Most Popular
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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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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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More tax incentives set for high-tech foreign firms to boost FDI
South Korea plans to expand tax incentives for foreign companies in the digital and green industries sectors to attract foreign direct investments that have been shrinking over the past two years. “In order to strengthen foreign investment in high-tech industries such as digital and green, which have strengths, we plan to draw a roadmap for attracting high-tech foreign investment in the first half of the year,” Finance Minister Hong Nam-ki said at a meeting with economy-related m
March 15, 2021
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Kia fully unveils design of first E-GMP-based model, EV6
Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Monday revealed the design of the EV6, its first all-electric model to use the group’s exclusive electric vehicle platform, ahead of the global unveiling slated for later this month. The EV6 is notable for the electric-global modular platform, or E-GMP, and will also be the first electric vehicle launched since Kia Motors changed its name to Kia Corp. The car’s defining feature, a
March 15, 2021
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Kumho Petrochem aspires to expand ‘beyond conventional boundaries’
After posting better-than-expected business output last year despite the COVID-19 pandemic, Kumho Petrochemical is now bracing for another leap forward, seeking to gain an upper hand in the post-coronavirus industry, officials said Monday. The company’s core direction is to grow beyond the conventional petrochemical sector, to expand high value-added products, and to diversify the market use of newly growing materials. Last year, the company posted 740 billion won ($651.4 million) in o
March 15, 2021
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Samsung Bioepis to begin local sales of Humira biosimilar with Yuhan
Samsung Bioepis said Monday that the company has signed a marketing partnership with Yuhan to launch its adalimumab biosimilar Adalloce. Adalloce is a pen type biosimilar of Humira, used in treating active autoimmune and inflammatory conditions such as rheumatism, Crohn’s disease and ulcerative colitis. The drug was launched as Imraldi in European countries in 2018 and posted a cumulative $417 million in sales as of last year. In South Korea, Samsung Bioepis will launch the adalimumab bi
March 15, 2021
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AIG names new CEO of Korean office
Global insurance firm American International Group said Monday that it has appointed Ramzi Toubassy, the former chief of the company’s Malaysian branch, as the head of the Korean office. Toubassy, who succeeds outgoing CEO Douglas Min, will report to Steven Barnett, CEO of AIG’s Asia-Pacific General Insurance. He will start working at the Seoul office from April 1. He has more than 24 years of experience in the industry, working at the company’s global offices in the US, Le
March 15, 2021
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Seoul stocks down after choppy trading on yield worries
South Korean stocks retreated Monday after choppy trading as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.68 points, or 0.28 percent, to close at 3,045.71 points. Trading volume was moderate at about 1.1 billion shares worth some 12.4 trillion won ($10.9 billion), with gainers outnumbering losers 564 to 293. Foreigners sold a net 210 bil
March 15, 2021
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Brinkmanship on both sides as battery dispute continues
The verdict on the trade secret dispute between South Korea’s two leading battery makers came out weeks ago. But the warring rivals show no sign of ending their hostility, with both parties going to extreme lengths to woo the highest official of the US to their side. US President Joe Biden could make or break SK Innovation’s electric vehicle battery business in the states, as he has the right to overturn the US International Trade Court’s decision last month that slapped a 10
March 15, 2021
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Toss Securities officially launches MTS
Viva Republica, South Korea’s leading fintech startup, officially launched a mobile stock trading system Monday. Toss opened the service preliminarily a month ago for 640,000 preregistered users, about 70 percent of whom are in their 20s and 30s. The stock trading service, which aims to attract young and new investors with easy-to-use interfaces, is incorporated into Viva Republica’s payment app Toss. “We aim to provide a satisfying investment experience for new investors as
March 15, 2021
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Jaguar Land Rover Korea to launch 4 new models in 2021
Jaguar Land Rover Korea will launch four new models to strengthen its product portfolio and lower the prices of the cars to meet consumer demands, the company’s managing director said in a press conference on Monday. Speaking to the media here for the first time since his appointment in October 2020, Robin Colgan laid out his 4P strategy to strengthen the company’s foothold in the market, and reiterated the automotive group’s global roadmap focused on electrification. Thi
March 15, 2021
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S. Korea to reenter list of top 10 economies by GDP in 2020
Despite the prolonged economic fallout from the COVID-19 pandemic, South Korea is forecast to have reentered the list of the world’s 10 largest economies by nominal gross domestic product in 2020, data showed Monday. Asia’s fourth-largest economy’s nominal GDP for last year was estimated at $1.624 trillion, which marked the ninth highest among 14 major countries, up two notches from the previous year, according to data from the Organization for Economic Cooperation and
