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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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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Special counsel bill to probe first lady scrapped
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Dongwha Duty Free may be up for sale
Doubts are growing over the future of Dongwha Duty Free, as industry speculation grows that it is unlikely to meet an extended debt repayment deadline amid heated competition among duty-free stores in central Seoul.The country’s first downtown duty-free store, which opened its doors in 1973, is currently in crisis, as it has failed to meet a December deadline to pay back Hotel Shilla in a put option. (Yonhap)In May 2013, Hotel Shilla acquired a 19.9 percent stake in Dongwha Duty Free with a put
Feb. 1, 2017
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Samsung loses top spot to Apple in Q4 smartphone sales
Korean tech giant Samsung Electronics lost the top spot to Apple in smartphone sales in the fourth quarter on 2016 for the first time in five years, according to US research firm Strategy Analytics. SA’s latest report showed that Samsung grabbed a 17.7 percent market share in the global smartphone market in the fourth quarter. It sold 77.5 million smartphones, a 5 percent drop on-year and its lowest quarterly sales figure in six years. Samsung’s archrival Apple captured 17.8 percent market share
Feb. 1, 2017
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Hyundai Motor to unveil facelift model of Sonata mid-sized sedan next month
South Korea's top automaker Hyundai Motor Co. plans to roll out its new Sonata mid-sized sedan as early as next month, market sources and company officials said Wednesday, amid the company's efforts to boost its domestic sales.The new Sonata is said to have an entirely different design that includes the new cascading grille seen in other new Hyundai cars launched earlier. This undated photo shows the special winter edition of the Hyundai Sonata mid-sized sedan. The South Korean carmaker is set t
Feb. 1, 2017
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Three firms removed from watchdog's antitrust watch list in Jan.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees dropped slightly last month from a year earlier, the antitrust watchdog said Wednesday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,125 as of end-January, down three from the previous month. (Yonhap)The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Thirteen business g
Feb. 1, 2017
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KT's operating performance jumps 11.4% in 2016
South Korean telecom giant KT Corp.said Wednesday that its operating profit jumped 11.4 percent on-year in 2016, thanks to reduced costs and a solid rise in revenue from both wireless and fixed-line Internet services.KT reported an operating profit of 1.44 trillion won, compared to 1.2 trillion won posted a year earlier, the company said in a regulatory filing. (Yonhap)Last year marked the biggest operating performance since 2011 when the company posted 1.73 trillion won and the second year in a
Feb. 1, 2017
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Koreans jumping on electric car bandwagon
Mesmerized by the brilliant ideas of "eccentric" CEO Elon Musk, Kim Sae-hae didn't hesitate to preorder Tesla Motors Inc.'s latest pure electric car model in April, only a week after its unveiling. The 36-year-old writer-cum-painter made a reservation for the Model 3, launched on March 31, as it generates no emissions, comes with greater per-charge range capabilities and sells for an affordable $35,000. In this photo taken on June 6, 2016, a Hyundai Motor employee explains how the Ioniq all-ele
Feb. 1, 2017
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Korea investigating foreign online travel firms
SEJONG -- Korea's anti-trust regulator is looking into whether some clauses of foreign online travel firms have violated the country's fair competition rules, an industry source said Tuesday. The probe by the Korea Fair Trade Commission into foreign online travel firms, including Hotels.com, Agoda, Expedia and Booking.com, was begun from the second-half of last year, according to the source. It is the first time that foreign online travel firms are under scrutiny over their clauses on reservatio
Jan. 31, 2017
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H1 job outlook bleakest for shipbuilding industry
The shipbuilding industry is forecast to lose 27,000 jobs in the first half of this year from a year ago while other major industries are likely to maintain the number of jobs, a report showed on Tuesday. Construction, automobile, machinary, electronics, semiconductor and finance service and insurance industries, on the other hand, are expected to add a combined 38,000 jobs from a year ago, the joint report by the Korea Employment Information Service and the Korea Institute for Advancement of
Jan. 31, 2017
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1 in 10 imports in China come from Korea: data
One out of every 10 imports in the Chinese markets came from South Korea last year, data showed Tuesday, in the latest sign of deepening economic ties between the two neighbors.China imported South Korean goods worth $158.9 billion last year, the Korea International Trade Association said, citing China's customs data. It means that South Korean products accounted for 10 percent of China's total imports last year. (Yonhap)Separately, China's commerce ministry said China attracted $113.8 billion
Jan. 31, 2017
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DRAM prices jump 39% on-month in Jan.
