Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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[Music in drama] Rekindle a love that slipped through your fingers
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Ssangyong Motor to speed up process of seeking new buyer
Troubled automaker SsangYong Motor is speeding up the process of finding a new buyer after undergoing preliminary due diligence. The Korean arm of Indian automaker Mahindra & Mahindra plans on receiving acquisition proposals until mid-September from potential buyers, according to industry sources Sunday, with a preferred bidder set to be chosen based on the acquisition price and business plan. A total of 11 investors from home and abroad have submitted letters of intent to take part in the
Aug. 29, 2021
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Coway adds aesthetic touch to electric dehumidifiers
Amid the prolonged COVID-19 pandemic, consumers’ interest in what makes their home a more pleasant place to be has grown. This has certainly affected the home appliance market. Before, devices like electric dehumidifiers were not something people sought aesthetic satisfaction in. Yet, in this era, they need to change. Coway’s recently launched Noble Dehumidifier AD-1221E is a new addition to the ranks of premium appliances, with design elements more commonly found in luxury furnit
Aug. 29, 2021
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Seoul stocks to move in tight range this week after US Fed chief‘s dovish comment
South Korean stocks are likely to move in a tight range next week as investors’ profit-taking mode may be balanced against the US Federal Reserve chairman‘s dovish comments. The benchmark Korea Composite Stock Price Index closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (U
Aug. 29, 2021
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Upbit cements market leadership in South Korea’s crypto trading scene
Amid controversial regulatory efforts being made to keep cryptocurrency trading in order, Upbit appears to have solidified its leadership in the market. Upbit retained its title as South Korea’s largest cryptocurrency exchange in terms of cash parked, and the number of subscribers and transactions, data showed Sunday. According to the data from Rep. Yoon Do-hyun of the People Power Party, a member of National Policy Committee, Upbit had 5.3 trillion won ($4.5 million) deposited its acc
Aug. 29, 2021
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[Law Talk] Unexposed risks of the Serious Accidents Punishment Act: Business owners facing liability beyond the workplace
Amid recurring industrial accidents such as the 2018 Taean Power Plant tragedy, the 2020 Icheon fire incident, and the death of a worker at Pyeongtaek Port in April, social interest regarding the need for health and safety in outsourcing arrangements has been steadily growing. Meanwhile, with the increase in outsourcing of work across all industries, the vague division of roles and responsibilities between companies and contractors, and the lack of authority of contractors/subcontractors that
Aug. 29, 2021
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Industrial accidents cause economic losses of W30tr in 2020: data
Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year. The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor. The total number of deaths from industrial accident
Aug. 29, 2021
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Seoul stocks to move in tight range this week after Fed chief's dovish comment
South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t
Aug. 29, 2021
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SsangYong to open bid for new buyer
Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motor
Aug. 29, 2021
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Kia workers OK wage deal without strike for 1st time in 10 years
Unionized workers at Kia, South Korea's second-biggest carmaker, voted Friday to accept the company's wage proposals without a strike for the first time in a decade. Kia said 68 percent of 26,945 workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in monthly basic pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But Kia rejected the union's demand to extend the
Aug. 27, 2021
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SK chief faces punishment over 2017 LG Siltron acquisition
South Korea’s antitrust watchdog will embark on a process of punitive action against SK Group and its chairman Chey Tae-won over an accusation that he plundered corporate profits during the group’s 2017 buyout of silicon wafer manufacturing firm LG Siltron, now SK Siltron. According to industry sources on Friday, the Fair Trade Commission here is expected to inform SK Group of findings on its investigation into the SK Group’s possible irregularities during the purchase of th
Aug. 27, 2021
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Korea hails first REIT to hit stock market this year
South Korea on Friday saw its first public real estate investment trust debut on the domestic stock market this year, with more debutants headed for the listing soon. D&D Platform REIT, which holds office and industrial portfolios at home and abroad, started trading on the Korea Exchange‘s main board Kospi Friday. A REIT refers to a vehicle designed to offer dividend returns to its investors through investments in securitized real estate assets. The nation’s first multisector
