Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Auto exports jump 71.9% in Q2 on robust demand
South Korea's exports of autos jumped 71.9 percent on-year in the second quarter on the back of robust demand for sedans and eco-friendly vehicles, data showed Friday. The country's outbound shipments of cars came to $10.7 billion in the April-June period, compared with $6.25 billion the previous year, according to the data compiled by the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. Imports of autos rose 38.3 percent on-year to $4.1 billion in the cited
July 30, 2021
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Samsung maintains 2nd spot in tablet market in Q2: report
Samsung Electronics Co. stayed on as the world's second-largest tablet computer vendor in the second quarter of the year, a report showed Friday, as it strives to catch up with industry leader Apple Inc. The South Korean giant logged a market share of 18 percent in the April-June period, after shipping 8.2 million Galaxy Tab tablets, up 19 percent from a year ago, according to market researcher Strategy Analytics. "The Android tablet market is undergoing big changes as vendors retool th
July 30, 2021
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Manufacturers' biz sentiment drops for August
South Korean manufacturers' business sentiment dropped for August amid a recent spike in COVID-19 infections, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 92 for August, down from 99 for July, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The nation's daily new infections have exceeded 1
July 30, 2021
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Industrial output, retail sales grow in June amid economic recovery
South Korea's industrial output and retail sales increased in June from the previous month in the latest sign that Asia's fourth-largest economy is on a solid recovery track, data showed Friday. But the fourth wave of the pandemic is posing a threat to the country's economic recovery as the toughest-ever virus curbs may dampen improving domestic demand. Industrial output rose 1.6 percent in June from the previous month, after stayed flat in May, according to the data compiled by Statistics Kor
July 30, 2021
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LG at top of its game in global home appliance market
Not long ago, bulky refrigerators with the logos of Whirlpool of the United States or Miele of Germany were the symbols of well-off families in South Korea. Now, a neat collection of appliances from local brands that boast sleek designs, delicate colors and high-tech functions have become a self-esteem booster for many Koreans. Behind this shift, which is by no means driven by old-fashioned patriotism, is LG Electronics, dubbed by many locals as the king of white appliances. Proving itsel
July 30, 2021
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Friday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.74 points, or 0.36 percent, to 3,230.91 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs on the auto, bio and tech large caps. Overnight, the Dow Jones Industrial Average gained 0.44 percent, with the tech-heavy Nasdaq composite and the S&P 500 advancing 0.11 percent and 0.42 percent, respec
July 30, 2021
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Krafton IPO price set at 498,000 won apiece
Krafton has priced its initial public offering at 498,000 won ($434.5) a share, at the top end of its indicative price range of 400,000-498,000 won, the South Korean game maker said in a regulatory filing Thursday. The game developer behind shooting game PlayerUnknown’s Battlegrounds wrapped up its book-building process Tuesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 621 domestic and overseas institutions participated. Competition amo
July 29, 2021
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Hyundai, LG collaborate to build EV battery plant in Indonesia
South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms sai
July 29, 2021
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LG Chem acquires LG Electronics’ battery separator biz for W525b
LG Chem said Thursday it has acquired separator business from LG Electronics for 525 billion won ($458.5 million) to target the fast-growing global electric vehicle battery materials market. According to South Korea’s leading chemical firm, the company took over chemical electronic material business under LG Electronics’ business solutions division. The acquisition includes all tangible and intangible assets of the business including its production facilities and personnel. The
July 29, 2021
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Samsung profit hits 3-year high on chip boom
Samsung Electronics’ operating profit in the second quarter soared 54.3 percent on-year to reach 12.5 trillion won ($10.9 billion), its best quarterly performance since the third quarter of 2018. According to the firm’s earnings report on Thursday, sales in the April-June period increased 20.2 percent to 63.67 trillion won, the highest for any second quarter to date. The robust performance was largely driven by the semiconductor business. When broken down, the semiconductor busi
July 29, 2021
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NCSoft’s Blade & Soul 2 ready for takeoff on Aug. 26.
