Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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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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Only 15% of Kospi firms pursue ESG management: survey
Despite industrywide efforts to promote sustainable corporate management through environmental, social and governance aspects, many South Korean companies appear to be struggling to integrate the values into their businesses, a survey suggested Wednesday. Only 123 companies, or 15 percent of all Kospi-listed firms, have established committees to deal with ESG issues, according to the survey conducted by CEO Score, a local corporate tracker. Most of the ESG management committees included chief
Oct. 20, 2021
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Gmarket promotes Korean products with Mega G sales event
With the Netflix hit “Squid Game” spurring interest in all things Korean, e-commerce giant Gmarket said it is offering discounts on various South Korean products for international consumers next month. The platform’s annual Mega G sales event will take place Nov. 1-12, as part of its year-end promotion Big Smile Day. A record-breaking number of Korean brands will participate in the discount event this year, the company said. Gmarket’s global shop is also becoming a h
Oct. 20, 2021
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[Feature] Is a year-end spending spree on the horizon?
For a year and a half, South Korea’s tourism, cosmetics and liquor businesses endured the dark days of the COVID-19 pandemic. Finally, hope is on the horizon. As early as next month, the country shifts to “living with COVID-19” mode. Accordingly, many of the virus containment measures that restricted gatherings and human contact are set to be eased. “I literally can feel the eagerness of people to have a party and enjoy the things that have been taken away from their
Oct. 20, 2021
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Analysts upbeat over Kakao Pay’s valuation
South Korean mobile payment app operator Kakao Pay embarked on a two-day book building process targeting institutional investors Wednesday, following delays due to local authorities’ requests. The result will determine at which price a share of Kakao Pay, the Ant Group-backed financial technology firm, would be offered, as well as the proceeds Kakao Pay will be able to attract through the initial public offering, ahead of its proposed market debut on Nov. 3. Korean analysts are valuing
Oct. 20, 2021
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[Newsmaker] Airlines to resume, expand flights between Korea and Hawaii
Korean Air said Wednesday it would resume flights to Hawaii starting Nov. 3 while Hawaiian Airlines announced plans to expand flights on the route to four times a week. Korean Air’s operation on the route was suspended in April last year due to COVID-19. The Incheon-Honolulu KE053 flight will operate three days a week, departing from Incheon International Airport every Wednesday, Friday and Sunday night. The KE054 flight departing from Honolulu for Incheon will also operate on the same
Oct. 20, 2021
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KOGAS propels new LNG businesses
As part of its long-term vision to shift to eco-friendly energy, Korea Gas Corp. plans to push ahead with four new businesses using liquefied natural gas. LNG is considered an eco-friendly fuel as it emits 100 percent less sulfur oxides and dust compared to existing fuels for ships, 20 percent less carbon dioxide and up to 99 percent less fine dust. As the International Maritime Organization limited the sulfur content of ships’ fuel oil to 0.5 percent, global demand for LNG-powered ships
Oct. 20, 2021
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Korea’s exports to emerging markets to slow after US tapering: KITA
Once the US Federal Reserve begins to pull back next year the stimulus they have provided during the pandemic, it could slow South Korea’s exports to emerging economies that are fiscally fragile, a state-run think tank has warned. A report by the Institute for International Trade under the Korea International Trade Association showed that the US “tapering” after global financial crises in the past increased uncertainties in emerging economies and affected Korea’s exports
Oct. 20, 2021
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HMM to launch new service linking S. Korea, S. America in December
South Korean shipper HMM Co. said Wednesday that it will start its new regular container shipping service linking the country's port city of Busan and the eastern coastal cities of South America in December. A 5,000 twenty-foot equivalent unit (TEU) container carrier will be deployed for the service to be launched on Dec. 7, HMM said. It will take 84 days for the container carrier to make a round trip on the Busan-Montevideo route, the shipper said. HMM said the launch of new South Korea-Sout
Oct. 20, 2021
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KB Kookmin acquires remaining stake in Cambodia’s Prasac Microfinance
South Korea’s KB Kookmin Bank said Wednesday that it has acquired the remaining stake in Prasac Microfinance Institution, to wholly own Cambodia’s largest microfinance deposit-taking firm. KB Kookmin had acquired 70 percent stake in Prasac Microfinance for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings in April 2020, becoming the majority and largest shareholder of the institution. The price of the 30 percent stake which KB Kookmin recently acquired has yet t
Oct. 20, 2021
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Genesis GV70 named Motor Trend SUV of the Year
The 2022 Genesis GV70 has been named Motor Trend's SUV of the year, beating a list of high profile contenders from Ford Motor Co. and Stellantis, Hyundai Motor Group said Wednesday. The GV70 outshined 35 competing models such as the Ford Bronco, Ford Mustang Mach-F, Jeep Grand Cherokee and Jeep Wrangler 392 and 4xe in terms of design, sporty performance, value and safety features, Hyundai said in a statement. Stellantis is a 50:50 joint venture recently set up through the merger of US carmaker
