Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Contribution] Don’t just wait for the lucky dragon
By Marc Van de Walle A New Year is always a time to reflect on the previous year, what we might learn from it and then apply these learnings going forward. What better time for reflection than now, as we usher in the Year of the Dragon, considered one of the most auspicious creatures in the Chinese zodiac. The mythical Dragon symbolizes power, wisdom, strength, and good fortune. From an investment perspective, however, there is more you can do than wait to tap on the Dragon’s luck. Last ye
EconomyMarch 20, 2024
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Myeong-dong bustles again as retail shops fill up
Though plagued by emptied-out stores and quiet streets in the wake of the pandemic, the Myeong-dong area in central Seoul is looking to reclaim its title as a top retail district in Korea, seeing a sharp drop in its vacancy rate. Myeong-dong, a major tourist destination here, was hit severely by the lack of travelers during the COVID-19 pandemic, with its vacancy rate hitting nearly 50 percent at the end of 2021. But with pandemic rules lifted and an increase in face-to-face transactions, the ar
IndustryMarch 20, 2024
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Sephora exits Korea after years of losses
French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores, ultimately withdrawing completely from the market," a social media post by Sephora Korea announced Tuesday. Sephora said that it will fulfill pending ord
IndustryMarch 20, 2024
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Hanwha to lead Korea’s next-gen space rocket project
South Korea’s largest aerospace company Hanwha Aerospace said Wednesday it has been selected as a private entity to lead the nation’s next-generation space rocket project. The Public Procurement Service started the bidding process in December last year and Hanwha competed against Korea Aerospace Industries. After a thorough review of its technical capabilities and project sustainability evaluation on March 12, Hanwha was decided as the preferred bidder. Hanwha plans to sign the final
IndustryMarch 20, 2024
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Hanjin, Mongolia’s Tuushin ink logistics partnership
South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies
CompaniesMarch 20, 2024
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Hana pledges W30b for emergency child care
Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Nowon-gu, northern Seoul, on Tuesday, with Chairman Ham Young-joo in attendance. The program is designed to assist parents facing disruptions in their regular child care arrangements throughout the year, catering to their needs on
IndustryMarch 20, 2024
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Seoul shares open higher on Wall Street gains
South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index gained 23.92 points, or 0.90 percent, to 2,680.10 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.83 percent higher. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics added 1.10 percent, while No. 2 chipmaker SK hynix remained flat. Top battery maker LG Energy Solution climbed 0.50 percent, wi
MarketMarch 20, 2024
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Red-hot Nvidia dips after it unveils new AI chip
Nvidia shares dipped in premarket trading on Tuesday after having more than tripled in value in the past year, as the dominant AI chip supplier unveiled its latest flagship product that is expected to further cement its lead in the industry. Shares of Wall Street's third most-valuable firm were down about 1 percent, with some analysts saying investors had already factored in the launch and were looking out for more details. "If the brand-new Blackwell chip didn't trigger a fresh r
IndustryMarch 19, 2024
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Samsung-LG rivalry renewed in all-in-one washer
Samsung Electronics and LG Electronics are seen to be renewing their decadeslong competition in the home appliance market with their first all-in-one washer-dryer machines, which combined the two full-capacity laundry machines to complete the entire laundry process in one step. Both Samsung and LG first unveiled their new single-drum laundry machines at the IFA trade show in Germany in August last year, each claiming their products hold superiority over the other. Samsung presented the Bespoke A
IndustryMarch 19, 2024
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[Photo News] K-water partnership with Cambodia
Korea Water Resources (or K-water) CEO Yun Seog-dae (left) and Cambodian Minister of Water Resources and Meteorology H.E. Thor Chetha talk during a meeting in Phnom Penh, Cambodia, Monday. The two leaders discussed plans to enhance collaboration on water initiatives, including the upcoming smart water management project in Phnom Penh. As a key member nation of K-water’s Asia Water Council, Cambodia seeks official development assistance and cooperation funds to address water challenges. (K-
IndustryMarch 19, 2024
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Korea pledges W452tr in climate finance until 2030
The South Korean government and local banks on Tuesday pledged to jointly invest 452 trillion won ($337.4 billion) until 2030 to tackle the climate crisis. The move aligns with the country's intensified efforts to achieve carbon neutrality by 2050 and bolster domestic firms' competitive edge in overseas markets. "This unprecedented climate crisis we face today demands action not only to enhance our companies' competitiveness but also for the generations to come," said Ki
EconomyMarch 19, 2024
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Drugmakers feeling pinch from doctors’ walkout
The ongoing tug-of-war between the South Korean government and medical professionals over the proposed increase in the number of medical students could have negative impacts on local drug companies’ revenues as well, industry sources said Tuesday. According to officials from local pharmaceutical companies, the ongoing walkout of local doctors is causing a short-term decrease in the overall use of drugs and medical supplies at local hospitals where surgeries are being postponed and appointm
IndustryMarch 19, 2024
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Seoul shares dip over 1% ahead of Fed rate decision
South Korean stocks slipped more than 1 percent Tuesday as investors remained cautious ahead of the US Federal Open Market Committee's meeting this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 29.67 points, or 1.1 percent, to 2,656.17. Trade volume was moderate at 683.5 million shares worth 10.5 trillion won ($7.88 billion), with losers outpacing gainers 603 to 276. Foreigners sold a net 238 billion won worth of stocks, while indi
MarketMarch 19, 2024
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[KH Explains] Will Kakao Bank secure footing in untapped Thai market?
