Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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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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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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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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Auto exports down 4.7% in Nov. amid lack of automotive chips
South Korea's automobile exports fell nearly 5 percent in November from a year earlier due to a global shortage of automotive chips, data showed Wednesday. Outbound shipments of automobiles came to 178,994 units last month, down 4.7 percent from the same month a year earlier, according to the data from the Ministry of Trade, Industry and Energy. In terms of value, however, exports advanced 3.3 percent to $4.12 billion in November, the largest monthly tally since April when the supply bottlene
Dec. 15, 2021
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Seoul shares open lower ahead of Fed meeting
Seoul shares opened lower Wednesday, tracking losses on Wall Street, as investors eyed the Federal Reserve's rate decision this week. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.40 points, or 0.3 percent, to 2,978.55 points in the first 15 minutes of trading. On Tuesday (US time), the Dow Jones Industrial Average dropped 0.3 percent to 35,544.18, while the tech-heavy Nasdaq composite slid 1.1 percent to 15,237.64. Investors are waiting on cues from the two-day Fed me
Dec. 15, 2021
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Job growth extended for 9th month in Nov. amid economic recovery
South Korea reported job additions for the ninth straight month in November in the latest sign the country's economic recovery has continued despite the latest upsurge in COVID-19 cases, data showed Wednesday. The number of employed people reached 27.79 million last month, 553,000 more than a year earlier, according to the data compiled by Statistics Korea. The reading was lower than an on-year increase of 652,000 in October. But the number of employed people has risen since March as Asia's fo
Dec. 15, 2021
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KT&G suspends tobacco business in US amid growing regulations
KT&G Corp., South Korea's dominant tobacco company, will suspend its tobacco business in the United States for an unspecified period, the company said in a regulatory filing Tuesday. "We need to conduct a review of our business in the US amid intensifying regulations over tobacco and growing competition," the company said, referring to a hostile business environment, such as the US Food and Drug Administration's recent move to introduce a bill to curb nicotine content an
Dec. 14, 2021
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Busan starts campaign to host Expo 2030 world fair
Busan started its campaign Tuesday to host the Expo 2030 world fair at a virtual meeting convened by the organizing body Bureau International des Expositions (BIE), Busan Metropolitan City said. Busan -- one of five cities including Rome, Moscow, Odessa and Riyadh to have submitted the bid -- was the first city to make its case online. The Busan mayor leading the Korean delegation proposed holding the fair under the theme: “The era of great change: Sailing toward a better future.”
Dec. 14, 2021
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Upbit operator Dunamu vows to go global
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, aims to become a global platform for all types of exchanges, its chief said Tuesday. “In the future, Dunamu will establish a trading channel for all digital assets to discover new opportunities such as metaverses and non-fungible tokens,” said Dunamu CEO Lee Sirgoo in an online press conference held on its recently-launched metaverse platform 2ndblock. “Taking a step further from being a platform f
Dec. 14, 2021
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KB chairman vows to cooperate with ASEAN banks for carbon neutrality
South Korea’s KB Financial Group Chairman Yoon Jong-kyoo vowed to cooperate with ASEAN banks in achieving carbon neutrality at a leadership meeting of the UN-convened Net-Zero Banking Alliance, the firm said Tuesday. “As a representative of Asia in this meeting, KB will focus on spreading and supporting net-zero initiatives in ASEAN nations where we have a vast network of businesses,” Yoon said at the NZBA Steering Group Principals Meeting held via video conference on Monday.
