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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Korea suffers all-time high trade deficit in 1st half
SEJONG -- South Korea posted a record-high trade deficit during the first half of 2022 in the wake of a spike in import prices of raw materials, state data showed Friday. According to the Ministry of Trade, Industry and Energy, the nation’s exports recorded $350.3 billion during the January-June period, up 15.6 percent compared to the corresponding period of 2021. Imports increased by 26.2 percent on-year to post $360.6 billion. This brought about a trade deficit of $10.3 billion, which
July 1, 2022
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[Newsmaker] Internet-only banks lure customers with Tamagotchi-like savings accounts, digital piggy banks
Saving money is never fun. But when combined with a digital pet that grows alongside the size of your savings, it can be more motivating. South Korea’s three internet-only banks -- KakaoBank, K bank and Toss Bank -- have launched unique products such as Tamagotchi-like savings accounts, mobile joint accounts and digital piggy banks to lure customers attracted to the trends. Toss Bank, launched in October last year, has registered 3.6 million users in just eight months through a slew of
July 1, 2022
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Online shopping expands in May on lifting of virus curbs
Online shopping in South Korea continued to increase in May as the lifting of virus curbs bolstered demand for travel and cultural services and foodstuffs, data showed Friday. The value of online shopping transactions stood at 17.3 trillion won ($13.4 billion) in May, up 10.5 percent from the previous year, according to the data from Statistics Korea. Purchases made through smartphones, tablets and other mobile devices increased 14.6 percent on-year to 12.9 trillion won. Mobile shopping took up
July 1, 2022
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Exports up 5.4 pct in June; trade deficit hits record high in H1
South Korea's exports rose 5.4 percent on-year in June on solid demand for chips and petroleum products, but the country extended its trade deficit for the third consecutive month due to high global energy prices, data showed Friday. During the first six months of this year, the country saw exports reach an all-time half-year high, but high-flying energy prices sent the trade deficit to the highest figure for any first-half period, according to the data compiled by the Ministry of Trade, In
July 1, 2022
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Apple to allow external app payment options in S. Korea in compliance with local law
Apple Inc. said Thursday it will allow alternative payment options for apps sold in South Korea in compliance with a law that bans app store operators from forcing their own in-app payment systems. The U.S. tech giant announced on its developer site that apps distributed on the company's App Store solely in South Korea will be able to use its "StoreKit External Purchase Entitlement" option to "provide an alternative in-app payment processing option." Apple said developers t
June 30, 2022
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Hyundai Motor Group to establish US corporate body in Delaware
South Korean automotive giant Hyundai Motor Group said Thursday that it would establish an overseas corporate body in the state of Delaware, as part of its focus to invest in US companies with future technologies and to manage them more efficiently. The decision follows a $10.5 billion investment plan for the US, which was announced during US President Joe Biden’s state visit to Seoul on May 21. It marks the largest overseas spending by the Korean company so far. Tentatively
June 30, 2022
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Vietnam outpaces S. Korea in instant noodle consumption
Vietnam outpaced South Korea in terms of instant noodle consumption per capita, on the Southeast Asian country’s growing purchasing power and economic growth rate, data showed Thursday. According to Nongshim, a leading ramyeon maker in South Korea, the average Vietnamese eats about 87 servings a year while the average South Korean has 73 servings, citing 2021 data from the World Instant Noodles Association. Nepal was in third place with 55 servings per person a year. Korea topped the wor
June 30, 2022
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Slowdown to bite harder next year: experts
The US slowdown is set to cause economic headwinds for South Korea over the next year, though analysts said it would have less impact than the 2007-2008 financial crisis. Fei Xue, an Asia analyst at the Economist Intelligence Unit, told The Korea Herald that the US and EU represent “two major export markets” for Korea and the deceleration expected to take place there soon would lead to waning demand for chips, cars and other export items. For now, such exports alongside stronger do
June 30, 2022
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14 public firms warned over financial status
SEJONG -- Economic policymakers on Thursday designated 14 state-run companies as a group targeted for special control, citing their “risky” financial status. The companies included the Korea Electric Power Corp., the Korea Railroad Corp., the Korea National Oil Corp. and the Korea Land & Housing Corp., according the Ministry of Economy and Finance. Among the 14 state-run firms, nine showed worsened profitability to a certain extent, while five were weak in terms of financial so
June 30, 2022
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Seoul shares dip almost 2 pct amid recession woes, dim outlook for chip sector
South Korean stocks plunged by almost 2 percent on Thursday to slump for a second straight session amid recession woes and dim outlook for the chipmaking sector. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 45.35 points, or 1.91 percent, to close at 2,332.64 points. Trading volume was moderate at about 506 million shares worth some 8.7 trillion won (US$6.7 billion), with losers outnumbering gainers 699 to 183. Institutional investor
June 30, 2022
