Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Monthly users on local streaming platforms outpace Netflix, Disney+
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NewJeans fans send protest truck against agency chief in conflict with Hybe
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Seoul to promote luxurious side of the city
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Small merchants' sentiment improves for Nov. on eased pandemic restrictions
South Korean small merchants' business confidence took a turn for the better for November on hopes that relaxed anti-coronavirus restrictions may boost their sales, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to a 10-month high of 87.6 this month, up 9.5 points from the previous month. November marks the third straight month that the small merchants' BSI has climbed from the prior month. Despite the increase that
Nov. 1, 2021
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Local COVID-19 treatment developers at a crossroads
South Korean drugmakers are at a crossroads on whether or not to continue developing COVID-19 treatments, as vaccination rates rise across the world and the first drug from global pharmaceutical Merck is set to debut soon. Some have already given up. Merck’s recent decision to give away patents related to molnupiravir, which would become the world’s first COVID-19 pill, for developing countries to produce generic drugs, could prompt latecomers to drop out of the race, industry sou
Oct. 31, 2021
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SKT split-off to launch, paves way for chip investment
SK Telecom’s nontelecom split-off SK Square will officially launch on Monday, with a focus on semiconductor and new tech businesses, SK Telecom, the world’s largest telecommunication company said Sunday. The split-off will allow the SK Group company to better respond to changing dynamics in the chip sector through strategic investments, which were partly limited under the fair trade law here. Under the restructuring, the first since SKT Telecom was founded in 1984, SK Square will
Oct. 31, 2021
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[Battery+] Solid-state batteries will give new life to petrochemical waste: Solid Power CEO
Petrochemical companies generate waste called hydrogen sulfide at their facilities and even pay money to dispose of the highly toxic gas. But what if this unwanted byproduct could be converted into a raw material for green energy? Doug Campbell, co-founder and CEO of Solid Power, one of the world’s most promising advanced battery developers, suggests that solid-state batteries will give new purpose to materials that had been neglected before. “A company like SK (Innovati
Oct. 31, 2021
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GS E&C begins work on W2.7tr road project in Australia
An international consortium including GS Engineering & Construction has been chosen as the winner of Australia’s major road project, worth 3.1 billion Australian dollars (2.7 trillion won), the Korean builder said Sunday. The project is to build a 6.5 kilometer road connecting the Metropolitan Ring Road and the Eastern Freeway in Melbourne, including major bridges and interchanges. Ground was broken for the project on Oct. 28, a GS E&C official said Sunday. It is the Korean
Oct. 31, 2021
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Korean Air receives grade A for ESG from KCGS
Korean Air has received an “integrated A grade” for its ESG efforts from the nonprofit ESG rating agency Korea Corporate Governance Service. The national flag carrier achieved the marks for the second year running, a recent ESG rating report by KCGS revealed. When broken down by category, the airline received an A for corporate governance, an improvement from last year. The higher score was thanks to the separation of the CEO and the board of directors, appointment of a woman ou
Oct. 31, 2021
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Banks urged to prevent loan bottleneck amid toughened lending rules
South Korea’s financial authorities have called on local banks to take action to ensure a stable supply of credit loans and tighter supervision of household debts, officials said Sunday. The policymaking Financial Services Commission and the market watchdog Financial Supervisory Service reportedly advised the nation’s commercial banks to submit the action plans, which can be either monthly or quarterly, for personal unsecured loans. The authorities also ur
Oct. 31, 2021
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Pay gap between occupations widens amid pandemic
Pay gaps between occupations grew wider amid the COVID-19 pandemic as wages in the tech and TV broadcasting industries saw some of the biggest growth while workers in the aviation and tourism sectors took a hit, new data has revealed. According to new data released Sunday by the Korea Economic Research Institute, jobs at web portal, data processing and web hosting companies saw their pay grow by 9 million won ($7,666) on average to 37.9 million won during the first half of this year compared wi
Oct. 31, 2021
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[Newsmaker] Kospi’s average daily transaction volume hits 1-year low in October
South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh
Oct. 31, 2021
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Krafton secures Unknown Worlds takeover in 1st M&A since IPO
South Korean gaming firm Krafton has inked a deal to acquire 100 percent ownership of US video game developer Unknown Worlds Entertainment for $750 million, in the first takeover deal it has announced since the company went public in August, a filing showed Sunday. According to the disclosure filed with the Financial Supervisory Service, Krafton, a Tencent Holdings-backed company behind the battle-royale style PlayerUnknown’s Battlegrounds franchise, signed a sales and purchase agreement
Oct. 31, 2021
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Gmarket’s largest sales event, Mega G Festival, kicks off Monday
