Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Gov't appears to shelve punitive measures against mass walkout by doctors
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Korea’s employment performance falls short of OECD average: FKI
South Korea has been outpaced by most members of the Organization for Economic Cooperation and Development regarding key labor-related indicators, a local business lobby found Tuesday. According to the Federation of Korean Industries, Korea ranked 29th for its employment rate among 37 OECD members in 2021, a drastic fall from the 23rd position it had maintained between 2016 and 2000. Though Korea saw its ranking for men’s employment rate climb from 20th in 2000 to 12th in 2016, it slid t
Oct. 18, 2022
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Korea’s employment performance falls short of OECD average: FKI
South Korea has been outpaced by most members of the Organization for Economic Cooperation and Development regarding key labor-related indicators, a local business lobby found Tuesday. According to the Federation of Korean Industries, Korea ranked 29th for its employment rate among 37 OECD members in 2021, a drastic fall from the 23rd position it had maintained between 2016 and 2000. Though Korea saw its ranking for men’s employment rate climb from 20th in 2000 to 12th in 2016, it slid t
Oct. 18, 2022
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Seoul shares up 1.36% ahead of corporate earnings
South Korean stocks ended sharply higher on Tuesday as institutions and foreigners picked up issues ahead of corporate earnings of major companies this week. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.24 points, or 1.36 percent, to close at 2,249.95 points. Trading volume was moderate at about 572.65 million shares worth some 7.13 trillion won ($5 billion), with gainers outnumbering losers 800 to 88. Overnight, the Dow Jones Industr
Oct. 18, 2022
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The Korea Herald to kick off forum on technology reshaping humanity
The Korea Herald, the nation’s largest English newspaper by circulation, holds its fifth annual business forum on Wednesday to shed light on the latest technology trends that could change the way people live as well as ways to make the transition smoother and more effective. Under the theme “Humanity in Tech,” the forum has invited policymakers, industry leaders and academics to explore the growing presence of blockchain and artificial intelligence in the digital age. Keynote s
Oct. 18, 2022
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KakaoTalk loses 2 million users; Line, Telegram see bump in new members
Popular South Korean messaging app KakaoTalk lost some 2 million users following an outage which began Saturday and lasted hours, industry tracker data showed. The number of KakaoTalk users was estimated at 39.05 million on Sunday, down 2.07 million from Friday when the figure stood at 41.12 million, according to an analysis by industry tracker WiseApp on Monday. But as the country’s most popular messaging app suffered a loss of users in the wake of the app's longest outage to date si
Oct. 18, 2022
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Kakao, SK C&C begin quiet dispute over data center shutdown
Kakao Corp. and SK C&C on Tuesday voiced subtle differences over how the weekend server outage went down at the SK facility -- which houses Kakao’s data center -- foreshadowing possibilities of future legal disputes over damage compensation. According to each company’s officials, SK C&C claimed that only some of the electricity to the data room containing Kakao’s servers were cut off by the fire, while Kakao insisted that a majority of its servers at SK C&C’s
Oct. 18, 2022
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Is US export ban forcing Korean chipmakers to exit from China?
The long-term business prospects of South Korean memory chip giants like Samsung Electronics and SK hynix are at their lowest points in China, despite being granted a one-year waiver to temporarily steer clear of chipmaking tool import restrictions to their Chinese fab plants. Experts say the uncertainties will inevitably force Korean chipmakers to relocate their chipmaking facilities, especially the most advanced fabs. "It’s possible that Korean memory chip manufacturers may try to u
Oct. 18, 2022
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Hyundai Mobis to supply chassis modules for Mercedes-Benz EVs
South Korean auto parts and mobility solutions provider Hyundai Mobis said Tuesday that it has begun mass-producing chassis modules for Mercedes-Benz electric vehicles, adding another global automaker to its client list. Mobis begun manufacturing its chassis module, a core automotive part that controls a vehicle’s stability while driving, from the third quarter at a newly established plant dedicated for Mercedes cars in Alabama in the US. A total of four electrified SUVs by the German ca
Oct. 18, 2022
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Upbit to replace KakaoTalk login service amid data center fire fiasco
South Korea’s cryptocurrency exchange Upbit is set to replace its fast login service via KakaoTalk next month, while in damage control mode from the recent Kakao data center fire fiasco. Dunamu, the operator of Korea’s No.1 crypto exchange by trading volume, will end its login service via KakaoTalk, fully replacing it with its own login system from Nov. 21, the firm’s spokesperson said Tuesday. “The new service will be adopted on Oct. 31 and fully kick off on Nov. 21 af
Oct. 18, 2022
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S. Korea seeks more investment from Netherlands in chips, new energy fields
South Korea asked the Netherlands on Tuesday to make greater investments and enhance bilateral cooperation in semiconductors and such advanced industry fields as hydrogen and nuclear power generation, Seoul's industry ministry said. Deputy Trade Minister Jeong Dae-jin made the request during a meeting with Hanneke Schuiling, the Dutch vice minister for foreign economic relations, in Seoul, according to the Ministry of Trade, Industry and Energy. "Chung noted that the South Korean gover
Oct. 18, 2022
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Seoul shares open higher on US gains
South Korean shares opened higher Tuesday, tracking rallies on Wall Street that jumped ahead of corporate earnings announcements by major firms this week. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.84 points, or 1.16 percent, to 2,245.55 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 1.86 percent and the tech-heavy Nasdaq Composite jumped 3.43 percent as investors geared up for third-quarter corporate earnings of such big-name firms as N
Oct. 18, 2022
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[Newsmaker] Kakao Outage: What happens when a country heavily relies on one super app?
