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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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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Yoon interacts with public for 1st time since election defeat
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Police officer jumps barefoot into drainage tunnel to save man
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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Lee Sun-kyun's posthumuous film to hit theaters in August
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N. Korea says to deploy new multiple rocket launcher starting this year
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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
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Coupang logs threefold jump in 2015 sales
Coupang, South Korea’s leading e-commerce operator, said Thursday its sales jumped more than threefold in 2015 due to its delivery service, but its operating loss widened due to big investments in logistics capacity. Coupang posted 1.13 trillion won ($ 976.66 million) in sales last year, becoming the first social commerce operator to break the 1 trillion mark in the nation, its regulatory filing showed. Despite the stellar sales growth, the firm logged 520 billion won in operating losses because
IndustryApril 14, 2016
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[Herald Interview] Korean whiskey market hungover
Whiskey consumption in Korea has always been tied to a very specific culture: drink-till-you-drop parties among businessmen who enjoy coupling the expensive drink with women in smoky underground bars.As that culture waned, so did whiskey sales. Its consumption in Korea has been falling by roughly three percent each year for the past five years, according to industry statistics. Golden Blue regional sales director Kim Ji-yeon speaks to The Korea Herald at the Golden Blue headquarters in Seoul.
IndustryApril 14, 2016
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Korean shares jump 1.7% to close above 2,000-point level
Korean shares rallied 1.74 percent Thursday amid growing expectations of a recovery in the Chinese economy. The local currency sharply fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 34.53 points to 2,015.85. Trade volume stood at 456 million shares worth 6.3 trillion won ($5.4 billion), with gainers outnumbering losers 472 to 337.The KOSPI's upswing came a day after China released strong trade data. Its exports soared 11.5 percent on-year in March.The
April 14, 2016
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Businesses call for new Assembly‘s efforts to restore economy
The nation’s major business associations called on the new National Assembly to make cooperative efforts to restore economic vitality beyond conflicts in ideology and distrust.“The business community hopes most that the newly elected lawmakers will make collective efforts to stabilize the livelihoods of ordinary citizens and restore the economy mired in a slump as the election result implies,” the Federation of Korean Industries, a business association of conglomerates, said in a statement Thurs
IndustryApril 14, 2016
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Asiana Airlines named top air carrier of 2015 by Incheon Airport
Asiana Airlines, the nation’s second-largest air carrier, was named the top airline of 2015 by Incheon International Airport on Thursday, the airport said.Asiana Airlines took top honors in the over 5-million-passenger category for Airline of the Year. T’way Airlines and Eastar Jet were named best for the 500,000-passenger group.In smaller categories, AirAsia X, Emirates, Delta Airlines, Lao Airlines, Hawaiian Airlines, and KLM Royal Dutch Airlines were named Airline of the Year.At the awards ce
IndustryApril 14, 2016
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Changed political landscape to have limited effect on stock market: analysts
The changed political landscape in the wake of Wednesday’s general election will have a limited impact on the Korean stock market, analysts here said Thursday.The benchmark Korea Composite Stock Price Index rose 1.34 percent to trade at 2007.77 as of 2 p.m. Thursday on China’s better-than-expected March trade data and gains on global stocks the previous day. The tech-heavy KOSDAQ inched down 0.24 percent to mark 691.78 at the time. KOSPI jumps 1.75 percent to close at 2015.93 Thursday. Yonhap Ne
April 14, 2016
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[Photo News] Environment Ministry, Starbucks join hands for coffee recycling
COFFEE RECYCLING - Vice Environment Minister Jeong Yeon-man (second from left) and Starbucks Coffee Korea CEO Lee Seock-koo (third from left) water a plant Thursday after signing an agreement to turn used coffee grounds collected across Starbucks outlets nationwide into eco-friendly compost, animal feed and other repurposed substances for local usage. This year, the two plan to collect roughly 3,500 tons of used coffee grounds for recycling purposes. (Starbucks Coffee Korea)
IndustryApril 14, 2016
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CJ Korea Express expands presence in global cargo delivery market
CJ Korea Express, the shipping unit of South Korean conglomerate CJ Group, is expanding its presence in the global cargo delivery market by securing major deals with clients around the world and partaking in global construction projects. In January, CJ secured a deal with GS Engineering & Construction to deliver its equipment to be used in building the Socar Turkey Aegean Refinery, to the Port of Aliaga in western Turkey, the company said.CJ Korea Express loads up cargo to be shipped to Turkey f
IndustryApril 14, 2016
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Impala sedan production sparks GM labor dispute
Whether to import the popular Impala sedan or manufacture it at home is becoming a seed of labor dispute between GM Korea‘s management and its union.Last week, the Korean unit of U.S. General Motors decided to continue importing Chevrolet’s premium sedan Impala instead of producing them here.But the automaker’s labor union said in its statement that the management’s decision is tantamount to breaking trust between labor and management, warning that the company “will have to pay a huge price for
