Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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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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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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[Music in drama] An ode to childhood trauma
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New head of doctors' association vows war in case of disadvantage to medical professors
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Seoul to provide housing subsidy to married couples with newborns
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Only 2 Korean firms listed in top 100 ICT companies worldwide: FKI
South Korea has only two companies on the list of the world’s top 100 information and communications technology firms, despite the country’s self-claimed label as an ICT powerhouse, the Federation of Korean Industries said Tuesday. The KFI used the database from company tracker S&P Capital IQ to rank the global top 100 ICT companies by market capitalization. According to the FKI’s analysis, South Korea’s Samsung Electronics ranked ninth and SK hynix came in at 56th.
July 12, 2022
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Construction of nuclear reactors in Korea to resume in 2024
SEJONG -- South Korea will resume construction of new nuclear reactors in the country's eastern industrial city of Uljin in the next two years, speeding up its nuclear energy drive announced earlier this month, the energy minister said in a briefing to President Yoon Suk-yeol on Tuesday. The construction of the Shin-Hanul No. 3 and No. 4 reactors in North Gyeongsang Province is set to begin as early as 2024, said Minister Lee Chang-yang, adding that about 130 billion won ($99 million) worth of
July 12, 2022
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Hyundai Motor to build first local factory in 29 years
Hyundai Motor will build an electric vehicle production factory in South Korea by 2025, making it the carmaker's first investment in expanding its local manufacturing capacity in 29 years. The envisioned factory will be first-ever EV-dedicated manufacturing facility here, the company said. The plan was a part of a labor-management agreement to secure jobs for its workers, according to the union. The carmaker said it aims to break ground next year, while existing facilities that are old and ou
July 12, 2022
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[Contribution] Three requirements for Korea to embrace nuclear power for more sustainable future
The global energy industry is witnessing unprecedented turbulence triggered by supply shocks, inflation and geopolitical issues. In contrast to where we stood a few years ago with the big issues of sustainability, including electrification and decarbonization -- dominating the CEO agenda -- we have now shifted the focus onto diversifying supply security. There have been numerous announcements to pace the speed of energy transition as a way of boosting energy security. For instance, highly devel
July 12, 2022
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Movie tickets likely to be made tax deductible
South Korea’s Finance Ministry is set to announce a legal revision bill next week that includes tax deductions on movie tickets and a raise to the tax exemption for company meal plans for middle-class workers. Under the current tax law, the government offers a 30 percent tax cut on cultural expenses for middle-class workers whose annual salary is less than 70 million won ($53,300). Eligible workers can receive up to 1 million won in tax deductions for book purchases, museum tickets,
July 12, 2022
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Hanwha Solutions to push for 500 MW solar power project in Germany
Hanwha Solutions Corp., a key energy unit of South Korean conglomerate Hanwha Group, said Tuesday it will work with a German renewable energy firm to push for a 500 megawatt (MW) solar power development project in the European country in a bid to tap deeper into the region with its clean energy business. Hanwha Q Energy, Hanwha Solutions' wholly-owned subsidiary in Germany, will co-develop 38 solar power plant projects, with the size in range of 2-70 MW each, with Enviria Energy, a Frankfur
July 12, 2022
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Samsung's DRAM sales drop in Q1 for 2nd quarter
Samsung Electronics Co., the world's top memory chip maker, saw its DRAM sales fall in the first three months of the year for a second quarter on weaker prices and other negatives, but the company retained its top spot in the global market, data showed Tuesday. Samsung's DRAM revenue came to $10.34 billion in the January-March period, down $9 million from three months earlier, according to the data from global market researcher Omdia. It marks the second straight quarter of falls. Sams
July 12, 2022
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Seoul housing prices show signs of slowdown
South Korea’s overheated housing market is showing signs of cooling down, as Seoul housing prices have inched down in recent months with persistent inflation and soaring interest rates squeezing household budgets. According to the Land Ministry on Monday, apartment prices in Apgujeong-dong, a wealthy neighborhood in Gangnam-gu, Seoul, dropped by as much as 300 million won ($230,000) in June from the previous month. A price slowdown was palpable in other affluent Seoul districts like Son
July 11, 2022
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New FSC chief vows to stabilize markets, ease rules
Kim Joo-hyun, the new chief of the Financial Services Commission, said Monday that he would use all resources and cooperate with authorities for market stability at his inauguration, which took place after a divided National Assembly failed to hold a confirmation hearing. Kim underscored mounting concerns that aggressive rate hikes by the US Federal Reserve would further dampen investor optimism here. “Rapid inflation is eating into the economy. Economic and political factors,
July 11, 2022
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[Photo News] 2022 Genesis scottish open
