Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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KT to pay $6.3m to US SEC to settle corrupt practice charges
KT, South Korea’s largest telecommunications firm by sales, will pay a total of $6.3 million to the US Securities and Exchange Commission to resolve charges for violating the Foreign Corrupt Practices Act, an SEC announcement showed Friday. The SEC ordered the Seoul-based firm to pay $3.5 million in civil payments and $2.8 million in disgorgement and prejudgment interest within a month, more than two years after the US authorities started their investigation. KT was accused of insuffici
Feb. 18, 2022
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Korean Air to use aviation fuel with smaller carbon footprint on Paris route
Korean Air Lines Co., South Korea's biggest carrier, said Friday it will use more environmentally friendly aviation fuel on its Incheon-Paris route as part of efforts to join global efforts to reduce carbon emissions. The move to use the so-called sustainable aviation fuel (SAF) for the route comes as Europe and the United States are leading efforts to build SAF production facilities and supply the fuel to cut greenhouse gas emissions from flights. "The company has decided to adopt SAF on t
Feb. 18, 2022
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Raging omicron feared to hamper private spending recovery: finance ministry
South Korea's economy is on a recovery path on the back of robust exports, but the fast spread of the omicron variant is feared to hurt the recovery of private spending, the finance ministry said Friday. External economic uncertainties also heightened as oil prices have surged and volatility in the financial market has increased amid geopolitical risks between Russia and Ukraine, the ministry said in its monthly economic assessment report, called the Green Book. "South Korea's exports have
Feb. 18, 2022
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[Graphic News] S. Korea's instant meals market skyrockets 145% over 4 years
The South Korean market of instant meals jumped more than 145 percent in 2020 from four years earlier on the increased number of convenience stores and the coronavirus pandemic, data showed. Shipments of ready-to-eat items, known as home meal replacement products in South Korea, came to 2.01 trillion won ($1.7 billion) in 2020, up a whopping 145.3 percent from 2016, according to the data from the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Co
Feb. 18, 2022
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Global sales of Samsung Bioepis' 5 biosimilars jump 11% in 2021
Samsung Bioepis Co., a South Korean biopharmaceutical company, said Friday that global sales of its five biosimilar products, outside of the South Korean market, jumped 11 percent on-year in 2021. The combined sales of the five biosimilars -- Infliximab, Etanercept, Adalimumab, Trastuzumab and Bevacizumab -- came to around $1.25 billion last year, compared with $1.12 billion a year earlier, the company said. The company cited earnings reports of its global partners -- Oganon International and Bi
Feb. 18, 2022
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Seoul stocks open steeply lower on rising Ukraine tensions
South Korean stocks opened steeply lower Friday, tracking a plunge on Wall Street that stemmed from the elevating US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.86 points, or 0.91 percent, to 2,719.23 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.88 percent and the Dow Jones Industrial Average retreated 1.78 percent, due to the US top officials' comments about the heightening possibilit
Feb. 18, 2022
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KRX to review delisting Osstem Implant
The Korea Exchange said Thursday that it has put Osstem Implant under review to determine whether to delist the company amid a probe into a massive embezzlement scandal. A review committee will convene a meeting in March to make a decision on whether to allow the implant maker to continue trading or grant it a one-year grace period. Listed companies are suspended from trading and face delisting if they report embezzlement exceeding 5 percent of their equity. Osstem Implant was
Feb. 17, 2022
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NK defector gets US doctorate under Hanmi Global chief‘s support
A North Korean defector sponsored by a South Korean company received a doctoral degree in international relations from a US university. Kim Seong-ryeol, a 37-year-old from Chongjin, North Korea, made three failed attempts to flee North Korea with his family by crossing the Tumen River to China since 1997, and was subsequently jailed. Kim finally fled the North in 2004, and settled in South Korea with his family. Having dropped out of middle school in North Korea, Kim completed the South Korean
Feb. 17, 2022
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APG calls for 10 S. Korean firms to cut carbon emissions
Dutch pension fund APG said Thursday it has urged Samsung Electronics Co. and nine other South Korean companies that it has invested in to intensify efforts to reduce carbon emissions. APG, the largest pension fund in the Netherlands, said it has sent a letter to major companies, including Samsung Electronics, SK hynix Inc. and LG Chem Ltd., urging them to conduct "ambitious climate and carbon reduction strategies and commitments." The pension fund called on them "to evaluate thei
Feb. 17, 2022
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Seoul stocks up for 2nd day on eased Fed uncertainties
South Korean stocks advanced for a second straight session Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 14.41 points, or 0.53 percent, to close at 2,744.09 points. Trading volume was moderate at about 602 million shares worth some 11.7 trillion won ($9.8 billion), with gainers outnumbering losers 464 to 372. Foreigners bought a
Feb. 17, 2022
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Lippert’s expertise to boost Samsung’s US strategy
