Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Suspect in murder of girlfriend's mugshot, name made public
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Coal imports set another record in 2018
South Korea's coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed Tuesday.The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the year bef
Feb. 19, 2019
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US Commerce chief sends report to Trump on auto imports: reports
The US Commerce chief has submitted a report to US President Donald Trump on the topic of imported cars, news reports said Monday, as South Korea renews efforts to win exemption for its cars from possible tariffs.The Commerce Department did not make public any details on its recommendations to Trump.Commerce Secretary Wilbur Ross presented his recommendations to Trump, Bloomberg news reported, citing the department's statement. Reuters news agency carried a similar story, while the French news a
Feb. 18, 2019
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Kwon Young-soo to be appointed as LG Electronics executive
Kwon Young-soo, chief operating officer of LG Corp., will be appointed an executive director of the board of LG Electronics at a shareholders meeting next month, the electronics company said Monday. Kwon is a close aide to LG Corp. Chairman Koo Kwang-mo. Koo Bon-joon, Chairman Koo’s uncle, will not be reappointed as a board member, and the industry views his departure to make room for younger successors as part of the LG family tradition. LG Electronics will hold its shareholders mee
Feb. 18, 2019
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Seoul’s home purchase sentiment hits six-year low
Reflecting the market response to the government’s real estate regulations, the home purchase sentiment has dwindled to the lowest level in nearly six years, data showed Monday.According to the Korea Appraisal Board, Seoul’s weekly apartment supply-demand index stood at 73.2 as of Feb. 11, the lowest since March 11, 2013, when the index hit a record-low of 71.8.The index, referring to the ratio of apartments available for transactions, is measured on a scale of zero to 200. While 100
Feb. 18, 2019
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Prices of high-consumption processed foods rise on-year
The price of sugar rose 11 percent in January from a year earlier as the cost of widely consumed processed foods increased overall, the Korea Consumer Agency said Monday.A survey of 26 items in the measured basket of foods for the month showed price hikes for 18 and drops for six. Prices for two remained the same. The agency normally reviews inflation for 30 items, but four were left out this time as the subjected items are being adjusted.Compared with January last year, the price of sugar jumpe
Feb. 18, 2019
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[Monitor] LG Uplus’ CJ Hellovision acquisition to change pay TV landscape
On Thursday last week, LG Uplus’ board of directors approved a plan for the company to purchase 50 percent plus one share of CJ Hellovision from its holding company, CJ ENM.LG Uplus will become the nation’s second-largest pay TV operator with a 24.4 percent market share, up from fourth place, with the deal worth 800 billion won ($711 million).The acquisition is to be confirmed in a shareholders meeting next month and also requires approval from the Fair Trade Commission, which has up
Feb. 17, 2019
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ICT is key to innovation in customs administration: KCS
Fast-paced technological advancement and mounting challenges in the global trade environment have been pushing companies to reinforce their supply chain system and governments to innovate their customs clearance procedures.As a technology pioneer, South Korea is seeking to add momentum to its customs administration through blockchain, artificial intelligence, big data and drone technology, according to officials of the Korea Customs Service.“It is the KCS’ goal to create a safe trade
Feb. 17, 2019
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Korea's coffee imports fall in 2018 for 1st time in 6 years
South Korea's imports of coffee declined last year for the first time since 2012, suggesting that the boom of coffee shops might have peaked, data showed Sunday. Imports of coffee fell to 143,000 tons in 2018, down 2,600 tons from a year ago, according to data by the Korea Customs Service. It was the first time in six years that the annual volume of coffee imports fell, the data showed. South Korea's coffee imports had been on a steady rise in recent years, with inbound shipments stood at
Feb. 17, 2019
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Korea’s current account extends 21-year surplus in 2018: BOK
South Korea’s current account surplus extended its surplus for 21 years straight in 2018, on the back of improved service accounts and record-high exports, central bank data showed Friday.The monthly figure for December, however, hit an eight-month low amid falling prices of semiconductors and the consequent blow on exports. The country’s current account surplus for 2018 stood at $76.41 billion, up $1.18 billion from a year earlier and marking the 21st consecutive year in the black s
Feb. 15, 2019
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S. Korea's current account reaches eight-month low in Dec.: BOK
South Korea's monthly current account surplus hit an eight-month low in December on slowing exports, central bank data showed Friday.The country's current account surplus came to $4.82 billion in December, slightly up from $4.49 billion a year earlier, according to the preliminary data from the Bank of Korea. The tally marks the 80th consecutive month of the balance being in the black based on a revised statistics criteria, but it represents the smallest monthly surplus since April when it
Feb. 15, 2019
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[Monitor] 1 in 5 Koreans at risk of smartphone addiction
