Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Online lender K-Bank enjoys robust growth in Q2
K-Bank, South Korea's first internet-only bank, said Thursday its customers and deposits grew sharply in the second quarter of the year amid the coronavirus outbreak. The number of customers stood at 6.19 million as of the end of June, 2.28 million more than three months earlier, the lender said, which is led by telecom giant KT Corp. The online lender's outstanding loans totaled 5.09 trillion won ($4.5 billion), up 1.29 trillion won from the first quarter, which marks the largest quarterly in
July 1, 2021
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S. Korea proposes W33tr extra budget to fund another COVID-19 relief aid
South Korea proposed an extra budget of 33 trillion won ($29.2 billion) Thursday to fund another round of COVID-19 relief aid packages for people in the bottom 80 percent income bracket and smaller merchants hit by the pandemic. This year's second extra budget will be used to finance the 36 trillion-won virus relief packages, the fifth of its kind, designed to support the self-employed and vulnerable people hit hard by the COVID-19 pandemic, according to the Ministry of Economy and Finance. Th
July 1, 2021
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S. Korea to expand tax incentives, lift more regulations for chip biz
South Korea said Thursday it plans to offer more tax incentives and lift more regulations for chipmakers in line with its vision to become a global powerhouse in both memory and non-memory chips. The country is seeking to have major research and development (R&D) projects and facility investment in the chip sector receive incentives through a law revision, according to the Ministry of Trade, Industry and Energy. The proposed bill on expanded tax incentives and eased regulations, a follow-u
July 1, 2021
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S. Korea's exports to hit record high in 2021: KOTRA
South Korea's exports are expected to reach a record high in 2021, a report said Thursday, on the back of the global economic recovery and stronger demand for semiconductor products. Outbound shipments are expected to reach up to $610 billion this year, up 19 percent from 2020, according to the Korea Trade-Investment Promotion Agency (KOTRA). The country's exports dropped 5.5 percent on-year in 2020 to $512 billion amid the COVID-19 pandemic. KOTRA attributed the rosy outlook to strong overs
July 1, 2021
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LG Uplus aims to expand non-telecom biz: CEO
LG Uplus Corp., one of three mobile carriers in South Korea, is aiming to boost its profile by expanding media and business-focused services beyond its established focus in telecommunications, its chief has said. Hwang Hyeon-sik, CEO of LG Uplus, said in a press conference Wednesday that he aims to raise the company's share of sales from non-telecom services to 30 percent of the total by 2025 from the current 20 percent. "The future B2B market will transition from a focus on infrastructur
July 1, 2021
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Samsung's Galaxy S21 Ultra wins best smartphone award at MWC 2021
Samsung Electronics Co. said Thursday its latest flagship smartphone, the Galaxy S21 Ultra 5G, has won the best smartphone award at the world's largest mobile telecommunications expo. The high-end model of the Galaxy S21 series was honored at the Global Mobile Awards at Mobile World Congress 2021 in Barcelona on Wednesday (local time), the South Korean tech giant said. The Galaxy S21 Ultra 5G, which was launched in January, competed for the award with the Galaxy S20 FE 5G, Apple iPhone 12 Pr
July 1, 2021
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Seoul stocks open lower on virus worries
South Korean stocks opened lower Thursday as concerns of new coronavirus variants weakened investors' appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.61 points, or 0.2 percent, to trade at 3,290.07 points as of 9:15 a.m. Stocks got off to a lackluster start after South Korean authorities pushed back the easing of the social distancing measures in the greater Seoul area for a week, citing risks from the highly contagious delta strain of COVID-19. Mar
July 1, 2021
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Mega R&D projects eyed to foster rechargeable battery sector: minister
South Korea's top economic policymaker said Thursday the country will push for large-scale research and development (R&D) projects to foster the next-generation rechargeable battery industry. Finance Minister Hong Nam-ki said the government will soon unveil the detailed plan to nurture the rechargeable battery sector with the goal of the country taking the lead in the segment. The government plans to help companies secure the stable supply chains of materials for such batteries and to fost
July 1, 2021
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Short selling dips nearly 30% in June amid bullish stock market
The amount of short selling in South Korea plunged nearly 30 percent in June from a month earlier on a bullish stock market, data showed Thursday. The daily turnover of short selling on the country's main and minor stock markets averaged 506 billion won ($448 million) last month, down 28.3 percent from May, according to the data from the Korea Exchange. The main market posted a 31.6 percent tumble, with the tech-heavy KOSDAQ market registering a 13.2 percent decline. Short selling is an inves
July 1, 2021
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Exports spike 40% in June, extend growth to 8th month
South Korea's exports jumped 39.7 percent on-year in June to extend their gains to an eighth consecutive month on the back of a recovery in global business activities, which led to stronger demand for chips and automobiles, data showed Thursday. Outbound shipments came to $54.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports climbed 40.7 percent to $50.3 billion, resulting in a trade surplus of $4.44 billion. It marked the 14th consecut
July 1, 2021
