Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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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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Suzy, Park Bo-gum star in AI fantasy romance ‘Wonderland’
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Dog goes on incredible journey to make it back home, 41 days after going missing
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Think tanks slash growth outlook for Korea
Two South Korean private think tanks have revised down their growth outlooks for Korea, citing a continued slump in exports and weak domestic demand.LG Economic Research Institute said in a report Thursday that Asia’s fourth-largest economy will grow 2.4 percent this year, down from the previous projection of 2.5 percent. It is the most skeptical view among economic institutes in Korea in terms of growth projections. (123RF)The think tank attributed the grimmer outlook to a still sluggish globa
April 15, 2016
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Youth unemployment highest on record for March
Korea’s youth unemployment hit its highest level on record for March while the economy added 300,000 new jobs in the same month, government data showed Friday.The jobless rate for people aged between 15 and 29 stood at 11.8 percent in March, a slight decrease from a record high of 12.5 percent in February, according to the Statistics Korea. The figure is the highest youth unemployment rate on record for March.(123RF)The additional 300,000 jobs in March, which brought the employment number to 25.
April 15, 2016
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LG Display shares down on Samsung-Apple deal
Shares of LG Display fell 6.7 percent Friday on a news report that Samsung Display had signed a deal with Apple to supply organic light-emitting diode displays for the next iPhones. The Samsung displays are expected to replace the liquid crystal display panels used in the current iPhones that are produced by LG Display. LG currently produces almost 40 percent of the iPhone display panels. Even though the Samsung-Apple deal had largely been expected, it seems unavoidable that it would have a nega
TechnologyApril 15, 2016
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Court rejects injunction seeking to prohibit labor action at Korean Air
A local court has rejected Korean Air Lines Co.'s injunction request seeking to prohibit its pilots from taking any labor action, saying there were no procedural problems with the voting process that gave the green light for a strike, company officials said Friday.The ruling was made by the Seoul Southern District Court on Thursday, apparently throwing weight behind labor unionists currently demanding a salary hike and better working conditions after negotiations broke down in February. Both hav
IndustryApril 15, 2016
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[Market Now] Fitch warns of weakening reform drive
Fitch Ratings, one of the three major global credit appraisers, said Friday that the outlook for Korea’s economic reforms, essential for its long-term growth, has gotten murkier after President Park Geun-hye’s ruling party lost its parliamentary majority in elections. “The South Korean government will find it more difficult to implement key structural reforms to boost long-term productivity,” said Fitch analyst Thomas Rookmaaker. In April 13 general elections, Korea’s governing Saenuri Party suf
April 15, 2016
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Samsung mulls OLED production line for Apple iPhone
Samsung Display is considering building a separate production line to produce organic light-emitting diode displays exclusively for Apple’s iPhone, industry sources said Friday. The facility will start operation within the second quarter of this year to have a production capacity of 120,000 panels per month.The plan comes after a news report that the display-making unit of Samsung Electronics recently signed a contract with Apple to supply an annual 100 million OLED panels from the second quarte
TechnologyApril 15, 2016
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'Descendants of the Sun' secures 12.2 bln won worth of ad deals
"Descendants of the Sun," the just-closed sensational TV series, rewrote the history of commercial success for terrestrial networks' weeknight dramas.The KBS 2TV's mini-series secured a combined 12.2 billion won ($10.6 million) worth of advertisement deals, including virtual advertising and PPL, according to sources in the broadcasting industry.The sum is close to the show's total production cost of 13 billion won and more than double the number of MBC TV's 2014 hit drama "Pretty Woman."All 28 f
IndustryApril 15, 2016
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Korea's foreign currency deposits jump 13% in March
Foreign currency deposits at banks jumped 13 percent in March from a month earlier due mainly to increased deposits by local companies, central bank data showed Friday. Outstanding foreign currency deposits held by local residents came to $60.6 billion last month, up $7.1 billion from the previous month, according to the data compiled by the Bank of Korea. Local residents include firms and foreign nationals who have stayed in the country for more than six months. The deposit figure excludes inte
April 15, 2016
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Japan's No. 1 logistics provider dedicates cargo-handling center in Busan
Nippon Express Co., Japan's largest distribution service provider, dedicated an international logistics center in the free economic zone in the port city of Busan on Friday, paving the way for the company to strengthen its operations in Northeast Asia.The company held a ceremony with the Busan-Jinhae Free Economic Zone Authority to launch the center. Nippon Express injected 2.77 billion won ($2.4 million) into the project with work starting in August of last year. The facility has a floor area o
IndustryApril 15, 2016
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Korea reports 3rd-largest trade surplus in March
South Korea attained its third-largest trade surplus in March and extended the surplus streak to 50 months, as imports again fell at a faster pace than exports, customs data showed Friday.The country's trade surplus came to $9.86 billion last month, up from a surplus of $7.07 in the previous month, according to the data from the Korea Customs Service.The March figure marked the 50th consecutive month of a trade surplus, with an 18.6-percent on-year jump from $8.34 billion a year earlier.It is al
