Most Popular
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Korea forecast to overtake Taiwan in chip production by 2032: report
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Yoon doubles down on repeal of financial investment income tax
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Buyout firm VIG Partners eyes private credit investing
South Korean private equity firm VIG Partners is eyeing private credit strategies with a new team it established Monday, the company said Tuesday. The company, overseeing 3.8 trillion won ($3.4 billion) worth of private funds mainly dedicated to midmarket buyout strategies, added that it had hired Han Young-hwan as head of credit at VIG Partners. The credit arm will focus on special situations in private credit space, looking to take advantage of price dislocation in the belief that the debt a
May 4, 2021
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Doosan Bobcat to invest W77b for US plant expansion
Small-sized construction equipment maker Doosan Bobcat Inc. said Tuesday that it will spend 77 billion won ($68.6 million) to expand one of its US plants in a bid to meet growing demand. The plant located in Statesville, North Carolina, produces compact tractors and portable power stations, or compact battery-powered generators, Doosan Bobcat said. The expansion is aimed at meeting steadily increasing demands for grounds maintenance equipment (GME), such as ride-on mowers and hedge cutters, th
May 4, 2021
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Kia launches hybrid variant of K8 sedan
Kia Corp., South Korea's second-biggest carmaker, on Tuesday launched the hybrid version of the K8 sedan in the domestic market, completing a four-model lineup for the vehicle. The K8 hybrid comes with a 1.6-liter gasoline turbo hybrid engine, adding to the lineup of 2.5-liter gasoline, 3.5 gasoline and 3.5 liquefied petroleum injection engine models released last month. The hybrid model is priced at 36.98-42.87 million won ($32,950-$38,000) depending on options, the automaker said. Kia said
May 4, 2021
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Samsung's presence in smartphone chipset market to decline in 2021: report
Samsung Electronics Co. is expected to lose its share in the smartphone chipset market this year, a report showed Tuesday, as Taiwanese and US rivals are to expand their presence with a rise in the 5G device sector. Samsung was estimated to take an 8 percent share in the global smartphone application processor (AP)/System on Chip (SoC) market in 2021, down 11 percent from a year earlier, to take the fourth spot, according to a report from industry tracker Counterpoint Research, The South Korea
May 4, 2021
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SK Telecom to cancel W2.6tr worth of treasury shares
SK Telecom Co., South Korea's largest mobile carrier, said Tuesday it has decided to cancel 2.6 trillion won ($2.32 billion) worth of treasury shares, over 10 percent of its total floated stocks, in a move to boost shareholder value amid plans to split into two companies later this year. The telecom operator said in a statement that it would retire 8.69 million treasury stocks, or 10.8 percent of its total issued stocks, by Thursday. The cancellation would reduce SK Telecom's total floated sto
May 4, 2021
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Seoul stocks open lower on inflation concerns
South Korean stocks opened lower Tuesday on inflation concerns and the partial resumption of short selling. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.66 points, or 0.34 percent, to 3,116.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start after a five-session losing streak. Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed strong. South Korea's consumer price index rose 2.3 perc
May 4, 2021
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Hyundai, Kia sales in US more than double on SUV demand in April
Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Tuesday their combined US sales more than doubled in April from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 147,700 vehicles in the United States last month from 65,673 units a year ago, according to the companies' sales data. "April 2021 was the second month in a row that we established a new best ever total and retail sales monthly record. As our all-new Tucson beg
May 4, 2021
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Most cash grant recipients spend them on consumption expenditures: poll
SEJONG -- Nearly 94 percent of South Koreans who received state virus relief grants in cash last year spent them on consumption expenditures, a report said Tuesday, in a show of their positive impact on overall consumer spending. In May last year, the government started providing relief handouts of up to 1 million won ($890.5) to every household to cushion the economic fallout from the coronavirus pandemic. Generally, recipients used relief grants through credit cards, check cards, prepaid car
May 4, 2021
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Consumer price growth at near 4-year high in April
South Korea's consumer prices grew at the fastest pace in almost four years in April on higher prices of farm and oil goods, data showed Tuesday, indicating that the country may face growing inflationary pressure. The consumer price index rose 2.3 percent on-year in April, accelerating from a 1.5 percent gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year gain since August 2017, when the price index climbed 2.5 percent. Compared with a mo
May 4, 2021
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Renault Samsung workers to stage strike again over wages
