Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Foreign invested companies hold back investment plans as pandemic continues
Most companies with foreign investors in South Korea have not yet been able to make investment plans for this year, due to the prolonged COVID-19 pandemic, according to a survey from the Federation of Korean Industries released Wednesday. Of the foreign-invested companies with more than 100 employees surveyed, 91.1 percent said they are yet to come up with an investment plan (64.4 percent) or do not plan to make an investment this year (26.7 percent). Only the remaining 8.9 percent of them hav
Feb. 23, 2022
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HDC Hyundai Development appoints new safety executive
HDC Group’s construction arm HDC Hyundai Development Co. said Wednesday that it has appointed its vice president Jung Ik-hee as its new Chief Safety Officer. Jung, 56, joined the firm in 1995 and has overseen the management at major construction sites until 2019. In 2020, he served an executive role to manage the local projects and engineering technology with his experience on sites. HDC Hyundai Development Co. said the new CSO was named as part of safety improvement efforts driven
Feb. 23, 2022
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Korean youths flock to state-backed savings account
South Koreans aged between 19 and 34 rushed to open a state-backed savings account with a high yield of some 10 percent this week, with the product attracting nearly two million applicants as of Wednesday. The state-backed savings account launched Monday -- dubbed the Youth Hope Savings Product -- is designed specifically for those aged between 19 and 34 with an annual income of or below 36 million won ($30,100). It requires applicants to submit a monthly payment of 500,000 won for a 2-year ter
Feb. 23, 2022
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LG to quit solar panel business on rising costs
LG Electronics said Wednesday it is exiting its solar panel business, citing unfavorable market conditions such as rising costs and price competition as the key factors. The Korean tech giant, following a board meeting on Tuesday, said it would stop producing solar panels and modules by June 30, with some 900 employees being relocated to other business divisions, including those of other LG companies. LG started its solar panel business back in 2010 with an emphasis on higher-efficiency prem
Feb. 23, 2022
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Korea’s supply chain risks resurface over Ukraine crisis
South Korean companies are closely monitoring the situation as Western sanctions on Russia over the Russia-Ukraine geopolitical crisis may threaten the supply chains of the country’s key exports such as semiconductors, batteries and automotives. According to industry sources Wednesday, the prices of aluminum and nickel -- key minerals for EV batteries -- hit all-time highs in 14 years and 11 years, respectively, as the United States prepares sanctions against Russia for invading Ukr
Feb. 23, 2022
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Samsung Heavy wins W1tr LNG ship order from Africa
Samsung Heavy Industries Co. said Wednesday it has received a 1 trillion-won ($840 million) order to build four liquefied natural gas carriers for an African shipper. Under the deal, Samsung Heavy will deliver the four environment-friendly LNG ships to the unidentified shipper by September 2025, the company said in a statement. "We expect more LNG ship orders this year on increasing demand for LNG shipments and the International Maritime Organization's adoption of stricter environment regul
Feb. 23, 2022
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S. Korea joins top-tier group in democratic AI policy index
South Korea climbed to the first-tier group of countries last year in terms of how well its state policies for artificial intelligence are aligned with democratic values, a U.S. nongovernmental organization said Wednesday. In 2021, South Korea moved up by one notch to the first-tier group with 11 points, compared with 8.5 points the previous year, according to a report by the Center for AI and Digital Policy. Canada, Germany and Italy also stayed on the top tier last year. The Artificial Intelli
Feb. 23, 2022
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HanmiGlobal acquires TWG to cash in on US infrastructure boom
South Korean project management company HanmiGlobal said Wednesday it has acquired Tarr Whitman Group, a Seattle-based construction support consulting firm, to further expand its business to the US market. TWG will operate as a business unit within Otak, another US subsidiary of HanmiGlobal, and continue to focus on project control services for Otak and TWG clients. Following an integration of the two firms’ human resources, IT, and finance systems, HanmiGlobal hopes to serve a larger cl
Feb. 23, 2022
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LIG Nex1 showcases robots, drones in UAE
LIG Nex1 showcased its robots, unmanned surface vehicles and surveillance drones at an international exhibit in the United Arab Emirates, hoping to expand exports to and technological cooperation in the Middle East. The South Korean defense company took part in the Unmanned Systems Exhibition and Conference, which was held in Abu Dhabi from Feb. 21 through 23. Among LIG Nex1’s products on display were nonpowered muscle assistance robots called LEXO, short for lower extremity skeleton, un
Feb. 23, 2022
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Renault Samsung SM6 upgrades safety, convenience features
While keeping its overall look intact, the 2022 Renault Samsung SM6 has upgraded safety and convenience features such as LED matrix vision headlamps in all of its trims. Like most European cars, the SM6, which is sold as the Renault Talisman in Europe, has kept its unique design, despite having had minor facelifts over the six years since its launch. The LED matrix vision headlamps are smart headlamps that can automatically adjust their brightness using 18 LEDs on each side depending on traffi