April 15, 2016
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Lawmakers vow efforts for lower mobile service fees
Lawmakers here said Friday they will continue efforts to cut mobile phone service rates in the upcoming session of the National Assembly.Last year, Rep. Woo Sang-ho of the main opposition Minjoo Party and 14 party colleagues proposed legislation on eliminating basic fees, standing at around 10,000 won ($8.60) a month.Chances are slim, however, the bill will pass the current parliament scheduled to finish at the end of May."I will first submit a bill on eliminating basic fees, returning to the Na
IndustryApril 15, 2016
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Bond funds favored over stock funds for stable returns
Investors have pumped in more cash in bond funds than stock funds so far this year as they seek more stable returns, a fund rating and consulting company said Friday. Domestic bond-focused funds have seen a cash inflow of 1.37 trillion won ($1.2 billion) this year through April 12, KG Zeroin said in a statement. In contrast, investors withdrew a total of 465 billion won from their stock funds. Cash outflows from the exchange traded funds were not included in the tally, it said. Investors are inc
April 15, 2016
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Korea's jobless rate drops to 4.3% in March
South Korea's jobless rate dropped to 4.3 percent in March from the previous month's 4.9 percent, with the number of newly employed people rebounding to over 300,000 last month, a government report showed Friday.The unemployment rate for young adults also edged down to 11.8 percent last month from an all-time high of 12.5 percent in February, but the figure is the highest youth unemployment rate on record for March, the report compiled by Statistics Korea said, raising concern that the sluggish
April 15, 2016
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Korean mobile game to feature Lee Kwang-soo as new character
A South Korean game will feature a character based on actor and TV personality Lee Kwang-soo, his management said Friday.Lee will be a new character in the mobile board game "Game of Dice" created by South Korean mobile game company Joy City Co., King Kong Entertainment said. Lee Kwang-soo (OSEN)"The character 'Kwang-soo' will reflect the star's cheerful characteristics loved by many Asia fans," it said.Nicknamed "Asia's Prince," Lee is widely popular in Asia for his delightful role on variety
IndustryApril 15, 2016
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Kia Motors to showcase Niro hybrid SUV at Beijing motor show
Kia Motors Corp., South Korea's No. 2 carmaker, said Friday that it plans to showcase its Niro hybrid SUV at a motor show to be held in China later this month in a bid to test customer response ahead of its official launch there.The Niro crossover SUV will be displayed at the Beijing International Automotive Exhibition, which kicks off on April 25, according to the company. The Niro is to be launched in China in October. (Yonhap)Kia Motors' first hybrid SUV whose production is based on its own
MobilityApril 15, 2016
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Koreans consume less meat than OECD average
Koreans’ meat consumption has surged nearly fivefold in the last 30 years, but still falls behind the average intake of other rich nations, a report by Food Ministry showed Friday. (123RF)According to the Ministry of Agriculture, Food and Rural Affairs, Koreans had 51.3 kilograms of meat on average in 2014, less than 63.5 kilograms consumed by the member countries of the Organization for the Economic Cooperation and Development.The U.S. topped the list with 89.7 kilograms per capita, followed by
IndustryApril 15, 2016
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Tobacco-makers, farmers oppose sale of foreign cigarettes at military bases
Local tobacco-makers and farmers on Thursday questioned the Defense Ministry’s approval of foreign cigarettes on Korean military bases, saying it hurts national pride.A welfare committee of the ministry approved the sale of foreign tobacco brands for the first time. They include Marlboro Gold Original by U.S.-based Philip Morris, and Mevius LSS Wind Blue by Japanese maker JTI, according to Defense Ministry sources.This will be the first time that foreign cigarettes are being sold at post exchang
IndustryApril 14, 2016
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Global intellectual property forum to open in Seoul
South Korea will host the Intellectual Property Business Congress, an annual forum for the global intellectual property industry, for the first time at JW Marriott Seoul Hotel in Seoul on Friday.Around 200 IP experts, patent agency officials and corporate executives will flock to the event, dubbed IPBC Korea, to discuss current issues and challenges facing the IP segment, such as how to develop strategies to boost the value of IP.Some of the speakers for the event include IBM’s Asia-Pacific IP l
TechnologyApril 14, 2016
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[Consumer This Week] Barbie, Able C&C, Uniqlo, GS25, Dongwon
Lotte Mart introduces realistic Barbie dolls to AsiaLotte Mart has introduced a new lineup of realistic “Fashionista” Barbie dolls that includes three new body types -- tall, curvy and petite -- in South Korea on Thursday.After decades of criticism, Barbie, a brand known for its unrealistically skinny figurines, introduced new dolls with diverse physiques and hairstyles in January this year. Seoul is the first Asian market where these realistic Barbies are being introduced. Available in seven ty
IndustryApril 14, 2016
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[Market Now] Bond yields rise as QE expectations ebb
Yields on Korea’s government bonds went up in Seoul on Thursday, as the ruling camp’s election defeat sapped market expectations for the Bank of Korea’s bond purchase program. The yield for the three-year government bond rose 3.7 basis points to 1.52 percent, the highest this month, while the five-year note’s yield closed 4.2 basis points higher at 1.607 percent. The yield on 10-year debt rose 4.5 basis points to 1.844 percent. President Park Geun-hye’s Saenuri Party lost its majority status in
April 14, 2016