Dec. 14, 2021
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Seoul stocks down for 3rd day amid FOMC uncertainties
South Korean stocks retreated for a third consecutive session Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 31.71 points, or 0.46 percent, to close at 2,987.95 points. Trading volume was moderate at about 566 million shares worth some 9.2 trillion won (US$7.8 billion), with losers outnumbering gainers 574 to 284. Foreigners
Dec. 14, 2021
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LG debuts hyperscale AI Exaone
LG Group’s AI research hub LG AI Research on Tuesday unveiled its new “ultra-large” artificial intelligence language model Exaone that boasts more parameters than any other similar models created by its South Korean rivals. Exaone, which refers to “expert AI for everyone,” has some 300 billion different parameters or variables that it can tune in. Being large means that the AI model has a better capacity to process data more efficiently and perform more advanced l
Dec. 14, 2021
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Dyson’s formaldehyde-busting air purifiers hit Seoul
UK-based home appliance maker Dyson said Tuesday it started selling its air purifiers equipped with technologies to sense and destroy indoor air pollutants including formaldhyde more precisely in South Korea. Its new fanless air purifiers feature algorithm-powered, solid-state formaldehyde sensors that distinguish the colorless gas pollutant from other volatile organic compounds. Dyson said the solid-state sensor, using electrochemical cell technology, is superior to gel-based sensors in that
Dec. 14, 2021
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Samsung Biologics to manufacture AstraZeneca’s Evusheld
Samsung Biologics will begin manufacturing AstraZeneca’s COVID-19 antibody combination Evusheld by expanding their earlier deal, officials said Tuesday. The newly expanded deal is estimated at $380 million, up about $50 million from the initial contract of the two pharmaceutical giants’ long-term strategic partnership signed in September 2020. Evusheld, formerly known as AZD7442, is a combination of two long-acting antibodies, tixagevimab and cilgavimab. It has the effect of prev
Dec. 14, 2021
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LX Holdings chairman prepares to complete spinoff by selling stake in LG
LX Holdings, a holding company which was established in May by taking four non-electronics affiliates from LG group, said Tuesday that its Chairman Koo Bon-joon has sold his stake in LG Group to complete the spinoff procedure. The company said Koo Bon-joon’s stake in LG Group has reduced to 2.04 percent from 7.72 percent. Together with his family’s stake, Koo’s total stake is now at 2.96 percent, meeting the prerequisite of the chief and relatives owning no more than 3 percen
Dec. 14, 2021
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LG Energy Solution, Siemens team up for smart manufacturing
LG Energy Solution, the battery-making unit of LG Group, said Tuesday it has joined forces with German industrial giant Siemens to upgrade its battery plants into more advanced smart factories. Under a deal signed earlier in the day, the battery firm agreed to adopt Siemens’ software and other technologies to build an “intelligent manufacturing system.” Intelligent manufacturing, or smart manufacturing, is designed to optimize energy efficiency and quality control at product
Dec. 14, 2021
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Property investment platform operator Kasa attracts W19b
Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure. The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea. The fintech startup said it will use 19 billion won to enhance the security sys
Dec. 14, 2021
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S. Korea's ICT exports hit new monthly high in Nov.
South Korea's exports of information and communication technology (ICT) products touched a new monthly high in November on brisk global demand for chips and displays, data showed Tuesday. Outbound shipments of ICT products reached $21.49 billion last month, up 30 percent from a year earlier, according to the data from the from the Ministry of Science and ICT. The November tally represents the largest-ever monthly amount and the 18th consecutive month of on-year gains since June last year. ICT
Dec. 14, 2021
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[Graphic News] Korea’s whisky imports jump over 70% this year
South Korea’s imports of whisky soared more than 70 percent in the first 10 months of the year as more people drank at home amid the coronavirus pandemic, data showed. The value of whisky imports came to $93.21 million in the January-October period, up 73.1 percent from a year earlier, according to the data from the Korea Customs Service and the local liquor industry. It represents the first on-year increase in the country’s whisky imports since 2014. Industry sources attribu
Dec. 14, 2021
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Seoul stocks open lower ahead of US FOMC meeting
South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading. The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate. Overnigh
Dec. 14, 2021
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Import prices down in November for first time in 7 months on cheaper oil, raw materials
South Korea's import prices dropped for the first time in seven months in November as prices of oil and other raw materials declined, central bank data showed Tuesday. The import price index inched down 0.6 percent last month from a month earlier, according to the preliminary data from the Bank of Korea. This marked the first on-month decline in seven months The decline is blamed on a fall in international crude oil prices and other raw materials, including mining products. The central bank
Dec. 14, 2021
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Hyundai Oilbank applies for IPO
Hyundai Heavy Industries Group, South Korea's 15th largest conglomerate by assets, said Monday its refining affiliate Hyundai Oilbank Co. filed for an initial public offering (IPO) with local bourse operator Korea Exchange. Hyundai Oilbank aims to trade its shares on South Korea's main KOSPI market in the first half of 2022, the group said. The proposed initial public offering is the third of its kind after the refiner failed to go public in 2012 and 2019. In 2012, a tumble in oil prices t
Dec. 13, 2021
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‘Uncertainty’ leading businesses to postpone investment: poll
About half of the highest-earning South Korean companies have no investment plans for next year as they battle “uncertainty” around the omicron coronavirus variant and the disruptions the pandemic has caused, a local think tank said Monday. According to the Korea Economic Research Institute, 49 percent of the 101 companies that responded to the survey said they either do not plan to make new investments in 2022 or have yet to come up with one, citing an uncertain economic outlook.
Dec. 13, 2021