Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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U.S. rate hike may have 'considerable' impact on Korea: BOK
A recent U.S. rate hike may have little direct impact on the South Korean economy but its fallout may grow considerably should it cause financial instability in newly emerging markets in Asia, the country's central bank said Tuesday."There is a possibility the U.S. rate hike will reduce global liquidity, which in turn may significantly increase the burden of newly emerging market countries to repay their foreign debts while also expanding capital outflow from such countries," the Bank of Korea (
Dec. 22, 2015
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Korea's per capita coal consumption ranks 5th worldwide in 2014
South Korea's per capita coal consumption was the fifth largest in the world last year. Asia's fourth-largest economy still relies on fossil fuels for most of its energy, data showed Tuesday.The average coal use per person stood at 2.29 tons of coal equivalent in 2014, following Kazakhstan, Australia, Taiwan and South Africa, the report by the International Energy Agency showed.The amount surpasses the 2.07 TCE per capita consumption in China, the world's biggest coal consumer, and is double the
Dec. 22, 2015
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Trade commission recommends slapping antidumping duties on Chinese plywood
South Korea's trade commission said Tuesday that it will recommend slapping antidumping duties on Chinese plywood made with needleleaf trees.The Korea Trade Commission said it confirmed unfair price cutting practices that distorted the market and decided to set punitive tariff rates of 4.22-7.15 percent. It said these measures would be enforced for four year.It said the recommendations have been sent to the finance ministry, which will make the final decision on what actions will be taken.The KT
Dec. 22, 2015
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Corporate direct financing jumps 19% in Nov.
Sales of stocks and bonds by South Korean companies surged 19.3 percent from a month earlier last month with sales of both equity and debt showing significant growths, the financial watchdog said Tuesday.In November, local companies raised a combined 12.14 trillion won ($10.31 billion) by selling stocks and bonds, compared with 10.18 trillion won in the previous month, according to the Financial Supervisory Service .The monthly tally also marks an 8.5-percent rise from the same month last year.C
Dec. 22, 2015
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Card spending up nearly 10% in Nov.
South Korea's card spending grew sharply in November, data showed Tuesday, pointing to a gradual recovery in domestic demand. Purchases made with plastic cards reached 54.1 trillion won ($45.94 billion) last month, up 9.8 percent from a year earlier, according to data compiled by the Credit Finance Association. The data includes transactions on credit, debit and prepaid cards. Cash advances, overseas spending and card loans were not included.Of the amount, credit card spending increased 8.8 perc
Dec. 22, 2015
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Seoul shares start lower on blue-chip loss
South Korean stocks opened lower Tuesday due to losses in blue-chip shares as crude oil prices touched their lowest level in more than a decade because of pressure from oversupply. The benchmark Korea Composite Stock Price Index shed 3.36 points, or 0.17 percent, to 1,978.83 in the first 15 minutes of trading.Market heavyweights lost ground across the board. Market bellwether Samsung Electronics lost 0.47 percent, and top automaker Hyundai Motor slipped 0.66 percent.Korea Aerospace Industries, S
Dec. 22, 2015
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Hyundai Sonata set to grab best-selling car title for 2nd year
Hyundai Motor Co.'s midsize sedan, the Sonata, is poised to win the best-selling Korean car title this year for the second consecutive year, industry data showed Tuesday.According to data from the Korea Automobile Manufacturers Association, domestic sales of the Sonata hit 95,760 units in the first 11 months of this year.Hyundai Motor's one-ton Porter truck and the Avante compact came in second and third, respectively, with 91,327 and 86,968 units sold during the cited period.With sales amountin
MobilityDec. 22, 2015
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Mirae Asset likely to win Daewoo Securities bidding race: reports
A controlling 49 percent stake in Daewoo Securities Co. is up for sale. YonhapMirae Asset Securities Co. is the likely winner of the bid for Daewoo Securities Co., local reports said Monday, in a deal that could create a new leader in Korea’s brokerage industry. In the bid which closed Monday, Mirae Asset, part of the eponymous asset management-focused group, offered to pay about 2.4 trillion won ($2 billion), substantially higher than the amounts that its three competitors have penciled in, Yon
Dec. 21, 2015
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Geographic advantage, low-cost rent drive port-based industrial park development
Located at the center of maritime transportation networks in Northeast Asia, South Korea’s port-oriented industrial parks offer a business-friendly environment and strong logistics networks for local and foreign firms. “Thanks to Korean ports that provide highly developed logistics services connected to Asia’s main ports in China and Japan, the companies operating at industrial parks in the hinterland areas of major ports can effectively transport their products to destinations to the neighbo
IndustryDec. 21, 2015
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Korean economy on course to avert deflation
The government’s economic policy directions for 2016 and the central bank’s inflation target for 2016-18, which were announced last week, have signaled a major shift in Korea’s macroeconomic management. Forecasting the country’s gross domestic product would grow by 3.1 percent in real terms next year, government policymakers said attention would be paid equally to the nominal growth rate, which they expected to reach 4.5 percent in 2016. Their remarks were interpreted as suggesting policy effort
Dec. 21, 2015
