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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Won falls to new yearly low amid woes over Fed's tightening, economic uncertainty
South Korea's currency fell to a new yearly low in intraday trading Friday amid worries the US Federal Reserve will continue monetary tightening to tame inflation and its negative impact on the global economy. The local currency was trading at 1,396.1 won per dollar as of 9:50 a.m., down 2.4 won from the previous session's close. The won fell to as low as 1,399.0 won at one point, flirting with the 1,400 level that has not been breached since March 31, 2009, when it dived to 1,422.0 wo
Sept. 16, 2022
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Seoul shares open lower on Fed rate hike jitters
South Korean stocks opened lower Friday, as the latest US economic data made it more certain that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.31 points, or 0.72 percent, to 2,384.52 in the first 15 minutes of trading. US retail sales posted a higher-than-expected gain in August in the latest government release Thursday (local time), supporting the view that the Fed will push
Sept. 16, 2022
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Unemployment rate hits all-time low in August; job growth slows
South Korea's unemployment rate hit an all-time low last month, but the pace of job growth slowed down for the third month in a row amid economic uncertainties, data showed Friday. The number of employed people stood at 28.41 million in August, up 807,000 from a year earlier, according to the data compiled by Statistics Korea. It is the highest on-year rise for any August since 2000, when the country added 848,000 jobs from the previous year. The country's job market has improved markedly after
Sept. 16, 2022
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Import prices decline for 2nd straight month in Aug. amid falling oil prices
South Korea's import prices declined for the second straight month in August as global oil prices fell amid concerns about global economic slowdown, central bank data showed Friday. The import price index fell 0.9 percent in August from a month earlier after it declined 2.6 percent on-month in July, according to the preliminary data from the Bank of Korea (BOK). The BOK attributed the decline to falling oil prices which drove down prices of petroleum and mine products. South Korea depends o
Sept. 16, 2022
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FSS to step up market scrutiny amid volatility
South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p
Sept. 15, 2022
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Terraform founder could face ‘severe punishment,’ say legal experts
Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c
Sept. 15, 2022
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[Photo News] After the storm
This photo provided by Posco on Thursday shows inside of a submerged steelmaking plant in Pohang, North Gyeongsang Province, on Sept. 6, when up to 110 millimeters of rain per hour was recorded in the region. Repair work is underway, the company said, targeting a full recovery in three months, after it resumed operations of three furnaces earlier this week. Flooded electricity connections dealt a heavy blow to the steelmaker, as power utilities are mostly located underneath the plants. Only 37 p
Sept. 15, 2022
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Seoul shares down for 2nd day amid US inflation rout
South Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the US Federal Reserve after the strong US inflation data. The local currency fell slightly against the US dollar. After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 4
Sept. 15, 2022
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Nature meets science at Eco Farm City
Having studied eco-friendly farming techniques for 20 years, agricultural corporation Eco Farm City has developed what it calls “KDS convergence farming.” The KDS convergence farming combines primary industries of agriculture, fisheries, livestock, timber and regional specialties with secondary industries of manufacturing and processing, as well as the tertiary industry of service. Unlike conventional farming, the nature-meets-science method uses cutting-edge facilities and technolog
Sept. 15, 2022
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LG Uplus vows to go all in on platform businesses
LG Uplus, South Korea’s third-largest telecom operator by market share, has pledged to increase the sales proportion of non-telecommunication services to 40 percent of the total by 2027 with a focus on developing platform businesses. “Now moving beyond the area of traditional telecom businesses, we are looking to open up the era of ‘U+3.0’ that creates data- and technology-based platforms and services centered around customers to discover future growth engines,” sa
Sept. 15, 2022
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Incheon Airport's customer service certified with highest mark by ACI
