Most Popular
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Samsung under pressure after Intel's foundry spin-off: analysts
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Yoon leaves for Prague to cement nuclear energy push
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Heavy rain to fall nationwide over weekend, but warmer fall expected
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Seoul chastises predatory pricing claims over Czech nuclear export deal
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YouTuber under fire for consoling former singer accused of bullying
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NK newspaper 'unusually' silent on new missile tests: Seoul
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Samsung CEO introduces ‘bold growth’ as new target
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Bank of Korea eyes rate cut after US Fed's historic pivot
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3 suspects apprehended for selling celebrity deepfake porn: police
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Hyundai Motor officially becomes KT’s largest shareholder
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SK On exceeds hiring goal in Georgia ahead of schedule
The US State of Georgia said Tuesday SK Battery America, a production subsidiary of South Korean battery giant SK On, has exceeded its hiring goal two years earlier than the initial schedule to fill jobs at its manufacturing facilities for electric vehicle batteries in the city of Commerce, Jackson County. The state government said the company had achieved its goal of 2,600 employees as of the end of 2022, with plans to expand the workforce to some 3,000 this year. Since launching its EV batte
Jan. 31, 2023
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Hyundai Mobis secures record orders from global carmakers
Hyundai Mobis, a car parts maker under Hyundai Motor Group, announced Tuesday that it received a record-breaking $4.7 billion of orders from global automakers last year. This is the company’s greatest feat since it first entered the international automotive parts market in the early 2000s. The company surpassed its initial goal of $3.8 billion by 25 percent and achieved a near-double increase compared to 2021 earnings, which were valued at $2.5 billion. Overseas orders do not include those
Jan. 31, 2023
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Posco International kicks off construction of 2nd LNG terminal
Posco International, a subsidiary of steel giant Posco, on Tuesday held a ground-breaking ceremony for its second liquefied natural gas terminal in Gwangyang, South Jeolla Province. The company said the construction will accelerate its vision to become an eco-friendly company by strengthening its energy value chain. The company plans to invest 930 billion won ($757 million) to build two 200,000-kiloliter LNG storage tanks on the site by 2025 to power Posco’s steel mills and other power gen
Jan. 31, 2023
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Samsung defies chip price slump, vows to continue investment
Despite witnessing a sharp drop in chip profits, Samsung Electronics said it will not scale back its output and spending in 2023, bucking the trend of cost-cutting among its global rivals. "The deteriorated business environment is not so favorable for our performance for now, but we believe it is also an opportunity where we can thoroughly prepare for the future," the company said Tuesday in the earnings call for the fourth quarter of 2022. The company added that its capital expenditur
Jan. 31, 2023
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Industrial output down 1.6 % in December amid weak exports
South Korea's industrial output fell 1.6 percent on-month in December, data showed Tuesday, as the manufacturing sector remained sluggish amid weak exports. Industrial production decreased at the widest margin in 32 months, shifting from a 0.4 percent rebound posted in November, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries fell 2.9 percent on-month in December, due to the sluggish performance of the automobile and elect
Jan. 31, 2023
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LG Energy Solution shares close higher, beats market jitters
South Korean battery giant LG Energy Solution’s stocks stood strong on Monday, despite the end of a year-long lock-up period. The company’s shares rose by 0.79 percent to 510,000 won ($415.5) from the last trading day, according to the bourse operator Korea Exchange. The stocks tumbled by 3.16 percent to 490,000 won at one point in the morning but ticked upwards approximately one hour before the closing bell. Foreigners and institutions each bought 29.1 billion won and 15.9 billion w
Jan. 30, 2023
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[NPS in Action] Korea's pension fund, under pressure, hunts for gains in foreign stocks
This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas
Jan. 30, 2023
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Kolmar Korea eyes new plant in Pennsylvania
Kolmar Korea, a cosmetics original design manufacturer, is considering building its second manufacturing facility in the US, a company official said Monday. Olyphant, Pennsylvania, is being discussed as the location for the new manufacturing facility, an official from Kolmar Korea said, but plans about the size or timeline have not been decided. In 2016, Kolmar Korea entered the US market by acquiring Pennsylvania-based cosmetics ODM maker Process Technologies & Packaging. The company has be
Jan. 30, 2023
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Seoul stocks snap 5-day winning streak on tech, auto losses; Korean won at 9-month high
Seoul stocks snapped their five-day winning streak Monday, weighed by losses in major tech shares ahead of the US central bank's rate-decision meeting and exports data from Asia's fourth-largest economy. The Korean won rose to the highest in nine months against the US dollar. The benchmark Korea Composite Stock Price Index retreated 33.55 points, or 1.35 percent, to close at 2,450.47 points. Trading volume was moderate at about 460 million shares worth some 8.7 trillion won ($7.1 billi
Jan. 30, 2023
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KT&G joins hands with Philip Morris to speed up overseas expansion
