Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea's ice cream exports hit all-time high in H1
South Korea's exports of ice cream reached an all-time high in the first half of this year, data showed Tuesday, amid a global heat wave and the growing popularity of Korean culture. Overseas shipments of South Korean-made ice-cream products came to $50 million in the January-June period, up 14 percent from a year earlier to reach a record high, according to the data from the Korea Customs Service. Imports inched up 0.3 percent on-year to $28 million, also hitting an all-time high, during t
July 26, 2022
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Refiners' H1 exports hit all-time high of $27.95b on higher oil prices, demand recovery
The exports of petroleum products by major refiners in South Korea hit a record high of $27.95 billion in the first half of this year on the back of higher oil prices and strong demand recovery amid eased COVID-19 restrictions, data showed Tuesday. The outbound shipments by SK Energy Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. represent a 97.6 percent increase from a year earlier and surpassed the previous record high of $27.7 billion in 2012, according to a latest report by the Ko
July 26, 2022
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LG Energy Solution joins hands with Huayou Cobalt to build battery recycling plant
LG Energy Solution Ltd. (LGES) said Tuesday it has signed a joint venture agreement with a Chinese mining company to build a battery recycling plant to secure raw materials for lithium-ion battery components. The joint venture deal with Zhejiang Huayou Cobalt Co. will commit the two companies to build two factories to extract nickel, cobalt and lithium -- key components for lithium-ion batteries used in electric vehicles -- from scrap batteries and used batteries, the South Korean battery maker
July 26, 2022
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Seoul shares open lower ahead of US rate decision
Seoul shares opened lower Tuesday as investors remain wary over a widely expected rate hike by the Federal Reserve this week to combat soaring inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.04 points, or 0.33 percent, to trade at 2,395.65 in the first 15 minutes of trading. The Fed is expected to raise borrowing costs by 0.75 percentage point, which would put the US benchmark rate in a range of 2.25-2.5 percent. Also, some major companies, including Samsung Electronics
July 26, 2022
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S. Korean economy grows at faster pace in Q2 on robust private spending
The South Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, the central bank said Tuesday. The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK). It mark
July 26, 2022
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Bank of Korea warns against worsening wage-price spiral
The higher people expect prices to soar, the worse a wage spiral becomes as rising living costs prompt bigger wages, with persistent inflation on the rise, the Bank of Korea said Monday in a report. “Prices and wages look like they have nothing to do with each other, but in the long run, data consistently shows they do,” the report said, referring to surging prices in Korea. Inflation hit a 24-year high of six percent in June, prompting the central bank to back its first-t
July 25, 2022
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Daewoo E&C develops property technology for work efficiency, customer satisfaction
South Korean company Daewoo Engineering & Construction will apply property technology it has developed to its construction procedures to optimize work efficiency and customer satisfaction, according to the company on Monday. Property technology is currently recognized as a game changer in the real estate market, utilizing the latest technologies such as big data, artificial intelligence and virtual reality to carry out real estate-related work more efficiently. Daewoo E&C’s pro
July 25, 2022
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[Photo News] Summer Extravaganza
A woman performs a hydroflying show at Caribbean Bay, Yongin, Gyeonggi Province, Monday.
