Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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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
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Seoul stocks open slightly higher on tech, auto gains
South Korean shares opened a tad higher Monday, buoyed by strong advances in tech and auto heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) had added 4.92 points, or 0.21 percent, to trade at 2,355.53 points as of 9:15 a.m. KOSPI's top cap Samsung Electronics moved up 1.02 percent, and No. 2 chipmaker SK hynix increased 0.53 percent. The country's largest automaker Hyundai Motor advanced 1.69 percent, with its smaller affiliate Kia jumping 3.52 percent. The local c
July 11, 2022
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Exports up 4.7% during first 10 days of July
South Korea's exports rose 4.7 percent on-year in the first 10 days of July on demand for chips and petroleum products, but the country suffered a trade deficit on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $15.8 billion in the July 1-10 period, compared with $15.1 billion a year earlier, according to the data from the Korea Customs Service. Imports grew 14.1 percent on-year to $21.3 billion during the cited period, resulting in a trade deficit of
July 11, 2022
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Ratio of green car exports tops 30% for 1st time
Eco-friendly vehicles accounted for more than 30 percent of South Korea's total car exports in the first five months of the year on strong overseas demand and the debut of two major electric vehicles made by local automakers in the US market, data showed Monday. The value of exported green cars amounted to $20.45 billion in the January-May period of this year, taking up 30.3 percent of the country's total auto exports, according to the data from the Korea International Trade Associatio
July 11, 2022
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Power trading volume hits record in H1 on eased social distancing restrictions, early heat
South Korea's electricity transaction volume touched a new all-time high in the first half of the year due to eased social distancing restrictions and an early heat wave, data showed Monday. The volume of power traded in Asia's fourth-largest economy stood at 269,432 gigawatt-hours (GWh) in the January-June period, up 3.9 percent from a year earlier, according to the data from the state-run Korea Electric Power Corp. and the Korea Power Exchange. It marks the highest tally for any firs
July 11, 2022
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Retail giants race to build shopping complex in Gwangju
Lotte, Shinsegae and Hyundai, the three retail giants in South Korea, are scrambling to be the first to build a new mega shopping complex in the southwestern city of Gwangju, one of the key campaign pledges of President Yoon Suk-yeol that is aimed at facilitating the local economy. Hyundai Department Store on Wednesday announced that it is in talks with Humans Holdings, a local real estate developer, to open a mega shopping mall in Gwangju. The proposed construction site is a 310,000-square-
July 10, 2022
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Only 6.3% of Korea’s board members are women: survey
Women occupied only about 6.3 percent of corporate board positions at South Korea’s 353 largest companies in the first quarter this year, according to a survey released by corporate tracker Leaders’ Index on Sunday. The survey shows there are still fewer than a thousand women in executive positions, with 914 among a total of 14,418 board members in the latest survey, even though the female proportion was on the rise for three consecutive years. Samsung Electronics, the nation&rsq
July 10, 2022
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Kakao Mobility at crossroads amid sell-off rumors
A dispute between Kakao Corp. management and its labor union is growing over the IT giant’s rumored attempt to sell its transportation service subsidiary Kakao Mobility to private equity firm MBK Partners. Kakao’s labor union on Wednesday accused the management of giving up on its mobility business, questioning if the sell-off to the private equity fund can help the business grow. According to the union’s statement, Kakao Corp. said its mobility platform cannot grow anymore
July 10, 2022
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Sales of green cars surge in S. Korea in H1
The sales of green cars, such as electric and plug-in hybrid vehicles, jumped more than 40 percent in South Korea in the first half of this year from a year earlier, industry data showed Sunday, reflecting the growing popularity of electrified vehicles in the country. The number of green vehicles sold here by five local automakers, including Hyundai and Kia, and imported car sellers excluding Tesla came to 203,721 in the January-June period, up 40.7 percent from the 140,760 posted the previous y
July 10, 2022
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[Weekender] Rise of new power people in business -- influencers
