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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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Golden chance to liquidate babies’ gold rings?
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Lotte hints at major portfolio shift to expand bio businesses
SAN DIEGO -- Lotte Group, South Korea’s fifth-largest conglomerate, will look to bolster its recently launched bio sector by scaling down the current four main business areas -- chemicals, food, hotels and retail -- and possibly putting one of them up for sale. “Our goal is to grow our bio and health interests into a portfolio that matches our four main portfolios,” Lee Hun-ki, Lotte Holdings’ executive vice president, said in a press meeting near the BIO International
June 15, 2022
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JP Morgan predicts BOK's 'big-step' rate hike amid inflation woes
Global investment bank JP Morgan on Wednesday forecast that South Korea's central bank could take a "big step" of raising its interest rate by 50 basis points as part of efforts to keep a lid on growing inflation pressure. JP Morgan also expected the Bank of Korea (BOK) to continue the sequence of its rate hikes in the months to come and raise the rate to as high as 3 percent by the end of the year. The forecast is based on its analysis of minutes the BOK disclosed a day earlier o
June 15, 2022
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Auto exports up 19.1% in May on solid demand for eco-friendly cars
South Korea's car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday. Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, auto exports grew 18.9 percent on-year to $4.15 billion last month, which is a record-high figure for May. Car exports marked on-year growth
June 15, 2022
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Space rocket Nuri being positioned at launch pad ahead of 2nd launch
South Korea's first homegrown space rocket Nuri was being positioned at the launch pad at Naro Space Center on Wednesday, a day ahead its second attempt to send multiple satellites into orbit. The Ministry of Science and ICT said Nuri, also known as KSLV-II, was rolled out from the assembly building to the launch pad at the state-run space center operated by the Korea Aerospace Research Institute in Goheung, a southern coastal village some 470 kilometers south of Seoul. The three-stage rock
June 15, 2022
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LG to enter logistics market with robotic tech
LG Electronics Inc. said Wednesday that it will enter the fast-growing logistics market with its robotic technology as part of efforts to become an automated logistics solutions provider. The tech giant said it will sign a memorandum of understanding with major parcel delivery firm CJ Logistics Corp. later in the day to co-develop integrated robotic solutions for parcel sorting and picking. LG said it will supply CJ Logistics with its robot, CLOi CarryBot, and other solutions to be used in a maj
June 15, 2022
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[Graphic News] Trade of computers, peripherals hits new high
South Korea’s trade of computers and related goods soared nearly 40 percent to reach a new all-time high in the first four months of the year amid the coronavirus pandemic, data showed. The country’s exports and imports of computers and peripherals stood at $13.3 billion in the January-April period, up 40.2 percent from a year earlier, according to the data from the Korea Customs Service. Computers and peripherals include desktops, notebooks, tablets, solid state drives, memory
June 15, 2022
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Fitch cuts 2022 growth outlook for S. Korea to 2.4%
Global credit appraiser Fitch Ratings on Wednesday lowered its 2022 growth outlook for the South Korean economy to 2.4 percent, citing the fallout of the protracted war between Russia and Ukraine and China's economic slowdown. The latest outlook is a 0.3 percentage-point drop from its March estimate of 2.7 percent growth for Asia's fourth-largest economy. Fitch said slower global growth and China's economic slowdown are posing "external challenges" to the South Korean ec
June 15, 2022
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Seoul shares open lower ahead of Fed's rate hike decision
Seoul shares opened lower Wednesday as investors remained jittery over the path that the Federal Reserve will take on monetary policy this week amid surging inflation. The Korea Composite Stock Price Index (KOSPI) fell 15.36 points, or 0.62 percent, to 2,477.61 points in the first 15 minutes of trading. Overnight, US shares closed mixed ahead of the conclusion of the Fed's two-day interest rate-setting meeting on Wednesday (US time). Many expected the central bank to take the "giant st
June 15, 2022
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Report: S. Korea's global competitiveness ranking falls to 27th in 2021
South Korea's global competitiveness ranking fell by four notches this year from the previous year amid the economic slowdown and a continued rise in the national debt, a report showed Wednesday. South Korea ranked 27th in terms of global competitiveness among 63 countries surveyed, according to the 2022 report by the International Institute for Management Development (IMD). The IMD, a Switzerland-based international institution, has been releasing the report every year since 1989 based on
June 15, 2022
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As US Fed decision looms, Kospi sinks under 2,500
Simmering fears over a sharper-than-expected US Federal Reserve rate hike amid red-hot US inflation dragged down South Korea’s benchmark Kospi below the 2,500 mark for the first time in 19 months on Tuesday. The main board closed at 2,492.97, after reaching an intraday low of 2,457.39. The Fed will raise interest rates on Wednesday there, with investors dramatically raising their bets on a hike of 75 basis points, steeper than the 50 basis points the Fed had indicated
June 14, 2022
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Seoul stocks down for 6th day on rate hike woes; Korean won further losing ground
South Korean stocks fell to a fresh 19-month low Tuesday to extend their losing streak to a sixth day as investors were wary of a larger-than-expected interest rate hike in the US and a global economic recession. The local currency continued to slide against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 11.54 points, or 0.46 percent, to close at 2,492.97 after falling to as low as 2,457.39 at one point. Trading volume was moderate at 661.21 million shares worth 9.80 trillion
June 14, 2022
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[Photo News] Crypto falling
Cryptocurrency prices displayed at a Bithumb customer service center in Seoul on Wednesday shows bitcoin‘s price dropping below 30 million won ($23,335) for the first time in 1 1/2 years.
