Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Kumho Tire wins AA grade in MSCI ESG ratings
Kumho Tire said Tuesday it has won an AA grade in Morgan Stanley Capital International’s recent environmental, social and governance evaluation, being ranked among the top 12 percent of the automotive parts industry. The tire manufacturer has improved its ratings every year, from a BBB grade in 2019 to an A in 2021 and an AA this year. MSCI ESG Ratings identifies ESG risks financially material to all sectors and measures each company’s resilience to such risks relative to indust
March 29, 2022
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Over 70% of firms plan to hire new workers this year: poll
More than seven in 10 South Korean firms are planning to hire new employees this year amid an economic recovery, a poll showed Tuesday. The survey of 508 companies with 100 or more workers showed 72 percent of the respondents replying they have plans to recruit new employees this year. Some 17 percent answered they have no hiring plans for this year, with about 11 percent remaining undecided. Commissioned by the Korea Enterprises Federation (KEF), South Korea's largest business lobby by membersh
March 29, 2022
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Hyundai Motor chairman reelected as Kia executive director
Shareholders of Kia Corp. have reelected Hyundai Motor Group Chairman Euisun Chung as executive director for another three years, the company said Tuesday. Chung will begin his extended director position on April 1 to lead the South Korean automaker's transition into a provider of future mobility solutions, such as autonomous driving and electric vehicles, Kia said. His three-year directorship at Kia ends in March 2025. The chairman was reelected as executive director for another three years at
March 29, 2022
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Upbeat earnings forecast for Samsung, SK hynix in Q1: survey
Samsung Electronics Co. and SK hynix Inc., the world's two largest memory chip makers, are forecast to report robust earnings in the first quarter, despite a hike in raw material prices and continued global supply woes, a financial data firm said Tuesday. Samsung is estimated to log 13.89 trillion won ($11.3 billion) in operating profits in the three months ending March 31, up 38.64 percent from a year ago, while SK hynix is expected to top 3.1 trillion won, up 137.08 percent, according to a sur
March 29, 2022
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Retail sales up 4.7% in Feb. on online consumption growth amid pandemic
Retail sales in South Korea rose 4.7 percent in February from a year earlier on the back of growing online consumption amid the worst COVID-19 wave, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 12.19 trillion won ($9.99 billion) last month, up from 11.6 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increased retail sales are mainly attributable to the growth in online consu
March 29, 2022
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KDB customers allowed to use Hana Bank's ATMs, offline branches
The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs and around 600 offline branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender. The deal is expected to help senior people and other digitally marginalized citizens have more a
March 29, 2022
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S. Korea aims to underpin recovery, strengthen fiscal health in 2023 budget
South Korea said Tuesday it plans to focus its fiscal policy for next year on propping up the economic recovery and strengthen fiscal soundness amid mounting national debt. Under the 2023 budget guidelines, approved by the Cabinet, the government plans to normalize COVID-19 related emergency spending to pre-pandemic levels and make efforts to secure fiscal space to support new policy goals by the incoming government, according to the Ministry of Economy and Finance. Government ministries and age
March 29, 2022
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S. Korea to offer more tax incentives this year
Tax exemptions and incentives are expected to increase by 3.6 trillion won ($2.9 billion) this year as the government seeks to underpin the economic recovery and support vulnerable people, the finance ministry said Tuesday. The value of the tax exemptions and credit is estimated at 59.5 trillion won this year, up from the 55.9 trillion won tentatively provided last year, according to the Ministry of Economy and Finance. The percentage of tax subsidies against total tax revenue and tax benefits i
March 29, 2022
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[Graphic News] S. Korea’s coffee imports hit new high in 2021
South Korea’s imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed. The value of the country’s coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. It marks the first time that South Korea’s coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency.
March 29, 2022
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Seoul stocks open higher on US gains
South Korean shares got off to a strong start Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) increased 16.02 points, or 0.59 percent, to reach 2,745.59 as of 9:15 a.m. Overnight, the US stock market finished higher on hopes over peace talks between Russia and Ukraine. The Dow Jones Industrial Average advanced 0.27 percent, the S&P 500 increased 0.71 percent and the tech-heavy Nasdaq climbed 1.31 percent. On the Seoul bourse, most lar
March 29, 2022
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Central bank chief nominee underlines 'insight' on changes in int'l order to respond to rising uncertainty
The nominee for the new central bank chief on Tuesday underlined the importance of having "insight" on any changes in international order to better respond to rising external uncertainty. Rhee Chang-yong made the remarks sent to reporters before leaving Washington, D.C. for Seoul for a confirmation hearing. He was nominated as the new chief of the Bank of Korea last week while serving as director of the Asia and Pacific department at the Washington-based International Monetary Fund (IM
March 29, 2022
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Consumer sentiment ticks up in March amid eased virus curbs
South Korea's consumer sentiment ticked up in March, as the country eased social distancing curbs to bolster spending and help pandemic-hit small merchants, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came to 103.2 in March, up 0.1 point from the previous month, according to data from the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The index has been up and down in the last few months, affected by the severity of the spread of
March 29, 2022
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IMF maintains 2022 growth outlook for S. Korean economy at 3%
The International Monetary Fund (IMF) on Tuesday maintained its 2022 growth outlook for South Korea at 3 percent as exports and investment will likely remain robust despite heightened economic uncertainty. The IMF's latest projection is the same as its forecast made in January. It lowered its 2023 growth outlook for Asia's fourth-largest economy to 2.8 percent from 2.9 percent. The Washington-based organization said South Korea's economic growth is projected to remain robust in 2022 and 2023 on
March 29, 2022
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KEPCO decides to freeze unit fuel cost for electricity rate for Q2 amid high inflation
South Korea's state-run Korea Electric Power Corp. (KEPCO) said Tuesday it will freeze the adjusted unit fuel cost, a key part of the country's electricity rates, in the second quarter despite high energy prices amid rising inflation. KEPCO said it has decided to set the adjusted unit fuel cost at zero won per kilowatt-hour for the April-June period of this year, the same as that three months earlier. The company proposed a 3 won ($0.002) increase in the adjusted unit fuel cost, citing soaring g
March 29, 2022
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Yoon to reverse Moon’s housing policy
The Yoon Suk-yeol government will loosen key housing rules that the current Moon Jae-in government introduced two years ago, because they had all backfired, turning the country into one of the world’s hottest property market, Yoon’s transition team said Monday. “Our team was briefed by the Land Ministry and we’re clear on one thing: A rule change coming in stages,” said Won Il-hee, the team’s deputy spokesperson, referring to rules on “jeonse,” or
March 28, 2022
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High energy prices weaken trade balance of Korea
SEJONG -- Spiraling international energy prices have been increasingly undermining the trade balance of South Korea, which posted deficit for the first 79 days of the year on a cumulative basis. According the Korea Customs Service, the nation’s imports of three major energy resources -- crude, gas and coal -- came to $38.4 billion during the period of Jan. 1 - March 20. This marked an 85.4 percent surge compared to the same period of 2021. A 69.8 percent increase was seen in imports of c
March 28, 2022
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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