Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Lee Jong-sup resigns as envoy to Australia
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Auto exports dip 10% in Nov. amid virus jitters
South Korea's auto exports dropped 10.2 percent on-year in November, falling at a faster pace compared with the previous month, amid the global resurgence of new coronavirus cases. Local carmakers shipped a combined 190,657 units of automobiles overseas last month, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports rose 2.1 percent to $3.9 billion. During the January-November period, the country sold 1,714,702 units of cars overseas, down 2
Dec. 14, 2020
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Seoul stocks open tad higher on tech gains amid COVID-19 concerns
South Korean stocks opened slightly higher Monday on the back of strong tech and pharmaceutical gains, but investors remain wary of the country's spiking new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.96 points, or 0.14 percent, to 2,774.02 in the first 15 minutes of trading. Contact-free shares, such as giant chipmakers, drugmakers and online platform operators, advanced as South Korea's daily new COVID-19 cases broke the 1,000 mark for the first tim
Dec. 14, 2020
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Kia workers continue strike for higher pay amid pandemic
Unionized workers at Kia Motors Corp. will extend their partial strike this week to demand higher wages and bonuses amid the COVID-19 pandemic, the union said Monday. Daytime and night-duty workers will hold a four-hour strike daily at Kia's three domestic plants in Gwangmyeong and Hwaseong, both near Seoul, and Gwangju, 330 kilometers south of Seoul, from Monday to Thursday and stage a six-hour walkout in the plants Friday, a union spokesman said. Kia workers already have held a partial strik
Dec. 14, 2020
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Retail investors swoop on Samsung Electronics amid price surge
South Korean retail investors loaded up on shares of top-cap Samsung Electronics Co. last week amid a surge in its share price, data showed Monday. Individual investors bought a net 1.26 trillion won ($1.15 billion) worth of Samsung from Monday to Friday, their top pick among local companies, according to the data from the Korea Exchange. In contrast, foreign investors and local institutions sold a net 1.29 trillion won worth of Samsung shares during the five-session period. Individuals' stro
Dec. 14, 2020
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Foreigners' net buying of Korean stocks hits nearly 7-year high in Nov.
Foreign investors' net purchase of South Korean stocks reached a near seven-year high in November, with Britons emerging as the biggest buyers, data showed Monday. Foreigners bought a net 6.1 trillion won ($5.6 billion) worth of local stocks in November, the largest monthly net tally since September 2013, according to the data from the Financial Supervisory Service (FSS). Britons were the biggest net buyers of South Korean equities with 2.2 trillion won last month, which accounted for 36 perce
Dec. 14, 2020
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[Women in Finance 3] Women who broke the glass ceiling
The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared with other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, will reflect on changes being made and will explore ways to boost inclusion in the sector. -- Ed. Looking back at her 41-year career in South Korea’s finance sector, Soh
Dec. 13, 2020
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LG Chem’s cathode plant in Wuxi, China, to run 100% on reusable energy from 2021
LG Chem is taking steps to carry out its pledge to create no more carbon emissions by 2050. Starting 2021, the company’s cathode material plant in Wuxi, China, will run entirely on reusable energy provided by the local Leyou New Energy Materials, LG Chem said Sunday. Carbon emissions reduction from the change is expected to be 100,000 tons a year. This has the effect of planting 1.7 million trees every year, the company said. Leyou New Energy Materials generates reusable energy using w
Dec. 13, 2020
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Tesla accident: Faulty vehicle or bad driving?
South Korean police are investigating a Tesla crash that killed one person and injured two others last week, to see if defects in the vehicle could have played a role. The Yongsan Police Station said Sunday that the vehicle has been delivered to the National Forensic Service for a forensic investigation, after the Seoul Western District Court issued a search and seizure warrant Friday. The vehicle, a Tesla Model X produced this year, caught fire after crashing into a wall late Wednesday as i
Dec. 13, 2020
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Hyundai Motor Group acquires US robotics firm
Hyundai Motor Group is taking the first major step toward transforming into a smart mobility solution provider, acquiring the world’s leading robotics firm, Boston Dynamics. The Korean conglomerate announced late Friday its agreement with SoftBank to acquire a controlling interest in the mobile robot firm, valued at $1.1 billion. Under the agreement, three Hyundai Motor companies and group Chairman Chung Euisun will together hold 80 percent of the firm’s shares, while SoftBank r
Dec. 13, 2020
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Woori Financial vows to go carbon neutral by 2050
Woori Financial Group vowed Friday to go carbon neutral by 2050 in line with South Korea’s vision of becoming a net zero carbon society, the group said Sunday. The first steps towards the goal would be achieving and implementing “coal-free finance,” launching a special team for environmental, social and governance tasks and establishing a committee formed of subsidiaries to discuss ESG-related strategies. The chief executives of Woori’s subsidiaries have decided to hal
Dec. 13, 2020
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Hopes pinned on COVID-19 treatments, not vaccines, in Korea
