Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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[KH Explains] Why Korea's so tough on short selling
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US military commander in S. Korea during Gwangju uprising dies
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Actors involved in past controversies return first via streaming service originals
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[Photo News] Seoul seeks 'best sleeper'
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Air passenger numbers break record in 2016
The number of air passengers flying through Korea rose to a record high in 2016 with high growth in both domestic and international air travel, according to the Transport Ministry on Monday.Last year, there were a total of 103.9 million journeys by air in Korea. Travelers crowd Incheon International Airport on Monday, the last day of the Lunar New Year Holiday. (Yonhap)Domestic travel rose 10.5 percent on-year to 30.9 million trips, while international travel rose 18.8 percent to 73 million.The
Jan. 30, 2017
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Ramyeon exports nearly triple over past decade
Exports of South Korean-made instant noodles, or ramyeon, nearly tripled over the past decade, as their popularity has been spreading beyond China and Asia to the United States, Middle East and Europe, industry agencies said Monday.The nation's ramyeon exports totaled $290.4 million in 2016, up 32.7 percent from the previous annual record of $218.8 million set in 2015, according to figures released by the Ministry of Agriculture, Food and Rural Affairs, and the Korea International Trade Associat
Jan. 30, 2017
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Global chip market forecast to grow 7.3% annually through 2021
The global memory chip market is expected to grow at an annual rate of 7.3 percent till 2021, on the back of solid demand and higher prices, data showed Monday. The global market size for DRAM and NAND flash is forecast to reach $109.9 billion in 2021, up from last year's estimated $77.3 billion, according to the data compiled by industry tracker IC Insights and other industry sources. Samsung Electronics Co.'s DRAM product (Samsung Electronics Co.)The DRAM market, which was the catalyst for the
Jan. 30, 2017
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Korea's used car sales hit record in 2016
More than 3.7 million used cars were traded in South Korea last year, hitting a record high, data showed Sunday.The number of used cars newly registered with the authorities during the year totaled 3.78 million, according to the Ministry of Land, Infrastructure and Transport. It marks an increase from 3.66 million in 2015, 3.46 million in 2014, 3.37 million in 2013 and 3.28 million in 2012. Used cars are for sale in this file photo. (Yonhap)The continued expansion of the second-hand car market i
Jan. 30, 2017
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Korean cosmetics exports rise on Chinese consumption in 2016
South Korea's cosmetics industry saw its exports rise by more than 40 percent last year in large part thanks to Chinese consumers' bigger spending power and their increasing interests in grooming and beauty products, industry experts said Sunday.According to data from the Korea International Trade Association, exports of skincare and makeup products amounted toUS$3.97 billion last year, up 44.3 percent from US$2.75 billion.The number doubled from the 2014 figure of US$1.79 billion. Among the exp
Jan. 29, 2017
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Minister calls for more robust restructuring of troubled industries
South Korea’s finance minister vowed Monday to carry on restructuring and supporting troubled industries this year, urging two state-owned policy lenders to continue their efforts. Finance Minister Yoo Il-ho led a ministerial-level meeting in Seoul to discuss detailed plans on revamping four key industrial sectors -- shipbuilding, shipping, steelmaking and petroleum. “We have to carry out sweeping reform in earnest based on the principle and framework we set last year,&rdquo
Jan. 25, 2017
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[Newsmaker] Posco chief assumes second term amid scandal, growing uncertainty
Amid growing uncertainty over the global competitiveness of the Korean steel industry and an intensifying probe into an influence-peddling scandal, Posco Chairman Kwon Oh-joon was given another three-year term as the head of the world’s fourth-largest steelmaker Wednesday.The board of directors was briefed on an independent panel’s assessment on Kwon that he is qualified to seek a second term, and agreed to recommend him as the sole candidate for Posco’s next chairman during a shareholders’ meet
Jan. 25, 2017
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STX Shipbuilding ordered to compensate shareholders for accounting fraud
A lower court has ordered cash-strapped STX Offshore & Shipbuilding Co. to compensate its minority shareholders for losses they suffered due to its accounting fraud, court records showed Wednesday.The Seoul Central District Court ruled in favor of 290 plaintiffs who sued the shipbuilder, former STX Group Chairman Kang Duk-soo and the accounting firm Samjong KPMG, and ordered the defendants to pay a total of some 4.9 billion won ($4.2 million) in damages. (Yonhap)The court said Kang, who led the
Jan. 25, 2017
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Europe approves Lantus biosimilar developed by MSD
The European Medicines Agency has granted official sales approval to a new Lantus biosimilar developed by US-based Merck Sharp & Dohme with partial funding from Samsung Bioepis. The European drug regulator approved MSD’s Lusduna -- a biosimilar drug referencing Lantus (insulin glargine), an insulin-based diabetes treatment originally developed by Sanofi -- on Jan. 4. It is the second Lantus biosimilar to be approved by the EMA after Eli Lilly’s Basaglar, another biosimilar referencing Sanofi’s t
Jan. 25, 2017
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E-Land, V-Grass agree Teenie Weenie deal
Retail firm E-Land Group said Wednesday that it has closed a deal to sell its youth clothing brand Teenie Weenie to China’s V-Grass Fashion for 5.13 billion yuan ($751.2 million).“The two companies successfully closed the deal believing that after E-Land successfully introduced Teenie Weenie to the enormous Chinese market, V-Grass will be able to grow it into a global brand,” said an executive with E-Land. V-Grass is a women’s fashion company in China. A Teenie Weenie store in China (E-Land Grou
