Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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Korea enters full election mode
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Battery, new energy sectors to feel pinch from global minimum tax
Hundreds of South Korean firms, including tech giant Samsung Electronics, are set to be hit by the newly implemented 15 percent global minimum tax rate. Under the new corporate tax rule that came into effect Monday, multinational enterprises with a consolidated revenue of over 750 million euros ($827 million) are subject to an effective tax rate of 15 percent on their profits in every jurisdiction where they operate. The global minimum corporate tax system was agreed upon by the Organization for
Jan. 2, 2024
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Mirae Asset chief to donate shares to charity
Mirae Asset Financial Group Chairman Park Hyeon-joo has decided to donate 25 percent of his stake in Mirae Asset Consulting to the group's charity foundation in phases, the company said Tuesday. The stock will be gifted to the Mirae Asset Hope Foundation, a charitable entity established in 1998 to nurture and help the younger generation, from college students to children and teenagers, to gain a foothold in society via scholarships and improved education infrastructure. “I hope this d
Jan. 2, 2024
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2024 set to be another profitable year for top 4 financial groups
South Korea's top four financial groups -- KB, Shinhan, Hana and Woori -- are expected to post a combined net profit of over 17 trillion won ($13 billion) this year, buoyed by their moneylending business, according to market tracker FnGuide. While the four firms posted an estimated net profit of 16.55 trillion won last year, the projected figure for this year is 17.23 trillion won, marking a 4.1 percent growth on-year. Securities firms predicted KB Financial Group to garner a net profit of
Jan. 2, 2024
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CJ eyes global expansion for K-street food products
Korean food giant CJ CheilJedang's Bibigo brand has set a target of 35 billion won ($26 million) in domestic sales this year for its K-street food products, after observing considerable sales momentum in the market in 2023, according to the firm on Tuesday. Among Bibigo's K-street food offerings, its bungeoppang products, or fish-shaped waffles, achieved monthly domestic sales of 1 billion won for both November and December. Launched in August, the bungeoppang series currently boasts r
Jan. 2, 2024
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Korean flag error sparks outrage after french news broadcast
French news outlet La Chaine Info sparked outrage among Koreans by broadcasting picture of the South Korean national flag with a red circle instead of the distinctive "taegeuk" mark at its center. The incorrect flag appeared in a visual aid used by the news presenter Sunday during a segment discussing North Korean leader Kim Jong-un's provocative remarks about war against South Korea, made during a meeting with high-ranking officers. The error was particularly concerning to many
Jan. 2, 2024
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[KH explains] Nexon’s failed stake sale reignites dispute over ‘punitive’ inheritance tax
Controversy over South Korea's high inheritance tax has resurfaced as the government failed again in its tender offer to sell a 4.7-trillion-won ($3.62 billion) stake in NXC, a holding firm of the nation's largest game developer, Nexon. The open bid, hosted by the Korea Asset Management Corp., to sell the Finance Ministry's 29.3 percent stake, or 852,000 shares, in NXC ended in another failure, according to Kamco's auction site Onbid on Friday, with no offers being made. Th
Jan. 1, 2024
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SK chief vows management overhaul in 2024
SK Group Chairman Chey Tae-won vowed in his New Year's message Monday to review and reorganize the management system of the nation's second-largest conglomerate to better handle challenges in 2024. "A loose 'geomungo' (a six-string Korean zither) can only produce the right notes if the strings are untangled and re-tensioned,” Chey said in the message sent to all executives and staff of SK Group affiliates via email. "Let's all review and refine our manage
Jan. 1, 2024
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Reflecting on bumper year for K-food
South Korea posted a new record high in food exports last year, driven by the steadily increasing global interest in Korean culture and strategic initiatives by food companies who have rigorously promoted their products overseas. The total export value of agricultural and food products reached $9 billion by the end of the third week of December, according to the Ministry of Agriculture, Food and Rural Affairs. This marks a 3 percent increase compared to the same period in 2022, setting a new all
Jan. 1, 2024
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Government vows more cash to cushion Taeyoung E&C fallout
The South Korean government said Friday that it will put utmost efforts into minimizing the fallout from Taeyoung Engineering and Construction's debt-restructuring program, amid growing concerns that it could lead to liquidity constraints across the industry. “The creditors, led by the main lender, Korea Development Bank, plan to discuss ways to normalize Taeyoung E&C's business while adhering to strict restructuring principles based on Taeyoung Group's intense self-resc
Dec. 29, 2023
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Daewoo E&C opens winter theme park on Phu Quoc, Vietnam
Daewoo Engineering & Construction said Friday it has officially opened its digital theme park, Ice Jungle, on Phu Quoc, a tropical island in Vietnam known for water sports and recreation. The 13,000-square-meter theme park is located at Meyhomes Capital Phu Quoc, a residential complex constructed in partnership with Daewoo E&C, near Truong Beach. While some 700 visitors joined the opening ceremony held on Dec. 16, Ice Jungle officially opened to the public on Christmas Day. The park is t
