Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Ministry to probe Eastar Jet for false data allegation
The government will investigate Eastar Jet Co. for false accounting data which the local budget carrier submitted to obtain approval to be an international air operator on Dec. 15, said the Ministry of Land, Infrastructure and Transport on Tuesday. Data previously submitted by Eastar Jet showed the company had 236.1 billion won ($181.6 million) in total capital, not reflecting its state of capital erosion. The company was in a state of complete capital erosion in 2021, according to financial s
July 5, 2022
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Labor strike imminent at Hyundai Motor Group
A union labor’s first walkout in four years is imminent at Hyundai Motor Group, as unionized workers are setting the stage for a strike, while the Korean carmaker came under greenwashing accusations in Germany for manipulating exhaust emissions, escalating the strain on the beleaguered carmaker amid dwindling sales. According to the industry, a 40,958-member labor union at the Hyundai Motor branch of the Korean Metal Workers’ Union under the Korean Confederation of Trade Union held
July 5, 2022
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Seoul shares snap 4-day losing streak on dip buying ahead of earnings season
South Korean stocks bounced back Tuesday, snapping a four-day losing streak, as investors scooped up oversold stocks ahead of the quarterly earnings season. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 41.44 points, or 1.8 percent, to 2,341.78. The KOSPI slid to a 20-month low Monday. Trading volume was light at 315.7 million shares worth 6.74 trillion won (US$5.18 billion), with advancing stocks far outpacing declining ones 802 to 92. &q
July 5, 2022
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In fresh restart, SsangYong Motor launches new SUV Torres
South Korean sports utility vehicle maker SsangYong Motor officially unveiled its new Torres mid-size SUV at a media showcase on Tuesday, declaring a fresh start for the debt-ridden carmarker supported by a record-high number of preorders. Kwak Jea-sun, who heads KG Group, which is set to take a majority stake in the carmaker, attended the launch event and said he wouldn‘t go through with a restructuring of the SUV maker. “I haven’t thought about restructuring the company (af
July 5, 2022
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Yoon nullifies nuclear energy phaseout
SEJONG -- The Cabinet on Tuesday approved the administration’s energy policy direction, which is aimed at raising the share of nuclear energy out of the nation’s total power generation from the current level of 27.4 percent. According to the Ministry of Trade, Industry and Energy, the administration has set the goal of raising the share of nuclear power generation to 30 percent or more by 2030. The Yoon Suk-yeol administration’s energy policy direction invalidates that of the
July 5, 2022
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BOK eyes bumper rate hike as inflation hits 24-year high
The Bank of Korea is emboldened to raise its benchmark rate by 50 basis points for the first time next week, as consumer prices in June increased 6 percent from a year earlier, the highest level since November 1998, when they jumped 6.8 percent on-year amid the Asian financial crisis. Data from Statistics Korea released Tuesday found the June consumer price index topped the 5.4 percent marked in May, in line with the central bank chief’s earlier warning that prices would rise faster in Ju
July 5, 2022
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Foreign reserves see sharpest fall since financial crisis
South Korea’s central bank said Tuesday that foreign reserves in June saw the sharpest decline since November 2008, when the country was dealing with the global financial crisis, feeding concerns of the weakening value of the Korean won against the US dollar. “Korea’s official foreign reserves as of end of June 2022 amounted to $438.3 billion,” the BOK said in a statement. It was down $9.43 billion on-month, data tied to the statement showed. Foreign reserves include
July 5, 2022
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[Herald Interview] Metaverse offices are future of work, say Zigbang execs
Local property technology firm Zigbang made a bold decision last year to relocate its Seoul headquarters -- not to New York or Tokyo, but to a virtual world. For its 400 workers, instead of a hellish commute in the mornings and evenings, they log in to a new interface the company has created. Workers’ avatars hop on elevators to get to their office in the metaverse to chat and have meetings with their colleagues. Meanwhile, their physical bodies stay wherever they choose to be -- at home
July 5, 2022
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Samsung chief meets Japanese business leaders
Samsung Electronics Vice Chairman Lee Jae-yong held meetings with Japanese business leaders who were staying in Seoul this week to attend the annual gathering of the Korea-Japan Business Council, according to the tech giant on Tuesday. Lee, the de facto leader of Samsung, on Monday had dinner with Masakazu Tokura, chairman of Sumitomo Chemical who doubles as chairman of Keidanren, or the Japan Business Federation. He also held a luncheon meeting on Tuesday with Toshiaki Higashihara, chairman o
July 5, 2022
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LG secures W8tr in automotive parts orders in H1
LG Electronics said Tuesday its automotive parts business has secured new orders worth 8 trillion won ($6.16 billion) in the first half of this year, with the total cumulative orders set to exceed 65 trillion won by the end of this year. The company said its Vehicle Component Solution unit has recently signed a series of new deals with global carmakers to supply its in-vehicle infotainment systems and 5G telematics solutions. The Korean tech giant is looking to beef up its competitiveness in
July 5, 2022
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LG Innotek joins RE100
LG Innotek said on Tuesday its membership in RE100 has been approved. RE100 is an international campaign launched by nonprofit organization the Climate Group in partnership with Carbon Disclosure Project in 2014. The campaign aims for member businesses that consume more than 100 gigawatt-hours a year to switch to 100 percent renewable electricity sources like wind and solar power by 2050. Some 370 global companies including Google, Apple and Microsoft are members of RE100. LG Innotek plans t
July 5, 2022
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Oriental Brewery launches campaign against drunk driving
Oriental Brewery, South Korea’s largest beer maker, said Tuesday that it has launched a campaign to stop drunk driving. As part of the campaign, the brewery said it has equipped 20 of its distribution trucks with sensor maker Sentech Korea’s ignition interlock devices. The ignition interlock device uses a breathalyzer to measure the driver’s blood alcohol levels. The device inhibits cars from starting if alcohol levels are above threshold, preventing drunk driving. Current
July 5, 2022
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Samsung chief’s W2tr personal fortune evaporates in H1 as stocks dip
The personal fortune of Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong has decreased by over 2 trillion won ($1.54 billion) during the first half of 2022 as shares of key Samsung affiliates tumbled due to bearish stock market in Korea, data showed Tuesday. As a result, the total worth of Lee’s combined stake in Samsung affiliates fell to 12.03 trillion won as of end-June, from 14.19 trillion won in January, according to data by market intelligence Korea CXO Institute.