Expectations are running high as the release of NCSoft’s Blade & Soul 2 is less than a month away. Set for launch on Aug. 26, the massive multiplayer online role-playing game is the sequel of NCSoft’s Blade & Soul, which notched the grand prize at the 2012 Korea Game Awards. The game will be available on both PC and mobile devices. Users can enjoy Blade & Soul 2 on PC through cross-play service Purple. Preregistrations reached 7.46 million, a record in Korea, break
July 29, 2021
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[Herald Interview] Lithium-metal batteries will save Li-ion industry: SolidEnergy Systems CTO
As lithium-ion batteries near their full potential, new challengers are preparing a coup d‘état with their next-generation technologies. If successful, the coup would render conventional lithium-ion batteries obsolete overnight and subvert decades-long industrial order led by Asian battery firms. Are the days of lithium-ion battery manufacturers coming to an end? SolidEnergy Systems, a Singapore-based battery developer, is one of the most threatening contenders, with its lith
July 29, 2021
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Nongshim announces price hike for instant noodles
South Korean food and beverage company Nongshim announced Thursday plans to increase the price of its flagship instant noodles including Shin Ramyun by an average of 6.8 percent starting mid next month. Nongshim last hiked ramen prices in 2016. The latest move comes after rival ramen maker Ottogi announced earlier this month its first price hike in more than 11 years. When broken down by brand, Nongshim’s flagship Shin Ramyun will see a 7.6 percent increase in price while the prices of
July 29, 2021
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Orion’s accumulated revenue in Russia surpasses W1tr
Orion, a South Korean confectionery company widely known for Choco Pie, said on Thursday its cumulative revenue had reached 1 trillion won ($873 million) in Russia. The trillion-won threshold was broken after the company racked up 50.6 billion won in sales for the first six months combined this year, following the precedents in China and Vietnam. Efforts to create localized new products, as well as a wide range of biscuits and its popular Choco Pie, tapped into Russia’s dessert culture a
July 29, 2021
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Korea to invest over W5tr in chips, bio, next-gen cars
South Korea plans invest over 5 trillion won ($4.3 billion) in semiconductors, biohealth and next-generation vehicles next year and provide them the latest tax benefits ahead of other industries, the nation’s fiscal policy chief said Thursday. The size of next year’s fiscal support for the industries dubbed the “Big 3” will be larger than this year’s corresponding figure of some 4.2 trillion won. Finance Minister and Deputy Prime Minister Hong Nam-ki po
July 29, 2021
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US rate freeze has limited impact on global financial markets: BOK
The Bank of Korea said Thursday that a decision by the US Federal Reserve that left its benchmark rate unchanged had little impact on global financial markets. The central bank still added caution, saying that “financial market volatility could intensify as uncertainty remains over when major economies recover from the prolonged COVID-19 pandemic as well as virus variants. “The BOK will closely monitor internal and external risk factors and review countermeasures against them.&rdq
July 29, 2021
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Moody’s ups credit outlook for JB Financial’s banking units from stable to positive
Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday. “The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB
July 29, 2021
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Wine imports hit record-high in H1 over growing drinking-at-home culture
Wine imports to South Korea hit an all-time high in the first half of this year, with a growing number of people enjoying drinking at home due to the prolonged pandemic, data showed Thursday. According to data compiled by the Korea Customs Service, Korea imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier. The figure not only broke the previous first half record, but also accounted for 86 percent of yearly wine imports in 2020. Following the g
July 29, 2021
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Michelin taps Jerome Vincon as the new head of Korea
French tire maker Michelin appointed Jerome Vincon as the new head of its South Korean unit, the company announced Thursday. Starting from Aug. 1, Jerome will replace former Managing Director of Michelin Korea Lee Ju-heang who will be moving to the firm’s Asia Pacific Office. Vincon joined the Michelin Group in 2003 and worked with car manufacturers at the firm’s APAC headquarters, serving divisions in sales, marketing and business operations. He was also appointed as marketin
July 29, 2021
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S. Korea vigilant of market volatility from virus, Fed's policy: official
South Korea will closely monitor the financial market as market volatility could increase from a spike in virus cases and talks of an early tapering of the Federal Reserve's bond purchase, a senior government official said Thursday. After a two-day policy meeting, the Fed on Wednesday kept its key interest rate near zero and left unchanged its bond-buying program. The Fed said the US economy is on a solid recovery track despite a flare-up in COVID-19 cases, but it did not provide a timetable fo
July 29, 2021