Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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[Robert Fouser] Why the US election looks so close
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Samsung unveils 'personalized AI' for all devices
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Potential losses from Chinese trade sabotage may hit $20b
The South Korean economy might suffer some $20 billion in losses in trade with China in the future, if the diplomatic dispute over Seoul's installation of a US anti-missile system further escalates, a report showed Wednesday. Tension is rising between the two countries after Beijing took aggressive steps to restrict Korean companies and their goods in an apparent reprisal for Seoul's decision to bring in a Terminal High Altitude Area Defense battery on its soil. The stationing of THAAD has anger
March 22, 2017
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Credit finance firms' net profits rise 16.5% in 2016
Earnings of South Korea's credit finance firms rose 16.5 percent last year from a year earlier, helped by a continuing rise in household and corporate lending, data showed Wednesday. The combined net income of 78 credit finance companies reached 1.54 trillion won ($1.37 billion) in 2016, compared with 1.32 trillion won in the previous year, according to the data compiled by the Financial Supervisory Service.The companies include capital financing firms and leasing companies, but exclude credit c
March 22, 2017
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Trade deals with emerging markets alternative to slowing China exports
Signing trade accords with emerging markets could offer a solution for South Korea, which is coping with slowing exports to China, a local think tank said Wednesday. In the past eight years, China has imported one fourth of South Korean exports in terms of value. "South Korean exports to China continued to fall in the past three years due to rising protectionism. It is time to set up new strategies to keep exports as a growth driver," the Korea Economic Research Institute said in a recent repor
March 22, 2017
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Safety commission OKs restart of Hanbit 2 nuclear reactor
South Korea's nuclear commission on Tuesday approved the restart of a reactor along the west coast that was shut down 10 months ago for maintenance.The Hanbit No. 2 reactor at the nuclear power plant in Yeonggwang, South Jeolla Province stopped operations on May 4, 2016, for routine inspections."After inspecting 87 categories, we have confirmed there is no problem related to safety," the Nuclear Safety and Security Commission said.The commission found corrosion on the back of one of plates durin
March 21, 2017
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Coca-Cola, WWF team up for water conservation in PyeongChang
The Coca-Cola Co. and the World Wildlife Fund teamed up with South Korea’s government organizations to protect water resources in PyeongChang on Tuesday, one day ahead of World Water Day. A memorandum of understanding for a comprehensive water conservation program was signed, with six parties from the public and private sectors deciding to collaborate to conserve water resources to achieve an eco-friendly PyeongChang Olympic Winter Games next year. The six-body partnership consists of Coca-Cola,
March 21, 2017
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Jeju seeks industrial transformation via carbon-free tech
Forget about the Jeju that you used to know. The nation’s southern resort island, famous for its natural surroundings, slow pace of life and fresh seafood, is seeking an industrial transformation through the development of carbon-free technology. By 2030, the island with a population of 600,000 plans to replace all vehicles with electric cars. One hundred percent of electric power will also be generated from renewable energy and will be supplied via a smart grid system. Jeju Gov. Won Hee-ryong
March 21, 2017
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Samsung chairman’s wife emerges as key person in succession scenario
Hong Ra-hee, the wife of Samsung Chairman Lee Kun-hee, could become a key person in the ongoing succession scenario at the nation’s largest conglomerate, industry insiders said Tuesday, citing her stock value and legal procedures expected afterward. Hong, the mother of Lee Jae-yong, heir to the South Korean tech giant, holds 0.77 percent of Samsung Electronics’ shares. But according to civil law, Hong is entitled to inherit her spouse’s assets, which includes a 3.54 percent stake in Samsung Elec
March 21, 2017
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Lotte skyscraper gets press viewing
Soaring 555 meters into the sky in southern Seoul, Lotte World Tower is a behemoth of a building filled with everything from high-end offices to serviced residences and an observation deck.South Korea’s tallest building was unveiled to the press Tuesday morning ahead of its grand opening to the public on April 3.The location for the building was chosen in December 1987, and construction began on the 4 trillion-won structure in 2010.“Skyscrapers like the Lotte World Tower are often pursued by gov
March 21, 2017
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Kumho Tire acquisition conflict grows more political
Chinese tire maker Qingdao Doublestar, which recently signed on for the acquisition of Kumho Tire, said in a press release Tuesday that it will retain all current job positions of employees at the company that Kumho Asiana Group is struggling to buy back. According to company officials, Doublestar has reached an agreement with its creditors to uphold all current job positions of Kumho Tire employees, adding that the company plans to recruit more domestic employees.“Doublestar’s plan to hold all
March 21, 2017
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Naver to spend W10b on science content for encyclopedia
Naver Corp., the operator of South Korea's dominant Internet portal, said Tuesday that it will invest 10 billion won ($8.9 million) in beefing up its basic science content over the next four years to strengthen its online encyclopedia. Under a dozen agreements with academic organizations of basic sciences, such as physics and biology, Naver will create a total of 15,000 science content that will be used for its open-source encyclopedia. Naver's logo (Naver Corp.)Naver's encyclopedia, the most po
