Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Hyundai tops in EV sales in Indonesia last month
South Korea's Hyundai Motor Co. had the highest electric vehicle sales in Indonesia last month, an Indonesian automotive industry association said Sunday. Hyundai sold 196 EVs -- 195 units of the IONIQ 5 and one unit of the IONIQ Electric -- in the Southeast Asian market in May, according to the Association of Indonesia Automotive Industries (GAIKINDO). Hyundai accounted for 98 percent of the entire 200 units of EVs sold in Indonesia last month, it said. In the January-May period, Hyundai
June 26, 2022
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Seoul shares sharply rebound on dip-buying; Korean won gains ground
South Korean stocks rebounded sharply on Friday from a 19-month low the previous session amid growing concerns about a recession. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) spiked 52.28 points, or 2.26 percent, to close at 2,366.60. Trading volume was moderate at 643.76 million shares worth 8.32 trillion won ($6.41 billion), with gainers far outpacing decliners 875 to 44. Institutions bought a net 640 billion won, while foreign and retail investo
June 24, 2022
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Panel expert downbeat on Korean investments in premium TV displays
Further investments on the part of South Korean display panel manufacturers in large OLED panels for televisions, monitors and laptops will be unlikely for the rest of 2022, according to a panel expert on Thursday. Yi Choong-hoon, chief executive officer of display panel research firm UBI Research, cited a slow path to profitability in the cutting-edge panel businesses by Samsung Display and LG Display, despite growing market demand, in a seminar at Coex in Seoul on Thursday. For Samsung, a
June 24, 2022
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Government to push retailers for gasoline price cut
SEJONG -- Economic policymakers on Friday said they would ramp up pressure on gas stations in a bid to ease inflationary pressure from surging energy costs, as soon as an expanded fuel tax cut goes into effect next week. The government announced last week that it would further increase tax cuts on fuel consumption from the current 30 percent to 37 percent, the maximum legal cap. “In consultation with the oil refinery industry, (the government) plans to induce a cut in supply prices for g
June 24, 2022
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Porsche Korea CEO elected new KGCCI head
Porsche Korea CEO Holger Gerrmann was elected as the ninth German chairperson at the 41st Korean-German Chamber of Commerce and Industry Annual General Meeting on Thursday. Run by a co-chairing system, KGCCI will now be led by Gerrmann and Korean Chairperson Park Hyun-nam, who is also the Deutsche Bank CEO. “We will continue to create the foundation for Korean and German companies to grow together, honoring the long-standing successful business relationships of our two countries and emp
June 24, 2022
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Posco apologizes for sexual violence in workplace
South Korean steelmaker Posco apologized Thursday for a recent case of sexual violence that occurred within the workplace. “We sincerely apologize to the victim and her family for the recent unsavory sexual violations in the company, and the company feels deeply responsible,” Posco Vice Chairman Kim Hak-dong said in a written statement. According to police in Pohang, North Gyeongsang Province, a woman in her 20s working at the steelmaker’s plant in the industrial city filed e
June 24, 2022
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S. Korea's fuel consumption jumps in May despite higher oil prices: data
Consumption of gasoline and diesel in South Korea jumped more than 40 percent in May from a month earlier, as expanded fuel tax subsidies channeled pent-up demand from the pandemic, data showed Friday. The combined consumption of the two fuel types reached 24.82 million barrels, up 43 percent from 17.35 million barrels logged in April, according to the data by Petronet, an online petroleum information provider run by the Korea National Oil Corp. The surge contrasts with the declining trend seen
June 24, 2022
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Trade deficit expected to widen in June on fewer working days, strike: official
South Korea's trade deficit is expected to widen this month compared with a month earlier due mainly to fewer working days and a trucker strike, the finance ministry said Friday. The country had national holidays for the June 1 local elections and Memorial Day on June 6, and truckers staged a weeklong strike over a minimum wage scheme and other state supports earlier this month, disrupting and delaying production and outbound shipping. During the first 20 days of this month, the country
June 24, 2022
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Seoul shares open higher after extended market rout
Seoul shares opened higher Friday after the market plunged to a 19-month low the previous session amid growing concerns about a recession. The Korea Composite Stock Price Index (KOSPI) rose 11.80 points, or 0.51 percent, to 2,326.12 in the first 15 minutes of trading. Overnight, the US stock market inched up on the second day of Federal Reserve Chair Jerome Powell's testimony before Congress, during which he reaffirmed the central bank's commitment to bringing down high-flying inflatio
June 24, 2022
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Construction contracts rise 10.7% in value in Q1
The value of construction contracts in South Korea climbed more than 10 percent in the first quarter of the year on more public and private projects, government data showed Friday. The value of civilian and public work contracts in Asia's fourth-largest economy came to 73.1 trillion won ($56 billion) in the January-March period, up 10.7 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals swelled 14.1 percent on-year to 52