MobilityApril 14, 2016
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Political risks increasing to economic reform
At a Cabinet meeting a day before Wednesday’s general election, President Park Geun-hye urged voters to cast their ballots to form a “new National Assembly devoted to securing people’s livelihoods and revitalizing the economy.”Park deplored what she described as losses caused by the blocking or delay of the passage of reform bills in the outgoing parliament.The answer from the electorate, who deprived her conservative ruling Saenuri Party of its majority in the 300-member legislature, apparently
April 14, 2016
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Doosan Infracore rebounding on expanded sales
Doosan Infracore, a loss-making construction equipment maker, is witnessing an improvement in its business on the back of increased sales in China and other major markets, industry sources said Thursday.According to sources, Doosan Infracore sold a total of 1,001 excavators in China, the world's largest market for construction equipment, last month to garner 7.6 percent market share there, compared with sales of 828 units, or 6.9 percent, a year earlier.In the first quarter of the year, demand f
IndustryApril 14, 2016
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Korean market for insomnia drugs grows on rising patients
The Korean market for insomnia medications is growing at a fast clip as more people complain of sleep disorders, industry sources said Thursday.According to data by the National Health Insurance Service, 455,900 Koreans received hospital treatment for sleep disorders in 2015, up a whopping 57 percent from five years earlier. (123RF)After breaching the 300,000-mark, the number of people with sleeping problems has spiked more than 40 percent over the past five years, with the annual increase rate
IndustryApril 14, 2016
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Mobile carriers join forces with Naver for app service
Korea's top three mobile carriers will team up with Naver, the country's leading Internet service provider, to launch a unified app store, company officials said Thursday.SK Telecom, KT and LG Uplus already have a combined app retail channel: One Store.A subsidiary of SK Telecom, which manages One Store, has agreed with Naver to consolidate their app services.The new app market scheduled to open in June will use the single brand One Store and it will strengthen its connection with Naver's other
IndustryApril 14, 2016
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Korean retailers boosted by resurgence of Chinese travelers
Korean retailers saw a sharp surge in sales from Chinese travelers who have flocked back this year to popular shopping districts here, fully recovering from last year's slump stemming from the Middle East Respiratory Syndrome (MERS), industry officials said Thursday. Local department stores and duty-free shops had sluggish business last year after the MERS outbreak in May dropped the number of foreign travelers, especially from China. Sales have gradually recovered since late 2015, and they gain
IndustryApril 14, 2016
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Samsung boasts strongest mobile security solution
Tech giant Samsung Electronics’ mobile security solution KNOX has received the highest score among security solutions for mobile operating systems in a series of tests, surpassing rivals including Apple.Samsung received the highest “strong,” rating in market research firm Gartner’s annual report released last week. It assesses 12 mobile security solutions across more than 20 categories including encryption management, authentication methods, and OS updates. A Galaxy S7 user initiates Samsung Ele
TechnologyApril 14, 2016
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Korea's home transactions plunge in March
Korea's home sales plunged 30.4 percent last month from a year earlier amid some signs of a slowdown in the local property market, government data showed Thursday.The number of home transactions reached 77,853 in March compared with a record 111,869 tallied a year ago, according to data compiled by the Ministry of Land, Infrastructure and Transport. Apartment complex in Seoul (Yonhap)It also marked a 9.9 percent drop from a five-year average of 86,000, while it jumped 31.4 percent from the previ
April 14, 2016
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Foreign cigarettes to be sold on Korean military bases for first time
Foreign cigarette brands will soon be sold in post exchange stores on Korean military bases for the first time.Among the four new cigarette lines that were approved for sale in PX stores next year, two were foreign brands. They are Marlboro Gold Original by the American company Philip Morris, and Mevius LSS Wind Blue by Japanese maker JTI, according to sources at the Defense Ministry. “We welcome the decision,” a spokeswoman for Philip Morris told The Korea Herald. “We believe that this will giv
IndustryApril 14, 2016
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MBK pushes for sale and leaseback of Homeplus
MBK Partners, a Seoul-based private equity fund, is pushing to sell some Homeplus stores and lease them back to help repay its debts that are nearing maturity, industry sources said Thursday. In October last year, MBK bought Homeplus, the Korean unit of British retail giant Tesco, for 7.2 trillion won ($6.3 billion). To deal with near-term maturities, MBK has chosen Standard Chartered Bank Korea as the lead manager for the leaseback arrangement of Homeplus, South Korea’s No. 2 discount retail ch
IndustryApril 14, 2016
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[Photo News] Samsung quantum-dot TV debuts in U.S.
SAMSUNG QUANTUM-DOT TV DEBUTS IN U.S. -- Visitors look at Samsung Electronics’ second-generation SUHD TVs at the launch event held Tuesday at the company’s Marketing Center of Excellence in New York. Based on Samsung’s quantum-dot technology, the new models offer more accurate and vibrant picture quality compared to traditional liquid crystal display TVs. (Samsung Electronics)
TechnologyApril 14, 2016