Most Popular
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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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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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S. Korean economy feared to lose steam amid external uncertainty: govt.
SEJONG -- The South Korean economy is at the risk of losing steam as deteriorating external economic conditions are feared to dent investment and export growth amid high inflation, the finance ministry said Friday. Market volatility and global economic downside risks further expanded due to the Federal Reserve's accelerating monetary tightening and global supply chain disruptions, the ministry said in its monthly economic assessment report, called the Green Book. "Amid a continued buil
June 17, 2022
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Seoul shares open sharply lower on recession worries
Seoul shares opened sharply lower Friday, tracking big losses on Wall Street, as investors worried that the US Federal Reserve's aggressive monetary tightening could cause a global economic recession. The Korea Composite Stock Price Index (KOSPI) lost 39.79 points, or 1.62 percent, to 2,411.62 points in the first 15 minutes of trading. Overnight, US shares tumbled, following rallies the previous session, on concerns over the possible impact of the Fed's monetary tightening on global ec
June 17, 2022
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Elon Musk’s mother hired as face of Ceragem
Ceragem, a South Korean medical appliance company, said Thursday that it has hired Maye Musk, mother of Tesla CEO Elon Musk, as a global ambassador for the brand. Ceragem manufactures and sells back warmers inspired by the traditional Korean floor heating system, known as “ondol.” With the product, which is certified by the US Food and Drug Administration, Ceragem aims to expand into the global market by working with Musk, a renowned model and nutritionist. The 74-year-old model, w
June 16, 2022
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S. Korea engulfed by rising stagflation fears
Fears over rapid inflation and sluggish growth are gripping South Korea, with indicators pointing to a gloomy outlook and authorities conceding that Asia’s fourth-largest economy is facing a “full-blown crisis.” The Finance Ministry on Thursday revised up its inflation forecast for this year to 4.7 percent from 2.2 percent, with the estimate surpassing 4 percent for the first time in 11 years. Import prices jumped 36.3 percent in May from the same period a year ago on soaring
June 16, 2022
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E-scooter rental service Lime Korea suspends operations amid changing laws
Lime, the world’s leading operator of rented electric scooters and bikes, said in a statement on Wednesday that it will be withdrawing its operations from South Korea on June 30. Constant traffic law revisions and differing local government policies were named by the company as the primary reasons behind this “tentative suspension” of operations. Lime saw a sharp drop in its customers in 2021, when a law that made wearing helmets mandatory for people riding electric scooters
June 16, 2022
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Raw, edgy and…under construction?
On a weekday evening, one cafe in western Seoul is about to close for the day while customers are still chatting away and enjoying their coffee. Repurposed from a shoe factory, this cafe is one of several trendy spots across the city that attract coffee drinkers and cafe enthusiasts alike, as numerous Instagram posts tagging the location show. “Industrial interior designs display the appeal of raw materials. Since it can give off a vintage or clean feel depending on the finish, demand i
June 16, 2022
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W Concept kicks off global campaign for local fashion brands
W Concept, a South Korean online fashion platform under retail giant Shinsegae, said Thursday that it has started its first global campaign to support the overseas business of the country’s fashion brands. From Friday to June 24, the company will release a series of fashion photo shoots featuring Leandra Medine, a global fashion influencer, wearing items from Korean fashion brand Eenk. The items are from Eenk’s Spring/Summer 2022 collection, which includes patterned tops, dresses,
June 16, 2022
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[KH Explains] EV scare building up in Korea over a series of battery fires
Early this month, an electric vehicle caught fire in Busan, sparking safety concerns among drivers of battery-powered cars. It was an Ioniq 5, Hyundai Motor’s all-electric model, that went up in flames just three seconds after crashing into a highway toll gate. The driver and one passenger in the car died in the accident, but investigations are ongoing to figure out whether they died from the crash or whether they were not able to escape from the fire that broke out so quickly. While th
June 16, 2022
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Seoul stocks snap 7-day losing streak on eased Fed policy uncertainty
South Korean stocks rebounded slightly Thursday, ending their seven-day losing streak, as uncertainty over the future course by the US Federal Reserve eased somewhat after its sharpest rate hike in almost three decades. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 4.03 points, or 0.16 percent, to close at 2,451.41, after erasing most of its earlier gains. The index hit an intraday high of 2,500.36. Trading volume was moderate at 567.50 millio
June 16, 2022
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Yoon to carry out deregulations, tax reform to pursue market-oriented economy
