Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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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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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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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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Production, consumption rebound in Sept. despite resurgence in virus cases
South Korea's industrial output and retail sales rebounded in September in the latest sign that economic recovery momentum has been maintained despite the fourth wave of the pandemic, data showed Friday. Industrial output rose 1.3 percent in September from the previous month, following a 0.2 percent on-month decline in August, according to the data compiled by Statistics Korea. From a year earlier, industrial output rose 1.4 percent. Retail sales, a gauge of private spending, also rebounded i
Oct. 29, 2021
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Samsung Heavy to sell new shares to 6 group affiliates
Samsung Heavy Industries Co. said Thursday it will allot part of new shares to six Samsung Group affiliates, including Samsung Electronics Co. Samsung Heavy Industries, suffering from continued losses, plans to raise 1.28 trillion won ($1.1 billion) by selling 250 million common shares at 5,130 won per share to repay its debt and develop eco-friendly shipbuilding technologies. Of them, 50 million shares, or 20 percent, have been sold to the company's workers for 256.5 billion won. Later in
Oct. 28, 2021
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Kotra preparing for Korea pavilion at CES 2022
The Korea Trade-Investment Promotion Agency said Thursday that it will take innovative products of small local companies to next year’s CES, the world’s largest tech show held annually in Las Vegas. For the Korean pavilion at the CES 2022, some 210 companies and 13 institutions will travel to the US, according to Kotra. Among them, some 14 local companies had a chance to showcase their latest products at Korea Electronics Show 2021, underway at Coex in southern Seoul, from Tuesda
Oct. 28, 2021
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RaonWhiteHat wins spy agency’s cyberattack defense competition
South Korean IT security solutions provider RaonSecure said Thursday it has won a cyberattack defense competition hosted by the nation’s spy agency, the National Intelligence Service. According to the firm, two teams led by ethical hackers from RaonWhiteHat, a subsidiary that provides consulting services on IT security, ranked No. 1 and No. 2 at 2021 Cyber Conflict Exercise & Contest. CCE is an annual cyberattack defense competition hosted by the NIS. Of 282 participants, 30 of tho
Oct. 28, 2021
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[News Focus] ‘Pandemic relief will only help landlords’
A government program to compensate small businesses for losses incurred because of the social distancing guidelines will only end up fattening landlords’ wallets, critics said. Starting Wednesday, the government is accepting applications from pandemic-hit businesses and self-employed business owners for the 2.4 trillion won ($2.05 billion) cash subsidy plan. Under the program, business owners can get up to 80 percent of the money they lost as a result of following the government&rsqu
Oct. 28, 2021
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[Newsmaker] Korean steelmakers report stellar earnings on rising steel prices
Korean steelmakers witnessed their highest-ever profits in the third quarter this year, backed by strong sales due to surging steel prices. On Thursday, Hyundai Steel announced a 2,374 percent jump in operating profit to 826.2 billion won ($705 million) for the July-September period via a regulatory filing. Consolidated sales increased by 31.3 percent on-year to reach 5.86 trillion won, while the operating profit margin also increased to a record two-digit score of 14.1 percent, the company
Oct. 28, 2021
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LG Electronics hits record high Q3 sales, 49.6% decline in operating profit
LG Electronics hit a new high in quarterly sales in the third quarter, owing to the continued consumption in the consumer electronics sector under the pandemic, the company announced Thursday. The tech giant, the largest home appliance provider in South Korea, posted 18.78 trillion won ($16.1 billion) in sales, the highest-ever in the firm’s history. Compared to the same quarter last year, sales soared 22 percent. But the Q3 operating profit stood at 540.7 billion won, a 49.6 perce
Oct. 28, 2021
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HHIH Q3 net profit up 28.6% on equity gains in shipbuilding units
Hyundai Heavy Industries Holdings Co. (HHIH) said Thursday that its third-quarter net income rose 28.6 percent from a year earlier on gains from equity investment in subsidiaries. Net profit came to 44.5 billion won ($38 million) in the July-September period, compared with 34.6 billion won in the same period a year ago. "The strong performance came from a turnaround in the shipbuilding units and robust earnings of refining subsidiary," the company said in an emailed statement. Opera
Oct. 28, 2021
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Local EV consortium picked as preferred bidder for SsangYong Motor
A South Korean consortium led by local electric carmaker Edison Motors Co. has been selected as the preferred bidder to acquire SsangYong Motor Co., the company said Thursday. SsangYong and the court-appointed lead manager EY Hanyoung accounting firm submitted an official document for the selection of the Edison consortium for the debt-laden carmaker last week and the court approved the preferred bidder early this week, a company official said over the phone. SsangYong and EY Hanyoung will sig
Oct. 28, 2021
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Court grants injunction to nullify Namyang Dairy chief’s voting rights
