Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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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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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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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Kolmar Korea inks deal to purchase stake in local beauty platform operator
Kolmar Korea, a cosmetics and health care company based in Seoul, has made a strategic investment in a beauty platform operator in a bid to target Millennial and Generation Z consumers in the local beauty market. According to its announcement on Wednesday, the company purchased an 11 percent stake in Pawcompany. Established in 2003, Pawcompany operates online beauty community Powder Room. The platform currently has 3.7 million members and has held marketing projects with 5,400 beauty firms t
Oct. 27, 2021
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S. Korea approves phase 2, 3 trials of Genencell’s COVID-19 treatment
South Korean biotech firm Genencell said Wednesday that the company received approval from the Ministry of Food and Drug Safety for mid- and late-stage trials of its COVID-19 treatment candidate ES16001. ES16001 is an oral COVID-19 drug candidate made with natural ingredients extracted from the leaves of Elaeocarpus sylvestris native to Korea. Genencell has developed the treatment candidate in collaboration with the College of Life Sciences at Kyung Hee University. Genencell currently plans
Oct. 27, 2021
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Changes in share ownership show power transitions in chaebol: survey
Descendants of South Korea’s conglomerate founders have inherited more shares and strengthened their control on the companies in recent years, data showed Wednesday, indicating a generational power transfer within the family-controlled businesses. According to local corporate tracker CEO Score, of all family-owned shares from 60 conglomerates, the percentage of the children’s shares in value surged to 43.6 percent as of October, up 9.7 percentage points from 33.9 percent in 2019. T
Oct. 27, 2021
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[Advertising Awards] SK Innovation’s ‘ESG’ campaign embeds future vision
MARKETING AWARDS / GOLD PRIZE SK INNOVATION By Lim Su-kil Head of SK Innovation Value Creation Center SK Innovation pursues the “Green Balance 2030” initiative to seek growth through an eco-friendly business management strategy. We would like to express our gratitude to all who supported the public relations campaign “SK Innovation Going ESG.” As the ESG paradigm is becoming mainstream across the globe, a company that neglects environmental issues, hesitates to walk t
Oct. 27, 2021
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LG Chem to set up battery separator plant in Hungary with Japan's Toray
LG Chem Ltd., South Korea's leading chemical company, said Wednesday it will build a battery separator production plant in Hungary with Japanese chemical giant Toray Industries Inc. as part of efforts to expand its presence in the European market. Under the 50:50 joint venture deal, the two companies will invest over a combined 1 trillion won ($854.7 million), aiming for annual production of 800 million square meters of separators, the key component used in rechargeable batteries, by 2028, LG C
Oct. 27, 2021
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[Newsmaker] Once promising testbed, Seoul now a doomed city for e-scooters
One by one, electric scooter operators are leaving South Korea, once hailed as a perfect testbed for last-mile mobility innovation. According to industry sources Wednesday, German e-scooter operator Wind, which entered the Korean market in 2019, recently called it quits. Another e-scooter firm Gcooter halted services starting this month in three districts of Seoul -- Yeongdeungpo-gu, Dongjak-gu and Gwanak-gu -- where e-scooters are most frequently towed. As to why they are packing their bag
Oct. 27, 2021
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[Advertising Awards] Following footprint of batteries to trace beginnings of LG Energy Solution
CORPORATE PR AWARDS / GRAND PRIZE LG Energy Solution By Sung Hwan-doo Senior Vice President, Head of Corporate Affairs Group I want to say many thanks to the judges and members of The Korea Herald for this award. This year, LG Energy Solution made a new leap forward. And we are extremely happy to receive the Corporate PR Grand Prize at this crucial time when we are conveying our image as a company to the public for the first time. The secondary cell business has undoubtedly become one of
Oct. 27, 2021
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Seoul stocks slump as investors take profit amid earnings peak-out worries
South Korean stocks retreated Wednesday as investors attempted to cash in gains amid concerns that the corporate earnings may wane after a strong third quarter. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.59 points, or 0.77 percent, to close at 3,025.49 points. Trading volume was moderate at about 598 million shares worth some 10.1 trillion won (US$8.6 billion), with gainers outnumbering losers 626 to 232. Foreigners sold a net 2
Oct. 27, 2021
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LG Display posts strong Q3 earnings on robust panel demand, OLED biz
LG Display Co., South Korea's major display panel maker, said Wednesday that its third-quarter net income surged 4,067.5 percent from a year earlier to 463.5 billion won ($396.1 million), largely driven by strong demand and profitability of its OLED business. Operating income jumped 221.8 percent to 528.9 billion won in the three months ending in September, 17.3 percent lower than previously expected. Sales rose 7.2 percent on-year to 7.22 trillion won. Continued growth in pandemic-led demand
Oct. 27, 2021
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Samsung’s Lee plays role in early supply of Moderna vaccine
