Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Newsmaker] [Reporter’s Notebook] The dark side of Nuri rocket’s success
While the entire country was still relishing the launch of South Korea’s first domestically developed rocket last month, unionized workers and engineers at the Korea Aerospace Research Institute came out with a rather surprising statement. “The satisfaction and joy of the second launch are passing by as we despair in the unimproved reality,” a statement by the union read. Citing government data, the union pointed out that the annual salary of the national space agency&rsquo
July 18, 2022
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Tally for economically inactive seniors surges 96% since 2002
SEJONG -- The number of Koreans who are not engaged in any economic activities after being classified as seniors has surged almost 100 percent in two decades, state data showed Monday. According to Statistics Korea, the tally for economically inactive people due to old age reached a record-high of 2.48 million as of June. “Old age” refers to those aged 65 and over, according to stipulations from the United Nations. The figure was a surge by 96.8 percent, compared to 1.26 million po
July 18, 2022
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Earnings surprise expected for Hyundai, Kia: reports
South Korea’s largest and second-largest carmakers Hyundai Motor and Kia are expected to deliver earnings surprises with record-high profits in the second quarter on improved product mixes and a weakening Korean won. According to the securities industry Monday, Hyundai Motor is expected to record 2.3 trillion won ($1.7 billion) in operating profit in the April-June period, surpassing 2 trillion won mark for the first time in eight years. In the 2014 Q2, Hyundai Motor recorded 2.87 trilli
July 18, 2022
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Overseas stock dealings dip in H1 on weak equity markets
South Koreans' transactions of foreign stocks fell sharply in the first half of the year from six months earlier on bearish overseas equity markets, with their bond trading edging up, data showed Monday. Local investors' transactions of overseas shares were valued at $167.99 billion in the January-June period, down 12 percent from the second half of 2021, according to the data from the Korea Securities Depository (KSD). The figure covers overseas stock purchases and sales made through
July 18, 2022
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Seoul shares open higher on US gains
Seoul shares opened higher Monday tracking strong gains on Wall Street last week. The benchmark Korea Composite Stock Price Index rose 20.48 points, or 0.88 percent, to trade at 2,315.46 in the first 15 minutes of trading. On Friday, US shares closed sharply higher. The Dow Jones Industrial Average advanced 2.15 percent, and the tech-heavy Nasdaq composite rose 1.79 percent. In Seoul, most big-cap shares gathered ground, with carmakers and tech firms leading the upturn. Market bellwether Samsung
July 18, 2022
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Weak won set to persist with US intent on more rate hikes
The South Korean won could further depreciate against the US dollar in months to come as long as the US backs aggressive monetary tightening to fight raging inflation, analysts said, as the Korean currency weakened to a 13-year low of 1,326.1 won per US dollar Friday. The breach of the 1,300 won psychological threshold -- prompted by rising US rates luring investors and soaring demand for the safe-haven asset amid global economic uncertainty -- is the latest indication that policymakers in Seou
July 17, 2022
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Hyundai takes lead in EV efficiency with Ioniq 6
Hyundai Motor is expected to renew energy efficiency competition among electric vehicles, with its upcoming Ioniq 6 boasting the world’s best energy efficiency. The Ioniq 6, Hyundai’s second all-electric vehicle that made its global debut at the Busan Motor Show on Thursday, has an energy efficiency of 6 kilometers per kilowatt-hour, the highest rate among EVs around the world. The carmaker pointed to its EV-dedicated platform E-GMP with optimal heat, battery and power control sy
July 17, 2022
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SKT aims to become first to debut air taxi by 2025
BUSAN – SK Telecom, the nation’s leading telecom carrier, said Friday it aims to debut air taxi service by 2025, calling UAM or urban air mobility a “game changer” for future mobility innovations. “Our rivals also plan to launch air taxi services in the coming years, but we are confident that we will be the first to bring UAM aircrafts to the market,” said SK Telecom’s Chief Development Officer Ha Min-yong during a press conference held at the 2022 Bus
July 17, 2022
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Coway wins appeal against patent infringement ruling
Coway, one of the nation’s leading water purifier makers, said Friday it has won an appeal against a 2015 patent infringement ruling, which ordered the company to pay its smaller rival Chungho 10 billion won ($7.53 million) in compensation. Chungho had filed a lawsuit against Coway for infringing its patented ice water purifying technology back in 2014. A year later, the Seoul High Court ruled in favor of Chungho’s claim. Coway immediately appealed. On Thursday, the court overtur
July 17, 2022
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S. Korea to push to exempt taxes on foreigners' investment in govt. bonds
South Korea will push to exempt taxes on interest income and capital gains from foreigners' investment in government bonds and monetary stabilization bonds in a bid to help stabilize the debt market, the finance minister has said. Finance Minister Choo Kyung-ho made the remarks on the details of the government's planned tax code revision at a meeting with reporters Saturday (local time) in Bali on the sidelines of a Group of 20 (G-20) gathering of finance chiefs. "The government p
July 17, 2022
