Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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North Korea fires several short-range ballistic missiles into sea: JCS
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Kakao to introduce paid memberships for taxi drivers with good ratings
Kakao Mobility, the firm behind South Korea’s leading taxi-hailing service, Kakao T, announced Sunday that the company would allow drivers with good ratings from passengers to enjoy a better chance of getting booked. New contract terms will apply to taxi drivers who newly subscribe to Pro Membership, a paid membership program designed to help them pick up more passengers. Under the new terms, Kakao Mobility may deny membership to drivers with low ratings or boot existing subscribers if
July 11, 2021
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[Life, Unprepared] Baby boomers, without pension, turn to low-wage jobs
This is the third installment of a series of articles investigating financial activities of seniors during rapid digitalization of the finance industry. -- Ed. Shin Young-sam, a 59-year-old retiree, remembers days at the office working in a tie and suit -- and the glamorous dinners he hosted with clients and colleagues. Leaving his work last year, he now carries a square-shaped backpack and walks around his neighborhood in Yongin, Gyeonggi Province, for his new job -- picking up lunch from r
July 11, 2021
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[Feature] Spent batteries could be the next plastics
If batteries end up in landfills, it defeats the purpose of buying electric vehicles for the sake of the environment, which is why battery recycling is getting so much attention. But establishing a circular economy for spent electric vehicle batteries is not an easy task and can’t be compared with doing so for plastic bottles. Due to their complex structures, disassembly can only be done manually, entailing high labor costs and serious safety risks. Inside an EV, battery parts fit to
July 11, 2021
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S. Korea proposes to tax 20% of excess profits from multinationals
South Korea’s finance chief said Sunday he had proposed to set tax rates on excess profits of big multinationals at 20 percent in a discussion with his G-20 counterparts over the latest global tax reform. Global financial leaders have reached a consensus on imposing taxes on companies with rates between 20 percent and 30 percent of the profit they generate in different countries beyond a 10 percent baseline. Finance Minister and Deputy Prime Minister Hong Nam-ki pitched the lowest 20 p
July 11, 2021
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Korean Air’s plan for integrated airline with Asiana to cost W600b
Korean Air’s plan to launch an integrated airline after acquiring its long-term rival Asiana Airlines will cost an additional 600 billion won ($524 million), new data revealed on Sunday. According to data obtained by lawmaker Park Sang-hyuk, the airline will have to foot a total bill of around 2.4 trillion won for the acquisition and the post-merger integration process, which will take place over a period of two years. The plan will see Korean Air integrate its booking and ticketing sys
July 11, 2021
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President’s New Deal fund picks draw over 5% return in 6 months
President Moon Jae-in has invested 50 million won ($43,700) into major funds intended to support the government’s New Deal project since January this year. About six months later, the funds have drawn more than a 5 percent average return combined, data showed Sunday. According to financial market tracker FN Guide, the five New Deal funds operated by local asset management firms have generated a 5.26 percent return on average as of Thursday. The president, who made his investment on Jan. 1
July 11, 2021
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S. Korean shipbuilders' orders hit 13-year high in H1
New orders won by South Korean shipbuilders hit a 13-year high in the first half of the year amid signs of a modest recovery in global trade from the COVID-19 pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders worth $26.7 billion that amounted to 10.88 million compensated gross tons (CGTs) in the January-June, according to the data provided by the Ministry of Trade, Industry and Energy. Compared with a year ago, new orders skyrocketed 724 per
July 11, 2021
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S. Korea's manufacturing sentiment hits 2-yr high: KIET
South Korean manufacturers' business sentiment soared to a two-year high, largely buoyed by optimism about a fast rebound of the tech industry, data showed Sunday. The business survey index (BSI), compiled based on a survey of 1,034 manufacturers, showed an overall market forecast of 97 for the April-June period, the Korea Institute for Industrial Economics and Trade (KIET) said. The corresponding number for sales stood at 100. A BSI larger than 100 means that optimists outnumber pessimists.
