Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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[Graphic News] Chinese account for 62% of apartment purchases by foreigners since 2015
Chinese nationals have accounted for over 60 percent of apartment purchases by foreign nationals in South Korea since 2015, a government report showed. According to a report from the Land Ministry submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the number of apartment purchase deals by Chinese nationals amounted to 18,465 between January 2015 and August of this year. The tally accounts for 62 percent of a total of 29,792 apartment purchases by foreigners
Oct. 17, 2022
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With Russian airspace shut, long-haul crews at risk of breaching maximum hours
South Korean airlines are considering ways to extend the maximum working hours for crew on board to avoid layovers for long-haul flights such as the New York-Incheon route. Korean Air and Asiana Airlines, two of South Korea’s largest full-service carriers, said the move comes after Russia's airspace was shut down after its invasion of Ukraine, prompting Korean airlines to take a detour for safety. “We are looking to lift the cap on the maximum flying hours for pilots with discus
Oct. 16, 2022
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Kakao suffers worst server outage, with no complete recovery in sight
A day has passed since Kakao Corp., the operator of the immensely popular messenger app KakaoTalk, suffered its worst server outage due to a fire at its data center, but there was no complete recovery in sight as of midday Sunday. “The Pangyo data center is our main data facility that operates around 32,000 servers, but only one third of them – 12,000 servers – have been restored,” Yang Hyun-seo, a Kakao vice president, said during a press conference held in the afternoon
Oct. 16, 2022
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After server outage, users search out Kakao alternatives
The longest-ever server outage for KakaoTalk, the nation's most popular messenger app, and its affiliated services, is prompting people here to seek alternatives, according to data on Sunday. As of 3 p.m. Sunday, the top downloads on Apple's app store were alternatives for Kakao's popular apps. Naver's messaging app Line topped the list, rising six steps since Saturday, while taxi reservation app UT came in second, with GPS location service Naver Map coming in third. Other mobility apps, such a
Oct. 16, 2022
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Kakao, Naver malfunctions leave investors shuddering
South Korea’s retail investors on Sunday were grappling with the fear that the much-favored tech shares of Kakao and Naver might suffer another round of massive falls after their service malfunctions shocked the nation over the weekend. A fire broke out on Saturday at an SK C&C building housing data centers of the two internet giants and disrupted operations of their popular services, including messenger app KakaoTalk and taxi-hailing app Kakao T, for more than 10 hours. As of 2 p.m.
Oct. 16, 2022
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Higher pricing, currency rates to boost Hyundai, Kia to record earnings
South Korean automaker Hyundai Motor and its sister company Kia are expected to see continued record-high sales and profits in the third quarter, despite a market downturn and the impact of the industry’s low season. According to market data on Sunday, Hyundai Motor is expected to announce around 36 trillion won ($25 billion) in sales in the July-September period, about a 25 percent increase on-year. Its quarterly operating profit would surpass 3 trillion won for the first time, jumping 10
Oct. 16, 2022
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SPC Group’s Paris Baguette debuts in London
South Korean food conglomerate SPC Group said Sunday that it has opened its first Paris Baguette store in the UK, with an aim to run 20 bakery cafe franchises there by 2025 to expand the brand's presence in Europe. The UK is SPC’s ninth overseas market and the second European country it has entered. “The UK is an important market for us to expand business in Europe and launch more franchises there, ultimately making it one of four pillars for our brand growth globally after th
Oct. 16, 2022
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[Breaking] Fire at Kakao data center causes servers to go down
A fire Saturday at a Kakao data center in Pangyo, south of Seoul, has led to a server outage affecting the KakaoTalk messenger app, along with other apps such as Kakao T, Kakao Map, Kakao Metro, Kakao Webtoon, Kakao Bank, Kakao-owned portal Daum and music streaming service Melon. The internet connection for the apps has been unavailable since 3:30 p.m. "There has been a fire at SK C&C data center since 3:30 p.m. Work has begun to put down the fire, but we are uncertain when the fir
Oct. 15, 2022
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[Weekender] Strong dollar, weak won: What does it mean for ordinary people?
