Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Liberal bloc moves to rewrite student rights ordinance
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Producer prices grow for 5th month in May on high energy, service costs
South Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 119.24 in May, up 0.5 percent from a revised 118.59 a month earlier, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index jumped 9.7 percent, the 18th straight month of on-year rises. Energy and raw material prices rema
June 23, 2022
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GM Korea adds pickup truck brand, vows to break even this year
GM Korea launched its premium SUV and pickup truck brand GMC in South Korea on Wednesday, renewing its marketing strategy to target diversified customer demands. Calling it a multi-brand strategy, the new plan is about having many of its global brands, including Chevrolet, Cadillac, and GMC, provide a wide range of choices for domestic customers who enjoy diverse lifestyles. The company, which has undergone a massive restructuring process since 2018, also hopes to reach a break-even point this
June 22, 2022
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Posco, Brazil’s Vale donate $100,000 to Korea Food for the Hungry International
Posco said Wednesday that it has teamed up with Brazil’s largest raw material supplier, Vale, to donate $100,000 to Korea Food for the Hungry International, an international relief program, as part of their humanitarian efforts jointly pledged last year. The two firms have maintained close ties for more than 40 years, with Vale supplying key materials like iron ore to Posco, the steel giant, for decades. In May last year, they signed a memorandum to create a new matching fun
June 22, 2022
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LG, Kakao team up for future mobility
LG Electronics and Kakao Mobility have teamed up to create a new ecosystem for future mobility as they jointly develop services like delivery robots and in-car infotainment systems. The two firms recently signed a memorandum of understanding, with their chief technology officers in attendance, they said in a statement Wednesday. Their partnership involves a slew of new projects on in-car user experience, delivery robots, connected home appliances, vehicle communications for passenger safety
June 22, 2022
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GS Group unveils sustainability goals in its first ESG report
South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.” The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after ef
June 22, 2022
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Seoul stocks dip almost 3 pct on recession fears; Korean won at 13-year low
South Korean stocks fell again, shedding almost 3 percent Wednesday as recession woes made investors avoid risky assets amid hawkish monetary policy in major economies. The local currency fell to the lowest point against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 66.12 points, or 2.74 percent, to close at 2,342.81. Trading volume was moderate at 520.87 million shares worth 8.50 trillion won ($6.54 billion), with decliners far outpacing gainers by 870 to 40.
June 22, 2022
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Nuri’s satellite completes link-up with ground control
Nuri rocket's performance test satellite launched into the Earth’s 700-kilometer orbit has successfully made its first two-way communication with the ground control center, completing the final steps of the launch mission, the Ministry of Science and ICT said Wednesday. According to the ministry, the satellite that was sent into space on the Nuri rocket yesterday made two-way communication with the Korea Aerospace Research Institute’s ground control center in Daejeon at around 3 a.m
June 22, 2022
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[Photo News] Empty Myeong-dong
Shops in Myeong-dong, which has been a popular shopping district in Seoul for decades, are seen vacant despite growing numbers of foreign tourists visiting Korea, Wednesday.
June 22, 2022
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Korea’s household, corporate debt twice size of GDP: BOK
Debt owed by South Korean households and companies in the first quarter of this year reached a combined 3,468.4 trillion won ($2.6 trillion), or 219.4 percent of South Korea’s gross domestic product, the Bank of Korea said Wednesday, warning a rate hike could worsen repayment burdens and hurt people’s purchasing power. The central bank, set to raise borrowing costs in July amid red-hot inflation, said in a report on financial stability that household and company debts fell by 0.1 pe
June 22, 2022
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First annual trade deficit since 2008 expected this year
South Korea is expected to record this year its first annual trade deficit since the global financial crisis in 2008, the Korea International Trade Association said in a report released on Wednesday. The country is projected to post an annual trade deficit of $14.7 billion due to high oil prices, with $703.9 billion in exports and $718.5 billion in imports, KITA’s Institute for International Trade said. Exports are likely to rise above $700 billion for the first time ever, or up 9.2 perc
June 22, 2022
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Citibank partners with KB, Toss Bank for W8tr performing loan portfolio transfer
