosure filing by Eunpyeong PFV Corp. Lotte Duty Free shop in downtown Seoul (Yonhap)Lotte Shopping’s Lotte Asset Development, a real estate developer of Lotte Group, set up the special purpose company -- Eunpyeong PFV Corp. -- to develop the
April 19, 2016
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Cheil Worldwide buys stake in U.K.‘s Founded
Korean advertising group Cheil Worldwide is seeking to tap deeper into the U.K. and U.S. markets with its acquisition of a British marketing agency. Iris, a London-based affiliate of Cheil, said Tuesday it acquired a stake in U.K. agency Founded that works with clients including Uniqlo, Sony, Financial Times, WePay and Zipcar. The companies declined to disclose terms of the deal.The deal highlights Cheil’s willingness to expand its oversea business and diversify the business portfolio from retai
April 19, 2016
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Gov't set to pick new industries for restructuring
South Korea may choose additional industries for restructuring next week as part of efforts to weed out troubled companies that could put a damper on Asia's fourth-largest economy down the road, government and industry sources said Tuesday.In line with its sweeping restructuring drive to keep financially troubled companies from becoming a drag on the economy, the government has already singled out five industries -- shipbuilding, shipping, construction, steelmaking and petrochemicals.In particul
April 19, 2016
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Oil recoups heavy losses from Doha talks collapse
The oil market late Monday recouped heavy losses spurred by the failure of major crude producers to agree curbs on output that could have firmed up the market.Analysts said a strike that knocked out more than 60 percent of Kuwait's production helped support the market.Crude prices fell nearly seven percent early in the day after producers came away from talks in the Qatari capital of Doha on Sunday empty-handed.But by the end of trade, US benchmark West Texas Intermediate for delivery in May had
April 19, 2016
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[Photo News] Samsung partners with U.N. for charity
SAMSUNG-U.N. PARTNERSHIP FOR CHARITY -- Kim Jung-hwan (left), manager of Samsung Electronics’ South America headquarters, poses with Amanda Mukwashi, U.N. volunteers’ knowledge and innovation team leader, after signing an agreement to run support programs together for the underprivileged in South America. (Samsung Electronics)
TechnologyApril 19, 2016
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Go star Lee Se-dol, new model for Nongshim Shin Ramyun
Nongshim, Korea’s leading processed food manufacturer, has named Go champion Lee So-dol who challenged Google’s AlphaGo artificial intelligence program last month as the new TV model for its best-selling instant noodle product Shin Ramyun, the company said Tuesday.“We have named Go grandmaster Lee Se-dol as the new model because he is known as a Shin Ramyun fanatic, and the passion he has shown through the game series (against AlphaGo) bears a likeness to Nongshim’ K-food drive toward the global
IndustryApril 19, 2016
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[Market Now] K-water receives state funds for four rivers debt repayment
Korea Water Resources Corp. said Tuesday that it has received 119 billion won ($104 million) from the Ministry of Strategy of Finance to repay its debt for the construction and restoration of Korea’s four major rivers.The government agreed last September to provide a total of 340 billion won this year to the state-run K-water for debt repayments.The state-run water resources manager said that the 119 billion won was the first capital support from the Finance Ministry, and the rest of the 340 bil
April 19, 2016
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Green Cross, IVI sign MOU on Zika virus vaccine
Green Cross, a Korean vaccine-maker, has signed a memorandum of understanding with the International Vaccine Institute to jointly develop a vaccine to prevent Zika virus, the company said Tuesday.Under the agreement, Green Cross and its affiliate Green Cross Medical Science will share a pool of researchers, labs and instrumental techniques on vaccine development. Green Cross will also share its technical know-how on vaccine development and production while IVI offers Zika virus strains for joint
IndustryApril 19, 2016
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[Market Now] BOK cuts 2016 growth outlook to 2.8%
The Bank of Korea on Tuesday cut its outlook for Korea’s economic growth in 2016 by 0.2 percentage point to 2.8 percent, deviating further from the government’s 3.1 percent forecast and joining private forecasters in lowering growth projections. Inflation will be 1.2 percent this year, also 0.2 percentage point lower than its previous projection of 1.4 percent, BOK Gov. Lee Ju-yeol said in a news conference that followed the bank’s decision to hold the base rate steady at 1.5 percent. BOK Gov.