The prices of computer memory chips surged 39 percent on-month in January, industry data showed Tuesday, boding well for South Korea's leading chipmakers -- Samsung Electronics Co. and SK hynix Inc.The spot price of the benchmark 4-gigabit DDR3 came to US$2.69 as of Wednesday, compared to an average spot price of $1.94 a month earlier, according to the data by market tracker DRAMeXchange. (Yonhap)It marks the biggest on-month jump since the data was compiled in July 2012, DRAMeXchange said.The s
Jan. 31, 2017
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Chinese-made tires account for 1 in 3 imports in Korea
Nearly one in every three vehicle tires shipped to South Korea last year was produced in China, market data showed Tuesday.The country imported about $599 million worth of tires in 2016, according to the Korea Tire Manufacturers Association. Of the total, $175 million worth, or 33.6 percent, was from China, up 2.1 percent from the previous year. (Yonhap)German tires accounted for 9.5 percent of the total, followed by Japanese products with a 9-percent market share.Notably, China accounted for 79
Jan. 31, 2017
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[Photo News] Chinese shoppers at Galleria Duty Free 63
Tourists from China who came to Korea during the Lunar New Year holiday through travel service provider Ctrip take part in a hanbok experience event at Galleria Duty Free 63 in Yeongdeungpo-gu, Seoul, Monday. (Hanwha Galleria)
Jan. 31, 2017
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Retailers target niche delivery strategies
Retailers are seeking to attract more customers by rolling out delivery-related services and tackling niche delivery issues.On Tuesday, Paju Premium Outlets, run by Shinsegae in partnership with Simon Property Group, announced it had signed an agreement with DHL Korea to provide overseas shipping for tourists shopping in Korea. Overseas shipping services offered at Paju Premium Outlets (Shinsegae Simon)Tourists who purchase products at Paju Premium Outlets can request their items be shipped to t
Jan. 31, 2017
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Korean character industry grows fivefold in 10 yrs
The South Korean character industry has grown rapidly for the last decade, pulled by the growth of local animations and, more recently, by the popularity of character-rich mobile app services like Kakao Talk, data shows Tuesday.According to the Korea Creative Content Agency, total sales in the character industry jumped 11.4 percent to 10.08 trillion won ($8.6 billion) in 2015 from 9.05 trillion won the prior year. Given the number was 2.07 trillion won in 2005, it has increased nearly fivefold o
Jan. 31, 2017
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Retail investors cut loss thanks to tech gains
Two South Korean tech giants - Samsung Electronics Co. and SK hynix Inc. - have helped local retail investors reduce part of their losses on the local stock market this month, data showed Tuesday.Individual investors, called "ants" here, tend to lose money in many cases, versus institutions which reap relatively high returns. An investor monitors stock prices on an electronic board at the Seoul bourse in this file photo. (Yonhap)The average yield of the ten most popular stocks among those retail
Jan. 31, 2017
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GM Korea to begin local sales of Volt EV this week
GM Korea Co., the South Korean unit of US automaker General Motors Co., will begin to sell the Chevrolet Volt electric vehicle in the local market this week, the company said Tuesday.The Volt EV will be available at any Chevrolet dealership here from Wednesday, the company said in a press release. The Chevrolet Volt EV (GM Korea)The second-generation Volt has what the company called an extended range of 676 kilometers.The new plug-in hybrid car can travel up to 89 kilometers off its battery afte
Jan. 31, 2017
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Samsung developing new smartphone with Tizen 3.0
Samsung Electronics Co. is developing a new smartphone that runs on the next Tizen operating system, apparently to decrease its dependence on Google Inc.'s Android platform, industry sources said Tuesday.The South Korean tech giant currently has a device in the pipeline that will be the company's first smartphone with the impending Tizen 3.0, sources with knowledge of the matter said. Samsung Electronics Co.'s Z2 powered by the Tizen operating system (Samsung Electronics Co.)"Samsung has just be
Jan. 31, 2017
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Govt. to beef up safety of smartphone batteries
The South Korean government will strengthen its safety measures on smartphone batteries after some Galaxy Note 7 smartphones by Samsung Electronics Co. caught fire, sources said Tuesday.The state-run Korea Testing Laboratory will announce a set of measures and release the outcome of its investigation later this week into what caused Samsung's latest flagship phones to catch fire, they said. (Yonhap)"The government is preparing a revision to safety regulations to prevent a similar accident from o
Jan. 31, 2017
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LG beats Samsung in profitability of home appliances in 2016
LG Electronics Inc. was more profitable than Samsung Electronics Co. in the home appliance business in 2016 despite a gap in their overall revenue, industry data showed Tuesday.LG's home entertainment, home appliance and air solution divisions chalked up an operating profit of 2.57 trillion won ($2.19 billion) on sales of 34.6 trillion won in 2016, according to the data. The company's operating margin in the appliance business, or the ratio of operating profit to sales, came to 7.4 percent. (Yon
Jan. 31, 2017
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Outlook rosy for IT, but shipbuilders and carmakers face tougher year
South Korea's IT industry is expected to bask in robust business performance this year, while automakers and shipbuilders face tougher conditions, a report showed Tuesday.According to the report compiled by the Korea Chamber of Commerce and Industry, most sectors are faced with uncertainties at home and abroad, including political unrest, economic slump in major economies, and growing protectionism around the globe. (Yonhap)The Internet of Things and artificial intelligence-related technologies
Jan. 31, 2017