June 24, 2022
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Won sinks to 13-year low, Kospi slips after rate hike
The South Korean won weakened to more than 1,300 per US dollar for the first time in 13 years in onshore spot trading Thursday, breaching the key psychological threshold as recession worries boosted the dollar’s safe-haven appeal. The won lost 0.35 percent from the previous session to 1,301.8 per dollar, the lowest close since July 14, 2009, when the won dropped to 1,303 during onshore trading hours. The 1,300 mark, last seen in the wake of the 2007-2008 financial crisis, is con
June 23, 2022
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[Test Drive] Lexus’ first plug-in hybrid offers smooth, economical yet luxury driving
JEJU CITY -- The new and partially electrified SUV lineup Lexus NX could be an alternative for big car-loving Korean customers looking for a fuel-efficient vehicle that does not compromise on luxury. NX 450h+, the first plug-in hybrid vehicle from the luxury auto brand, can drive up to an average of 23.8 kilometers on a liter of gas. Its fuel efficiency is close to that of the all-new Kia Niro, also a hybrid sport utility vehicle that can drive up to an average of 23.7 kilometers on a liter of
June 23, 2022
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Hyundai Mobis system able to check multiple vital signs in cars
Hyundai Mobis said Thursday that it has developed the world’s first biotech mobility system that analyzes the driver’s health status by checking multiple vital signs. The firm plans to further develop this tech into a mobility system that can monitor for drunk driving. The latest tech, called Smart Cabin Controller, consists of four sensors, including a 3D camera and electrocardiogram (ECG) sensor, according to Hyundai Mobis. By capturing vital signs such as heart rate, brainwaves
June 23, 2022
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Seoul stocks again gripped by panic selling on recession fears; Korean won at 13-year low
South Korean stocks fell again Thursday, as investors avoided risky assets amid monetary tightening and recession fears. The local currency fell to the lowest point against the US dollar in almost 13 years. After choppy trading, the Korea Composite Stock Price Index (KOSPI) dropped 28.49 points, or 1.22 percent, to close at 2,314.32, after falling to as low as 2,306.48. Trading volume was moderate at 729.97 million shares worth 9.98 trillion won ($7.67 billion), with decliners far outpacing gain
June 23, 2022
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Researchers uncover new cause behind Alzheimer’s memory loss
South Korean researchers have found a new cause behind the memory impairment in Alzheimer’s disease, the Institute for Basic Science said Thursday. The researchers at IBS and Korea Institute for Science and Technology have pinpointed a process, the urea cycle, that takes place in astrocytes, which are star-shaped cells that take up over half of all brain cells. An activated urea cycle aggravated the memory loss in patients with Alzheimer’s disease, according to their study publishe
June 23, 2022
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[Photo News] End of food delivery boom?
Customers look around at premade side dishes for Korean hansik at a side dish (banchan) store in Seoul on Thursday. After years of a food delivery boom here, an increasing number of Koreans are turning to cheaper options like eating at home amid inflation woes.
June 23, 2022
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Dermocosmetics market fast growing in Korea: report
With fast-growing interest in high quality skin and hair care products in South Korea, the dermocosmetics market -- cosmetics that are just as effective as dermatological care -- has expanded in recent years to surpass the 4 trillion won ($3.1 billion) mark, a report showed Thursday. According to Samjong KPMG, a Seoul-based consulting firm, the country’s dermocosmetics market size has increased by 17.6 percent to 4.5 trillion won in 2020, compared to five years ago. The report said new
June 23, 2022
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Daewoo E&C gears up for business expansion in Vietnam
South Korean builder Daewoo E&C is gearing up for further expansion in Vietnam with a comprehensive plan to invest in infrastructure building, logistics and energy. To support the builder’s Vietnam project, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, on Wednesday met with Deputy Prime Minister Pham Binh Minh to discuss the progress of its Starlake City project in Hanoi and other investments, according to Daewoo officials. “We are planning to in
June 23, 2022
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S. Korea braces for ‘perfect storm’ in the financial market
South Korea’s financial authorities on Thursday warned of a “perfect storm” approaching the nation’s economy, while pledging to pump liquidity into financial institutions to cushion them from growing risks, if needed. The concerns come as the US Federal Reserve’s aggressive rate hikes, a strong dollar trend, high inflation and ongoing global supply chain bottlenecks have been rattling the Korean market. “Some experts compare the current economic state to t
June 23, 2022
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TGS hires Go master Lee Se-dol for TV campaign
South Korean retail and finance company, TGS Holdings, said Thursday that it has produced a TV commercial featuring former professional Go master Lee Se-dol last month. Lee Se-dol, who competed with Google’s artificial intelligence program AlphaGo in 2016 during the peak of his career, signed a contract to become the face of TGS in Novermber 2021. The newly produced commercial introduces TGS’s new smart currency called C-Cash. It is the world‘s first hybrid smart currency t
June 23, 2022