Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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[Weekender] Korean psyche untangled: Musok
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Kakao Pay’s IPO price set at top end of 90,000 won
South Korean mobile payment app operator Kakao Pay has priced its initial public offering at 90,000 won ($76.60) per share, at the top end of its indicative price range of 60,000-90,000 won, the company said in a regulatory filing Friday. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, wrapped up its book building on Thursday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 1,545 domestic and overseas insti
Oct. 22, 2021
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Dear U aims to launch K-pop metaverse platform via IPO
Dear U, a company under S.M. Entertainment that provides a platform service connecting K-pop stars and their fans, is looking to launch a metaverse platform with funds to be raised through its initial public offering. “We are looking forward to establishing a solid foothold as the No. 1 global communication platform provider through listing on the country’s secondary Kosdaq market. We are planning on expanding our services such as a metaverse platform,” Dear U Vice President L
Oct. 22, 2021
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Edison Motors seeks to borrow W700b from KDB for SsangYong acquisition
Edison Motors will ask for a loan of some 700 billion to 800 billion won ($596 million-$681 million) from Korea Development Bank to acquire the troubled SsangYong Motor, its chief executive officer said Friday. The electric bus maker-led consortium looks set to be chosen as the preferred bidder for the debt-ridden SsangYong, after a bankruptcy court eliminated its strong contender from the competition, citing doubts over its funding capability. Holding an online press conference, Edison Moto
Oct. 22, 2021
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Korean Air partners with Boeing subsidiary for UAV
Korean Air said on Friday it has signed a memorandum of understanding with Insitu, a Boeing subsidiary, for technical cooperation to develop a lightweight and modularized tactical vertical takeoff and landing aircraft, also known as a VTOL. The cooperation will see the companies combine their core technologies -- Korean Air’s expertise in unmanned aerial vehicle development and production and Insitu’s state-of-the-art UAV technologies including high-performance mission equipment, sy
Oct. 22, 2021
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Seoul stocks close with little change amid China's Evergrande risk
South Korean stocks closed nearly flat Friday as investors took a wait-and-see mode over the debt crisis of Evergrande Group, a leading Chinese property developer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 1.17 points, or 0.04 percent, to close at 3,006.16 points. Trading volume was moderate at about 684 million shares worth some 8.9 trillion won ($7.6 billion), with losers outnumbering gainers 546 to 296. Foreigners sold a net 107
Oct. 22, 2021
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Celltrion begins phase 1 clinical trial of inhalable COVID treatment in Australia
South Korean pharmaceutical giant Celltrion has started a phase 1 clinical trial of an inhalable form of COVID-19 treatment Regkirona in Australia, according to industry sources Friday. The sources said Celltrion’s US-based partner, Inhalon Biopharma, started administering the drug this month, following a regulatory approval from Australian authorities in August. In the first-stage study, 24 volunteers will be given a nebulized form of Regkirona, which can be inhaled through a mouthpiece
Oct. 22, 2021
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BOK likely to raise rate twice next year amid sound recovery, spiking household debt: analyst
South Korea's central bank will likely raise its policy rate at least twice next year as it will continue to normalize its eased monetary policy intended to prop up the pandemic-stricken economy, an analyst said Friday. Last week, the Bank of Korea kept the rate unchanged at 0.75 percent for October after conducting a quarter-percentage hike in August from 0.5 percent, a record low level put in place for years to bolster the economy under heavy strain from the coronavirus pandemic. Gov. Lee Ju
Oct. 22, 2021
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Hydrogen yacht maker Vinssen aims to develop ammonia-powered ships
Vinssen, a South Korean company that manufactures hydrogen powertrains for ships, said Friday it has joined hands with local partners to utilize liquid ammonia to power ships. The company, which unveiled the country’s first commercialized hydrogen electric boat at Busan International Boat Show this year, will collaborate with the Korea Institute of Energy Research and domestic engineering firm CES to develop technologies and equipment to break ammonia into hydrogen, which then can be uti
Oct. 22, 2021
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‘Jeonse’ loans taken out by those in 20s, 30s soar W60tr
The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday. Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outstanding balance of jeonse loans at five major lenders here -- KB Kookmin Bank, Shin
Oct. 22, 2021
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Samsung SDI inks deal with Stellantis for joint battery factory in US