Tech giant Kakao has said most of its services have been restored following an extended outage that began Saturday. But as the country suffered a digital blackout for many hours, the dominance of its "super app" has been called into question. Launched in 2010 as a messaging app, KakaoTalk grew in popularity exponentially over the years and branched out to other areas such as shopping and banking. Kakao also launched in-house apps that work in connection with KakaoTalk, such as ride-hai
Oct. 17, 2022
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US inflation act likely to benefit solar cell producers: KITA
SEJONG -- Unlike carmakers in South Korea, local producers of solar energy-related items will possibly enjoy benefits from the US Inflation Reaction Act which has strengthened regulations on Chinese products, a Seoul organization representing exporters said Monday. According to a report from the Korea International Trade Association, Korean producers' share of US imports of solar cells surged to 47.8 percent in 2021, compared to 1.9 percent in 2011. Over the corresponding 10-year period, the s
Oct. 17, 2022
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Seoul shares advance for 2nd day on dip-buying
South Korea's stock market advanced for a second consecutive session on Monday as investors went on the hunt for undervalued stocks. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) added 7.16 points, or 0.32 percent, to close at 2,219.71 points. Trading volume was moderate at about 487 million shares worth some 6.4 trillion won ($4.5 billion), with gainers outnumbering losers 538 to 322. Foreigners bought a net 264 bil
Oct. 17, 2022
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Up to W22b sales loss estimated for Kakao over service disruption
The aftermath of Kakao’s sudden shutdown continued Monday, as South Korea’s largest messenger app operator claimed its service failures due to a fire at SK C&C’s data center over the weekend would have limited financial impacts, while analysts predicted Kakao would suffer up to 22 billion won ($15.3 million) in sales loss in the fourth quarter. Kakao has set up an emergency committee, headed by its co-CEO Hong Eun-taek, to investigate the cause of the disastrous shutdown, c
Oct. 17, 2022
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Koreans eat ramen 1.7 times a week on average
A recent report showed Monday that people in South Korea consume ramen 1.7 times a week on average, with Nongshim’s bestseller Shin Ramyun being the top pick. The report, published by the Korea Agro-Fisheries & Food Trade Corp., is based on a survey conducted on 500 people aged between 15 and 65. By gender, men and women ate ramen 1.8 times and 1.5 times per week, respectively. Men in their 20s and 50s were the most frequent ramen consumers, eating ramen twice a week, while women in
Oct. 17, 2022
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Financial watchdog launches inspection into Kakao’s contingency plans
South Korea’s financial watchdog launched a probe into the overall contingency plan of Kakao’s financial arms and how they dealt with a service disruption over the weekend caused by a fire at a data center, officials said Monday. The Financial Supervisory Service requested Kakao Bank, Kakao Pay and Kakao Pay Securities to file a report on their hourly countermeasures against the server disruption that lasted more than 30 hours, on top of its existing contingency plan. The FSS noted
Oct. 17, 2022
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Plastic bag ban at convenience stores begins late November
Use of plastic bags at convenience stores will be banned from Nov. 24, two years after they were removed from hypermarkets as part of eco-friendly efforts. Like in the large supermarkets, customers will have the option of purchasing standard user-pay trash bags or paper bags at convenience stores to carry what they bought. If a store is found to have used regular plastic bags, it will be slapped with fines of up to 3 million won ($2,086). Convenience store chains such as GS25 and CU have already
Oct. 17, 2022
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Samsung opens remote offices to boost hybrid working
South Korean tech giant Samsung Electronics announced Monday it has opened six shared working spaces to nurture a hybrid work environment and flexible work culture. Two of the six spaces are located outside Samsung offices, in Seoul and Daegu, and the other four in Suwon, Gyeonggi Province; Gumi, North Gyeongsang Province; Gwangju; and Seoul are within Samsung office buildings. These co-working spaces, dubbed "d'light," feature open seats, partitioned desks, adjustable standing desks,
Oct. 17, 2022
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Goesan int'l organic expo ends with fanfare
GOESAN -- South Korea's sole international organic expo has ended successfully in the central county of Goesan with the number of visitors well exceeding the target, organizers said Monday. The 2022 IFOAM-Goesan International Organic Expo kicked off in Goesan, some 160 kilometers south of Seoul, on Sept. 30 for a 17-day run with the aim of highlighting the importance of organic farming and boosting related industries. The expo, co-hosted by the provincial government, the Goesan County gover
Oct. 17, 2022