Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Dongkuk Steel to sell headquarters for 420 bln won
Dongkuk Steel Mill Co., South Korea's third-largest steel maker, said Friday it plans to sell its headquarters building in downtown Seoul to a local insurer as part of its efforts to bolster its financial status.Dongkuk's board of directors approved the deal worth 420 billion won ($389 million) to sell the building to Samsung Life Insurance Co., an insurance unit of the country's top conglomerate, Samsung Group, it said.The sale of the 28-story building in downtown Seoul, one of the steelmaker's
CompaniesApril 24, 2015
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S. Korea should offer more to lure foreign tourists: minister
South Korea needs to offer foreign visitors more than a world-class shopping experience and its pop culture to attract more tourists from abroad over the long haul, the nation's economic czar said Friday.In a meeting with people in the tourism industry on the southernmost resort island of Jeju, Finance Minister Choi Kyung-hwan said that foreigners, especially Chinese tourists, are currently coming to South Korea for shopping and to see firsthand Korean pop culture, or "hallyu," that has made a c
April 24, 2015
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Income of farming, fishing households up in 2014
The average income of households engaged in farming and fishing rose in 2014 on higher market prices for goods, a government report showed Friday.The income of farming households averaged 34.95 million won ($32,400) last year, up 1.2 percent from the year before, the report by Statistics Korea said. Earnings for fisherman stood at 41.01 million won, or a gain of 6.3 percent.Farmers earned less from selling their crops, but made up for the loss thanks to the higher prices of livestock, which adva
April 24, 2015
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Home prices in S. Korea keep rising in April: data
Housing prices in South Korea seem to be on a sustained recovery path, data showed Friday, reflecting growing demand for home purchases amid eased lending circumstances.Seoul apartment prices gained 0.55 percent on-month in April, accelerating from a 0.45 percent increase in March, according to the data compiled by Kookmin Bank, the flagship unit of the country's second-largest banking group, KB Financial.Since the end of last year, apartment prices in Seoul have jumped 1.31 percent, surpassing
April 24, 2015
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Kia Motors' net climbs 3.1 pct in Q1
Kia Motors Corp., South Korea's second-largest automaker, said Friday its frist-quarter net profit rose slightly thanks to earnings from equity investment and other extra profit. Net income came to 903.2 billion won ($835.9 million) during the January-March period, up 3.1 percent from the 876.3 billion won reported a year earlier, the company said in a regulatory filing.Operating profit, however, plunged 30.5 percent on-year to 511.6 billion won and sales also shrank 6.3 percent to 11.18 trillio
April 24, 2015
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Samsung hints next smartwatch will be round
Samsung Electronics Co., South Korea's No. 1 tech giant, uploaded a poster of a seemingly round watch screen on its website on Friday implying that its next smartwatch's shape will be circular.The poster, which reads "Get Ready For The Next Gear," shows what appears to be a round smartwatch, which would be Samsung's first wearable device of its kind.Its previous Galaxy Gear smartwatches boast a rectangular screen.Samsung, however, did not provide any hints on detailed specifications nor the laun
TechnologyApril 24, 2015
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Nuclear agreement with U.S. to boost Korean exports
The Korea-U.S. civilian nuclear cooperation pact signed Wednesday is expected to smooth Korean companies’ exports of nuclear power generation-related products and technologies, industry insiders said Thursday. Under the new deal, Seoul can transfer U.S.-originated nuclear equipment, technology and material to a third country without the consent of the U.S., as long as the respective country has a nuclear pact with the U.S. Seoul had been obliged to secure U.S. approval prior to the outbound ship
April 23, 2015
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Quarterly growth remains below 1%
South Korea’s economic growth continued to stagnate in January to March, drawing concern as private consumption and slowing exports pulled growth below 1 percent for the fourth consecutive quarter.The Bank of Korea said Thursday that the economy expanded 0.8 percent in the first quarter, compared to October-December 2014. On-year growth reached 2.4 percent.Quarter-on-quarter growth remained below 1 percent last year, sliding from 1.1 percent in the first three months to 0.5 percent, 0.8 and 0.3
April 23, 2015
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[Newsmaker] Dongkuk Steel Mill hit by chairman scandal
Dongkuk Steel Mill chairman Chang Sae-joo’s alleged wrongdoings are poised to deal a fatal blow to the company, raising questions about the transparency of the country’s steel industry. Dongkuk is the second steelmaker to be mired in allegations of irregular practices after POSCO this year. It is the nation’s third-largest steelmaker after POSCO and Hyundai Steel. Chang is suspected of embezzling about 20 billion won ($18.4 million) from the company, and of habitually gambling illegally. The pro
IndustryApril 23, 2015
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Samsung to ramp up SUHD TVs
A top executive of Samsung Electronics’ visual display business unit said Wednesday that it would further beef up its super ultrahigh-definition TV models rather than its lineup using organic light emitting diodes.Samsung released premium SUHD TVs earlier this year, which utilize a liquid crystal display coated with a sheet of nanocrystals, or often called quantum dots. The quantum dots measuring around 3 to 7 nanometers improve color accuracy and color gamut, according to Samsung. Global TV man
