Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Tesla’s Model Y SUV to feature Hankook Tire’s tires
Hankook Tire, the world’s seventh-largest tire maker by sales, will be one of the tire suppliers for Tesla’s electric sport utility vehicle Model Y, industry officials said Monday. The Korean tire manufacturer’s 19-inch tires are currently fitted on Model Y vehicles that are produced in Tesla’s Shanghai plant, which accounts for the Chinese market and other countries around the world. The Korean market, however, is likely to be excluded from the Hankook Tire production
Jan. 18, 2021
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[Newsmaker] Blow for Samsung as heir Lee sent back to prison for bribery
South Korea’s largest conglomerate, Samsung Group, is facing another watershed as chief Lee Jae-yong was once again taken into custody Monday after receiving a jail term for bribery and embezzlement. The departure of Lee from the helm of the group comes at a time when the IT giant is seeking to make progress on its long-pending management succession and to press forward amid the post-coronavirus economic recovery. “Lee should be held responsible for the suggested bribery and embez
Jan. 18, 2021
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[Gadget Review] This time, Galaxy S21 over Galaxy S21 Ultra?
Entry models are often a compromise for consumers, second-best to the fancy and expensive premium models. When it comes to Samsung Electronics’ latest smartphone lineup, however, that may not be the case. With its sleeker design and slashed price tag, the Galaxy S21, the entry model in the latest series, immediately caught my attention. Then after getting my hands on it and the premium Ultra model over the weekend, I came to favor the cheaper phone over the extra-premium one. The two
Jan. 18, 2021
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Seoul stocks dip over 2% on Samsung, bio stocks
South Korean stocks tumbled more than 2 percent Monday amid strong profit-taking sell-offs and a plunge in Samsung affiliates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 71.97 points, or 2.33 percent, to close at 3,013.93 points. Trading volume was high at about 1.5 billion shares worth around 22.8 trillion won ($20.7 billion), with losers outnumbering gainers 715 to 164. Foreigners sold a net 220 billion won, while retail investo
Jan. 18, 2021
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Hanmi touts production capacity for COVID-19 vaccines
Hanmi Pharmaceutical on Monday said it has enough production capacity to contract manufacture COVID-19 vaccines. “Hanmi Pharmaceutical has various capabilities and facilities where we can produce nucleic acid vaccines as a contract manufacturing/development organization,” said CEO Kwon Se-chang. “We are open to potential collaboration with various companies to contribute to ending the global pandemic.” Among others, the executive pointed to its newly built Bio Plant
Jan. 18, 2021
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Yuhan’s lung cancer treatment lazertinib wins approval
The title for Korea’s 31st homegrown novel drug goes to Yuhan’s lung cancer treatment, Leclaza. On Monday, the Ministry of Food and Drug Safety announced its approval for the third-generation non-small cell lung cancer treatment, bringing relief to some 100,000 lung cancer patients in the country. Leclaza is a swallowable tablet that can be taken at a fixed time every day, regardless of meals. In clinical trials, the drug has shown an overall response rate of 58 percent and a pro
Jan. 18, 2021
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Singapore’s Prestige Biopharma eyes Feb. IPO on Kospi
Prestige Biopharma, a Singapore biopharmaceutical firm dedicated to biosimilars and new antibody therapeutic developments, said Monday it is looking to raise as much as 490.9 billion won ($444.5 million) in an initial public offering on the Korean main bourse early next month. It plans to issue some 15.34 million depository receipts in a price band of 25,000-32,000 won. The exact share price will be set through the two-day book building that is set to wrap up Wednesday. Retail investors’
Jan. 18, 2021
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Residents' foreign currency deposits touch new high in December last year
Foreign currency deposits at banks in South Korea hit a new high in December last year on increased retail holdings of the US dollar deposits, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $94.2 billion as of end-December, up $590 million from the previous month, according to the data from the Bank of Korea (BOK). Residents' foreign currency deposits renewed their record for the third consecutive month after plunging by $3.1 bi
Jan. 18, 2021
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S. Korea requires Google, Facebook and 4 others to provide stable online services
South Korea's ICT ministry said Monday it has required global tech giants Google, Facebook and Netflix as well as local rivals Naver, Kakao and Wavve, to comply with the country's new law under which large data-hungry online companies must provide stable services. Last year, South Korea passed a law revision holding online content service providers accountable if they fail to maintain stable services amid growing complaints against streaming giants Netflix and Google, which operates YouTube, af
Jan. 18, 2021
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Doosan Infracore's sales up 18% in S. Korea in 2020
South Korea's top construction equipment maker Doosan Infracore Co. said Monday that the number of its construction equipment sold here rose 18 percent last year from a year ago on increased demand. "Despite the coronavirus pandemic, demand for high-end excavators increased last year here on the back of enhanced safety regulations and increased use of excavators in construction sites," a company official said over the phone on condition of anonymity. Doosan Infracore said it sold ove
Jan. 18, 2021
