Most Popular
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Yoon sorry for shortcomings but insists policies were right
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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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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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Sewol victims commemorated on tragedy's 10th anniversary
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Chanel, Louis Vuitton see muted growth in Korea
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Conservative bloc divided over Han’s role in election defeat
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PoongLim Pharmatech to begin mass production of COVID-19 vaccine syringes
PoongLim Pharmatech, a local medical device manufacturer, will produce 10 million syringes a month for COVID-19 vaccines, the Ministry of SMEs and Startups said Tuesday. The Gunsan, North Jeolla Province-based firm recently finished repurposing its factory as a smart manufacturing facility to produce a more efficient type of syringe, known as a low-dead-space syringe. It is designed to minimize the amount of fluid left between the plunger and needle after a shot. PoongLim’s syringe rec
Jan. 19, 2021
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Seoul stocks rebound over 2% on auto gains
South Korean stocks jumped more than 2 percent Tuesday on stellar advances by auto-related shares, backed by expectations of improved earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 78.73 points, or 2.61 percent, to close at 3,092.66 points. Trading volume was high at about 1.3 billion shares worth some 23.8 trillion won ($21.6 billion), with gainers outnumbering losers 737 to 124. Foreigners bought a net 412 billion won, while
Jan. 19, 2021
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Korean lenders to muster up $3b for SK hynix’s global investment
A group of South Korean lenders pledged on Tuesday to earmark a combined $3 billion over the next five years to spur global investment into local semiconductor maker SK hynix as part of the nation’s bid to shore up growth of futuristic technology. South Korea’s top financial regulator, the Financial Services Commission, said the lenders’ agreement with the country’s second-largest semiconductor chip manufacturer will pave the way for future economic development as the c
Jan. 19, 2021
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Ministry vows to compensate for any vaccine side effects
The government will launch a joint monitoring and decision-making system with related agencies to provide a full compensation to those who experience side effects from the COVID-19 vaccine, the Finance Ministry said Tuesday. Along with the Korea Disease Control and Prevention Agency and Ministry of Food and Drug Safety, the ministry will set up the system to better respond to emergent cases and study correlations between vaccines and adverse reactions, as well as to make decisions on whether t
Jan. 19, 2021
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Naver’s big data to be used for customs clearance
South Korea’s customs agency will use Naver’s big data for efficient customs clearance of direct purchases from foreign countries, officials said Tuesday. The Korea Customs Service and Naver signed a memorandum of understanding for applying product information stored on the online platform’s shopping unit to its customs procedures. The agreement was forged to effectively block entries of harmful products such as illegal drugs and medical supplies. “The MOU for a stra
Jan. 19, 2021
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Surging US Treasury yields to affect global FX market: vice minister
The rising US Treasury yields has become a “key variable in the global foreign exchange market,” South Korea’s vice finance minister said Tuesday, nodding towards a stronger dollar trend that has rattled emerging market currencies. “When the 10-year US Treasury yield surpassed the 1 percent mark (earlier this month), the Euro, the Japanese Yen and the Chinese Yuan all dropped against the US greenback,” Vice Finance Minister Kim Yong-beom said in a macroeconomic fin
Jan. 19, 2021
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CJ Logistics floated for vaccine distribution
As eyes turn toward the imminent start of COVID-19 inoculations, CJ Logistics has emerged as a candidate for vaccine distribution. CJ Logistics had been considered at a disadvantage, as it does not have an ultra-cold-chain storage like Korea SuperFreeze in Pyeongtaek. But recent reports have suggested it may still be in the running, as it has the widest network of distribution centers and vehicles. A company official who spoke to The Korea Herald said CJ would be able to handle vaccines as th
Jan. 19, 2021
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[News Focus] Household debt up W516tr since 2015
SEJONG -- The year of 2020 is expected to record as one of the few years, where a fever of buying apartments and stocks by taking out financial loans swept over the nation. The phenomenon was triggered by skyrocketing real estate prices in the wake of a housing shortage and sharp rebound in the Kospi despite the still high infections of novel coronavirus. Though the fourth-quarter data has yet to be compiled, the figure for the January-September of last year is suggesting that more and more K
Jan. 19, 2021
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Budget airline industry poised for major shakeup
South Korea’s budget airline industry is poised for a seismic change this year, with two new players ready to enter the competition amid a pandemic-induced market consolidation. Aero K, one of the two, is set to begin operations next month. “Our first Cheongju-Jeju flight is scheduled on Feb. 19 after receiving permission for the route from the Transport Ministry yesterday,” one Aero K official told The Korea Herald. Two round-trip Airbus A320 flights between Cheongju Airp
Jan. 19, 2021
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Coupang offers up to 50% discount for 'global shopping day'
From Tuesday, Coupang is holding a two-day special promotion event, offering up to 50 percent discount on products purchased overseas and products directly imported by the e-commerce firm, the company said Tuesday. During the Jan 19-20 Global Shopping Day, time-limited discount will be provided at 11 a.m. every morning, where items like Samsung 55in Class 8 Series LED Smart Tizen TV, Fujifilm’s instant camera Instax, Ivory Aloe Cosmetic Soap, four-in-one Badger Green Classic Lip Balm 4-S