Aug. 27, 2021
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Posco to develop LCO2 carrier with Hyundai Mipo Dockyard
Posco is partnering with Hyundai Mipo Dockyard to develop liquefied carbon dioxide carrier to gain an upper hand in the carbon capture, utilization and storage market, the steelmaker said Friday. Posco, the country’s leading steelmaker, said it has agreed to build the liquefied CO2 carrier, as the demand for such ships is expected to grow amid the global movement for carbon neutrality and the transition to hydrogen energy. Korea Shipbuilding & Offshore Engineering, Lloyd’s Re
Aug. 27, 2021
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SK chief encourages workers to share opinions regularly for ‘deep change’
SK Group Chairman Chey Tae-won encouraged company workers to share opinions regularly and pursue changes, at an in-house forum, SK said Friday. “This year’s Icheon Forum has provided as a place to explore practical ways to understand the changes in the world and to pursue deep change,” Chey said during the closing ceremony of the Icheon Forum Thursday. “Let’s hold discussions on a regular basis and pursue changes for SK.” SK Group held the annual in-hou
Aug. 27, 2021
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Kolon Glotech invests W6b in satellite projectiles, eyes on space business
Kolon Glotech, the car seat fabric maker under Kolon Group, plans to enter the aerospace business by forging strategic partnerships with local startups. The company said Thursday it has invested 6 billion won ($5.1 million) in Innospace, a South Korean aerospace manufacturing tech startup, to develop light-weight composite materials used in the launch vehicles of small satellites. Some products from Kolon Dacc Composite, a subsidiary of Kolon Glotech, are already used in products under deve
Aug. 27, 2021
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GM Korea, union sign 2021 wage agreement
GM Korea Co. and its labor union have signed a wage agreement for the year amid the extended COVID-19 pandemic and sluggish sales, the company said Friday. In their second vote held early this week, some 65 percent of GM Korea's unionized workers agreed to accept the company's revised proposals that newly include 300,000 won ($260) worth of repair coupons for Chevrolet brand vehicles and 200,000 won worth of gift certificates GM Korea, the South Korean unit of General Motors Co., and its union
Aug. 27, 2021
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Seoul stocks slightly up ahead of Fed chair's speech
South Korean stocks finished higher Friday after a choppy session as investors await the comments from the chief of the US Federal Reserve about its tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.37 points, or 0.17 percent, to close at 3,133.9 points. Trading volume was low at about 512 million shares worth some 10.9 trillion won ($9.3 billion), with gainers outnumbering losers 586 to 259. Foreigners sold a ne
Aug. 27, 2021
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Prosecutors raid Daewoong Pharmaceutical, charges not verified yet
Daewoong Pharmaceutical is under a prosecutors’ investigation, with industry sources suggesting Friday that the subject of the probe is trade secret misappropriation. The Seoul Central District Prosecutor’s Office said it conducted a search and seizure operation at Daewoong’s headquarters in Samsung-dong, Gangnam-gu, Seoul, Thursday. Officials from the prosecutor’s office did not disclose charges against the South Korean pharmaceutical firm. Some industry sources ra
Aug. 27, 2021
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FSC chief nominee hints at tougher measures to curb household debt
Financial Services Commission Chairman nominee Koh Seung-beom said Friday that the financial regulator plans to take additional policy actions to curb a sustained increase in household debt, citing high indebtedness as the main drag on Asia‘s fourth-largest economy. “The government unveiled a set of steps to rein in household debt in April, but the economic fallout from the prolonged COVID-19 pandemic has continued to drive up the debt growth,” Koh said in a parliamentary hear
Aug. 27, 2021
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KB Securities seeks approval to acquire Indonesian brokerage firm
South Korean banking giant KB Financial Group is ramping up its push to venture into the Indonesian financial industry, as its securities brokerage arm awaits a regulatory approval to set foot in the largest economy in Southeast Asia. KB Securities, a Seoul-based investment bank and brokerage house, said Friday it is poised to inject some 50 billion won ($42.8 million) in capital to become a new shareholder of an undisclosed midsized Indonesian firm dedicated to securities underwriting and bro
Aug. 27, 2021
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Samsung's new Galaxy Z series lands in 40 countries worldwide
Samsung’s Galaxy Z Fold 3 and Galaxy Z Flip 3 officially landed in stores worldwide Friday. The company announced Friday, that it was rolling out its latest foldable smartphones series in 40 countries including South Korea, the United States, Canada, the United Kingdom and France. The products will be available in 130 countries by October, Samsung said. Presales were strong around the globe, the company said. Total preorders logged in 70 countries greatly surpassed that of its previou
Aug. 27, 2021