Most Popular
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Govt. to hire 1,000 med professors for national universities by 2027
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How will Chey’s W1.3tr divorce settlement affect SK’s shareholding structure?
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Ador CEO Min offers to reconcile with Hybe
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N. Korea conducts GPS jamming attack for 3rd day
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S. Korea, US, Japan condemn N.Korea launches, reaffirm peninsula denuclearization goal
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[Graphic News] Instagram overtakes Naver as 3rd most popular mobile app in S. Korea
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[Daniel DePetris] China’s message to Taiwan’s president
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ADOR shareholders' meeting retains CEO Min, appoints 3 new board members from Hybe
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[Photo News] Series of butane explosions destroys cars in Busan parking lot
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Talks on South Korea-Japan defense meeting in Singapore enter final stage
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South Korea unveils W26tr support program for chip industry
South Korean President Yoon Suk Yeol on Thursday unveiled a national support program worth 26 trillion won ($19 billion) to boost the country's semiconductor industry, in a move to up its game amid the global competition. The comprehensive chip support package includes financial programs, research and development strategies and infrastructure support. But it came short of direct subsidies which industry players here have been requesting to compete with international rivals. "With tax c
IndustryMay 23, 2024
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[From the Scene] Global transport leaders call for greener moves
LEIPZIG, Germany -- Global transport leaders have called for the importance of bolstering environmentally friendly transportation during these times of climate, health and geopolitical crisis at this year’s International Transport Forum’s annual summit in Leipzig, Germany. “The world is facing what can be described as a polycrisis, in other words, a situation with multiple simultaneous disruptions that interact and can quickly spill over from one area to another,” said IT
MobilityMay 23, 2024
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BOK holds rate at 3.5%, ups growth outlook
The Bank of Korea held the base policy rate at 3.5 percent for the 11th consecutive time Thursday, while raising the country’s economic growth estimate from the previous 2.1 percent to 2.5 percent. The central bank’s monetary policy board unanimously agreed to keep the key rate at the current level, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “With the strengthened upward pressure on the inflation outlook from April, it will
EconomyMay 23, 2024
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LG, UNESCO to develop online education course on AI ethics
LG AI Research, LG Group’s artificial intelligence think tank, said Wednesday that it has inked a strategic partnership with UNESCO to develop an education course on AI ethics. The partnership, signed on the sidelines of this week’s AI Seoul Summit, LG and UNCESO agreed to convene an advisory group of international experts within the year. The education course is slated to be launched by the end of 2025, and LG said some progress could be shared at the AI Action Summit in Paris next
TechnologyMay 23, 2024
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Ex-US Speaker McCarthy meets with S. Korean business leaders
Former US House Speaker Kevin McCarthy met with South Korean business leaders on Thursday to exchange views on economic and trade issues between the two countries months before the upcoming US presidential election, a local business lobby said. McCarthy had a breakfast meeting in Seoul with some 20 Korean businesspeople, including representatives from Hyundai Motor Co., SK Group, LG Group and Hanwha Group, arranged by the Federation of Korean Industries. During the event, the participants discus
EconomyMay 23, 2024
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Seoul shares open lower on Fed minutes
South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street spooked by hawkish tones in the latest minutes of the US Federal Reserve. The benchmark Korea Composite Stock Price Index shed 15.57 points, or 0.57 percent, to 2,707.89 in the first 15 minutes of trading. In the United States, S&P 500 fell 0.3 percent, the Dow Jones Industrial Average lost 0.5 percent, and the tech-heavy Nasdaq Composite went down 0.2 percent as the Fed minutes showed the disappointment of i
MarketMay 23, 2024
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[Photo News] Green heroes honored
The winners of this year’s H.eco Awards pose for a group photo with Choi Jin-young, president of Herald Media Group, the organizer of the annual award and the H.eco Forum, during an award ceremony held at Some Sevit, Seoul, Wednesday. From left: Choi, and the four award winners Jung Ju-yeon, founder and executive director of Wear Again; Jin Gwan-woo, founder of Soom-Tan-Geot-Deul; Byeon Su-bin, president of Diphda Jeju; Julian Quintart, a goodwill ambassador for EU Climate Actions. Also
IndustryMay 22, 2024
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A.Virtual's air sanitizer hits Dubai market
Air sterilization solutions provider A.Virtual said Wednesday it would introduce its air sanitizer to the Dubai market through a partnership with Sharaf DG, the largest electronics retailer in the Middle East. A.Virtual's air sanitizer with sterilization capabilities will be exclusively available in Sharaf DG's five stores in Dubai, located in Dubai Mall, Deira City Centre, Times Square Centre, Mirdif City Centre and Dubai Hills. Sharaf DG operates over 40 stores across the Middle East
TechnologyMay 22, 2024
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Hyundai Rotem, STX sign $60m armored vehicle deal with Peru
Korean defense company Hyundai Rotem and trading firm STX signed a $60 million contract with Fabrica de Armas y Municiones del Ejercito SAC, the Peruvian state arms procurement agency, to export K-808 White Tiger wheeled armored vehicles. It is Korea's first export of armored vehicles to Latin America, according to Hyundai Rotem on Wednesday. Under the contract, Hyundai Rotem and STX will supply 30 units of K-808 vehicles to Peru by the end of 2024. Hyundai Rotem will be responsible for pro
