Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Herald Interview] Guggenheim Museum makes a push for technology-based art with LG
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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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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New chief named to anti-corruption body
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Hyundai Motor makes its entry to used car market official
Hyundai Motor, South Korea‘s largest carmaker, made its entry to the local secondhand car market official on Monday, after facing opposition from small- and medium-sized dealers in the market for years. The company will only sell high-quality certified used cars that have been driven less than 100,000 kilometers and owned for less than five years for customer satisfaction, it said. All cars to be sold must go through performance tests and maintenance service provided by the automaker and
March 7, 2022
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Gucci to hold metaverse exhibition at Naver’s Zepeto
Italian luxury fashion brand Gucci said Monday it will put on a metaverse exhibition and sell fashion items for avatars on Zepeto, Korean tech giant Naver’s metaverse platform. The fashion house has opened a virtual space on Zepeto, where users can enjoy a metaverse version of “Gucci Garden Archetypes,” an ongoing multimedia exhibition in Seoul. Gucci and Zepeto, following its first partnership last year, agreed to bring nine out of 13 offline exhibition spaces to Zepeto. Use
March 7, 2022
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Kospi drops 2%, Samsung shares rattled
South Korea’s benchmark Kospi fell some 2 percent on Monday, with market behemoth Samsung Electronics dropping below the 70,000 won-mark ($57.03) at one point, rattled by the escalating war in Ukraine and surging oil prices. The value of the Korean won weakened against the US greenback, with the local currency surpassing the 1,220 won-mark against the dollar for the first time since June 2, 2020. It closed 12.9 won higher against the dollar from the previous session at 1,227.1 won. The
March 7, 2022
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Seoul stocks sharply drop on soaring oil prices
South Korean stocks plunged over 2 percent Monday amid worries tough sanctions imposed on Russia in retaliation against its invasion of Ukraine could raise energy prices and hurt companies' bottom lines. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 62.12 points, or 2.29 percent, to close at 2,651.31 points. Trading volume was moderate at about 557 million shares worth some 11.9 trillion won ($9.7 billion), with losers outnumbe
March 7, 2022
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Korean women still earn 38% less than men
South Korea’s gender pay gap persists at major companies, with a recent research suggesting women still earn almost 40 percent less than men. Data from market tracker Korea CXO Research Institute released Monday showed the average annual pay for female workers was 54.2 million won ($44,151) at the nation’s top 150 companies as of 2020, about 38 percent less than the male average of 79.7 million won. Across industries, IT companies such as Kakao and Naver had the highest salaries f
March 7, 2022
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S. Korea halts transactions with Russia’s central bank
South Korea has decided to shut down transactions with Russia’s central bank and national funds in efforts to join the international movement to impose more sanctions against Moscow, while providing state emergency support for companies doing business with the Slavic countries in war, the government said Monday. Seoul’s announcement followed the recent series of sanctions by the US and EU to ban transactions with Russia’s state-run financial institutions. The Ministry of Ec
March 7, 2022
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Jan. inflation in OECD countries highest in 31 years
The average year-on-year inflation in Organization for Economic Cooperation and Development countries hit 7.2 percent in January, the highest since February 1991, amid rising energy prices. Consumer prices in South Korea rose 3.6 percent in January from a year ago, marking the 29th highest among 38 OECD member countries. The average year-on-year inflation of G-20 and G-7 nations stood at 6.5 percent and 5.8 percent, respectively, in the first month of this year. Turkey suffered the worst infl
March 7, 2022
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Samsung Electronics Galaxy smartphones embroiled in ‘GOS’ scandal
Samsung Electronics is facing accusations that it exaggerated the performance of its flagship smartphone Galaxy S22 series. The controversy revolves around an application called game optimizing service, or “GOS.” When users play games with Galaxy S22 smartphones, GOS is activated and adjusts the performance of smartphones to help batteries last longer and prevent overheating issues. Gamers have complained about GOS for some time because the app, which cannot be switched off by th
March 7, 2022
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Samsung expected to launch Galaxy A series in mid-March
Samsung Electronics Co. is widely expected to launch its entry-level Galaxy smartphones later this month in response to the March 8 release of Apple's new iPhone SE, industry sources said Monday. Samsung's mid-low tier Galaxy A series is forecast to come in various new models -- A73, A53, A33 and A23 -- a product line the company said would provide "cutting-edge innovations, services and features at an accessible price." Apple is expected to announce the next-generation version of the
March 7, 2022
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S. Korea joins global move to suspend transactions with Russia's central bank
South Korea said Monday it plans to suspend transactions with Russia's central bank, joining the global move to impose additional sanctions against Moscow over its invasion of Ukraine. The government said it will announce details after consulting with related government agencies. The US has banned transactions with Russia's central bank, the finance ministry and sovereign wealth funds as part of fresh sanctions against Moscow. The European Union also announced similar sanctions. South Korea has
