Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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[Newsmaker] Nexon founder Kim Jung-ju, pioneer in Korea's gaming industry, dies at 54
Kim Jung-ju, the founder of South Korea’s biggest game maker Nexon and an engineer-turned-entrepreneur who led the country’s burgeoning game industry which also made him the richest man here, passed away on Monday. He was 54. According to Nexon’s holding company NXC, Kim died on Feb. 28 in Hawaii, the United States. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, the company said. Born in February 1968 in Seoul,
March 2, 2022
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[MWC 2022] GSMA to press streaming platforms on network cost-sharing: KT CEO
BARCELONA, Spain -- The board of GSMA, the host of Mobile World Congress 2022, has greenlighted a plan urging video streaming service providers to share telecom carriers’ costs of expanding broadband infrastructure, amid lingering conflicts over charging more network usage fees to those causing heavy internet traffic. The plan was proposed by a policy group under GSMA, which called on global content providers including Netflix, Apple TV, Amazon Prime Video and Disney+ to contribute more
March 2, 2022
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Korean asset managers start suspending Russian funds
South Korean asset managers have started suspending the issue and redemption of shares on their Russia-exposed funds as the US and its allies continued to ramp up economic sanctions against Moscow. According to market tracker FnGuide on Wednesday, nine Russia-exposed equity funds, including an exchange-traded fund, with a combined asset of 158.7 billion won ($131.6 million), are being sold by Korean financial institutions. The nine funds have already disappointed investors since the beginning o
March 2, 2022
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S. Korean builder sentiment inches up in Feb.
South Korean builders' business sentiment edged up in February from a month earlier on the back of increasing orders, a poll showed Wednesday. The country's construction business survey index (CBSI) came to 86.9 last month, up 12.3 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. Yet February's tally was still below par. A reading below 100 indicates that builders who are pessimistic about the industry's current state outnumber
March 2, 2022
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Internet banking use jumps 18% in 2021 amid pandemic
South Koreans' use of internet banking services soared 18 percent on-year in 2021 as customers preferred non-contact services amid the coronavirus pandemic, central bank data showed Monday. The daily use of online banking services, including mobile banking, reached 17.32 million cases last year, up from 14.68 million a year earlier, according to the data from the Bank of Korea (BOK). Mobile banking use came to 14.36 million instances per day, up 22.9 percent from a year earlier and accounting fo
March 2, 2022
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Institutions' foreign securities holdings hit new high in 2021
South Korean institutions' investment in foreign securities touched a new all-time high in 2021 amid bullish overseas stock markets, central bank data showed Wednesday. The outstanding value of foreign securities held by local institutional investors stood at $402.72 billion as of end-December last year, up $29.97 billion, or 8 percent, from a year earlier, according to the data from the Bank of Korea (BOK). The on-year increase, however, slowed from the $42.09 billion gain reported for the prev
March 2, 2022
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Public institutions eye record high investment this year
South Korean public institutions plan to increase their investment this year to a record high of 67 trillion won ($55.6 billion) in an effort to support the economic recovery, a senior government official said Wednesday. The amount will be higher than the 64.7 trillion-won investment made last year, according to Second Vice Finance Minister Ahn Do-geol. He said they plan to invest more than 35.5 trillion won, or 53 percent of the total amount, in the first half. The government said public firms'
March 2, 2022
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S. Korea aims to commercialize 6G mobile services by 2028: ICT minister
South Korea will push to commercialize sixth-generation (6G) services by around 2028, the country's science minister has said. Science and ICT Minister Lim Hye-sook made the remarks on Tuesday during her speech at the Mobile World Congress (MWC) 2022, a mobile technology trade fair under way in Barcelona. The MWC is one of the top three annual tech events in the world, along with the Consumer Electronics Show in the United States and the IFA in Germany. "We are continuing our preparations f
March 2, 2022
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POSCO launches holding firm to better focus on non-steel biz
Posco, South Korea's top steelmaker, launched a holding company Wednesday to better nurture non-steelmaking businesses, such as battery materials and hydrogen. In January, shareholders of Posco approved a plan for the steelmaker to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group's holding company, Posco Holdings Inc., will focus on charting out future business, research and development, and investment. The steelmaking business
March 2, 2022
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Celltrion's autoimmune disease biosimilar lands in S. Korea
South Korean pharmaceutical giant Celltrion Inc. said Wednesday that its autoimmune disease biosimilar Yuflyma has begun sales in the domestic market. Yuflyma -- a biosimilar referencing blockbuster drug Humira by AbbVie Inc. -- is used to treat patients with multiple chronic inflammatory diseases, such as rheumatoid arthritis and psoriasis. The high-concentration biosimilar is already being marketed in major European countries following its approval from drug authorities last year. Yuflyma requ
March 2, 2022
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Hyundai, Kia's US sales rise 6.4% in Feb.
