Most Popular
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Koreans, Americans differ on prestigious jobs: lawmakers vs. firefighters
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Only half of S. Koreans willing to marry: data
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Disgraced ex-minister rises as major threat to ruling party
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Yoon calls for dialogue, trust from medical community
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Summit for Democracy opens in Seoul in mega-election year
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Jungkook of BTS updates life in Army
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Med professors to resign starting March 25
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Leaders call for action against threats to democracy posed by AI
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Ryu Joon-yeol, Han So-hee confirm dating since early 2024
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Dyson founder visits Seoul for global debut of new hair dryer
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[Test Drive] Volkswagen’s new Arteon: Spacious, sporty, efficient
For those that have a lot to carry in their cars but do not want to give up on the sporty features, Volkswagen’s new Arteon could be your next pick. The fastback sedan’s exterior sports both sharp and wavy lines, giving an edge to the otherwise classic-style car. Adding to the stylish design are Volkswagen’s LED headlights that project the carmaker’s logo onto the ground when the driver starts the car engine at night. The interior of the new Arteon shows a mix of moder
March 28, 2022
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Seoul stocks nearly flat amid Ukraine woes, hawkish Fed
South Korean stocks closed nearly unchanged Monday, as investors remained wary about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the US Federal Reserve. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (Kospi) slipped 0.42 points, or 0.02 percent, to close at 2,729.56 points. Trading volume was moderate at about 755 million shares worth some 9.7 trillion won ($7.9 billion), with losers outn
March 28, 2022
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Hankook Tire to launch tire brand for EVs
Hankook Tire and Technology said it would unveil the world’s first full lineup of tires s for electric vehicles in May. The world’s sixth-biggest tiremaker by sales said it will launch the iON tire brand for EVs in the European market first, and then in South Korea in August. The iON will come in six products from 18-inch to 22-inch summer, winter and all-season tires for both passenger cars and sport-utility vehicles. The iON was developed to target high-performance premium EVs f
March 28, 2022
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Hyundai Heavy hits reset with new name, CEO
Embarking on changes ranging from management to business strategy, Hyundai Heavy Industries Group on Monday deployed a new corporate name and appointed a grandson of the founder as its new chief executive officer. In a widely anticipated move, Chung Ki-sun, grandson of Hyundai Group founder Chung Ju-young, was appointed as CEO of Hyundai Heavy Industries Group at the shareholders meeting, completing the generational shift in the leadership of Korea’s largest shipbuilder. Chung, who was
March 28, 2022
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[Newsmaker] SsangYong Motor back on sale as Edison’s acquisition fails
South Korean mid-sized automaker Edison Motors’ proposed acquisition of SsangYong Motor has been cancelled due to payment failure, putting the debt-laden SUV maker’s journey to search for new owner back to starting line. According to SsangYong Motor on Monday, its acquisition contract with a consortium led by Edison Motors was terminated after the buyer failed to pay 274.3 billion won ($223.7 million) by March 25, the deadline date designated by the Seoul Bankruptcy Court to pay
March 28, 2022
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Hyundai Motor’s Ioniq 5 ranks top in Auto Bild’s EV test
Hyundai Motor Group said Monday that its flagship electric vehicle Ioniq 5 has ranked top in German automotive magazine Auto Bild’s EV test, beating other European rivals such as Audi Q4 e-tron and Polestar 2. In the latest edition of Auto Bild, the vehicles were tested and evaluated based on seven categories including performance of powertrain, driving comfort, connectivity, eco-friendliness and price competitiveness. Ioniq 5 ranked top in four categories with a total of 573
March 28, 2022
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SK Square unveils W2tr bet on chips, blockchain
SK Square, an investment arm of South Korea‘s third-largest conglomerate, said Monday it plans to spend at least 2 trillion won ($1.6 billion) over the next three years in the field of semiconductor chips and blockchain technology. It is the first time SK Square unveiled its investment roadmap since November, when it spun off from telecommunication affiliate SK Telecom. Under the plan, announced during its shareholder meeting held Monday, SK Square will target chip companies in the Uni
March 28, 2022
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SKT to mount 5G MEC solutions on Dell’s servers
US tech giant Dell Technologies and South Korean mobile carrier SK Telecom said Monday they would forge a multi-access edge computing alliance to expand its global 5G footprint targeting enterprise and government clients. Under the plan, SK Telecom’s 5G MEC solutions -- ranging from network virtualization to MEC application for operation and user experience optimization -- will be mounted on Dell‘s servers to meet the global demand for 5G private network infrastructure. Moreover,
March 28, 2022
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First-quarter outlook upbeat for Samsung, SK hynix
Samsung Electronics and SK hynix, the world’s top two memory chip makers, are projected to post record first-quarter earnings this year over rising chip prices and robust demand, Yonhap Infomax, a local financial data tracker, said Monday. According to earnings consensus among securities firms here, Samsung, the No. 1 producer of memory chips, is forecast to record 75.21 trillion won ($61.34 billion) in sales and 13.89 trillion won in operating profits in the three months of this year, u
March 28, 2022
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Banks raise loan limits as household debt growth curbs
