Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Hyundai to cut output at US plant on chip shortage
South Korea's Hyundai Motor Co. said Wednesday it will reduce production at its US plant this week due to a chip shortage. Hyundai Motor will cut vehicle production at the Alabama plant from Tuesday to Friday (US time) over a lack of semiconductor parts, a company spokesman said over the phone. The Alabama plant halted operations for one week last month due to the same problem. From January to July, Hyundai's vehicle sales rose 22% to 2.34 million units from 1.92 million in the year-ago perio
Aug. 18, 2021
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Danggeun Market wins unicorn status with $162m funding
Danggeun Market, operator of hyperlocal e-commerce app Karrot, said Wednesday it has fetched a $162 million funding in a series D round with an enterprise valuation of $2.7 billion. The latest round of funding, led by Hong Kong-based later-stage venture capital house DST Global, was joined by Aspex Management and Reverent Partners. Also taking part in the fundraising were existing investors Goodwater Capital, Altos Ventures, SoftBank Ventures Asia, Kakao Ventures, Strong Ventures and Capstone
Aug. 18, 2021
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Auto exports down 2.9% amid shortages of automotive chips
South Korea's exports of automobiles edged down 2.9 percent in July from a year earlier as the global supply shortages of automotive chips hindered production, data showed Wednesday. Outbound shipments of automobiles reached 181,046 units in July, according to the Ministry of Trade, Industry and Energy. In terms of value, exports advanced 12.3 percent to $4.1 billion. The ministry attributed the decrease to a low base effect, as overseas shipments of cars gathered ground in July 2020 after the
Aug. 18, 2021
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Semiconductor market to expand 25% in 2021, grow further in 2022: WSTS
The global semiconductor market is expected to expand 25.1 percent this year on the back of robust growth from the memory sector, a report from an industry tracker showed Wednesday, amid concerns of a slowdown in demand. World Semiconductor Trade Statistics (WSTS), a nonprofit organization of chipmakers, said the global semiconductor market is expected to grow to $551 billion in 2021, up from its previous forecast of $527.2 billion. It also revised up the market growth for the year to 25.1 p
Aug. 18, 2021
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Seoul stocks open slightly lower on Afghanistan uncertainties
South Korean stocks opened slightly lower Wednesday, tracking a stock plunge on Wall Street that stemmed from reports on Taliban's earlier-than-expected control of the Afghanistan capital. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.18 points, or 0.07 percent, to 3,140.91 points in the first 15 minutes of trading. Stocks got off to a choppy start as investors digest the impact of Taliban's seizure of Kabul and the frenzy at the airport. Overnight, the Dow Jones Industrial
Aug. 18, 2021
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Major firms fare well in H1 despite pandemic
Sales by major companies in South Korea rose nearly 10 percent in the first half of the year in spite of the coronavirus pandemic with their total operating profit more than doubling, a corporate tracker said Wednesday. Combined sales of 225 out of the country's top 500 firms came to 1,127.4 trillion won ($960 billion) in the January-June period, up 10.4 percent from a year earlier, according to CEO Score. Their operating profit stood at 105.1 trillion won in the six-month period, more than do
Aug. 18, 2021
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KakaoBank’s net profit jumps 156% in H1
KakaoBank, the country’s largest internet-only bank by user numbers, on Tuesday said it recorded a 156 percent jump in net profit in the first half of this year, backed by increased interest income and its platform business. The company’s net profit in the January-June period stood at 115 billion won ($97 million) including 69.3 billion won in the second quarter. Its operating profit was 133.8 billion won. The mobile-only lender, which debuted on the stock market Aug. 6 as the
Aug. 17, 2021
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Smilegate’s Lost Ark rewrites rules of online PC game market
Lost Ark, developed by Smilegate, has emerged as the most popular title in the role-playing PC game category in South Korea, a surprising performance given its rise to the top slot took some time and benefited from a host of external factors. The multiplayer game was launched in November 2018. As with other mainstream games, it pulled off a stellar record when it formally kicked off its service, drawing a record 350,000 concurrent users. Over time, its popularity declined as fickle players mi
Aug. 17, 2021
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S. Korean firms’ donations to Vietnam vaccine fund surpass W9b
South Korean companies operating in Vietnam have provided a total of 9.2 billion won ($7.8 million or 180 billion dong), in donations to help the Southeast Asian country secure COVID-19 vaccines, according to officials in the South Korean Embassy in Vietnam and local media reports Tuesday. If donations from South Korean individuals are counted, the combined contribution to Vietnam’s vaccine fund could surpass 10 billion won, they said. Forking out the biggest amount was Samsung Electro
Aug. 17, 2021
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Daewoo Shipbuilding swings to loss in H1 on increased costs, allowances
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it swung to a net loss in the first half from a year ago due to increased costs and allowances. Its net loss came to 1.25 trillion won ($1.1 billion) in the January-June period compared with a net profit of 294 billion won a year ago. Sales fell 45 percent to 2.17 trillion won, with operating loss reaching 1.22 trillion won, shifting from an operating profit of 352 billion won over the cited period. DSME cited a sharp f
