Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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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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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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AFoCO, Woori Financial to cooperate for forest management
The Asian Forest Cooperation Organization (AFoCO) said it has signed an agreement with Woori Financial Group to cooperate for climate control through sustainable forest management and environmental, social and corporate governance. The AFoCO is an international organization established upon Seoul’s proposal at the 2009 special summit between South Korea and the Association of Southeast Asian Nations. Through a public-private platform known as the AFoCO green partnership, AFoCO offers bus
June 23, 2022
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S. Korea successfully deploys precision navigation satellite to boost GPS accuracy, flight safety
South Korea successfully launched a precision aviation satellite Thursday to improve the accuracy and reliability of global positioning system (GPS) signals and better ensure flight safety, the government said. The satellite for the Korea Augmentation Satellite System (KASS), the country's first precision GPS location augmentation system, lifted off from Guiana Space Center in Kourou in French Guiana, at 6:50 a.m. Thursday (Seoul time), according to the Ministry of Land, Infrastructure and
June 23, 2022
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Won falls to 13-yr low against dollar in intraday trading
South Korea's currency on Thursday fell below the 1,300-won level against the US dollar for the first time in about 13 years amid growing concerns about global monetary tightening and an economic recession. The Korean currency was trading at 1,300.70 won against the dollar as of 9:52 a.m., down 3.40 won from the previous session. It marked the first time that the won has fallen through the 1,300-won level since July 14, 2009, in intraday trading. Market volatility has recently heightened ov
June 23, 2022
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Seoul shares open higher; Korean won hits 13-yr low
Seoul shares opened slightly higher Thursday after another market rout the previous session amid growing woes over an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 4.67 points, or 0.2 percent, to 2,327.68 in the first 15 minutes of trading. Overnight, Wall Street closed lower after Federal Reserve Chair Jerome Powell acknowledged the central bank's aggressive rate hikes could cause an economic downturn. The US central bank raised its policy rate by 0.75 percentage po
June 23, 2022
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Producer prices grow for 5th month in May on high energy, service costs
South Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 119.24 in May, up 0.5 percent from a revised 118.59 a month earlier, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index jumped 9.7 percent, the 18th straight month of on-year rises. Energy and raw material prices rema
June 23, 2022
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GM Korea adds pickup truck brand, vows to break even this year
GM Korea launched its premium SUV and pickup truck brand GMC in South Korea on Wednesday, renewing its marketing strategy to target diversified customer demands. Calling it a multi-brand strategy, the new plan is about having many of its global brands, including Chevrolet, Cadillac, and GMC, provide a wide range of choices for domestic customers who enjoy diverse lifestyles. The company, which has undergone a massive restructuring process since 2018, also hopes to reach a break-even point this
June 22, 2022
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Posco, Brazil’s Vale donate $100,000 to Korea Food for the Hungry International
Posco said Wednesday that it has teamed up with Brazil’s largest raw material supplier, Vale, to donate $100,000 to Korea Food for the Hungry International, an international relief program, as part of their humanitarian efforts jointly pledged last year. The two firms have maintained close ties for more than 40 years, with Vale supplying key materials like iron ore to Posco, the steel giant, for decades. In May last year, they signed a memorandum to create a new matching fun
June 22, 2022
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LG, Kakao team up for future mobility
LG Electronics and Kakao Mobility have teamed up to create a new ecosystem for future mobility as they jointly develop services like delivery robots and in-car infotainment systems. The two firms recently signed a memorandum of understanding, with their chief technology officers in attendance, they said in a statement Wednesday. Their partnership involves a slew of new projects on in-car user experience, delivery robots, connected home appliances, vehicle communications for passenger safety
June 22, 2022
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GS Group unveils sustainability goals in its first ESG report
South Korea’s energy-to-retail conglomerate GS Group said Wednesday that it has published its first environmental, social and governance report which contains three key execution plans under a slogan of “Grow Sustainably, GS.” The company said the slogan illustrates the firm’s willingness to make long-term growth which is flexible to social changes in terms of its sustainability execution plans. The plan seeks to reduce, improve and innovate rather than chasing after ef
June 22, 2022
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Seoul stocks dip almost 3 pct on recession fears; Korean won at 13-year low
South Korean stocks fell again, shedding almost 3 percent Wednesday as recession woes made investors avoid risky assets amid hawkish monetary policy in major economies. The local currency fell to the lowest point against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 66.12 points, or 2.74 percent, to close at 2,342.81. Trading volume was moderate at 520.87 million shares worth 8.50 trillion won ($6.54 billion), with decliners far outpacing gainers by 870 to 40.