Hyundai Motor Group Executive Chair Chung Euisun (left) and Hyundai Motor Group CEO Chang Jae-hoon (right) pose with 2022 Genesis Scottish Open winner Xander Schauffele (center) at the Renaissance Club in East Lothian, Scotland, on Thursday. Genesis became a new title sponsor of one of Europe’s top-tier Rolex Series tournaments last year and renamed the tournament the Genesis Scottish Open this year. Schauffele finished at 7-under 273, one shot ahead of Kurt Kitayama, taki
July 11, 2022
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Eco-friendly vehicles make up 30.3% of Korea’s automotive exports
Eco-friendly vehicles were responsible for 30.3 percent of South Korea’s total car exports in the first five months of this year, according to the Korea International Trade Association on Monday. South Korea exported $20.45 billion worth of cars from January to May, and 30.3 percent of them were eco-friendly, showing an 8.7 percentage points increase on-year. According to KITA, such an increase comes from growing global demand for carbon-neutral vehicles and the launch of all-electric m
July 11, 2022
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S. Korean convenience stores make forays into Malaysia
South Korean convenience stores are actively making forays into Malaysia, a lucrative market based on growing local demand for consumer goods and convenience stores, along with the Malaysian public’s great interest in Korean food. Korean convenience store chain GS25 said Monday it has partnered with Malaysian retail giant KK Group to open the first GS25 store in Malaysia next year. The two agreed to expand to 500 locations in five years. According to a report from GS25, Malaysia’s
July 11, 2022
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Seoul stocks snap 2-day winning streak on recession, corporate earnings woes
South Korean shares snapped a two-day winning streak Monday as investors took to the sidelines amid woes about a recession and possibly lackluster corporate earnings. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.34 points, or 0.44 percent, to close at 2,340.27 points. Trading volume was relatively small at about 369 million shares worth some 6.1 trillion won ($4.7 billion), with losers outnumbering gainers 569 to 295. Institution
July 11, 2022
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6 in 10 Koreans believe house prices will fall
Six in 10 South Koreans planning to buy homes believe house prices will start to fall in the second half of this year, as rising interest rates will worsen repayment burdens, according to a survey by local property technology firm and listing platform Zigbang. In a survey conducted on 1,727 Zigbang app users from June 20 to July 4, 1,069 respondents (61.9 percent) said they expect the prices of houses in their neighborhood to fall, amid speculation over a sharper-than-expected rate hike the cen
July 11, 2022
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[Herald Interview] All-in-one diagnosis of diseases possible, proteomics expert says
More research into proteomics -- the study of the collection of proteins in the human body -- could infinitely upgrade the diagnosis sector so that all types of diseases can be easily detected in the early stages, a proteomics expert said. “There are diseases that have limited relations with DNA and genomics, such as depression and cardiovascular diseases. On the other hand, protein is involved in most biological activities so there is a wide range of areas that can be dealt with proteom
July 11, 2022
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Banks to maintain mitigated lending stance on households with credit risks likely to rise in Q3: survey
Banks in South Korea will likely maintain a mitigated lending stance for households in the third quarter but credit risks for them were expected to rise amid increasing borrowing costs, a survey showed Monday. According to the poll of officials handling credit affairs at financial institutions, including 18 banks, conducted by the Bank of Korea (BOK), the index gauging bank's attitude toward home-backed loans and unsecured household lending stood at 14 and 19, respectively, for the July-Sep
July 11, 2022
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Total card spending increases in May amid eased COVID-19 restrictions
Card spending surged more than 20 percent in May compared to the same month last year, according to data from the Credit Finance Association of Korea (CREFIA). CREFIA said Monday in a report that total card spending, including credit, debit and corporate cards, amounted to 99.3 trillion won ($76.3 billion) in May, when COVID-19 restrictions were lifted. This is a 20.7 percent increase from the 82.3 trillion won spent in May 2021. During the same period, the value of personal card spending so
July 11, 2022
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Bond sales in S. Korea fall in June amid high interest rates
Bond issuance in South Korea dipped in June from the previous month amid increasing interest rates at home and abroad, industry data showed Monday. The value of bonds sold in Asia's fourth-largest economy came to 71.4 trillion won ($54.9 billion) last month, down 4.4 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of corporate bonds were similar to the previous month's level, but those of state, special and financial bonds
July 11, 2022
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S. Korea, Ecuador to resume official talks for trade deal in 6 years
South Korea and Ecuador will resume official talks on the formation of a bilateral free trade deal Monday after a six-year hiatus, Seoul's trade ministry said. The two nations launched negotiations for the strategic economic cooperation agreement, a type of free trade pact, in 2016 and held five rounds of talks that year. The sixth round will begin on the day and continue through July 21, and will be held both in in-person meetings and via teleconferencing, according to the Ministry of Trad
July 11, 2022
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S. Korea, Central American development bank to expand joint loan facility
South Korea's finance ministry and the Central American Bank for Economic Integration (CABEI), a regional development bank, agreed Monday to expand their joint loan program in a bid to bolster cooperation. The agreement calls for raising the ceiling of the joint loan facility by $200 million to $340 million, and extending its operation by three years until January 2025, according to the finance ministry. The deal was reached as CABEI opened its office in Seoul in an effort to bolster ties w
July 11, 2022