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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Winia to launch vaccine refrigerator in S. Korea.
Winia Dimchae, a South Korean home appliance brand specializing in kimchi fridges, announced Wednesday that the company would begin local sales of its ultra-low temperature freezer for COVID-19 vaccines, named Medibox. According to Winia, the Ministry of Food and Drug Safety has recently granted approval for the company’s Medibox, developed by WInia‘s telecommunications apparatus affiliate Dayou Plus. The new vaccine storage system has been categorized as a blood bank refrigerato
June 23, 2021
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Seoul stocks up for 2nd day on Fed chief's soothing comments
South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine
June 23, 2021
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Local AI startup VoyagerX raises $27m from SoftBank, others
SoftBank Ventures Asia said Wednesday that it has injected $9 million into the series A funding of VoyagerX, a South Korean artificial intelligence software developer. SoftBank was joined by Altos Venture and Yellowdog in the round, which chipped in $9 million each making the total investment at $27 million. VoyagerX will use the funds to develop more advanced AI services and hire 100 more employees by next year. Founded in 2017, VoyagerX builds AI solutions and tools that leverage deep lear
June 23, 2021
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Gap in market cap between Kakao, SK hynix narrows
Kakao, the operator of South Korean messenger app KakaoTalk, is on a record run on the domestic stock market Wednesday, narrowing the gap in terms of market capitalization with the incumbent No. 2 chipmaker SK hynix. Kakao rose 6.6 percent in closing from the previous day, bringing its total market capitalization to an all-time high of around 75.2 trillion won ($66.1 billion). This solidified Kakao’s position as a No. 3 by market cap on the Korea Exchange after electronics goods maker Sa
June 23, 2021
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Hanwha Defense showcases localized weapons at Korea Defense Component and Equipment Fair
Hanwha Defense on Tuesday displayed weapons that have localized key parts at the Korea Defense Component and Equipment Fair 2021 held in Changwon, South Gyeongsang Province, on Wednesday. At the event, the defense affiliate of Hanwha Group showcased Cheonma, South Korea’s first short-range surface-to-air missile system deployed since 1999. Since this year, Hanwha Defense localized parts that are no longer produced and some of imported parts such as power suppliers, providing business opp
June 23, 2021
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More Canadian investors betting on Korean real estate market
South Korea is the fastest-growing property investment destination for Canadian investors among the Asia-Pacific countries, data showed Wednesday. Canadian investors’ real estate transactions in Korea from 2016 to 2020, excluding deals smaller than $10 million, came to $3.5 billion, according to data from market intelligence firm Real Capital Analytics. The figure was 12.4 times higher than it was during the previous five-year period, from 2011 to 2015, showing the sharpest uptrend among
June 23, 2021
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Toss operator mulls IPO in 2025, possibly in US
Viva Republica, operator of financial technology app Toss with more than 20 million registered users, said Wednesday it is considering an initial public offering in 2025, hinting at a possible market debut in the US. “We‘re not in a hurry and we will consider an IPO in earnest three years down the road, and could go public around 2025,“ said Lee Seung-gun, founder and CEO of Viva Republica, adding that the IPO could take place either in Korea or overseas. The company expe
June 23, 2021
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Samsung offers 6G vision, private network
Through its first event to introduce an array of 5th generation network technologies late Tuesday, Samsung Electronics has put its emphasis on preemptive investments in 6G to cement its position in the global network industry. Samsung is increasing its efforts on the 6th generation of wireless connections, to bring hyper-connected experiences to users, the tech giant announced during the virtual event streamed live from Seoul to the world. Called “Samsung Networks: Redefined,”
June 23, 2021
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A Lotte company introduces ‘workcations,’ allowing remote work from Jeju hotel
Big data consulting firm Lotte Members said Wednesday that it has begun a “workcation” program for its staff this month, offering the opportunity to work from Jeju Island. Some 10 employees will work from one of the country’s most popular holiday destinations for a week during each round of the eight-round program. During the week, participants will only work Monday to Thursday between 8 a.m. and 3:30 p.m., the company said. For safety reasons, workers who are part of the pr
June 23, 2021
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KRX’s overseas ETFs boost trading of foreign securities
Responding to South Korean investors’ growing interest in direct trading of foreign securities, the nation‘s bourse operator Korea Exchange has listed a wide range of popular overseas exchange-traded funds as well as exchange-traded notes, according to the KRX Wednesday. As of May this year, a total of 257 overseas exchange-traded funds and exchange-traded notes are listed on the KRX, officials said. Local investors trading ETFs and ETNs listed on the KRX are not subjec
June 23, 2021
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No. of S. Korean millionaires rises despite COVID-19: report