Korea Herald correspondent KRAKOW, Poland-- Incheon Airport has become the world’s first airport to be granted level 5 Customer Experience Accreditation by the Airports Council International on Wednesday, in recognition of its customer service and systematic operations to cope with increased travel demand in the post-pandemic era. This is the first time that the ACI has granted the highest level since Customer Experience Accreditation began in April 2019 to evaluate world airports’ c
Sept. 15, 2022
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Woori Card partners with Korean singer IU to attract Gen Z
Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I&U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ
Sept. 15, 2022
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VW Korea launches its first electric SUV
In its first debut outside of Europe, Volkswagen Korea launched its pure electric sports utility vehicle, ID.4, in Seoul on Thursday, stressing that the local market is "essential" for the German carmaker's e-mobility business. "Korea is one of the fastest pioneering EV countries. We decided to make sure we have our first ID.4 outside of Europe (in South Korea), as South Korea is essential for Volkswagen's e-mobility business," said Dr. Silke Bagschik, head of product line e
Sept. 15, 2022
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Hyundai wins $3.5m for air pollution reduction project in the US
Hyundai Motor Group said Thursday that it has won $3.5 million in funding from the US Environmental Protection Agency (EPA) to participate in an air pollution reduction project. Under the project, the Korean carmaker will replace five diesel trucks with its hydrogen-powered Xcient Fuel Cell trucks, in California, by the third quarter of 2023. Under EPA’s Targeted Airshed Grant funding program, which began in 2015, the US aims to fund experiments for emissions reduction in cities with the
Sept. 15, 2022
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NFT to be made available on Samsung's smart TVs
Digital art platform ArtToken said Thursday it has partnered with Samsung Electronics to provide non-fungible token art contents on Samsung’s smart televisions. Customers will now be able to purchase, store and view NFT artworks from home through Samsung’s smart televisions. ArtToken’s NFT platform will be connected to Samsung’s smart hub through a smart TV application, the company said. The app was showcased at Europe’s largest home appliances tech show IFA 2022, h
Sept. 15, 2022
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Volvo XC40 makes its Korean debut
Volvo's popular compact SUV XC40 has finally made its South Korean debut -- four years since its official global launch. The model comes with a digital connectivity package the automaker co-developed exclusively for the Korean market with local mobility service firm T Map Mobility. The package, which took two years and 30 billion won ($21.5 million) to develop, includes an information and entertainment platform, a digital key mobile application, and a roadside assistant for troubleshooting
Sept. 15, 2022
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Samsung Electronics declares transition to renewables, zero carbon by 2050
Samsung Electronics said Thursday it has joined the RE100 initiative to set net-zero targets by 2050 and ensure the full use of renewable energy, making a major shift in the IT devices manufacturing giant that consumed the largest amount of electricity in the world. By pledging to use less electricity and reuse and recycle resources like plastic and water, the chips-to-consumer electronics giant aims to transition to 100 percent renewables for its operation, and at the same time become carbon ne
Sept. 15, 2022
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S. Korea's national debt on steady rise despite revenue growth
South Korea's national debt has risen further despite an increase in tax revenue, due largely to the growing spending on supporting pandemic-hit small merchants and other vulnerable groups, data showed Thursday. The total debt had stood at 1,022 trillion won ($732.88 billion) as of end-July, up 14.5 trillion won from a month earlier, according to the data by the Finance Ministry. As of end-2021, the national debt had come to 939.1 trillion won but had been on a steady rise to surpass the 1,
Sept. 15, 2022
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Container rates for US west coast jump over 30% in Aug.
SEJONG -- Shipping costs for container cargo bound for the west coast of the United States soared more than 30 percent in August from a year earlier, but their growth rate slowed from the previous month, government data showed Thursday. The average freight rate for a 40-foot container from Asia's fourth-largest economy to the US west coast reached 14.31 million won ($10,300) last month, up 32.3 percent from a year earlier, according to the data from the Korea Customs Service. Yet the on-yea
Sept. 15, 2022
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Seoul shares open marginally higher after US inflation rout
South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p
Sept. 15, 2022