Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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[Graphic News] South Korea leads world in innovation
South Korea returned to first place in the latest Bloomberg Innovation Index, while the US dropped out of a top 10 that features a cluster of European countries. Korea regained the crown from Germany, which dropped to fourth place. The Asian nation has now topped the index for seven of the nine years that it’s been published. Singapore and Switzerland each moved up one spot to rank second and third. The Bloomberg index analyzes dozens of criteria using seven equally weighted metri
Feb. 15, 2021
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IoT subscriptions top 10m in S. Korea last year: data
South Korea's internet-of-things (IoT) device subscriptions hit over 10 million last year on the back of growing use of connected cars and remote control services. As of the end of last year, the number of mobile connections to such devices stood at 10.05 million, up around 2 million from the previous year, according to data from the Ministry of Science and ICT. IoT devices range from connected vehicles to home appliances that exchange data with other devices over the internet, and they can pr
Feb. 15, 2021
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Samsung Engineering wins $120m deal from Thailand
Samsung Engineering Co. said Monday it has clinched a $120 million order to build facilities meant to boost propylene production in Thailand. Under a deal with PTT Global Chemical Public Co., Samsung Engineering will be responsible for the engineering, procurement and construction for an olefins 2 modification for propane feedstock project (OMP). The project calls for the construction of new facilities to change the main composition of existing feedstock from ethane to propane to increase prop
Feb. 15, 2021
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Hyundai reveals interior of 1st own EV platform-based IONIQ 5
Hyundai Motor Co. on Monday unveiled the interior design of the IONIQ 5, the first all-electric model with its own electric vehicle platform, ahead of its global unveiling next week. The IONIQ 5 midsize crossover vehicle comfortably accommodates both passengers and cargo as the electric-global modular platform allows for an elongated wheelbase and flat floor unlike other midsize crossovers with internal combustion engines and conventional steer-by-wire systems, Hyundai said in a statement. &qu
Feb. 15, 2021
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Seoul stocks open higher on tech gains
South Korean stocks opened higher Monday on strong advances by tech stocks. The benchmark Korea Composite Stock Price Index rose 35.91 points, or 1.16 percent, to 3,136.49 points in the first 15 minutes of trading. The KOSPI came to a strong start on foreign and institutional buying. Improved exports and eased social distancing measures against the new coronavirus also boosted hopes for a quick economic rebound. Top cap Samsung Electronics gained 2.45 percent, and No. 2 chipmaker SK hynix ad
Feb. 15, 2021
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S. Korea's exports jump 69% in first 10 days of Feb.
South Korea's exports jumped 69.1 percent on-year in the first 10 days of February on strong shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $18 billion in the Feb. 1-10 period, compared with $10.6 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 71.9 percent on-year to $20.4 billion, resulting in a trade deficit of $2.46 billion, the data showed. By sector, outbound shipments of
Feb. 15, 2021
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Restaurant's business confidence hits nadir in Q4
South Korean restaurants' business sentiment sank to an all-time low in the fourth quarter of 2020 amid a surge in COVID-19 infections in the country, a state food distribution firm said Monday. The business survey index for the country's restaurant industry came to 59.33 for the October-December period, according to the Korea Agro-Fisheries & Food Trade Corp. It was the lowest quarterly tally since the state-run company began compiling the index in 2011. The fourth-quarter number was low
Feb. 15, 2021
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S. Korea's online food market grows explosively in 2020 amid pandemic
South Korea's consumer prices grew at the fastest pace in 10 years in 2021 due to surging energy costs and high prices of farm products, data showed Friday, indicating a build-up in inflationary pressure for Asia's fourth-largest economy. Consumer prices rose 2.5 percent this year from a year earlier, accelerating from a 0.5 percent on-year gain in 2020, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 2011, when consumer inflation spiked 4 percent.
