Most Popular
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Yoon sorry for shortcomings but insists policies were right
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1 in 3 Koreans live alone, family types becoming diverse
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Seoul says will cut power to porn festival planned on Han River
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Sewol victims commemorated on tragedy's 10th anniversary
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Chanel, Louis Vuitton see muted growth in Korea
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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[Newsmaker] Kakao Pay faces renewed scrutiny ahead of IPO
Ant Group-backed financial technology firm Kakao Pay is facing renewed scrutiny ahead of its upcoming initial public offering as South Korea’s tech crackdown shows no signs of abating. Regulators’ tightening grip on online financial platforms puts Kakao Pay, known for its mobile payment app interoperable with Korea’s popular messenger app KakaoTalk, under mounting pressure to revise its prospectus again to scale down its fintech service. The stock market debut of Kakao Pay,
Sept. 22, 2021
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[Herald Interview] Refining the design of Korea’s top delivery app
Baedal Minjok, widely known as Baemin, has enjoyed a surge in popularity during the COVID-19 pandemic. As the use of delivery apps exploded, the volume of transactions on Baemin jumped 78.4 percent to 15.7 trillion won ($13.27 billion) last year. But as efforts to solidify its position continue, design continues to play a crucial role. “One of the things we consider when we design the app is not to convey information in a dry way. What makes Baemin is the hidden wit and fun here and ther
Sept. 22, 2021
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ADB maintains S. Korea’s growth outlook at 4%, trims projection for Asia
The Asian Development Bank on Wednesday maintained its previous 4 percent growth outlook for the South Korean economy this year, on the back of robust exports and mild recovery in private consumption. The ADB kept its earlier growth scenario for Korea, which was released in July. It also left its 2022 growth outlook unchanged at 3.1 percent, according to the bank’s report titled “Asian Development Outlook Update.” However, it forecast that Korea’s inflation rate will
Sept. 22, 2021
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Eximbank to provide over $300m to Egypt for railway project
The Export-Import Bank of Korea said Wednesday it will offer more than $300 million in loans to the Egyptian government’s railway modernization project. The state-run policy lender plans to supply a combined $312.2 million for the African nation through the “Economic Development Cooperation Fund” as well as the “Economic Development Promotion Facility.” Launched in 1987, the EDCF is aimed at helping poor and less developed countries by providing low-inter
Sept. 22, 2021
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Overseas stock transactions hit all-time high amid meme stock fad
South Koreans’ transactions of foreign shares reached a new high in 2021 as retail investors rushed to trade meme stocks, data showed Wednesday. Domestic investors’ trading of overseas shares was valued at $277.1 billion from the beginning of the year to Sept. 16, according to data compiled by the Korea Securities Depository. The figure was up by 39.7 percent from last year’s accumulated trading volume of $198.3 billion, having already exceeded the 2020 total on June 21, the
Sept. 22, 2021
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LG’s plugless TV wins international design award
Samsung Electronics and LG Electronics scooped various accolades at an international industrial design competition, the two companies said Wednesday. LG Electronics bagged 10 prizes, including a gold award for its StanbyME TV, famous for its moving stand design, at the 41st International Design Excellence Awards. The plugless TV model has previously received the main prize at the iF Design Awards and the Red Dot Design Awards 2021. Four other products -- LG’s Soundbar Eclair, a laundr
Sept. 22, 2021
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CJ’s Bibigo sponsors LA Lakers
NBA superstar LeBron James will be playing in a Bibigo-branded jersey for the upcoming season, as CJ’s frozen dumpling and sauce brand signed a partnership deal with the Los Angeles Lakers. The basketball team announced on its social media Tuesday, local time, that it signed a marketing partnership with Bibigo’s US branch. Attached with the announcement was a photo of LeBron James wearing a Bibigo-embroidered uniform. ”We’re proud to introduce our new patch part
Sept. 22, 2021
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Hyundai, Kia's eco-friendly vehicle sales in US more than double in Aug.
