Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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N. Korea sends economic delegation to Iran amid suspected military cooperation
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Kakao Games co-CEOs to push for oversea expansion
Kakao Games Corp. said Thursday its two co-CEOs will assume regional responsibilities as it pushes to expand its foothold in major markets overseas. Namkoong Whon, who currently oversees the company’s management and development as well as new business projects, will now also be representing Kakao Games’ North America and Europe studio, the firm said. Fellow CEO Cho Kye-hyun will be directing business in Asia on top of his existing responsibilities on the company’s publishin
Oct. 28, 2021
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Samsung breaks W70tr in Q3 sales first time
Despite the shortages of parts worldwide under the pandemic, South Korea’s No.1 conglomerate Samsung Electronics logged its largest-ever quarterly earnings in the third quarter of 2021, owing mainly to robust sales of chips and foldable smartphones. According to the earnings announced on Thursday, the tech giant posted 73.98 trillion won ($63.15 billion) in sales and 15.82 trillion won in operating profit during the July-September period. It is the first time that the world’s big
Oct. 28, 2021
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Hyundai Steel swings to black in Q3 on robust sales
Hyundai Steel Co., South Korea's No. 2 steelmaker, said on Thursday it swung to the black in the third quarter from a year earlier on the back of solid demand for key products and price hikes in line with the economic recovery from the pandemic. Net profit reached 596 billion won ($509 million) on a consolidated basis in the third quarter of the year, turning from a net loss of 44.7 billion won a year earlier, the company said in a regulatory filing. Operating income for the July-September per
Oct. 28, 2021
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Trade terms decline for 6th month in September
South Korea's terms of trade fell for the sixth consecutive month in September due to a rise in prices of imported goods, central bank data showed Thursday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- declined 4.5 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy fo
Oct. 28, 2021
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Naver unveils new AI-powered search service
South Korea's dominant internet portal operator Naver Corp. on Thursday introduced a new personalized search service dubbed AiR Search. The service, powered by Naver's artificial intelligence (AI) technology, will provide results in block units that reflect current trends and individual interests. "AiR Search will be the beginning of a big change representing Naver's new search, as much as the 'integrated search' which has so far been the most differentiated feature," Kim Sang-Bum, d
Oct. 28, 2021
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Retail sales up 8.2% in September on 'revenge shopping' amid pandemic
Retail sales in South Korea surged 8.2 percent in September from a year earlier, data showed Thursday, as consumers turned to "revenge shopping" amid the prolonged virus pandemic. The combined sales of 25 major offline and online retailers reached 13.2 trillion won ($11.26 billion) last month, compared with 11.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 3.3 percent on-year in September, wi
Oct. 28, 2021
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SK Innovation to develop all-solid-state batteries with US firm
SK Innovation Co., a South Korean battery maker, said Thursday it will develop and produce all-solid-state batteries with a US firm, in a bid to expand its foothold in the next-generation battery market. Under the joint venture deal with Solid Power, a Colorado-based solid-state battery developer, SK Innovation will invest $30 million to acquire a stake in the American company and work with the startup to produce all-solid-state batteries with a target energy density of 930 watt hours per liter
Oct. 28, 2021
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Antitrust agency to probe travel sector facing spike in pent-up demand
South Korea's antitrust chief has vowed to intensify a probe into unfair business practices in the travel sector amid a looming recovery in travel demand as the country prepares to return to normalcy. South Korea plans to ease long-enforced restrictions on gatherings and business operations with its shift to the "living with COVID-19" scheme on Nov. 1 meant to gradually restore daily life back to the pre-pandemic days. The move could stimulate pent-up demand for travel, spawning conc
Oct. 28, 2021
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Hanwha Life Insurance net soars 154% despite pandemic
Major South Korean insurer Hanwha Life Insurance Co. said Thursday its third-quarter net profit rose more than 1.5 times from a year earlier despite the coronavirus pandemic. Consolidated net income came to 378.9 billion won ($323.1 million) in the July-September period, up 154.5 percent from a year earlier, the company said in a regulatory filing. Operating income climbed nearly 21 percent on-year to 250.3 billion won, with sales soaring 33 percent to 7.51 trillion won. Hanwha Life Insurance
Oct. 28, 2021
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S-Oil Q3 net soars elevenfold on strong petrochem sales
S-Oil Corp., South Korea's No. 3 oil refiner, said Thursday its net income surged by elevenfold in the third quarter from a year earlier, driven by strong sales of petrochemical and lube base oil products. Net income came to 334.5 billion won ($285 million) in the July-September period, compared with 30.3 billion won a year earlier, the company said in a regulatory filing. Operating profit reached 549.4 billion won, swinging to black from an operating loss of 9.2 billion won the previous year.
