Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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South Korea unveils W26tr support program for chip industry
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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S. Korea to hold rotating presidency of UN Security Council next month
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Student nabbed for biking naked 'due to stress'
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Yoon rejects Lee's proposal for pension reform talks
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Police arrest mastermind behind last year's palace vandalism
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BOK holds rate at 3.5%, ups growth outlook
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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
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Samsung beefs up curved-screen lineup
Riding on the popularity of its Galaxy S6 Edge smartphone, Samsung Electronics is beefing up its curved-screen lineup. The Korean tech giant will launch its two new phablets -- Galaxy S6 Edge Plus and Galaxy Note 5 -- on Aug. 13. According to industry sources on Monday, however, more marketing resources are expected to be poured into the bigger-screen version of its hot-selling Galaxy S6 Edge than the new Note. Samsung Electronics’ Galaxy S6 Edge Plus. SamsungSources said Samsung will roll out
TechnologyJuly 27, 2015
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Korea’s per capita GDP may shrink in 2015
By Chung Joo-won South Korea’s per capita gross domestic product this year may fall for the first time in six years on the weak won and lackluster growth, a private think tank said Monday. The LG Economic Research Institute, the research arm of LG Group, estimated Korea’s per capital GDP in 2015 at $27,600, down 1.8 percent from 2014. The think tank attributed the fall to the appreciation of the U.S. dollar against Korean won. The per capita GDP, a dollar-denominated index, decreases when the Ko
July 27, 2015
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Seoul shares down 0.35 pct on brokerage, pharma losses
South Korean stocks closed down 0.35 percent on Monday as brokerages and pharmaceuticals dropped amid deteriorating investor sentiment over their business conditions, analysts said. The won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 7.15 points to 2,038.81 after moving in and out of positive terrain. Trading volume was heavy at 534.1 million shares worth 6.24 trillion won ($5.35 billion), with decliners outnumbering gainers 638 to 193."Brokerage sh
July 27, 2015
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Doosan Infracore earnings plunge over weak sales
Doosan Infracore saw its second quarter earnings plunge from a year ago due to a slowdown in the Chinese market, according to figures published Monday.Doosan Group’s heavy machinery maker recorded second quarter operating profits of about 128.5 billion won ($110.1 million), dropping 11.7 percent compared to the same period last year.Over the same period, the company’s sales dipped 6.3 percent to 1.78 trillion won. Its net profit for the second quarter took a massive hit, falling by 88 percent co
BusinessJuly 27, 2015
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[Graphic News] Korea's per capita income to top $40,000 in 2023
South Korea will reach a per capita gross national income of $40,000 in 2023 if Korea continues low growth, data showed Monday.According to the Korea Economic Research Institute, the OECD predicted that if South Korea’s potential growth rate falls to 2.9 percent, it would take 17 years for the per capita GNI to rise from $20,000 to $40,000. South Korea reached $20,000 in 2006.This is longer than the OECD average, which was 13.6 years. Among the G7 nations, Japan, Italy and Britain took eight, 13
IndustryJuly 27, 2015
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S. Korea's venture investment surges in H1
Investment in South Korean venture firms soared nearly 40 percent in the first half of 2015 from a year earlier due largely to government support measures to foster their growth, data showed Monday. A total of 517 venture startups received a combined 956.9 billion won ($816.1 million) in investment in the January-June period, up 38.4 percent from 691.2 billion won tallied the previous year, according to the data by the Small and Medium Business Administration. The number of the firms that receiv
July 27, 2015
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S. Korea to create 200,000 new jobs for youth by 2017
South Korea plans to create 200,000 new jobs for the youth by 2017 while also working to permanently increase employment opportunities for young adults, the government said Monday.The country's jobless rate for those aged between 15 and 29 reached 10.2 percent at the end of June, marking an increase of 0.9 percentage point from the previous month while the country's overall unemployment rate inched up from 3.8 percent to 3.9 percent over the cited period.The youth unemployment rate has nowhere t
July 27, 2015