IndustryMay 22, 2024
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Hanwha Q Cells' EnFin completes $250m ABS sales
EnFin, the US-based residential solar financing subsidiary of Hanwha Q Cells, has recently completed the sales of the first asset-backed securities worth $250 million, the Korean energy solution provider said Wednesday. EnFin provides financial solutions to consumers who install solar panels in their homes. The company began its operation in January 2023. According to Hanwha Q Cells, the ABS sales comprise bonds backed by thousands of consumer loans. RBC Capital Markets acted as the sole structu
IndustryMay 22, 2024
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Seoul shares close nearly flat ahead of Fed minutes
South Korean stocks ended nearly flat Wednesday as investors sat on the sidelines ahead of the release of the US Federal Open Market Committee's meeting minutes. The benchmark Korea Composite Stock Price Index edged down 0.72 points, or 0.03 percent, to close at 2,723.46. Trade volume was moderate at 476 million shares worth 12.1 trillion won ($8.92 billion), with losers beating winners 474 to 402. Foreigners bought a net 296 billion won worth of local shares, while individuals offloaded a
MarketMay 22, 2024
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Hyundai Elevator marks 40 years with vision for future innovation
South Korea's largest elevator manufacturer Hyundai Elevator celebrated its 40th anniversary on Wednesday, pledging to solidify its path toward becoming a centennial company with a vision centered on ESG management practices and urban air mobility. "Hyundai Elevator has grown into a cornerstone of the Korean industry through relentless challenges and innovations since honorary chairman Chung Ju-young planted the seeds 40 years ago," Hyundai Group Chairwoman Hyun Jeong-eun was quot
IndustryMay 22, 2024
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Global leaders vow to promote safe, inclusive AI at Seoul summit
Leaders of major global powers Tuesday adopted a declaration pledging to promote safe, innovative and inclusive artificial intelligence amid the fast-evolving tech environment. The “Seoul Declaration” was adopted during a virtual leaders' session of the AI Seoul Summit, co-hosted by President Yoon Suk Yeol and British Prime Minister Rishi Sunak. The declaration aims to address the broad spectrum of opportunities and challenges posed by the design, development, deployment and use
TechnologyMay 22, 2024
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Battery makers' output slows on waning EV demand
An increasing share of manufacturing capacity is not being used in Korea’s battery industry due to waning demand in the electric vehicle market. But manufacturers remain optimistic about a recovery later this year as inventory adjustments end and new EV models are launched. Official data released this week reveal that LG Energy Solution’s factory capacity utilization rate fell to 57.4 percent in the first quarter, a steep decline from 77.7 percent during the same period last year. Si
MobilityMay 22, 2024
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Dongsuh Foods' Kanu Barista woos coffee lovers
As the domestic capsule coffee reaches an annual market size of 400 billion won ($293 million), South Korean food and beverage manufacturer Dongsuh Foods aims to attract more consumers through its brand, Kanu Barista. Launched in February last year, Kanu Barista is a premium capsule coffee brand that contains 9.5 grams of coffee beans, which is 1.7 times more than conventional espresso capsules, delivering a richer flavor. The brand offers a diverse selection of 11 capsule types, including light
IndustryMay 22, 2024
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[Photo News] Hyundai's startup showcase in Paris
Hyundai Motor Group's startup incubator ZER01NE is participating in the 2024 Viva Technology exhibition at the Paris Expo de Versailles through May 25. ZER01NE's booth, themed "Seamless Post Human City," features a stark monochromatic palette accented by exhibits from startup partners such as Mobinn, an autonomous delivery solutions provider; Biomyc, a creator of sustainable materials from mycelium; and Jedlix, an electricity trading platform. Architecting the exhibit is IVAA
MobilityMay 22, 2024
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[Herald Interview] 'Lifting regulations key to corporate push for RE100'
Regulations are holding back companies like Samsung Electronics in speeding up their renewable energy commitments, so the government should remove them and pursue grid transformation, the head of Climate Group said Tuesday. Noting how Korea had a lot of regulatory limitations on implementing renewable energy plants, Helen Clarkson, the chief executive officer of the London-based entity, highlighted the role of the government and that its initial moves are the key for the country to "get on
IndustryMay 22, 2024
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[Photo News] Show of appreciation
Hana Financial Group Chairman Ham Young-joo (fourth from right) pose for a photo with company employees and their parents at a concert held at Olympic Park in Seoul on Tuesday. The group arranged a music concert, inviting employees who have shown outstanding performance in their work and their parents. (Hana Financial Group)
IndustryMay 22, 2024
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14 global tech giants adopt business pledge on 'responsible' development of AI
A group of South Korean and global tech companies adopted a joint pledge Wednesday, vowing to responsibly develop and use artificial intelligence and to address social challenges with the technology. The Seoul AI Business Pledge was announced by 14 companies, including Korea's Samsung Electronics Co., Naver Corp., Kakao Corp. and KT Corp., as well as global big tech companies, such as Google, Microsoft, OpenAI and IBM, during the opening ceremony of the AI Global Forum in Seoul. The AI Glob
TechnologyMay 22, 2024
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Seoul shares open lower on tech, insurance losses
South Korean stocks opened lower on Wednesday, mainly due to losses from technology and insurance shares. The benchmark Korea Composite Stock Price Index shed 13.59 points, or 0.5 percent, to 2,710.59 in the first 15 minutes of trading. Top tech giant Samsung Electronics slid 1.28 percent, and LG Electronics shed 0.62 percent to 95,900 won. Insurance firms were among major losers as well, with Samsung Life Insurance falling 2.94 percent and Samsung Fire & Marine Insurance decreasing 3.48 per
MarketMay 22, 2024