Feb. 15, 2021
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S-Oil expected to continue recovery this year
S-Oil, South Korea’s No. 3 refiner, is expected to see an improvement in profits this year, continuing a recovery momentum from the final quarter of 2020, according to the industry sources Sunday. S-Oil said the company expects a recovery based on the increasing profitability of the company’s petrochemical products, including propylene oxide and polypropylene. S-Oil noted the company plans to increase production capacity for propylene oxide through which the company managed to off
Feb. 14, 2021
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S. Korea’s top streamers make W671m a year
South Korea’s top 1 percent of streamers earned an average of 671 million won in 2019, according to data released Sunday by the National Tax Service. According to a report by Yang Kyung-sook of the ruling Democratic Party here, the top 1 percent of tax-registered streamers by income, or 27 individuals, made a total of 18.1 billion won, accounting for around 21 percent of the total income made by all local one-person media creators registered with the tax office. The number of one-perso
Feb. 14, 2021
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Nexon provides all-time high dividends to its parent company in 2020
Nexon, South Korea’s largest game developer, has paid a record amount of cash in dividends to its parent company NXC after posting all-time high earnings last year, according to the Japanese electronic disclosure system Sunday. According to the Electronic Disclosure for Investors‘ NETwork, Nexon provided a dividend of 29.9 billion yen (320 billion won) to its parent company last year. In total, Nexon provided 61.4 billion yen of dividends through last year, up around 30 percent fr
Feb. 14, 2021
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Tesla launches Model Y in Korea
Tesla’s Model Y has officially launched in South Korea, with prices starting from 59.9 million won for the lowest trim and is eligible for government subsidy. The automaker started sales of its latest pure electric vehicle crossover here on Friday, presenting three trims -- the standard range, long range, and performance models. The Model Y’s standard range model offers up to 340 kilometers of range on a single charge, while the long range model can go up to 511 kilometers. The
Feb. 14, 2021
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Hyundai’s Santa Fe, GV80 among best new cars of 2021
Four vehicles of South Korea’s leading automaker Hyundai Motor Group have been included in a ranking of 12 best new cars of 2021, compiled by a US automotive third-party car listings brand Autotrader. The four are Hyundai Motor’s Santa Fe, Genesis GV80, Kia’s Sorento and K5. Hyundai Motor, Genesis and Kia are all automotive brands owned by Hyundai Motor Group. The 12 vehicles have been selected by a team of experts, who collectively tested and scored new models using a ran
Feb. 14, 2021
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Recovery of pandemic-hit labor market tipped to be modest: BOK
South Korea's job market is expected to recover modestly from the coronavirus pandemic as it will take more time for the number of people employed to recover to a pre-crisis level than to decline, according to a recent report by the Bank of Korea (BOK). South Korea has rolled out about 280 trillion won ($251 billion) worth of stimulus measures to cushion the impact of the pandemic, but companies have hired fewer workers than expected amid persistent uncertainties over the global health crisis.
Feb. 14, 2021
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Tough settlement talks await SK Innovation
With a defeat after a two-year legal battle against LG Energy Solution in the United States, the only desirable option for SK Innovation to minimize impact seems to be settling with their domestic archrival, according to industry sources on Sunday. In a final ruling made by the US International Trade Commission on Wednesday, SK Innovation was slapped with a 10-year ban on importing lithium-ion battery products to the US, with a grace period up to four years, for stealing trade secrets from LG.
Feb. 14, 2021
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Telcos pin hope on further 5G adoption this year
South Korean mobile carriers are aiming for mass user migration to 5G networks this year after failing to meet their subscriber targets in 2020 amid the pandemic. The country ended last year with a total 11.85 million 5G subscribers, with SK Telecom Co., the country's largest wireless carrier, leading the pack with 5.48 million users, followed by KT Corp. at 3.62 million and LG Uplus Corp. at 2.75 million, according to ICT ministry data. The total figure fell short of initial forecasts of arou
Feb. 14, 2021
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Coupang chooses NYSE for IPO to take advantage of dual-class share
South Korean e-commerce giant Coupang appears to have chosen to go public in the US, not in its home base, to keep its chief’s control over the company under a dual-class share system that is not allowed here. The initial public offering application filed at the US Securities and Exchange Commission showed that shares that will be issued by the Seoul-headquartered firm will consist of two classes of common stocks - Class A with one voting right and Class B with 29 voting rights. Only th
Feb. 14, 2021
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Over half of S. Koreans in favor of tax hike on high earners: poll
More than half of South Koreans are in favor of raising taxes for high income earners to mitigate the polarization that has deepened during the pandemic, a poll showed Sunday. In the survey of 1,000 South Koreans aged 18 or older conducted last week, 57.4 percent of respondents agreed to a tax hike on high earners in the face of a widening income gap, while 39.3 percent disagreed, according to Realmeter. Nearly 83 percent of the respondents said the polarization has worsened during the COVID-1
Feb. 14, 2021
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Woori Bank’s Indonesian unit wins higher capital grade
Woori Bank’s Indonesian unit has received a higher grade in capital requirement imposed by the Southeast Asian country’s market watchdog, bringing it one step forward in expanding its business portfolio in the region, officials said Sunday. As of December last year, Bank Woori Saudara raised a combined capital of 5.2 trillion rupiah, or approximately 413 billion won, which falls under a BUKU3 rating, the third-highest in Otoritas Jasa Keuangan’s four-tier bank capital class
Feb. 14, 2021
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Convenience stores outperform pandemic-hit department stores in 2020
Convenience stores outperformed major department stores for the first time in terms of offline sales last year amid the country's yearlong social distancing scheme, data showed Sunday. The combined sales of the top three convenience store chains -- GS25, CU and 7-Eleven -- took up 31 percent of the total offline sales in local retail industry, up from 29.2 percent a year ago, according to the data from the Ministry of Trade, Industry and Energy. On the other hand, the combined percentage of bi
Feb. 14, 2021