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[Graphic News] Exports of OLED displays forecast to hit new high this year
South Korea’s exports of organic light-emitting diode displays are expected to jump nearly 20 percent on-year to an all-time high in 2021 on growing global demand, sources said. Overseas shipments of OLED panels are projected to soar 19.6 percent on-year to $13 billion this year, accounting for more than 70 percent of overall display exports, according to the Industry Ministry and the Korea Display Industry Association. Bolstered by the sharp increase, South Korea’s overall
Jan. 18, 2021
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Seoul stocks open sharply lower on profit-taking
South Korean stocks opened steeply lower Monday as foreign and retail investors sold local stocks to take profits. The benchmark Korea Composite Stock Price Index lost 42.26 points, or 1.37 percent, to 3,043.64 points in the first 15 minutes of trading. Samsung Electronics shed 1.93 percent, and No. 2 chipmaker SK hynix retreated 1.18 percent. Leading chemical firm LG Chem dipped 2.25 percent, and rechargeable battery maker Samsung SDI slumped 2.99 percent. Internet portal operator Naver fel
Jan. 18, 2021
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S. Korea's rechargeable battery exports gain for 5th year in 2020
South Korea's exports of rechargeable batteries rose for the fifth consecutive year in 2020 despite the coronavirus impact, data showed Monday. Overseas shipments of rechargeable batteries came to 7.2 trillion won ($6.6 billion) last year, up 2.9 percent from the previous year, according to the data from the industry ministry and the Korea Battery Industry Association. Exports of rechargeable batteries expanded for five years running in 2020, setting a new record. Rechargeable battery product
Jan. 18, 2021
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Robo-advisers thrust in spotlight amid coronavirus pandemic
The amount of funds entrusted to South Korea’s three leading robo-adviser firms exceeded 1 trillion won ($906 million), highlighting the fast growth of non-face-to-face investment services during the coronavirus crisis, according to market data on Sunday. Robo-adviser or automated asset management companies Fount, AIM and December & Company currently manage a total of 1.25 trillion won, up 402.9 percent from 247.9 billion won a year ago. Robo-advisers offer highly tailored asset mana
Jan. 17, 2021
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S. Korea’s economy anticipates synergy with ‘Bidenomics’
As the United States is set to inaugurate Joe Biden as president this week, South Korea’s economy is expected to gain momentum from the upcoming US administration’s pump-priming programs and trade multilateralism, phasing out the uncertainties under Donald Trump. But the enhanced environment-related regulations may pose challenges to Korean companies and the persisting US-China trade conflict will continue to weigh upon Korea’s trade-reliant economy, according to market obse
Jan. 17, 2021
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S. Korea to end 2G network services by June
LG U+ said Sunday that the company would terminate its 2G network services by the end of June this year, which would mark the end of the aging network in the country. LG U+, currently the only company that operates 2G services, has reported its plan to the Ministry of Science and ICT, the company said, adding that a detailed schedule is yet to be finalized. LG U+ is the last mobile carrier here to terminate the aging network. SK Telecom ended its 2G services last July, and KT shut down 2G se
Jan. 17, 2021
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Samsung offers free 3-day trial of Galaxy S21
Samsung Electronics announced Sunday that the company would allow customers to rent its new flagship smartphone Galaxy S21 models for up to three days. The promotional event for the company’s new smartphone models will run through March 14, the company added. Those who want to test out the smartphones can make a reservation on the company’s official website or visit Samsung Digital Plaza branches across the country. Those who purchase after renting will be provided with Samsung E
Jan. 17, 2021
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Myeong-dong: Korea’s largest shopping street faces extended crisis
Bustling, noisy and lively -- it is how Myeong-dong used to be described as Seoul’s premier shopping district. Packed with tourists, food stands and long lines of shops, it is one of the most expensive shopping streets in the world, according to global property firm Cushman & Wakefield’s annual Main Streets Across the World report. But a quick walk around the shopping district nowadays makes it clear that things have drastically changed -- and for the worse. With many shoppe
Jan. 17, 2021
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Industrial shift to heat up Korea’s M&A market: experts
Brisk merger and acquisition activity is expected this year in an ongoing industrial shift that is being accelerated by the pandemic, according to outlooks from investment banks Sunday. While the aviation industry has taken the hardest blow from the pandemic, Korean Air is speeding up the process of taking over Asiana Airlines. On Thursday it submitted stock acquisition documents to antitrust authorities in nine regions where the carrier flies for a merger review. The countries include South Ko
Jan. 17, 2021
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Woori Financial chief pledges to innovate like Amazon, Google
Woori Financial Group Chairman Sohn Tae-seung has urged the group‘s subsidiaries to gear up for business innovation this year by benchmarking global tech giants Amazon and Google, officials said Sunday. “Just as the innovative tech behemoths Amazon and Google did, let’s seek innovation with a mindset like it’s always day one, to get back to the basics and start work with a renewed mind and to surprise the market by achieving a groundbreaking performance,” s
Jan. 17, 2021