Samsung Electronics America said Wednesday it has hired former US Ambassador to South Korea Mark Lippert as its public relations chief, in an apparent move to better respond to uncertainties surrounding policy changes in the US, especially on chips. The former envoy will lead the company’s Washington office as executive vice president and head of North American public affairs from March 1. Samsung said Lippert’s insight into policy changes and regulations in the US will play a key
Feb. 17, 2022
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Coway Q4 sales up 9.7% to W945b
Coway posted 945.9 billion won ($789 million) of sales in the fourth quarter of 2021 with an operating income of 139.2 billion won, the company said Thursday. The firm also logged 3.66 trillion won in 2021 sales, logging a 13.2 percent growth year-on-year. Operating income was 640.2 billion won and net income 465.5 billion won, each up 5.6 percent and 15 percent. The company‘s global outposts saw a yearly revenue of 1.21 trillion won last year and 301.6 billion won in the fourth quarter
Feb. 17, 2022
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Auction for additional 5G spectrum band delayed
The auction for an additional 5G spectrum band, which was slated to take place sometime this month, will be delayed over the remaining differences between the country’s three largest telecommunication companies, officials said Thursday. Earlier in the day, the Science and ICT minister and CEOs of SK Telecom, KT and LG Uplus met at the Seoul Central Post Office to discuss the ongoing dispute of the 5G spectrum auction, but failed to come to a conclusion. After the meeting, Hwang Hyun-si
Feb. 17, 2022
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Secret of maintaining the top: OB brings real life story to ads to soothe customers
Oriental Brewery (OB), Korea’s largest beer maker, won the grand prize at the 2021 Korea Brand Awards for its marketing strategy that added sentimental elements to soothe customers hit by the pandemic. The award, overseen by the Korean Marketing Association, recognizes companies that put “consumer value” at the forefront of brand management. The key to OB’s marketing strategy was “clicking with” consumers, stressed the beer manufacturer. While beer advertisem
Feb. 17, 2022
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Korea's 'Grand Challenge' unites Korean firms to commercialize flying cars by 2025
Under the South Korean government’s plan to commercialize flying cars, or Urban Air Mobility, in central cities by 2025, the Transport Ministry on Thursday kicked off the K-UAM Grand Challenge program to coordinate all of South Korea’s UAM-related activities as part of its focus to enable emerging aviation markets. This Ministry-led program will bring together industry players including aircraft developers, airspace designers, and air traffic management operators with the goal of d
Feb. 17, 2022
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Samsung woos wine lovers with new Bespoke refrigerators, IoT features
Samsung Electronics said Thursday a wine cooler will be part of its new home appliance package under its Bespoke brand to target wine lovers in South Korea, coupled with its Internet of Things features for wine pairing recommendation. Its new premium built-in side-by-side refrigerator, under its brand-new Bespoke Infinite lineup, has a dual-zone vertical wine cooler that can hold up to 101 bottles of wine. The temperature for each zone can be set at between 4-18 degrees Celsius, enabling user
Feb. 17, 2022
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[Market Eye] MSCI upgrade for South Korea: How much does it really matter?
Finance Minister Hong Nam-ki was supremely confident in November last year when he said the government would consult index provider Morgan Stanley Capital International on having the country reclassified as a developed market from its current emerging market status. The government’s drive to receive MSCI’s highest recognition is not new, as it has been pursuing it for the last 14 years. Seoul first floated the idea in 2008 to remove underlying market volatility of Asia’s four
Feb. 17, 2022
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SC Bank Korea partners with Posco Chemical, L&F for sustainable financing
Standard Chartered Bank Korea said Thursday it signed an environmental, social and governance-related supply chain financing deal worth a combined $180 million with local electric-vehicle battery material suppliers. The lender’s new partnership with Posco Chemical and L&F will provide the EV battery material suppliers with financing in the form of trade receivable discounting. Trade receivable discounting or TRD is a type of factoring in which a supplier provides its products to the
Feb. 17, 2022
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Samsung SDS joins AWS’ exclusive global network
South Korean IT solutions provider Samsung SDS said Thursday it has signed a new partnership with cloud giant Amazon Web Services to bolster bilateral ties and strengthen their corporate cloud business. Under the renewed partnership, Samsung SDS is also joining AWS’ “exclusive” global business network, along with other global partners like Verizon and NEC. The two firms have already carried out diverse corporate projects since January last year, in which they support business
Feb. 17, 2022
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5 confectionery firms fined W135b for price fixing
South Korea's antitrust regulator said Thursday it has decided to impose a combined 135 billion won ($112.9 million) in fines on Lotte Confectionery Co. and four other snack manufacturers for fixing sales prices of ice creams. The five snack makers, also including Binggrae Co. and Haitai Confectionery & Foods Co., colluded between February 2016 and October 2019 to fix supply and sales prices of ice creams and divide retail channels for distribution, according to the Fair Trade Commission (FT
Feb. 17, 2022