Over the past year, the Korean currency has lost nearly 20 percent of its value against the dollar. A dollar is equal to about 1,429 won, according to the currency’s closing rate on Wednesday. But a year ago, you needed 19 percent less of the Korean currency, or 1,196.5 won, to buy a dollar. The won’s depreciation, driven largely by the dollar’s gains worldwide, has sent the exchange rate into a territory trodden only during major financial crises. A won-dollar rate above 1,400
Oct. 15, 2022
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Job growth slows in Sept. amid recession worries
South Korea posted 19 straight months of job gains in September, although the employment growth has cooled amid worries over a recession prompted by soaring interest rates and slowing exports. According to Statistics Korea data released Friday, the number of the employed rose to 28.38 million last month, up 707,000 from the same month a year ago -- the largest annual gain since 1999 in the month of September. But the monthly increase has been declining since May, when 935,000 jobs were added. A
Oct. 14, 2022
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Seoul shares soar 2.3% on Wall Street rally
South Korean stocks rebounded sharply Friday, as investors shook off hotter-than-expected US inflation data and bet price increases would soon peak. The local currency gained ground against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) added 49.68 points, or 2.3 percent, to end at 2,212.55. The index lost 20.29 points, or 0.9 percent, from last week's closing of 2,232.84. Trading volume was moderate at 501 million shares worth 7.01 trillion won ($4.89 billion), with
Oct. 14, 2022
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IMF chief downplays possibility in Korea’s financial crisis
SEJONG -- The chief of the International Monetary Fund on Friday dismissed the possibility that South Korea would face a financial crisis, seemingly suggesting that the current economic situation of the nation is different from the 1997 or 2008 crises. According to the Ministry of Economy and Finance, the remarks of IMF Managing Director Kristalina Georgieva came during a meeting with Korea’s Deputy Prime Minister and Finance Minister Choo Kyung-ho in Washington. Georgieva picked the nat
Oct. 14, 2022
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S. Korean virtual human to advertise at Thai landmarks
Onmind, a subsidiary of South Korean game-maker Neptune, said Friday its artificial intelligence virtual human model Sua has signed a three-year modeling deal to work with Thai advertising firm DDD. DDD advertises for large Korean conglomerates, Thai Airways and global luxury brands such as Chanel and Dior. It currently has advertisement billboards at major landmarks in Bangkok including Suvarnabhumi Airport, and malls Siam Paragon and MBK Center. Under the contract, Sua will appear on billboard
Oct. 14, 2022
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Samsung digital wallet service to arrive at 13 more countries
Samsung Wallet, a digital wallet and digital certificate platform known as Samsung Pay in South Korea, will become available in 13 more countries by the end of this year, tech giant Samsung Electronics announced Friday. The service will be expanded to Bahrain, Denmark, Finland, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam and the United Arab Emirates. With Samsung Wallet, Galaxy users can organize digital keys, payment cards, boarding passes, as well as ide
Oct. 14, 2022
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Auto exports jump 35% in September on popularity of eco-friendly cars
South Korea's car exports jumped 34.7 percent on-year in September on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to$4.79 billion last month, the largest ever for any September, according to the data from the Ministry of Trade, Industry and Energy. It is also the second-largest monthly figure after July 2022 when the amount came to $5.14 billion, it added. In terms of volume, a total of 192,863 vehicles were sold last month, up
Oct. 14, 2022
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Seoul shares open higher on overnight Wall Street gains
South Korean stocks opened higher Friday, tracking an overnight surge on Wall Street as investors shook off hotter-than-expected inflation data and bet price increases would soon peak. The benchmark Korea Composite Stock Price Index (KOSPI) added 34.03 points, or 1.57 percent, to 2,196.90 in the first 15 minutes of trading. Overnight, Wall Street made a remarkable turnaround to close higher, after plunging significantly earlier in the session, as investors shrugged off persistently higher-than-e
Oct. 14, 2022
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[Graphic News] Deaths in S. Korea hit record high last year amid rapid aging, pandemic
The number of deaths in South Korea hit an all-time high last year due largely to rapid aging and the fallout of the COVID-19 pandemic, data showed. A total of 317,680 people died in the country last year, up 12,732 people, or 4.2 percent, from the previous year, according to the data from Statistics Korea. The 2021 tally marked the largest since 1983, when the statistics agency began compiling related data. The spike in deaths was mainly attributable to rapid aging, and COVID-19 was the
Oct. 14, 2022
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LG Energy Solution to complete commitment for 1st Ultium Cells factory
South Korean lithium-ion battery manufacturer LG Energy Solution is set to complete a $916 million capital commitment for a factory in Ohio under Ultium Cells, LG’s joint venture with General Motors, as the factory prepares for mass production in the near future, a filing showed Thursday. LG Energy Solution's US subsidiary will have its committed capital to Ultium Cells fully earmarked by Friday, as LG's payments first began in January 2020, according to the filing with the Finan
Oct. 13, 2022
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SK Innovation marks 60 years with new climate initiative
South Korea's leading refiner SK Innovation celebrated 60 years since its foundation with a new climate initiative to become more carbon-free on Thursday. The company said it would go beyond achieving its 2050 net-zero goals, pledging to drastically reduce its carbon emissions across all workplaces by 2062, its 100th anniversary. Under a new initiative, called "All Time Net Zero," the company aims to offset carbon emissions by recycling plastic, streamlining manufacturing processes and
Oct. 13, 2022
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AustCham Korea hosts dinner for trade minister
The Australian Chamber of Commerce in Korea said Thursday it has co-hosted a dinner reception for the visiting Australian Federal Minister for Trade and Tourism, Sen. Don Farrell at the Four Seasons Hotel Seoul on Wednesday. The minister came after his visit to Japan, in a tour that the AustCham explained was a strategic move to engage with Australia’s key partners to strengthen trade ties, promote Australia as a renewable energy superpower and discuss cooperation on economic security. Min
Oct. 13, 2022