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Commercial breaks to be allowed for terrestrial TV networks
The government will allow commercial breaks for terrestrial broadcasters beginning this week as part of efforts to buttress the industry suffering from falling ad revenues, officials said Wednesday. The Korea Communications Commission (KCC) said a revised enforcement ordinance of the Broadcasting Act, aiming to allow all networks to broadcast commercials during programs, will take effect Thursday. Terrestrial broadcasters have been prohibited from such advertising si
June 30, 2021
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Securities lending service startup snaps up $3.1m funding
Seoul-based financial technology startup Tru Technologies said Wednesday it raised series A investment worth $3.1 million from Korean investors. Joining the latest round were Hana Financial Investment, Hanwha Investment & Securities, KB Investment, Kiwoom Investment, Korea Growth Investment Corp., Shinhan Capital and Stonebridge Ventures. The fundraising comes in line with the growth of its electronic securities lending platform, called TruWeb. The platform, launched in 2020, has offered
June 30, 2021
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S. Korea eases rules for phase 3 clinical trial of new COVID-19 vaccine
South Korea’s COVID-19 vaccine candidates can be evaluated through comparison with previously authorized vaccines. This means domestic vaccine developers will no longer have to recruit large control groups for a phase 3 clinical trial. According to the Ministry of Food and Drug Safety on Wednesday, the government has revised guidelines for phase 3 clinical trials in a bid to accelerate the development of homegrown vaccines against COVID-19. Under the new rules, drugmakers would need j
June 30, 2021
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S. Korea, Saudi Arabia eye closer ties in clean energy
South Korea and Saudi Arabia vowed Wednesday to expand ties in the clean energy sector under their joint vision to seek sustainable development through 2030. Industry Minister Moon Sung-wook met his Saudi counterpart, Khalid Al-Falih, virtually to discuss ways to strengthen the bilateral ties under the Korea-Saudi Vision 2030 Committee platform, according to the Ministry of Trade, Industry and Energy. The two countries launched the committee in 2017 in line with efforts to broaden their strate
June 30, 2021
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Daewoo E&C vows enhanced safety management
South Korean builder Daewoo Engineering and Construction is making renewed efforts to enhance its safety management, it said Wednesday. Since adopting a safety-first doctrine in February, the company has rolled out various measures aimed at drastically reducing major disasters at the construction workplace. They included the establishment of a committee under the auspices of the chief financial officer to oversee the operations of safety control teams, launched at every division of the firm la
June 30, 2021
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Hundreds of 5G users file joint lawsuit over disappointing network services
Hundreds of 5G mobile users filed a joint lawsuit Wednesday against the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- over disappointing quality of the latest generation networks, according to their legal representative. Around 520 people are taking part in the joint lawsuit, which argues that carriers have offered incomplete 5G services, leading to poor network quality, Kim Jin-wook, an attorney at law firm Joowon, said. "The action seeks compens
June 30, 2021
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Shinsegae, Lotte back off from Yogiyo takeover: sources
South Korea's top two retailers -- Shinsegae Group and Lotte Group -- have not joined the race to take over Yogiyo, the country's second-largest food delivery app, industry sources said Wednesday. The rivaling retail giants had been considered the two most viable potential bidders for Yogiyo, run by Germany's Delivery Hero (DH), in a deal that could change the landscape of the country's food delivery industry. "After considering the potential synergy effect in combining the retail and the
June 30, 2021
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[News Focus] Korea’s IPTV business confronts challenges despite revenue increase
South Korea’s overall broadcasting industry suffered a drop in revenue last year, but IPTV operators bucked the trend, achieving a respectable 11 percent increase in revenue during the same period. Yet the 2021 outlook for the IPTV business remains mixed due to raging disputes over content fees. According to data released Tuesday by the Korea Communications Commission, the combined revenue of 342 broadcast operators stood at 18.1 trillion won ($16 billion) in 2020, up 340 billion won, o
June 30, 2021
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[News Focus] Is China reopening to Korean games?
Expectations are running high among South Korean game developers after China recently granted a business license to another Korean game, just the third since 2017, but experts warn that the unexpected approval does not signal an overall shift in China’s hostile licensing policy concerning Korean games. On Monday, Chinese authorities issued a business license to Black Desert Mobile, a mobile version of Pearl Abyss’ hit game of the same name. The news was met with surprise, coming
June 30, 2021
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BOK sells net $103m in market smoothing operations in Q1
The Bank of Korea (BOK) said Wednesday it sold a net $103 million in the first quarter to help ease fluctuations in the local currency market. The BOK began releasing such data in March 2019 to help boost the transparency of its market stabilization steps. A BOK official said market smoothing operations in the first quarter came as the Korean currency weakened against the US dollar. The Korean currency closed at 1,131.8 won against the US dollar on March 31, compared with 1,086.3 won at the e
June 30, 2021