Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Weekender] How DDP emerged as an icon of Seoul
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Fiscal chief voices concerns over US request to share chip info
South Korea’s Finance Minister Hong Nam-ki voiced concerns about the US’ request that Korean chipmakers share information about their supply chains, during his meeting with US Treasury Secretary Janet Yellen in Washington on Thursday, Eastern time. Hong said, “We do admire the US government’s attempt to resolve global competition to secure a foothold for supply chains,” but at the same time relayed Korean chipmakers’ concerns about sharing private information
Oct. 15, 2021
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Hanwha Energy launches ESG committee to beef up sustainable management
Hanwha Energy Corp., a South Korean renewable energy company, said Friday it has launched a committee to beef up sustainable management in light of the Environmental, Social and Governance (ESG) principles. The ESG committee, established within its board, will serve as the company's key division tasked with devising and reviewing mid- to long-term objectives and strategies in line with the ESG factors, which refer to business behaviors and practices that determine a company's future sustainabi
Oct. 15, 2021
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Daewoo Shipbuilding wins W640.8b order for 4 container carriers
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday that it has signed a 640.8 billion won ($542 million) deal to build four container carriers. Under the deal with a European country, DSME will deliver the vessels by November 2024, it said in a regulatory filing. In the first nine months, DSME posted $8.04 billion in new orders, surpassing its annual order target of $7.7 billion won. It is the first time for the company to achieve its annual order target since 2014, when the
Oct. 15, 2021
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Nonghyup chairman urges embrace of metaverse
Nonghyup Financial Group Chairman Son Byung-hwan on Friday highlighted the group’s efforts to incorporate the metaverse into its businesses. “Many experts predict that the era of the metaverse is what will come next after this smartphone era,” Son said, urging the company’s executives to “study the possibility of commercialization with interest in the metaverse.” In accordance with Son’s vision, the group said it plans to set up a metaverse task force
Oct. 15, 2021
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Battle for smartwatch market likely to intensify with release of new Apple product
Apple Inc. on Friday released its new smartwatch -- Apple Watch Series 7 -- in South Korea in the latest move to further boost its presence in the growing smartwatch market. The release came as the pandemic-driven stay-at-home trend and rising health concerns have fueled the popularity of smartwatches fitted with health care and fitness features. The latest Apple smartwatch comes with a 20 percent bigger screen and a 40 percent thinner body than the Apple Watch Series 6. Its battery runs for
Oct. 15, 2021
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Central bank chief refutes rumors of government intervention in rate hike
South Korea’s monetary policy chief on Friday denied that the central bank’s latest rate hike was aimed at boosting the government’s real estate measures, which have failed to cool down the nation’s heated property market. In a parliamentary audit held Friday, Lee refuted rumors that the Bank of Korea’s first pandemic-era rate hike carried out in August, was a move pressured by the government. The latest rate hike by 25 basis points to 0.75 percent ended more th
Oct. 15, 2021
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Samsung Electronics shares reenter 70,000 won range
South Korea’s market bellwether Samsung Electronics increased 1.3 percent to 70,300 won ($59.46) during Friday morning trade, ending a price slide that lasted four consecutive days. The benchmark Kospi climbed 0.89 percent to 3,015.14 points. Samsung Electronics, the largest company in the nation by market cap, has the biggest group of retail investors, who amassed 2.78 trillion won worth of its shares in the 10 trading days ending Wednesday. Friday’s increase followed an indust
Oct. 15, 2021
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Samsung Electronics breaks record for 5G upload speed
Samsung Electronics said Friday that it has set a world record for 5G upload speed: 711 megabits per second. According to the South Korean IT giant, the feat was achieved in a recent trial conducted together with Verizon and Qualcomm in Texas. “For comparison, 700 Mbps is fast enough to download a 1 gigabit movie in 10 seconds. Multi-gigabit speeds have been recorded on downloads before, but this is the fastest speed the companies have been able to reach while uploading data to the net
Oct. 15, 2021
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Mamamoo’s agency to go public in November
Rainbow Bridge World, the South Korean entertainment agency behind all-female band Mamamoo, said Friday that it has filed a registration statement with the country’s financial watchdog and will go public on the nation’s secondary bourse, Kosdaq, in November. According to the statement, the agency aims to issue 1.25 million shares. It plans to offer new stocks for public subscription at a price between 18,700 won ($15.80) and 21,400 won a share. The book-building process, where an u
Oct. 15, 2021
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Posco Chemical recognized as ‘rising star’ at S&P Global Platts Global Metals Awards
Posco Chemical was chosen as the “Rising Star Company” at the 2021 Global Metals Awards, hosted by S&P Global Platts, the company said Friday. It is Posco Chemical’s first overseas award. “Posco Chemical has built a large, successful business in the lithium-ion battery market and forms a crucial part of Posco Group’s value chain integration for green mobility solutions. The company has a significant presence in the secondary battery materials business, which it
Oct. 15, 2021
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NH All One REIT pushing for stock market listing in Nov.
