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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Korea enters full election mode
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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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Immigrant woman stabbed to death by Korean husband
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Hana Bank, GMO-PG to simplify Korea-Japan business payments
Hana Bank said Tuesday it signed a partnership deal with Japan’s largest payment processing company, GMO Payment Gateway, to launch a cross-border payment and settlement system for domestic companies expanding into Japan. Under the partnership, Hana and GMO will collaborate in providing a wide range of services Korean companies from expert consulting for starting businesses and launching franchises in Japan to assistance on transferring e-commerce sales generated in Japan. Thier collaborat
March 26, 2024
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Daewoo E&C eyes bigger footing in overseas markets
Amid escalating construction costs and volatility in the financial markets triggered by interest rate hikes, the domestic real estate sector is grappling with unprecedented risks. In response, Daewoo Engineering & Construction is pivoting to international markets, notably in urban development projects, to mitigate these challenges, the company said Tuesday. Despite the recent market downturn, Daewoo E&C has demonstrated resilience. The builder reported sales of 11.6 trillion won ($8.67 b
March 26, 2024
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Seoul shares start higher despite US losses
South Korean stocks got off to a strong start Tuesday despite overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index added 32.49 points, or 1.19 percent, to 2,770.06 in the first 15 minutes of trading. The US stocks lost ground Monday as investors took a breather ahead of key inflation data. The Dow Jones Industrial Average fell 0.4 percent, and the tech-rich Nasdaq Composite Index dropped 0.3 percent. In Seoul, market heavyweights led the bullish beginning. Top-cap Sam
March 26, 2024
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Consumer sentiment snaps 3-month rise in March amid rising prices, slumping spending
South Korea's consumer sentiment snapped an improvement for the third consecutive month in March amid soaring prices of farm goods and a slump in private spending, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from 101.9 the previous month, according to the survey conducted by the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The central bank said consumer sentiment declined amid a rise in prices of agri
March 26, 2024
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How streaming TV buttons helped boost profits for Samsung, LG
From the red and blue shortcut buttons with Netflix and Disney+ logos to fancier features and operating systems, Samsung Electronics and LG Electronics, the world’s top two TV makers, are pouring resources into content, not just hardware itself, to elevate profits. Remote control devices have become "billboards" for the streaming giants, in the words LG Electronics CEO Cho Joo-wan, after Netflix started paying major TV manufacturers advertisement fees to include their shortcut bu
March 25, 2024
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New parents to get greater chance at buying home
Housing supply measures, encompassing both the public and private sectors, revised to favor households with newborns came into effect Monday, with the intention to lower the burden of high housing costs as one of the factors pulling down the country’s fertility rate to the world's lowest level. Starting from Monday, households with a child younger than 2 years old, including those with an adopted child or expectant mother, will be eligible to apply for a specialized and prioritized ho
March 25, 2024
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Seoul shares fall for 2nd day on profit-taking
South Korean stocks declined for the second straight session Monday as investors sought to cash in recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 10.99 points, or 0.4 percent, to close at 2,737.57. Trade volume was moderate at 479.9 million shares worth 9.78 trillion won ($7.23 billion), with losers outnumbering winners 527 to 336. Foreigners and institutions led the drop, dumping a combined 331.6 billion won worth of local share
March 25, 2024
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New Kyobo Life CEO urges change, innovation
The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders. Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability." During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and i
March 25, 2024
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Posco International CEO vows to speed up digital transformation
Lee Kye-in, formerly president of Posco International, took office as CEO of the company, having been appointed to his new position during a board meeting at the company’s headquarters in Incheon on Monday. In his inaugural speech, Lee said, "As CEO of Posco Group's second-largest company, as well as a leading trading company, I will fulfill my responsibilities" to align with the company's new vision, "materials opening the future, innovation for the top class,&quo
March 25, 2024
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Hyundai Motor ranks 2nd in US EV sales
Hyundai Motor Group ranked second behind Tesla in terms of electric vehicle sales in the United States in January, a report showed Monday. Citing statistics from S&P Global Mobility, Automotive News said the Korean auto conglomerate’s three brands -- Hyundai Motor, Kia and Genesis -- combined for 8,262 newly registered EVs in the US in January 2024 to account for 9.3 percent of the total market. According to the report, Tesla registered 48,757 EVs to retain the top spot, while traditio