July 11, 2021
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Foreign pilots allege mistreatment by Korean Air during pandemic
Foreign pilots have accused Korean Air of mistreating them ever since the pandemic began early last year and forcing them to leave their belongings behind in South Korea. A former B777 captain at the airline, who wished to stay anonymous, told The Korea Herald he had been placed on unpaid leave for the last 16 months and kept in the dark about his future, while his Korean colleagues had been given the choice to go on paid leave. “They obliged us, in the real sense of the word, to sign th
July 11, 2021
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SsangYong Motor to sell plant site in rehabilitation efforts
SsangYong Motor, a debt-ridden automaker, decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said Saturday. The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker. The city government of Pyeongtaek, 70 kilometers south of Seoul, said it has signed a memorandum of understanding with the court-appoin
July 10, 2021
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Finance chiefs of South Korea, US hold talks on sidelines of G-20 meeting
Top economic policymakers of South Korea and the United States have held talks over bilateral economic cooperation and global issues, the finance ministry said Saturday. Finance Minister Hong Nam-ki and Treasury Secretary Janet Yellen held the meeting in Venice, Italy, on Friday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance. They shared the need for efforts to sw
July 10, 2021
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Seoul stocks likely to face volatility next week on virus woes
South Korean stocks are likely to face increased volatility next week as hopes for strong corporate earnings square off against escalating virus woes. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,217.95 points on Friday, down 1.94 percent from a week ago. The key stock index started this week with gains, thanks to upbeat outlook for corporate earnings in the April-June period. But stock prices plunged in the last three sessions,
July 10, 2021
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Biz lobbies cry foul over ‘workplace disaster law’
Major business lobbies in South Korea on Friday expressed concern over a new law that would allow CEOs to be punished, even by imprisonment, for serious workplace disasters. The Korea Employers Federation called the law ambiguous, saying it would have a negative impact on companies already burdened by the prolonged COVID-19 pandemic when it takes effect early next year. “A large part of the law, including the scope of a CEO’s legal responsibility, is still ambiguous and unclear, l
July 9, 2021
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Remote work returns at firms as Korea braces for worst-ever COVID-19 wave
Large corporations in South Korea are returning to full-blown pandemic mode, ordering employees to work remotely as the country braces for the fourth, and so far worst, wave of COVID-19 to hit. The government announced the strictest Level 4 distancing rules for Seoul and its surrounding areas to take effect from Monday, including a ban on gatherings of three or more persons after 6 p.m. and all schools moving online. The measure came after the country’s daily COVID-19 caseload rose to a
July 9, 2021
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Seoul stocks dip 1% over escalating virus woes
South Korean stocks slumped for the third day in a row Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus, to rein in the fast spreading COVID-19. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 34.73 points, or 1.07 percent, to close at 3,217.95 points. Trading volume was moderate at about 1.3 billion shares worth some 16.2 trillion won ($14.1 billion
July 9, 2021
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Worst-ever pandemic prods firms to tighten antivirus measures
South Korean firms are tightening their virus prevention measures, including allowing more workers to work from home, as the country has decided to enforce the toughest social distancing rules in the greater Seoul area, the hotbed of the recent spike in new infections. South Korea's daily virus infections hit a new high with 1,316 cases, forcing the government to apply the strongest Level 4 distancing measures from Monday for two weeks. Under the Level 4 rules, private gatherings of three or m
July 9, 2021
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Hyundai to temporarily halt local plant for EV production
Hyundai Motor Co. said Friday it will suspend one of its seven domestic plants for four weeks to prepare for the production of an electric vehicle. Hyundai plans to halt the Asan plant from Tuesday until Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year, a company spokesman said over the phone. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SU
July 9, 2021
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Banks to shorten business hours amid COVID-19 resurgence
Commercial banks in South Korea are slated to cut back on business hours in line with the highest social distancing rules of Level 4, according to the Korea Federation of Banks on Friday. Local bank branches will adjust their operating hours to between 9:30 a.m. to 3:30 p.m, from the current 9 a.m. to 4 p.m, to combat the rapid spread of the novel coronavirus and its delta variant, officials said. The recent move came after the government announced it will implement Level 4 guidelines in Se
July 9, 2021
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Hyundai Heavy workers extend walkout for another week
Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, have decided to extend their ongoing walkout for another week to up the ante in their wage negotiations with the management as the company urged them to return to work, the labor union said Friday. The unionized workers were to end the strike on the day, which started Tuesday, occupying a shipbuilding crane in Ulsan, 414 kilometers southeast of Seoul, after the wage deal fell through. In response to the walkout,
July 9, 2021
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Power sales up 6.6% in May on economic recovery
South Korea's electricity consumption continued to rise in May amid an accelerating economic rebound, data showed Friday. Asia's fourth-largest economy used 40,842 gigawatt-hours (GWh) of power in May, up 6.6 percent from a year ago, according to the data from the Korea Electric Power Corp. (KEPCO). It marked the seventh consecutive month for the power consumption to increase on-year. By segment, power consumption of the industrial sector rebounded a whopping 10.3 percent, and that of shops a
July 9, 2021