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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Imported car sales down 2.4% in May amid chip shortage
Sales of imported vehicles in South Korea fell 2.4 percent last month from a year earlier as a chip shortage continued to affect vehicle production, an industry association said Tuesday. The number of newly registered foreign vehicles stood at 23,512 units last month, down from 24,080 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 350 4MATIC sedan, Mercedes-Benz's E
June 7, 2022
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Seoul shares open steeply lower on inflation concerns
Seoul shares opened steeply lower Tuesday on concerns about fast-growing inflation pressure that may strengthen central banks' policy tightening. The Korea Composite Stock Price Index (KOSPI) fell 21.14 points, or 0.79 percent, to 2,649.51 points in the first 15 minutes of trading. The local bourse was closed Monday for a national holiday. Volatility increased in the local financial markets on high-flying inflation. Most large caps traded lower in Seoul. Market bellwether Samsung Electronic
June 7, 2022
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Card spending climbs 11% in April on eased COVID-19 rules
Card use for settlement in South Korea swelled 11 percent in April on softer anti-coronavirus rules with spending on travel and transportation spiking, data showed Tuesday, in a sign of the country's consumption returning to pre-pandemic normalcy. Spending made with credit, debit and prepaid cards came to 90.3 trillion won ($71.9 billion) in April, compared with 81.3 trillion won a year earlier, according to the data compiled by the Credit Finance Association. The number of approved card se
June 7, 2022
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Foreign reserves down in May for 3rd month amid forex market volatility
South Korea's foreign reserves declined for the third straight month in May as the government unloaded the greenback to prevent the local currency from sharply weakening, central bank data showed Tuesday. The country's foreign reserves stood at $447.71 billion as of end-May, down $1.59 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the third straight month of on-month declines. The decline is blamed on the government's effor
June 7, 2022
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New GM Korea CEO faces labor disputes, falling sales
GM Korea’s new chief executive Roberto Rempel has made his first on-site inspection to the carmaker‘s No. 1 Bupyeong plant early this month, officials said Monday, making a leadership change official within the US company’s operation in South Korea. The new CEO, however, faces a series of challenges ahead. The carmaker has been making a last-ditch effort to restore its market share amid rumors circulating that it is already in the process of leaving the country. The urgent tas
June 6, 2022
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Investment banks cut Kospi targets amid high inflation
Major foreign investment banks have revised down their targets and ratings on South Korea’s benchmark Kospi, which has been coping with market volatilities stemming from growing inflationary pressure and the prolonged Russia-Ukraine War. Japan-based Nomura Securities lowered its investment rating on the Korean market from “overweight” to “neutral” last week, suggesting investors to hold and not buy shares. Nomura cited the recent slowdown in the expansion of the
June 6, 2022
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Samsung’s Lee Jae-yong poised for 2-week trip to Europe
Samsung Electronics Vice Chairman Lee Jae-yong is poised to embark on a two-week trip to Europe on Tuesday, highlighting the South Korean chip-to-consumer electronics giant’s need for a breakthrough. Also under the spotlight is whether the largest conglomerate in Korea would be looking to secure a new growth driver in Europe, coupled with Samsung‘s fresh investment pledge announced earlier in May. The Seoul Central District Court on Thursday approved Lee’s absence from the t
June 6, 2022
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Korea’s household debt highest among major economies: report
South Korea’s household debt topped 104 percent of gross domestic product, marking the highest level among 36 major economies, the Institute of International Finance’s data showed. Korea’s household debt fell to 104.3 percent of GDP in the first quarter of this year from 105 percent in the same period a year earlier, still outrunning rivals by a large margin, according to the report the Washington-based private financial industry association released May 18. Household debt l
June 6, 2022
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[Photo News] Hybrid electric race
Hyundai Motor‘s hybrid vehicle, i20 N Rally1, is seen racing at the fifth round of the 2022 World Rally Championship held on the Italian island of Sardinia between Thursday and Sunday. Two drivers in Hyundai‘s world rally team came in first and third, awarding the South Korean carmaker its fifth win at the championship’s Italian events. The 2022 WRC is the first year in the championship’s history where hybrid electric-powered units fully replaced internal combustion engin
June 6, 2022
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[From the Scene] 'Danuri' all set for Korea's first moon exploration
DAEJEON -- South Korea is gearing up to become the seventh nation in the world to carry out a lunar probe mission with its first lunar orbiter set for an Aug. 2 launch. The country's first lunar mission, which has been named "Danuri" through a nationwide naming contest, has completed the final stages of space tests including durability checkups against extreme temperatures and electromagnetic waves at the Korea Aerospace Research Institute. It is waiting to be transported to its laun
June 6, 2022
