Most Popular
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AI textbook bubble could burst, expert warns
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Samsung tightens its belt amid crisis winds
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Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO
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[Herald Review] One of Netflix's most expensive Korean originals returns, but at what cost?
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Prosecution closes 'Dior bag' case amid opposition uproar
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North Korean trash balloons cross border day after Seoul military parade
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SF Giants outfielder Lee Jung-hoo back home after injury-shortened rookie season
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Court confirms sentence for rapper who attempted to evade national service
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[Photo News] Armed Forces Day
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N. Korea may revoke 1991 Inter-Korean Basic Agreement in parliament: Seoul
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VW engineers admit to rigging CO2 emissions
BERLIN (Reuters) ― Several Volkswagen engineers have admitted manipulating carbon dioxide emissions data because goals set by former chief executive Martin Winterkorn were difficult to achieve, Bild am Sonntag reported.The paper said VW engineers tampered with tire pressure and mixed diesel with their motor oil to make them use less fuel, a deception that began in 2013 and carried on until spring this year.“Employees have indicated in an internal investigation that there were irregularities in a
World BusinessNov. 9, 2015
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Seoul shares down 0.75% on U.S. rate hike woes
South Korean stocks shed 0.75 percent on Monday amid growing expectations for a U.S. rate hike following better-than-expected job data in the world's largest economy, analysts said. The local currency tumbled against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 15.37 points to 2,025.7. Trading volume was light at 427.73 million shares worth 5.92 trillion won ($5.1 billion), with losers far surpassing winners 694 to 138."Concerns over a U.S. rate hike weighed heavily on th
Nov. 9, 2015
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Park's approval rating edges up over positive coverage of Park's summits
President Park Geun-hye's job approval rating edged up slightly due to positive media coverage of her recent summits with the leaders of China and Japan, as well as a meeting meant to cut red tape, a poll showed Monday.A poll released by polling agency Realmeter showed 46 percent of people approved of the job Park is doing, up 1.5 percentage points from a week earlier.Those who disapproved of Park's job performance came to 48.3 percent, down 1.7 percentage points from a week earlier.Earlier this
PoliticsNov. 9, 2015
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Korea dedicates 2 new nuclear reactors
South Korea on Monday dedicated two new nuclear reactors that will account for 3 percent of the country's electricity output.South Korea's 23rd and 24th nuclear reactors, built at a cost of 5.31 trillion won ($4.58 billion), can generate 158 million kilowatt hour of power per year, according to the commerce ministry.The nuclear reactors -- the Shin-Wolsong 1 and 2 units in Gyeongju, 371 kilometers southeast of Seoul -- can allow the country to push up its electricity reserve ratio by some 3.4 pe
Nov. 9, 2015
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Hanmi Pharmaceutical bags $915 mln license deal with Janssen
South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Monday that it has reached a license agreement with global drugmaker Janssen to develop a new diabetes-obesity drug, valued at $915 million.Under the agreement, Hanmi will receive an upfront payment of $105 million and is also eligible for $810 million in development, registration and sales milestones, as well as double-digit royalties on sales.Beligium-based Janssen will have an exclusive right to develop and commercialize the ne
IndustryNov. 9, 2015
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Kyung Nam Pharm’s stock tumbles on suspicion of manipulation
Hallyu actor Kim Soo-hyun models for Lemona. (Kyung Nam Pharm. Co., Ltd.)The stock of Kyung Nam Pharm Co., the maker of decades-old vitamin C product Lemona, crashed Monday on charges of stock manipulation. The pharmaceutical company’s stocks closed at 7,200 won ($6.20), down 1,170 won, or 13.98 percent, on the tech-laden KOSDAQ. The Financial Sup
Nov. 9, 2015
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Korean won falls to 1-month low
The U.S. dollar rose sharply in the local market as the majority of global investment banks -- in their recent projections -- tilted toward the possibility that the Federal Reserve will raise the base rate next month.The shift, from the formerly growing outlook on a hike delay, was due to the marked improvement in the U.S. employment and some other indices. On Monday, the dollar surged 1.33 percent, or 15.3 won, from a trading session before to close at 1,157.2 won.This is the highest level in
Nov. 9, 2015
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KEPCO's credit rating top among global power generators
State-run Korea Electric Power Corp. said Monday that its credit rating is the highest among its global peers, on the back of a strong bottom line and government backup.KEPCO is rated "AA-" by Standard & Poor's and Fitch Ratings and "Aa3" by Moody's Investors Service, which are on par with those for South Korea, the utility firm said.KEPCO said earlier it posted strong results for the nine months ended on Sept. 30, with its consolidated operating profit reaching 8.7 trillion won ($7.53 billion),
IndustryNov. 9, 2015
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Korea, Iceland agree to strengthen cooperation on Arctic region
South Korea and Iceland agreed Monday to strengthen cooperation on the Arctic region, Cheong Wa Dae said, a move that could help explore the northern polar route that holds large potential for cost and saving time for shipping companies.The agreement was reached during the summit between President Park Geun-hye and her Iceland counterpart, Olafur Ragnar Grimsson, at the South Korean presidential office.The two sides also agreed to push for a consultative meeting to discuss their policies on the