Despite the economic fallout of COVID-19, the number of South Korean millionaires sharply increased, largely due to an overheating phenomenon in asset markets following the government’s pandemic-era stimulus measures, a report showed Wednesday. According to the “Global Wealth Report 2021,” released by Swiss banking giant Credit Suisse, the number of people with financial assets worth more than $1 million, or nearly 1.1 billion won, rose by 140,000 on-year to 1.05 million
June 23, 2021
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S. Korea’s financial assets in US hit record high in 2020
The value of South Korea’s financial assets in the United States hit a record-high last year, backed by local retail investors’ increased interest in the US stock market, central bank data showed Wednesday. As of end-2020, Asia’s fourth-largest economy’s outstanding financial assets invested in the US gained $114.8 billion on-year to $534.5 billion, preliminary data from the Bank of Korea showed. This marks both record-high total annual investment by South Korean entit
June 23, 2021
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Manufacturing sentiment drops for 3rd month in June: poll
South Korea's manufacturing confidence fell for the third straight month in June amid the prolonged coronavirus pandemic, a poll showed Wednesday. The Korea Institute for Industrial Economics & Trade (KIET) said its professional survey index (PSI) for the manufacturing sector's business conditions came to 123 for this month, down from 127 the previous month. Yet the country's PSI remained above the benchmark 100 for 13 months running since June last year. A PSI reading above 100 means opt
June 23, 2021
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Population mobility falls for 5th month in May
The number of South Koreans who moved to different residences in the country fell for the fifth straight month in May as housing transactions shrank, data showed Wednesday. The number of people who changed their residences fell 2.2 percent on-year to 557,000 last month, according to the data compiled by Statistics Korea. It marked the fifth consecutive month of decline after population mobility rose for the seventh month in December 2020 amid skyrocketing home prices. The decline was mainly a
June 23, 2021
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S. Korea to speed up efforts to cut greenhouse gas emissions from old ships
South Korea's oceans ministry said Wednesday it plans to speed up efforts to cut the emissions of greenhouse gases from older ships in line with new environmental regulations from an international body. Last week the International Maritime Organization (IMO) announced its plans to adopt tougher environment rules on ships built before 2013, according to the Ministry of Oceans and Fisheries. Previously, the restrictions on greenhouse gases from ships were applied to those built after January 201
June 23, 2021
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Another extra budget could reach some W30tr: finance minister
Another extra budget under review to support the pandemic-hit people may reach some 30 trillion won ($26.5 billion), the country's chief economic policymaker said Wednesday. The government is planning to create this year's second extra budget with excess tax revenue as it seeks to underpin an economic recovery and minimize the fallout of the pandemic. Finance Minister Hong Nam-ki told a parliamentary meeting that another extra budget would be below some 32 trillion won, which is roughly equal
June 23, 2021
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[Newsmaker] Regulator offers record rewards to person reporting steelmakers' price fixing
South Korea's antitrust regulator said Wednesday it has provided a record 1.75 billion won ($1.5 million) in rewards to a person who reported seven steelmakers' alleged price fixing. The Korea Fair Trade Commission (KFTC) decided in January to fine the country's No. 2 steelmaker Hyundai Steel Co., its smaller rival Dongkuk Steel Mill Co. and five other steelmakers a combined 300 billion won for colluding to fix the purchase price of steel scrap. The commission said it was able to take stern ac
June 23, 2021
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Seoul stocks open higher on Fed's reassuring comments
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street that stemmed from the Fed's comments that support its accommodative policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Stocks got off to a strong start, following Fed Chairman Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely stabilize. Overnight, the
June 23, 2021
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Global chipmakers to break ground on 29 fabs by 2022: report
Chipmakers worldwide will break ground on 29 new semiconductor fabrication plants (fabs) by 2022, including two in South Korea, a report showed Wednesday, as they try to meet rising demand. Semiconductor firms will start the construction on 19 new high-volume fabs by the end of this year and another 10 in 2022, according to SEMI, a global industry association representing companies in the electronics design and manufacturing supply chain. "Equipment spending for these 29 fabs is expected
June 23, 2021
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S. Korea to chip in additional $2m to EBRD
South Korea said Wednesday it has agreed to additionally contribute $2 million to funds operated by the European Bank for Reconstruction and Development (EBRD) in a bid to boost cooperation with the lending body. The agreement was reached after Finance Minister Hong Nam-ki and EBRD President Odile Renaud-Basso held a virtual meeting Tuesday, according to Seoul's finance ministry. Under the agreement, South Korea will additionally contribute the money to two EBRD trust funds designed to support t
June 23, 2021