July 5, 2022
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Exports of agro-fisheries products jump 14.6% in H1
South Korea's exports of farm and fisheries products grew 14.6 percent in the first half of this year on solid demand for Korean food, data showed Tuesday. Outbound shipments of agricultural and fisheries goods came to $6.21 billion in the January-June period, up from $5.42 billion from a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. The figure represents the largest-ever tally for the first half of any year. Of the amount, sales of agricultural products ca
July 5, 2022
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Samsung's Q2 operating profit likely to rise 15.6% on chip biz: survey
Samsung Electronics Co. is expected to report a more than 15 percent rise in operating profit for the second quarter, helped by strong semiconductor business despite slowing demand for smartphones and home appliances, a survey showed Tuesday. The world's largest memory chip maker is forecast to log 14.5 trillion won ($11.1 billion) in operating profit in the April-June period, up 15.6 percent from a year ago, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News
July 5, 2022
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S. Korea begins transporting country's 1st lunar orbiter to US for Aug. launch
South Korea on Tuesday started transporting the country's first lunar orbiter to the United States ahead of next month's launch using a SpaceX rocket, officials said. South Korea plans to launch the Korea Pathfinder Lunar Orbiter, also known as Danuri, aboard the SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station in Florida at 8:24 a.m. on Aug. 3 (Korean Time). According to the Ministry of Science and ICT, Danuri was sent from the Korea Aerospace Research Institute in Daeje
July 5, 2022
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Seoul shares open higher on dip buying
South Korean stocks got off to a strong start Tuesday after the key index hit a 20-month low the previous session amid global recession woes. The Korea Composite Stock Price Index (KOSPI) rose 18.62 points, or 0.81 percent, to 2,318.96 in the first 15 minutes of trading. Large-cap stocks gathered ground across the board, with market behemoth Samsung Electronics rising 0.7 percent and chip giant SK hynix jumping nearly 3 percent. Internet portal provider Naver also soared 3.8 percent, and major c
July 5, 2022
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S. Korea's inflation at 24-year high in June; sharp rate hike in offing
South Korea's consumer prices rose at the fastest clip in nearly 24 years in June due mainly to soaring energy costs, data showed Tuesday, fanning expectations of a sharp rate hike this month. Consumer prices soared 6 percent last month from a year earlier, accelerating from a 5.4 percent on-year spike in May, according to the data from Statistics Korea. It marked the sharpest inflation rate since a 6.8 percent jump in November 1998, when South Korea was in the midst of the 1997-98 Asian fi
July 5, 2022
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Hangover drinks: What are the best choices and do they really work?
Whether it’s soju and beer with colleagues or wine with friends, drinking is an important part of socializing in South Korea. South Koreans drank an average of 8.3 liters of alcohol in 2019, according to the Korea Institute for Health and Social Affairs, citing OECD (Organization for Economic Co-operation and Development) Health Statistics 2021. Though the average amount of alcohol consumed by South Koreans is below the OECD average, 2014 data from market research firm Euromonitor foun
July 4, 2022
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Winds of change for Samsung’s militant work culture
A 6:30 a.m. commute bus, three nutritious meals a day at the cafeteria and a pride that runs deep for being a part of South Korea‘s largest and richest conglomerate have been among many features that captured the “Samsung man” -- trained to fit into the gigantic and somewhat militant organization. A shared goal of maintaining Samsung’s superiority has united its 270,000-member workforce so far, not to mention its hefty year-end incentives and other financial benefits fr
July 4, 2022