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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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Robert J. Fouser] Social attitudes toward language proficiency
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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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Eased mortgage rules extended to July 2016
Regulators have decided to extend a set of deregulations on mortgages or housing-collateralized loans -- introduced on Aug.1, 2014 -- by a year from the scheduled expiry date of end-July.The Financial Supervisory Service on Tuesday said in a statement that it would extend the eased home loan-application rules by another year until the end of July 2016.But the extension of eased rules is raising questions about the consistency in policies as only weeks ago authorities pledged to curb the record h
July 28, 2015
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Lotte founder Shin Kyuk-ho sacked by son
Lotte Group founder and general chairman Shin Kyuk-ho on Tuesday was sacked from the post of CEO of Lotte Holdings in Japan by his heir and second son Shin Dong-bin.The junior Shin, chairman of Lotte Group in Korea, called an emergency meeting of the board of directors of the holding company in Tokyo and dismissed his father from the top post.Lotte Group said in a statement that the senior Shin will be positioned as an honorary chairman instead of general chairman. Executives will still report t
IndustryJuly 28, 2015
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[Graphic News] Investments in start-ups increase 40 percent this year
Investments in start-ups increased by 40 percent after the government announced various support policies last year, data showed Tuesday. The Small and Medium Business Association said that investments amounting to 956.9 billion won were made for venture funds from January to June in 2015, a 38.4 percent increase from the same period last year. The number of venture capital firms also increased to 517 in the first half of this year, a 23.7 percent increase from a year ago. An SMBA official said
IndustryJuly 28, 2015
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Tighter lending rules may stunt Korea's 2016 growth: Moody's
South Korea's move to tighten lending rules to curb ballooning household debt will likely improve its long-term financial stability, but it may drag down next year's growth by denting private consumption, Moody's Investors Service said Tuesday. The government last week announced a set of measures to manage the nation's rapidly rising household debt, prodding banks to extend fixed-rate, amortized loans and adopt tougher screening rules on borrowers starting from the latter half of 2016. The lates
July 28, 2015
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S. Korean cinema chain CGV opens six 4DX theaters in Japan
A subsidiary of South Korea's largest cinema chain, CJ CGV, has added six 4DX movie theaters in Japan, the company said Tuesday.The six recently opened at multiplex theaters in six cities, including Sapporo, Maebashi and Himeji, CJ 4DXPlex Co. said in a release. The 4DX auditoriums in Sapporo and Himeji were the first such theaters in those cities. The move brought to 17 the total number of CJ-run 4DX theaters in Japan.Japan is the fastest growing market among the 34 countries where CJ's 4DX the
IndustryJuly 28, 2015
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Lotte Holdings in Japan discharges founder Shin Kyuk-ho: report
Lotte Holdings of Japan, the de facto holding company of Lotte Group, held an emergency shareholder meeting on Tuesday, voting to remove General Chairman Shin Kyuk-ho from his post, Japanese media reported.Following the decision, the 93-year-old, who founded the retail-focused conglomerate in 1948, was named honorary chairman of Lotte Holdings. Shin Kyuk-ho, seated on the right. (Yonhap)In a shareholder meeting held on July 16, Shin Dong-bin, the founder's younger son, Shin Dong-bin, was appoint
IndustryJuly 28, 2015
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Gasoline prices hit 6-year low in H1
Gasoline prices in South Korea dipped to the lowest level in six years in the first half of this year due to falling crude oil prices, the state-run oil company said Tuesday. The average gasoline price stood at 1,514.5 won ($1.29) per liter in the January-June period, the lowest since early 2009, when it was 1,514.4 won, according to the Korea National Oil Corporation. The retail price hovered over 2,000 won in the first half of 2012 as crude prices shot up to over $100 a barrel, but it came dow
July 28, 2015
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Daewoo E&C earnings soar over 2.5-fold in Q2
Daewoo Engineering & Construction Co., one of South Korea's major builders, said Tuesday that its second-quarter earnings surged more than 2.5 times from a year earlier on a recovery in the local housing market. Net profit came to 83.55 billion won ($71.41 million) during the April-June period, up 162.83 percent from the 31.79 billion won posted a year earlier, the company said in a regulatory filing. Operating income, however, dropped 10.3 percent to 92.4 billion won over the cited period, whil
IndustryJuly 28, 2015
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Samsung releases flip-style smartphone
South Korea's top tech giant Samsung Electronics Co. said Tuesday it has commenced sales of its second flip-style smartphone in line with its struggles to diversify its handset portfolio amid ailing sales.The Galaxy Folder, which boasts a 3.8-inch display, will come in two editions that run on the third-generation and long-term evolution networks.It will also come with 8-megapixel and 2-megapixel cameras on the back and front, respectively, along with a 1,800 mAh detachable battery."The folding-
IndustryJuly 28, 2015
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Smart appliances market to grow sharply in next 5 yrs
The global market for smart home appliances is forecast to grow by more than twofold annually over the next five years, buoyed by advancement in the Internet-of-Things technology, a report said Tuesday. Production of consumer electronics, whose functions will be connected to other mobile devices, is estimated to reach an annual 223 million units by 2020, up an average of 134 percent each year from the current output of around 1 million units, according to market tracker IHS. Given that the forec