March 25, 2024
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Hyundai Motor, Saudi Arabia join efforts for future mobility ecosystem
Hyundai Motor Group said Monday that it has joined hands with Red Sea Global to implement eco-friendly future mobility to Saudi Arabia’s development project to open luxurious and pro-nature tourism resorts along the west coast of the Middle Eastern country. According to the announcement, the representatives of the Korean automaker and the Saudi Arabian megaproject signed a memorandum of understanding in Riyadh on Sunday. Red Sea Global, which is entirely owned by the Public Investment Fund
March 25, 2024
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Eximbank to form W1tr fund for chips, battery
The Export-Import Bank of Korea, or Eximbank, announced it will form a 1 trillion won ($745 million) fund to support businesses in high-tech strategic industries, especially semiconductors and batteries. The policy lender will put in 150 billion won toward the fund which will close out at 1 trillion won. The fund will be used to provide preferential interest rates and loan limits to businesses related to chips, battery, bio, future mobility and electric engineering. It is the second fund establi
March 25, 2024
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LX chief calls 2024 'turning point'
LX Holdings Chairman Koo Bon-joon said Monday he would enhance the group’s crisis response system in a bid to enhance its responsiveness to business uncertainties at home and globally. “The year 2024 will be an important inflection point as we prepare for the next three years of LX’s leap,” Koo said during this year’s annual shareholders meeting held at the company’s headquarters in Seoul. Koo’s comments come as LX Group spun off from LG Group in 2021
March 25, 2024
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Antitrust watchdog to launch large-scale survey on e-commerce platforms
With the rapid influx of global e-commerce into the domestic market, the Fair Trade Commission is set to launch an extensive market survey starting Tuesday, to examine the evolving landscape and structure of the e-commerce market in Korea. The survey marks the first step in gathering data to produce a policy report slated for release by the end of this year. The report's objective is to proactively identify and analyze fair trade and consumer issues arising from shifts in e-commerce market
March 25, 2024
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IBK to roll out W100b fund for digital tech
The Industrial Bank of Korea on Monday announced the establishment of a strategic investment fund worth 100 billion won ($75 million) to nurture businesses with innovative digital technologies. The fund will be pooled by the policy lender and its affiliate IBK Capital, with each investing 90 billion won and 10 billion won, respectively. As IBK Capital is more experienced in venture funding, it will manage the fund as a general partner, IBK explained. The fund aims to support platform operators w
March 25, 2024
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65% of Korean firms penalize ChatGPT-crafted resumes
A majority of large companies in South Korea disadvantage applicants who craft their resumes using artificial intelligence services, such as ChatGPT, according to a survey released Sunday. The Labor Ministry and the Korea Employment Information Service unveiled a report on employment trends in the second half of 2023, which was based on a survey of human resource managers at the nation’s top 500 companies by sales. The survey was conducted from Nov. 20 to Dec. 22 last year, with 315 out of
March 25, 2024
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[Photo News] Farewell to the Queen
Asiana Airlines’ Boeing 747-400, the last Boeing 747 aircraft in South Korea, is honored with a grand water salute at Taiwan Taoyuan International Airport on Monday to mark its final flight. Known as the “Queen of the Skies,” the iconic aircraft was first introduced in Korea in 1999. The Asiana aircraft has flown nearly 97,000 hours, completing over 18,000 flights and covering 88 million kilometers. (Asiana Airlines)
March 25, 2024
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EcoPro invests $11m to secure stake in Indonesian nickel smelter
EcoPro, a South Korean battery materials holding company, said Monday that it had invested $11 million for a 9 percent share in Green Eco Nickel, an Indonesian nickel smelter operated by Chinese battery materials firm GEM, to expand the supply of nickel, a crucial raw material for lithium-ion battery production. The Green Eco Nickel smelter, situated on Sulawesi Island in Indonesia, boasts annual production of approximately 20,000 tons of nickel. The investment will allow EcoPro to gain addition
March 25, 2024
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Hana Bank, ICE Digital Trade team up for paperless trading
Hana Bank announced Monday that it has inked a memorandum of understanding with global digital solutions provider ICE Digital Trade to innovate trading procedures, especially digitalizing trade-related documents and communications. ICE Digital Trade, part of New York-listed Intercontinental Exchange, connects over 56 global banks and 65,000 member companies through its digital trade transaction solution, called DSUA or Databridge Services & Users Agreement. This partnership aims to streamlin
March 25, 2024
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[Photo News] New electric Mini in Seoul
Mini Korea will hold an exhibition to shed light on the past, present and future of the brand in Seoul from Friday to April 21, the premium small car brand under BMW Group said Monday. Showcasing the new all-electric Mini Cooper and new all-electric Mini Countryman, the "Mini Heritage and Beyond" exhibition will be held at the K Museum of Contemporary Art in Gangnam-gu. The new Mini EVs are to hit the local market later this year. (BMW Group Korea)
March 25, 2024