March 21, 2017
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Higher court upholds dismissal of Hyosung chairman over cooking books
An appeals court on Tuesday upheld a lower court ruling to dismiss a South Korean business tycoon who was accused of violating the accounting law for years.The Securities and Futures Commission under the Financial Services Commission ordered Hyosung Group to dismiss its chairman Cho Suk-rai, 81, in July 2014 over allegations the conglomerate made official announcements based on false financial statements from 2006 to 2013. In this file photo, Cho Suck-rai, chairman of Hyosung Group, leaves a Se
March 21, 2017
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Asiana Airlines to raise fares on routes to Jeju next month
Asiana Airlines Inc., South Korea's second-biggest passenger carrier by sales, said Tuesday it will raise fares on its domestic routes to the southern resort island of Jeju by an average of 5 percent next month, marking the first increase in five years.The fare hike, effective beginning April 18, was attributed to the deteriorating business environment."The rate hike was mainly due to the increased use of bullet trains instead of planes, tougher competition among players and higher operating cos
March 21, 2017
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Doosan Infracore hits fresh yearly high on earnings hope
Stocks of Doosan Infracore Co. traded at a yearly high Tuesday as investors scooped up the country's leading construction equipment maker on hopes for an improved business performance. Doosan Infracore was changing hands at 10,100 won ($9) on the Seoul bourse as of 1:30 p.m., up 1 percent from the previous session's close. Over the past five sessions, foreign investors bought some 696,000 Doosan Infracore stocks, with institutional investors purchasing some 446,000 stocks.Doosan Infracore is set
March 21, 2017
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Tourism biz battered by Chinese vacuum amid THAAD row
Duty-free shops and hotels in South Korea are beginning to feel the pain from a sudden drop in Chinese customers following a travel ban by Beijing, one of a series of trade restrictions in apparent protest against Seoul's stationing of a US anti-missile system, industry sources said Tuesday. Chinese travel agencies have stopped selling group tours to Korea since March 15 upon the authorities' order. The cruises run by the neighboring country have also been banned from making stopovers at South K
March 21, 2017
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Daewoo Shipbuilding losses should be shared by stakeholders
South Korea's chief financial regulator said Tuesday that stakeholders of Daewoo Shipbuilding & Marine Engineering Co. should shoulder losses, a precondition for another round of rescue package for the cash-strapped shipbuilder.Yim Jong-yong, chairman of the Financial Service Commission, made the remarks at a parliamentary committee when asked whether the government is considering another round of capital injection to help rescue Daewoo Shipbuilding. Yim told lawmakers that the government has be
March 21, 2017
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Samsung showcases teaser for presumed Galaxy S8
Samsung Electronics Co., which is set to unveil its new flagship smartphone later this month, on Tuesday introduced a teaser poster which apparently describes the presumed Galaxy S8 smartphone.The poster carries the Korean slogan "Completion and a New Start," with a person standing next to a smartphone-shaped door which leads to space. (Samsung)The tech giant said the poster is aimed at promoting the new device and will deliver never-before-seen experiences. Industry watchers expect the Galaxy S
March 21, 2017
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Samsung set to deliver forecast-beating Q1 result
Samsung Electronics Co. is expected to rack up a market forecast-beating operating income for the first quarter of 2017 helped by its robust performance in the chip business, a local security firm said Tuesday.NH Investment & Securities Inc. said Samsung is forecast to post an operating income of 9.6 trillion won ($8.59 billion) for the January-March period, hovering far above the market estimate of 8.9 trillion won.By sector, Samsung's chip business will rake in 6.1 trillion won in operating in
March 21, 2017
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China's THAAD sabotage spills over to smaller firms
Small and medium-sized South Korean companies doing business in China are also bearing the brunt of a string of disruptive acts by Chinese authorities in an apparent protest of Seoul's planned deployment of a US anti-missile system, industry sources said Tuesday. Beijing has been heaping a slew of trade restrictions on Korean companies and their goods, in what appears to be coming from its ire over the stationing of the Terminal High Altitude Area Defense system on the peninsula. China sees it a
March 21, 2017
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Major pharmaceuticals to expand R&D spending in 2017
Major South Korean pharmaceutical companies are poised to expand their spending on research and development this year despite weak earnings, industry sources said Tuesday.The four drug companies -- Hanmi Pharmaceutical Co., Green Cross Corp., Daewoong Pharma and Chong Kun Dang Pharmaceutical Corp. -- whose annual R&D spending each topped 100 billion won ($86.9 million) last year, will continue to focus on R&D expansion, they said.Headquarters of Hanmi Pharmaceutical Co. (Yonhap)Hanmi Pharmaceuti
March 21, 2017
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Samsung on schedule to run new chip factory
Samsung Electronics Co. said Tuesday its chip factory under construction in southern Seoul is expected to start production in the first half of this year as scheduled.The 15.6 trillion-won ($14.4 billion) project began in 2015 to build the chip line in Pyeongtaek, some 70 kilometers south of Seoul. It marks Samsung's largest-ever investment in a single production line. Some 90 percent of the construction is now completed, the firm said.The new line is expected to focus on the production of 3-D V
March 21, 2017