Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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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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Seoul Metro to seek legal action against malicious complaints
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Golden chance to liquidate babies’ gold rings?
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Daewoo Shipbuilding cancels W891b deal
Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has canceled an 891 billion-won ($820 million) container ship deal due to a shipper's failure to comply with contract terms. The unidentified African company signed the deal with Daewoo Shipbuilding in December last year, but it has since not carried out conditions necessary for the deal to take effect, Daewoo Shipbuilding said in a regulatory filing. Daewoo Shipbuilding said the deal cancellation did not cause financial l
Dec. 30, 2020
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Samsung heir becomes Korea's richest man in stock value
Samsung Electronics Vice Chairman Lee Jae-yong has become South Korea’s richest stakeholder, replacing his father’s name that held the title for decades, data showed Wednesday. The vice chairman’s stock value stood at 9.07 trillion won ($8.35 billion) as of Tuesday, nearly 2 trillion won more than last year, according to CEO Score, a local corporate researcher. Stock ownership of the 49-year-old heir to the world‘s largest chipmaker is set to grow, as he and his famil
Dec. 30, 2020
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S. Korea-Britain FTA to be launched this week
South Korea and Britain plan to kick off their bilateral free trade agreement this week to maintain the continuity of trade activities in line with London's departure from the European Union, the trade ministry said Wednesday. South Korea has been closely monitoring London's divorce with the EU, as the separation would mean that its existing pact with the world's largest economic bloc will no longer be valid for Britain. To avoid a possible hard landing, South Korea and Britain signed a free t
Dec. 30, 2020
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COVID-19 to worsen S. Korea’s falling birthrate, marriage rate
The COVID-19 pandemic is projected to add fuel to South Korea’s low birthrate, marriage rate and rapidly increase the nation’s aging population, the central bank said Wednesday. “The pandemic will have a negative impact on the nation’s marriage and birthrate, leading to an acceleration of aging in the population,” the Bank of Korea said in its regular report on economic issues. The total fertility rate for 2022 may even become lower than the Statistics Korea&rsq
Dec. 30, 2020
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Food delivery order via bank apps to begin next year
South Korea’s top financial regulator said Wednesday it will clear regulatory hurdles in the new year to foster convergence between finance and new technologies. According to the Financial Services Commission’s key policy tasks for the financial sector in 2021, the authority will revise its financial regulatory system in July next year to allow local banks to operate nonfinancial services like food delivery via their mobile applications. “Discussions and research are un
Dec. 30, 2020
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Online lender Kakao Bank conducts W1tr rights issue
Kakao Bank, South Korea's top internet-only lender, said Wednesday it has recently completed a capital increase of 1 trillion won ($920 million) to improve its loss-absorbing ability and provide more loans for low- and mid-credit borrowers. TPG Capital of the United States and Anchor Equity Partners of Hong Kong have newly bought shares worth 250 billion won, or a 2.61 percent stake, respectively, the lender said. An additional 500 billion won worth of shares have been sold to existing shareho
Dec. 30, 2020
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Pandemic sinks FSC plan for 2020 Woori stake sale
A plan to sell some of the government’s stake in Woori Financial Group this year foundered due to the high market volatility triggered by the COVID-19 pandemic, the financial regulator said Wednesday. Earlier this year, a sub-committee of the Financial Service Commission, which controls the sale of state-owned firms and shares, said it would start selling off Korea Deposit Insurance Corp.’s stake in the bank in the first half of 2020. The plan was to sell the entire stake in
Dec. 30, 2020
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S. Korea to invest over W150b into climate research in 2021
South Korea said Wednesday it will spend 150.1 billion won ($137.8 million) on climate and environment-related research next year, up 12.9 percent from this year, to bolster the country's efforts to become carbon neutral by 2050. The Ministry of Science and ICT said it will invest in 30 new climate and environment-related research projects next year, such as committing 3.6 billion won into four projects that develop technology to improve energy efficiency in buildings. South Korea has recently
Dec. 30, 2020
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Seoul extends reduction of airport usage fees for virus-hit airlines
South Korea will extend the reduction of airport usage fees for virus-hit airlines by six months to help them stay afloat amid the prolonged COVID-19 pandemic, the transport ministry said Wednesday. The government will allow airlines, duty-free shops and other related companies at airports to pay quite lower airport usage fees until June next year, the Ministry of Land, Infrastructure and Transport said in a statement. Incheon International Airport Corp., the operator of the country's main Inc
Dec. 30, 2020
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S. Korea's 5G network speeds up in H2: report
South Korea's 5G download speed and overall quality improved in the second half of the year from the first half as the country races to deploy nationwide coverage of the latest generation network, a report showed Wednesday. The average download speed on the high-speed network from the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- stood at 690.47 megabits per second (Mbps) in the second half of the year, up 33.91 Mbps from the first half, according to da
Dec. 30, 2020
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Seoul stocks open lower in final session of 2020
South Korean stocks opened lower Wednesday, the last trading session this year, as investors sought to lock in gains after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.17 percent, to 2,815.76 in the first 15 minutes of trading. Local stocks got off to a weak start, led by financial, tech and bio losses. The KOSPI closed at a record high for a third straight day Tuesday. Market bellwether Sam
Dec. 30, 2020
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Corporate direct financing dips 21% in Nov.