Oct. 28, 2021
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Seoul stocks open slightly higher on tech advance
South Korean stocks opened slightly higher Thursday on advances in tech shares, which fueled hopes of a strong earnings report season. The benchmark Korea Composite Stock Price Index (Kospi) added 5.68 points, or 0.19 percent, to 3,031.17 in the first 15 minutes of trading. Stocks opened nearly flat amid the tussle between the expectations of strong quarterly gains and concerns over rising price pressure. Overnight, the Dow Jones Industrial Average lost 0.74 percent and the tech-heavy Nasdaq
Oct. 28, 2021
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Samsung logs record sales, 3-year-high operating profit in Q3 on buoyant chip biz
Samsung Electronics Co. on Thursday reported strong third-quarter earnings on the continued robust performance of its key semiconductor business. Its net profit rose 31.3 percent from a year earlier to 12.29 trillion won ($10.5 billion) in the July-September period, the world's largest memory chip and smartphone vendor said in a regulatory filing. Operating profit jumped 28 percent in the third quarter to 15.82 trillion won, the largest since the third quarter of 2018. Sales hit a quarterly re
Oct. 28, 2021
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SMEs take up absolute majority of firms in S. Korea
Small and medium-sized enterprises (SMEs) account for an absolute majority of businesses in South Korea, with their workforces taking up nearly 83 percent of all corporate employees, data showed Thursday. As of 2019, smaller firms in Asia's fourth-largest economy numbered 6.89 million, up 3.8 percent from a year earlier and accounting for 99.9 percent of all companies here, according to the data from the Ministry of SMEs and Startups. The number of their employees stood at 17.44 million, up 2
Oct. 28, 2021
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[Awards] Incheon Free Economic Zone communicates with globe
INCHEON FREE ECONOMIC ZONE AUTHORITY By Kim Jae-beom Director of media & culture division I am very glad to see the Incheon Free Economic Zone Authority being recognized at The Korea Herald Marketing Awards, hosted by the nation’s No. 1 English news daily. The prize is significantly meaningful, as I believe that our efforts and passion toward the vision of a “global business frontier” is eventually acknowledged by the paper. Being designated as Korea’s first free
Oct. 28, 2021
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Hyundai Mobis promotes ‘green acceleration’ management for carbon-neutral goal
Hyundai Mobis, the auto parts making affiliate of Hyundai Motor Group, has adopted a “Green Acceleration” strategy to promote environmentally friendly business management for future generations and the Earth, the company said Wednesday. According to Hyundai Mobis, it is working to reduce carbon emissions while managing harmful substances in the overall process of manufacturing, to maximize the positive effects to support the environment. Already having a portfolio of core auto p
Oct. 27, 2021
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Citibank’s retail business closure not subject to regulator’s approval: FSC
The policymaking Financial Services Commission said Wednesday that Citibank Korea’s plans to gradually phase out its consumer banking operations are not subject to the regulator’s authorization. “According to the current banking act, Citibank Korea‘s withdrawal of retail business in phases is not regarded as a ‘shutdown of banking business,’ which falls under the FSC‘s approval,” the authority said in a statement, which indicates the forei
Oct. 27, 2021
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Online mall SSG.com picks IPO managers as it eyes 2022 listing
SSG.com, the e-commerce arm of South Korean retail giant Shinsegae Group, said Wednesday it has selected managers for its initial public offering with a goal to make a market debut in 2022. According to the officials, the company chose Mirae Asset Securities and Citigroup Global Markets Korea Securities as the lead underwriters of its IPO deal, with Morgan Stanley and JPMorgan Chase & Co. also joining as members of the underwriter group. The exact size of the deal and the date of listing
Oct. 27, 2021
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Starbucks to provide free barista training to youth
Starbucks Korea will provide free barista training to as many as 200 young job seekers next year, as part of a government project to tackle youth joblessness. The coffee chain inked a memorandum of understanding with the Ministry of Employment and Labor on Wednesday to participate in the ministry’s “Youth Employment Support Project.” The project aims to promote companies to provide work experiences and various job training programs for young job seekers. Starbucks is
Oct. 27, 2021
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Nexon’s Blue Archive: Mobile game for anime fans by anime fans
Never trust a skinny chef. The sentiment behind this tongue-in-cheek reference to a chef’s inability to resist his own delicious food applies to most professions, including game developers. Nexon’s Blue Archive, an anime-style role-playing game, immediately stole the hearts of anime fans after its February release in Japan, even ranking as the most popular game on both Google Play and App Store. Perhaps the game’s success was a predestined one, considering it was developed b
Oct. 27, 2021
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[Avertising Awards] Dunamu’s campaign promotes sound digital asset market, investor protection
We are honored to receive the 2021 Korea Herald Advertising Awards with our “Appropriate Digital Asset Investment Campaign” by the Upbit Investor Protection Center. The Appropriate Digital Asset Investment Campaign is very meaningful in that it is the first official activity of the tentatively named, upcoming Upbit Investor Protection Center and the industry’s first mass campaign efforts to enhance self-purification. As a leader in the digital asset market, Dunamu has put va
Oct. 27, 2021