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Hana Financial stresses connectivity in vision for 2030
Hana Financial Group has announced a set of mid- to long-term strategic goals for 2030 as it reorganized its corporate culture and strategy departments to better prepare for future industries such as the metaverse and blockchain. For the past 11 months since June last year, some 12,000 staffers of Hana Financial took part in a bottom-up project called “New Vision” consisting of staff surveys, in-depth interviews, metaverse workshops, collecting customer opinion, outside expert inter
June 6, 2022
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McDonald’s McWings makes a comeback
Fast-food chain McDonald’s Korea said Monday that it has relaunched its limited edition side menu McWings. McWings is a fried chicken snack that comes with a complimentary dipping sauce. First released in 2014, McWings created a fad in 2019 when it sold out earlier than expected. It has since become a favorite seasonal menu among chicken maniacs for its crispiness and salty flavor, according to the burger franchise. “McDonald’s is presenting a wide range of chicken menus, i
June 6, 2022
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AI uses digital waste for upcycled clothing design
Tilda, a virtual artist powered by the artificial intelligence engine of South Korean conglomerate LG, has showcased 30 upcycled clothing designs on World Environment Day that fell on Sunday, according to the company Monday. The collection on the metaverse comprising 13 jackets, 14 trousers and three hats, dubbed the “Digital Upcycling Project,” was designed to highlight using digital waste to reduce carbon footprint. In its first solo fashion collection, Tilda combined digital w
June 6, 2022
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Genesis' global sales exceed 700,000 units
Hyundai Motor Co. said Monday the accumulated sales of its independent Genesis brand models exceeded 700,000 units last month despite the prolonged chip shortage. The South Korean carmaker sold 699,751 Genesis vehicles, including 188,547 overseas sales, from its launch in November 2015 to end-April this year, according to Hyundai's sales data. In May, the carmaker sold an additional 12,234 units of Genesis models in the domestic market, bringing cumulative sales to 711,985 units, the data s
June 6, 2022
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Gasoline, diesel prices rise for 4th straight week amid tight supply
The weekly average prices of gasoline and diesel in South Korea both climbed for the fourth consecutive week on a continued energy crunch around the world, industry data showed Saturday. The average retail price of gasoline stood at 2,013 won per liter from May 29-June 2, up 19.3 won from a week ago, according to Opinet, a website operated by the state-run Korea National Oil Corp. In Seoul, where oil prices are usually higher than other regions, the average retail price of gasoline
June 4, 2022
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KB Chairman, UK deputy minister discuss net-zero partnership
KB Financial Group Chairman Yoon Jong-kyoo and the UK Department for Business, Energy & Industrial Strategy’s Deputy Minister Garry Grimstone discussed partnership in achieving net-zero carbon emissions and green investment, the South Korean bank said Friday. In the meeting held Friday, Grimstone called for KB’s active cooperation with UK businesses in investment of renewable energy, according to the firm. He noted the growing importance of renewable energy in achieving the join
June 3, 2022
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Seoul stocks rebound on eased inflation woes
South Korean stocks rebounded Friday from the previous session's sharp fall, amid eased inflation concerns after the group of major oil exporting countries announced a plan to increase the crude supply and the US job market showed weaker-than-expected growth. The local currency rose sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 11.66 points, or 0.44 percent, to 2,670.65. Trading volume was moderate at 552.2 million shares worth 7.45 trillion won (US$
June 3, 2022
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Mom’s Touch in search for new owner
South Korean chicken burger chain Mom’s Touch is searching for a new owner following its delisting from the nation’s second bourse Kosdaq on Tuesday. Its largest shareholder, local private equity firm Korea F&B Holdings, plans to buy shares at 62,000 won apiece for the next six months in order to protect minority shareholders. Following its delisting, industry watchers say sell-off talks are also expected to gain momentum. “Listed companies have legal obligations suc
June 3, 2022
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Korean Air kicks off engine development for small satellite launch vehicle
The country’s largest air carrier Korean Air will develop common bulkhead propellant tanks for small satellite launch vehicles by 2027 as part of the Ministry of Science and ICT’s Space Pioneer project, the company said Friday. Under a ministry-led program, some 211.5 billion won ($170 million) will be spent until 2030 on developing the country’s bulkhead propellant tanks for small satellite launch vehicles, a device for umbilical release and mobile launch pad, as well
June 3, 2022
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Inflation exceeds 5% for 1st time in 13 years
SEJONG -- Korea’s inflation surpassed 5 percent on-year last month in the wake of an ongoing glitch in global supply and rapid growth in domestic demand amid normalization from the pandemic, state data showed Friday. According to Statistics Korea, consumer prices climbed 5.4 percent in May compared to a year earlier. This posted the highest figure in more than 13 years, dating to August 2008, when 5.6 percent growth in prices was reported. This also marked the first time that on-year inf
June 3, 2022