Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Yoon's approval rating plunges to all-time low
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Some 380,000 households at high risk of default due to excessive debt burden: BOK
Some 380,000 households in South Korea were found to be at high risk of financial default due to excessive debt burdens, a central bank report showed Monday. According to the Bank of Korea (BOK) report submitted to Rep. Kang Joon-hyun of the main opposition Democratic Party, the number of households at high risk in terms of financial liabilities reached 381,000 as of the end of last year. The BOK defines such high-risk households as those that are unable to pay back their loans even through disp
Oct. 10, 2022
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Soaring food prices force Koreans to scrimp on eating out
Higher food prices are taking a toll on much of the world and Koreans are no exception, as they look to deal with the surging costs of eating out that reached a 30-year high last month -- the latest sign that will likely harden resolve at the Bank of Korea for a second hefty rate hike this week. While overall consumer prices eased in September for a second straight month, services inflation edged up 4.2 percent on-year, a 21-year high, according to Statistics Korea data released last week. Eatin
Oct. 9, 2022
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US chip export curbs won't likely hurt Samsung, SK hynix: lawmaker
Amid a chaotic mood building among Korean chipmakers operating fabrication plants in China over Washington's chip export curbs on Beijing, a South Korean lawmaker said Sunday the companies are unlikely to be hurt, as the US would take some time to see to how the repercussions of its actions play out through the global supply chain. "(US authorities) are unlikely to be harsh in export controls on semiconductor equipment going to Korea-owned facilities, because the extent of (repercussions fr
Oct. 9, 2022
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Antitrust regulator likely to enhance investigative role
South Korea's antitrust regulator, the Fair Trade Commission, is likely to go through an organizational reform to enhance its role in investigating antitrust cases and while focusing less on policy formulation, related ministries said Sunday. The plan set to be carried out by the end of this year, would have the agency focus more on regulating unfair practices, they said. Currently, the FTC is consists of a committee and a secretariat. The committee is the decision-making body that has nine
Oct. 9, 2022
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Jeju to host first-ever exhibit on future agricultural machinery
The first-ever expo for electric and autonomous driving agricultural machinery will be held from Nov. 8 to 10 in Jeju, according to the expo organizing committee Sunday. Officially titled ‘IEVE : The 1st Electric and Autonomous Agricuture,' the expo is co-hosted by the International Electric Vehicle Expo, Korea Global EV Association Network, Jeju Special Self-Governing Province and the Korea Agricultural Machinery Forum. The expo organizing committee appointed Oh Young-hun, governor
Oct. 9, 2022
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LG Electronics supplies autonomous robots to malls in Japan
LG Electronics said Sunday it has supplied autonomous robots to two locations of shopping mall chain Aeon in Japan. The multipurpose customer service robots, branded as the LG CLOi GuideBot, have recently begun operating in Aeon malls in Toki, a suburb of Nagoya, and Narita, 60 kilometers east of Tokyo, according to the South Korean tech giant, without specifying dates. The robots feature two 27-inch flat-panel displays with touch-screen functions at the front and the rear side. They can also co
Oct. 9, 2022
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Hanwha Aerospace selected as preferred bidder for S. Korea's space rocket project
Hanwha Aerospace Co., an aerospace business unit of chemical-to-financial conglomerate Hanwha Group, has been selected as preferred bidder for South Korea's space rocket-upgrading project, the company said Friday. Hanwha Aerospace beat the country's sole aircraft manufacturer Korea Aerospace Industries Co. (KAI) in the 300-billion won ($213 million) project spearheaded by state-run Korea Aerospace Research Institute (KARI), the company said in a statement. "Hanwha Aerospace will c
Oct. 7, 2022
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Korean duty-free shops strive to reduce reliance on China
Korean duty-free shops, hit hard by protracted COVID-19 lockdowns in China, are seeking to reduce their reliance on Chinese sales, turning their eyes to alternative markets like Southeast Asia. Before the pandemic, China’s deep-pocketed tourists and resellers used to be their key revenue sources that made up more than 80 percent of their sales. With the resumption of international travel around the world, local retailers, especially the top two Lotte and Shinsegae, had pinned high hopes
Oct. 7, 2022
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Korea’s central bank chief sees more rate hikes coming
The chief of South Korea’s central bank hinted at more rate hikes to come on Friday to combat high inflation, while stressing that the possible currency swap deal with the US is only a short-term solution. “We believe that we need to maintain our stance to raise rates going forward in order to prevent entering a stagnant state of high inflation,” Bank of Korea Gov. Rhee Chang-yong told lawmakers during a parliamentary audit. “The BOK has so far carried out a series of s
Oct. 7, 2022
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Rice production to fall by 2% this year: Statistics Korea
SEJONG -- The nation’s rice output is projected to decrease by 78,000 tons in 2022 on-year in the wake of a curtailed rice paddy size as well as shortage in rainfalls, Statistics Korea said Friday. According to the state-run agency, rice production nationwide will likely decline by 2 percent on-year from 3.88 million tons in 2021 to 3.8 million tons in 2022. The size of rice paddies is estimated to have contracted by 0.7 percent from 7,320 square kilometers (732,000 hectare) to 7,270 squ