Samsung SDI announced Friday a joint venture with the world’s No. 4 automaker Stellantis to build an electric battery production plant in the United States. The two inked a memorandum of understanding on Friday, the Korean firm said. Stellantis is the first global automaker that Samsung SDI has forged a joint venture with. Samsung did not elaborate on further details of the joint entity. “We are happy to form a joint venture with Stellantis. We will do our best to satisfy custom
Oct. 22, 2021
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Posco International Q3 net up 25.4% on brisk sales
Posco International Corp. said Friday its third-quarter earnings swelled more than 25 percent from a year ago on strong sales stemming from rising material costs. Its consolidated net income came to 69 billion won ($58.5 million) in the July-September period, up 25.4 percent from a year earlier, the trading arm of top steelmaker Posco said in a regulatory filing. Operating profit also soared 38.7 percent on-year to 148.5 billion won in the three-month period, with sales spiking 80.6 percent to 9
Oct. 22, 2021
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Starbucks Korea to stop using disposable cups in Jeju
Starbucks Coffee Korea said Friday it will stop using disposable cups at all of its stores on South Korea's southern resort island of Jeju within this year in the latest move to protect the environment. Starbucks said it eliminated all single-use cups at four of its stores on Jeju in July during a trial run before applying the policy to all of its 23 operations on the island. The four stores only use multiuse cups, both for drinking inside the shops and for take-out. Customers are asked to pay
Oct. 22, 2021
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[Newsmaker] S. Korea to impose temporary fuel tax cut amid gas price hike
South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday. “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex
Oct. 22, 2021
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The silent pandemic of antimicrobial resistance deserves everyone’s attention
It happened back in 2014 when I was in Geneva, Switzerland, serving as a delegate of Permanent Mission of the Republic of Korea. I had a skin rash so I visited a local hospital, where they tested my antimicrobial susceptibility before giving me any treatment. The hospital ran this test to see if there were any antibiotics that my body was resistant to. Little did I know before I got tested that there were not many effective antibiotics left for me. Fewer antibiotic options meant fewer treatm
Oct. 22, 2021
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DLS sales in S. Korea plunge 51.2% in Q3
The issuance of derivatives-linked securities (DLS) in South Korea tumbled more than 50 percent on-year in the third quarter of the year amid the coronavirus pandemic, data showed Friday. The country's DLS sales stood at slightly over 3 trillion won ($2.6 billion) in the July-September period, down 51.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 27.7 percent from the previous quarter. DLS tracks the performance of in
Oct. 22, 2021
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PM says hard-hit businesses, low-risk facilities will be first to benefit from eased virus rules
Prime Minister Kim Boo-kyum said Friday hard-hit businesses and low-risk facilities will be the first to benefit from eased COVID-19 restrictions starting next month. Kim made the remark during a meeting of a government-civilian panel overseeing the transition to life after COVID-19. "The return to normal will proceed in stages and systematically," he said. "We will take drastic and active steps to ease the virus restrictions starting with businesses and neglected groups that ha
Oct. 22, 2021
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Korean Air partners with Boeing for UAV development
Korean Air Lines Co., South Korea's biggest carrier, said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle (UAV) in preparation for future mobility demand. Korean Air signed a memorandum of understanding with Boeing's subsidiary Insitu for technical cooperation to develop a lightweight and modularized tactical vertical take-off and landing (VTOL) UAV at the 2021 Seoul International Aerospace and Defense Exhibition (ADEX), the company said in a statement. "
Oct. 22, 2021
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S. Korea to temporarily cut fuel taxes amid rising oil prices
South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently at 2 percent, as part of efforts to ease people's burdens on a hike in energy costs. "The government will unveil details about fuel tax cuts, including the timing and the scope, next wee
Oct. 22, 2021
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Seoul stocks open tad lower on China's Evergrande risk
South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62
Oct. 22, 2021
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Incheon int'l Airport reports sharp recovery in traveler flow in past 2 mths
Incheon International Airport, the main gateway to South Korea, has seen a sharp recovery in the number of inbound and outbound travelers over the past two months amid the country's push for a "Living with COVID-19" plan. According to Incheon International Airport Corp., the state-run operator of the airport, the number of international travelers departing or landing via Incheon jumped 44 percent, compared with a year earlier, to some 338,000 in August. It was the first monthly figur
Oct. 22, 2021