Jan. 25, 2017
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LG Household & Health Care profits hit record
Personal care product manufacturer LG Household & Health Care said Tuesday that it saw a record-breaking fourth quarter in 2016 with 1.5 trillion won ($1.28 billion) in sales and 178 billion won in operating profits.The nearly 10 percent rise in sales and 20 percent rise in operating profits continues a trend of consecutive growth for the company since 2005. (LG Household & Health Care)Approximately half of the company’s sales, or 798 billion won, came from the cosmetics category. LG H&H continu
Jan. 25, 2017
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Hyundai Motor Q4 net plunges 30.1%
South Korea's top automaker Hyundai Motor Co. suffered a huge setback in its profit in the fourth quarter of last year, the company said Wednesday.Net profit came to 1.07 trillion won ($918.5 million) in the three months ended Dec. 31, down 30.1 percent from the same period in 2015, the company said in a regulatory filing. Hyundai Motor Vice Chairman Chung Eui-sun at the Consumer Electronics Show in Las Vegas on Jan. 5, 2017. (Yonhap file photo)Sales slipped 0.9 percent on-year to 24.54 trillion
Jan. 25, 2017
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Korea's seaport cargo rose to record high in 2016
The volume of cargo processed at South Korea's seaports reached a record high last year despite a global economic slump and the collapse of the country's leading shipper, the government said Wednesday.Cargo handled at seaports across the nation totaled 1.5 billion tons in 2016, up 2.7 percent from a year earlier, according to the Ministry of Oceans and Fisheries. Trade cargo totaled 1.23 billion tons, while domestic shipments came to 265 million tons. This file photo shows containers waiting for
Jan. 25, 2017
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US CPSC calls Samsung probe into Note 7 'important step forward'
The chairman of the US Consumer Product Safety Commission has called the results of the investigation by Samsung Electronics Co. into what caused the Galaxy Note 7 smartphones to catch fire an "important step forward." Announcing the results of its monthslong probe Monday, Samsung said earlier this week it concluded that faulty batteries were the cause of the Note 7 fires, not the smartphone's hardware design or software. (Yonhap)In a statement released Tuesday, Elliott Kaye, chairman of the US
Jan. 25, 2017
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Korea's 2016 ICT exports slip 6 pct on weak global demand
South Korea's exports of information and communications technology products dropped 6 percent in 2016 from a year earlier due to weak global demand, government data showed Wednesday.Outbound shipments of ICT products hit $162.5 billion last year, compared to $172.89 billion tallied the year before, according to data compiled by the Ministry of Trade, Industry and Energy. The Galaxy Note 7 by Samsung Electronics Co. is displayed at a smartphone store in Seoul. (Yonhap file photo)ICT exports plung
Jan. 25, 2017
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Korea to accelerate restructuring of shaky industries in 2017
South Korea will accelerate its corporate restructuring drive in shaky industries like shipbuilding and steelmaking in 2017 in a bid to gain a foothold for the future industrial revolution, the government said Wednesday.At a ministerial-level meeting in Seoul chaired by Finance Minister Yoo Il-ho, the government reviewed action plans on revamping four key industrial sectors -- shipbuilding, steelmaking, shipping and petroleum -- and came up with detailed schemes for this year. South Korea's Fina
Jan. 25, 2017
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Premium gifts still popular despite overall sales drop in holiday gifts
Retailers whose sales of gift sets for the Lunar New Year holiday dropped this year said Wednesday that the top-end presents, priced well over 1 million won ($857), remained highly popular, a sign economists say attests to the economic gap in the country.Lotte Department Store annually markets its "prestige L" limited gift sets, packaging premium-class beef, wine, fish and other foods. Twenty of 30 sets available for dried yellow croaker fish, priced at 3.6 million won, have already been sold, a
Jan. 25, 2017
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Auto exports to US sink amid Trump woes
South Korea's auto exports to the United States fell for the first time in seven years last year amid concerns that the Trump administration may take protectionist measures on vehicle imports, industry data showed Wednesday.According to the data compiled by the Korea Automobile Manufacturers Association, automakers here shipped 964,432 cars to the US last year, a 9.5 percent on-year fall. (Yonhap)The cars were worth $15.58 billion, also down 9.8 percent.In contrast, US vehicle imports here surg
Jan. 25, 2017
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LG to unveil two smartwatches with Google's new operating system
LG Electronics Inc. plans to unveil two smartwatches featuring Google's new watch version of its operating system next month, an industry source said Wednesday. Co-developed with Google, the two smartwatches with the Android Wear 2.0 operating system will be released at an annual technology fair, the Mobile World Congress show, in Spain, according to the source. This photo shows LG Electronics Inc.'s Urbane Luxe smartwatch (Yonhap file photo)It would be the first time that LG and Google debut t
Jan. 25, 2017
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Hyundai Rotem set to win W490b train supply deal from Egypt
Hyundai Rotem Co., the train making unit of Hyundai Motor Group, may soon sign a 490 billion-won ($420 million) deal to supply train cars to Egypt, the company said Wednesday.The South Korean firm has been named the sole preferred bidder for the deal to supply 256 train cars, according to a company official. South Korea's high-speed train developed and built by Hyundai Rotem (Hyundai Rotem)"The company will sign the deal as soon as its receives a letter of offer and acceptance from the Egyptian
Jan. 25, 2017