Most Popular
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Electronic payments hit record high in H1 amid pandemic
The amount of payments made electronically hit a record high in the first half of this year, central bank data showed Monday, as the COVID-19 pandemic prompted more people to engage in contact-free commerce. The daily average amount of electronic financial transactions came to 863.5 billion won ($738 million) in the January-June period, up 12.8 percent from six months earlier, according to the data from the Bank of Korea (BOK). The reading marked the highest amount since the central bank started
Sept. 13, 2021
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S. Korea proposes digital trade pact with ASEAN
South Korea on Monday proposed a new pact on digital trade with Southeast Asia to cope with the changing global business environment and forge deeper economic ties with the region. Trade Minister Yeo Han-koo held a virtual meeting of economic ministers with his ASEAN counterparts to share opinions on various issues, covering trade and the environment, according to the Ministry of Trade, Industry and Energy. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Th
Sept. 13, 2021
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S. Korea designates more hydrogen-focused businesses
South Korea's industry ministry on Monday designated eight additional hydrogen-focused businesses eligible to receive state financial support, in line with the country's goal to slowly phase out conventional resources and go carbon neutral by 2050. The country launched a new law on promoting the hydrogen economy in February, under which companies whose business portfolio covers the sector can receive state subsidies of up to 150 million won (US$128,000). So far, 19 companies have been tapped to
Sept. 13, 2021
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Hyundai restarts local plant on resumed parts supply
Hyundai Motor Co. said Monday it has restarted production at a local plant on the resumed supply of electronic components. Hyundai Motor halted the Asan plant on Sept. 9 and 10 due to lack of chip parts, resulting in production losses of 2,000 vehicles, the company said in a regulatory filing. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. Previously, the Asan plant suspended operations from July 13 to Aug. 6 to upgrade the facilities before it begins producti
Sept. 13, 2021
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Exports rise 31% in first 10 days of Sept.
South Korea's exports rose 30.7 percent on-year in the first 10 days of September on the back of robust demand for petroleum products and autos, customs data showed Monday. The country's outbound shipments stood at $19.5 billion in the Sept. 1-10 period, compared with $14.9 billion a year earlier, according to the data from the Korea Customs Service. Imports soared 60.6 percent on-year to $21 billion, resulting in a trade deficit of $1.46 billion during the cited period, the data showed. By sect
Sept. 13, 2021
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LG Innotek develops eco-friendly magnet with enhanced strength
LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has developed an environmental friendly magnet that boasts enhanced magnetic strength. LG Innotek said the latest magnet, which it developed together with Sunglim Group Industry Co., reduces the use of heavy rare-earth (HRE) metals, a key ingredient of magnets, by 60 percent compared with previous ones. Such a magnet is installed in products that need power with its magnetic pushing and pulling force. The company said
Sept. 13, 2021
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Seoul stocks open nearly flat on US stock slump
South Korean stocks opened nearly flat Monday as investors braced for a fall on Wall Street last week amid concerns over rising inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.17 points, or 0.04 percent, to 3,124.59 points in the first 15 minutes of trading. Stocks got off to a slow start, following North Korean state media saying Monday the communist state had successfully test-fired a new type of long-range cruise missile over the weekend. Local stocks also came under
Sept. 13, 2021
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Luxury imported car sales soar 65.5% this year
Sales of high-end imported cars spiked nearly 66 percent in the first eight months of the year amid the popularity of big-ticket eco-friendly models among local motorists and a post-lockdown shopping spree, industry data showed Monday. A total of 45,042 imported vehicles with price tags of 100 million won ($85,700) or higher were sold in South Korea in the January-August period, up 65.5 percent from a year earlier, according to the data from the Korea Automobile Importers and Distributors Associ
Sept. 13, 2021
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Foreign investors remain net sellers of Korean stocks in August
Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a fourth consecutive month, data showed Monday. Foreigners sold a net 7.81 trillion won ($6.68 billion) worth of local stocks in August, according to the data from the Financial Supervisory Service (FSS). British investors sold a net 1.3 trillion won of stocks last month, while investors from Switzerland net purchased 400 billion won worth of stocks, according to the FSS. As of end-August,
Sept. 13, 2021
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[Larry Corey] What we know about delta and vaccination
Sobering findings of the past few weeks have shaken both the American and scientific psyche. People have had to reassess their perceptions about the COVID-19 vaccines, and the reemergence of an epidemic many thought was over. Many of us have had to come to terms with how life can sometimes just be complicated. It’s been a scientific and emotional roller coaster. In the spring, we saw the alpha variant, which was two times more infectious than the ancestral strain. That was followed by be
Sept. 12, 2021
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[Herald Interview] Homegrown rocket may be ticket to join new space order