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[Newsmaker] With biotech, Samsung heir aims to emulate father’s chip success
Samsung Electronics vice chairman and heir apparent Lee Jae-yong is betting big on biotechnology, a move reminiscent of his father, chairman Lee Kun-hee’s entry into the chip business almost 40 years ago. In the 1970s, there was widespread skepticism about Samsung’s entry in the chip market that was dominated by U.S. and Japanese companies. But the company poured resources into ramping up quality chips at cheaper prices. Now the company is the No. 1 player in memory chips and the business unit
IndustryDec. 21, 2015
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Hyundai Motor Group to buy back 23% stake in its auto financing unit
Hyundai Motor Group has decided to buy back a 23 percent stake in Hyundai Capital Services, its auto loans arm, from IGE USA Investments, a unit of GE Capital, in an effort to expand its auto financing business in overseas markets, industry sources said Monday. Currently, IGE is the second-largest shareholder in Hyundai Capital with a 43.3 percent stake, after Hyundai Motor with a 56.47 percent stake. “It is true that the two parties are at the table for a stock deal, but they have
MobilityDec. 21, 2015
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[Profile] Joo Hyung-hwan, Trade, industry and energy minister nominee
The Trade, Industry and Energy Minister nominee Joo Hyung-hwan is expected to boost the country’s sluggish exports with his abundant experience in formulating economic policies. As the incumbent vice finance minister, Joo overlooked the finance strategy section, including his position at the International Bank for Reconstruction and Development. Joo Hyung-hwan, Trade, industry and energy minister nomineeHe has also worked at the presidential office back and forth since 2003, which added a politi
IndustryDec. 21, 2015
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Samsung bets big on biotechnology
SONGDO, Incheon -- Samsung BioLogics broke ground on its third production plant in Songdo, Incheon, Monday, drawing closer toward its stated goal of becoming the world’s No. 1 contract manufacturer of biologic drugs by 2020. The new plant, to be constructed with an investment of 850 billion won ($740 million) will boast a production capacity of 180,000 liters to become the single largest biologics manufacturing facility in the world upon its completion in 2018. Combined with its two existing pla
IndustryDec. 21, 2015
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SK hynix engages in voluntary activities in Cambodia
SK hynix employees participated in a two-month voluntary program in Cambodia by paying visits to local schools and welfare facilities to give away educational kits and donations, and participate in cultural exchange events, according to the chipmaker Monday. The outreach program held in Siem Reap in northwestern Cambodia from Oct. 18 to Dec. 19 was aimed at helping SK hynix employees get global mindsets and supporting local children in need. SK hynix employees take part in a two-month voluntary
TechnologyDec. 21, 2015
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Korean Air wraps up 2015 mission of planting love, hope
From small communities in Korea to flood-stricken Nepal, Korean Air wrapped up its annual mission to support people in need around the world, fulfilling its corporate responsibility as the nation’s largest air carrier. Employees of Korean Air pose for photo after planting trees in the Baganuur Desert in Mongolia. Korean AirAccording to the company, it has completed a series of sharing projects to relieve the pain of people suffering from poverty and isolation through joint efforts by its senior
IndustryDec. 21, 2015
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[Photo News] Mobile carriers prep for holidays
MOBILE CARRIERS PREP FOR HOLIDAYS — Korea’s three major mobile carriers SK Telecom, KT and LG Uplus said Monday in their respective statements that they would closely monitor and manage communication infrastructure, including base stations, across the nation during the year-end holiday season when telecom and data traffic are expected to surge much more than usual.(SKT) MOBILE CARRIERS PREP FOR HOLIDAYS — Korea’s three major mobile carriers SK Telecom, KT and LG Uplus said Monday in their resp
TechnologyDec. 21, 2015
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KOGAS denies report on gas field investment in Iran
Korea Gas Corp. on Monday denied a local report that it plans to invest in South Pars gas field in Iran, making it the first Korean company to invest in the Middle East country that had been slapped with international economic sanctions over its nuclear program.According to local reports quoting officials at the Trade Ministry, the state-run company recently sent its officials to discuss ways to invest in the world’s largest gas field, which has been running behind in its development schedule du
IndustryDec. 21, 2015
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[Photo News] LG robotic vacuum cleaner with augmented reality
ROBOTIC VACUUM WITH AR TECH -- LG Electronics said Monday it would unveil the Roboking Turbo Plus, a robot vacuum cleaner equipped with augmented reality technology, at the International CES, the world’s largest electronics trade show to be held in Las Vegas from Jan. 5-8. (LGE) ROBOTIC VACUUM WITH AR TECH -- LG Electronics said Monday it would unveil the Roboking Turbo Plus, a robot vacuum cleaner equipped with augmented reality technology, at the International CES, the world’s largest electr
TechnologyDec. 21, 2015
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‘Distriparks’ at heart of mission to create East Asian maritime hubs
More and more companies are eyeing Korea’s hinterland industrial-commercial complexes, which grant not only geographical benefits for logistics traders but also various tax perks to the residing firms. The “Distripark” sites, once simply storage or logistics-related locations, are rapidly becoming hot spots for multi-business and residential areas of the seashore.According to the Ministry of Oceans and Fisheries, more than 145 companies have decided to nestle in the country’s four major complexe
IndustryDec. 21, 2015