With the daily number of new COVID-19 cases surpassing 1,000 for the first time Sunday, South Korea’s bet on the most feasible exit plan from the mayhem is treatments, not vaccines. While both vaccines and treatment may be needed to extinguish the pandemic for good, so far for Korea, treatments are making quicker advances to actual use on people here. National household names Celltrion and GC Pharma are inches away from acquiring conditional use permits from local health authorities, ac
Dec. 13, 2020
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Online gift-giving catches on amid COVID-19 woes
As giving gifts in person is harder to do this year amid calls to reduce human contact to stop the spread of the coronavirus, online gift-giving is enjoying a surge in popularity, industry sources indicated Sunday. SSG.com, retail giant Shinsegae Group’s online shopping platform, said sales generated from its gift service saw a 64.6 percent year-on-year increase between January and November this year, citing internal data. Among the brands available on the website, it was coffeehouse cha
Dec. 13, 2020
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[Time to Play] Despite its pay-to-win system, WeMade’s Mir 4 is irresistible
When it comes to pricing, luxury fashion and games may not be so different. As long as there are consumers willing to pay extra for a premium experience, it is that perceived value that could determine the price of a product. WeMade’s Mir 4, despite its notorious pay-to-win system, may prove just that in the local gaming industry. With an intricate storyline and superb graphics, the game is simply irresistible to avid players. Launched on Nov. 25 in South Korea by local game developer
Dec. 13, 2020
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Posco to step up hydrogen production capacity by 2050
South Korean steelmaker Posco said Sunday it will expand hydrogen production capacity in the next three decades to meet growing demand for the clean energy source and foster new growth drivers. Posco, the world's fifth-largest steelmaker by output, said it will produce up to 5 million tons of hydrogen by 2050 to reduce its reliance on fossil fuels and transition to renewable energy sources. The company plans to launch a hydrogen business unit next month and collaborate with research agencies
Dec. 13, 2020
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Starbucks has over 1,500 stores in S. Korea
Starbucks has opened seven new stores in South Korea, bringing the total number of outlets that the US coffee giant has launched since its debut here 21 years ago to 1,503 amid a coffee craze among locals, industry sources said Sunday. Five of the seven new outlets opened Tuesday are drive-thru stores, the sources said. As social distancing guidelines for COVID-19 require coffee shops to adopt tougher virus measures, Starbucks has increased drive-thru outlets to allow customers to buy coffee w
Dec. 13, 2020
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S. Korea's trade minister meets with USTR nominee
South Korea's Trade Minister Yoo Myung-hee has met with US President-elect Joe Biden's nominee for US trade representative, the trade ministry said Saturday. Yoo discussed pending trade issues with Katherine Tai, the chief trade counsel for the US House of Representatives' Ways and Means Committee, during her four-day trip that ended on Friday, the Ministry of Trade, Industry and Energy said, without elaborating. The meeting came before media reports that Biden nominated Tai, a China trade exp
Dec. 12, 2020
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Seoul shares likely to further advance next week; vaccinations in focus
South Korean stocks are likely to further rise next week despite some correction, as investors pin high hopes on a quick economic recovery from the pandemic's fallout. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index closed at an all-time high of 2,770.06 points Friday, up 1.41 percent from a week ago. The KOSPI moved like roller coaster on vaccination reports, rising more than 2 percent Wednesday on the world's first mass COVID-19 vaccination in Britain. The
Dec. 12, 2020
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Posco chief tapped for second term
Posco CEO Choi Jeong-woo has been chosen for a second term, the company said Friday. The steelmaker’s board of directors unanimously decided to reappoint Choi, whose term expires in March. The appointment is subject to final approval at the company's shareholders’ meeting, slated for March. Choi took office as the company’s ninth CEO in July 2018. It is customary for Posco CEOs to serve consecutive terms. By Shin Ji-hye (shinjh@heraldcorp.com)
Dec. 11, 2020
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Hyundai Motor to acquire 80-pct stake of Boston Dynamics from SoftBank
South Korea's Hyundai Motor Group said Friday its affiliates and its chairman will buy an 80-percent stake, worth up to 900 billion won ($828 million), in US robotics firm Boston Dynamics Inc. in the latest move to propel its future mobility business. The board of directors at Hyundai Motor and its two affiliates, Hyundai Mobis and Hyundai Glovis, approved the plan to acquire the controlling stake in Boston Dynamics from Japanese investment firm SoftBank Group, Hyundai Motor said in a regulator
Dec. 11, 2020
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Mirae Asset's Korean New Deal-themed ETFs top W700b in NAV
Mirae Asset Global Investments said Friday its five exchange-traded funds investing in stocks dedicated to batteries, biotechnology, internet and gaming sectors have topped 700 billion won ($642 million) in their combined net asset value as of Thursday, two months after their listing. The ETFs are its signature Tiger suite of products -- Tiger KRX BBIG K-New Deal ETF, Tiger KRX Bio K-New Deal ETF, Tiger KRX Secondary Battery K-New Deal ETF, Tiger KRX Internet K-New Deal ETF and Tiger KRX Game
Dec. 11, 2020