This is the first installment in a series of interviews with executives of Korean companies with space ambitions. -- Ed. In 2013, South Korea celebrated the launch of its first rocket -- the “Naro” Korea Space Launch Vehicle 1 -- from its own soil. The country’s first spaceflight success was, however, an effort that largely relied on Russian experts. Eight years later and amid an intensifying space race among superpowers, the country will attempt to launch a tru
Sept. 12, 2021
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Electricity bills likely to rise in Q4 as fuel prices soar
South Koreans may face higher electricity bills later this year, as the government is mulling a response to compensate for rising fuel prices. According to industry sources Sunday, the Ministry of Trade, Industry and Energy will decide on Sept. 23 whether to raise electricity rates for the fourth quarter. A price hike seems inevitable, as the ministry and state-run utility Korea Electric Power Corp. already froze power bills twice in the second and third quarters in reflection of ongoing C
Sept. 12, 2021
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Green wave pushes indebted state-run firms to edge
Amid the climate change response actions underway in South Korea, the nation’s state-run companies dedicated to fossil fuel energy resources are barely hanging on. The Korea Resources Corp., or Kores, merged into the newly established Mine Reclamation Corp., called Mireco, under new rules that took effect Friday. The birth of Mireco was foretold in 2018, when a task force within the Energy Ministry recommended that the debt-saddled Kores be restructured. Kores, considered a major culpri
Sept. 12, 2021
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Home shopping rises as new way to buy a car
The ways to buy a car are expanding into the non-face-to-face realms of home shopping TV networks and dedicated websites, taking the hassle out of having to visit a dealership for a new set of wheels. Renault Samsung Motors said Sunday it is launching the Master van on GS Retail’s home shopping channel GS My Shop after it saw successful sales of its electric vehicle Zoe in July. The automaker said they decided to expand the sales route to home shopping programs for the 15-person van am
Sept. 12, 2021
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Online shopping in Korea expands 105 percent since 2017
SEJONG -- The market volume of online shopping in South Korea, which has been sharply growing in recent years, has been further boosted by the pandemic, as more consumers rely on internet retailers, data shows. Shopping via the internet is estimated to have contributed largely to private consumption, and eventually the gross domestic product. According to Statistics Korea, monthly online shopping transactions reached an all-time high of 16.19 trillion won ($13.8 billion) in July. This marked 2
Sept. 12, 2021
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Samsung to defend top spot in semiconductor sales in Q3: report
Samsung Electronics Co. is expected to defend its top spot in global semiconductor sales in the third quarter of the year, a report showed Sunday, on the back of strong memory demand. Samsung, the world's largest memory supplier, was projected to log $22.32 billion in semiconductor sales in the July-September period, up 10 percent from a quarter earlier, and maintain its lead against Intel Corp., according to the latest McClean Report from market researcher IC Insights. Intel was estimated to co
Sept. 12, 2021
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[Newsmaker] Retail investors sweep W1tr Kakao shares hit by short attack, regulation
Retail investors bought more than 1 trillion won ($854 billion) worth of Kakao shares for three days from Wednesday to Friday, when they fell 15 percent amid record short-selling triggered by mounting concerns over tightening regulations. The country’s fifth-biggest in market capitalization has been targeted for massive short selling due to a rapid price fall last week over the political move to regulate platform giants, Foreign investors also dumped shares worth 749.8 bill
Sept. 12, 2021
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[Law Talk] Recent legislative changes over online platform businesses in Korea
Big tech companies grew quickly in the pandemic-hit year of 2020, with many people working from home and purchasing more online, as well as tech giants cutting costs where it matters less and investing in areas that extend their advantage. The growth of the IT industry and increasing power of the tech giants called for tightened regulation of the online platform market worldwide. The US administration appointed Lina Khan, who first attracted attention as a critic of Amazon, as FTC chair. US Pr
Sept. 12, 2021
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Monitoring strengthened on crypto exchanges facing shutdown this week
The Korea Financial Intelligence Unit said Sunday that it was looking closely at cryptocurrency exchanges on the verge of shutting down. The unit is under the Financial Services Commission, the country’s financial regulator. The regulator, in cooperation with the police and financial institutions, aims to prevent those exchanges from walking away with users’ money parked in their accounts. Any exchanges that fail to register with the FSC by Sept. 24 must inform users by Friday th
Sept. 12, 2021
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LG Chem to produce biodegradable plastics with TK Chemical
LG Chem Ltd., South Korea's biggest chemical firm, said Sunday it will produce biodegradable plastics after joining hands with a smaller local chemical company in a move to expand its presence in the eco-friendly product market. Under the partnership with TK Chemical Corp., LG Chem will develop and produce poly butylene adipate-co-terephthalate (PBAT). PBAT are synthetic polymers based on fossil resources and can naturally degrade within six months after buried in soil. The two companies said th
Sept. 12, 2021