Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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[Photo News] Hanwha in Saudi
Hanwha Group's defense affiliates -- Hanwha Aerospace, Hanwha Systems and Hanwha Ocean -- are showcasing their latest weapons systems at the World Defense Show 2024 held in Riyadh, Saudi Arabia, from Sunday to Thursday. Displaying the defense solutions covering the air, land and ocean such as an advanced engine for a fighter jet, K9 howitzer and submarine technology, Hanwha said it will look to explore partnerships in the Middle East. (Hanwha Aerospace)
Feb. 4, 2024
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Court to rule on Samsung chief's alleged 2015 merger fraud
A Seoul district court is set to deliver a decisive ruling on Monday for Samsung Electronics Chairman Lee Jae-yong over the 2015 merger fraud case, under which he could face a prison term. The Seoul Central District Court will issue its decision on Lee, along with 14 current and former employees of Samsung, on charges of rigging company valuations and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates -- Cheil Industries and Samsung C&T Corp. The final ruli
Feb. 4, 2024
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[Photo News] IBK chairman starts second year at helm
Industrial Bank of Korea Chairman and CEO Kim Sung-tae convened a meeting with top executives from the bank's subsidiaries and branches at the IBK training center in Chungju, North Chungcheong Province, on Friday, marking the start of his second year in office. Emphasizing the bank's pivotal role in "driving Korea's economic growth by leveraging policy financing for small and medium-sized enterprises," Kim underscored the importance of boosting support for small business
Feb. 4, 2024
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Posco International to invest W1tr in energy sector expansion
Posco International, the trading arm of Posco Group, is poised to invest 1 trillion won ($755 million) exclusively in the energy sector this year, paving the way to establish itself as a globally recognized eco-friendly conglomerate in its key business area. The company outlined its business plans Tuesday, emphasizing "global expansion" as its mantra for 2024 to strategically bolster its major business value chain. Specific plans include a threefold increase in natural gas production a
Feb. 2, 2024
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Hahn & Co. completes aquisition of SKC’s fine ceramics biz for W360b
Hahn & Co., the nation's largest private equity firm based on assets under management, announced Friday that it has acquired 100 percent stake in SKC's fine ceramics business for 360 billion won ($270 million). SKC operates as the semiconductor material arm under SK Group, the country's second-largest conglomerate. The acquisition comes three months after the contract was signed in late October. Under Hahn & Co.’s ownership, the company will operate with a new name
Feb. 2, 2024
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Toss kicks off IPO process, eyes 2025 listing
Viva Republica, the operator of financial technology app Toss, has kicked off procedures for an initial public offering, having selected lead underwriters. Securities firms estimate that the company's valuation could reach up to 20 trillion won ($15.1 billion). Viva Republica selected crosstown rivals in the local IPO market -- Korea Investment & Securities and Mirae Asset Securities -- as the lead underwriters, according to industry sources Friday. The securities firms have reportedly
Feb. 2, 2024
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Govt. to grow K-food industry to W300tr by 2027
The South Korean government aims to propel the K-food industry to reach 300 trillion won ($227 billion) worldwide by 2027, responding to the burgeoning global appetite for Korean cuisine. The vision was announced by the Ministry of Agriculture, Food and Rural Affairs, during an emergency economic ministers meeting Friday. The target signifies a doubling from the 2021 figure of 152 trillion won, with the number of overseas Korean restaurants set to increase to 15,000 globally, up from 9,923 in 20
Feb. 2, 2024
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Mastern to support local medical device maker expand US presence
Mastern America, the US subsidiary of local asset manager Mastern Investment Management, has joined hands with Hironic, a Korean medical device company, to expand its presence in the US market. Mastern America announced Friday that it has forged a four-party memorandum of understanding with Hironic, the city of Taylor, Texas, and the Taylor Economic Development Corp. A signing ceremony was held in Seoul on Wednesday, with Mastern America CEO Joseph Oh, Hironic CEO Lee Sang-won, Taylor Mayor Bran
Feb. 2, 2024
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Starbucks Korea's NFT initiative saves 600,000 disposable cups
Starbucks Korea announced on Thursday that its recent NFT eco-project, designed to promote reusable cup adoption, has led to saving approximately 600,000 disposable cups from use over a two-week period from Jan. 16. The NFT eco-project at Starbucks Korea is the first of its kind in Asia and encourages Starbucks Rewards members to use personal cups when placing orders through the Starbucks app. Once individuals earn eco-stamps, with a limit of three per day, they can be exchanged for Starbucks NF
Feb. 2, 2024
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Will cheaper foldable phones become a reality?