Thailand has remained an untapped market for South Korean financial firms since their exodus during the financial crisis in the late 1990s. Now Kakao Bank, the nation’s No. 1 online-only bank, is eyeing an expansion into the burgeoning digital banking market in Southeast Asia's second-largest economy. Earlier this month, Thailand’s Ministry of Finance confirmed regulations for authorizing virtual banks, the equivalent of internet lenders in Korea. According to the regulations, a
IndustryMarch 19, 2024
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New marriages bounce back buoyed by international couples
One in 10 couples who tied the knot in South Korea last year included a partner of foreign nationality. The growing number of international marriages helped the total number of newly married couples last year to rebound for the first time in 12 years. The number of international marriages stood at 19,700 in 2023, taking up 10.2 percent of the total number of newlywed couples -- 193,700 -- tallied last year, according to Statistics Korea on Tuesday. The number of international marriages grew by 1
EconomyMarch 19, 2024
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Hyundai Motor Group continues to rack up EV accolades
Hyundai Motor Group has been winning dozens of awards with its diverse lineup of electric vehicles across the globe and is looking to continue adding more to its trophy collection. According to the South Korean auto conglomerate on Tuesday, the EVs of its three brands -- Hyundai Motor Company, Kia and Genesis -- have won 48 awards in 13 countries over the past six months. Of the awards, 41 came from North America and Europe. The Kia EV9, a large electric sports utility vehicle, led the pack, as
MobilityMarch 19, 2024
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SK hynix becomes first to mass produce HBM3E chips
SK hynix, the world’s second-largest memory chip maker, said Tuesday it has begun mass production of its latest HBM3E chips, the next-generation top-performing DRAM for artificial intelligence applications, solidifying its leadership position in the High Bandwidth Memory market. The chip maker said it will deliver the new chips to its clients at the end of this month after finishing the verification process. SK hynix is a major supplier to the US AI chip leader Nvidia but declined to revea
TechnologyMarch 19, 2024
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CJ CheilJedang showcases K-food innovations at US expo
CJ CheilJedang said Tuesday it participated in the 2024 Natural Products Expo West, the world's largest trade event in the food industry, to showcase its key products and K-food innovation overall. Held in Anaheim, California, the expo marked its 42nd anniversary, attracting around 3,000 companies and approximately 60,000 visitors over five days starting March 12. This year’s event focused on the latest trends in health and wellness, featuring new food products and nutritional supplem
IndustryMarch 19, 2024
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Samsung Electro-Mechanics to release high-voltage MLCCs for EVs
Samsung Electro-Mechanics announced on Tuesday the launch of its latest high-voltage MLCCs tailored for electric vehicles, in response to surging demand from global automotive component manufacturers. MLCCs, or Multi-Layer Ceramic Capacitors, play a crucial role in regulating the consistent flow of current in electronic circuits, particularly within automobiles, where each vehicle contains between 3,000 to 10,000 MLCCs. The company has unveiled five new high-voltage MLCCs, including three varian
IndustryMarch 19, 2024
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LG Energy Solution makes breakthrough in battery lifespan
LG Energy Solution, in collaboration with the Korea Advanced Institute of Science & Technology, has made a significant breakthrough in lithium metal battery technology that addresses key challenges regarding its lifespan and safety. This new technology was detailed in the science journal Nature Energy and represents a considerable leap forward in lithium metal battery research and development. Lithium metal batteries are noted for their theoretical capacity advantages over lithium-ion batter
MobilityMarch 19, 2024