Dec. 29, 2023
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Posco Group tries to dispel NPS concerns over chair appointment
Posco Group announced Friday that the group would make public its chair appointment process, dispelling the National Pension Service’s concerns. The group also refuted suspected use of unfair methods to reappoint incumbent Chairman Choi Jeong-woo. “Regardless of the incumbent chairman’s decision (to seek a third term at Posco Group), our committee will review all candidates without bias for the sake of Posco’s future and its shareholders,” Seoul National University&
Dec. 29, 2023
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Winners and losers at year-end bonus season
Employees at major South Korean firms are set to receive different amounts of year-end bonuses, ranging from nothing at all to 30 percent of their annual salaries, depending on the performance of the industrial sector for 2023. Workers in Samsung Electronics’ device solutions division, which is in charge of the company’s chip business, are expected to receive no incentives next year, due to the weak performance of the chip sector, according to industry sources Friday. Over the past
Dec. 29, 2023
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DSF L&I wins top ESG award for reusable container return system
Korean logistics company DSF L&I said Thursday that it has won this year’s top ESG award in the small manufacturing enterprise sector for successfully implementing a return system that collects reusable containers. The ceremony, held at the National Assembly Building in Seoul on Tuesday, was hosted by the Korean ESG Association and the National Assembly ESG Forum, and sponsored by various entities including the Korean Automobile Environmental Association. The award aims to recognize
Dec. 28, 2023
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[KH explains] Why vaccination rate remains low despite surge in flu patients
The number of suspected influenza cases in South Korea has surged to a five-year high, but the immunization rate has remained relatively unchanged. The rate of patients showing symptoms suggestive of influenza per 1,000 outpatients for the second week of December stood at 61.3 – the highest figure since 2019, according to the Korea Disease Control and Prevention Agency. The immunization rate as of Dec. 15, however, stood at 76.2 percent, slightly above 76.1 percent last year. “Despit
Dec. 28, 2023
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Han Sung Motor takes new approach to ESG practices
Han Sung Motor, the largest Mercedes-Benz car dealer in Korea, is proactively making meaningful contributions to society by pushing for diverse corporate social responsibility activities. Since 2012, the car dealer has been running its flagship art scholarship program titled the Dream Gream project, which sponsors middle and high schoolers talented in the arts until their graduation. “Gream” comes from the Korean word “geurim,” which means “painting” in Korean
Dec. 28, 2023
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[Photo News] Samsung AI vacuum cleaner
Samsung Electronics said Thursday it will unveil a new vacuum cleaner lineup with advanced artificial intelligence at the CES 2024 in January. The Bespoke Jet Bot Combo, a robot vacuum and mop cleaner, and Bespoke Jet AI will showcase enhanced AI features and steam cleaning to foster an easier cleaning experience for users, the company said. (Samsung Electronics)
Dec. 28, 2023
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Korea to invest W100b in chips, displays, batteries in 2024
The Ministry of Science and ICT said Thursday that the Korean government will invest 100 billion won ($77.6 million) to accelerate research and development efforts in the three major technology sectors -- semiconductors, displays and secondary batteries -- next year to secure key technologies and create new markets. “It is very important to secure original technologies in the three major technologies of semiconductors, displays and secondary batteries as the future growth engines of our ec
Dec. 28, 2023
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Shinhan Card secures W31b funding from Kazakhstan's Aster
Shinhan Card announced Thursday that its Kazakhstan unit, Shinhan Finance, secured about 31 billion won ($24 million) from Aster, a leading automobile dealer in the Central Asian country, for a new joint venture, becoming the first Korean card company to win investment from an overseas entity. The two companies agreed to set up a joint venture worth 62 billion won to seek synergy in Kazakhstan’s burgeoning microfinance market. Under the partnership, Aster will invest 31 billion won into Sh
Dec. 28, 2023
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[Graphic News] Transportation industry sales up 20% on travel demand surge
Sales of South Korea’s transportation industry rose nearly 20 percent in 2022 driven by a rising demand for travel after the COVID-19 pandemic, data showed. Sales came to 232.5 trillion won ($177.7 billion) last year, up 19.8 percent from the previous year, according to the data from Statistics Korea. The growth came as sales of the air transport sector surged 57.9 percent on-year to 23.4 trillion won, with more people taking trips as the COVID-19 situation stabilized. Sales of the water t
Dec. 28, 2023
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LegoChem CEO expects $1.72b deal to give traction to ADC development
LegoChem Biosciences will leverage its $1.72 billion out-licensing deal with Janssen Pharmaceuticals for the development of its subsequent antibody-drug conjugate pipelines, the Korean biopharmaceutical firm's CEO said on Wednesday. On Tuesday, the Kosdaq-listed LegoChem signed a technology transfer agreement with Janssen Pharmaceuticals for the development and commercialization of antibody-drug conjugate candidate LCB84. The deal, potentially worth over $1.72 billion, is the largest licens
Dec. 27, 2023