Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Korean Air receives grade A for ESG from KCGS
Korean Air has received an “integrated A grade” for its ESG efforts from the nonprofit ESG rating agency Korea Corporate Governance Service. The national flag carrier achieved the marks for the second year running, a recent ESG rating report by KCGS revealed. When broken down by category, the airline received an A for corporate governance, an improvement from last year. The higher score was thanks to the separation of the CEO and the board of directors, appointment of a woman ou
Oct. 31, 2021
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Banks urged to prevent loan bottleneck amid toughened lending rules
South Korea’s financial authorities have called on local banks to take action to ensure a stable supply of credit loans and tighter supervision of household debts, officials said Sunday. The policymaking Financial Services Commission and the market watchdog Financial Supervisory Service reportedly advised the nation’s commercial banks to submit the action plans, which can be either monthly or quarterly, for personal unsecured loans. The authorities also ur
Oct. 31, 2021
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Pay gap between occupations widens amid pandemic
Pay gaps between occupations grew wider amid the COVID-19 pandemic as wages in the tech and TV broadcasting industries saw some of the biggest growth while workers in the aviation and tourism sectors took a hit, new data has revealed. According to new data released Sunday by the Korea Economic Research Institute, jobs at web portal, data processing and web hosting companies saw their pay grow by 9 million won ($7,666) on average to 37.9 million won during the first half of this year compared wi
Oct. 31, 2021
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[Newsmaker] Kospi’s average daily transaction volume hits 1-year low in October
South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh
Oct. 31, 2021
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Krafton secures Unknown Worlds takeover in 1st M&A since IPO
South Korean gaming firm Krafton has inked a deal to acquire 100 percent ownership of US video game developer Unknown Worlds Entertainment for $750 million, in the first takeover deal it has announced since the company went public in August, a filing showed Sunday. According to the disclosure filed with the Financial Supervisory Service, Krafton, a Tencent Holdings-backed company behind the battle-royale style PlayerUnknown’s Battlegrounds franchise, signed a sales and purchase agreement
Oct. 31, 2021
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Gmarket’s largest sales event, Mega G Festival, kicks off Monday
South Korean e-commerce giant Gmarket is offering various Korean products at discount prices starting Monday, commencing its biggest sales event, the Mega G Festival. During the festival, which runs until Nov. 12, up to 70 percent discount is being offered on products ranging from cosmetics and food to K-pop merchandise. Participating brands include cosmetics brands Amorepacific and Etude, food company CJ CheilJedang and K-pop merchandise store YG Select. Some brands are offering prod
Oct. 31, 2021
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PDI Japan Korea Week to unveil KIC’s post-pandemic strategies
Private Debt Investor, a publication covering the global private debt investing scene, said Sunday it plans to hold a virtual investor event in November and feature post-pandemic strategies of Korea’s sole sovereign wealth fund, Korea Investment Corp. During the event, named PDI Japan Korea Week, Choi Jin-suk, senior director of investment strategy group at KIC, will share the allocator’s key considerations when applying its environmental, social and governance factors in private de
Oct. 31, 2021
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[Law Talk] Hydrogen emerging as feasible solution in Korea’s path to carbon neutrality
There are four important numbers highlighted in the United Nations Emissions Gap Report 2019: 1.5, 25, 56, and 7.6. If the global temperature rises by more than 1.5 degrees Celsius above preindustrial levels, it may threaten the sustainability of Earth. To limit global warming to 1.5 degrees Celsius above preindustrial levels, global emissions in 2030 will need to be 25 gigatons of carbon dioxide equivalent (CO2e). If no further effort is made beyond the current commitments to reduce carbon diox
Oct. 31, 2021
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Antitrust regulator approves Emart’s takeover of eBay Korea
South Korea’s antitrust regulator on Friday approved a plan by E-mart, Shinsegae Group’s hypermarket chain, to acquire the Korean unit of eBay, judging that the acquisition will not restrain market competition. The Fair Trade Commission said the agency evaluated whether or not the acquisition would violate the country’s monopoly regulations, and to see if the companies would hamper competition in five sectors of the retail industry, including the e-commerce market, physical re
Oct. 29, 2021
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Amorepacific Q3 net profit up over 5-fold on increased domestic sales
Amorepacific Corp. said Friday its third-quarter net profit rose more than fivefold from a year earlier. Net income was 38.5 billion won ($32.9 million) in the third quarter, compared with 7 billion won in the same period a year ago, Amorepacific said in a regulatory filing. Operating profit for the July-September period fell 10.2 percent on-year to 50.3 billion won. Sales increased 1.9 percent to 1.1 trillion won. The operating profit was 29 percent lower than the average estimate
Oct. 29, 2021
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Biz sentiment worsens in Nov. amid rises in resource prices
