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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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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Immigrant woman stabbed to death by Korean husband
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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Hyundai teases electric SUV ahead of US launch this month
Hyundai Motor Co. on Thursday released a teaser for the electric SUV concept "Seven" ahead of its unveiling in the United States this month. The large-size SUV concept built on Hyundai Motor Group's dedicated EV platform, called E-GMP, comes with the group's IONIQ battery EV brand's signature design elements, the company said in a statement. The IONIQ brand's design elements include Parametric Pixels, the smallest unit of digital imaging. Hyundai plans to unveil the concept car at
Nov. 4, 2021
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KT&G Q3 net jumps 29% on currency gains
KT&G Corp., South Korea's dominant tobacco company, said Thursday its third-quarter net profit jumped 29 percent from a year earlier on foreign-exchange-tied gains. Net profit for the three months ended in September rose to 359.2 billion won ($300 million) from a profit of 277.7 billion won in the year-ago period, the company said in a statement. "The won's weakness against the dollar drove up the value of the company's dollar-denominated assets and helped the quarterly bottomline,&qu
Nov. 4, 2021
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Daewoo Shipbuilding develops virtual experience platform for ship construction
Daewoo Shipbuilding & Marine Engineering Co. said Thursday that it has developed a virtual experience platform for ship construction for the first time in the local shipbuilding industry. The platform is mixed reality combining technologies of virtual reality and augmented reality, which allows for the experience of all processes of shipbuilding, Daewoo Shipbuilding said. Daewoo Shipbuilding said the platform will help win more orders for ships as it will be able to show shippers virtual
Nov. 4, 2021
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Google to provide alternative payment system at its app store
Google Inc. has pledged to provide an alternative payment system at its app store in South Korea, the telecommunications regulator said Thursday, in what could be a concession amid a tug-of-war over lucrative payment systems in the app market. The commitment is part of follow-up measures to a new South Korean law that restricts app store operators such as Google and Apple from forcing their in-app payment systems on developers. Wilson L. White, Google's public policy and government relations s
Nov. 4, 2021
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Starbucks to expand reusable cup program to Seoul
Starbucks Korea announced Thursday that a dozen of its locations in Seoul will get rid of single-use plastic cups as part of the chain’s ongoing efforts to reduce plastic waste. Starting Saturday, 12 Starbucks stores in Seoul will serve beverages only in mugs, tumblers or reusable cups. These include the City Hall Station, Seosomun-ro and Eulji-ro branches in the city center. Seoul is the second location where the coffee chain has decided to move away from single-use plastic cups, aft
Nov. 4, 2021
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Blockchain firm AMAXG enters NFT business
Blockchain company AMAXG said on Thursday it has entered the nonfungible token platform business to trade unique and noninterchangeable data stored on digital ledgers. AMAXG said it recently opened a digital asset NFT transaction platform named BIZA-UVIT, and built strategic partnerships with the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association. FACO plans to di
Nov. 4, 2021
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Number of Koreans outside labor force down 0.6% in 2021
SEJONG -- The number of South Koreans outside the labor force edged down 0.6 percent from a year earlier amid signs of an economic recovery, data showed Thursday. The number of non-economically active people, or those who have no willingness to work, came to 16.76 million as of end-August, down 106,000 from a year earlier, according to the data from Statistics Korea. People outside the labor force accounted for 37.2 percent of all South Koreans aged 15 and older, down 0.4 percentage point from
Nov. 4, 2021
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Doosan Heavy mulls unloading stake in construction affiliate
Doosan Heavy Industries & Construction Co. said Thursday it is considering selling a stake in its construction subsidiary Doosan Engineering & Construction Co. to improve its financial health. A local media company reported that Doosan Heavy, the country's largest power equipment maker, is looking at the option of unloading its stake in Doosan Engineering. In a regulatory filing, Doosan Heavy confirmed the report but said, "Nothing has been decided yet." Doosan Heavy has b
Nov. 4, 2021
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Netflix aware of 'network usage fee' controversies in S. Korea: VP
The vice president of Netflix Inc. said Thursday the global streaming giant is well aware of controversies surrounding costs from increased network traffic due to a surge of viewers in South Korea. The US-based streamer has been under criticism by local internet service providers (ISPs) and regulators for refusing to pay for the use of the network. President Moon Jae-in earlier also said global platforms and content providers should meet their responsibilities. "We fully agree with what P
Nov. 4, 2021
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S. Korea launches task force on economic security amid supply chain disruptions
South Korea has established a new task force at the foreign ministry to support the pan-governmental campaign to build resilient supply chains of key items and tackle pandemic-driven economic challenges, Seoul officials said Thursday. The "economic security" team was launched earlier this week to collaborate with other government agencies in helping local companies' efforts to resolve ongoing supply chain issues, which has emerged as a hot-button global issue, especially amid the prot
Nov. 4, 2021
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Fed's tapering to have limited impact on S. Korean market: official
The US Federal Reserve's latest decision to start to taper its bond purchases is expected to have limited impacts on the South Korean financial markets as the move was widely anticipated, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government plans to take measures to stabilize the market, if needed, as market volatility could increase if global inflation fears persist longer than expected. At the latest policy meeting, the Federal Reserve on W
Nov. 4, 2021
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Seoul stocks open steeply higher over Fed's tapering
South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the
Nov. 4, 2021
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Kakao Q3 net jumps nearly six times on content biz
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its third-quarter net profit jumped nearly six times from a year earlier on the back of robust growth of its content businesses amid the pandemic. Net profit reached 866.3 billion won ($733.1 million) in the July-September period on a consolidated basis, compared with a profit of 143.7 billion won a year earlier, the company said in a regulatory filing. The operating income for the cited period came to 168
Nov. 4, 2021
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Hybe to raise W700b via stock sale
Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
Nov. 4, 2021
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3 foreign car companies to recall over 32,000 vehicles over faulty parts
Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr
Nov. 4, 2021
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Mirae Asset appoints younger leaders in reshuffle
In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo
Nov. 3, 2021
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12-year-old boy injured from a metal screw found in a fried chicken wing
A boy was reportedly injured from biting into fried chicken that had a metal screw in it, sold from a local franchise. According to local media reports Wednesday, the boy, 12, had to have two teeth pulled out after a screw found inside a chicken wing became stuck in his gums. The chicken was reportedly from a major Korean fried chicken franchise brand. Included in the media reports were a photo of the boy’s bloody gums and a doctor’s note showing the boy had two of his te
Nov. 3, 2021
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[Photo News] Hyundai Motor, SNU teamp up for next-gen batteries
Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday. Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres
Nov. 3, 2021
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[News Focus] Elixir for diesel cars puts Korea’s supply chain policy to test
South Korea faces a potential retail crisis ahead of winter after China imposed a de facto export ban on diesel exhaust fluid -- an emissions control liquid solution essential for most cargo trucks here. According to industry sources Wednesday, Korea is running dangerously low on DEF supplies, after Chinese authorities last month began mandatory customs inspections and practically banned exports of the product. DEF is a liquid solution that goes inside diesel vehicles. The product has to be
Nov. 3, 2021
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W70m fine finalized for Samsung Lee’s illegal drug use
Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act
Nov. 3, 2021