Foreign AffairsNov. 9, 2015
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KCS helps uncover major int'l drug bust
South Korea's customs service said Monday that it helped best trafficking of 8.8 tons of drugs in October in collaboration with international organizations and national agencies.The global effort, led by the Korea Customs Services and code named CATalyst, was carried out from Oct. 10 through Oct. 30 and disrupted illegal drugs being moved across borders. The clampdown received official endorsement from the World Customs Organization, which set up an operational command post at its headquarters i
Social AffairsNov. 9, 2015
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Japan Regular Wages Increase for a Seventh Straight Month
Regular wages in Japan rose for a seventh consecutive month as the government of Prime Minister Shinzo Abe presses businesses to boost salaries.Base pay climbed 0.4 percent in September from a year earlier, the labor ministry said Monday. Overall labor cash earnings, which include overtime and special payments, increased by 0.6 percent and wages adjusted for inflation advanced 0.5 percent.The central bank needs to see higher earnings so Japanese consumers can buy more to help sustain price gains
InternationalNov. 9, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marine that suffered a setback due to ongoing liquidity issues.State bodies involved in the shipping in
IndustryNov. 9, 2015
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Education minister vows to protect textbook authors
Education Minister Hwang Woo-yea vowed that the government will protect the panel of authors for state history textbooks, who face criticism on the Internet.Last week, the government announced that it will revise the current textbook publication system so that middle and high school students will learn Korean history through national textbooks starting in the 2017 school year.The government also said that a total of 36 historians with expertise in different periods and fields of history will par
Social AffairsNov. 9, 2015
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Korean economy to take hit from China's slowdown: think tank
China's economic slowdown is feared to have a significant negative impact on the South Korean economy that is highly dependent on the neighboring country for its exports, a leading state think tank said Monday.In a report on the world's second-largest economy, the Korea Development Institute said that Beijing may seek to reduce overinvestment and excess production capacity, bringing the country into a deep economic funk."China is moving to adjust excessive investments that have accumulated since
Nov. 9, 2015
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Ex-gov't official named new secretary general for PyeongChang Winter Olympics
A long-time civil servant has been named the new secretary general for the 2018 PyeongChang Winter Olympics.The organizing committee for the country's first Winter Games said Monday that Yeo Hyung-koo, formerly second vice minister of Ministry of Land, Infrastructure and Transport, was officially appointed as its secretary general with immediate effect. He attended a weekly staff meeting Monday morning in Seoul."It is a great honor to be appointed as secretary general," he said. "I feel a greate
Olympic GamesNov. 9, 2015
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Seoul shares down in late-morning trade on rate hike woes
South Korean stocks traded 0.3 percent lower late Monday morning as investor investment was spooked by growing expectations of a U.S. rate hike, analysts said.The benchmark Korea Composite Stock Price Index shed 6.09 points to 2,034.98 as of 11:20 a.m.The U.S. unveiled its latest jobs data last week, which far exceeded market estimates and raised expectations that the U.S. Fed could raise its interest rate in its meeting scheduled in December, a decision that could affect the financial market he
Nov. 9, 2015
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Adm. Yi Sun-sin's war diary translated into Russian
A popular war diary of an ancient Korean admiral who fought against Japan has been translated into Russian for the first time.Oleg Pirojenko, second secretary working at the Russian Embassy in Seoul, recently completed his five-year translation work of the "Nanjung Ilgi," a handwritten journal of Joseon Dynasty (1392-1910) Admiral Yi Sun-sin.Yi is one of the most respected figures for Koreans, leading a number of winning battles against Japanese naval troops.The diary features notes on his thoug
Social AffairsNov. 9, 2015
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Korea posts record share in DRAM market in Q3
South Korea's top two tech brands posted record-high shares in the global dynamic random access memory chip market in the third quarter of the year, data showed Monday, expanding their lead over the No. 3 U.S. player Micron Technology Inc.Samsung Electronics Co. and SK hynix Inc. accounted for 46.7 percent and 28 percent of the global DRAM market in the July-September period, respectively, the data compiled by industry tracker DRAMeXchange showed.The combined share held by the two South Korean f
IndustryNov. 9, 2015
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Korea's ETN market sees meteoric growth in first year of debut
The exchange traded notes market in South Korea has grown exponentially since its debut on the local stock market a year ago on the back of robust demand for less risky investment, the country's main bourse operator said Monday. The average daily turnover of ETNs reached 42.1 billion won ($36.5 million) as of last Friday, compared with 187 million won tallied during the first month of its launch in November last year, according to the data by the Korea Exchange. An ETN is a type of debt security
Nov. 9, 2015
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Seoul shares start lower on shippers, tech firms
South Korean stocks started lower on Monday as investors offloaded shippers and tech firms, analysts said.The benchmark Korea Composite Stock Price Index shed 12.71 points, or 0.62 percent, to 2,028.36 in the first 15 minutes of trading.Shipping firms tumbled amid rumors that the government is pushing for a merger between major market players. Hanjin Shipping and Hyundai Merchant Marine both dropped over 7 percent. Tech companies also weighed down on the market, with market leader Samsung Electr
Nov. 9, 2015