Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Nicaragua shuts down Seoul embassy
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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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SNU profs to suspend treatment for one day
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Energy ministry to place power price cap to stem Kepco hemorrhage
SEJONG -- The government has mapped out a measure to address the mounting deficit of the state-run Korea Electric Power Corp., which posted an all-time high operating loss of 7.7 trillion won ($6.1 billion) in the first quarter of the year. The Ministry of Trade, Industry and Energy said Tuesday that it would place a cap on the “system marginal price,” the price KEPCO pays when purchasing power from private power generation companies. The cap would be placed temporarily whenev
May 24, 2022
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Seoul shares dip over 1.5% as inflation worries prevail
Seoul shares ended lower on Tuesday as investors remain concerned about inflation despite US President Joe Biden's remark that US tariffs imposed on Chinese imports are being reviewed for reduction. The South Korean won fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 41.51 points, or 1.57 percent, to 2,605.87. Trading volume was moderate at 837.87 million shares worth 8.6 trillion won (US$6.8 billion), with decliners outpacing gainers 742 to 136. Institutions
May 24, 2022
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Kakao, SK Square hit brake on chauffeur services
For the next three years, South Korean tech giant Kakao and SK Square, the ICT arm of conglomerate SK Group, will be banned from expanding their designated driver service business to make room for small and midsized enterprises entering the market, the Korea Commission for Corporate Partnership said Tuesday. Other large corporations seeking to start chauffeur services are prohibited from entering the industry worth 3 trillion won ($2.4 billion) in the cited period as well. Although the decisi
May 24, 2022
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Samsung unveils largest-ever W450tr investment for chip supremacy
South Korea’s largest conglomerate Samsung announced Tuesday plans to invest a combined 450 trillion won ($355.8 billion) and create some 1 million jobs in Korea over the course of five years -- the largest ever in the group’s history -- in order to maintain its competitive edge and navigate uncertainties. Samsung also chose chip design, foundry and biotechnology as the major three pillars of its future growth in its investment guidance. The groupwide plan is expected to set the
May 24, 2022
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Google's in-app payment policy leads to content price hikes
With Google poised to begin removing applications that disobey its mandatory in-app payment policy from June 2, South Korean content providers are raising consumer charges as the global IT giant's billing rules require hefty fee rates. Google's in-app payment system means that consumers must use the internal payment system developed by the app market operator, also Google, when purchasing paid content from apps in Google's Play Store. For app developers using Google's in-app billing system,
May 24, 2022
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Hyundai Motor Group, Microsoft partners to measure EV battery life
Hyundai Motor Group and Microsoft Korea have collaborated to make a “digital twin” of the Ioniq 5 to accurately analyze performance of the battery that is critical for electric vehicles. According to the automaker, the digital twin works by making an identical product of a device on a virtual platform so it can experiment with artificial intelligence, machine learning and data analysis models by applying different settings such as climate, driving patterns and road conditions to co
May 24, 2022
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Chaebol groups, startups join hands to reshape corporate culture
From big chaebol groups to fledgling startups, South Korean businesses on Tuesday pledged to work together to revamp the nation’s rigid corporate culture and seek innovation in dealing with social challenges. An event hosted by the Korea Chamber of Commerce and Industry announced the “New Entrepreneurship” initiative, under which they plan to carry out joint and individual projects to create more jobs and tackle other social issues such as climate change. A total of 76 entr
May 24, 2022
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KB, Jefferies chiefs talk cooperation in global investment banking
Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday. In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment banking to expand assets tied to their alternative investment businesses under banks, securi
May 24, 2022
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[Exclusive] Hybe to make up 10% of KPOP ETF
Shares of Hybe, the company behind K-pop sensation BTS, will account for some 10 percent of the much-anticipated KPOP ETF, an exchange-traded fund designed by Seoul-based intellectual property-focused company builder Contents Technologies, an industry source said Tuesday. “Hybe with its market cap standing at 8.9 trillion won ($7.1 million) is supposed to make up some 20 or 30 percent of the KPOP ETF, but with the product being a passive exchange traded-fund, there will be a cap putting i
May 24, 2022
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Hyundai Steel, KIGAM to cooperate on carbon neutral tech
Hyundai Steel said it signed a deal with the Korea Institute of Geoscience and Mineral Resources (KIGAM) on technological cooperation to move faster towards carbon neutrality. The steelmaker said the state-funded think tank’s mineral-related technologies will be used to recycle materials and resources, and analyze raw materials as part of efforts to run low-carbon steel mills in the long run. Through cooperation with KIGAM, Hyundai Steel said it will be able to add value to waste materia
May 24, 2022