March 7, 2022
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S. Korea faces heightened economic uncertainty amid Ukraine crisis: KDI
The South Korean economy is on a recovery track, but external economic uncertainty has markedly increased as the Russian invasion of Ukraine has jacked up prices of oil and raw materials, a state-run think tank said Monday. Asia's fourth-largest economy is maintaining its moderate recovery on the back of solid manufacturing output, with the latest upsurge in COVID-19 cases having limited impacts on in-person services, the Korea Development Institute (KDI) said in a monthly economic assessment re
March 7, 2022
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SeAH Besteel exports spent nuclear fuel casks to US firm
South Korean steelmaker SeAH Besteel Corp. said Monday it will deliver three dry casks used to store spent nuclear fuel to a US nuclear logistics company. The delivery comes some six months after SeAH Besteel signed a deal for 17 casks with Orano TN, which provides total system solutions for used nuclear fuel and radioactive waste management. SeAH Besteel said it marks the first time for a South Korean firm to export finished casks for spent nuclear fuel to the US market. The three casks will be
March 7, 2022
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Seoul stocks open steeply lower on soaring oil prices
South Korean stocks opened steeply lower Monday as the United States and its allies mull ways to suspend imports of Russian crude, raising concerns the soaring oil prices may weigh on corporate performances. The benchmark Korea Composite Stock Price Index (KOSPI) had retreated 46.26 points, or 1.7 percent, to 2,667.17 points as of 9:17 a.m. Investor sentiment for risky assets decreased as Brent crude hit an intraday high of US$139 a barrel, the highest since 2008, following reports the US and it
March 7, 2022
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Number of EV taxis surges as driving ranges get longer
The number of newly registered electric taxis has surged to some 5,000 last year, as more taxi drivers are increasingly opting for EVs with better driving range. According to the Korea Automobile Manufacturers Association on Sunday, a total of 4,991 EV taxis were registered last year, which is a 453.9 percent jump from a year ago. The number increased rapidly last year compared to previous years. The number of new EV taxis was 1,018 in 2019 and 901 in 2020. The business lobby cited increase
March 6, 2022
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Genesis GV60 gets remote software updates
Hyundai Motor’s standalone luxury brand Genesis announced Sunday that it is offering an “over-the-air” software update for its GV60 model that was launched last October. The software update will enhance the car’s advanced driver assistance system by improving forward and backward collision warnings, parking distance warnings, and remote smart parking assist features. With GV60, drivers will be able to download the updated software “over-the-air” while drivin
March 6, 2022
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[MEET THE CEO] With fresh IPO capital, Krafton looks into metaverse, NFT and C2E
As one of South Korea’s online game pioneers, Kim Chang-han -- a computer engineer-turned-entrepreneur -- had early success in his life with his creation, PUBG: Battlegrounds. Since its debut in 2017, the popular battle royale game has sold over 75 million copies in 200 countries and also turned the small game company Krafton into a global studio generating 1.89 trillion won ($1.55 billion) of revenue a year. Kim, also known as the father of PUBG for his key role in developing the game, i
March 6, 2022
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Hana chief highest-paid banking CEO in 2021
Hana Financial Group Chairman Kim Jung-tai was the highest-paid banking CEO last year, taking home an annual salary of 2.4 billion won ($1.98 million), according to annual reports filed by financial firms Sunday. Kim ranked No. 1 in annual salary paid to executives among his peers, with KB Financial Group Chairman Yoon Jong-kyoo ranking No. 2 with 1.7 billion won and Shinhan Financial Group Chairman Cho Yong-byoung No. 3 with 800 million won. Woori Financial Group has yet to file a similar r
March 6, 2022
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Retail investors rush for Russia ETFs despite warnings
South Korean retail investors have been on a buying spree of Russia-related exchange-traded funds amid growing tensions between Russia and Ukraine, data showed Sunday. Analysts say that retail investors are hoping for a rebound in Russian stocks once the situation surrounding the Russia-Ukraine war calms down, but warned that the current volatility could be costly for them. Retail investors bought over a net 70 billion won ($57.4 million) worth of Russia-related ETFs sold both locally and ov
March 6, 2022
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LG debuts Chromebook for education market
LG Electronics said Sunday it has launched a brand-new laptop, Chromebook, to target the growing education market, the size of which is expected to increase five times in three years. According to the consumer electronics firm, the 11-inch laptop offers a touch screen and can be utilized as a tablet as it bends backward. Weighing just 1.44 kilograms, the laptop is available for 690,000 won ($567). The cheap price was possible as the laptop doesn’t require an expensive Windows operating
March 6, 2022
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Samsung joins Russia sanctions, donates $6m to Ukraine
Samsung Electronics has suspended its shipments to Russia and donated $6 million to Ukraine, according to industry sources Sunday. The South Korean tech giant has become the latest multinational firm to join comprehensive sanctions against Russia, where the market has crashed and the value of the ruble has plummeted. Despite its export embargo on Russia, Samsung Electronics will still operate its local factories there. “Shipments to Russia have been suspended due to the current geopol
March 6, 2022