Unionized workers at Renault Samsung Motors Corp. said Monday they have decided to lay down their tools again to demand a wage hike. Renault Samsung's 1,900-strong workforce will launch an eight-hour strike at their plant in Busan, around 450 kilometers south of Seoul, on Tuesday as they are not satisfied with the company's wage proposals. The announcement came as they staged a six-hour strike Monday. They previously launched an eight-hour strike last Friday. The union and
May 3, 2021
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Seoul stocks down for 5th day on return of short selling
South Korea’s stock market retreated for a fifth consecutive session Monday amid strong foreign and institutional selling on the first day the government lifted a 14-month ban on short selling of large-cap stocks. The local currency’s value against the US greenback also weakened. The main bourse Kospi closed at 3,127.2 points, down 20.66 points or 0.66 percent, from the previous session’s close. The index began trading at 3,149.05 points and once rose up to 3,174.26 points in
May 3, 2021
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Samsung heirs sign on donation for SNU Hospital
Samsung Electronics and Seoul National University Hospital agreed on Monday to launch an official team to coordinate a 300 billion won ($267 million) donation from the bereaved family of the late Samsung Chairman Lee Kun-hee for children with cancer and rare diseases. On behalf of the Lees, Samsung Electronics Presidents Sung In-hee and Rhee In-yong, in charge of social contributions and corporate relations, attended the ceremony with Seoul National University Hospital President Kim Yon-su and
May 3, 2021
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S. Korea, China, Japan express concern over uneven economic revival in Asia
As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,
May 3, 2021
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S. Korea's development of novel drugs lags behind others
A total of 40 novel drugs were approved by Seoul‘s pharmaceutical authorities in 2020, but none were developed by South Korean companies, according to a survey released by the Ministry of Food and Drug Safety on Monday. According to the Korean drug safety agency, local companies failed to introduce novel drugs domestically for the second consecutive year. In 2018, there were two novel drugs developed by local pharmaceutical companies that received approvals from the agency. “Laun
May 3, 2021
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Celltrion's COVID-19 test kit receives conditional approval in Korea
South Korea‘s pharmaceutical giant Celltrion announced Monday that the company has received a conditional approval for its COVID-19 test kit DiaTrust from the country‘s drug safety agency. DiaTrust, developed jointly by Humasis and Celltrion, is an antigen test kit that can detect the most recent COVID-19 variants from the UK and Brazil. The test kit uses a sterile nasal swab which can identify specific antigens of COVID-19 present in specimens collected from the nasal cavity within
May 3, 2021
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All-new LX Holdings sets sail under Koo Bon-joon’s lead
LX Holdings, which has spun off from LG Group, on Monday held an inaugural event and board meeting to officially mark its business kickoff and name Koo Bon-joon as its first CEO and chairman. The newly-launched business group is expected to exert all of its effort into phasing out of the LG brand in order to gain an independent position in the market. “Today, we sail off under the name LX, hopeful, yet also a little tense, over what may be awaiting us down the road,” Koo was quoted
May 3, 2021
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Lotte Foods to switch to EVs for sales activities
Lotte Foods will replace all of its company cars used for sales activities with electric vehicles in a bid to reduce carbon dioxide emissions, the company said on Monday. The South Korean food manufacturing firm will distribute about 380 units of Chevrolet’s Bolt EV for all of its sales employees, who drive over 20,000 kilometers on average per year, the company explained. Lotte Foods said it will be distributing the cars in May and June. Prior to the change, the company installed 90
May 3, 2021
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[Herald Interview] COVID-19, a perfect storm for Lime Korea
A blessing in disguise. No other idiom can better describe what the coronavirus outbreak has meant for Lime, the world’s leading operator of rented electric scooters and bikes. When the pandemic first broke out, communities shut down, and so did riders. Lime lost 95 percent of its ridership. But as the weather got nicer, “much of that revenue has come back,” says Lime CEO Wayne Ting. Lime recorded its first profitable quarter in the July-September period last year, as incre
May 3, 2021
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Solus Advanced Materials ramps up 5G copper foil production in Luxembourg
Solus Advanced Materials will increase the capacity of its copper foil plant in Luxembourg to 15,000 metric tons from the current 12,000 tons by the end of this year to meet growing demand for 5G network equipment, the company said Monday. The Luxembourg plant manufactures two types of high-end copper foils. Low-loss copper foils, which minimize signal losses, are used for 5G data centers and satellite communications, while high-frequency copper foils, which offer greater signal speed, are u
May 3, 2021
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Hankook Tire Q1 net jumps 53% on base effect
Hankook Tire & Technology Co. said Monday its first-quarter net profit jumped 53 percent from a year earlier on a base effect amid the extended COVID-19 pandemic. Net profit jumped to 149.47 billion won ($133 million) for the three months that ended on March 31 from 97.66 billion won in the same period of last year, the company said in a statement. "Corporate taxes were factored in the year-ago quarterly bottom line, but in this past quarter, there was not such a one-off cost factor,&
May 3, 2021