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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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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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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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Kakao Bank racks up record earnings on mortgage sales
Kakao Bank, South Korea's internet-only bank, announced on Wednesday it achieved a record-high net profit of 354.9 billion won ($267.67 million) last year, a 34.9 percent increase from a year earlier. Its operating profit also soared by 35.48 percent to 478.5 billion won. The online lender's credit expanded mainly on housing mortgage loans, the firm explained. In the fourth quarter, Kakao Bank's deposit balance was approximately 47.1 trillion won, increasing by 14 trillion won fro
Feb. 7, 2024
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HMM sale slips off table
The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to sell off the shipper. The stock purchase agreement deal was to be worth 6.4 tril
Feb. 7, 2024
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Samsung chief heads to Middle East after cleared of merger case charges
Samsung Electronics Chairman Lee Jae-yong took off on a business trip to the Middle East and Southeast Asia shortly following Monday’s court ruling that cleared him of stock manipulation charges in a high-profile 2015 merger deal. According to industry sources on Wednesday, Lee took off to the United Arab Emirates on a private jet on Tuesday to inspect local operations and meet partners there. He is also expected to visit Southeast Asia, including Malaysia, to meet with employees and boost
Feb. 7, 2024
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Lotte to sell off 7-Eleven's ATM unit
As part of its business restructuring aims for this year, Lotte Group has decided to sell the ATM business of Korea Seven, formerly known as Lotte PSNet, which oversees the operation of the nation’s 7-Eleven convenience stores. According to Lotte Corp. on Wednesday, the group recently appointed accounting firm Samjeong KPMG to oversee the sale process and identify a suitable company to acquire Korea Seven's ATM division. Korea Seven is a distribution company that manages the 7-Eleven
Feb. 7, 2024
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HD Hyundai to set up relief fund for shipyard accidents
South Korean shipbuilding giant HD Hyundai said Wednesday that it will set up a foundation to support bereaved families of victims of industrial accidents at shipyards – the first of its kind within the industry. According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho H
Feb. 7, 2024
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[Photo News] Boosting Shipping Logistics
Hyundai Glovis, Hyundai Motor Group's logistics affiliate, said Wednesday that it has signed a memorandum of understanding with the Korea Ocean Business Corporation under the Ministry of Oceans and Fisheries to secure four pure car and truck carriers, or PCTCs, to bolster Korea's vehicle exports. The Korea Ocean Business Corporation will place the orders for the ships, which have the global top-class capability of loading 18,000 cars per ship and are expected to be delivered in 2027. I
Feb. 7, 2024
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Hanshin E&C cements foothold in Southeast Asia
With decades of know-how in the infrastructure building business, Hanshin Engineering & Construction is taking a big leap by tapping deeper into the Southeast Asian market and diversifying its business portfolio. Hanshin E&C Chairman Choi Yong-sun singled out Indonesia and Ukraine as the builder’s “future markets.” “Indonesia is Southeast Asia's largest economy and has a high demand for infrastructure construction and urban development. Hanshin E&C purs
Feb. 6, 2024
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LIG Nex1 bags $3.2bln missile interceptor deal with Saudi Arabia
South Korean defense firm LIG Nex1 has clinched a US$3.2 billion deal to export mid-range surface-air-to missiles (M-SAM II) to Saudi Arabia, Seoul's defense ministry said Tuesday. LIG Nex1 inked the contract with the Saudi defense ministry to sell Cheongung M-SAM II in November, the ministry said. It marks LIG Nex1's second overseas sales of Cheongung-II following a deal with the United Arab Emirates (UAE) in January 2022. The hit-to-kill missile system is capable of intercepting in
Feb. 6, 2024
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Woori mulls acquiring Korea Foss Securities
Woori Financial Group is actively considering the acquisition of local online brokerage firm Korea Foss Securities, in a move to add a missing puzzle piece -- a securities arm -- as a leading banking giant. "We are reviewing all potential companies (for acquisition) to make inroads into the (securities) industry, with the brokerage mentioned among them," the group's Chief Financial Operator Lee Sung-wook said Tuesday during the company's conference call. Speculation about the
Feb. 6, 2024
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Hanwha Ocean propels Navy with stealth submarines, frigates
Hanwha Ocean, the South Korean maritime defense systems provider, is playing a vital role in modernizing the nation’s naval prowess by providing advanced stealth submarines and multi-purpose warships. For more than four decades, the company has been building vessels for the Navy, with the most recent deliveries including KSS (Korean Submarine-III) submarines, KDX-III (Korean Destroyer-III) destroyers and FFX (Future Frigate eXperimental) Batch-II frigates, with more advanced vessels in the
Feb. 6, 2024
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From bees to polar bears, Korean banks' love of animated characters
