Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Yoon's approval rating plunges to all-time low
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Government channels W50b into cryptocurrency-related funds
Despite its cautious tone on digital currencies, the Korean government has indirectly invested 50 billion won ($44.4 million) into cryptocurrency-related funds in the past four years, according to data provided by an opposition lawmaker. According to Rep. Yun Chang-hyun of the People Power Party on Wednesday, five public organizations put a total of 50.21 billion won into funds that invested in cryptocurrency exchanges like Upbit and Bithumb from 2017 to March 2021, with the Ministry of SMEs
May 5, 2021
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Financial regulators seek banks' help to grasp full picture of crypto industry
Financial authorities have asked banks to declare their cryptocurrency businesses to figure out the exact numbers of cryptocurrency exchanges operating in the country, as it tightens its grip over illegal activities in the industry, according to local media reports Wednesday. The financial regulators asked major banks to provide the current status of their businesses with cryptocurrency exchanges including corporate accounts and banks’ monitoring methods. “Currently, crypt
May 5, 2021
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Acquisition race for S. Korea's second largest food delivery platform begins
The race to acquire South Korean food delivery platform Yogiyo has attracted retail giant Shinsegae, accommodation booking platform Yanolja and big private equity funds, according to industry sources on Wednesday. Yogiyo’s German operator Delivery Hero and sale adviser Morgan Stanley received preliminary bids Tuesday for a 100 percent stake in Yogiyo up for sale. According to the sources, around eight parties have joined the acquisition race, including Shinsegae and Yanolja. South Kor
May 5, 2021
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COVID-19 self-test kits to hit local convenience stores shelves
COVID-19 self-test kits developed by local companies are available at convenience stores here, startubg Wednesday. GS Retail announced Wednesday that the company’s convenience store chain GS25 would begin the sale of COVID-19 self-test kits at around 2,000 locations nationwide, the South Korean retail company said. They products would be also available at the company’s grocery store chain GS Supermarket and health and beauty chain Lalavla, starting on Friday. There are two produ
May 5, 2021
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Hyundai Motor slips to 2nd place in global fuel cell EV market after Toyota in Q1
As competition is escalating among hydrogen automakers, Toyota Motor topped global fuel cell electric vehicle sales in the first quarter this year, beating Hyundai Motor, which had led the global FCEV market in 2020, research revealed Wednesday. According to SNE Research, global sales of FCEVs jumped 89.2 percent on-year, hitting nearly 4,000 units in the first quarter this year. Toyota, which took 15.1 percent of the FCEV market share in 2020, witnessed a surge in its FCEV sales by nearly
May 5, 2021
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[Herald Interview] AI inevitable force to shape education: Riiid
Education has always been slow to adopt new technologies. But with the COVID-19 pandemic and schools forced to move online over infection risks, the time has finally come for it to embrace the artificial intelligence. “COVID-19 is making AI inevitable,” said David Yi, an executive from Riiid, a Seoul-based AI education startup said in an interview with The Korea Herald. “In the US, students are all off campus, students are disengaged and are falling behind. How do we help thi
May 5, 2021
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Hanwha Total completes W530b expansion of Daesan plant
Hanwha Total has completed the expansion of its petrochemicals plant in Daesan, South Chungcheong Province, to ramp up the production of polypropylene and ethylene, the company said Wednesday. The 530 billion-won ($472 million) project, which took 28 months for completion, included the building of a new polypropylene factory with annual production capacity of 400,000 metric tons, raising the firm’s total polypropylene production capacity to 1.12 million tons, the biggest scale in South K
May 5, 2021
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KT may face class action lawsuit over internet speed
KT, one of South Korea’s big three telecom carriers, faces a potential class action from gigabit internet service subscribers over allegations that the firm signed onto the plans even those living in areas unequipped with the infrastructure to accommodate the high-speed internet services. Kim Jin-wook, an attorney at Seoul-based law firm Joowon, announced Wednesday that he is recruiting prospective plaintiffs through a class action platform Angry People. “According to media rep
May 5, 2021
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Retail investors’ stock investment deposits hit all-time high of W77.9tr
South Korean retail investors’ deposits for stock investments reached a record 77.9 trillion ($69.28 billion) as of Monday, according to the Korea Financial Investment Association Wednesday. The outstanding deposits for stock investments marked some 77.9 trillion won, adding a whopping 19.49 trillion won from Friday. It also surpassed the previous record of 74.46 trillion won seen on Jan. 12. Deposits in cash management accounts here also surged by 22.97 trillion won to 68.39 trillion
May 5, 2021
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FSS slaps penalty on 19 firms for violation of internal audit reporting