July 25, 2022
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Seoul shares end higher on institutional buying
South Korean stocks closed higher Monday, as institutions and foreigners went on a buying mode, with automakers and car parts suppliers leading the gains. The Korean won declined against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 10.55 points, or 0.44 percent, to close at 2,403.69. Trading volume was moderate at 316.23 million shares worth 5.77 trillion won ($4.39 billion), with gainers outstripping losers 427 to 400. Institutions and foreign investors bought a net 193.2
July 25, 2022
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AmCham resumes Washington Doorknock program
The American Chamber of Commerce in Korea will resume the “Doorknock” program this year after a three-year hiatus caused by the COVID-19 pandemic, it said Monday. AmCham’s delegation of top-level executives, including AmCham Chairman and CEO James Kim, will be in Washington D.C. from this Wednesday to Friday to meet with key figures of the Biden Administration and Congress, it added. The delegation has secured more than 25 senior-level meetings with officials from various sec
July 25, 2022
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Debate reopens on 10 year-old supermarket shutdown rules
Sundays are often a day for family shopping, but supermarkets in South Korea don’t operate every second and fourth Sunday of each month. Under the mandatory shutdown rules, designated to protect mom-and-pop stores nearby from losing sales to discount store chains, supermarkets have closed twice a month for the last 10 years. But the ability to shop every Sunday may become possible again with tens of thousands of consumers asking the presidential office to scrap the rule. According to
July 25, 2022
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LG Energy Solution's lock-up period set to end
With LG Energy Solution’s stock lock-up period ending this week, market eyes are on institutional investors‘ movement, as massive sales of shares may impact a market that remains sluggish with low trading volume. According to the Financial Supervisory Service’s electronic disclosure system, the lock-up period for LG Energy Solutions shares owned by institutional investors -- 9,960,365 shares (4.26 percent of all shares) since the battery company was listed on January 27 -- wi
July 25, 2022
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Dunamu to build metaverse map to aid global relief initiative
Dunamu, the operator of one of South Korea’s largest crypto exchanges, has teamed up with the international humanitarian medical non-governmental organization Doctors Without Borders to build a map on its metaverse platform to help the global medical initiative, officials said Monday. Dunamu and Doctors Without Borders, also known as Medecins Sans Frontieres, signed a memorandum to build a partnership on contributions in accordance with the environmental, social and governance movement i
July 25, 2022
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Will FTX actually acquire Bithumb?
South Korean blockchain experts on Monday were divided over whether FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is actually seeking to buy local exchange Bithumb. Skeptics claimed that the Bahamian crypto exchange has no reason to purchase Bithumb at the moment with the financial authorities seeking to tighten regulations here and with the “stable condition” of the Korean exchange operator. “For the moment, there is no reason for FTX to ent
July 25, 2022
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Samsung starts shipping world’s first 3nm chips
Samsung Electronics has started shipping chips produced using the world’s most advanced 3-nanometer manufacturing technology, which has drastically improved power consumption and performance. On Monday, the tech giant held a ceremony to celebrate the departure of the first batch of 3nm chips from its chip-making complex in Hwaseong, Gyeonggi Province, with some 100 company and government officials in attendance. The 3nm technology is Samsung’s secret weapon to outpacing its rival
July 25, 2022
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Audi Korea expands electric, compact car lineups
Audi sold a total of 25,615 vehicles in South Korea last year, marking the third-largest sales volume among import carmakers here. The German automaker said it has focused on expanding its lineup to include compact vehicles such as the Audi Q3 and A3, as well as electric cars e-tron S and Q4 e-tron. In 2021, Audi sold 1,553 electric cars, the largest number of electric cars sold among premium import car brands. In December, it launched the Audi e-tron GT and RS e-tron GT, which are at the van
July 25, 2022
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GS E&C stresses green tech projects in sustainability report
GS Engineering and Construction said Monday it has released its annual sustainability report for 2022, introducing its environmental, social and corporate governance-related activities. In the report, the South Korean builder said it had launched its Research Institute for Future Technology in March. Through its continued investment in future technology, GS E&C said it had developed water saving, biogas facility modulation, carbon dioxide to hydrogen conversion, and eco-friendly water desal
July 25, 2022
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Samsung Card's net rises 12 pct in H1 on increased consumer spending
Samsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic. Samsung Card's consolidated net profit stood at 315.9 billion won ($241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing. Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion w
July 25, 2022
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OECD leading index for S. Korea dips for 13th month in June
A leading economic index for South Korea dropped for the 13th straight month in June, data showed Monday, amid soaring material costs and growing financial instability. The composite leading indicator (CLI) of economic activity for South Korea came to 98.87 for June, down from the previous month's 99.09, according to the data from the Organization for Economic Cooperation and Development (OECD). The index for South Korea had been contracting since May last year, when it rose to 101.95. Sinc
July 25, 2022
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Seoul shares open higher amid lingering recession woes
South Korean shares opened higher Monday amid lingering concerns that the global economy is teetering on the brink of a recession. The benchmark Korea Composite Stock Price Index added 9.94 points, or 0.42 percent, to trade at 2,403.08 in the first 15 minutes of trading. Foreigners and institutions went on a buying mode, while retail investors sold shares. Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decr
July 25, 2022