The real estate investment trust (REIT) unit of major bank holding firm NH Financial Group Inc. said Friday it is seeking to get listed on the South Korean main stock market in November. NH All One REIT said it began its initial public offering (IPO) process as its registration statement, which was filed with the country's financial watchdog late last month, came into effect. The company said it is planning to sell 28.1 million shares and raise 140.5 billion won ($119 million), with its IPO pr
Oct. 15, 2021
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S. Korea's finance chief voices concerns over US info-sharing request for chipmakers
WASHINGTON -- South Korea's finance minister on Thursday voiced concerns about the US's request for Korean chipmakers to share information on their supply chains. Finance Minister Hong Nam-ki relayed Korean chipmakers' concerns about Washington's request during his meeting with US Treasury Secretary Janet Yellen in Washington D.C., according to his ministry. The meeting was held to discuss bilateral and global economic issues, including global supply chain disruptions. It marked their first ga
Oct. 15, 2021
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Auto exports dip by more than 20% in Sept. amid chip shortage
South Korea's exports of automobiles fell more than 20 percent last month, ending eight months of on-year growth, amid the extended global supply shortage of automotive chips and fewer working days, data showed Friday. Outbound shipments of automobiles reached 151,689 units in September, down 20.7 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports also marked a 6.1 percent on-year decrease to $3.56 billion, the
Oct. 15, 2021
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BOK continues to normalize monetary policy to ease 'financial imbalances'
The Bank of Korea will continue adjusting its accommodative monetary policy and determine the timing of another rate hike in a way that could ease "financial imbalances" caused in part by rising household debt, Gov. Lee Ju-yeol said Friday. Lee made the remarks days after the central bank kept its policy rate unchanged at 0.75 percent for October but hinted at the possibility of an additional rate increase before the end of this year to rein in inflation and household debt. "Fin
Oct. 15, 2021
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KIPO outlines plan to prevent unfair competition, protect trade secrets
With the reorganization of global supply chains and accelerating digital transformation since the outbreak of the COVID-19 pandemic, securing cutting-edge technologies in fields such as artificial intelligence and semiconductors is becoming ever more crucial. In addition to investing heavily in technological development, countries around the world are strengthening protection of trade secrets and control of technological exports to prevent leaking their core technologies to rivals. The South K
Oct. 15, 2021
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Korea’s patent office expands international cooperation
As the grueling seven-year patent war between Samsung and Apple through 2018 showed, intellectual property rights can be used as spears and shields in the global fight for technological hegemony. Amid an intensifying patent war and the COVID-19 pandemic, applications for intellectual property rights in South Korea rose 12.3 percent from a year ago to 284,135 cases in the first half of this year, and the figure is expected to break 600,000 this year. To keep the spirt of innovation alive, the
Oct. 15, 2021
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S. Korea to resume discount coupon program to spur spending
South Korea plans to resume discount coupon programs aimed at boosting private spending as the country is preparing to move into a phase of "living with COVID-19" in early November, a senior government official said Friday. Except for food delivery via apps, the country suspended the coupon programs for sports, accommodations, tourism, cultural performances, and railway and bus service due to the resurgence of virus cases. The government earlier said the resumption will depend on the
Oct. 15, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Friday, tracking overnight advances on Wall Street, with tech shares leading the market gains. The benchmark Korea Composite Stock Price Index (KOSPI) rose 27.4 points, or 0.92 percent, to 3,016.04 in the first 15 minutes of trading. The tech-heavy Nasdaq composite added 1.73 percent to 14,823 points amid hopes of strong corporate earnings in the third quarter, and the Dow Jones Industrial Average climbed 1.56 percent to 34,913 points. In Seoul, market bell
Oct. 15, 2021
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S. Korea, UAE agree to push for free trade deal
South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul‘s trade ministry said. Trade Minister Yeo Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasize
Oct. 14, 2021
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Yanolja to acquire 70% stake in Interpark's e-commerce businesses
Yanolja Co., a leading South Korean travel platform operator, said Thursday that it signed an agreement to buy a 70 percent stake in e-commerce businesses of Interpark Corp. for 294 billion won (US$248 million). Yanolja said its move to acquire Interpark‘s travel, performing arts, shopping and book businesses is intended to make inroads into the global travel market dominated by foreign platform companies. “The two companies will cooperate to strengthen the competitiveness and
Oct. 14, 2021