Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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Medical feud leaves hospitals in financial crisis
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Chip up cycle won’t stay long: SK chief
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Hanwha showcases defense capabilities to Canadian think tank
Energy-to-defense giant Hanwha Group said Wednesday its shipbuilding and machinery manufacturing affiliates presented their state-of-the-art defense technologies to the head of Canada‘s leading global affairs research group, in the companies' efforts to expand their footing in the North American market. According to Hanwha, Dr. David Perry, the president of Canadian Global Affairs Institute, took an extensive tour of Hanwha Ocean and Hanwha Aerospace's facilities during his visit
Jan. 31, 2024
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GS E&C hits record sales on overseas orders
Korean construction giant GS Engineering & Construction said Wednesday it posted record sales in 2023, largely buoyed by upbeat overseas orders amid a housing market slowdown at home. The company's sales reached 13.43 trillion won ($12.21 billion) last year, up 9.2 percent from a year before. The sales figures were the highest in the builder’s history. Sales at the building and housing business division increased by 9.7 percent to 10.23 trillion won, while the company's infra
Jan. 31, 2024
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SK Networks, US tech tycoon team up for AI investments
SK Networks said Wednesday that it has forged a partnership with US tech tycoon and investor Vivek Ranadive to cooperate on investments in futuristic technologies with a strategic focus on artificial intelligence. The nonbinding agreement was signed in Seoul on Thursday upon the visit of Ranadive, founder and managing director of Silicon Valley-based venture capital firm Bow Capital. He also owns the NBA’s Sacramento Kings. SK Networks President and Chief Operating Officer Choi Sung-hwan h
Jan. 31, 2024
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Korean Air shifts to Q4 net loss on operating costs
Korean Air Co., South Korea's national flag carrier, said Tuesday it had shifted to a net loss in the fourth quarter of 2023 from a year earlier due to increased operating costs. Korean Air swung to an estimated net loss of 234.59 billion won ($176 million) in the three months ended on Dec. 31 from a net profit of 353.98 billion won a year earlier, the company said in a statement. Operating profit likely plunged 65 percent to 183.61 billion won in the October-December period from 520.08 bil
Jan. 30, 2024
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Korean firms should brace for 'Trump risk': KITA
Fears over a future US decoupling from China and protectionist policies are looming large among South Korean companies as former US President Donald Trump emerges as the potential Republican presidential nominee in this year's election. One of the most substantial risks of a possible second term for Trump is his "America-first" policy agenda and the many geopolitical uncertainties rising from it, including the US potentially decoupling from China, according to a report released by
Jan. 30, 2024
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Samsung Biologics stocks extend rally on US bill
Samsung Biologics shares extended a rally Tuesday on upbeat sentiment that the company may be benefiting from US-proposed legislation that aims to restrict Chinese biotech firms from accessing the all-important American market. Last week, members of a bipartisan House Select Committee introduced a bill barring contracts with Beijing Genomics Institute and some Chinese biotech companies for their alleged connection with China’s People’s Liberation Army. The proposed bill specifically
Jan. 30, 2024
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US Chamber criticizes Korea's move to pass platform law
The US Chamber of Commerce has openly opposed a proposed act aimed at preventing unfair market activities by major online platform players, voicing concerns over the country’s apparent rush to pass the law. Charles Freeman, senior vice president for Asia at the US Chamber, issued a statement warning Seoul on the push for the rules on Monday and called for transparency and open dialogue with Korea’s antitrust regulator that “an action of this magnitude requires.” "It
Jan. 30, 2024
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[Herald Interview] Daewoong Pet targets health-conscious pet owners
Daewoong Pet, the pet health care arm of Daewoong Pharmaceutical, seeks to gain growth momentum by launching veterinary drugs and securing patent exclusivity as the need for veterinary care continues to surge amid an aging pet population. The firm's main aim is to develop and introduce drugs with the proper dosage and formulation for pets, with a particular focus on senior pets, which increasingly require health care services, Daewoong Pet co-CEO Lee Hyo-jun said. “Many veterinary hos
Jan. 30, 2024
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Samsung Galaxy S24 hits shelves globally
Samsung Electronics said on Tuesday it is starting sales of its latest flagship smartphone the Galaxy S24 globally, largely buoyed by record preorders made at home over the past week. The new phone, dubbed the world’s first smartphone powered by artificial intelligence, is expected to hit the shelves first in key markets, including the US, Britain, Singapore, France, and India, from Wednesday. Ultimately Samsung aims to launch the phone in some 120 countries. “The launch of the Galax
Jan. 30, 2024
