Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Seoul to provide housing subsidy to married couples with newborns
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New head of doctors' association vows war in case of disadvantage to medical professors
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Daewoo E&C, Jungheung renovate patriot descendants' residences
South Korean builder Daewoo E&C and its parent company Jungheung Group participated in a campaign to improve the living environment of a descendant of an independence patriot as part of its corporate social responsibility project on Friday, the companies said Tuesday. The campaign hosted by Habitat Korea involves renovating old houses in which descendants of independence patriots experiencing economic difficulties live. Employees of Daewoo E&C and Jungheung Group traveled to the residenc
Oct. 5, 2022
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Seoul shares open higher on US rallies
South Korean stocks opened markedly higher Wednesday, tracking overnight rallies on Wall Street, on solid demand for tech bargains. The benchmark Korea Composite Stock Price Index (KOSPI) added 22.39 points, or 1.01 percent, to 2,231.77 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 2.80 percent, and the tech-heavy Nasdaq Composite advanced 3.34 percent, as US Treasury yields fell and the latest US jobs report raised hope that the Federal Reserve would bac
Oct. 5, 2022
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S. Korea's exports outlook worsens for Q4
South Korea's exports are expected to worsen in the fourth quarter of the year amid a global economic slowdown, a trade body said Wednesday. The Korea International Trade Association (KITA) said its export business survey index stood at 84.4 for the October-December period, down from 94.4 three months earlier and staying below par for three consecutive quarters. The index came to 96.1 in the second quarter of the year, falling below the benchmark 100 for the first time in two years. A readi
Oct. 5, 2022
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Hyundai, Kia log 8.5% rise in US sales last month despite chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 8.5 percent last month from a year earlier despite the extended chip shortage. Hyundai and Kia sold 115,735 vehicles in the world's most important automobile market in September, up from 106,706 units a year ago, according to the companies' sales data. Hyundai's sales climbed 11 percent to 59,465 units last month from 53,800 a year ago, while Kia's were up 6.4 percent t
Oct. 5, 2022
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Consumer prices grow at slower pace for 2nd month in Sept.
South Korea's consumer prices grew at a slower pace on-year for the second consecutive month in September on the back of slowed growth in prices of oil and agricultural products, data showed Wednesday, in yet another sign that inflation may have peaked. Consumer prices, a key gauge of inflation, rose 5.6 percent last month from a year earlier, slowing from a 5.7 percent rise in August, according to the data from Statistics Korea. In July, consumer prices increased at the fastest pace in alm
Oct. 5, 2022
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Seoul readies W10tr ‘stabilization’ fund to contain market volatility
South Korea’s finance authorities are preparing to replenish what they call a “stabilization fund” this month to curb volatility gripping the local stock market, led by investors pricing in a sharp US downturn. The fund, which the government last rolled out in 2020 to ride out the COVID-19 fallout but never actually used amid a market rebound, will make possible an injection of roughly 10 trillion won ($7 billion) into the Kospi 200 -- a select group of blue chips on the main b
Oct. 4, 2022
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Hyundai Engineering expands CSR projects to help disabled, low-income households
Hyundai Engineering said Tuesday that it is planning on expanding its corporate social responsibility projects to support the disabled and low-income households. Under the plan, the firm, which has been conducting charity drives with the Goodwill Store since 2017, a rehabilitation facility for the disabled, will provide educational services, repair low-income residents’ houses and establish a community center for Koryoin, or ethnic Koreans living in Central Asia. "Hyundai Engineering
Oct. 4, 2022
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3 more Paris Baguette branches open in Paris
SPC Group has opened three more Paris Baguette stores in Paris this year to expand its business in the European market, the South Korean food and beverage giant said Tuesday. The latest Paris Baguette store is set to open in Montparnasse, a major commercial district in the southern part of Paris on Tuesday, local time. The opening of Paris Baguette Montparnasse branch follows two branch openings in February in other parts of the French capital -- in Boieldieu and Corolles. With a floor area of 1
Oct. 4, 2022
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Hyundai Steel expands earthquake-proof H Core lineup
South Korea’s second-largest steelmaker Hyundai Steel said Thursday it would expand the product lineup of its earthquake-resistant structural steel, branded as H Core. H Core was launched in 2017 to include materials used for earthquake-proof designs such as rebar and section steel. Through the recent expansion, the steelmaker will incorporate other materials that can be used throughout the construction process such as cold and hot rolled steel, steel plates, and steel pipes. The steelmake
Oct. 4, 2022
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Naver to buy US social commerce platform Poshmark for $1.6b
South Korean IT giant Naver will buy Poshmark, the largest social commerce marketplace in North America, for a total of $1.6 billion (2.3 trillion won), the companies said Tuesday. Naver will acquire all of Poshmark stocks at $17.9 per share in a buyout worth approximately $1.2 billion. The rest of the $1.6 billion deal includes consideration for Poshmark’s cash holdings of some $580 million. As the biggest acquisition ever for a Korean IT company, Wednesday’s announcement marked t
