Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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[Weekender] How DDP emerged as an icon of Seoul
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Seoul to provide housing subsidy to married couples with newborns
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[Music in drama] An ode to childhood trauma
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Inflation fears loom large as kimchi-making season nears
South Korean households are feeling the inflation pinch as they brace for the annual kimchi-making season later this year. The average price for 10 kilograms of cabbages, the key ingredient for kimchi, surged on-year by 116.6 percent to 32,940 won ($23.7) as of Sept. 16, data from the state-run Korea Agro-Fisheries & Food Trade Corp. showed. The price of 20 kg of white radish, which are fermented in spicy sauce and other flavorful seasoning, skyrocketed by 146.1 percent to 28,460 won in the
Sept. 19, 2022
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OECD cuts S. Korea’s 2023 growth outlook to 2.2%
SEJONG -- The Organization for Economic Cooperation and Development on Monday predicted that the gross domestic product growth of South Korea would stay in the low 2 percent range next year. In particular, the Paris-based OECD forecast that the nation’s exports and private consumption would post slower-than-expected growth in 2023. In the 2022 OECD Economic Survey of Korea, the organization revised its outlook on the 2023 GDP growth of Korea to 2.2 percent, from its suggestion of 2.5 per
Sept. 19, 2022
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Memory chip downtrend haunts Samsung, SK hynix
South Korean semiconductor stocks are treading on a bumpy road as slowing orders in the chip industry plaguing memory powerhouses Samsung Electronics and SK hynix have dampened prospects. Since January, Samsung Electronics' share price has fallen nearly 30 percent, while its hometown rival SK hynix has seen its share price drop over 30 percent. On top of this, stock analysts are revising down the price target of the two memory chip giants, and expecting the quarterly profit to turn slimmer
Sept. 19, 2022
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Celltrion’s anticancer biosimilar Vegzelma gets sales approval in UK
The Medicines and Healthcare products Regulatory Agency -- the UK’s drug authorization body -- has granted Celltrion sales approval for oncology biosimilar Vegzelma in the country, the South Korean company announced Monday. According to Celltrion, Vegzelma was authorized for the treatment of multiple types of cancer including metastatic breast cancer, non-small cell lung cancer, ovarian cancer and cervical cancer. The UK approval came a month after Vegzelma received a green light from th
Sept. 19, 2022
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Kakao Mobility, Hyundai Motor team up to debut self-driving taxi service
Kakao Mobility and Hyundai Motor Group said Monday they have teamed up to debut a new taxi-hailing service using autonomous driving technology, with the first test-run set to be carried out within the year. The two firms said they have recently signed a memorandum of understanding to test driverless driving technology and seek a mass-market debut of the new service. Under the partnership, Hyundai Motor’s self-driving taxi RoboRide, based on the carmaker’s flagship electric model Ioni
Sept. 19, 2022
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S. Korean stocks open lower ahead of Fed policy meeting this week
South Korean stocks opened lower Monday as investors continued to remain cautious ahead of the US Federal Reserve's policy meeting later this week. The Korea Composite Stock Price Index (KOSPI) fell 8.43 points, or 0.35 percent, to 2,374.35 in the first 15 minutes of trading. The country's stock market has been roiled by expectations that the Fed could raise the base rate at least by another 75 basis points in its upcoming policy meeting slated for Sept. 20-21. In Seoul, market heavywe
Sept. 19, 2022
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Samsung widens gap between Intel as world's largest chipmaker by revenue in Q2
Samsung Electronics Co. expanded its market share of the global semiconductor industry in the second quarter, maintaining its top spot, a research showed Monday. Samsung's chip revenue for the April-June period came in at a record quarterly high of $20.3 billion on the back of solid server demand, taking up 12.8 percent of the global total of $158.1 billion, according to research firm Omdia. Samsung's Q2 share was slightly up from the 12.5 percent it logged the previous quarter. In the
Sept. 19, 2022
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Incheon Airport to host ACI CX Global Summit next year in Incheon
Korea Herald correspondent KRAKOW, Poland—Incheon Airport will be hosting a global summit on airport customer experience held by the Airports Council International in Incheon next year. The announcement was made during the closing ceremony of the ACI CX Global Summit 2022 held in Krakow, Poland, on Thursday. This follows Incheon Airport winning the level 5 Customer Experience Accreditation, the highest level and the first granted by the ACI since accreditation began in April 2019, in recog
Sept. 19, 2022
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State review on national R&D projects to be shortened
South Korea will cut down the time it takes to complete the review process for national research and development projects to 4 1/2 months from the current seven-month period to secure the timeliness of certain projects, the Ministry of Science and ICT said Friday, as it announced the revised policies to enhance the country’s preliminary feasibility study for R&D projects. According to the ministry, projects that will be subject to the new review policy will be limited to those that pass th