South Korean banks have started raising the maximum amount consumers can borrow under a loan to the level before financial regulators intervened to curb the nation’s household debt growth. The move comes as the nation’s household debt growth has recently shown signs of slowing down. As of Monday, the top four banks here – KB Kookmin, Shinhan, Hana and Woori – have either started raising the limits for its overdraft accounts or its most popular loans for customers who a
March 28, 2022
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Samsung Heavy bags W804b order for 5 container carriers in Asia
Samsung Heavy Industries Co., the world's No. 3 shipbuilder by order backlog, said Monday it has clinched a 804 billion-won ($656 million) order to build five large container ships in Asia. Samsung Heavy said it has obtained the order to build the 13,100 twenty-foot equivalent unit container carriers from an unidentified Asian shipper by 2024, the company said in a statement. The container vessels will have such top-of-the-line equipment as the selective catalytic reduction and ballast water tre
March 28, 2022
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[Graphic News] Internet banking use jumps 18% in 2021 amid pandemic
South Koreans’ use of internet banking services soared 18 percent on-year in 2021 as customers preferred contactless services amid the coronavirus pandemic, central bank data showed. The daily use of online banking services, including mobile banking, reached 17.32 million cases last year, up from 14.68 million a year earlier, according to the data from the Bank of Korea. Mobile banking use came to 14.36 million instances per day, up 22.9 percent from a year earlier and accounting for
March 28, 2022
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Seoul stocks open lower amid Ukraine woes, hawkish Fed
South Korean stocks opened lower Monday, as investors remained cautious about the uncertainties related to the Russian invasion of Ukraine and the hawkish stance by the US Federal Reserve. The benchmark Korea Composite Stock Price Index retreated 16.51 points, or 0.6 percent, to trade at 2,713.47 points as of 9:15 a.m. Stocks came off to a lackluster start as the Ukraine-Russian tensions continue to stoke concerns about high commodity prices and inflation growth. Most large caps traded lower in
March 28, 2022
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Hyundai Motor Group's cumulative US sales of green cars top 500,000
Hyundai Motor Group's cumulative sales of eco-friendly vehicles in the United States surpassed the 500,000-unit mark in February, 11 years after its entry into the American market, the group said Monday. The group's two flagships -- Hyundai Motor Co. and Kia Corp. -- sold a combined 15,218 environmentally friendly vehicles in the US last month, bringing their cumulative sales to 508,599 units. Last year alone, combined sales of green vehicles by Hyundai Motor and Kia spiked 183.5 percent on-year
March 28, 2022
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S. Korea's energy imports soar 85% this year
SEJONG -- South Korea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country's trade balance and consumer inflation. The country's imports of oil, natural gas and coal came to $38.49 billion from Jan. 1-March 20, up 85.4 percent from a year earlier, according to the data from the Korea Customs Service. Crude oil imports soared nearly 70 percent over the cited period, with those of natural gas and coal shooting
March 28, 2022
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New Hana Financial chief vows to put firm on the map
The new chairman of Hana Financial Group on Sunday pledged to help the group become Asia’s top financial company by improving its global profile, nonbanking investment and digital finance. “At this time when the financial industry is at an inflection point of blurring boundaries, an accelerating aging population and slowing growth, I will (help the company to) improve shareholders and corporate value and establish a transparent, fair and stable governance structure,&rdqu
March 27, 2022
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SsangYong Motor takeover in jeopardy as buyer fails to pay
A takeover deal of debt-laden SsangYong Motor appears to have fallen into a quagmire again as its buyer, local electric bus manufacturer Edison Motors, failed to pay the bill. The consortium led by Edison Motors failed to pay the remaining payment of 274.3 billion won ($224.1 million) by Friday, local media reported Sunday, quoting industry sources. Without complete payment, the Edison Motors-led rehabilitation plan for the financially troubled SUV maker is rendered meaningless, industry watch
March 27, 2022
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[Herald Interview] Open CEO says restaurants are Korea’s next big export item
Despite COVID-19’s lingering impact on the South Korean economy, the country saw a 4 percent growth last year, exhibiting a moderate performance on the back of strong exports and rebound of the global economy. But mom-and-pop businesses, mostly those in the food and beverage industry, have been severely hit by repeated rounds of restrictions on business hours. The pandemic has forced restaurants here to close by 9 p.m. each day under a business curfew, which was introduced to blunt a re
March 27, 2022
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Hanwha chief, Pence discuss Korea-US ties
Hanwha Group Chairman Kim Seung-youn met former US Vice President Mike Pence in Seoul last week and discussed a wide range of issues centering on bilateral ties between South Korea and the US, and the growing geopolitical uncertainty over the Ukraine war. On the war in Ukraine, Kim pointed out that companies are going through a rough time due to the economic crisis caused by international conflicts. He also asked Pence to share his thoughts about how global leaders can solve the problems that t
March 27, 2022
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LS C&S expands solar cable business
LS Cable & System, LS Group’s cable manufacturing unit, has been solidifying its leadership in the floating solar farm market by developing custom cables and landing large-scale supply contracts, according to the company on Sunday. Earlier this month, the cable maker inked an agreement to supply power cables to Goheung Bay floating solar power plant in South Jeolla Province. The deal covers the full package of cables needed to build a photovoltaic power farm and connect the plant to s
March 27, 2022