Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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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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[Best Brand] NH NongHyup Bank woos millennials, Gen Z with mobile products
In line with the digitalization of its services, South Korea’s NH NongHyup Bank is rolling out mobile loans and other products for its millennial and Generation Z customers seeking quick access to cash. Millennial and Gen Z customers can now borrow up to 3 million won ($2,639.68), regardless of their creditworthiness and income, by applying with the lender’s NH Smart Banking and All-One Bank apps. Approval is based on a credit rating that is calculated based on the applicant&rsquo
June 28, 2021
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[Best Brand] Shinhan Card launches hotel credit card on post-COVID hopes
Shinhan Card in March announced a launch of a co-branded hotel credit card product Marriott Bonvoy The BEST Shinhan Card, offered by Visa. The card allows cardholders to accelerate the number of Marriott Bonvoy points they earn, which can be redeemed for free nights at more than 7,600 hotels under Marriott International’s 30 brands including JW Marriott, Sheraton and Courtyard, across 133 countries including Korea. The idea of a hotel credit card during the pandemic stemmed from the an
June 28, 2021
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Samsung Electronics' tax payments up 14.4% in 2020: report
Samsung Electronics Co. paid a total of 11.1 trillion won ($9.8 billion) in taxes and dues last year, up 14.4 percent from a year ago, its report showed Monday, with the majority going to its homeland. The tech giant paid 8.1 trillion won, or 73 percent of its total tax bills, to the South Korean government in 2020, according to its 2021 sustainability report. The Americas and Europe followed with 14 percent and Asia with 11 percent. South Korea collected 86 percent of Samsung's tax payments i
June 28, 2021
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[AUTO & MOBILITY] Flying taxi promises to change urban travel
South Korean conglomerates Hanwha Group and Hyundai Motor Group are in a tight race to develop flying cars, with an aim to launch a commercial air taxi service in the next four to five years. If realized, the service would address many urban problems like traffic congestion and air pollution. It could fundamentally change the way people commute, work and live, the companies say. Technology-wise, the firms are not far off from building a passenger craft that takes off and lands vertically.
June 28, 2021
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[News Focus] Netflix’s net neutrality logic loses ground in Korea
A Seoul court’s decision last week that effectively confirmed Netflix‘s obligation to pay network usage fees to mobile carriers suggests that the global video streaming giant might have to change its business strategy in South Korea, according to industry sources Monday. The US-based content provider that raised 415.5 billion won ($367.6 million) in revenue in Korea alone last year has not been paying network fees to provider SK Broadband, the internet protocol TV subsidiary of SK
June 28, 2021
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Google’s app billing plan continues to backfire
Google‘s plan to force all in-app purchases made through its independent billing system faces an uphill battle in South Korea, with local lawmakers considering a legislative bill to prevent “unilateral” pricing policy changes of major platform business operators. The National Assembly‘s Science, ICT, Broadcasting and Communications Committee on Monday held a meeting to decide whether they should table the anti-Google bill. The committee’s six lawmakers held an a
June 28, 2021
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Seoul stocks snap 4-day winning streak amid valuation pressure, virus woes
South Korean stocks closed nearly flat Monday, snapping a four-day winning streak amid increased valuation pressure and virus concerns, after the key stock index closed at an all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) inched down 0.95 points, or 0.03 percent, to close at 3,301.89 points. Trading volume was moderate at about 1.4 billion shares worth some 13.5 trillion won ($11.9 billion), with gainers ou
June 28, 2021
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Cash-strapped SsangYong Motor officially put up for sale
A controlling stake in SsangYong Motor has officially been put up for auction as the financially ailing company undergoes court receivership, the sale’s lead manager said Monday. EY Hanyoung, the accounting firm in charge of the sale, released a notice of sale announcing that it was receiving letters of intent from potential buyers until July 30. Under the sales plan, it will then run preliminary reviews of the bids from Aug. 2-27. A preferred bidder is expected to be chosen in Septem
June 28, 2021
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S. Korea ups 2021 growth outlook to 4.2%
South Korea's finance ministry on Monday sharply raised its 2021 growth outlook for the country's economy amid robust exports and reviving consumption. The government forecast Asia's fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent. The Korean economy is projected to grow 3 percent next year. If realized, it would mark the fastest growth since 2010 when the Korean economy expanded 6.8 percent. The ministry's forecast is higher than the Bank
June 28, 2021
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S. Korea to test mmWave 5G tech in Seoul subways
South Korea's ICT ministry said Monday it will work with the country's wireless service providers to test millimeter wave (mmWave) 5G technology in the Seoul subway system in a move to improve network services and speed up commercialization. South Korea's 5G networks are currently deployed on the mid-band spectrum, leading to relatively slower speeds than on the high-band mmWave spectrum, which can theoretically be up to 20 times faster than 4G LTE. The ministry said it would work with the cou