Sept. 18, 2022
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'Future of mobility is in user experience technology'
Hyundai Motor Group on Friday unveiled its vision for future mobility with its purpose-built vehicle and the latest user experience technology that underlies it, with an aim to help drivers and passengers make better use of their time inside the vehicle. Showcasing prototypes and technologies at UX Tech Day 2022 in Seoul on Friday, engineers at the carmaker said these future mobility features are set to make a market debut after 2025. According to the carmaker, dozens of patent technologies have
Sept. 18, 2022
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Korean drugmakers unfazed by Biden order to beef up US bio sector
US President Joe Biden’s executive order on bolstering the country's biotechnology and biomanufacturing sectors with over $2 billion in spending will not dampen the outlook for the South Korean bio industry, according to industry insiders and analysts. The US-first initiative could rather serve as an opportunity for Korean companies, they said. “The US’ move appears to be another attempt to solidify the ‘made-in-America’ efforts, similar to the electric vehicle and
Sept. 18, 2022
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SK chief visits Japan to ask support for Busan’s Expo bid
SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, held meetings with Japanese political and business leaders, including Prime Minister Fumio Kishida, to ask Tokyo’s support for South Korean port city Busan’s bid to host the 2030 World Expo. Chey stayed in Tokyo on Thursday and Friday, according to the KCCI -- the nation’s largest business lobby -- on Sunday. On the first day, the KCCI chief met with Matsumoto Masayoshi, the v
Sept. 18, 2022
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Financial workers’ strike has little short-term impact
Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti
Sept. 18, 2022
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[Photo News] Mucking in
Posco Group Chairman Choi Jeong-woo (right) joins efforts to remove mud and debris at the steel giant’s plant in the southeastern city of Pohang on Saturday. Posco said it aims to fully normalize operations of the typhoon-hit plant by early December. (Posco)
Sept. 18, 2022
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Samsung chip plants look to stamp out carbon footprint
Chip factories have long been considered the biggest culprit in the computing industry behind climate change. Advancing abatement technologies to reduce carbon emissions is the top priority in the Samsung Electronics semiconductor unit's goal to become carbon neutral by 2050, a top official said Friday. "Treatment of gas used to manufacture semiconductor chips is our biggest focus in our spending (to achieve net-zero emissions)," Song Doo-guen, executive vice president and head of th
Sept. 18, 2022
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Jeju Air signs MOU with Indonesian province for new route
Jeju Air Co., South Korea's leading budget carrier, said Sunday it has signed an initial pact with an Indonesian provincial government for a partnership to open a new route between the two countries. Jeju Air has signed a memorandum of understanding with North Sulawesi Province to explore opportunities to offer flights to the Southeast Asian country, the company said in a statement. The Indonesian government aims to develop new tourism sites to attract travelers from around the world under
Sept. 18, 2022
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Hyundai E&C wins W1.9t railway deal in Philippines
Hyundai Engineering & Construction Co., South Korea's leading builder, said Sunday it has received a 1.9 trillion-won ($1.4 billion) railway order in the Philippines. Hyundai E&C will build a 56-kilometer railway connecting the capital city of Manila to the southern city of Calamba in the next six years, the company said in a statement. The company said it recently received notification that it was awarded the order from the Philippine Department of Transportation. (Yonhap)
Sept. 18, 2022
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Seoul shares fall for 3rd day on Fed rate-hike jitters
South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest US economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to 2,382.78. Trading volume was moderate at 432.5 million shares worth 8.4 trillion won ($6.04 billion) with decliners outnumbering gainers 687 to 193. "The after
Sept. 16, 2022
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NTS chief says 'no discrimination' for foreign firms
National Tax Service Commissioner Kim Chang-ki said that the tax agency will ensure transparent and impartial tax services for foreign firms operating here at a roundtable meeting with the American Chamber of Commerce in Korea on Friday. "We are thankful for the deep trust and constant investment US firms make in Korea," he said. "The NTS will continue to provide foreign firms with a world-class, transparent and fair tax system, with no discrimination." Kim was responding to
Sept. 16, 2022
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Auto exports jump 36% in August on popularity of eco-friendly cars
South Korea's car exports jumped 35.9 percent on-year in August on brisk global demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to $4.12 billion last month, the largest ever figure for any August, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 168,155 vehicles were sold last month, up 29.1 percent from the previous year, it added. Rising demand for eco-friendly vehicles led the overa
Sept. 16, 2022