In a bid to expedite its foray into the global market and ramp up its sales, South Korean tobacco company KT&G on Monday clinched its first-ever long-term contract with Philip Morris International to supply the global tobacco giant with its products. Under the 15-year sales and purchase agreement, KT&G said it will be supplying PMI with its heat-not-burn cigarette brand "lil" products, along with future e-cigarette products that will be developed in the future. Meanwhile, under
Jan. 30, 2023
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Samsung SDI hits W20tr in sales for first time
Samsung SDI said Monday it posted record-high earnings in both sales revenue and operating profit last year, largely driven by the surge in sales of value-added battery products. Revenue skyrocketed 48.5 percent to 20.1 trillion won ($16 billion) last year, while its operating profit jumped 9 percent to 1.8 trillion won. It is the first time sales have reached the 20 trillion won mark. Operating profit soared to new heights as well, surpassing the 1 trillion won mark for the second consecutive
Jan. 30, 2023
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LG Innotek aims high with new chip substrate plant
LG Innotek said Monday it will ramp up development of its flip chip ball grid array packages, or high-density package substrates to secure a top position in the market. "FC-BGA is a sector LG Innotek can excel in, as the company has been leading the global substrate material market with its unrivaled technology and productivity," said LG Innotek's president and CEO, Jeong Cheol-dong. "We will create differentiated customer value so the company can lead the global FC-BGA marke
Jan. 30, 2023
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‘Responsibility’ beats ‘professionalism’ in conglomerates’ hiring priorities
Demonstrating a sense of responsibility during a job interview will boost one’s chance of getting hired by large companies in Korea, a report from business lobby group Korea Chamber of Commerce and Industry showed Monday. Since 2008, the quinquennial report has been mainly looking into job recruiting announcements and websites of the top 100 local companies in terms of sales to find out trends in qualification that they seek in their applicants. “As the job market is expected to tu
Jan. 30, 2023
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GM to debut all-electric Cadillac Lyriq in Korea this year
General Motors will launch its first Ultium platform-based electric sport utility vehicle, the Cadillac Lyriq, in South Korea later this year to expand its EV lineup in the country, the automaker announced Monday. Ultium refers to Ultium Cells, a joint venture between GM and LG Energy Solution established in 2019 to set up and operate battery cell manufacturing facilities in the US. The two share three EV battery plants, the first of which began operating in Ohio last year. The second and third
Jan. 30, 2023
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Paris Baguette opens 100th franchise store in US
Korea’s leading bakery franchise Paris Baguette has launched its 100th franchise store in the US, stepping up its overseas business, its operator SPC Group said Monday. Reaching the milestone with the opening of "Paris Baguette Red Bank" in New Jersey, the company aims to introduce 1,000 stores across the US market by 2030. According to the food company, Paris Baguette plans to sign 160 additional franchise deals this year. Entering the US in 2005, Paris Baguette has worked on en
Jan. 30, 2023
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[Newsmaker] Why is Samsung starting a legal fight against smartphone repair shops in US?
Samsung Display has recently filed a complaint against 17 smartphone repair shops in the US over their use of “illegal” panels that it says infringed its highly sophisticated OLED patents, according to industry sources Monday. The display-making unit of Samsung Electronics is a market leader making almost 70 percent of OLED panels used in high-end mobile devices, including Samsung Galaxy and Apple iPhone smartphones. Sources say the company seems determined to offer no leniency for
Jan. 30, 2023
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Tax revenue up 15% in 2022
South Korea's tax revenue rose 51.9 trillion won ($42 billion) in 2022 from a year earlier on the back of an increased collection of corporate income taxes, coupled with revitalized consumption, the finance ministry said Monday. The government collected 395.9 trillion won in taxes last year, up 15.1 percent from the 344.1 trillion won tallied in 2021, according to the Ministry of Economy and Finance. In 2020, the tax revenue fell by 7.9 trillion won due to the fallout of the COVID-19 pandem
Jan. 30, 2023
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Exports of passenger cars hit record high in 2022
South Korea's exports of passenger cars rose 15 percent on-year in 2022 to reach a record high, data showed Monday, on the back of robust shipments of eco-friendly models. Carmakers shipped passenger cars worth a combined $49 billion in 2022, up from $42.6 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The number of cars shipped reached 2.31 million units, also rising 10.1 percent on-year, the agency added. South Korea's imports of passenge
Jan. 30, 2023
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Seoul stocks open lower ahead of Fed meeting
Seoul stocks opened lower Monday, as investors took to the sidelines ahead of the Federal Reserve's meeting this week. The benchmark Korea Composite Stock Price Index retreated 10.32 points, or 0.42 percent, to 2,473.7 points in the first 15 minutes of trading. Stocks got off to a weak start. The tech-heavy Nasdaq closed up 0.95 percent Friday, with the Dow Jones Industrial Average and the S&P 500 finishing up 0.08 percent and 0.25 percent, respectively. Signs of slowing US inflation hi
Jan. 30, 2023
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[Photo News] New year's trekking
S-Oil CEO Hussain A. Al-Qahtani and some 100 company staff participate in a new year's trekking event at Seoul Grand Park in Gwacheon, Gyeonggi Province, Friday. During the event, the CEO urged united efforts for the successful completion of the Shaheen Project, the refiner's $7 billion mega project building a large-scale petrochemical plant in Ulsan by 2026.
Jan. 29, 2023