South Korea’s financial watchdog on Wednesday imposed penalties of up to 12 million won ($10,700) on local businesses that violated its internal controls over financial reporting rules in 2018. Following an inspection, the Financial Supervisory Service found 28 cases of violations across 19 companies. It has decided to slap fines ranging from 3 million won to 12 million won on 13 of those cases – five businesses, one representative of a business and seven internal auditors. The F
May 5, 2021
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Firms target young people with senior models
Zigzag, a fashion e-commerce platform that mainly targets customers in their 20s and early 30s, has recently hired Oscar winner Youn Yuh-jung, who is 73 years old, as a model. In Zigzag’s advertisement revealed online, Youn asks, “There are a lot of people who are younger and prettier, but then, I got the role (for the advertisement). Did you guys make a mistake?” The hire came as a “fresh” idea, attempting to break the norm that young figures are hired as model
May 5, 2021
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Number of under-20s with Samsung shares skyrockets
The number of Samsung Electronics shareholders who are under 20 years old has jumped nearly 90-fold over the past five years, according to data released Wednesday. Data compiled by securities information portal SEIBro, operated by Korea Securities Depository, showed that the number of Samsung Electronics’ shareholders aged 0-19 increased from 1,290 at the end of 2016 to around 115,000 as of the end of December 2020. Those under 20 accounted for 5.34 percent of the tech giant‘s sto
May 5, 2021
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[Graphic News] Auto exports rise 31% in Q1 on robust demand
South Korea’s exports of autos grew 31.4 percent on-year in the first quarter on the back of brisk shipments of sedans and eco-friendly vehicles, data showed. The country’s outbound shipments of cars came to $11 billion in the January-March period, compared with $8.37 billion the previous year, according to the data compiled by the Korea Customs Service. Imports of autos rose 21.8 percent on-year to $2.9 billion, the data showed. Overseas shipments of sedans and eco-friend
May 5, 2021
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Kia EV6 draws strong preorders in Europe
Kia Corp., South Korea's No. 2 automaker, said Wednesday its first all-electric model, the EV6, logged decent presale orders in Europe. According to the automaker, presale orders for the EV have topped 7,000 in Britain, France, Germany and other major countries, with the number set to further rise. Kia unveiled its crossover EV built on a dedicated platform last month and received 21,016 units of preorders on the first day of its launch in South Korea, which set a new record among the automak
May 5, 2021
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S. Korea to expand loan program for developing nations with ADB
South Korea said Tuesday it plans to allocate up to $700 million for the lower-interest loan program with the Asian Development Bank, in line with efforts to support developing nations. Finance Minister Hong Nam-ki held a virtual meeting with ADB President Masatsugu Asakawa and signed a memorandum of understanding to expand the Economic Development Cooperation Fund program between South Korea and the regional development bank, according to the Ministry of Economy and Finance. The newly earmark
May 4, 2021
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Hyundai to launch Genesis brand in Europe this summer
South Korean carmaker Hyundai Motor said Tuesday it will launch the Genesis brand in Europe this summer to gain a share in the high-end and electric vehicle markets. Hyundai Motor will initially launch the G80 sedan and the GV80 SUV in European markets, such as Germany, Britain and Switzerland, in June, the company said in a statement. Hyundai said it also plans to introduce the G70 sedan, the GV70 SUV and a strategic model customized for European markets this year. In its broad e
May 4, 2021
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Altcoins back in rally mode after pull-back
Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on Tuesday, up 7.12 percent, according to local crypto exchange Upbit The European Inv
May 4, 2021
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Kospi may surpass 4,000 if included in MSCI World Index: report
South Korea’s main bourse Kospi could reach 4,035 points if the local market is bumped up into the MSCI World Index, which represents large and mid-cap equity performance across 24 developed nations, a local think tank said Tuesday. The Korea Economic Research Institute predicted that the inclusion, one step up from its current listing as an emerging market, would help the stock market see an inflow of foreign investments, amounting to up to 61.1 trillion won ($54.5 billion). The inclu
May 4, 2021
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Renault Samsung shuts down plant amid labor strike
The labor-management feud escalated Tuesday within Renault Samsung, the South Korean unit of the French carmaker, as the company temporarily shut down its plant amid continued union strikes for a wage hike, officials said Tuesday. As the heightened discord has come amid sluggish sales and a prolonged global semiconductor shortage, CEO Dominique Signora sent out a warning signal to union workers, assuming a hard-line stance on the situation. “We are in urgent need to cut down costs dur
May 4, 2021
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US trade court lifts import ban on Daewoong’s Nabota
The US International Trade Commission has lifted a 21-month ban on the sale of Daewoong Pharmaceutical’s botulinum toxin product Nabota, or Jeuveau, in the United States, according to an announcement from Medytox on Tuesday. The decision allows Evolus, a US partner of South Korea’s Daewoong, to resume sales of Nabota in the US, after a legal battle between Medytox and Daewoong over misappropriation of trade secrets. The dispute between the two Korean pharmas, Medytox and Daewoon
May 4, 2021