Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Immigrant woman stabbed to death by Korean husband
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Samsung teams up with Amdocs for 4G, 5G solutions in US
Samsung Electronics will collaborate with US-based software solutions firm Amdocs to deliver fourth- and fifth-generation private wireless network solutions to boost the connectivity of firms in the United States, according to the company Thursday. The partnership will allow the companies to advance wireless communications such as increasing download speed, and to simplify the deployment of 5G-ready Citizen Broadband Radio Service solutions for industries ranging from education to utilities, m
Feb. 3, 2022
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S. Korean builder sentiment hits 17-month low in Jan.
South Korean builders' business sentiment hit the lowest level in one year and five months in January due to seasonal and several negative factors, a poll showed Thursday. The country's construction business survey index (CBSI) stood at 74.6 last month, down 17.9 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. The January figure was the lowest mark in 17 months and represented the first on-month decline in three months. The i
Feb. 3, 2022
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S. Korea's air passenger traffic falls 7.7% in 2021
South Korea's air passenger traffic fell 7.7 percent in 2021 from a year earlier due to the prolonged COVID-19 pandemic, the transport ministry said Thursday. A total of 36.36 million passengers, including 3.21 million on international routes, flew with full-service and low-cost carriers in 2021 mainly for business purposes, according to the Ministry of Land, Infrastructure and Transport. The number of passengers on international routes plunged 78 percent on-year last year as countries maintai
Feb. 3, 2022
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S. Korea earmarks W841b for key materials, parts development
South Korea will earmark 841 billion won ($697.4 million) for research and development of key materials and parts this year in a move to reduce dependency on foreign supplies and boost competitiveness of local industries, the industry ministry said Thursday. It is up 22 percent from last year's budget, as the country has been ramping up efforts to nurture the materials and parts industry, particularly after Japan's control on exports of key products in 2019. Of the budget, 321.8 billion won wi
Feb. 3, 2022
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Canadian authorities approve Samsung Bioepis' Ontruzant
South Korean biopharmaceutical firm Samsung Bioepis Co. said Thursday it has won approval from Canadian authorities for the sale of its biosimilar cancer drug Ontruzant. The Health Canada has approved Ontruzant -- a biosimilar product referencing Switzerland-based Roche Holding's Herceptin, also known as Trastuzumab -- for treatment of adults with early breast cancer, metastatic breast cancer and metastatic gastric cancer. Ontruzant will be commercialized in Canada by global pharmaceutical gia
Feb. 3, 2022
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34 more firms added to antitrust watch list
The number of South Korean companies affiliated with large business groups under tight supervision rose by 34 in the three months ending Jan. 31 as conglomerates expanded new businesses, the antitrust regulator said Thursday. The total number of affiliates on the Fair Trade Commission (FTC) watch list reached 2,738 as of end-January, compared with 2,704 three months earlier, according to the commission. Major business groups newly launched or acquired 112 units, while offloading 78 others from
Feb. 3, 2022
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BOK calls for vigilance on market volatility following holiday
South Korea should stay vigilant on the possibility of heightening financial market volatility amid persistent worries over inflation in major economies and other risk factors, though the markets showed signs of stability in recent days, a senior central bank official said Thursday. The Bank of Korea (BOK) held a meeting to monitor global financial market situations following the five-day Lunar New Year holiday that ended on Wednesday during which local stock and currency markets were closed. T
Feb. 3, 2022
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Seoul stocks open higher on US gains
S outh Korean stocks opened steeply higher Thursday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.77 points, or 1.76 percent, to trade at 2,710.11 points in the first 15 minutes of trading. The Kospi got off to a bullish start after a three-day holiday, as the tech-heavy Nasdaq composite added 0.5 percent and the Dow Jones Industrial Average advanced 0.63 percent Wednesday. In Seoul, market b
Feb. 3, 2022
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Housing price decline expected to accelerate: finance minister
Finance Minister Hong Nam-ki said Thursday the country's housing prices are expected to pick up their declining pace amid the central bank's rate hike and tighter lending rules. Hong said the government is committed to implementing its current real estate policy with a focus on increasing the home supply in a bid to stabilize housing prices. "We think housing prices need to undergo a downward correction to some degree, given that home prices have excessively risen. The government plans to
Feb. 3, 2022
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Ratio of nonwage workers hits record low in 2021
The ratio of the self-employed and other nonwage workers in South Korea touched an all-time low in 2021 amid the coronavirus pandemic, government data showed Thursday. Asia's fourth-largest economy had 6.52 million unsalaried workers as of the end of December last year, marking the 23rd consecutive year of decline, according to the data compiled by Statistics Korea. The number accounted for 23.9 percent of the country's total employed people, the lowest tally since data tracking began in 1963.
Feb. 3, 2022
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Korea’s stock market cap falls fifth-fastest in Jan.
