Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Exports down 3.4% during first 20 days of June
South Korea's exports fell 3.4 percent in the first 20 days of June from a year earlier due mainly to fewer working days, and its trade deficit widened on higher global energy costs, customs data showed Tuesday. The country's outbound shipments stood at $31.28 billion in the June 1-20 period, compared with $32.4 billion a year earlier, according to the data from the Korea Customs Service. The fall is attributable to fewer working days during the cited period due to holidays for the Jun
June 21, 2022
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Seoul shares open slightly higher after Monday's rout
Seoul shares opened slightly higher Tuesday, after the market slipped by more than 2 percent the previous day on concerns that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 2.62 points, or 0.11 percent, to 2,393.65 points in the first 15 minutes of trading. On Monday, the index slumped 2.04 percent to close at a fresh 19-month low of 2,391.03, weighed by tech heavyweights, including
June 21, 2022
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BOK expects 2022 inflation to grow faster than anticipated, hit highest in 14 years
South Korea's central bank said Tuesday it expected inflation to grow at a faster pace than previously anticipated and possibly hit the highest level in 14 years for this year as price pressures are mounting from rising demand and a tight supply. In an apparent forward guidance, Bank of Korea (BOK) Gov. Rhee Chang-yong said the central bank will carry out its monetary policy with a priority on price stability until inflation ends its upward trend, hinting that it will likely continue to raise it
June 21, 2022
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S. Korea to extend rental-related loans for tenants, tax incentives for landlords
The government on Tuesday vowed to relax regulations on loans for "jeonse" home rentals and to raise tax deduction rates for monthly rental contractors in a move to help ease financial burdens on tenants and stabilize the housing market. Under the Yoon Suk-yeol administration's first package of measures on the property market, the government also pledged to reform the presale price cap scheme imposed on private apartments and offer a tax cut to landlords who sell their homes after long
June 21, 2022
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FSS chief calls for loan support for vulnerable
South Korea’s top financial watchdog said Monday that banks should step up efforts to protect self-employed and small business owners who are affected most by surging interest rates, at a meeting held with 17 local bank CEOs ahead of a rate decision by the Bank of Korea in July. “Rising interest rates and prices could push them into defaults and we have to be ready for that,” said Gov. Lee Bok-hyun, who was named to lead the Financial Supervisory Service two weeks ago. Th
June 20, 2022
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Lotte Chemical considering building electrolyte solvent factory with Sasol
Lotte Chemical Corp. said Monday it is pushing to build an electrolyte solvent factory overseas with a US-based chemical company as it seeks to bolster its battery components business. It signed an agreement with Sasol Chemicals LLC, the American unit of South African petrochemical firm, Sasol Ltd., last week to conduct a feasibility study on the envisioned project, with either the US state of Louisiana or the industrial city of Marl in northwestern Germany being considered for the location, Lot
June 20, 2022
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[Photo News] Don't get wet
Umbrellas and rain boots are on display at a discount chain in Seoul for customers preparing for the rainy season.
June 20, 2022
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Yoon mulls extending retirement age of 60
SEJONG -- South Korea will embark on discussions and debates on extending the retirement age from the current 60, under the Yoon Suk-yeol administration’s economic policy approach to cope with workforce shortages caused by demographic change. In a comprehensive plan on the economy unveiled last week, the government said it would foster a “task force to take countermeasures against workforce shortages,” which will comprise relevant ministries, think tanks and private researcher
June 20, 2022
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South Korea’s misery index reaches highest in 21 years
South Koreans experienced the greatest economic pain in May largely due to soaring consumer prices and higher unemployment rates, according to data on Monday. The nation’s “misery perceptions” index, calculated by adding the seasonally adjusted jobless rate to the annual inflation rate, stood at 8.4 in May, said Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, quoting data compiled by Statistics Korea. It was the highest figure in 21 years since it ma
June 20, 2022
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Nuri rocket ready to launch Tuesday
South Korea’s homegrown rocket Nuri is ready for blastoff on Tuesday, with hopes to deliver a complete and successful launch this time to officially signal the country’s entrance into the global space race. The Korea Aerospace Research Institute said Monday that Nuri, also known as the Korea Space Launch Vehicle-II, has been erected on the launch pad at Naro Space Center in the southern coastal village of Goheung, South Jeolla Province. “Starting around 11 or 11:30 a.m. tom
June 20, 2022
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LG Chem to build hydrogen plant for net-zero goals