South Korea’s business sentiment edged down in November due to increased prices of raw materials and energy, a local think tank said Friday. The business survey index of the country’s top 600 companies by sales stood at 100.6, down by 2.8 percentage points from 103.4 in October, the Korea Economic Research Institute data showed. According to KERI, while the figure managed to stay above the 100-threshold that shows optimists outnumbered pessimists, the 2.8-point decrease reflects c
Oct. 29, 2021
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Ministry finds KT worker’s input of incorrect command as cause of network outage
The Ministry of Science and ICT said Friday that telecom operator KT’s massive network outage on Monday happened due to input of an incorrect command on router equipment during maintenance work in Busan. Other flaws have been also revealed from the ministry’s investigation into KT’s nationwide internet disruption -- the maintenance work on router equipment was conducted during the day although it was originally approved by officials to be done from 1 to 6 a.m. The mainte
Oct. 29, 2021
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[Newsmaker] Airline industry prepares to increase international flights under “With COVID-19” scheme
Step-by-step, in line with the government’s plan to gradually return to normalcy with its “living with COVID-19” scheme, the airline industry has begun preparations for more overseas flights. According to full service carriers Korean Air and Asiana Airlines, some overseas flight routes will resume operations next month. Korean Air has decided to resume scheduled flights to Hawaii, Sydney, and Oakland. There will be three flights a week scheduled for Hawaii starting from Nov
Oct. 29, 2021
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SK Innovation swings to black in Q3, EV battery biz still unprofitable
SK Innovation enjoyed an operating profit of 618.5 billion won ($529.2 million) in the third quarter, bouncing back from an operating loss of 53.7 billion won on-year, a regulatory filing showed Friday. The South Korean battery-to-petrochemical giant logged revenue of 12.3 trillion won in the July-September period, a 48.1 percent surge from 8.3 trillion won, buoyed by record quarterly sales in both lubricant and battery businesses. According to SK Innovation, two new battery factories in C
Oct. 29, 2021
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Hyundai Oilbank turns carbon emissions into cement, concrete
Hyundai Oilbank is capturing carbon emissions and transforming them into raw materials used for cement and concrete at construction sites, as part of its carbon neutrality commitments. According to Hyundai Oilbank Friday, it will collect byproducts generated from its petrochemical facilities such as desulfurized gypsum and carbon dioxide and turn those waste products into construction materials such as plaster and calcium carbonate. Next year, Hyundai Oilbank will break ground on a productio
Oct. 29, 2021
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Seoul stocks down for 3rd day on tech slump
South Korean stocks ended lower for a third straight day Friday as tech shares declined following the release of weaker-than-expected earnings by major US tech firms. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 38.87 points, or 1.29 percent, to close at 2,970.68 points. Trading volume was moderate at 535.48 million shares worth 10.789 trillion won ($9.2 billion), with losers outnumbering gainers 663 to 210. Foreigners and institution
Oct. 29, 2021
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BTS’ agency denies link to Army Coin
Hybe, the K-pop corporation behind BTS, released a statement Friday that it has nothing to do with a cryptocurrency called Army Coin and warned it take legal action against the crypto exchange for violating portrait rights. “We have received information that Army Coin has been listed on Bitget, a crypto exchange located in Singapore. However, we have nothing to do with the crypto whatsoever,” Hybe said in a statement. Hybe stressed that the crypto agency has used BTS photos to prom
Oct. 29, 2021
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Moody’s changes A1 credit rating of Citibank Korea on review for downgrade
Global credit rating agency Moody’s said Friday it has placed the credit rating of Citibank Korea on review for a downgrade citing the bank’s decision to close its retail banking business. The agency had kept the bank’s credit rating at A1, the same as estimates from February 2019. It signaled Citibank Korea’s current a3 Baseline Credit Assessment would be on review for a downgrade as well. “The review for a downgrade is triggered by the bank’s plan to exit
Oct. 29, 2021
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SK hynix acquires Key Foundry for W575.8bn
SK hynix said Friday the chipmaker inked a deal to acquire a 100 percent stake in domestic foundry firm Key Foundry for 575.8 billion won ($492.55 million). Key Foundry, based in Cheongju, North Chungcheong Province, is a foundry-specialized firm producing chips for its customers using 8-inch wafers. It can produce non-memory products such as power management ICs, display driver ICs and microcontroller units. Key Foundry was formerly LG Semiconductor, which was established in 1979.&n
Oct. 29, 2021
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Finance minister projects rosy outlook for private spending in Q4
Highlighting the latest government data reflecting a recovery in industrial output and retail sales in September, the nation’s top economic policymaker on Friday expressed anticipation of a rebound in private spending for the remaining months of the year. “Despite the obstacles cast by the fourth wave of the COVID-19 virus, the nation’s industrial output in September rose over 1 percent and the overall economy activity has shown improvement compared with August,” Deputy
Oct. 29, 2021