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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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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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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Seoul says Fu Bao loan 'not going to happen'
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Exports of fishery goods down 7.4% in 2020 on pandemic fallout
South Korea's exports of fishery products moved down 7.4 percent on-year in 2020, data showed Thursday, as people around the globe refrained from dining out amid the new coronavirus pandemic, leading to 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 the data compiled by the Ministry of Oceans and Fisheries. The decrease was largely attributable to the COVID-19 pandemic, whic
Jan. 7, 2021
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Sale of 3 midsized shipbuilders in final stage
The sale of South Korea's three midsized shipbuilders is in the final stage despite concerns that they may have trouble in finding viable investors due to a slump in the shipbuilding industry and the COVID-19 outbreak. The midsized shipbuilders -- Hanjin Heavy Industries & Construction Co., STX Offshore & Shipbuilding Co. and Daesun Shipbuilding Engineering Co. -- were put up for sale last year due to their financial trouble since the 2008 global financial crisis. Creditors of Daesun S
Jan. 7, 2021
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Bitcoin tops W40m in S. Korea for 1st time
Bitcoin topped 40 million won ($36,800) per unit for the first time in South Korea on Thursday, a local cryptocurrency exchange said. Bitcoin was trading at 40.9 million won as of 8:58 a.m., up 6.94 percent from the previous day, according to local cryptocurrency exchange Bithumb. It just took 11 days for the cryptocurrency to top the 40 million-won mark after it broke the 30 million-won threshold on Dec. 27, 2020. The bitcoin price jumped 380 percent compared with a year earlier. The bull ru
Jan. 7, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Thursday, tracking overnight Wall Street gains that were largely generated by the Democrats' control of the US Senate. The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.46 points, or 1.5 percent, to 3,012.67 in the first 15 minutes of trading. Stocks gained ground amid expectations that the US political paradigm shift would help increase spending to stimulate the world's largest economy and benefit its export-driven trade partners. Market bellwe
Jan. 7, 2021
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S. Korea to focus on financial stability amid concerns over asset market boom
South Korea's vice finance minister vowed Thursday to strengthen financial stability this year amid concerns that idle money is excessively flowing into asset markets. Vice Finance Minister Kim Yong-beom made the remarks amid mounting worries that only asset markets, such as property and stock markets, are booming even as economic slumps caused by the COVID-19 pandemic have continued. "Authorities are facing the task of closely managing liquidity that has sharply increased in the process
Jan. 7, 2021
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Samsung unveils new vision for TVs focusing on accessibility, sustainability
Samsung Electronics Co. on Thursday unveiled a new vision for its TV business as the world's largest TV vendor vows to improve accessibility and sustainability with its latest products and services. Under the vision of "Screens everywhere, Screens for all," the South Korean tech giant said the company will go environmentally friendly with its TV business operations and allow more people to comfortably enjoy their viewing experience as it introduced the 2021 portfolio. "During th
Jan. 7, 2021
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Samsung unveils 2021 TV lineup with new Neo QLED TV
Samsung Electronics Co. on Thursday unveiled its 2021 TV lineup, including a new Neo QLED TV using mini LED technology, as the South Korean tech giant looks to defend its status as the world's leading TV vendor. Samsung's Neo QLED TV made its debut at the First Look event ahead of Consumer Electronics Show (CES) 2021, along with new models of Micro LED and Lifestyle TVs. Samsung said the Neo QLED TV takes its flagship QLED TV to "the next level," as it uses new light source, Quantum
Jan. 7, 2021
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S. Korean steelmakers' earnings forecast to perk up in Q1
South Korean steelmakers are expected to see their earnings bounce back in the first quarter of the year on a recovery in demand and rising prices, analysts said Thursday. The rosy outlook represents a stark turnaround from their dismal performances last year in the wake of the coronavirus pandemic that has sent global demand for steel products sinking. According to a Yonhap News analysis of securities firms' forecasts, leading steelmaker Posco is projected to register an operating profit of 9
Jan. 7, 2021
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Major foreign IBs revise up S. Korea's 2021 growth outlook
Major foreign investment banks (IBs) have slightly raised their forecasts for South Korea's economic growth for 2021 despite the coronavirus pandemic, a report showed Thursday. As of end-December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up 0.1 percentage point from their median outlook offered a month earlier, according to the report by the Korea Center for International Finance. Seven IBs -- Barclays, BoA-Me
Jan. 7, 2021
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Kia Motors unveils new logo, brand slogan
South Korea’s second-largest automaker Kia Motors unveiled a new logo and a brand slogan on Wednesday, as the company aims to transform its image to one of future mobility. The new logo and the slogan, which is “Movement that inspires,” comes as part of the automaker’s mid- and long-term strategy announced last year, which outlines the automaker’s plans to become a leading firm in the future mobility industry, the company said. “The new logo symbolizes Ki