Samsung Electronics, a pioneer in foldable smartphones, is ramping up efforts to expand the still-nascent and high-priced segment, fueling speculation that the tech giant could come out with cheaper versions with mass-market appeal as soon as this year. A recent news report said Samsung is expected to launch two models for the upcoming Galaxy Z Fold6 later this year, including a cheaper one without the pricey S-Pen stylus. Foldable displays are priced higher to support the scribble function on t
Feb. 1, 2024
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BAT names new Korean chief
BAT Rothmans, the Korean unit of British American Tobacco, announced Thursday that the company has appointed Song Young-jae, a BAT veteran, as its new country manager. The company said Song is a marketing and finance expert who will be tasked with promoting BAT’s combustible products. “Song is an expert in the global tobacco industry and the right person to spearhead the company’s future innovation,” an official from BAT Rothmans said. Graduated from the London School of
Feb. 1, 2024
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Kakao Healthcare plans to debut diabetes app in Japan
Kakao Healthcare, the digital health care unit under platform giant Kakao, on Thursday launched an artificial intelligence-based mobile blood sugar management service, PASTA, in Korea, hinting at plans for its overseas debuts in Japan and other countries. “Health care costs attributable to diabetes are increasing every year, and we aim to help reduce the costs through our new service," Kakao Healthcare CEO Hwang Hee said during a press conference at the company’s headquarters in
Feb. 1, 2024
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EcoPro bolsters North American battery recycling business
EcoPro, a South Korean battery materials manufacturer, has joined hands with US battery recycling firm Cirba Solutions to ramp up its lithium-ion battery recycling business in North America. According to EcoPro on Thursday, the two sides recently signed a memorandum of understanding to cooperate to deal with Washington’s Inflation Reduction Act and expand the global supply chain of electric vehicle batteries. In the EV battery sector, the IRA incentivizes domestic manufacturing and require
Feb. 1, 2024
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Posco’s six chairman candidates unveiled
Posco Holdings has confirmed a total of six finalists to compete for the Korean steel giant's top post, as the current Chairman Choi Jeong-woo’s official term is due to expire in March. On Wednesday, the company's CEO Recommendation Committee unveiled the six chairman candidates, including three Posco veterans and three outsiders, after their eight meetings over the past few weeks. The committee has been reviewing the finalists since Dec. 21 after Chairman Choi chose not to seek
Feb. 1, 2024
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Stage X picked as new operator of 5th-generation network
A local consortium was selected as the new operator of the 28 gigahertz band of the fifth-generation network in South Korea on Wednesday, the science ministry said, becoming the country's fourth mobile carrier. Stage X, a consortium of Stage Five, a communications affiliate of tech giant Kakao Corp., and other unidentified companies, will be the fourth operator of the 5G network. Currently, three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are the country's
Jan. 31, 2024
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Samsung C&T 2023 net profit up on construction, resort business
Samsung C&T said Wednesday its 2023 net profit gained 6.8 percent from a year earlier, driven by the strong performance of its construction and resort business. The net profit came to 2.71 trillion won ($2 billion) in the three months ended in December, compared with 2.54 trillion won a year ago, the company said in a regulatory filing. Operating profit was 2.87 trillion won, compared with 2.52 trillion from the previous year, and annual sales fell 2.9 percent to 41.89 trillion won. The trad
Jan. 31, 2024
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Integrated labor union of 4 Samsung units to set sail
A labor union comprising workers of four Samsung Group affiliates will officially set sail next month, industry sources said Wednesday. The unionized workers held their first intercompany labor union meeting earlier in the day to make an internal announcement of the union's establishment, according to the sources. The Samsung affiliates are Samsung Electronics's device experience (DX) division, Samsung Fire & Marine Insurance, Samsung Display and Samsung Biologics. The integrated u
Jan. 31, 2024
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Korean Air merger gets green light from Japan
Korean Air said Wednesday that its planned merger with smaller domestic rival Asiana Airlines has gained approval from Japan’s antitrust regulator, with only two crucial decisions left to come from the European Union and the US. According to the airline, the Japan Fair Trade Commission approved the deal worth 1.8 trillion won ($1.34 billion), the process of which has been being delayed for over three years amid monopoly concerns by foreign authorities. The high-profile merger has receive
Jan. 31, 2024
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Posco, ADNOC to produce blue hydrogen in Gwangyang
Posco Group and the United Arab Emirates' Abu Dhabi National Oil Company will collaborate on blue hydrogen production facilities in Gwangyang, South Jeolla Province, Posco International said Wednesday. Posco International, Posco Holdings and ADNOC signed a three-way strategic collaboration agreement at the UAE energy group’s headquarters in Abu Dhabi. Under the agreement, the three companies will build blue hydrogen production facilities at Posco International’s liquefied natura
Jan. 31, 2024
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Posco Future M hits record sales in 2023
Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat
Jan. 31, 2024