Feb. 23, 2022
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S. Korea's overseas financial assets hit all-time high in 2021
South Korea's overseas financial assets reached an all-time high last year on the back of increased stock investments and investment returns, central bank data showed Wednesday. The country's external financial assets came to $2.16 trillion as of end-December, up $198.2 billion from a year earlier, according to preliminary data from the Bank of Korea (BOK). The net international investment position also hit a record high of $637.9 billion at the end of December, up from $466.1 billion the previo
Feb. 23, 2022
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Hyundai Motor's executive Luc Donckerwolke picked as 2022 World Car Person of the Year
The World Car Awards has chosen Luc Donckerwolke, Hyundai Motor Group's executive vice president for design and chief creative officer, as the 2022 World Car Person of the Year, the group said Wednesday. Donckerwolke, a Belgian native, was chosen for playing a leading role in designing a number of highly innovative new models, including the Hyundai IONIQ 5, Genesis GV60 SUV and Kia EV6, according to a Hyundai Motor spokesman. The former Lamborghini and Bentley designer was named head of the Hyun
Feb. 23, 2022
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Seoul stocks open higher amid looming Western sanctions on Russia
South Korean stocks opened higher Wednesday, as the United States, Europe and the United Kingdom mull sanctions against Russia over its move to dispatch troops to Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) advanced 15.52 points, or 0.57 percent, to 2,722.31 points as of 9:15 a.m. The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine. Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eas
Feb. 23, 2022
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Housing prices on downward trend after peak: finance minister
South Korea's finance minister said Wednesday the country's housing prices are on a downward trend after being stabilized amid the central bank's rate hikes and tighter lending rules. Minister Hong Nam-ki said the government will implement its real estate policy with a focus on expanding the home supply and rooting out property speculation in a bid to support a fall in home prices. "Stabilizing trends of housing prices have become more evident, and price falls have been accelerating,"
Feb. 23, 2022
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Business sentiment rises for March but stays below par
South Korean's business sentiment improved slightly for March but remained below par amid the fast spread of the COVID-19 omicron variant, a central bank poll showed Wednesday. The business sentiment index (BSI) for local companies came to 88 for March, up three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers climbed to 93 from 90 over the cited period, and that for non-manufacturing businesses also gained two points to 84. The index
Feb. 23, 2022
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HDC, victims’ families agree on compensation over Gwangju accident
Bereaved families of six victims discovered dead at HDC Hyundai Development Co.’s construction site in Gwangju last month said they had reached an agreement with the firm Tuesday. Although the families did not disclose the exact amount of the compensation, they said they had to “give in a lot” in terms of the amount. The agreement comes two weeks after the last victim was discovered at the construction site, almost a month after the facade and concrete floors of the 39-
Feb. 22, 2022
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LG Energy Solution aims big after IPO
LG Energy Solution was listed on the main Kospi bourse in January, 30 years after the company took its first step as a pioneer in the rechargeable battery business in 1992. Its next goal is to become “a company that is trusted and loved by customers.” LG Energy Solution’s initial public offering set several records, raising capital of more than 10 trillion won ($8.3 billion) and attracting 114.1 trillion won in deposits from some 4.4 million retail investors. As the first K
Feb. 22, 2022
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Majority of households forecast fall in home prices: BOK
SEJONG -- At least 1 in 2 South Koreans were found to have predicted home prices to go down in the coming year, amid a variety of tight regulations and rising interest rates, data from the Bank of Korea showed Tuesday. According to the monthly consumer survey conducted by BOK, the index for households’ outlook on housing prices sat at 97 in February, down three points from a month earlier. The index indicates that the number of households predicting a decline in housing prices was higher
Feb. 22, 2022
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FTC grants conditional approval for Korean Air-Asiana merger over monopoly concern
The South Korean antitrust regulator granted a conditional approval on Tuesday for a merger between South Korea’s two biggest air carriers to prevent monopoly in the country’s aviation industry. The Fair Trade Commission’s decision was made after concluding that Korean Air’s acquisition of Asiana Airlines might limit competition. After the merger, the two air carriers would operate around 48.9 percent of international flights from South Korea and 62 percent of domestic
Feb. 22, 2022
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Amid digitalization drive, banks expand offline services for wealthy
South Korean banking groups are opening more offline asset management centers exclusively for the nation’s superrich, while closing regular branches and replacing them with mobile and artificial intelligence-based services. On Tuesday, Shinhan Financial Group said it upgraded and rebranded two of its wealth management centers in Seoul to focus on providing exclusive banking services for its clients with personal assets of over 10 billion won ($8.3 million). The wealth management centers
Feb. 22, 2022