South Korea's corporate direct financing plunged nearly 21 percent in November from the previous month due to a sharp drop in stock sales and a seasonal factor, data showed Wednesday. Local companies raised a combined 16.3 trillion won ($14.9 billion) by selling stocks and bonds last month, down 21.3 percent from October, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales sank 29.7 percent on-month to 871.3 billion won, with the value of initial public of
Dec. 30, 2020
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Samsung heir becomes S. Korea's richest stockholder after father's death
Lee Jae-young, vice chairman of global tech giant Samsung Electronics Co., has emerged as South Korea's richest stockholder following his father's death, a corporate tracker said Wednesday. The value of Lee's stock holdings came to 9.1 trillion won ($8.3 billion) as of Tuesday, up from 7.4 trillion won at the end of last year, according to CEO Score. Lee Kun-hee, the younger Lee's father, died on Oct. 25 at age 78, more than six years after being hospitalized for a heart attack. The late Sams
Dec. 30, 2020
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Industrial output rises, but consumption falls for 2nd month in Nov.
South Korea's industrial output rose in November from a month earlier on improving exports, but consumption declined for the second straight month amid a resurgence in new coronavirus cases, data showed Wednesday. The nation's overall industrial production increased 0.7 percent in November from the previous month, compared with a 0.1 percent on-month fall in October, according to the data compiled by Statistics Korea. Compared with a year earlier, the industrial output fell 0.6 percent in Nove
Dec. 30, 2020
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Kia union votes to accept wage freeze amid pandemic
Unionized workers at Kia Motors have voted to accept a new annual wage deal with management, the company said Tuesday. In a vote by 27,050 members of the labor union, 58.6 percent, or 15,856, agreed to the company's proposals, including 1 1/2 months of merit-based remuneration, 1.2 million won ($1,080) in special COVID-19 allowance and 1.5 million won in gift certificates per person, instead of freezing basic pay, according to a company official. The company also agreed to restore the 25-mi
Dec. 29, 2020
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Number of high earners sharply rise: NTS
The number of employees with total paychecks exceeding 100 million won ($91,400) reached a record high of 852,000 in 2019, up some 50,000 from the previous year, data showed Tuesday. According to the National Tax Service, earners of over 100 million won accounted for 4.4 percent of the total 19.17 million salaried workers. An employee here earned 37.4 million won on average, before tax, last year, rising 2.7 percent, or 970,000 won, from 2018. Those who reported non-salary financial income
Dec. 29, 2020
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Coway’s air purifier and humidifier combo an optimal choice to keep the air clean and fresh
In the year of the COVID-19 pandemic, indoor air quality has become an important issue for many. Coway, moving quickly to respond to consumer need, has introduced Dual Clean, an air purifier and humidifier combo model for those who want clean, fresh and pleasant air. Dual Clean uses ultrafine water vapor to add moisture to the air, instead of water droplets. The company explained that its fine vapor sprayer helps keep the air crisp but prevents it from feeling damp. This combo model also
Dec. 29, 2020
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Korea delays launch of homegrown space launch vehicle
The South Korean government announced Tuesday it has decided to postpone the launch of its first home-built space launch vehicle Nuri by eight months due to complications in the assembly process. The Ministry of Science and ICT said the launch of the three-stage rocket with a mock payload will take place in October next year, during an online press conference held Tuesday. The launch with an actual satellite will also be postponed to May 2022 accordingly. The ICT Ministry explained the delay
Dec. 29, 2020
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Delivery discounts offered to support restaurants, social distancing
Consumers who order more than 20,000 won ($18.30) on designated delivery apps with a credit card will get 10,000 won as a cash back reward or discount, the government said Tuesday. Currently, seven delivery apps including Baedal Minjok, Yogiyo, Payco and Coupang Eats are participating, and four more apps are expected to join as soon as they complete system maintenance. Payments have to be made on the delivery apps with credit cards issued by nine card companies -- KB Kookmin, NH Nonghyup,
Dec. 29, 2020
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BOK publishes 70-year history booklet in English
South Korea’s central bank said Tuesday that it had published an English-language version of a booklet narrating its 70-year history. The Korean version was published in June to mark the Bank of Korea’s 70th anniversary. The booklet focuses on Korea’s growth into Asia’s fourth-largest economy, as well as on the establishment of the BOK and its role, the central bank said. The BOK plans to distribute the booklet to its overseas counterparts, international organizatio
Dec. 29, 2020