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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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
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Seoul shares rise for 3rd day on tech gains, foreign buying
South Korean stocks made solid gains Thursday as investors picked up big-cap tech shares on hopes for a recovery in a semiconductor industry cycle. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.64 points, or 1.02 percent, to end at 2,237.86, extending its winning streak to a third consecutive session. Trading volume was moderate at 631.62 million shares worth 6.67 trillion won ($4.75 billion), with gainers outpacing losers 776 to 118. Foreigners bought shares worth 252.05 bill
Oct. 6, 2022
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Chaebol chiefs on overseas business trips amid parliamentary inspection
A parliamentary inspection of the Land, Infrastructure, and Transport Committee kicked off Thursday to question businesses over their mishaps or irregularities that undermined public safety, but hearing sessions went on without business chiefs in attendance. The initial list of requested witnesses submitted by the ruling People Power Party and the main opposition Democratic Party of Korea included 96 business executives in total, but only four appeared as witnesses on the day. Business tycoons w
Oct. 6, 2022
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Korea posts biggest drop in dollar reserves since 2008 as won plunges
South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the biggest monthly decline in 14 years, as authorities double down on efforts to prop up the quickly depreciating won that is now at a 13-year low against the US dollar. According to Bank of Korea data on Thursday, the reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion in August. That is the largest monthly dip since October 2008, when reserves fell by $27.4
Oct. 6, 2022
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[Newsmaker] Why SK chief calls K-food the next big thing
In a surprising move, SK Group Chairman Chey Tae-won has recently stepped up as an evangelist for hansik, or Korean food, even though his sprawling energy-to-chip business has no food subsidiary. Last month, he hosted a banquet at a fancy hansik restaurant in New York to invite a dozen UN ambassadors and introduced them Korean cuisine and its unique ingredients. He even appeared in a TV show as a main host to discuss ways to nurture K-food as a potent industry that appeals to the global audience
Oct. 6, 2022