Hyundai Motor Co. and its affiliate Kia Corp.'s environment friendly vehicle sales in the United States more than doubled in August compared with a year ago, led by solid demand for their hybrid sport utility vehicles, industry data showed Wednesday. Hyundai and Kia sold a combined 8,312 eco-friendly cars in the US in August, a 124.4 percent jump from a year earlier, according to their data. Hyundai's eco-friendly car sales soared 245.4 percent on-year to 5,817 units in August, far surpassing
Sept. 22, 2021
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Airlines cut aircraft fleets amid pandemic-driven slump
South Korea's airlines have drastically reduced their aircraft fleets over the past two years as demand for air travel dried up due to the prolonged COVID-19 pandemic, industry data showed Wednesday. The total number of aircraft operated by the nation's 10 carriers currently stands at 372, down from 414 in 2019, according to the data compiled by the transport ministry. Korean Air Lines Co., the country's leading full-service carrier, operates 159 planes, down from 170 in 2019, and its smalle
Sept. 22, 2021
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[Feature] How fans are turning favorite K-pop songs into investments
K-pop fans have found a new way to support their favorite idols that could also fatten their wallets at the same time. A growing number of fans are experimenting with new investment methods by investing in shares of copyrights to songs by idols. This new combination of Korean culture and investing comes as K-pop fans seek alternative and meaningful ways to show support for their stars. For instance, Music Cow, a platform for investing in K-pop songs, allows fans to buy shares to own par
Sept. 21, 2021
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[Photo News] Apple unveils new lineup for 2021
On Sept. 14, Apple held a virtual “California Streaming” event unveiling the new iPhone 13 and Apple Watch Series 7. The Apple Watch will come in new sizes at 41 mm and 45 mm, departing from its standard 40 mm and 44 mm sizing. No new health features are expected. The most significant difference is its all-new flat-edged design, in line with the iPhone 12’s sleek design. Like previous models, the iPhone 13 will be offered in four different models – iPhone 13
Sept. 20, 2021
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Spring flowers bloom earlier, ice freezes later than before: report
Spring flowers in Korea are blooming earlier while ice is forming increasingly later in the last three decades, a recent report from the Korea Meteorological Administration showed. The KMA on Tuesday released the latest climatological averages from 1991 to 2020, comparing the data with the previous figures recorded from 1981 to 2010. Used for analyzing changes in the ecosystem over a long period of time, seasonal observation is a study of animals, plants and weather phenomena at the same spot e
Sept. 19, 2021
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NPS exposure to Japanese ‘war crimes companies’ reaches W1.57tr: lawmaker
The National Pension Service, Korea‘s largest public pension scheme, has 1.57 trillion won ($1.33 billion) exposure to stocks of what was labeled as “war crimes companies” during the World War 2, data showed Sunday. NPS was directly investing some 880 billion won in companies suspected to have contributed to Japanese ruling of the Korean Peninsula during Korea’s colonial era as of February, according to data compiled by the ruling Democratic Party of Korea‘s lawma
Sept. 19, 2021
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Disney+ likely to be introduced via LG U+ first and possibly KT later
Disney+, the US entertainment giant’s streaming service, is expected to land in Korea via LG U+ first, the smallest of the country’s three IPTV providers. Then, it may team up with KT, the largest of the three, to further expand its reach. Earlier, Disney officially announced the Nov. 12 launch of Disney+, with a monthly subscription fee of 9,900 won ($8.40). It, however, did not disclose who its local partner is, fanning market speculation that the two Korean telecommunications
Sept. 19, 2021
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[Feature] Will cosmetic refills take off in Korea?
Beauty products often come in extravagant packaging -- only to later end up in a landfill after a single use. Statistics show only 10 percent of cosmetics packaging is recyclable, due to the complex designs, colors and multilayer structures. Faced with growing criticism for its contribution to the global waste problem and in a bid to appeal to environmentally conscious consumers, cosmetics companies are turning to refilling stations where consumers can bring empty bottles and buy what they
Sept. 17, 2021
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Posco reaches 1 million ton in production capacity for high strength steel
Posco said Friday it has established a 1 million-ton production facility for giga steel, an ultrahigh-strength steel product used for cars. Amid the expanding global market for eco-friendly cars and rising demand for lightweight vehicles, Posco said it has invested about 500 billion won ($425 million) since 2017 to build and expand the production facility for the high-strength steel inside the Gwangyang steel mill in Gwangyang, South Jeolla Province. “Since its first production of steel
Sept. 17, 2021
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Eastar Jet submits restructuring plans to court
Eastar Jet Co., a debt-ridden South Korean budget carrier, said Friday it has submitted restructuring plans to a bankruptcy court to finalize an acquisition deal with a local property developer, aiming to resume flights next year. Eastar Jet submitted its debt repayment and other rehabilitation plans to the Seoul Bankruptcy Court, three months after Sung Jung Co. signed a deal to buy an 80 percent stake in the low-cost carrier for 108.7 billion won ($97 million). Eastar is required to first
Sept. 17, 2021
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FSS to appeal against court decision favoring Woori chairman
The Financial Supervisory Service said Friday it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, Sohn
Sept. 17, 2021
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[Newsmaker] More than 30 crypto exchanges expected to announce shutdown on Friday
Time ran out Friday for cryptocurrency exchanges to announce the closure of their services if they would not be operable after Sept. 24, marking a critical time that will decide the fate of many cryptocurrency exchanges in the country. More than 30 cryptocurrency exchanges were expected to give notice for a service shutdown by the end of Friday, as 24 exchanges have not applied for the Information Security Management System and 10 failed to acquire a certificate, according to industry source
Sept. 17, 2021
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Shinhan acquires stake in ICT solutions provider for online corporate banking platform
Shinhan Bank said Friday that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform. Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data. Shinhan and Douzone Bizon ha
Sept. 17, 2021