Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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SKT to support vaccination monitoring with AI
SK Telecom, South Korea’s top telecom company, is utilizing its artificial intelligence technology to support the country’s health authority in monitoring recipients after COVID-19 vaccination, it said Thursday. Dubbed NUGU Vaccine Carecall, SKT’s NUGU AI platform will provide guidance to those subject to vaccination through calls, and monitor any abnormal signs after shots are administered. The telecom company signed a Memorandum of Understanding with the Korea Disease C
April 8, 2021
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[Newsmaker] Innisfree forced to clarify ‘paper bottle’ packaging after customer discovers plastic bottle inside
Innisfree, a cosmetic brand under Amorepacific, has been forced to clarify its eco-friendly “paper bottle” packaging after a customer’s complaint about plastic usage and a “misleading” label went viral online. In a post on a Facebook group called “No Plastic Shopping,” a customer shared photos of what is inside the package for the brand’s face serum product after cutting the bottle in half. Despite the label reading “Hello, I‘m Paper
April 8, 2021
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S. Korean households’ stock investment hits record-high
South Korean households spent a record-high net 83.3 trillion (74.5 billion) won in stock investment last year, central bank data showed Thursday, but their borrowing also surged to an unprecedented level, indicating where their money for investment came from. Amid the COVID-19 pandemic, local households and nonprofit agencies serving households invested a total 63.2 trillion won in Korean stocks and 20.1 trillion won in overseas shares in 2020, according to the preliminary data by the Ba
April 8, 2021
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Oh’s election win likely to boost construction shares
Construction businesses in the South Korean stock market are likely to benefit from an election win by Seoul Mayor Oh Se-hoon over his pledges focusing on housing redevelopment plans. “Based on plans such as expanding floor area ratio, supplying 360,000 housing units in five years and abolishing the restriction on building apartments with more than 35 floors near the Han River, reconstruction and redevelopment businesses are expected to be revived,” said Kim Dae-jun, an analyst at K
April 8, 2021
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Exports tipped to expand 18.1% in 2021: think tank
South Korea's exports are expected to expand 18.1 percent on-year in 2021 to set a fresh record high on the back of global economic recovery from the COVID-19 pandemic, a think tank said Thursday. Outbound shipments for the year are estimated at $605.3 billion, rising sharply from the previous estimate of a 10 percent gain in October last year, according to a report by Hyundai Research Institute released by the Ministry of Trade, Industry and Energy. The amount would beat the previous record o
April 8, 2021
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‘Korea’s private equity market hindered by chaebols’
Foreign investors have a hard time navigating South Korea’s “unique” private equity investment landscape, having to face obstacles such as family-run conglomerates’ dominance in the domestic industry, a private equity professional said in a virtual seminar on Thursday. “South Korea is very unique market,” Chue En Yaw, managing director and head of private equity funds at Temasek-owned Azalea Asset Management, told audience of the virtual seminar hosted by ca
April 8, 2021
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State pension operator cuts number of big-stake firms in Q1
South Korea's state pension operator reduced the number of listed firms in which it has a stake of 5 percent or more in the first quarter of the year, a financial information provider said Thursday. The National Pension Service (NPS) owned 5 percent or more of 261 listed companies as of Wednesday, down 12 firms from three months earlier, according to FnGuide. The combined market value of the NPS stakes in those corporations stood at 167.6 trillion won ($150 billion), up 4.4 percent from the en
April 8, 2021
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Samsung Asset, Manulife IM ink strategic alliance
Seoul-based Samsung Asset Management and Canadian counterpart Manulife Investment Management have signed a memorandum of understanding for the bilateral strategic alliance, Samsung Asset said Thursday. The largest asset management firm in South Korea, overseeing some 280 trillion won ($250 billion) assets in March, will team up with Manulife IM to explore opportunities in overseas alternative investing, private assets and specialized public market strategies. The partnership will also allow the
April 8, 2021
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Short-term bond sales dip 7.2% in Q1
Sales of short-term corporate bonds in South Korea sank more than 7 percent in the first quarter of the year amid the coronavirus pandemic, data showed Thursday. Local companies issued 257.2 trillion won ($230 billion) worth of bonds maturing within one year in the January-March period, down 7.2 percent from three months earlier, according to the data from the Korea Securities Depository (KSD). Compared with a year earlier, the amount was also down 12.4 percent. Sales of general short-term bo
April 8, 2021
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Households' excess funds more than double in 2020 amid pandemic
Excess funds held by South Korean households and nonprofit agencies more than doubled in 2020 from a year earlier due mainly to an extended slump in private consumption amid the COVID-19 pandemic, the central bank said Thursday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 192.1 trillion won ($172 billion) last year, sharply up from 92.2 trillion won a year earlier, accord
April 8, 2021