TechnologyApril 23, 2015
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‘SK Telecom has no plan to split’
South Korea’s top mobile carrier SK Telecom said Thursday it is not considering any proposal to divide the organization into two bodies ― one for business and the other for investment.“SKT does not have any plan regarding the establishment of the investment entity, as claimed by many industry watchers,” said Jang Dong-hyun, chief executive of the mobile carrier, at a press conference in which he announced the new business strategy of the firm. Market analysts have long speculated that the nation
TechnologyApril 23, 2015
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Han Sung Motor to maintain rapid growth
Han Sung Motor, Mercedes-Benz’s largest official dealer in Korea, expects continued double-digit growth for the next five years, based on strong demand for premium cars. “We want to grow 67 percent in sales by 2020,” said Ulf Ausprung, chief executive of Han Sung Motor, at a press conference held to mark the firm’s 30-year anniversary at the Lotte Hotel, Seoul. Under the company’s vision, it expects to sell 30,000 units by 2020.“(By 2020), we are going to increase the workforce by 50 percent and
MobilityApril 23, 2015
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‘Korean Air attendants trained to suit Cho’s taste’
A Korean Air attendant involved in the so-called “nut rage” incident has claimed that her cabin crew members have attended training sessions to learn how to serve Heather Cho, a former company vice president, on flights, a complaint filed with a court in the United States showed Thursday. These training sessions were specifically designed to inform crew members of “Cho’s personal preferences” including things like the volume of the welcome music when she boards the plane and the optimal temperat
IndustryApril 23, 2015
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Reactor operator to demand GE compensation for parts
The nation’s nuclear power plant operator said Thursday that it is considering demanding compensation from General Electric for having supplied faulty parts, which led to a delay in operations of two nuclear power plants in Korea. According to the state-run Korea Hydro & Nuclear Power Co., the U.S. energy giant on April 11 recalled nine plugs used for the Shin-Kori reactor 3 and 4. The parts were known to have had thermal process once, instead of the standard twice, but do not affect the safety
April 23, 2015
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[Photo News] Starbucks' social contribution
IndustryApril 23, 2015
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Korean firm to export smart card platform to China
South Korea’s integrated circuit chip maker KONA I said Thursday it would participate in a project to establish smart card platforms in Sichuan Province, China. The Korean company, which produces chips and software installed on credit and public transportation cards, universal subscriber identity modules, and digital IDs, is the No.1 IC chip manufacturer in the domestic market and ranks second in the U.S. by market share. The company achieved $100 million of exports last year. “KONA I will set u
TechnologyApril 23, 2015
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Strong won erodes profit of Hyundai Motor in Q1
Hyundai Motor posted an 18.5 percent decline in operating profits at 1.5 trillion won ($1.3 billion) in the first quarter of 2015 on-year, the nation’s top automaker said on Thursday.“The strong won against other currencies continued to erode profits in the first quarter of this year,’’ the automaker said in a press release. The firm’s revenue also fell 3.3 percent to 20.9 trillion won in the same period. Sales of cars fell both at home and abroad. The world’s fifth largest automaker in volume s
MobilityApril 23, 2015
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LF launches Raum Voyage travel brand
LF Corp. on Wednesday launched its travel-themed compilation brand store Raum Voyage and opened a flagship store on Rodeo Drive in Apgujeong-dong, southern Seoul.The Raum Voyage flagship store boasts an interior reminiscent of airport and train station terminals and seeks to provide a range of exotic products that bring joy in traveling to customers. Raum Voyage said that they target people in their 20s and 30s, and displayed brand products hailing from countries such as France, Italy, Denmark,
IndustryApril 23, 2015
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KOGAS ranks top in security inspection
The state-run Korea Gas Corp. made remarkable achievements last year in its sales and preparedness for possible cyberterrorism, company officials said Thursday.In its report on the key achievements in 2014, the corporation said it posted a record net profit of 447 billion won.It also grabbed the first place in a security inspection by the government for its better preparation for possible cyberattacks. The company stated that it successfully hosted “Gastech 2014,” the largest international gas e
IndustryApril 23, 2015
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SC Bank caters to busy customers
Like many Korean nine-to-fivers, Kim, an official at a big name conglomerate, had trouble sparing time in his day to visit banks for a loan. He was afraid to give the wrong impression to his boss by leaving his desk unattended, but taking a whole day off for a banking service did not make sense either. After days of delay, Kim signed up for the “business consultant service” on Standard Chartered Bank Korea’s website to have the bank visit him instead. The next day, Kim and SC Bank consultants, e
April 23, 2015