Jan. 19, 2021
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SMEs' exports edge down in 2020 despite pandemic
South Korea's small and medium enterprises (SMEs) saw their exports inch down in 2020 from a year earlier despite the coronavirus pandemic, government data showed Tuesday. SMEs' overseas shipments totaled $100.8 billion last year, down 0.2 percent from the previous year, according to the data from the Ministry of SMEs and Startups. The decrease compared with a 6.7 percent decline in exports by middling and large companies. Smaller firms' exports accounted for 19.7 percent of South Korea's tota
Jan. 19, 2021
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Regulator plans to review 40-year mortgages for young adults
Financial authorities plan to review mortgage loans with a maximum term of 40 years to help young people buy their first homes, officials said Tuesday. Financial Services Commission (FSC) Chairman Eun Sung-soo unveiled the plan at a time when surging home prices make it more difficult for young people to buy homes. This year, the FSC will study the plan to offer 30-year or 40-year mortgage loans and seek to begin a "trial" offering to sell such products, Eun said. The plan is aimed
Jan. 19, 2021
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Doosan Mobility Innovation to expand presence in ship sailing control industry
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs for drones, said Tuesday that it has teamed up with the local shipbuilding and marine ICT provider Marineworks to develop a solution to control ships' sailing by using drones. The two companies will develop an electric marine chart system on the basis of video footage taken by DMI's hydrogen fuel cell-powered drones, which are capable of flying for more than two hours, DMI said. DMI said the system will allow ships
Jan. 19, 2021
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S. Korea vows to speed up trade talks with Central, South America in 2021
South Korea's trade ministry vowed Tuesday to make more progress in expanding trade pacts with counterparts from Central and South America this year, in line with its efforts to diversify its export portfolio amid the growing protectionism around the globe. "It is important that we set a trade strategy for the Central and South American regions amid the growing uncertainties led by the launch of a new US administration and the rising protectionism," the Ministry of Trade, Industry and
Jan. 19, 2021
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S. Koreans' spending on Netflix doubles in 2020: data
South Koreans are estimated to have spent over 500 billion won ($454 million) on global video streaming service Netflix last year, doubling the amount tallied the previous year, data showed Tuesday. Local credit card payments on the video streaming service are estimated to have reached 517.3 billion won last year, compared to 248.3 billion won in 2019 and just 65.7 billion won in 2018, according to data tracker WiseApp. Based on the data, WiseApp said paid subscribers to Netflix stood at 4.1 m
Jan. 19, 2021
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[Graphic News] Exports of fishery goods down 7.4% in 2020 amid pandemic fallout
South Korea’s exports of fishery products moved down 7.4 percent on-year in 2020, data showed, as people around the globe refrained from dining out amid the COVID-19 pandemic, leading to a weaker demand for tuna and other popular goods. Outbound shipments of fishery goods reached $2.3 billion last year, down from $2.5 billion posted in 2019, according to data compiled by the Ministry of Oceans and Fisheries. The decrease was largely attributable to the COVID-19 pandemic, which limi
Jan. 19, 2021
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S. Korea to monitor market volatility amid widening bond yield spreads
South Korea will closely monitor a potential increase in volatility of the financial markets as the yield spread between short and long-term state bonds is increasing, the vice finance minister said Tuesday. First Vice Finance Minister Kim Yong-beom also said rising US Treasury yields are serving as the main factor that has recently driven the dollar higher against major currencies. Yields on 10-year government bonds recently jumped on anticipation for an economic recovery and expected bond sa
Jan. 19, 2021
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Seoul stocks open higher on auto gains
South Korean stocks opened higher Tuesday on strong advances by auto-related shares. The benchmark Korea Composite Stock Price Index rose 10.02 points, or 0.33 percent, to 3,023.95 in the first 15 minutes of trading. The KOSPI rebounded on foreign and institutional buying. The key index slumped over 4 percent in total in the previous two sessions. Top automaker Hyundai Motor jumped 4.56 percent, with its smaller affiliates Kia Motors and Hyundai Mobis hiking 4.9 percent and 4.95 percent, resp
Jan. 19, 2021
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S. Korea's data industry grows 14% in 2020
South Korea's data industry expanded more than 14 percent in 2020 from a year earlier to exceed the 19 trillion won level, a survey showed Tuesday. The local market for data stood at 19.3 trillion won ($17.4 billion) last year, up 14.3 percent from a year earlier, according to the survey by the Ministry of Science and ICT and the Korea Data Agency. Last year's growth rate was much higher than the 8.3 percent on-year increase posted a year earlier. Data sales and provision accounted for the la
Jan. 19, 2021
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S. Korean exports to Japan dip 11.7% in 2020 on pandemic
South Korean exports to Japan shrank nearly 12 percent in 2020 from a year earlier due to the fallout of the coronavirus pandemic, data showed Tuesday. Overseas shipments to the neighboring country came to $25.09 billion last year, down 11.7 percent from a year earlier, according to the data from the Korea International Trade Association (KITA). Japan thus accounted for 4.9 percent of South Korea's overall exports last year, dropping below the 5 percent level for the first time in three years.
Jan. 19, 2021