Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut
Nov. 1, 2021
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SK Networks CEO Choi steps down amid embezzlement trial
Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2
Nov. 1, 2021
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Largest-ever Korea Sale Festa kicks off amid pandemic
South Korea kicked off its annual nationwide shopping event Monday in the latest effort to boost private spending amid the prolonged pandemic. The Ministry of Trade, Industry and Energy said 2,053 companies will offer big bargains both online and in stores during the Korea Sale Festa -- the Korean equivalent of Black Friday -- that will run through Nov. 15. This year's run is the largest since the event was launched in 2016, according to the ministry. The central and 17 local governments also
Nov. 1, 2021
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October's inflation growth estimated at 3.2%: poll
South Korea's consumer prices are estimated to have grown more than 3 percent for the first time in nearly 10 years in October due to last year's low base and surging oil prices, a poll showed Monday. The country's consumer inflation is projected to have risen 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the poll on six brokerage houses. If the forecast is right, the inflation rate will stay in the 3 percent range for the f
Nov. 1, 2021
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Exports up 24% on-year in Oct. to second-largest monthly figure of $55.55b
South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure of $55.55 billion on the back of strong global demand for chips and petroproducts, data showed Monday. Outbound shipment is just shy of the record monthly figure of $55.83 billion reported the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the 12th straight month that the country's exports have extended gains. Imports surged
Nov. 1, 2021
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High raw material costs feared to erode corporate earnings
Soaring international raw material costs are feared to eat into South Korean companies' earnings and drive up consumer prices down the road, a report showed Monday. Stung by fast-rising oil and other material prices, the operating margin of local companies is expected to reach 3.4 percent this year, down 1.8 percentage points from the average 5.2 percent between 2015 and 2019, according to the report from the Korea Economic Research Institute (KERI). The operating margin of large businesses is
Nov. 1, 2021
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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