SEJONG -- The Yoon Suk-yeol administration on Thursday unveiled a five-year plan to pursue a business-friendly and market-oriented economy by carrying out intensive deregulatory measures and alleviating the corporate tax burden. In a major shift from the previous administration‘s liberal agenda of an income-driven economy, the new government also vowed to minimize state intervention in the market. In addition, the plan includes a series of reforms, such as restructuring the national pensi
June 16, 2022
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Posco International expands eco-friendly energy business in Australia
Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to di
June 16, 2022
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Legal logic takes new twist in SK-Netflix dispute
Litigation in the high court between internet provider SK Broadband and global streaming service Netflix is taking a twist, as Netflix invokes new logic to argue it has no obligation to pay network usage fees to the South Korean company. Legal representatives of Netflix argued in a Seoul High Court trial Wednesday evening that the two companies had consented to the principle that the interconnection of separate internet networks, also known as “peering,” would involve zero payment
June 16, 2022
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Korean retail investors’ fears grow on stock, crypto meltdown
Retail investors who enjoyed record-low borrowing costs and abundant market liquidity during the COVID-19 pandemic have quickly come to face growing risks from plummeting stock and crypto markets hit by 40-year high inflation in the US and the rapid rate hikes that have followed. The benchmark Kospi on Thursday closed at 2,451.41, 0.16 percent higher from the previous close, when it dipped to its lowest closing price in 19 months at 2,447.38. The secondary, tech-heavy Kosdaq closed 0.34 percen
June 16, 2022
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Kepco demands Q3 electricity rate hike
The state-run Korea Electric Power Corp. demanded an electricity rate hike for the three months starting July amid rising fuel costs and record losses. The company on Thursday submitted its rate outline to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance, which will make the decision. Electricity rates consist of a basic fuel cost, a climate environment fee and a fuel cost adjustment fee. Kepco is proposing a fuel cost adjustment fee hike of 3 won (0.2 cent) p
June 16, 2022
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Global startup fair NextRise kicks off in Seoul
The largest fair in South Korea for startups wishing to go abroad kicked off on Thursday in Seoul. The aim is to help the nation‘s budding enterprises attract investment and forge partnerships with big corporations. The annual event titled NextRise is hosted by the Korea International Trade Association and Korea Development Bank. This year’s event will be held for two days, starting on Thursday and ending Friday. The event, taking place at COEX, Samseong-dong, Seoul, features pres
June 16, 2022
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SK Geocentric teams up with French, Canadian firms on plastic waste recycling
SK Geocentric Co., a chemical unit under South Korea's SK Group, said Thursday it has signed an initial deal with France's Suez S.A. and a Canadian partner to build a joint plastic waste recycling plant in the European country. The agreement with the French water management company and Loop Industries, a Quebec-based plastic waste recycling firm, commit the three to work together to build an annual 70,000-ton plastic recycling plant in France, SK Geocentric said in a release, without p
June 16, 2022
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S. Korea's national debt tops W1,000tr for 1st time
South Korea's national debt surpassed the 1,000 trillion won ($781.07 billion) mark for the first time ever amid the government's expansionary fiscal spending to support the economic recovery, data showed Thursday. The total government debt hit an all-time high of 1,001 trillion won as of end-April, up by 19.1 trillion won from a month earlier, according to the data compiled by the finance ministry. The managed fiscal balance, a key gauge of fiscal health, posted a deficit of 37.9 trillion won
June 16, 2022
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[Exclusive] Samsung Biologics to join RE100
SAN DIEGO -- Samsung Biologics, the world’s largest contract development and manufacturing organization by production capacity, will join the global RE100 renewable energy initiative as early as next month, a source familiar with the matter said Wednesday. Led by the Climate Group in partnership with CDP, formerly known as Carbon Disclosure Project, the RE100 initiative commits members to using 100 percent renewable electricity. Among the 372 members of the RE100 as of Wednes
June 16, 2022
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Seoul shares open sharply higher as Fed's rate hike comes within market estimate
Seoul shares got off to a strong start Thursday, tracking overnight rallies on Wall Street, after the US Federal Reserve delivered a rate hike that met market expectations. The Korea Composite Stock Price Index (KOSPI) rose 45.43 points, or 1.86 percent, to 2,492.81 points in the first 15 minutes of trading. Overnight, US shares closed higher after the Fed hiked the key rates by 0.75 percentage point, the largest increase since 1994, to tame high-flying inflation. There had been worries that t
June 16, 2022
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S. Korea to closely monitor market after Fed's aggressive monetary tightening
South Korea will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the US' aggressive monetary tightening, the country's top financial policymaker said Thursday. On Wednesday (US time), the Fed decided to hike its interest rate by 0.75 percentage point in the latest move to tighten monetary policy and tame soaring inflation. It marked the first such steep rate increase since November 1994.
June 16, 2022