Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[NK DEFECTOR'S EYE] South Korea’s financial market, crypto assets and metaverse through the eyes of NK defectors
This is the first installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. Kim Ui-jin, a North Korean defector, had never been to a bank or engaged in any kind of financial investment before he crossed the border in 2006. In the totalitarian socialist country, where personal possession of private assets is forbidden, ownership
Sept. 6, 2021
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Seoul stocks inch up after weak US jobs data
South Korean stocks edged up after choppy trading Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.27 points, or 0.07 percent, to close at 3,203.33 points. Trading volume was moderate at about 716 million shares worth some 12.1 trillion won ($10.5 billion), with gainers outnumbering losers 427 to 412. Foreigners bought a net 64 billion won,
Sept. 6, 2021
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Korean Air teams up with SK Energy for ‘carbon-neutral’ flight
Korean Air said Monday that it had joined hands with petroleum and refinery company SK Energy to launch carbon-neutral jet fuel in an effort to tackle climate change. Under the partnership, the airline will purchase a month’s worth of carbon-neutral jet fuel for domestic flights departing from Jeju and Cheongju. Carbon-neutral jet fuel can be achieved when enough carbon credits are purchased to offset the total carbon footprint produced through fuel production, transport and consumption
Sept. 6, 2021
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Toss Bank to expand loan service to thin filers amid delayed kick off
Toss Bank will expand its loan services to thin filers with little credit history or borrowers with low credits through its advanced credit assessment system while delaying its official launch to next month, officials said Monday. The internet-only lender was expected to start business late this month after receiving the green light from the country’s financial regulator. But due to the bank’s last-minute schedule rearrangements, it will begin its operation starting the first week
Sept. 6, 2021
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KakaoBank shares decline for 3 days amid downward pressure
KakaoBank, the country’s mobile-only bank that went public a month ago, saw its shares fall for three consecutive days on Monday due to an expiring lock-in period for millions of its shares. Shares in the banking arm of mobile giant Kakao declined more than 5 percent to 77,300 won ($66.76) in morning trade, while the benchmark Kospi inched up 0.04 percent. Some 3.14 million shares or 8.72 percent of the total shares subscribed by institutional investors became available for trading as
Sept. 6, 2021
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Samsung Asset launches dollar-denominated stock index fund
Samsung Asset Management said Monday it has launched a dollar-denominated equity index fund that tracks the United States‘ broad-based S&P 500 constituents. This marked the first dollar-denominated stock index fund in Korea’s asset management industry, which allows dollar holders in South Korea to indirectly invest in popular foreign stocks in the US, the company said. The S&P 500 comprises of 505 constituents as of July, including technology stocks Apple, Microsoft, Amazo
Sept. 6, 2021
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Samsung Heavy demonstrates ship collision avoidance system
Samsung Heavy Industries Co. said Monday it has succeeded in demonstrating a ship collision avoidance system. The shipbuilder's remote autonomous navigation system, known as Samsung Autonomous Ship (SAS), helped two autonomous ships travelling their trajectories avoid by detecting each other in seas off the southwestern island of Gageo, Samsung Heavy said. Samsung Heavy said the demonstration on the sea is the first of its kind in the world. A 9,200-ton ship of Mokpo National Maritime Univers
Sept. 6, 2021
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S. Korea seeks to launch FTA talks with Egypt
South Korea's trade ministry said Monday it seeks to launch negotiations for a free trade agreement (FTA) with Egypt, which would mark the first of its kind with an African nation. Trade Minister Yeo Han-koo plans to meet his Egyptian counterpart Nevin Gamea virtually later in the day to discuss ways to bolster bilateral economic ties, according to the Ministry of Trade, Industry and Energy. "The potential FTA will help South Korean firms penetrate deeper into the Egyptian market, further
Sept. 6, 2021
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S. Korea eyes resumption of new FTA with group of Arab nations
South Korea's trade ministry said Monday it aims to resume talks for a new free trade agreement with the Gulf Cooperation Council (GCC) to forge deeper economic ties with the Middle East after a hiatus of more than 10 years. Trade Minister Yeo Han-koo plans to meet his UAE counterpart Thani Al Zeyoudi virtually later in the day and propose resuming talks for the South Korea-GCC FTA, according to the Ministry of Trade, Industry and Energy. Asia's No. 4 economy and the GCC agreed to launch negot
Sept. 6, 2021
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K-Safety Expo 2021 to be held virtually
The government will virtually host its annual K-Safety Expo from Sept. 13-17, where about 300 local companies and state-funded agencies will showcase their products and technology. The fair is the local safety industry’s largest event, organized with pangovernmental support. It was originally planned to be held at the country’s largest convention center Kintex, just northwest of Seoul in Goyang, Gyeonggi Province. Spectators can view the exhibits across seven fields &
Sept. 6, 2021
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Korean firms' 2020 sales in China dip 7% on falling market share