Citigroup’s South Korean subsidiary has said it will cooperate with local financial giant KB Kookmin Bank and the internet-only Toss Bank on transferring its unsecured personal loan portfolio worth some 8 trillion won ($6.1 billion). The move is part of Citibank Korea’s decision announced in October last year to shut down its retail banking operations in phases, after its monthslong attempt to find a buyer of the business failed. Its parent firm and US banking giant Citigroup decide
June 22, 2022
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Lotte Mart adopts AI system for quality control of fruits
South Korean retail giant Lotte Mart said Wednesday it has adopted an artificial intelligence-based screening system for better quality control of fruit products, an industry first here. The AI screening system, using near-infrared light, collects and analyzes data from fruits ranging from weight and sugar content to water content and ripeness. The new technology also allows to detect internal defects such as browning, overripening or cracked seeds that could speed up the fruit rotting. Curr
June 22, 2022
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GM Korea to launch GMC pickup brand in H2
INCHEON -- GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will launch the GMC brand in the second half, with the Sierra Denali set to be released as the brand's launch model in the Korean market. GM's decision to launch the GMC brand is part of the Detroit carmaker's multi-brand strategy in which the Korean unit produces compact SUVs in Korea and brings in large-sized SUVs and pickups from the United States. GMC is GM's premium SUV and pickup tru
June 22, 2022
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BOK chief to attend BIS meeting
South Korea's top central banker will head to Switzerland this week to attend the general assembly of the Bank for International Settlement (BIS), his office said Wednesday. BOK Gov. Rhee Chang-yong will leave for Basel on Thursday to attend the annual BIS meeting over this weekend, according to the BOK. Rhee is to meet with top central bankers of other countries and exchange views on the latest economic and financial market situations, it added. He will also attend a BIS board meeting duri
June 22, 2022
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Foreign currency deposits up in May amid increased corporate savings
Foreign currency deposits at banks in South Korea grew in May due to increased corporate savings, central bank data showed Wednesday. Residents' outstanding foreign currency-denominated deposits reached $89.17 billion as of end-May, up $2.18 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.
June 22, 2022
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Childbirths hit record low in April; deaths jump to all-time high
The number of babies born in South Korea fell to a record low in April amid the chronically low birthrate, while that of deaths hit an all-time high due to rapid aging and the COVID-19 pandemic, data showed Wednesday. A total of 21,124 babies were born in April, down 7 percent from the previous year, according to the data from Statistics Korea. It marked the lowest for any April since 1981, when the statistics agency started compiling related data. South Korea is struggling with a chronic declin
June 22, 2022
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Line Plus to allow remote work from abroad
Line Plus, the global arm of messaging app provider Line Corp., said Monday that it will implement a new work system called “Line Hybrid Work 2.0” in July, which includes guidelines on working remotely from abroad. Starting July 1, Line Plus employees will be able to work remotely from anywhere in the world that has a time difference of less than four hours with Korea, for up to 90 days. This will allow employees to work from the company’s major markets including Japan, Taiw
June 22, 2022
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Internet-only Toss Bank to raise W100b via stock offering
Internet-only bank Toss Bank said Tuesday that it will sell stocks to raise 100 billion won ($77.2 million) to fund business expansion. In a regulatory filing, the company said it will issue a total of 15 million common shares and 5 million convertible stocks at a price of 5,000 won per share. With the stock offerings, Toss Bank's total paid-in capital will amount to 950 billion won. Since its launch, Toss Bank has sold stocks worth 600 billion won to beef up its capital base. Launched in 2
June 22, 2022
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Samsung expected to announce mass production of 3nm chip next week
Samsung Electronics Co. is expected to announce mass production of 3-nanometer semiconductors next week, sources said Wednesday, beating its foundry rival TSMC in advanced chipmaking process. The next-generation 3nm chips will be built on the Gate-All-Around (GAA) technology, which Samsung said will allow up to 45 percent area reduction while providing 30 percent higher performance and 50 percent lower power consumption, compared with the existing FinFET process. The South Korean tech giant show
June 22, 2022
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Seoul shares open lower despite Wall Street gains
Seoul shares opened lower Wednesday despite Wall Street's overnight rebound, as investor sentiment remained fragile amid bold monetary tightening in major economies and fears about a recession. The Korea Composite Stock Price Index (KOSPI) fell 8.71 points, or 0.36 percent, to 2,400.22 in the first 15 minutes of trading. Wall Street made a comeback overnight, following a brutal week in the wake of the US Federal Reserve's rate hike of 0.75 percent, its steepest increase since 1994, to
June 22, 2022