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Exports by large firms grow at fastest pace in 2021 amid economic recovery
Exports by South Korean large companies rose at the fastest pace on record in 2021 as demand for chips and autos remained robust amid the global economic recovery, data showed Tuesday. Overseas shipments by the country's 875 large exporters were valued at $415.8 billion in 2021, up 29.5 percent from the previous year, according to the data from Statistics Korea and the Korea Customs Service. It marked the fastest on-year gain since 2015, when the agencies began compiling related data. The a
May 24, 2022
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BOK surely to raise key rate again this week amid inflation woes: poll
Almost all market watchers expect the Bank of Korea (BOK) will raise its key interest rate this week to combat inflation and align with monetary tightening in major economies, a poll showed Tuesday. According to the poll of 100 bond market experts conducted by the Korea Financial Investment Association, 94 percent said the central bank will hike the interest rate at a rate-setting meeting to be held Thursday. The ratio was much higher than the 50 percent that expected a rate hike in a similar Ap
May 24, 2022
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Daewoo Shipbuilding builds 3D-printed ABS model ship
South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has successfully constructed a 3D-printed plastic model vessel that could help cut costs and improve productivity. Daewoo Shipbuilding said it has joined hands with U.S. 3D printer maker Ingersoll in building the 10-meter-class, twin-skeg ship made of acrylonitrile-butadiene-styrene (ABS), which will be tested in its research lab in Siheung, about 26 kilometers southwest of Seoul. It represents the first 3D-printe
May 24, 2022
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Samsung Biologics, AstraZeneca shutting down their joint venture Archigen Biotech
Samsung Biologics Co., the biotech arm of South Korea's Samsung Group, is shutting down its joint venture with multinational pharmaceutical company AstraZeneca Plc., a company official said Tuesday, due to the suspension of the development of a biosimilar product. The move came two months after Samsung Biologics' board approved the liquidation of Archigen Biotech Ltd., a 50-50 joint venture set up with AstraZeneca, in 2014. Archigen Biotech was responsible for developing SAIT101, a bio
May 24, 2022
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Samsung SDI-Stellantis battery JV to be built in Indiana
Samsung SDI Co., a major South Korean battery maker, will build an electric vehicle battery plant in the US state of Indiana with Stellantis N.V. and plans to make the announcement this week, industry sources said Tuesday. The announcement, reportedly set for Tuesday (US time), would come after the two companies said in October they were forming a joint venture to build what would be the first US battery cell plant for the South Korean battery maker. An official from Samsung SDI declined to comm
May 24, 2022
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Seoul shares open lower ahead of Fed minutes release
Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, as investors await the minutes of the Federal Reserve's latest rate-setting meeting this week to take a cue about the US central bank's future tightening move. The Korea Composite Stock Price Index (KOSPI) fell 1.73 points, or 0.07 percent, to trade at 2,645.65 in the first 15 minutes of trading. Overnight, The Dow Jones Industrial Average rose 2 percent to 31,880.24 and the tech-focused Nasdaq index gained 1.6
May 24, 2022
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Number of executives at major firms rises 4.5% in Q1
The number of executives at South Korea's major firms expanded 4.5 percent on-year in the first quarter of the year despite the coronavirus pandemic, a corporate tracker said Tuesday. A total of 353 leading companies in Asia's fourth-largest economy had a combined 14,418 executives as of end-March this year, up from 13,803 a year earlier, according to the Leaders Index. The figure covers companies out of the country's top 500 corporations by sales that have disclosed their first-q
May 24, 2022
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Land Minister vows to ease price ceiling on privately built apartments
New South Korean Land Minister Won Hee-ryong pledged Monday to announce measures to ease the cap on presale prices of privately built apartments, a scheme adopted by the previous Moon Jae-in administration widely criticized for failing to curb the housing prices here. “The scheme has been introducing side-effects to the market as it forcefully puts a cap on the presale prices when it doesn’t consider parts of maintenance cost or the rising raw materials cost,” Won said at a p
May 23, 2022
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Investors warned over ‘frothy’ markets amid wobbly Kospi
As unprecedented stimulus packages to fuel South Korea’s COVID-hit economy run out, investors are increasingly worried over a possible bubble burst in stocks, property and cryptocurrencies that would make it harder for the already wobbly benchmark Kospi to return to its record highs a year ago. The Bank of Korea, which has already lifted interest rates twice this year to combat red-hot inflation, is expected to back another raise Thursday while eyeing more hikes later in the year. Rising
May 23, 2022
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[Test Drive] Porsche Taycan GTS is racing car, but stable
The Porsche World Roadshow, featuring diverse driving programs such as circuit driving, slalom course, and launch braking offered by the German carmaker, resumed in South Korea on May 19 after skipping a year due to the COVID-19 pandemic. Porsche Korea had around 28 models including the Taycan GTS, a model yet to be launched in South Korea, lined up for test drives at Everland Speedway in Yongin, Gyeonggi Province. The Taycan GTS was definitely the eye-catcher of the event, as not only it is t
May 23, 2022