Oct. 7, 2022
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Science experts call for creation of national science hub
South Korea’s science experts have called for nationwide efforts to set up a national science hub in order to gather the country’s scientific talents and research efforts. According to the Science Dreamland, an incorporated association, over 100 figures from the science and technology sector, local governments and companies gathered to share thoughts on how to successfully push for building a national science hub at the National Assembly Members Office on Friday. The association refe
Oct. 7, 2022
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Seoul shares end 3-day winning streak on rate hike woes
South Korean stocks closed lower Friday, ending a three-day winning streak amid lingering concerns over the Federal Reserve's aggressive monetary tightening and a global economic recession. After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) shed 5.02 points, or 0.22 percent, to end at 2,232.84. Trading volume was a bit slim at 402.26 million shares worth 6.96 trillion won (US$4.75 billion), with losers outpacing gainers 487 to 370. Institutional investors sold a
Oct. 7, 2022
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Apple Pay likely to start Korean services next month
Apple Pay will start its Korean services next month or at least early December, according to recently leaked documents stating terms and conditions for Hyundai Card customers. The screen captures of digital documents labeled “terms and conditions” in Korean said that “the purpose of this document is to regulate the conditions and procedures of the rights between our customers and the company, obligations and responsibility and more for the usage of Apple Pay services provided
Oct. 7, 2022
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Samsung's Q3 operating earnings to drop sharply on weak chip demand
Samsung Electronics is expected to log a sharp drop in its quarterly operating profits as the company on Friday announced that its tentative third-quarter operating profits are estimated at 10.8 trillion won ($7.7 billion), a 31.73 percent decline on year. According to the South Korean chipmaker, its operating profits from the third quarter will also have declined by 23.4 percent on quarter. The downfall will mark the first quarterly dip in the company’s operating profits since the fourth
Oct. 7, 2022
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BOK to maintain monetary tightening stance amid high inflation
South Korea's central bank said Friday it will maintain its position to raise interest rates going forward to combat inflation that is expected to stay in the 5-6 percent range "for a considerable period of time." In a report submitted to lawmakers for a parliamentary audit, the Bank of Korea (BOK) voiced concerns a sharp slide of the local currency against the US dollar will likely apply upward pressure on prices. "It is of urgent need to keep a lid on inflation expectations
Oct. 7, 2022
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S. Korea posts current account deficit in Aug. amid slowing exports, mounting import bills
South Korea posted a current account deficit for the first time in four months in August as exports grew at a slower pace and import bills continued to mount amid high crude oil and raw material prices, central bank data showed Friday. The country's current account shortfall came to $3.05 billion in August, a sharp turnaround from a surplus of a revised $790 million tallied a month earlier, according to the preliminary data from the Bank of Korea (BOK). This marked the first time in four mo
Oct. 7, 2022
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Seoul shares open lower on US losses
South Korean stocks opened lower Friday, tracking overnight losses on Wall Street amid lingering concerns over the Federal Reserve's monetary tightening policy. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.42 points, or 0.64 percent, to 2,223.44 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 1.15 percent, and the tech-heavy Nasdaq Composite went down 0.68 percent, as investors await a jobs report for September due Friday (US time), wh
Oct. 7, 2022
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GS Energy, Posco to work together on used battery recycling
Energy-to-construction conglomerate GS Group said Thursday it has signed an agreement with South Korea's top steel maker Posco to establish a joint venture for battery recycling business to create synergy in the rapidly expanding industry. Named Posco-GS Eco Materials, the joint venture will be 51 percent owned by Posco Holdings and 49 percent owned by GS Energy. It will be established within this year. Posco and GS said they saw new business opportunity amid shifting industry ecosystem and
Oct. 6, 2022
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PK Valve develops Korea’s first valve for liquified hydrogen
PK Valve & Engineering, a subsidiary of STX, which specializes in industrial valves, said it has developed the country’s first valves for liquefied hydrogen after three years of research and development. The “3-inch Globe valve for liquefied hydrogen,” made of 316L stainless steel, can be directly applied to containers that store liquefied hydrogen at minus 253 degrees Celsius. Hydrogen liquefies at the extremely low temperature of minus 253 degrees, and constantly gasifies
Oct. 6, 2022
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Korea braces for oil price spikes following OPEC+’s output cut
SEJONG -- South Korea’s economic policymakers are likely to adopt another round of contingency plans to minimize possible instability in consumer prices, as the OPEC+ has decided to curb oil production. The oil cartel’s decision comes after some local policymakers and market insiders claimed that Korea’s inflation was considered to have peaked in July, when consumer price growth posted 6.3 percent. At a meeting in Vienna on Wednesday, the OPEC+ publicized its plan to reduce c
Oct. 6, 2022