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 6.4 percent in February from a year earlier despite the prolonged pandemic and chip shortages. The corporate duo sold a total of 105,088 vehicles in the world's most important automobile market last month from 98,797 units a year ago, according to the companies' sales data. Hyundai's US sales jumped 10 percent to 55,906 units from 50,735 over the cited period and Kia's also climbed 2.3 per
March 2, 2022
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[Graphic News] Online food market hits new high in 2021 amid pandemic
South Korea’s online food market jumped more than 35 percent to touch an all-time high in 2021 amid the coronavirus pandemic, data showed. The value of online food transactions in Asia’s fourth-largest economy stood at 58.5 trillion won ($48.8 billion) last year, up 35.3 percent from a year earlier, according to the data from Statistics Korea and industry sources. The tally covers online transactions of food, groceries, farm produce, meat and fisheries goods, as well as food de
March 2, 2022
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[CONTRIBUTION] Embracing change in business: Why it matters
In the face of global environmental challenges like climate change, sustainability is on every CEO‘s agenda. The debate on “net zero” dominated discussions in the sustainability arena in 2021. We are witnessing a trend where a growing number of large corporations and financial institutions are pledging to achieve net-zero emissions by 2050. Sustainability is top-of-mind for CEOs in Korea and around the world. It heads a shortlist of priorities that also embraces new business
March 2, 2022
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Seoul stocks open lower amid Ukraine risk
South Korean stocks opened lower Wednesday amid continued Ukraine tensions. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.98 points, or 0.18 percent, to 2,694.2 points in the first 15 minutes of trading. The key stock index traded bearish as investors remained cautious amid the Ukraine tensions. Overnight, the tech-heavy Nasdaq composite lost 1.59 percent and the Dow Jones Industrial Average declined 1.76 percent, largely on concerns that the war in Ukraine may push up the
March 2, 2022
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Two-thirds of listed firms hike 2021 dividends
Two-thirds of South Korea's listed firms have sharply increased their 2021 dividends in an apparent bid to appease shareholders amid a bearish stock market, a corporate tracker said Wednesday. About 67 percent of 853 companies, which have announced their 2021 dividends as of Monday, have decided to raise their payouts from a year earlier, according to CEO Score. The ratio is up 20.4 percent points from 46.2 percent recorded in the 2020 fiscal year. The increase comes as the local bourse has been
March 2, 2022
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S. Korea's production, consumption fall in January
South Korea's production and private spending both fell for the first time in nearly two years in January, due largely to a high base effect, data showed Wednesday. Industrial output fell 0.3 percent in January from the previous month, compared with a 1.3 percent on-month gain in December last year, according to the data compiled by Statistics Korea. It marked the largest on-month fall since July 2021 when industrial output decreased 0.8 percent. Retail sales, a gauge of private spending, logged
March 2, 2022
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Nexon founder Kim Jung-ju dies at 54
Kim Jung-ju, founder of South Korea’s biggest game maker Nexon, passed away on Monday. He was 54. Nexon’s holding company NXC said Tuesday evening that Kim died in Hawaii, US, on Feb. 28. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, it said. The cause of death was not given. Nexon CEO Owen Mahoney paid condolences to Kim. “It is difficult to express the tragedy of losing our friend and mentor Jay Kim, a man w
March 1, 2022
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Hyundai Motor halts production in Russia for 5 days
Hyundai Motor has shut down its manufacturing plant in St. Petersburg, Russia, on Tuesday for five days, citing a semiconductor shortage, the company's headquarters in Seoul confirmed. “The plant will be shut down temporarily due to supply disruption caused by a semiconductor shortage,“ an industry official said. "The decision has nothing to do with Russia and Ukraine.” According to local reports, the carmaker has also stopped its car deliveries to dealers. Hyundai sold
March 1, 2022
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Posco to invest W5tr in Gwangyang steel mill
Posco Group will invest 5 trillion won ($4.1 billion) in Gwangyang, South Jeolla Province, one of the steel giant’s two production bases, for the next three years, according to industry sources Tuesday. This year alone, an estimated 1.7 trillion won will be invested to beef up production of eco-friendly high-strength steels like electrical steels for cars, as well as to expand overall production capacity at the steelmaking complex in the region. Sources say the new investment plan come
March 1, 2022
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Kia EV6 becomes first Korean car to be named European Car of the Year
Kia announced Tuesday that its first dedicated electric vehicle EV6 has become the first South Korean car to be named the Car of the Year in the European Car of the Year awards. EV6 took the throne, beating out over 60 models launched in 2021 listed as candidates for the 2022 Car of the Year. Among the top seven finalists were Hyundai Ioniq 5, Ford Mustang Mach-E, Skoda Enyaq iV, Cupra Born, Renault Megane E-Tech and Peugeot 308. The Car of the Year was chosen by 61 auto journalists from 23
March 1, 2022