Aug. 17, 2021
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CJ ENM sues LG Uplus for ‘unpaid’ content usage fees
South Korean entertainment company CJ ENM is suing LG Uplus, accusing the mobile network operator of failing to pay usage fees for the CJ ENM content it provided via its IPTV service. The content arm of CJ Group confirmed Tuesday that it had filed a civil action with the Seoul Central District Court last week. The firm is seeking compensation for the alleged violation of its intellectual property rights over the past 10 years. “From 2009 to March 2019, LG Uplus provided video-on-demand
Aug. 17, 2021
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SK Telecom's non-telecom spinoff SK Square eyes active investments
SK Telecom Co., South Korea's largest wireless carrier, said Tuesday its non-telecom spinoff will be launched in November as SK Square with the aim of aggressive investments in new tech and semiconductor businesses. The mobile carrier is currently preparing to split into two after deciding to spin off its non-telecom businesses in June to focus on new investments. While SK Telecom had tentatively called the new company SKT Investment, the carrier said it finalized the name as SK Square. Under
Aug. 17, 2021
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KakaoBank's Q2 net soars on accelerated loan growth
KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won ($58.85 million) in the April-June period, compared with a profit of 26.78 billion won the previous year, according to its regulatory filing. Revenue rose 29.3 percent to 253.62 billion won over the cited period, while operating profit increased 2
Aug. 17, 2021
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Seoul stocks down for 8th day on disappointing Chinese economic data
South Korean stocks retreated for an eighth straight session Tuesday as disappointing Chinese economic data raised concerns about a slowdown in global economic recovery. The Korean Won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 28.2 points, or 0.89 percent, to close at 3,143.09 points. Trading volume was high at about 680 million shares worth some 21.9 trillion won ($18.6 billion), with losers outnumbering gainers 786 to 117. Foreigners sold a
Aug. 17, 2021
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Compliance, chips and vaccine ‘top priority‘ for Samsung’s Lee
Samsung Group’s de facto chief Lee Jae-yong is going full speed ahead after returning to the office Tuesday, tending to tasks waiting for his attention at Samsung Electronics. On Tuesday, the first working day since his release from jail Friday, the Samsung vice chairman reported to his office at Samsung’s headquarters in Seocho, southern Seoul, early in the morning. Of all the items on his agenda, three appear to be of top priority: compliance, chips and vaccine. It was uncl
Aug. 17, 2021
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Early-morning delivery platforms rush into IPO race
E-commerce platform companies that gained popularity for their early-morning delivery services in South Korea are rushing to tap the local stock market, which is enjoying high liquidity and increased investors’ appetite for initial public offering shares. Competition among early-morning delivery platforms -- Shinsegae Group’s online mall arm SSG, Market Kurly and Oasis -- is becoming fierce, with some market watchers believing those who go public ahead of their rivals may have
Aug. 17, 2021
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[Herald Interview] Yanolja envisions self-check-in hotels with app-controlled rooms
When travel and leisure platform operator Yanolja raised $1.7 billion from SoftBank Vision Fund 2 last month, it drew comparisons with e-commerce giant Coupang, drumming up excitement over the recent startup boom in South Korea. “We have the super app Yanolja at home and a cloud-based automation solution for the international market. They are fast-growing markets with great potential and we believe the funding acknowledges our technology to keep things going and our great team,” Lee
Aug. 17, 2021
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FSS to launch probe into e-payment providers amid Mergepoint scandal
South Korea’s financial watchdog will launch an investigation into electronic payment service providers and their operations amid growing concerns over consumer protection in a row involving local discount app operator Mergeplus. The Financial Supervisory Service has been under fire for failing to monitor risks and eliminate legal gray areas on the back of fast-growing electronic payment services in recent months. Angry customers swarmed Mergeplus’ headquarters in Seoul last week
Aug. 17, 2021
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Dunamu to unveil travel rule solution next month
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, on Tuesday said it planned to unveil its own “travel rule” solution in September through its blockchain technology research arm Lambda256. The travel rule is a global standard imposed by the Financial Action Task Force, an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as cryptocurrency exchanges and digital wallet providers. The country’s virtual asset serv
Aug. 17, 2021
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Citibank Korea to confirm retail biz exit plan next week
Citibank Korea is likely to make its long-awaited announcement for its retail business exit plan on Aug. 26, after confirming the strategy at a scheduled board meeting, an industry source said Tuesday. The South Korean subsidiary of the US-based global banking giant had initially said it would confirm the plan in July, but the decision-making process was delayed on apparent conflicts of interest among the firm, its potential bidders and unionists. The firm is expected to decide whether it wil
Aug. 17, 2021