Samsung Electronics Vice Chairman Lee Jae-yong was behind Moderna’s decision to supply the first batch of COVID-19 vaccines manufactured here to the Korean government, industry sources claimed Wednesday. The Ministry of Health and Welfare announced Tuesday it had authorized the domestic supply of 2.4 million doses to be finished at Samsung Biologics’ factory in Songdo, Incheon, from next month. The biopharmaceutical affiliate of Samsung has a deal with the US vaccine firm to &ldqu
Oct. 27, 2021
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Korea’s potential growth rate may hit zero in following decade: report
With South Korea’s economic engine sputtering, the country’s potential growth rate may fall to zero in the following decade, a study showed Wednesday. According to research published by the Korea Economic Research Institute, most of the country’s macroeconomic indicators on production, consumption and investment cast a gloomy outlook. The country’s potential growth rate -- the maximum rate Asia’s fourth-largest economy could grow without triggering inflation --
Oct. 27, 2021
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Public buses to offer 5G Wi-Fi by 2023
Public Wi-Fi provided in intra-city buses will be getting four times faster as it will be upgraded to 5G network service from the current LTE. Starting with 100 pilot buses, which started boasting faster connections on Wednesday, 29,000 buses nationwide will have 5G connections by 2023, according to the Ministry of Science and ICT. The speed of Wi-Fi currently available on public buses has a maximum speed of 100Mbps as it relies on LTE networks. It will increase to 400Mbps with the rollout of
Oct. 27, 2021
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[News Focus] Outstanding mortgages may top 1,000 trillion won in 2022
SEJONG -- There is a possibility that the outstanding mortgages in the nation will surpass 1,000 trillion won ($856 billion) for the first time as early as in the first half of next year, given the current growth pace. The outstanding mortgage loans -- issued to households for home purchase by financial services firms or state-run agencies -- reached the record-high of 948 trillion won as of June, according to the Bank of Korea and Statistics Korea. This was a 27 percent, or 207 trillion won,
Oct. 27, 2021
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S&P raises Hanwha General Insurance credit outlook to stable
Global credit rating agency S&P Global Ratings said Wednesday it raised the credit outlook of Hanwha General Insurance from negative to stable, citing its prospects for future high earnings. The agency kept the insurance company’s credit rating at A, the same as estimates from last year. “We project Hanwha General Insurance, together with Hanwha Life Insurance, to strengthen their abilities to pay off debt through high earnings in the next two years. The affiliates will be abl
Oct. 27, 2021
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Voices of caution as Cabinet endorses new emissions goal
South Korea’s Cabinet on Wednesday endorsed a plan to reduce greenhouse gas emissions by 40 percent from the 2018 level by 2030, sharply increasing the previous goal, set last year, of a 26.3 percent cut. In response to the new goal, conservative experts and industry insiders are voicing caution. At a seminar hosted by the Federation of Korea Industries on Wednesday, Park Ju-heon, professor of economics at Dongduk Women’s University said the energy transition should be
Oct. 27, 2021
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AeroK to hire new staff without hair and makeup rules
South Korean low-cost carrier AeroK says it is hiring flight attendants and forgoing any hair and makeup requirements. The Cheongju-based airline, which launched its first scheduled flight earlier this year, said there are also no requirements in terms of academic background, appearance and age in its recent job postings. “We will not be asking for a photo during the document screening process and will only ask for foreign language skills and extracurricular activities during the first p
Oct. 27, 2021
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Kia Q3 net jumps on base effect, chip woes remain
Kia Corp., South Korea's second-biggest carmaker, said Wednesday its third-quarter net profit rose sharply due to a lack of one-off costs, but chip shortages remain a major concern for the carmaker. Net profit for the three months ended in September jumped more than eightfold to 1.135 trillion won ($970 million) from a net profit of 133.68 billion won in the year-ago period. Operating profit jumped more than six times to 1.327 trillion won in the third quarter from 195.23 billion won a year a
Oct. 27, 2021
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Oci Q3 net income up 2829.7% to W177.6b
Oci Co. on Wednesday reported its third-quarter net profit of 177.6 billion won ($151.8 million), up 2829.7 percent from a year earlier. The company said in a regulatory filing that it posted 194.6 billion won in operating profit for the quarter, compared with 18.1 billion won a year ago. Sales rose 89.9 percent to 888.7 billion won. (Yonhap)
Oct. 27, 2021
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South Korea’s housing market on verge of stabilization: fiscal chief
South Korea’s fiscal policy chief said Wednesday that the nation’s overheated housing market is showing signs of cooling down with the government’s tightened grip on ample liquidity amid the COVID-19 pandemic as well as its home supply plans. “Affected by a series of government measures, including announcements of housing supply plans, benchmark interest rate hike and tougher household debt control measures, an upward trend in housing prices has slowed and changes
Oct. 27, 2021
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K-pop agencies likely to join W2tr club on hopes of returning stages
The market capitalization of K-pop powerhouses S.M. Entertainment and JYP Entertainment are anticipated to reach 2 trillion won ($1.7 billion) for the first time at the closing bell, amid growing hopes of resuming in-person performances under the “living with COVID-19” scheme. At Wednesday’s closing, S.M. Entertainment’s market value stood at 1.97 trillion won, while JYP Entertainment came to 1.9 trillion won. The entertainment firms refreshed their 52-week high closings
Oct. 27, 2021