June 28, 2021
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Krafton invests $9m in Indian streaming platform
Krafton Inc., a South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Monday that it has invested $9 million in India-based streaming platform Loco. The funding includes other investors, such as Lumikai, India's first gaming and interactive media fund, as well as Hashed, Hiro Capital, North Base Media, Axilor Ventures and 3one4 Capital, it said. Krafton said Loco, which was spun off as a separate entity from parent company Pocket Aces, has
June 28, 2021
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Presidential hopefuls woo retail investors, vow to help Kospi reach 5,000 points
Two presidential candidates of the ruling Democratic Party of Korea chose the Korea Exchange as a rare location to make a political announcement Monday, saying they will open up a new era of the nation’s benchmark Kospi, and help it reach 5,000 points -- about 50 percent higher than the current index. In an apparent gesture to woo retail investors, Chung Sye-kyun, formerly prime minister under the Moon Jae-in administration, and three-term lawmaker Lee Kwang-jae visited the stock trading
June 28, 2021
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Kakao Bank seeks to raise as much as W2tr via IPO
Kakao Bank, South Korea's largest internet-only bank, said Monday that it plans to raise 2 trillion won ($1.76 billion) through an initial public offering (IPO). The company plans to sell 65.45 million shares and has set its IPO price range between 33,000 won to 39,000 won per share, according to a regulatory filing. Kakao Bank's value is estimated to be as much as 18.5 trillion won following its IPO scheduled for early August. Kakao Bank, led by Kakao Corp., the operator of the country's dom
June 28, 2021
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Crypto exchanges with ‘too many’ coins likely to be denied real-name accounts
Cryptocurrency exchanges in South Korea considered to have “too many” coins on their trading platforms are apparently at risk of being denied access to personal bank accounts here, a report showed Monday. In a document acquired by a lawmaker here, a risk assessment guideline to be used by commercial lenders here classifies exchanges with “a high number and frequency of virtual money transactions” as high risk. The guideline was drawn up in April by the Korea Federation
June 28, 2021
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Seoul citizens' economic sentiment rebounds to pre-COVID-19 level in Q2: report
Seoul citizens' economic sentiment rebounded to near pre-COVID-19 levels in the second quarter, a report showed Monday. According to the report by the Seoul Institute, a city-run think tank, a survey of 1,200 households in the capital found that the consumer sentiment index (CSI) rose 3.9 points from the previous quarter to 92.9. This marks the first time Seoul's CSI, which reflects consumers' economic sentiment, surpassed the 90-point threshold since the fourth quarter of 2019, just before th
June 28, 2021
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More than half of Koreans unaware of inflation impact on home prices
More than half of adults in South Korea tend not to review the effects of inflation on real estate prices when making housing transactions, a phenomenon known as the “money illusion,” according to a report from the Bank of Korea. Money illusion is a term coined by the American economist Irving Fisher in the late 1920s to describe people’s tendency to view their wealth and income in nominal dollar terms, wrongly believing that they have a fixed value, rather than recognize thei
June 28, 2021
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Yanolja announces plans to increase R&D investment
Global leisure platform Yanolja said Monday it will hire some 300 personnel for research and development during the second half of this year. Under the “Tech All-In” vision, the company, which offers various holiday bookings including for hotels and trains, plans to increase its R&D staff by a total of 1,000. The move comes as Yanolja seeks to solidify its position as a leading global tech company. It currently offers business-to-business solutions to hotels in over 170 countri
June 28, 2021
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Fashion brand Ami taps K-pop group Enhypen as global ambassador
French designer brand Ami has tapped K-pop group Enhypen as its first global ambassadors. The septet, with previous hit singles including “Fever” and “Drunk-Dazed,” will help the brand expand its presence at home and abroad, Samsung C&T said Monday. Founder and creative director Alexandre Mattiussi said the energy, authenticity and message of inclusivity from the group resembles that of Ami, as he welcomed the decision. Famous for its signature logo featuring the l
June 28, 2021
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S. Korea's exports forecast to grow 17.4% this year
South Korea's exports are expected to surge more than 17 percent on-year to surpass the $600 billion mark in 2021 on the back of the global economic recovery, a report said Monday. The country's overseas shipments are likely to come to $601.7 billion this year, up 17.4 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). It will mark the second time after 2018 that exports of Asia's fourth-largest economy will exceed $600 billion per year.
June 28, 2021
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Investment advisory firms return to black in 2020 on stock rally
Investment advisory firms in South Korea bounced back to a profit in fiscal 2020 as the local stock market remained bullish, data showed Monday. The 228 investment advisers reported a combined net profit of 242.6 billion won ($215 million) in the fiscal year of 2020, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 37.7 billion won recorded the previous year. The financial watchdog attributed the stellar performance to in
June 28, 2021