June 14, 2022
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Nuri rocket launch postponed to Thursday due to wind
The launch of homegrown rocket Nuri will be delayed by one day to Thursday due to windy weather at the launch site, the Ministry of Science and ICT said Tuesday, a day before the space rocket was to be launched. It is the second space rocket to be launched after the first blastoff last October failed to put a dummy satellite into orbit. Due to the bad weather, the government and state-run Korea Aerospace Research Institute have pushed the transportation of the rocket to Wednesday, and the act
June 14, 2022
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Samsung Biologics to build first overseas factory in US
SAN DIEGO -- Samsung Biologics CEO John Rim said Monday the US states of California, North Carolina, Washington and Texas are the strongest candidates the South Korean contract manufacturing organization is considering for its first overseas production facility. Pointing out that some of the US’ major bio clusters are located in those four states, the CEO added that the CMO giant has not made any decisions and is still reviewing options. “We are certainly expanding. The Plant 4 wi
June 14, 2022
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Yoon vows supply-side efforts to tame inflation
President Yoon Suk-yeol pledged Tuesday to make all-out efforts to curb soaring inflation by resolving issues on the “supply side.” “The administration plans to take all possible steps to resolve issues on the supply side as the inflationary pressure is stemming from the supply side,” Yoon told reporters as he arrived at the presidential office. Tuesday’s vow follows Yoon’s orders to officials “to seek ways to ease the burden on Koreans as higher infl
June 14, 2022
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[From the Scene] Korean biotech firms take spotlight at BIO International
SAN DIEGO -- South Korea became one of the countries with the largest number of companies taking part in this year’s BIO International Convention, showing how Asia’s fourth-largest economy has become a rising player in the global biotechnology industry. According to a biotech industry official participating in the convention in San Diego, over 3,200 companies from across the globe signed up to attend the event. Of them, 255 are from South Korea. That is the second largest for a cou
June 14, 2022
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Cargo trucker strike sparks worries over trade competitiveness
The unionized cargo truckers’ continued strike is putting South Korea’s trade competitiveness at risk, business representatives said Tuesday, stressing that not only big companies, but also small firms, would face a bigger burden. “Followed by auto chip shortages and global shipping issues over the Russia-Ukraine war, the price of raw materials has already soared to the top level,” said Yoon Kyung-sun from the Korea Automobile Manufacturers Association at a press confer
June 14, 2022
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Large aircraft return to cover rising overseas travel demand
Large-sized aircraft that can fit around 400 passengers are set to return soon, as airliners are facing rapid growth in overseas travel demand. The country’s largest air carrier Korean Air will bring jumbo jets – the B747-8i and A380-800 -- back for routes connecting Incheon to Los Angeles and New York starting from July, according to Korean Air. The decision to resume flights of large-sized aircraft comes as Korean Air tries to meet the growing demand for international travel. Th
June 14, 2022
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6 logistics firms fined over price fixing
South Korea's antitrust regulator said Tuesday it has decided to impose a combined 6.53 billion-won ($5.06 million) fine on six logistics firms for fixing prices. Industry leader CJ Logistics Corp., Dongbang Transport Logistics and four others colluded to fix price quotes in order to win bids for loading and unloading work at ports that was offered by top steelmaker POSCO between 2016 and 2018, according to the Fair Trade Commission (FTC). They colluded to divide volumes of work in advance
June 14, 2022
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Hyosung honorary chairman receives award for bridging Japan, China
Honorary Chairman Cho Seok-rae of South Korean conglomerate Hyosung Group was awarded the 2022 14th YoungSan Diplomat Award on Tuesday for leading economic cooperation between South Korea, Japan and China. The nonprofit Seoul Forum for International Affairs presents the YoungSan Diplomat Award each year to individuals who have contributed in improving Korea’s image and national interests on the international stage. “As a leader of the business sector and a graduate of engineer
June 14, 2022