LG Chem said Monday that it is building its first hydrogen plant in South Korea as part of efforts to become carbon neutral throughout its petrochemical production. The plant, to be located in its Daesan complex, some 75 kilometers southwest of Seoul, will have an annual production capacity of 50,000 tons of hydrogen by the second quarter of 2024, with the construction work to start early next year. The facilities for cracking naphtha at a high temperature, known as naphtha cracking centers,
June 20, 2022
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Naver, Qualcomm join hands for 5G drones
Naver’s cloud computing arm Naver Cloud said Monday it has partnered with US chip giant Qualcomm and local drone developer Argosdyne to build the nation’s first drones running on the 5G wireless network. Under the partnership, Naver Cloud will build the 5G network infrastructure for drone services, while Argosdyne will develop drones that can be operated to run on Qualcomm’s Flight RB5 5G platform. Flight RB5 5G is the world’s first artificial intelligence- and 5G-ena
June 20, 2022
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Govt. postpones decision on Q3 electricity rates amid high inflation
South Korea has postponed its decision on the possible adjustment of electricity fees for the third quarter, the state-run Korea Electric Power Corp. (KEPCO) said Monday. KEPCO had planned to announce the government's decision Tuesday, a day after being informed by the government on electricity rates for the July-September period. But the government put off the decision, as "discussions among ministries concerned are still under way," KEPCO said in a release. KEPCO earlier called
June 20, 2022
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SPC to build halal food factory in Malaysia
South Korean food company SPC group said on Monday that it has invested 40 billion won ($31 million) to enter Malaysia’s halal market with its bakery brand Paris Baguette. Halal refers to the types of food Muslims are permitted to eat in accordance with the Islam religion. As Muslims account for almost 24 percent of the world’s population, the SPC group plans to target the promising halal food market by using Malaysia as a launch base. Malaysia is Paris Baguette‘s eighth ove
June 20, 2022
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Daewoo E&C to develop wearable robots for construction workers
South Korean construction company Daewoo Engineering & Construction said Monday that it is developing wearable robots that can be used at construction sites to prevent injuries while maintaining productivity. The company was chosen Tuesday in a contest held by the Korea Institute for Robot Industry Advancement to work in cooperation with local robotics startup WIrobotics and the Korea Orthopedics and Rehabilitation Center to develop a smart work care service involving wearable robots. The
June 20, 2022
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S. Korea to take measures against excessive currency volatility: finance minister
South Korea is ready to take appropriate action in response to any one-sided movements in the local foreign exchange market, the country's top financial policymaker said Monday in his latest remark apparently aimed at easing growing market anxiety amid the US' aggressive monetary tightening and worries over global recession. "Relevant authorities will take action in an appropriate manner in case that there is a one-side movement in the market due to anxiety," Finance Minister
June 20, 2022
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Samsung signs MOU to provide LED signage to Inspire Entertainment Resort in Incheon
Samsung Electronics Co. said Monday it has reached a tentative deal to provide a high-end LED signage system to Inspire Entertainment Resort, an integrated resort under development by U.S. casino operator Mohegan Gaming & Entertainment (MGE), set to open next year in Incheon, 40 kilometers west of Seoul. Samsung said it has signed a memorandum of understanding with Inspire Integrated Resort Co., an Incheon-based MGE affiliate, and digital signage service company Hyundai Futurenet Co., to build t
June 20, 2022
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Insurers' household loans grow at slower pace in Q1
South Korean insurance companies' loans to households grew at a slower pace in the first quarter of this year from three months earlier due to tougher lending rules, data showed Monday. Insurers' outstanding loans to households totaled 128.8 trillion won ($99.77 billion) as of the end of March, up 300 billion won from the previous quarter, according to the data from the Financial Supervisory Service. The figure was down from the on-quarter rise of 800 billion won in the fourth quarter of last ye
June 20, 2022
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Socially responsible investment bonds surpass W200tr in value
The aggregate value of Socially Responsible Investment bonds issued surpassed 200 trillion won for the first time, the Korea Exchange said. The total value of SRI bonds listed on the market stood at 200.2 trillion won as of June 10, marking a 154-fold increase from 1.3 trillion won in 2018 when an SRI bond was first listed. Also known as environmental, social and governance bonds, thematic and social contribution bonds or green, social and sustainable bonds, SRI bonds are used to fund eco-frie
June 20, 2022
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FSS chief urges banks to intensify loss-absorbing capabilities, better manage foreign liquidity
A top financial regulator on Monday urged banks to beef up their loss-absorbing capabilities and make efforts for better management of foreign liquidity amid rising uncertainty at home and abroad from global monetary tightening and a possible economic recession. Lee Bok-hyun, chief of the Financial Supervisory Service (FSS), made the remark in his first meeting in Seoul with chiefs of major banks after taking office earlier this month. "Current economic conditions are showing signs of a com
June 20, 2022