A 23-year-old university student surnamed Han has a study partner whom he has never met. When Han studies for exams, he plays videos of Cho Chan-hui, a Korean influencer and YouTuber also known as Nojambot. Cho, a high school dropout studying to become a police officer, broadcasts and posts videos of himself studying for hours. He has over 152,000 followers on Instagram and 400,000 subscribers on YouTube. He gained fame overnight in 2017, when a video of him studying went viral. “Yes, N
July 9, 2022
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Korea Exchange denies Kyobo Life's IPO application
The Korea Exchange (KRX) on Friday disapproved an initial public offering by Kyobo Life Insurance Co., citing discord among major shareholders. After reviewing the insurer‘s second application filed in December, the bourse operator declined to approve its IPO before its management is stabilized. Kyobo Life had been seeking to complete an IPO within the first half of this year to diversify its funding sources in preparation for the introduction of a new accounting rule for insuranc
July 8, 2022
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Yoon determines 0% quota tariff on livestock to tame inflation
SEJONG -- Economic policymakers on Friday unveiled a policy of adding a zero-percent quota tariff on some imported daily necessities, including livestock products, in an attempt to tame the recent spike in consumer prices. The policy drawn by a group of ministries including the Ministry of Economy and Finance, was finalized during a meeting attended by President Yoon Suk-yeol in Seoul earlier in the day. It will be implemented via enforcement ordinances later this month. According to the Finan
July 8, 2022
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KRX to unveil rules for corporate sustainability disclosures
Korea Exchange CEO Sohn Byung-doo said Thursday that the bourse operator will set out guidelines on the way listed companies should report their progress on environmental, social and governance issues. The sustainability disclosures become mandatory as early as 2025. “The ESG initiative is one of the four goals we plan to see take place. We will refer to the global guidelines,” Sohn said at a forum, held to discuss the ways Korean companies can better navigate the low-carbon transit
July 8, 2022
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[Newsmaker] Korean Air ranks first in global customer satisfaction for 18th consecutive year
The country’s largest air carrier Korean Air took first place in the air passenger transportation sector of the 2022 Global Customer Satisfaction Index (GCSI) awards for the 18th time since 2005 on Thursday. The GCSI awards recognize the best Korean corporations in each category by evaluating customer satisfaction levels, global competitiveness, and customer loyalty. Korean Air was recognized for its effort to enhance customer service even during the COVID pandemic by delivering the high
July 8, 2022
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Hyundai Motor redesigns Brazil-exclusive model HB20
Hyundai Motor has launched a completely redesigned HB20 in Brazil, a compact hatchback made exclusively for the Brazilian market. The 2022 facelift comes three years after Hyundai Motor launched the second generation HB20 in 2019. While most automakers update their vehicles once every five years or so, the quick update highlights Hyundai’s efforts to maintain HB20‘s position as the most popular passenger car in Brazil. From January to May this year, a total of 34,897 HB20 units we
July 8, 2022
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SKC breaks ground for building Europe’s largest copper foil factory
South Korean chemicals-to-materials firm SKC said Friday that the company has kicked off construction of Europe’s largest copper foil manufacturing factory in Poland. The firm’s copper foil manufacturing and investment unit, SK Nexilis, is spending 900 billion won ($693 million) to establish a copper foil production facility in Stalowa Wola, Poland, that has an annual manufacturing volume of 50,000 metric tons. Construction is expected to be completed by the first half of 2024. The
July 8, 2022
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Han Sung Motor digitalizes documents and launches NFTs for used cars
South Korean imported car dealer Han Sung Motor said Friday it has launched nonfungible tokens (NFTs), digital documents and digital warranty for its certified used car customers. The digitalization of the auto dealer’s documents is a step towards following the global trend of going online, communicating with younger generations, and creating “fandom,” said Han Sung Motor. The NFTs will contain pictures, videos and texts that certify ownership of the digital warranty for sec
July 8, 2022
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Financial regulator urges savings banks to intensify asset management amid fast-rising interest rates
A top financial regulator on Friday called on savings banks in South Korea to intensify efforts to keep their asset management in good shape in the face of the rising possibility that their debt holdings could go sour amid fast-rising interest rates. Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), made the remark in a meeting with CEOs of major savings banks in Seoul, the latest in a series of gatherings he has held with financial leaders since taking office last month. "
July 8, 2022