Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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
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Hanwha Aerospace Q3 net profit up 33.4% to W74.7b
Hanwha Aerospace Co. on Friday reported its third-quarter net profit of 74.7 billion won ($63.9 million), up 33.4 percent from a year earlier. The company said in a regulatory filing that operating profit for the July-September period rose 9.5 percent on-year to 103.3 billion won. Revenue increased 12 percent to 1.54 trillion won. The operating profit was 30.3 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The
Oct. 29, 2021
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Facebook recommended to pay W300,000 compensation per victim over personal data breach
The state watchdog on personal information protection on Friday recommended the operator of Facebook to pay 300,000 won ($256.70) in compensation to each of 181 users demanding damages for the provision of their personal information to third parties without consent. The recommendation to Meta Platforms, Inc. was made by the Personal Information Protection Commission (PIPC)'s dispute mediation panel in charge of settling a dispute between the operator and Korean users of Facebook over the platfo
Oct. 29, 2021
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Hyundai Wia Q3 net income down 76.2% to W16.7b
Hyundai Wia on Friday reported its third-quarter net profit of 16.7 billion won ($14.3 million), down 76.2 percent from a year earlier. The company said in a regulatory filing that it posted 31.2 billion won in operating profit for the quarter, compared with 13.2 billion won a year ago. Sales fell 3.8 percent to 1.77 trillion won. The operating profit was 10.1 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The
Oct. 29, 2021
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SK Materials shareholders approve merger with SK Inc.
Shareholders of SK Materials Co., a semiconductor and display materials arm under SK Group, on Friday approved a plan to merge with its parent company, SK Inc., paving the way for the latter to bolster investment in new growth drivers, including battery materials. The merger approval, released in a regulatory filing, came about two months after the two companies announced the decision made by the companies' boards for SK Inc., the investment and holding company of South Korea's No. 3 conglomer
Oct. 29, 2021
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E-commerce grocer Market Kurly seeking domestic IPO
South Korean online grocery delivery platform Market Kurly said Friday it aims to go public in the domestic market in 2022 as part of efforts to help hone its competitiveness. Market Kurly said it has picked NH Investment and two other brokerage houses as co-lead managers for its initial public offering (IPO) slated for the first half of next year. The company, however, failed to disclose the specific date for its stock market debut. Market Kurly had originally pushed to debut on the US equit
Oct. 29, 2021
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Consumption inequality worsens in S. Korea amid COVID-19 pandemic: BOK report
Consumption inequality in South Korea worsened last year as the coronavirus pandemic undercut "discretionary" spending by lower-income earners due to toughened curbs on gatherings and business operation, a central bank report showed Friday. According to the report by the Bank of Korea, the consumption inequality index -- a major gauge of spending patterns between the haves and have-nots -- increased to 3.74 in 2020 from the previous year's 3.67. A higher reading means more inequality
Oct. 29, 2021
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Card spending up in Q3 amid fast vaccination
Card spending in South Korea grew in the third quarter from a year earlier as consumer sentiment improved amid expanded vaccination and relaxed social distancing rules, industry data showed Friday. Card spending came to about 248 trillion won ($212.2 billion) in the July-September period, up 8.6 percent from the same quarter a year earlier, according to the data compiled by the Credit Finance Association. The growth was attributed to improving consumer sentiment bolstered by accelerated vaccin
Oct. 29, 2021
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SK Innovation turns to black in Q3
SK Innovation Co. on Friday reported its third-quarter net income of 511 billion won ($436.6 million), shifting from a loss of 16.1 billion won a year earlier. Operating profit for the July-September period was 618.5 billion, compared with a loss of 53.6 billion won a year ago, the company said in a regulatory filing. Sales rose 48.1 percent to 12.3 trillion won. The operating profit was 30.8 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial dat
Oct. 29, 2021
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Friday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.25 points, or 0.47 percent, to 3,023.80 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 0.68 percent, while the tech-heavy Nasdaq composite rose 1.39 percent. In Seoul, top cap Samsung Electronics added 0.99 percent, and LG Electronics rose 5.74 percent and No. 2 chipmaker SK
Oct. 29, 2021
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Production, consumption rebound in Sept. despite resurgence in virus cases
South Korea's industrial output and retail sales rebounded in September in the latest sign that economic recovery momentum has been maintained despite the fourth wave of the pandemic, data showed Friday. Industrial output rose 1.3 percent in September from the previous month, following a 0.2 percent on-month decline in August, according to the data compiled by Statistics Korea. From a year earlier, industrial output rose 1.4 percent. Retail sales, a gauge of private spending, also rebounded i
Oct. 29, 2021
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Samsung Heavy to sell new shares to 6 group affiliates
Samsung Heavy Industries Co. said Thursday it will allot part of new shares to six Samsung Group affiliates, including Samsung Electronics Co. Samsung Heavy Industries, suffering from continued losses, plans to raise 1.28 trillion won ($1.1 billion) by selling 250 million common shares at 5,130 won per share to repay its debt and develop eco-friendly shipbuilding technologies. Of them, 50 million shares, or 20 percent, have been sold to the company's workers for 256.5 billion won. Later in
Oct. 28, 2021
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Kotra preparing for Korea pavilion at CES 2022
The Korea Trade-Investment Promotion Agency said Thursday that it will take innovative products of small local companies to next year’s CES, the world’s largest tech show held annually in Las Vegas. For the Korean pavilion at the CES 2022, some 210 companies and 13 institutions will travel to the US, according to Kotra. Among them, some 14 local companies had a chance to showcase their latest products at Korea Electronics Show 2021, underway at Coex in southern Seoul, from Tuesda
Oct. 28, 2021
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RaonWhiteHat wins spy agency’s cyberattack defense competition
South Korean IT security solutions provider RaonSecure said Thursday it has won a cyberattack defense competition hosted by the nation’s spy agency, the National Intelligence Service. According to the firm, two teams led by ethical hackers from RaonWhiteHat, a subsidiary that provides consulting services on IT security, ranked No. 1 and No. 2 at 2021 Cyber Conflict Exercise & Contest. CCE is an annual cyberattack defense competition hosted by the NIS. Of 282 participants, 30 of tho
Oct. 28, 2021