Chinese subsidiaries of South Korean firms saw their sales sink nearly 7 percent in 2020 from four years earlier due to their dropping market share in the world's second-largest economy, data showed Monday. Combined Chinese sales of 30 out of South Korea's top 100 companies came to 117.1 trillion won ($101 billion) last year, down 6.9 percent from 2016, according to the data from the Federation of Korean Industries (FKI), the lobby for the country's family-controlled conglomerates known as chae
Sept. 6, 2021
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Seoul stocks open nearly flat after weak US jobs data
South Korean stocks opened nearly flat Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.98 points, or 0.03 percent, to 3,200.08 points in the first 15 minutes of trading. The US jobs increase came to a seven-month low in August amid the spread of variant cases, raising expectations that the Federal Reserve would not rush in tapering its asset buying plans in the September meeting. Fi
Sept. 6, 2021
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M&As up 49% in H1; big firms lead deal activity
The value of corporate mergers and acquisitions executed in South Korea rose 48.7 percent in the first half of this year, with conglomerates leading deal activity in a bid to identify new growth opportunities. According to data released Sunday by the Korea Fair Trade Commission, a total of 489 deals have cleared the FTC’s review process in the first half of this year, with their total value amounting to 221 trillion won ($191.2 billion). That is a 15.3 percent increase from a year earl
Sept. 5, 2021
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[Behind the Wheel] Volkswagen Tiguan -- good value, low price
It is not the fanciest car, but Volkswagen’s Tiguan shows that being faithful to the basics can be a charm. Around the globe, the sport utility vehicle has sold over 6 million units, earning a reputation as a steady seller. For Volkswagen Korea, it is the most important model, since it accounted for over 10,000 of the 17,615 units the company sold last year. With a clear and differentiated strategy to position itself as the best value for money among all imported car brands, Volkswage
Sept. 5, 2021
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Number of new drugs underway jumps 158% in 3 years
The number of drugs under development at South Korean companies has increased by 158 percent in the past three years, according to a local survey released Sunday. According to Korea Pharmaceutical and Bio-Pharma Manufacturers Association’s survey on 299 pharmaceutical and biotech companies here, 193 firms currently operate 1,477 new product pipelines, up 157.8 percent from 100 firms’ 573 pipelines in 2018. Of the 1,477 pipelines, 599 are for developing traditional nonbiologic pha
Sept. 5, 2021
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[Newsmaker] Sales of local restaurants dropped during COVID-19 pandemic
Sales of local restaurants and bars have dropped to their lowest level due to toughened social distancing rules during the COVID-19 pandemic, government data showed Sunday. According to the Korean Statistical Information Service, the retail sales index of restaurants and bars for the first seven months of this year marked 77, the lowest since it started to compile related data in 2015 with a benchmark of 100. The data showed the COVID-19 pandemic has weighed on the already-struggling restaur
Sept. 5, 2021
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[ESG Talk] Reshaping landscape of risk management in times of ESG
Digital technology advancements have led the business community to popularize the abbreviation VUCA -- short for volatility, uncertainty, complexity and ambiguity -- with great hype and enthusiasm. The concept connotes the spirit of risk-taking, agility and lean business practices required in the current age of digital transformation -- and, most recently, environmental, social and governance development. A new landscape is forming under corporate objectives to manage the intensifying ESG risks
Sept. 5, 2021
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Blockchain not a concept anymore, but part of real life, developers say
Blockchain is not a technological concept anymore. It’s starting to apply to real life and becoming a mainstream, irreversible trend, Dunamu CEO Lee Sir-goo said during the Upbit Developers Conference last week. “When the Internet first emerged, exponential growth began after services that people can use in real life and as for artificial intelligence, after years of research, it only started to receive attention when it was translated into real services,” Lee noted. “
Sept. 5, 2021
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Hyundai Glovis to enter gas shipping market after striking deal with Trafigura
Hyundai Glovis, the logistics arm of Hyundai Group, announced on Sunday it will enter the gas shipping market in 2024 after striking a multi-year deal with major commodity trading company Trafigura. The shipping deal with the Switzerland-based company will see the Hyundai Glovis carry ammonia and liquefied natural gas for up to 10 years for global markets. Two very large gas carriers (VLGC), which boast 86,000 square meters in capacity, will be built with 200 billion won ($173.2 million) in in
Sept. 5, 2021
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IPO proceeds log record-breaking W16tr
It has been a record year for the South Korean initial public offering market as companies succeeding in local listings have fetched more than a combined 16 trillion won ($13.8 billion) in proceeds, according to data compiled by the sole bourse operator here Sunday. The accumulated IPO proceeds of 73 firms listed this year on the domestic main board and tech-heavy bourse as of Friday came to 16.01 trillion won, the Korea Exchange data showed. The figure not only beat those of the total annual
Sept. 5, 2021