June 22, 2022
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Nuri’s satellite completes link-up with ground control
Nuri rocket's performance test satellite launched into the Earth’s 700-kilometer orbit has successfully made its first two-way communication with the ground control center, completing the final steps of the launch mission, the Ministry of Science and ICT said Wednesday. According to the ministry, the satellite that was sent into space on the Nuri rocket yesterday made two-way communication with the Korea Aerospace Research Institute’s ground control center in Daejeon at around 3 a.m
June 22, 2022
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[Photo News] Empty Myeong-dong
Shops in Myeong-dong, which has been a popular shopping district in Seoul for decades, are seen vacant despite growing numbers of foreign tourists visiting Korea, Wednesday.
June 22, 2022
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Korea’s household, corporate debt twice size of GDP: BOK
Debt owed by South Korean households and companies in the first quarter of this year reached a combined 3,468.4 trillion won ($2.6 trillion), or 219.4 percent of South Korea’s gross domestic product, the Bank of Korea said Wednesday, warning a rate hike could worsen repayment burdens and hurt people’s purchasing power. The central bank, set to raise borrowing costs in July amid red-hot inflation, said in a report on financial stability that household and company debts fell by 0.1 pe
June 22, 2022
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First annual trade deficit since 2008 expected this year
South Korea is expected to record this year its first annual trade deficit since the global financial crisis in 2008, the Korea International Trade Association said in a report released on Wednesday. The country is projected to post an annual trade deficit of $14.7 billion due to high oil prices, with $703.9 billion in exports and $718.5 billion in imports, KITA’s Institute for International Trade said. Exports are likely to rise above $700 billion for the first time ever, or up 9.2 perc
June 22, 2022
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Citibank partners with KB, Toss Bank for W8tr performing loan portfolio transfer
Citigroup’s South Korean subsidiary has said it will cooperate with local financial giant KB Kookmin Bank and the internet-only Toss Bank on transferring its unsecured personal loan portfolio worth some 8 trillion won ($6.1 billion). The move is part of Citibank Korea’s decision announced in October last year to shut down its retail banking operations in phases, after its monthslong attempt to find a buyer of the business failed. Its parent firm and US banking giant Citigroup decide
June 22, 2022
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Lotte Mart adopts AI system for quality control of fruits
South Korean retail giant Lotte Mart said Wednesday it has adopted an artificial intelligence-based screening system for better quality control of fruit products, an industry first here. The AI screening system, using near-infrared light, collects and analyzes data from fruits ranging from weight and sugar content to water content and ripeness. The new technology also allows to detect internal defects such as browning, overripening or cracked seeds that could speed up the fruit rotting. Curr
June 22, 2022
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GM Korea to launch GMC pickup brand in H2
INCHEON -- GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will launch the GMC brand in the second half, with the Sierra Denali set to be released as the brand's launch model in the Korean market. GM's decision to launch the GMC brand is part of the Detroit carmaker's multi-brand strategy in which the Korean unit produces compact SUVs in Korea and brings in large-sized SUVs and pickups from the United States. GMC is GM's premium SUV and pickup tru
June 22, 2022
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BOK chief to attend BIS meeting
South Korea's top central banker will head to Switzerland this week to attend the general assembly of the Bank for International Settlement (BIS), his office said Wednesday. BOK Gov. Rhee Chang-yong will leave for Basel on Thursday to attend the annual BIS meeting over this weekend, according to the BOK. Rhee is to meet with top central bankers of other countries and exchange views on the latest economic and financial market situations, it added. He will also attend a BIS board meeting duri
June 22, 2022
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Foreign currency deposits up in May amid increased corporate savings
Foreign currency deposits at banks in South Korea grew in May due to increased corporate savings, central bank data showed Wednesday. Residents' outstanding foreign currency-denominated deposits reached $89.17 billion as of end-May, up $2.18 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.
June 22, 2022
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Childbirths hit record low in April; deaths jump to all-time high
The number of babies born in South Korea fell to a record low in April amid the chronically low birthrate, while that of deaths hit an all-time high due to rapid aging and the COVID-19 pandemic, data showed Wednesday. A total of 21,124 babies were born in April, down 7 percent from the previous year, according to the data from Statistics Korea. It marked the lowest for any April since 1981, when the statistics agency started compiling related data. South Korea is struggling with a chronic declin
June 22, 2022