Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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SK Bioscience CEO says financing ready for M&As
SK Bioscience will look to spend “trillions of won” on aggressive mergers and acquisitions in taking the next step to become a vaccine and bio powerhouse, CEO Ahn Jae-yong said Thursday. “We will secure more funding through the assets compiled with the (initial public offering), operating cash and additional acquisition financing,” he said in an online press conference to mark the company’s one-year anniversary of going public. “We will use the funding on
March 31, 2022
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LG Innotek display chief wins award
LG Innotek Co. said Thursday its chief of display solution business has won a presidential commendation for contributing toward increasing domestic production of key components and enhancing the global competitiveness of South Korea’s materials and components industry. Koo Han-mo, senior managing director at LG Innotek, was one of the awardees who received the honor on the 49th Commerce and Industry Day on March 16. Having joined LG Innotek in 2007, Koo worked as chief of the tape substr
March 31, 2022
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JB Financial chief vows profit jump in 2nd term
JB Financial Group, a Jeonju-based financial holding company offering consumer and commercial banking services, said Thursday that its incumbent chief has been elected for a second term to carry on efforts to improve profit margins. CEO and Chairman Kim Ki-hong, who took over the company headquartered in North Jeolla Province in March 2019, helped to more than double the net income between 2018 and 2021, the group said, noting the board unanimously voted in favor of his second term late last ye
March 31, 2022
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Bank mortgage rates hit 9-yr high in Feb. amid central bank's hikes
Rates on mortgage loans extended by South Korean banks rose to the highest level in about nine years in February in line with interest rate hikes by the central bank, data showed Thursday. Banks' mortgage loan rate stood at 3.88 percent per year on average in February, up 0.03 percentage point from a month earlier, according to the data from the Bank of Korea (BOK). This marked the highest since March 2013, when the home-back loan rate rose to as high as 3.97 percent. Mortgage rates have been on
March 31, 2022
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Korea Shipbuilding bags W589.5b order for 4 container ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 589.5 billion-won ($487 million) order to build four container carriers. Under the deal with a Liberian shipper, Hyundai Samho Heavy Industries Co., a KSOE affiliate, will build those vessels and deliver them by the second half of 2024. KSOE did not disclose the size of those container vessels. KSOE has bagged orders to construct 68 ships worth $7 billion so far this year, or 40 percent of its $17.44 billion year
March 31, 2022
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Volkswagen to launch 22 new, upgraded models in S. Korea this year
Volkswagen Group Korea said Thursday it will launch a total of 22 new and upgraded models under its four brands this year to boost sales amid the prolonged COVID-19 pandemic. The 22 models include the Volkswagen ID.4 all-electric SUV, the Audi A3 compact and Q4 e-tron, and several new Bentley and Lamborghini models, the German carmaker said. Audi Volkswagen Group Korea has changed its name to Volkswagen Group Korea (VWGK) in line with its parent Volkswagen Group's global efforts to turn itself f
March 31, 2022
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[Graphic News] Number of stock investors jumps over 50% in 2021 on market boom
The number of stock investors in South Korea spiked more than 50 percent on-year in 2021 to breach the 10 million mark amid a retail investment boom, industry data showed. A total of 13.84 million investors held shares in 2,426 companies listed on the country's main and secondary bourses, up 50.6 percent from a year earlier, according to the data from the Korea Securities Depository. Those investors owned shares in an average 5.96 companies, up 13.7 percent from a year earlier, but per-cap
March 31, 2022
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Seoul stocks open higher on financial, tech gains
South Korean shares opened higher Thursday, buoyed by financial and tech advances, despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had increased 9.89 points, or 0.36 percent, to trade at 2,756.63 points of 9:15 a.m. Most large caps traded higher in Seoul. KOSPI's top cap Samsung Electronics traded flat, and battery giant LG Energy Solution grew 0.45 percent. Financial heavyweight KB Financial Group increased 1.17 percent, and mobile messenger opera
March 31, 2022
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S. Korea set to jack up natural gas prices in April
Prices of liquefied natural gas (LNG) in South Korea will increase nearly 2 percent in April due to rising international energy prices, the industry ministry said Thursday. LNG rates for households, restaurants, hotels and other commercial users will go up by an average 1.8 percent on April 1, according to the ministry. With the rate increase, households are expected to pay 860 won ($0.71) more per month, with the burden for commercial users likely to rise by the same amount. The rate hike comes
March 31, 2022
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S. Korea reviewing whether to further cut fuel taxes
South Korea is reviewing whether to further cut fuel taxes as inflationary pressure has built up amid surging energy costs, the finance minister said Thursday. The government is considering whether to lower fuel taxes by 30 percent from the current 20 percent as oil prices have spiked amid Russia's invasion of Ukraine. Early this month, the country decided to extend fuel tax cuts by three months until end-July in an effort to curb inflation. "We are in the final stage of reviewing whether t
March 31, 2022
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Industrial output falls for 2nd month in Feb.