A local court granted an injunction request by South Korean buyout firm Hahn & Co. to block Namyang Dairy Products Chairman Hong Won-sik from exercising his voting rights, noting that a sales and purchase agreement between the two parties is valid, according to a recent ruling obtained by The Korea Herald Thursday. The court’s decision indicated that Hong and his family members had failed to present evidence of Hahn & Co.’s breach of nondisclosure agreement, unlawful interv
Oct. 28, 2021
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SK Innovation, Solid Power to co-develop, produce solid-state batteries
SK Innovation and Solid Power will co-develop and produce solid-state batteries that are 33 percent more powerful than conventional lithium-ion batteries, the two companies said Thursday. The South Korean battery-to-petrochemical giant and the US-based battery startup will manufacture solid-state batteries with energy density of at least 930 watt-hours per liter, which would increase the driving range of electric vehicles to 930 kilometers on a single charge. Solid Power is one of the world&
Oct. 28, 2021
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LG Electronics Q3 net profit down 20.4% on Bolt EV recall costs
LG Electronics Inc. said Thursday its net profit dropped 20.4 percent on-year in the third quarter due to costs incurred in a recall of General Motor's Bolt electric vehicles. The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won ($440 million) in the July-September, down from 649.2 billion won during the same period of last year. LG Electronics said the recall of General Motor's Bolt electric vehicles hurt its bottom line. LG Electronics said its t
Oct. 28, 2021
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Post-retirement poverty threatens Korea’s growth, investment guru says
Poverty among retired South Koreans, coupled with the fast-paced aging of the country’s population, is leaving the national economic growth engine prone to a slowdown, an investment guru said Wednesday. Individuals in Korea -- a nation where 4 out of 10 people aged over 65 are estimated to live in relative income poverty -- must learn to take control of their finances so they can build wealth that lasts until retirement, said John Lee, chief executive officer of Meritz Asset Management,
Oct. 28, 2021
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Shinsegae Group vice chairman buys $19.2 million Beverly Hills mansion: report
Shinsegae Group heir and vice chairman Chung Yong-jin has reportedly purchased a mansion worth 22.5 billion won ($19.2 million) in Beverly Hills, California. According to online US real estate media outlet Dirt, Chung has “purchased a lavish home in the affluent Flats neighborhood of Beverly Hills.” The seller was Aan Sinanta, an Indonesian coal mining tycoon, who paid $12.6 million for the property back in 2012, the website reported. The gated property, which was built in 2012, h
Oct. 28, 2021
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Seoul stocks down for 2nd day on inflation concerns
South Korean stocks retreated for a second straight day Thursday, weighed down by concerns about the increasing inflationary pressure. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 15.94 points, or 0.53 percent, to close at 3,009.55 points. Trading volume was moderate at about 608 million shares worth some 12.2 trillion won ($10.4 billion), with losers outnumbering gainers 661 to 210. Foreigners sold a net 249 billion won worth of s
Oct. 28, 2021
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0.1 percent of companies account for 51.3% of output: data
Big companies account for just 0.1 percent of all businesses in South Korea, but they generate 51.3 percent of total output, a report showed Thursday. According to data from the Ministry of SMEs and Startups, 99.9 percent of domestic enterprises were small and medium sized ones, employing 82.7 percent of the country’s total employed population as of 2019. Compared to a year earlier, the number of SMEs rose 3.8 percent to 6.89 million. The number of employees in SMEs increased by 2 per
Oct. 28, 2021
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Stiglitz urges regulators to shut down cryptocurrencies
Nobel prize-winning economist Joseph Stiglitz on Thursday urged regulators around the world to shut down cryptocurrencies, saying it undermines the basis of financial systems as well as its pursuit of transparency. Speaking at a forum hosted by the Seoul city government, the economic professor at Columbia University also suggested market transparency and well-designed regulations as prerequisites for the city to become a global financial hub. “(Cryptocurrencies) are becoming significan
Oct. 28, 2021
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Saean to unveil new electric sports car
First-generation electric carmaker Saean has quickly grown into a global company, and plans to focus on strengthening its headquarters as well as research and development for new models, including a sports car. Saean said it will merge affiliated companies in America, Japan and Korea, and Saean Corp., its headquarters in Calgary, Alberta, will have all business rights, patent and technological rights. Saean R&D will focus on developing new models.
Oct. 28, 2021
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Korea plants green dreams in Mongolia
Arid, rocky desert stretching out across the horizon with no end in sight, with heavy sandstorms carving out dry steppe land from time to time. This may be what you would normally imagine when you think of Mongolia, home to Asia’s largest and coldest desert -- Gobi Desert. In a country where forests only cover less than 10 percent of the total land, afforestation is innately difficult -- it has a very short growing season that is restricted by cold temperatures and low precipitatio
Oct. 28, 2021
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Doosan’s Moon Hong-sung promoted to CBO, spearhead all biz
Doosan Group said Thursday it has promoted Doosan Corp. President Moon Hong-sung to chief business officer. The newly appointed CBO will be tasked with leading all businesses of Doosan Corp. from hydrogen fuel cells and drones to industrial robots. Before the promotion, Moon served as the chief strategy officer and led new businesses for Doosan Robotics, Doosan Mobility Innovation and Doosan Logistics Solutions at the holding entity Doosan Corp. since earlier this year. Now, key segments such
Oct. 28, 2021