South Korean e-commerce giant Gmarket is offering various Korean products at discount prices starting Monday, commencing its biggest sales event, the Mega G Festival. During the festival, which runs until Nov. 12, up to 70 percent discount is being offered on products ranging from cosmetics and food to K-pop merchandise. Participating brands include cosmetics brands Amorepacific and Etude, food company CJ CheilJedang and K-pop merchandise store YG Select. Some brands are offering prod
Oct. 31, 2021
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PDI Japan Korea Week to unveil KIC’s post-pandemic strategies
Private Debt Investor, a publication covering the global private debt investing scene, said Sunday it plans to hold a virtual investor event in November and feature post-pandemic strategies of Korea’s sole sovereign wealth fund, Korea Investment Corp. During the event, named PDI Japan Korea Week, Choi Jin-suk, senior director of investment strategy group at KIC, will share the allocator’s key considerations when applying its environmental, social and governance factors in private de
Oct. 31, 2021
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[Law Talk] Hydrogen emerging as feasible solution in Korea’s path to carbon neutrality
There are four important numbers highlighted in the United Nations Emissions Gap Report 2019: 1.5, 25, 56, and 7.6. If the global temperature rises by more than 1.5 degrees Celsius above preindustrial levels, it may threaten the sustainability of Earth. To limit global warming to 1.5 degrees Celsius above preindustrial levels, global emissions in 2030 will need to be 25 gigatons of carbon dioxide equivalent (CO2e). If no further effort is made beyond the current commitments to reduce carbon diox
Oct. 31, 2021
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Antitrust regulator approves Emart’s takeover of eBay Korea
South Korea’s antitrust regulator on Friday approved a plan by E-mart, Shinsegae Group’s hypermarket chain, to acquire the Korean unit of eBay, judging that the acquisition will not restrain market competition. The Fair Trade Commission said the agency evaluated whether or not the acquisition would violate the country’s monopoly regulations, and to see if the companies would hamper competition in five sectors of the retail industry, including the e-commerce market, physical re
Oct. 29, 2021
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Amorepacific Q3 net profit up over 5-fold on increased domestic sales
Amorepacific Corp. said Friday its third-quarter net profit rose more than fivefold from a year earlier. Net income was 38.5 billion won ($32.9 million) in the third quarter, compared with 7 billion won in the same period a year ago, Amorepacific said in a regulatory filing. Operating profit for the July-September period fell 10.2 percent on-year to 50.3 billion won. Sales increased 1.9 percent to 1.1 trillion won. The operating profit was 29 percent lower than the average estimate
Oct. 29, 2021
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Biz sentiment worsens in Nov. amid rises in resource prices
South Korea’s business sentiment edged down in November due to increased prices of raw materials and energy, a local think tank said Friday. The business survey index of the country’s top 600 companies by sales stood at 100.6, down by 2.8 percentage points from 103.4 in October, the Korea Economic Research Institute data showed. According to KERI, while the figure managed to stay above the 100-threshold that shows optimists outnumbered pessimists, the 2.8-point decrease reflects c
Oct. 29, 2021
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Ministry finds KT worker’s input of incorrect command as cause of network outage
The Ministry of Science and ICT said Friday that telecom operator KT’s massive network outage on Monday happened due to input of an incorrect command on router equipment during maintenance work in Busan. Other flaws have been also revealed from the ministry’s investigation into KT’s nationwide internet disruption -- the maintenance work on router equipment was conducted during the day although it was originally approved by officials to be done from 1 to 6 a.m. The mainte
Oct. 29, 2021
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[Newsmaker] Airline industry prepares to increase international flights under “With COVID-19” scheme
Step-by-step, in line with the government’s plan to gradually return to normalcy with its “living with COVID-19” scheme, the airline industry has begun preparations for more overseas flights. According to full service carriers Korean Air and Asiana Airlines, some overseas flight routes will resume operations next month. Korean Air has decided to resume scheduled flights to Hawaii, Sydney, and Oakland. There will be three flights a week scheduled for Hawaii starting from Nov
Oct. 29, 2021
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SK Innovation swings to black in Q3, EV battery biz still unprofitable
SK Innovation enjoyed an operating profit of 618.5 billion won ($529.2 million) in the third quarter, bouncing back from an operating loss of 53.7 billion won on-year, a regulatory filing showed Friday. The South Korean battery-to-petrochemical giant logged revenue of 12.3 trillion won in the July-September period, a 48.1 percent surge from 8.3 trillion won, buoyed by record quarterly sales in both lubricant and battery businesses. According to SK Innovation, two new battery factories in C
Oct. 29, 2021
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Hyundai Oilbank turns carbon emissions into cement, concrete
Hyundai Oilbank is capturing carbon emissions and transforming them into raw materials used for cement and concrete at construction sites, as part of its carbon neutrality commitments. According to Hyundai Oilbank Friday, it will collect byproducts generated from its petrochemical facilities such as desulfurized gypsum and carbon dioxide and turn those waste products into construction materials such as plaster and calcium carbonate. Next year, Hyundai Oilbank will break ground on a productio
Oct. 29, 2021