Top financial groups here have put forward animated characters as their faces in a bid to woo a wider range of customers. Woori Financial Group has recently brought back its band of animated characters, WiBee Friends, pulling them out of a six-year hiatus. Woori Bank CEO Cho Byung-kyu pushed for the return of the characters, seeing the need to appeal to customers with a softer, friendlier image, according to the firm. With Woori jumping on the bandwagon, all four of Korea’s top financial g
Feb. 6, 2024
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High foreign reservations buoy Seollal tourism boom
The upcoming Seollal holiday is expected to see a significant rise in foreign tourists visiting Korea, prompting travel agencies and relevant tourism industries to prepare for a mass travel rush. According to global travel service provider Trip.com's report on Tuesday, reservation rates for foreign travelers between Feb. 9 to 12 have surged by approximately 40 percent, compared to the previous holiday season. The increase encompasses various regions, with Japan, Hong Kong, Taiwan, Thailan
Feb. 6, 2024
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Samsung Heavy Industries bags W4.6tr LNG carrier order
Samsung Heavy Industries scored a 4.57 trillion won ($3.43 billion) order with a Middle Eastern shipowner -- the single largest contract in its history -- to build 15 liquefied natural gas carriers, the South Korean shipbuilder said Tuesday. The 174,000-cubic-meter LNG carriers will be delivered to the shipowner in phases through October 2028. The previous record for the single biggest contract was the 3.96 trillion won deal signed with Taiwan-based shipping company Evergreen Marine for 16 metha
Feb. 6, 2024
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[Photo News] Korean defense firms target Middle East
At the 2024 World Defense Show in Saudi Arabia on Monday, Hyundai Rotem's defense solutions business unit head, Lee Jung-yup (eighth from left), and LIG Nex1’s overseas business manager, Lee Hyun-soo (ninth from left), formalized a defense export cooperation agreement aimed at the Middle East market. This collaboration targets surging demand for modernized defense capabilities in the region, strengthening the global footprint of Korean defense technologies. Hyundai Rotem has showcased
Feb. 6, 2024
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Court clears Samsung chief of all charges
A Seoul court acquitted Samsung Electronics Chairman Lee Jae-yong of all charges related to a 2015 merger fraud case on Monday, clearing the path for the country's biggest tech giant to push forward with investment for future technologies. In the final verdict handed down at 2:55 p.m., judges at the Seoul Central District Court found Lee and 13 other defendants -- former executives of Samsung -- all not guilty. The court dismissed the allegations proposed by prosecutors, who claimed that Lee and
Feb. 5, 2024
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[Gadget Review] Real-time call translation: SKT A. vs. Galaxy S24 Ultra
More and more artificial intelligence services are becoming available for use in daily life, and one of the breakthrough applications is set to come in real-time translation built into phone calls. In its latest flagship smartphone, the Galaxy S24 series, Samsung Electronics presented its Live Translate feature for the first time. This feature competes directly with SK Telecom's A., a mobile app developed by the mobile carrier to allow iPhone users in Korea to explore real-time translation
Feb. 5, 2024
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KCC chief reiterates call to abolish handset subsidy ban
Broadcasting watchdog chief said Monday that scrapping the controversial handset subsidy ban can provide "greater benefits" to consumers as the removal would boost competition among mobile carriers to lower smartphone prices to sell more. "The Mobile Device Distribution Improvement Act was legislated in 2014 to resolve excessive competition. As time passed, however, the act limited the local telecom carriers' competition and caused the cost of smartphones to become even more
Feb. 5, 2024
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GNT Pharma partners with Pfizer for animal drug development
GNT Pharma said Monday that the company has signed an agreement with Pfizer's contract manufacturing arm for overseas production of the company’s veterinary medication GedaCure. Under the recent agreement, Pfizer CentreOne, which has production facilities in around 30 countries, will provide GNT Pharma with CDMO services in the countries, including the US and Europe, where GNT Pharma launches GedaCure. GedaCure is a chewable tablet of crisdesalazine and the world’s first multi-t
Feb. 5, 2024
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Hahn & Co. makes offer to buy SsangYong C&E stakes
Hahn & Co., the nation's largest private equity firm based on assets under management, launched a bid on Monday to take full ownership of cement producer SsangYong C&E, offering over 700 billion won ($525 million) for the shares it does not hold. Hahn & Co. will offer 7,000 won per share for the cement producer to secure an additional 20.1 percent stake in the company, spending 701.8 billion won, according to an announcement made through regulatory filings from its special purpo
Feb. 5, 2024
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CJ’s Miky Lee wins Abu Dhabi Festival Award
ABU DHABI -- Miky Lee, vice chair of CJ Group and its entertainment and media subsidiary CJ ENM, has won this year’s Abu Dhabi Festival Award, a top honor offered to individuals in recognition of their outstanding contributions to culture and the arts. The Abu Dhabi Music & Arts Foundation held the award ceremony in the UAE capital Saturday. Lee attended the event in person to receive the award. The annual award, inaugurated in 2012 by the foundation in association with the Swiss luxur
Feb. 5, 2024