One in 5 South Koreans face the risk of becoming addicted to smartphone use, according to a poll by the Ministry of Science and ICT. Of 28,575 people between 3 and 69 years old, 19.1 percent fell into the potentially at-risk or high-risk addiction categories in the survey conducted between August and October last year. They could suffer physical and mental withdrawal symptoms. The proportion of those at high risk rose from 17.8 percent in 2016 to 18.6 percent in 2017.By age, teens made up the th
Feb. 14, 2019
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S. Korea’s unemployment rate hits 4.5% in January
South Korea’s employment indexes have continued to struggle so far this year, with the jobless rate hitting a record high since the aftermath of the global financial crisis, and the number of newly employed people extending a five-month low, government data showed Wednesday.The country’s unemployment rate stood at 4.5 percent in January, up 0.8 percentage point from a year earlier, reflecting the hiring slump in the manufacturing sector, according to figures released by Statistics Ko
Feb. 13, 2019
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S. Korea's jobless rate rises to 4.5% in January
South Korea's jobless rate rose to 4.5 percent in January as the pace of hiring slowed, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy.The unemployment rate marked the highest level for any January since 2010, when the corresponding figure stood at 5 percent, according to Statistics Korea. The South Korean economy added just 19,000 jobs in the first month from a year earlier, the fewest since August last year when employers added jus
Feb. 13, 2019
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[Photo News] Most expensive land in Korea
The Ministry of Land, Infrastructure and Transport has revealed Tuesday that the most expensive real estate in South Korea is the Nature Republic cosmetics store located in Myeong-dong, Seoul, valued at 183 million won ($163,000) per square meter. This is the 16th consecutive year it has held the position, dating to 2004. The second and third most expensive lots were also located in the Myeong-dong vicinity: the Woori Bank headquarters (177.5 million won per square meter) and Uniqlo’s Chu
Feb. 12, 2019
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[Monitor] Samsung expected to pay $15b corporate tax this year
Samsung Electronics is expected to cough up some 16.8 trillion won ($15 billion) in corporate tax this year, its regulatory briefing showed. This is up 20.1 percent from the previous year, and 2.4 times the number from 2015.The record-high tax was attributable to its all-time high operating profit of 58.9 trillion won fueled by the memory chips sector boom last year, coupled with a revised tax code that raised the maximum tax rate from 22 percent to 25 percent for companies with over 300 billion
Feb. 12, 2019
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Korean sales-to-inventory ratio rising: data
Inventory of South Korean manufacturers has increased to its highest point in 10 years, data showed Monday, a likely sign of a dulled economy.Figures obtained from the Korea Center for International Finance and Statistics Korea put the inventory-to-sales ratio in December last year at 116 percent. The number is the highest since 122.9 percent in September 1998, when the country was struggling with the Asia-wide foreign exchange crisis. The ratio has been on the incline from late last year. After
Feb. 11, 2019
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[News Focus] 9 provinces invigorated by brisk agricultural exports
SEJONG -- South Korea’s nine provinces are competing to step up outbound shipments of agricultural products amid growing demand from a variety of overseas buyers, including Southeast Asian countries.South Chungcheong Province is drawing particularly close attention since diversifying its export markets last year. Whereas until then the province had mainly focused on Hong Kong, Taiwan and the US, it has expanded its export destinations to include Singapore, Cambodia and Vietnam.According to
Feb. 10, 2019
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[News Focus] Korea-China-Japan FTA still long way to go
SEJONG - The North American Free Trade Agreement is estimated to have much contributed to development of the commerce segment in the continent as one of the world’s main trade blocs.Though US President Donald Trump recently threatened to terminate the NAFTA contracts, expressing dissatisfaction with trade terms with Mexico and Canada, it is undeniable the three-member trade bloc has been a counterpart to the European Union.In Europe, apart from the EU there is the European Free Trade Assoc
Feb. 7, 2019
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[Monitor] Apartment transactions in Seoul hit 6-year low
Apartment transactions in Seoul sank to a six-year low in January from a year earlier, according to data from the land administration department of the Seoul Metropolitan Government. The number of apartments sold in the capital city plunged to 1,857 last month, down 81.8 percent from 10,198 in January 2018 and the lowest level for the month since 2013. Real estate experts noted that with increased supplies of new houses in the midst of fortified anti-speculative regulations, the lease
Feb. 7, 2019
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Korean exports expected to fall in 2019: observers
South Korean exports are forecast to decline in 2019, as outbound shipments contracted for two months in a row, economic organizations and observers said Wednesday.The poor export showings in December and January marked the first time in 27 months that shipments have fallen in consecutive months on an annual basis and are an indication of tougher times ahead for Asia's fourth-largest economy, experts here said. Data by the Korea Customs Service showed exports down 5.8 percent from a year earlier
Feb. 6, 2019