South Korea ranked fifth among 47 countries globally in the drop in stock market capitalization between December last year and January this year, amid US Fed rate hike worries, a local brokerage said Wednesday. The country’s benchmark Kospi and junior Kosdaq stood at about $1.9 trillion in market value on Jan. 26, down from $2.1 trillion on Dec. 31, 2021, in a 10 percent fall, according to Daishin Securities, which cited Bloomberg data. Russia saw the greatest drop at 16 percent, followe
Feb. 2, 2022
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Will supply side issue affect Galaxy S22 launch?
With Samsung Electronics’ Galaxy Unpacked event just a week to go, all eyes are on whether the launch of flagship Galaxy S22 smartphones would be affected by the supply chain bottlenecks. Recent rumors suggested that the smartphones succeeding the S21 lineups -- Galaxy S22, S22 Plus and S22 Ultra -- might be subject to supply side issues, which could delay shipments following the Unpacked event. The marketing materials distributed to mobile carriers in the United States for the S22 and
Feb. 2, 2022
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Convenience stores outrank supermarkets in market share
Korea’s convenience stores’ combined market share outgrew that of local supermarkets for the first time, amid the fast-growing trend to shop in less crowded places due to the coronavirus pandemic, data showed Wednesday. According to data from the Ministry of Trade, Industry and Energy, sales revenue of three convenience stores -- GS25, CU and 7-Eleven -- came to 30.7 percent last year, following three department stores -- Lotte, Shinsegae and Hyundai. The figure surpassed that of t
Feb. 2, 2022
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Samsung's metaverse service My House sees early success
Samsung Electronics said Wednesday its My House world map service, launched in collaboration with Naver‘s 3D avatar platform Zepeto, saw cumulative visits quickly surging to over 4 million in less than a month. My House invites users to experience Samsung home appliances and furniture in a personalized virtual “home“ that users can decorate to their individual taste. The metaverse platform was unveiled on Jan. 5 at the annual tech show CES 2022. Since then, the cumulati
Feb. 2, 2022
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Vehicle registrations fall 9% in 2021
South Korea's new vehicle registrations fell 9 percent last year from a year earlier as chip shortages affected vehicle production and sales, the transport ministry said Wednesday. The number of newly registered vehicles declined 173,000 units to 17.43 million in 2021 from 19.16 million a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. Of the annual total, registrations of locally produced passenger cars fell 11 percent to 14.29 million last year from 1.60 mil
Feb. 2, 2022
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Why aren't there Korean-made vaccines yet?
Although it has been over two years since the coronavirus began spreading in Korea, the country has not seen a homemade vaccine developed yet. SK Bioscience is the company closest to delivering the first Korean-developed vaccine as the biopharmaceutical firm’s GBP510 is in the third and final phase of clinical trials. The government and company officials have voiced hope for a successful result and swift authorization as well as commercialization of GBP510 in the first half of this year,
Feb. 2, 2022
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Jeju golf courses log record visitors again in 2021
With cross-border travel restricted, golfers continued to flock to Jeju last year, pushing the resort island’s golf tourism records to all-time highs. According to the island province’s official data, a record 2.89 million people visited golf courses there in 2021, up 21.6 percent from a year earlier. It was the second year in a row that the tally rose to a new record. In 2020, some 2.38 million teed off in Jeju, logging an on-year growth of 14.7 percent. Of last year’s 2
Feb. 2, 2022
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Hyundai, Kia's own platform-based EV sales exceed 100,000 units
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday they sold more than 100,000 units of electric vehicles equipped with their own EV platform since April in global markets. Last year, Hyundai Motor launched the Hyundai IONIQ5 and the GV60 SUV under its independent Genesis brand, while Kia released the EV6 sedan mounted on the group's own electric-global modular platform (E-GMP). The all-electric models' sales stood at 96,578 units from April to December. In the first three we
Feb. 2, 2022
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Hyundai, Kia's US sales rise 2.3% in January
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 2.3 percent last month from a year earlier on strong demand for their SUV models. Hyundai and Kia sold a total of 90,360 vehicles in the world's most important automobile market in January, up from 88,359 units a year ago, according to the companies' sales data. Hyundai's US sales climbed 10 percent to 47,872 units from 43,394 over the cited period, while Kia's declined 5.5 percent to
Feb. 2, 2022
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Stock funds' net assets suffer 1st shrink in 4 months in Jan. amid slump
The net asset value of stock funds in South Korea suffered a decline for the first time in four months in January, as the global stock market roiled amid major central banks' move to tighten policies, data showed Wednesday. The asset value of publicly placed stock funds stood at 82.7 trillion won ($68.4 billion) as of Thursday, down 8.37 trillion won, or 9.2 percent, from the previous month, according to the data compiled by the Korea Financial Investment Association (KOFIA). The monthly net
Feb. 2, 2022