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HanAll's myasthenia gravis drug enters phase 3 trial
HanAll Biopharma’s antibody therapy candidate for myasthenia gravis -- HL161, also known as batoclimab, a subcutaneous anti-FcRn antibody designed to treat autoimmune diseases -- has entered phase 3 clinical trials in the United States, the South Korean biotech said Sunday. Myasthenia gravis, or MG, is a rare autoimmune disease that happens when the nerve impulses are not properly transmitted to the muscles, eventually leading to weakness in the skeletal muscles. According to a research
July 17, 2022
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Over half of Korean exporters concerned by lack of ESG preparedness
Over half of Korean exporters believed that their contracts with customers could be scrapped due to the lack of preparedness for environment, social and governance management, a survey conducted by the Korea Chamber of Commerce and Industry showed Sunday. According to the KCCI’s survey, 52.5 percent of the 300 participating companies said they felt that there is a high chance for their contractors to back out from deals with inadequate ESG management levels in their supply chains. Aske
July 17, 2022
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Samsung beats TSMC in advanced smartphone chipset foundry market
Samsung Electronics’ contract-based chip manufacturing operations have surpassed Taiwan-based foundry rival TSMC in terms of smartphone chipset shipments on advanced nodes in the first quarter, data showed Sunday. Samsung captured some 60 percent of market share in the leading nodes of 5-nanometer or more sophisticated manufacturing process for chipsets going to smartphones from application processors to system-on-chips in the first quarter, according to data by market intelligence Count
July 17, 2022
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‘Myeongdong to recover from pandemic woes’
The empty, desolate streets of Seoul’s Myeong-dong shopping district have become a real estate nightmare for its landlords and inhabitants since the outbreak of the COVID-19 pandemic. But hope is not lost, according to Robert Wilkinson, managing director of Colliers’ Korea, the local branch of the Canadian commercial real estate firm. He said the area -- which had once been a tourist hotspot -- is slowly coming back to life and its recovery will gain speed once China eases trave
July 17, 2022
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Hankook Tire to supply high-performance tires for German Big 3
Hankook Tire & Technology, the world’s sixth-largest tire-maker, said Friday that it has started supplying its tires for high-performance sedans and sports cars of the so-called “German Big 3”: Mercedes-Benz, BMW and Audi. The tire-maker will supply its Ventus S1 evo Z tires to BMW’s X3 M and X4 M models, while also supplying its Ventus S1 evo 3 and Winter i cept evo 2 tires to Audi’s RS lineup. Multiple SUVs of the Mercedes-Benz AMG lineup, including GLC an
July 17, 2022
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Samsung's wind-free air conditioner sales exceed 7 million units
Samsung Electronics Co. said Sunday its accumulated wind-free air conditioner sales have exceeded 7 million units in the domestic market since its launch six years ago. Samsung launched the "no-wind" air conditioner for the first time in the world in 2016 and has expanded its lineup of the product both for commercial and household use, the company said in a statement. The company has been fully operating its domestic production facilities since February to meet soaring demand during th
July 17, 2022
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[Photo News] Travelers flock to airport despite surge in COVID cases
Gimpo Airport was busy with passengers on Friday morning as the number of COVID-19 cases continued to rise in South Korea. The photo shows travelers waiting in line to get on board their train. Earlier this month, data from the transport ministry showed that the number of domestic and international flights reached 4.6 million, up 4.6 percent from the previous month. The country saw 41,310 new COVID-19 infections on Saturday, including 287 from overseas, according to the Korea Disease Control
July 16, 2022
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Seoul shares end higher on auto, tech gains; Korean won at over 13-yr low
Seoul shares ended higher Friday as investors scooped up auto and tech stocks on bargain hunting amid concerns over further rate hikes to tackle inflation and a global recession. The Korean won sharply fell to the lowest level in over 13 years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.66 points, or 0.37 percent, to close at 2,330.98 points. Trading volume was moderate at about 310.56 million shares worth some 7.25 trillion won ($5.5 billion), with decl
July 15, 2022
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Coffee delivery robots roll into Incheon airport
Travelers with little time to wait in long queues at airport cafes can now pick up a cup of coffee and a sandwich from delivery service robots at Korea‘s largest airport. Local food delivery app Baemin said Friday it launched a robot delivery service for airport cafes and bakeries located in Incheon International Airport’s Terminal 1. Air-dilly, a service robot made by LG Electronics, will deliver food and beverages from Baskin Robins, Paris Baguette and two Dunkin’ location
July 15, 2022
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Korean won sinks to 13-year low against US dollar
The South Korean currency fell below the 1,320-won mark against the US dollar for the first time in more than 13 years during morning trading on Friday, with analysts warning that the won could lose further value. The won was trading at 1,326 won against the greenback at around 2:30 p.m., after breaching the 1,320 won-mark per dollar in the morning for the first time since April 30, 2009. The won’s plummeting value came with the weakening of the euro and the Chinese yuan against the s
July 15, 2022