July 28, 2015
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Gov't set to extend eased mortgage rules for another year
The government will extend a temporary measure to ease mortgage regulations for another year in a bid to prop up the local economy that is showing budding signs of recovery, the financial watchdog said Tuesday.In August last year, newly minted Finance Minister Choi Kyung-hwan announced the eased rules in order to give home buyers greater access to mortgages and thus help boost the sluggish local housing market as well as the overall economy.The loan-to-value ratio was adjusted to 70 percent at l
July 28, 2015
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Hyundai, Kia rank 1st in home production ratio
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. had the highest home country production ratio among major global carmakers in 2014, industry data showed Tuesday.According to the data by FOURIN, a Japanese car research firm, the two Korean carmakers produced a combined 8 million cars last year, of which they churned out 3.59 million units in their home country.This represented a 44.8 percent home country production ratio, the highest among nine carmakers whose global productions exce
IndustryJuly 28, 2015
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Samsung likely to showcase new phablet on Aug. 13
South Korea's top tech giant Samsung Electronics Co. on Tuesday sent out invitations for what is expected to be an unveiling event of its next flagship phablet, presumably the Galaxy Note 5, on Aug. 13 in New York.The invitation from the South Korea-based top smartphone maker has a picture of lines that form a shape like a smartphone, which looks similar to its quirky edition of the flagship model, the Galaxy S6 Edge, which was released in April.The Galaxy S6 Edge was initially considered an upb
TechnologyJuly 28, 2015
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Foreign start-ups seek legal clarity
This is the seventh and final article in a series on foreigners working in Korea’s technology start-up ecosystem. ― Ed.PinStory, a food recommendation start-up in Seoul, is the poster image of diversity: A Korean ex-banker and a Spanish ex-restaurateur and developer spotted a shortage of restaurant information in English and joined together last year to create a quality-driven directory of Seoul’s best eateries for a foreign audience. PinStory CEO Universe Shin (left, back row) poses with the te
July 27, 2015
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LG to double OLED TV lineup
LG Electronics said Monday it would add five new organic light-emitting diode TVs in the coming months, doubling its Korean lineup to a total of 10 models. The Korean tech giant said four of the new models will be “Ultra” models that offer ultrahigh definition displays aimed at appealing to premium customers. New models also feature the company’s Art Slim Design that has further reduced the size of parts and circuits for a slimmer design. For example, the 55-inch Ultra OLED TV boasts a 4.8-milli
TechnologyJuly 27, 2015
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Korea to create 200,000 jobs for youth by 2017
The government unveiled Monday a plan to create more than 200,000 jobs for those aged between 15 and 34 by 2017 in collaboration with six major business associations.The measures mapped out by five ministries, including the Finance Ministry and Labor Ministry, came amid concerns about high youth unemployment.The number of jobless people in their 20s reached 410,000 in the first half of this year, an all-time high since the state statistical office began to tally the figures in 2000.Business lead
July 27, 2015
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Financial education key to Korea’s advancement
This is the fourth in a monthly series contributed by executive members of the Financial Supervisory Service to address key ongoing financial issues. ― Ed. Oh Soon-myoungIt was one of the hottest days this summer when a group of employees at the Financial Supervisory Service visited the rural village Seondang in Chungju, a city of North Chungcheong Province, and shed a bucket of sweat in helping harvest fully ripe peaches and corn. This recent event took place to celebrate the partnership that t
July 27, 2015
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Does Korea benefit from FTA with EU?
July 1 marked the fourth anniversary of the EU-Korea free trade agreement, which entered into force in 2011. It was touted as the first of a new generation of FTAs, going further than any previous agreements in lifting trade barriers. Being also the EU’s first trade deal with an Asian country, Korea was expected to benefit immensely.The agreement eliminated duties for industrial and agricultural goods in a progressive, step-by-step approach. The majority of import duties were removed already whe
July 27, 2015
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Financial regulators to hold investigative power
Starting from August, financial officials will be able to directly investigate cases of unfair stock trading.So far, they have referred such cases to police or the prosecution as they have no investigative authority.This incoming change reflects investigators’ recognition that complicated financial transactions are better suited for specialists with actual field expertise.Last week, the National Assembly passed the revised judicial police law, which grants special investigation power to official
July 27, 2015
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[Photo News] Joint efforts for 5G
JOINT EFFORTS FOR 5G -- Cho Sung-ho (third from right, first row), head of mobile carrier SK Telecom's 5G tech lab and Melih Tufan, head of telecom equipment supplier Ericsson's packet core product line, pose at an MOU ceremony held in Stockholm on Sunday. The firms will collaborate to develop key technologies for the next-generation 5G network, including network slicing, a term depicting technology to have a single network partitioned and tailored for different network services. SKTJOINT EFFORT
TechnologyJuly 27, 2015