Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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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
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Posco’s sustainability recognized by World Steel Association
South Korean steelmaker Posco has been recognized for its sustainability efforts by the World Steel Association, the company said Sunday. The World Steel Association, also known as worldsteel, has picked as Posco as one of the 39 sustainability charter members which proactively embraces the sustainability principles of the steel industry, according to the South Korean steel giant. A total of 142 companies and associations across the world are members of worldsteel. The recognition of the sus
March 27, 2022
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KT shares hit 1-year high
The share price of South Korean telecommunications firm KT hit the highest level in a year on Friday, as its shareholder meeting and a carve-out of its key business is drawing to a close next week. A KT common share, which trades on the Korea Exchange, hit the 52-week high at 35,300 won ($28.84) during the intraday trade Friday. The closing price came to 35,000 won apiece, up 1.2 percent from Thursday. KT’s market cap on Thursday exceeded 9 trillion won for the first time in seven months
March 27, 2022
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Korean conglomerates delve into digital asset market
South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th
March 27, 2022
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Yoon warns against tough rules on owners of multiple homes
President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on
March 25, 2022
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Union-backed outside director fails again to enter KB boardroom
Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed
March 25, 2022
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With sales ban looming, Korean shampoo maker mulls relocating to US
South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla
March 25, 2022