South Korea's industrial output fell for the second straight month in February as economic uncertainty has heightened amid the upsurge in COVID-19 cases and surging energy costs driven by the Ukraine crisis, data showed Thursday. Industrial output declined 0.2 percent in February from the previous month, compared with a 0.3 percent on-month fall in January, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 4.3 percent. Retail sales, a gau
March 31, 2022
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Citibank Korea spent W1.2tr won on voluntary retirement last year
Citibank Korea Inc., the Korean unit of US banking giant Citigroup, said Wednesday it spent a total of 1.2 trillion won ($991 billion) on its voluntary retirement programs last year. Early-retiring employees were paid in advance the salaries that they would have earned until the legal retirement day, with an upper limit of 700 million won, the bank said. According to its regulatory filing, the bank registered a net loss of 796 billion won in 2021, compared with a net profit of 187.8 billion
March 30, 2022
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Hyundai E&C start sales of Hillstate apartment in Geomdan
Hyundai Engineering & Construction, the construction arm of Hyundai Motor Group, said on March 22 that it started sales of its new Hillstate apartment complex in Geomdan New Town, Incheon. The apartment complex comprises 13 buildings and a total 1,535 units that range in size from 74 to 125 square meters. Since the Hillstate complex was partially built as public housing, it is subject to a price cap that is expected to push down sales prices compared to average market prices. Notably, apart
March 30, 2022
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[Herald Interview] US envoy says 10-year-old KORUS FTA is foundation for a new trade platform
The Korea-US Free Trade Agreement (KORUS FTA) will play a crucial role in taking bilateral trade ties to a new level through a new trade platform designed to tackle challenges stemming from a rapidly changing market environment, a senior US envoy in Seoul said. The KORUS FTA, which marked its 10th year this month, has been the most comprehensive and high-standard trade agreement in the region. “The KORUS represents a turning point in the US-Korea relationship building from our initial sec
March 30, 2022
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Seoul stocks up for 2nd day on hope for Ukraine-Russia peace talks
South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio
March 30, 2022
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Nongshim launches bakery snack brand Petit Paris
Nongshim Co. said it launched a “bakery snack” brand named Petit Paris, starting with a bread roll snack that tastes like French toast. The largest instant noodle and snack company in South Korea said it will introduce more products under the new brand as it pioneers the market for snacks with a soft texture and taste similar to that of bakery products. “As there is high consumer demand for bread, cakes and cookies, we expect Petit Paris bakery snacks to be popular as well. T
March 30, 2022
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Hyundai Mobis bolsters software prowess for future mobility
Hyundai Mobis, the parts-making unit of Hyundai Motor Group, said Wednesday it aims to bolster its software prowess in preparation for the future of transportation where software will enrich driver and passenger experiences. As part of its efforts, the firm has launched a four-week training course called “Mobis SW Academy,” which focuses on automotive software engineering and embedded software technology crucial for developing automotive parts. Job seekers can join the program, a
March 30, 2022
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Korea mulls bigger tax cut on fuel
SEJONG -- Economic policymakers are reportedly mapping out measures to ease the burden of households and microbusiness owners, as the nation’s gasoline and diesel prices have surged in the wake of spiking international crude oil prices. A core interest in the market is whether the Ministry of Economy and Finance will decide to expand the rate of tax cut on fuel from the current discount. A Finance Ministry official was quoted by a news provider on Wednesday as saying that the government
March 30, 2022
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SK hynix mulls consortium for Arm acquisition
SK hynix, the world’s second-largest memory chip maker, is considering coinvesting in the acquisition of United Kingdom-based semiconductor design firm Arm by taking part in a consortium, its co-chief executive officer Park Jung-ho told reporters Wednesday. “We are considering coinvesting in Arm with other companies,” Park said in a briefing. “Arm plays a very important role in the international semiconductor ecosystem, and the ecosystem will not allow a single entity t
March 30, 2022
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KT to debut disinfection robots in April
South Korean telecom carrier KT, having already launched several robots for hotels and restaurants, is now posed to debut new robots fighting virus infections, laying a basis for its foray into the service robot and rental services business. During a media event held Wednesday, the company said it plans to sell or rent up to 4,000 disinfection robots from April until the end of this year, targeting hospitals, government buildings and welfare facilities. Its autonomous robots, which come in t
March 30, 2022