Oct. 20, 2021
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Number of retail investors' overseas stock accounts soars 74% in H1
The number of overseas stock accounts held by South Korean retail investors jumped 74 percent in the first half of the year from six months earlier amid their brisk investment in foreign shares, data showed Wednesday. Local individual investors held about 3.31 million overseas stock accounts as of end-June, up from some 1.89 million at the end of last year, according to the data submitted to the National Assembly for an annual parliamentary audit by the Financial Supervisory Service. The numbe
Oct. 20, 2021
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S. Korea considering temporary fuel tax cut amid surging gasoline prices
South Korea is considering temporarily lowering fuel taxes to ease consumer burden from surging gasoline prices, the country's top economic policymaker said Wednesday. Finance Minister Hong Nam-ki said the government will unveil relevant actions, including a fuel tax cut, as early as next week. "As the international oil prices are on the rise, driving up gasoline prices and putting upward pressure on consumer prices, we are considering such preemptive measures as a fuel tax cut," Hon
Oct. 20, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.66 points, or 0.19 percent, to 3,034.7 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.71 percent to 15,129 points on hopes of strong corporate earnings, and the Dow Jones Industrial Average gained 0.56 percent to 35,457 points. South Korea's new virus cases stayed below 2,000 for the 12th consecutive day Wedn
Oct. 20, 2021
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[Herald Interview] Philips in for long-term partnership with Korean partners: CEO
In a world rapidly digitalizing amid the COVID-19 pandemic, Philips seeks to strengthen its partnership with innovative Korean health care providers, said Frans van Houten, the chief executive officer of the Dutch health technology firm. Through a virtual interview with The Korea Herald on Monday, Van Houten highlighted the importance of having long-term partnerships with health care providers around the world, including those in markets like Korea with strong technological prowess and quali
Oct. 20, 2021
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Brokerages sharply cut Q3 earnings outlook for major listed firms
South Korean brokerage houses have sharply lowered their third-quarter earnings outlook for major listed firms amid rising inflation and other negatives, a market tracker said Wednesday. The combined net profit forecast for 168 major listed firms came to 29.7 trillion won ($25.2 billion) for the July-September period as of Tuesday, up 4.3 percent from a year earlier, according to financial information provider FnGuide. Yet, it represents a 34 percent plunge from their estimate of 44.9 trillion
Oct. 20, 2021
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[Herald Interview] ‘For durable recovery, S. Korea’s monetary policy can remain accommodative’
The Bank of Korea’s August decision to raise its key rate has sent a market signal that the pandemic-triggered liquidity party in South Korea could be nearing an end. The International Monetary Fund, a global organization striving for financial stability, however, remained cautious about the central bank’s hawkish turn to fight rising inflationary pressure and soaring household debt, advising it to slow down the pace of rate normalization. “Korea’s monetary policy stanc
Oct. 19, 2021
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Seoul halves recommended agency fees to relieve housing price burden
Legally suggested brokerage fees were lowered around 50 percent starting Tuesday, over implementation of the related law revised to reduce burden on soaring housing prices. For those selling or buying a house worth more than 1 billion won, real estate agents can receive commissions up to 5 million won, 4 million won down from up to 9 million won, according to new guidelines. For “jeonse” and monthly rent contracts worth also over 1 billion won, agents can demand brokerage fees up to
Oct. 19, 2021
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Seoul stocks rebound on easing virus woes, stabilizing currency market
South Korean stocks rebounded Tuesday on easing concerns about the new coronavirus and the volatility in the currency market. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.36 points, or 0.74 percent, to close at 3,029.04 points. Trading volume was moderate at about 833 million shares worth some 10 trillion won ($8.5 billion), with gainers outnumbering losers 449 to 381. Foreigners bought a net 146 billion won, while retail investors
Oct. 19, 2021
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Falling Samsung shares: what it means to S. Korean investors
A 39-year-old investor in Seoul, surnamed Choi, had a strong belief that the share value of Samsung Electronics would soon reach 100,000 won ($84.80). Despite its continuous fall, recently to below 70,000 won, Choi has no plan to sell shares of the nation’s largest conglomerate and the world’s largest chipmaker. Instead, he sees the falling price as an investment opportunity. “I believe in Samsung Electronics. Although it appeared to go into free fall from some 90,000 won-leve
Oct. 19, 2021
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Samsung SDI partners up with Stellantis for joint battery factory in US
Samsung SDI has signed an agreement with Stellantis to form a joint venture to build an electric vehicle battery factory in the United States, industry sources said Tuesday. Samsung SDI’s move draws a parallel with LG Energy Solution, which announced a day earlier that it would a create a joint venture with the same global auto group and construct a 40 gigawatt-hour EV battery plant in the US. While details remain unclear, such as the monetary value of the partnership deal, Stellantis
Oct. 19, 2021