Oct. 4, 2022
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Seoul shares rebound from 2-year low on tech gains
South Korean stocks made a strong rebound Tuesday from more than a two-year low as investors picked up battered tech shares following solid gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 53.89 points, or 2.5 percent, to end at 2,209.38. Trading volume was a bit slim at 412.58 million shares worth 7.37 trillion won ($5.16 billion), with gainers outpacing losers 815 to 90. Foreigners bought a net 216.89 billion won worth of shares in Seoul, while retail and ind
Oct. 4, 2022
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[Newsmaker] Transport ministry offers increase of taxi-hailing fee to resolve nighttime cab shortage
The government will raise late-night taxi-hailing fees to 5,000 won ($3.49) which will go into the pockets of taxi drivers, not platform companies, to bring back drivers who left the industry during the pandemic curfew, the transport ministry said Tuesday. According to the plan devised to resolve the nighttime taxi shortage, taxis operating from 10 p.m. to 3 a.m. will receive up to 5,000 won as hailing fee. When the midnight basic fare is added, passengers in Seoul are likely to pay more than 10
Oct. 4, 2022
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Retail industry looks offline to drive customer experience: report
As Korea transitions to the endemic stage of the COVID-19 pandemic, the online-focused retail industry is shifting toward offline stores to enhance customer experience, a report showed Tuesday. Although the vacancy rate rose in commercial districts during the pandemic, retail brands are eyeing prime spaces to open pop-up or flagship stores, according to a report from commercial real estate platform Cushman & Wakefield Korea. For instance, Apple opened its second store in a new buildin
Oct. 4, 2022
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Samsung aims to produce 1.4nm chips from 2027
Samsung Electronics unveiled a five-year road map for its contract chipmaking business Monday, saying it would start producing chips using the 2-nanometer technology in 2025 and the 1.4-nanometer technology in 2027. The new plan came after the South Korean tech giant became the first chipmaker to produce chips on the 3nm production process, the most sophisticated chipmaking technology in the market, in June. Chips with smaller nanometer ratings are more powerful, as they can fit in more transist
Oct. 4, 2022
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Hyundai, Kia EV sales drop after new US EV subsidy act
Hyundai Motor Group’s electric vehicle sales in the United States dropped significantly last month after a new US act that excludes tax benefits on vehicles produced outside of the US took effect, data showed on Tuesday. Hyundai Motor America sold a total of 1,306 Ioniq 5 units in September, far less than the 2,853 units of the EV model sold in June, 1,978 in July and 1,517 in August. Its sister company Kia’s sales of its flagship model EV6 also dropped to 1,440 units last month fr
Oct. 4, 2022
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Countries with high income inequality, debt suffer higher COVID deaths: report
Countries with high income inequality and national debt have reported more COVID-related deaths in the first year of the pandemic, a report showed Tuesday. Of the 38 Organization for Economic Cooperation and Development member nations, those with a high Gini coefficient -- a gauge of economic inequality such as levels of income -- and high national debt saw the most deaths from COVID-19 in 2020, a report released by the Korea Institute of Public Finance said. “Our research showed that if
Oct. 4, 2022
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[From the Scene] SK expands manufacturing capacity to meet growing global demand
SEJONG -- SK Group, South Korea’s second-largest conglomerate by market capitalization, is looking to expand its contract development and manufacturing organization businesses with the completion of SK Biotek Sejong plant’s third pharmaceutical manufacturing facility. With SK Biotek’s Module 3 launch in September, the Sejong Plant’s total manufacturing capacity increased by over 50 percent to 290 cubic meters. Combined with Modules 1 and 2, the plant can now produce up t
Oct. 4, 2022
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Luxury home spa brand LBB issues NFTs for premium care service
La Boutique Bleue, a premium home spa care brand that launched in South Korea in 2021, introduced a non-fungible token certification service, the company said Friday. According to LBB, it has offered VIP membership cards in the form of NFTs to participants that took part in the launch event of the Italian luxury golf wear brand Filippo Piana in Seoul. LBB had collaborated with Filippo Piana in hosting the launch event by showcasing its newest product, Golden Camellia All Day Care Lotion, and off
Oct. 4, 2022
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Stock market stabilization fund to be launched to ease downswings
Financial authorities plan to launch a stock market stabilization fund as part of efforts to counter downswings amid growing worries over global financial tightening and slowing economic growth, industry sources said Tuesday. Consultations are ongoing among relevant agencies with an aim to complete preparations for the launch of the around 10 trillion-won ($7 billion) fund within this month, according to the sources. The move comes as stock markets here have nose-dived this year on worries over
Oct. 4, 2022
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Blockchain company enters ‘token economy’ with STokens
Blockchain-based payment and business development company X-widget said it is entering a “token economy” business where tokens are paid to users when they spend money. Through a blockchain-based discount coupon system that allows users to collect 10 percent of their purchases and gives them a 10 percent discount, X-widget hopes to draw 100 million users worldwide, including 10 million in South Korea, by 2024. X-widget said its blockchain-based mileage project called SToken, de
Oct. 4, 2022