Most Popular
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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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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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[Herald Interview] Guggenheim Museum makes a push for technology-based art with LG
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New chief named to anti-corruption body
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[Hydrogen Korea] Korea Shipbuilding looks to turn hydrogen leaks to power source
Chill hydrogen to liquid at minus 253 degrees Celsius and the volume shrinks to one-eight-hundredth of its size. As hydrogen is too bulky as a gas, liquidating it is being looked at for transportation. But there is a problem: Under normal storage, liquid hydrogen boils off at the rate of 2-3 percent a day. By the time it arrives at Korean shores, as much as 20-30 percent of the tank would be empty. For South Korea, the evaporation issue is a major one, as the Asia’s No. 4 economy pla
Nov. 23, 2021
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LG Electronics chief expected to be promoted to vice chairman
Kwon Bong-seok, the CEO of LG Electronics, is likely to be promoted as the new vice chairman of LG Corp., the holdings firm of South Korean conglomerate LG Group. According to LG Group on Tuesday, LG Electronics and LG Corp. are scheduled to hold their respective board meetings Thursday and finalize the executive reshuffle. Kwon Bong-seok is expected to fill in the shoes of Kwon Young-soo, who was appointed in October as the new CEO of LG Energy Solution, the battery unit of LG Group. The
Nov. 23, 2021
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[Advertorial] LG Chem underscores 5 win-win growth strategies
LG Chem Vice Chairman Shin Hak-cheol on Tuesday emphasized five inclusive growth strategies to bolster the transparency and competitiveness of its suppliers. According to South Korea’s leading chemical company, the five principles are creating a fair trade culture; providing financial support and improving payment conditions; pursuing mutual growth through safe environments and eco-friendly business; building the capacity of suppliers; and sharing information and exchanging ideas. To
Nov. 23, 2021
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CJ CheilJedang spins off health supplement biz
In a move to expand its footprint in the health care sector, CJ CheilJedang will spin off its health and wellness business, the Korean food maker said Tuesday. Set to be launched on Jan. 1, the new subsidiary CJ Wellcare will be entirely controlled by CJ CheilJedang. The move comes after CJ Group Chairman Lee Jay-hyun in early November pledged to invest 10 trillion won ($8.41 billion) over the next three years to boost four growth engines -- one of which is the health and wellness sector.
Nov. 23, 2021
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Hyundai Motor affirms EV production in US but why the delay?
Hyundai Motor Group Chairman Chung Euisun made it official for the first time that the company plans to manufacture electric vehicles in the US, but questions are being raised over why the South Korean auto giant is not moving fast to do so. “Not starting next year, but we are planning to (make EVs in the US), so still looking for a timing,” said Chung, crossing a line against market speculation that the automaker’s EV production in its US factories is imminent. “
Nov. 23, 2021
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Emro Q3 net profit jumps 21% on business expansion
Emro, a supply chain management software company in Korea, said Monday its third-quarter net profit rose 21 percent from a year ago on expansion of clients and business. According to the company’s regulatory filing, its net profit stood at 3.98 billion won ($3.3 million) in the July-September period. Its operating income jumped 42 percent on-year to 4.04 billion won, and revenue expanded 11 percent to 11.2 billion won in the cited period. Emro said its net profit grew thanks to the incr
Nov. 23, 2021
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BMW to strengthen EV lineup in S. Korea
BMW said Tuesday it will strengthen its electric vehicle lineup in South Korea to meet growing demand for environment friendly vehicles. This week, BMW added the all-electric iX flagship SUV and the iX3 midsized SUV to its existing EV lineup composed of the pure electric i3 subcompact car and the plug-in hybrid i8 sedan. "The company will continue to beef up its EV lineup by adding electrified models to each segment to satisfy customers' demands," BMW Korea said in a statement. BM
Nov. 23, 2021
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S. Korea to scale down state bond sale for Dec. to stabilize market
South Korea said Tuesday it plans to sell smaller-than-planned state bonds for next month in a bid to help stabilize the bond market and improve fiscal soundness. To that end, the finance ministry plans to use excess tax revenue of 2.5 trillion won ($2.1 billion) for the shortfall of the planned sale of Treasurys. This means the ministry will issue state bonds that are around 2.5 trillion won less than its planned sale for next month. The government sold Treasurys worth 164 trillion won in th
Nov. 23, 2021
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Most bond experts eye rate hike in Nov.: poll
An absolute majority of bond mavens in South Korea predict the country's central bank to raise its key interest for November in an effort to curb rising inflation and household debt, a poll showed Tuesday. According to the survey of 100 bond experts by the Korea Financial Investment Association, 90 of the respondents forecast the Bank of Korea (BOK) to jack up its policy rate at a rate-setting meeting slated for Thursday. The number of experts expecting a rate increase was up from 13 percent r
Nov. 23, 2021
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Ship carrying Chinese urea set to arrive in S. Korea