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South Korea imposes zero tariffs on imported pork amid inflation woes
The South Korean government has begun imposing zero tariffs on 50,000 tons of imported pork from Thursday, in a move to stabilize the skyrocketing price of pork here. It is the first time in 11 years for the Ministry of Agriculture, Food and Rural Affairs to introduce a tariff quota on pork. The ministry allows the import of a certain quantity of a commodity duty-free or at a lower-duty rate. With zero tariffs, the ministry forecasts that the production cost of pork will go down as much as 18
June 30, 2022
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[Herald Interview] Chilean dealers say SsangYong's new SUV Torres could be 'winner'
Chile has been not only an important export destination for South Korean carmaker SsangYong Motor, but also a country that inspired the branding of its new sports utility vehicle, the Torres, on which the company has pinned its hopes for a restart. The mid-sized SUV, named after the Torres del Paine National Park in the Latin American country, could be a winner in the Chilean market, dealers said on Thursday. They offered a sales target of 3,000 units a year. “We are planning to sell betw
June 30, 2022
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Posco Chemical partners with Britishvolt for battery development, supply
Posco Chemical, a chemical materials provider under South Korean steel giant Posco, has joined hands with UK’s sustainable, low-carbon battery company Britishvolt to co-develop battery materials and expand presence in the European market, according to the firm on Thursday. Under the partnership, the two firms will work on developing battery materials for Britishvolt’s EV batteries and push ahead with mass-production deals to expand supply chain in the European market. They pl
June 30, 2022
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Understanding human desire crucial to mass market appeal: Samsung design school chief
As consumers tend to buy products based on their experience, a product designer should understand the basic needs of a human to come up with a creative design that catapults a product’s mass market appeal, head of a design school under South Korea‘s largest conglomerate told a conference Wednesday. Lee Don-tae, president of Samsung Art and Design Institute, speaking at The Korea Herald’s Global Business Forum in Seoul, said the key to achieve design originality for commercial
June 30, 2022
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Top court clears Shinhan chief of unethical hiring claims
South Korea’s top court on Thursday cleared Shinhan Financial Group Chairman Cho Yong-byoung of unethical hiring charges, putting an end to a four-year legal battle and allowing a possible third term for Cho. The Supreme Court upheld the Seoul High Court’s decision in November last year to side with Cho on allegations that he had exercised his influence by accepting hiring requests from lawmakers and company executives to recruit their children from 2013 to 2016 while he was CEO of
June 30, 2022
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LG Electronics, S.M. Entertainment launch home fitness service
LG Electronics and S.M. Entertainment unveiled on Thursday their joint venture -- Fitness Candy -- to target the home training market by offering digital workout content. The joint venture will have the home appliance maker develop an application, cloud server, online platforms, and necessary devices such as muscle-training equipment, indoor bicycle and smartband for Fitness Candy’s home fitness services. LG's counterpart, S.M. Entertainment will take the charge of providing various cont
June 30, 2022
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Men shopping cosmetics in South Korea growing
South Korean health and beauty retailer CJ Olive Young said Thursday its sales of men’s cosmetic products in the first half of this year increased 24 percent compared to the same period last year. The retailer saw a 130 percent increase in the basic skin care category, which includes toners and lotions. In the cosmetics category, foundations and color lip balms were the most-sold items, according to company data. Data also showed that in-person purchase of cosmetics among male customer
June 30, 2022
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Samsung starts mass production of world’s first 3-nm chips
Samsung Electronics said Thursday it has started producing chips using its latest 3-nanometer manufacturing technology – an industry first globally. The 3-nm technology boasts greater transistor density than the current 5-nm technology, which means higher speed and lower power consumption of advanced chips for artificial intelligence, big data and autonomous cars. The new technology is a secret weapon for Samsung, the world’s largest memory chipmaker, to take on Taiwan’s TS
June 30, 2022
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LG Energy Solution signs lithium supply deal with US mining company
South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding agreement with a US mining company for the supply of two kinds of lithium products used in electric vehicle (EV) lithium-ion batteries. Under the memorandum of understanding, Compass Minerals, a Kansas-based provider of essential minerals, will provide LGES with 40 percent of the lithium carbonate and lithium hydroxide it will be producing for seven years starting in 2025, LGES said in a release.
June 30, 2022
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Tax revenue up W34.8tr through May amid job growth, economic recovery
South Korea has collected around 34.8 trillion won ($26.72 billion) more in taxes during the first five months of this year compared with the previous year amid growth in employment and economic recovery, the finance ministry said Thursday. In May alone, the government's tax revenue rose 300 billion won from a year earlier to come to 28.7 trillion won, as the economic recovery boosted income and corporate taxes, the data showed. The tax revenue amounted to 196.6 trillion won in the January-
June 30, 2022