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Average monthly household spending down 2.3% in 2020 amid pandemic
SEJONG -- Average monthly household spending fell 2.3 percent on year in 2020 as the COVID-19 pandemic hurt private consumption, data showed Thursday. South Korean households spent an average of 2.4 million won ($2,144) per month last year, compared with 2.45 million won per month in 2019, according to the data released by Statistics Korea. Average monthly expenditures on food and nonalcoholic beverages came to 381,000 won last year, up 14.6 percent from a year ago, the data showed. The da
April 8, 2021
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Online food delivery transactions hit over W20tr in 2020
Transactions on online food delivery apps in South Korea last year soared to over 20 trillion won ($17.9 billion), data showed Thursday, as stay-at-home practices amid the pandemic propelled demand for online services. Total transactions on food delivery apps, such as Baedal Minjok, stood at 20.1 trillion won last year, up 43.5 percent from the previous year, according to the data from the Ministry of Science and ICT. The latest data from the ministry's survey on the broader online-to-offline
April 8, 2021
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Daewoo Shipbuilding opens digital center for shipbuilding process
Daewoo Shipbuilding & Marine Engineering Co. said Thursday that it has opened a center to control the shipbuilding process at its shipyards. The center at its Okpo shipyard on Geoje Island, 398 kilometers south of Seoul, is made up of two parts -- the smart production management center and smart sea trial center -- Daewoo Shipbuilding said. The smart production management center will check the locations of blocks being built at the shipyard and will help workers make quick decisions by sha
April 8, 2021
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LG to support smartphone OS updates for up to 3 yrs even after closure
LG Electronics Inc. said Thursday it will offer extended software upgrades for its smartphones as the company is set to depart from the mobile business. LG's mobile operating system (OS) update guarantee will be extended by one year. LG's premium smartphone users can now get OS updates for three years, while people using LG's budget handsets can receive upgrades for up to two years. Users of LG Velvet and LG Wing smartphones that were launched last year, for instance, can get support for OS
April 8, 2021
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S. Korea to further nurture insects industry
South Korea's agricultural ministry said Thursday it plans to expand the size of the insects market to 140 billion won ($124 million) by 2025 and foster the segment as a new growth engine for the country's food industry. The targeted market value marks 55 percent growth from 2019, according to the Ministry of Agriculture, Food and Rural Affairs. "We plan to further speed up the growth of the industry and develop new environment-friendly protein sources using insects, which can contribute
April 8, 2021
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Samsung Heavy wins certificates for wind turbine installation vessel
Samsung Heavy Industries Co. said Thursday that it has obtained approvals for its conceptual design for a wind turbine installation vessel (WTIV) from three global ship quality assurance and risk management companies. The three companies are ABS from the United States, DNV GL from Norway and Lloyd's Register from Britain, Samsung Heavy Industries said. A conceptual design refers to the basic concept and characteristics of the vessel before confirming its specifications and required technologi
April 8, 2021
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Samsung launches upgraded Galaxy A series in US
Samsung Electronics Co. introduced its new Galaxy A series smartphone portfolio in the United States on Thursday, hoping it can take over market share of its South Korean rival LG Electronics Inc. that recently announced its departure from the mobile business. Starting with the Galaxy A42 5G on Thursday, Samsung will release the Galaxy A52 5G, A32 5G and A12 on Friday in the US. The Galaxy A02s will be available from April 29. "These are the perfect smartphones for anyone who wants the
April 8, 2021
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KT Sat to expand satellite telecommunications services in Indonesia
KT Sat Co., a satellite service arm of South Korean telecom giant KT Corp., said Thursday it has won an order to establish a high-speed satellite telecommunications network in Indonesia's Papua province. The company said it will take part in the Indonesian government-led project to offer telecommunications services for 3.4 million Indonesians and up to 1,300 schools and public facilities in the province by partnering with local satellite internet service provider DTP. A KT Sat official said th
April 8, 2021
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Fitch raises outlook on Hyundai, Kia to stable
Fitch Ratings has raised the rating outlooks on Hyundai Motor Co. and Kia Corp. to stable from negative due to improved product mix and profitability, the ratings firm said Thursday. The revision reflects the companies' "resilient" 2020 performance and their improved profitability, as shown in recent quarters, helped by a better product mix and rebound in global auto demand after a yearlong COVID-19 pandemic, Fitch said in a statement. The ratings firm said the carmakers' "large
April 8, 2021
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Thursday as investors attempted to cash in recent gains amid a lack of events. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.63 points, or 0.31 percent, to 3,127.78 points in the first 18 minutes of trading. The KOSPI got off to a lackluster start as the Federal Reserve reiterated its stance that it would continue the existing support despite positive economic signals. In Seoul, top cap Samsung Electronics lost 0.82 percent, and No. 2 chipma
April 8, 2021