April 19, 2016
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Excessive smartphone use causes 'cross-eye': experts
An excessive use of smartphones by teenagers may cause them to suffer from eye deviation, experts warned Tuesday, adding users must refrain from viewing displays for more than 30 minutes consecutively.Chonnam National University Hospital said it has found the possible relationship between convergent strabismus, a symptom in which a patient's eye moves inward eventually to become "cross-eyed," and excessive use of smartphones based on its study on 12 patients aged seven to 16.The convergent strab
TechnologyApril 19, 2016
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UPDATE-Hyundai Heavy seen in back in profit in Q1
Hyundai Heavy expected to swing to profit in Q1Hyundai Heavy Industries is likely to report a return to profit in the first quarter of this year, as earnings from oil refinery business offset losses in offshore and plant construction segments, stock analysts said Tuesday. In a report Tuesday, Kim Hyun of Shinhan Investment, a Seoul-based brokerage house, forecast an operating profit of 251.7 billion won ($220 million) for the January-March period for the world’s largest shipyard. Revenues woul
April 19, 2016
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Hankook Tire fined in China for resale price-related violation
Hankook Tire, Korea's largest tiremaker, has been fined in China for breaching anti-monopoly regulations there, industry sources said Tuesday.According to the sources, Hankook Tire's affiliate in Shanghai was slapped with a fine of 2.17 million yuan ($334,000), which is equivalent to one percent of its annual sales.It is the first time that a Korean tiremaker has been fined in China.The sources said Hankook Tire was found to have violated regulations regarding the so-called "minimum resale price
IndustryApril 19, 2016
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Corporate offshore bond issuances on the rise
Korean companies increasingly opt to raise funds by issuing corporate bonds outside the country as it takes lower costs, a local asset-management association said Tuesday.Companies, such as Kia Motors, Hanwha Chemical and Doosan Heavy Industries & Construction, have raised funds by selling debts to overseas institutional investors, according to the Korea Financial Investment Association (KOFIA). "As base rates in the United States and Europe are much lower than the (current) key rate of 1.50 per
IndustryApril 19, 2016
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Samsung, U.N. to roll out aid projects in Latin America
Samsung Electronics on Tuesday said it will roll out volunteer projects in Latin America under ties with the United Nations, adding it will introduce various activities by utilizing its capabilities in information technology.The Korean tech giant and the United Nations Volunteers officially signed an agreement in Brazil earlier this week, where Samsung vowed to kick off volunteer programs through using the organization's know-how.The U.N. Volunteer can also introduce a wider range of activities
IndustryApril 19, 2016
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[Market Now] Bank of Korea freezes key rate at 1.5%
The Bank of Korea on Tuesday left the key interest rate at 1.5 percent, the lowest on record, for the 10th consecutive month. The decision was expected by 86 percent of 200 bond market participants in a survey. The BOK last moved the rate in June last year. Bank of Korea (Yonhap)Four of the seven members of the bank’s monetary policy board are to be replaced Thursday by figures who, local media say, seem dovish. The central bank now expects the Korean economy to grow 2.8 percent in 2016, not 3
April 19, 2016
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Draft guideline urges institutional investors to speak up
Institutional investors holding equity stakes in Korea’s listed companies will be urged to speak out on key corporate decisions under a draft of new corporate governance guidelines unveiled Monday. The draft, presented by the bourse operator Korea Exchange and its think tank Korea Corporate Governance Service at a forum in Seoul, is envisioned to replace existing standards for publicly traded companies to follow in areas of shareholder rights, board composition and management, and various other
April 18, 2016
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[Graphic News] Top 10 conglomerates‘ sales fall further than corporate average
Korea’s top 10 conglomerates saw their companies‘ sales decline at a sharper rate than the nation’s corporate average last year, according to data released Sunday.Market information provider FnGuide said in its report that combined sales at 68 of the top 10 business groups’ listed affiliates stood at 1,010.7 trillion won ($877.1 billion), a 3.31 percent drop from the previous year.Companies listed on the Korea Stock Composite Price Index fell by an average of 3.01 percent.By conglomerate, seven
IndustryApril 18, 2016
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Kumho Tire collaborates with Psy
Kumho Tire unveiled Monday its new commercial music video made in collaboration with K-pop singer Psy.The tire company said in a statement, “We have created this commercial video by combining the company’s brand slogan ‘Better, All-Ways’ with Psy’s hit music ‘Good Day Will Come.’” Still cuts of Psy’s music video made in collaboration with Kumho Tire (Kumho Tire)The video, which was made to raise the company’s brand profile through music, was unveiled on YouTube channels and China’s media platfor
MobilityApril 18, 2016
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Lotte Mart apologizes, vows to compensate toxic disinfectant victims
Lotte Mart, one of the manufacturers of a humidifier disinfectant that allegedly caused lung damages that claimed 143 lives, on Monday officially apologized and vowed to provide due compensation to the victims and their families.The announcement marks the first ever public action taken by a maker of the toxic disinfectants in question since a probe on the case began in 2011. It also comes as the prosecution is set to summon executives of Lotte Mart, alongside three other firms, for questioning t
IndustryApril 18, 2016