March 15, 2021
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Ikea Korea launches first Circular Hub in Goyang branch
Ikea Korea has unveiled its first “Circular Hub” in South Korea at its Goyang branch in Gyeonggi Province, where second-hand items are sold, the Swedish furniture company said Monday. The Circular Hub is a global project introduced by the Ingka Group, in its commitment to prolong the life of its products and contribute to circularity, Ikea explained. “With the launch of ‘Circular Hub,’ we are excited to support the many people with new, more inspiring ways to ea
March 15, 2021
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Pulmuone Foods names LG’s ex-marketing director as new CEO
Pulmuone Foods, a subsidiary of fresh food company Pulmuone, said Monday it had named the ex-vice president of LG’s Global Marketing Center as its new CEO. Kim Jin-hong, the new CEO of Pulmuone Foods, boasts some 20 years of marketing experience under his belt at home and abroad. The 55-year-old took on multiple senior roles while at LG including President of LG Electronics France and was the president of Kellogg Company’s South Korean unit between 2013 and 2014. “As the co
March 15, 2021
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Investigation launched after Jeju Air flies with a damaged winglet
Low cost carrier Jeju Air is under investigation by the Transport Ministry after it was found to have flown one of its planes with a damaged winglet last week. The airline’s 7C264 flight, which left Gimpo Airport on Wednesday morning, attempted landing on the runway at Gimhae International Airport in the afternoon. During the landing, the plane tilted to one side and the plane appears to have damaged its winglet during its second attempt at landing, sources close to the matter said on Mo
March 15, 2021
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Woori to compensate victims of Lime misselling
South Korea’s Woori Bank on Monday has decided to heed to the financial watchdog’s recommendation to compensate to end-investors who dealt with heavy losses due to the lender’s selling of funds tied to 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The nation’s fourth-largest commercial lender by total assets will provide 78 percent of total investments made by an 82-year old man -- whose investment had been fr
March 15, 2021
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Tax agency cracks down on use of cryptocurrencies to hide assets
South Korea’s tax agency said Monday that it had caught more than 2,400 individuals who hid assets in virtual currencies to avoid taxation. The National Tax Service collected data from digital currency exchanges and caught 2,416 tax delinquents who had concealed assets through cryptocurrencies such as Bitcoin, Ethereum and Ripple. The concealed assets totaled 36.6 billion won ($32.24 million), the officials said. The probe targeted people with over 10 million won in delinquent taxes, a
March 15, 2021
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Netflix's mobile active users top 10m in Feb.: data
Active users of video streaming apps by Netflix Inc. on their mobile devices topped 10 million in South Korea last month, more than doubling from the start of last year, data showed Monday. The video streaming platform recorded 10.01 million Android and iOS users in the country in February, compared with 4.7 million in January last year, according to mobile data tracker IGAWorks. Monthly active users refer to unique users who interacted with a service at least once a month. Netflix was the mo
March 15, 2021
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Schroders Korea raises W100b for global sustainable growth fund
Schroders Korea said Monday it had pooled over 100 billion won ($88 million) from South Korean end-investors earlier this month through its fund product that is designed to hold a portfolio of its flagship global sustainable equity fund. This is the first to reach the milestone among Korean funds dedicated to foreign equities while taking environmental, social and governance factors into account, according to Schroders Korea. Schroders Korea has raised Koreans’ capital for th
March 15, 2021
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Brokerages' 2020 profit jumps 20.8% on stock rally
South Korean brokerage firms saw their combined net profit jump 20.8 percent last year, thanks to a stock rally that helped them earn higher commission fees, data showed Monday. The combined net profit of 57 brokerages stood at 5.91 trillion won ($5.2 billion) in 2020, compared with a profit of 4.89 trillion won in 2019, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 13.6 trillion won in 2020, up 43.8 percent from a year ago. The brokerages
March 15, 2021
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Korea Shipbuilding wins w823b in orders for 10 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has bagged orders worth a combined 823 billion won ($725 million) to build 10 vessels. Under a deal with an African company, three 91,000-cubic meter liquefied petroleum gas (LPG) carriers to be built by Hyundai Samho Heavy Industries Co., a unit of KSOE, will start being delivered in the second half of 2022, KSOE said. In a separate deal with an Oceanian company, Hyundai Mipo Dockyard Co., another unit of KSOE, will const
March 15, 2021
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Kepco starts injecting fuel rods into UAE's second nuclear reactor
South Korea's state-run utility Korea Electric Power Corp. (Kepco) said Monday it has started a process to insert fuel rods into the second reactor in the Barakah nuclear plant of the United Arab Emirates (UAE). Kepco and the Emirates Nuclear Energy Corp. (ENEC) said they kicked off the process starting last week. South Korea completed the insertion of fuel rods into the first reactor in March last year. The fuel rod injection came after the UAE issued an operating license for the second unit
March 15, 2021