Jan. 6, 2021
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Government to spend over W26tr on housing stabilization
The government will spend over 26 trillion won ($23.9 billion) to develop new towns and build infrastructure in the first half of the year in a bid to curb soaring housing prices, the Finance Ministry said on Wednesday. Finance Minister Hong Nam-ki unveiled detailed plans for a government-led 110 trillion won investment project program that will be carried out throughout the year by public agencies, state-run firms and private companies. “The investment project will center on housing s
Jan. 6, 2021
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S. Korea has ‘no plans’ to raise fuel taxes, cut inheritance tax
South Korea’s Finance Ministry said Wednesday that it has no plans to raise taxes on gasoline and diesel this year, despite its vows to go carbon neutral by 2050, and hinted that it will likely maintain the inheritance tax at its current level. In a briefing on the revised taxation rules previously announced in July, Im Jae-hyun, a senior official at the Ministry of Economy and Finance, said the government “currently has no plans to adjust the transportation-energy-environment tax
Jan. 6, 2021
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Ford Korea rolls out New Ford Explorer Platinum
Ford’s popular Explorer sports utility vehicle is to return with upgrades to its powertrain and design, Ford Sales and Service Korea said Wednesday. The automaker said it was rolling out the New Ford Explorer Platinum, with functions enhanced from the Explorer 2.3 Limited. The New Ford Explorer is equipped with 3.0-liter Ecoboost V6 gasoline engine that puts out up to 370 horsepower and a maximum torque of 54 kilogram-meters. The carmaker has fully digitized the 12.3-inch cockpit a
Jan. 6, 2021
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Kospi’s 38-year road to 3,000-point mark
Buoyed by the increasing participation of small investors and their growing clout in South Korea’s stock market, the nation’s main bourse reached a historic high on Wednesday, surpassing 3,000 points for the first time in the stock market’s 38-year history. The benchmark Kospi was launched by the nation’s sole bourse operator Korea Exchange on Jan. 4, 1983, three years after the base value of 100 was decided. It kicked off trading at 122.5 points with 328 listed firms on
Jan. 6, 2021
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Retail investors, hopes of recovery open up era of Kospi 3000
An estimated 10 million retail investors, a weak dollar and hope for recovery pushed the benchmark Kospi above the 3,000-point threshold on Wednesday in what could be a new era for the local stock market. Analysts say many factors have driven the rally, including the weak dollar and anticipation for improved corporate earnings, but the biggest force may be legions of small investors, known locally as “ants.” The “ant warriors,” who purchased 60 trillion won ($52.22 bi
Jan. 6, 2021
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Customization gains popularity in home appliance market
A recent trend in the home appliance market in South Korea has been owning a unique product with tailored colors and configurations. First introduced by Samsung Electronics in 2019, the Bespoke series allows consumers to pick the colors, materials and functionality of refrigerators, microwave ovens, induction cooktops, dishwashers and air purifiers. Samsung tried with the refrigerator first, luring younger consumers with a variety of color options for fridge panels, which turned out to be a
Jan. 6, 2021
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[News Analysis] Will there ever be an LG or Samsung car?
As batteries account for more than 40 percent of the cost of an electric vehicle’s parts, major automakers including Tesla, BMW and Volkswagen are making efforts to develop their own batteries. Such moves have stoked concerns that South Korean battery giants -- LG Energy Solution, Samsung SDI and SK Innovation -- might lose their clients in the long term. But just as automakers have invaded the field of battery manufacturing, local battery producers are slowly infiltrating the auto p
Jan. 6, 2021
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GS Caltex to showcase drone delivery tech, next-gen gas station at CES
GS Caltex will introduce a next-generation charging station that offers drone delivery services in its debut at the world’s biggest tech show, the company said Wednesday. According to the South Korean refinery, at this year‘s Consumer Electronics Show set to kick off online Monday, the company will offer three videos that show how drones can deliver items, utilizing gas stations as logistics bases. The first video contains two drone delivery tests GS Caltex conducted together wi
Jan. 6, 2021
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S. Korea and NASA begin development of space telescope
The Korea Astronomy and Space Science Institute will begin a space project to develop a space telescope with the US space agency NASA and the California Institute of Technology, the ICT Ministry here announced Wednesday. The space project, titled the Spectro-Photometer for the History of the Universe, Epoch of Reionization and Ices Explore, or SPHEREx, is a two-year mission designed to launch a space telescope that would collect data that could help understand the history of the universe, the
Jan. 6, 2021
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Game and artificial intelligence, unusual guests to local pop music scene
Artificial intelligence technology restores the voices of deceased musicians to sing contemporary songs. A game company airs a song competition show for the soundtrack of its title game. The local music scene continues to evolve, with the convergence of media, technology and industries. South Korean game company Nexon adopted a TV competition show format to best fit Dungeon and Fighter, an arcade-style action game. The five-episode series, available on YouTube channel Dingo Music, has garn
Jan. 6, 2021