A first shipment of urea is set to arrive in South Korea from China later Tuesday, which is expected to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. A ship carrying 300 tons of urea will arrive in the southeastern city of Ulsan around 9 p.m. Tuesday after leaving from the Chinese eastern city of Tianjin on Saturday, officials said. The government said it plans to accelerate necessary procedures to enable the urea to be used to produce urea
Nov. 23, 2021
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[Graphic News] Carmakers’ sales fall 22% amid chip shortages
South Korean carmakers’ sales fell 22 percent last month from a year earlier as an extended global chip shortage and the COVID-19 pandemic continued to weigh on vehicle production and sales, industry data showed. The country’s five carmakers - Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor - sold a combined 548,192 vehicles in October, down from 705,047 units a year ago, according to data from the companies. Their domestic sales declined 21 percent
Nov. 23, 2021
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Tuesday as investors attempted to lock in gains from the recent tech rally. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.54 points, or 0.22 percent, to 3.006.71 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid losses in most large caps. Overnight, the tech-heavy Nasdaq composite lost 1.26 percent amid lingering inflation concerns. The Dow Jones Industrial Average edged up 0.05 percent Top cap Samsung
Nov. 23, 2021
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S. Korea to draw up additional W12.7tr scheme for merchants, vulnerable people
South Korea plans to chart out around 12.7 trillion won ($10.7 billion) worth of support measures for pandemic-hit small merchants and vulnerable people with excess tax revenue and the state budget, the country's finance minister said Tuesday. The government will unveil a package of measures to support small merchants, including low interest rate loans and cuts in electricity bills, according to Finance Minister Hong Nam-ki. The measures will also include ways to stabilize inflation and back qu
Nov. 23, 2021
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Large S. Korean firms cut jobs amid coronavirus pandemic
Large South Korean companies have cut their combined workforce by more than 1 percent over the past two years amid the coronavirus pandemic, a corporate tracker said Tuesday. The number of workers hired by 313 out of the country's top 500 firms by sales came to 1.24 million as of end-September this year, down 1.02 percent, or around 12,800, from two years earlier, according to the Leaders Index. These companies removed some 18,200 regular jobs over the cited period, while increasing the number
Nov. 23, 2021
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EU resumes antitrust probe into Hyundai-Daewoo combination
The European Union antitrust regulator said Tuesday it has resumed its investigation into the proposed combination of two major South Korean shipbuilders 16 months after it suspended the probe. The European Commission plans to finalize the probe by Jan. 20, it said on its website. "The probe was able to be resumed as we fully answered questions by the EU antitrust regulator," said an official at Korea Shipbuilding & Offshore Engineering Co. (KSOE). KSOE is the subholding compan
Nov. 23, 2021
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Biz sentiment deteriorates for Dec. amid pandemic: poll
South Korea's business sentiment deteriorated for December due to raw materials and parts supply disruptions from China in the manufacturing sector, a local think tank said Tuesday. The business survey index (BSI) of the country's top 600 companies by sales fell to 100.3 for next month, down from 100.6 for November, the Korea Economic Research Institute (KERI) said in a statement. The business outlook stayed above 100 for a fourth straight month. The actual BSI stood at 102.2 in November, up
Nov. 23, 2021
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Corporate direct financing down in Oct. as bond sales decline
South Korea's corporate direct financing shrank in October from a month earlier due to a reduction in bond sales, data showed Tuesday. Local companies raised a combined 19.15 trillion won ($16.2 billion) by selling stocks and bonds last month, down 473.6 billion won from the previous month, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions.
Nov. 23, 2021
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US' restriction on SK hynix plan in China 'legitimate': US trade chief
The United States' recent restriction on South Korean chipmaker SK hynix's plan to bring advanced equipment to a Chinese factory was made out of "legitimate concerns," and more such moves could be possible, Washington's top trade official has said. US Trade Representative (USTR) Katherine Tai made the remarks in her recent radio interview with CBS, a Seoul-based broadcaster, which aired on Monday. She visited South Korea for a four-day run from Thursday. &q
Nov. 22, 2021
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[ESG Talk] Aftermath of COP26: Do you have a net zero strategy?
For the 26th United Nations Climate Change Conference -- or COP26 -- world leaders gathered for two weeks in Glasgow to check the progress of the nationally determined contributions and reaffirm their commitments for climate change transition. Although there are equivocal attitudes to its outcome and some unsatisfied groups, the global leaders in public and private sectors have made leaping progress if we recall how Kyoto Protocol rolled out in the end. The COP26 will be remembered as the most i
Nov. 22, 2021
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Renault Samsung says QM6 offers convenient winter drive
Renault Samsung Motors’ sport utility vehicle QM6 is becoming a popular choice for winter travel, as it offers a silent and convenient driving experience to drivers and leaves less of a carbon footprint, the company said Monday. The SUV, powered by gasoline or liquefied petroleum gas, has been the bestselling vehicle in its category. The gasoline-powered QM6 model first introduced in 2017 recorded top sales among midsized gasoline SUVs after just a year. Gas-powered SUVs were previously
Nov. 22, 2021