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Govt. disapproves BlackRock's offshore wind plant project
The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs
Jan. 30, 2024
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IBK to select startups for Silicon Valley accelerator program
The Industrial Bank of Korea on Tuesday said it is recruiting participants for the second “IBK Changgong Silicon Valley Accelerating Program,” which aims to give emerging ventures and startups momentum in the overseas market. IBK has joined hands with 500 Global, an international venture capital firm, to identify innovative startups and to jointly undertake the global accelerating program. The startups chosen to participate in the program will be provided with exclusive opportunities
Jan. 30, 2024
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Celltrion seeks FDA approval for Actemra biosimilar
Celltrion has completed its submission of a biologics license application (BLA) to the US Food and Drug Administration for CT-P47, a biosimilar candidate mimicking Roche’s rheumatoid arthritis treatment Actemra (tocilizumab), the company said Monday. The BLA submission was based on results from the global phase 3 clinical trial involving 471 patients. In the clinical trial, the company tested the efficacy, pharmacokinetics, safety, and immunogenicity of CT-P47 compared to the reference pro
Jan. 29, 2024
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Mixed feelings as big firms announce hefty or zero bonuses
South Korea’s top conglomerates are announcing their plans for employee compensation for 2023 following mixed earnings reports last week. LG Electronics, which posted another year of record sales, pledged to give out hefty bonuses to employees, while the nation’s top two chipmakers, Samsung Electronics and SK hynix, hit hard by a chip slump last year, seem to be tightening their belts, reducing spending including on employee benefits. LG Electronics, the crown jewel of the nation&r
Jan. 29, 2024
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LG supports AI art program at Guggenheim Museum
LG Group said Monday it supported an art program showcasing three artificial intelligence-integrated artworks of Brooklyn-based artist Stephanie Dinkins at the Solomon R. Guggenheim Museum in New York on Thursday. “Late Shift x Stephanie Dinkins” shed light on how AI tends to have the mindset of the majority, easily overlooking and further ostracizing those living in the gray areas of society. Dinkins is an artist who uses cutting-edge technologies such as AI, augmented reality and v
Jan. 29, 2024
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KGC eyes global market as it marks 125 years
Korea Ginseng Corp., the nation’s leading ginseng manufacturer which has represented the Korean red ginseng industry for the past 125 years, is now taking a new leap forward for the health of people around the world. As an unrivaled market leader making up some 70 percent of the nation’s red ginseng market, KGC attributed its high-quality red ginseng to the quality control and manufacturing know-how it has accumulated over the last 125 years. According to JungKwanJang, KGC's flagship
Jan. 29, 2024
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Posco Future M seeks more regulatory support
Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi
Jan. 29, 2024
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Korea's exports of processed rice products reach all-time high
South Korea’s exports of processed rice products reached an all-time high in 2023 amid growing global demand for convenient food options, according to government data and industry sources, Monday. Data from the Korea Agro-Fisheries & Food Trade Corp. revealed that outbound shipments of processed rice products -- including instant rice, frozen gimbap and tteokbokki (spicy rice cakes) -- amounted to $217.2 million in 2023. The latest figure represents a 19.5 percent increase from $181.8
Jan. 29, 2024
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[Photo News] Coal for heat
Shinhan Financial Group Chairman Jin Ok-dong (center) and other company officials deliver coal briquettes to low-income households in Seodaemun-gu, northern Seoul, Thursday. The financial giant raised donations of 200 million won ($150,000), with some 150 million won coming from employees. The fund will be used to provide heat supplies through a local charity. (Shinhan Financial Group)
Jan. 28, 2024
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[KH Explains] Will OpenAI, Korean chipmakers team up to take on Nvidia?
Sam Altman, the chief executive officer of OpenAI, visited Seoul last week to hold a series of meetings with top executives of Samsung Electronics and SK hynix, the world’s top two memory chipmakers, fueling speculation that the “father of ChatGPT” is in search of allies to take on Nvidia, the unrivaled market leader in chips for artificial intelligence. For Samsung and SK, being part of a possible alliance would provide a chance for them to step up their game in the heated com
Jan. 28, 2024
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Genexine seeks approval for anemia treatment in Korea
Korean biotech firm Genexine announced Friday that the company has submitted a biologics license application to the country's Ministry of Food and Drug Safety for the company’s anemia treatment Efesa. Efesa is intended for the treatment and maintenance of anemia induced by chronic kidney disease with or without dialysis. The drug candidate uses GX-E4, a long-acting erythropoiesis stimulating agent. Genexine has used its own hyFc fusion protein technology to maximize the half-life of t
Jan. 26, 2024