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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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Kia launches K8 sedan, 1st model under new brand logo
Kia Corp., South Korea's second-biggest carmaker, on Thursday launched the K8 sedan, the first model under its new brand logo, in the domestic market. The K8 comes with a 2.5-liter gasoline, 3.5-liter gasoline or 3.5-liter liquefied petroleum injection engine. The model with a 1.6-liter gasoline turbo hybrid engine will be released next month, the company said in a statement. Kia has received 24,000 preorders for the new sedan in the past 12 working days, already achieving 30 percent of its s
April 8, 2021
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Anti-speculation measures to ramp up: finance minister
SEJONG -- The government will make efforts to revise a set of laws this year to help root out real estate speculation, Finance Minister Hong Nam-ki said Thursday, amid growing public criticism over allegations of property speculation by officials at the state-run housing corporation. Hong said the government will have close consultations with the National Assembly to submit 19 revision bills this month that eventually ban public officials from doing illegal property speculation. Of the 19 bil
April 8, 2021
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SsangYong halts plant operations on chip parts shortage
Financially troubled carmaker SsangYong Motor Co. said Thursday it will suspend the operation of its local plant for a week due to lack of semiconductor chips. SsangYong will halt its plant in Pyeongtaek, 70 kilometers south of Seoul, from April 8-16, with a plan to resume operations on April 19, the company said in a regulatory filing. The SUV-focused carmaker resumed operations on March 2 after halting the Pyeongtaek plant for 16 days in February as its subcontractors refused to supply parts
April 8, 2021
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Buoyed by patent suit victory against LG, SK says will fight till the end to save name
SK Innovation, apparently buoyed by its recent battery patent victory at the US trade court against LG Energy Solution, reiterated Wednesday that it will “respond sternly” to any attempt by its rival to “hamper its business with legal issues.” Last week, the US International Trade Commission made a preliminary ruling that cleared SKI of alleged infringement of LGES’ patents related to lithium ion battery separators. The ruling provided a much-needed boost to SKI
April 7, 2021
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SK Innovation says will buy more EV battery materials in hopes of veto
SK Innovation said Wednesday it is in talks to purchase more cathodes, one of the four key components of lithium-ion batteries, as an apparent demonstration of confidence in future orders. The prospective supply deal with South Korean cathode materials manufacturer L&F came just days before the April 11 deadline for President Joe Biden’s veto of a US trade court’s decision to sanction SKI from doing business in the US for 10 years. By law, the US president can override the US
April 7, 2021
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Apartment prices in Seoul show no signs of coming down
The prices of apartments in Seoul measuring 60 square meters or less continued an upward trend last month, according to data on Wednesday. A report on monthly housing price trends released by commercial bank KB Kookmin Bank showed that the average selling price of a small apartment in Seoul stood at 768 million won ($687,793), up 22.7 percent on-year. For newlyweds and small families, 60 square meters is a popular size. Nowon-gu, Dobong-gu, Gangbuk-gu and Geumcheon-gu were among the distric
April 7, 2021
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K bank sees hike in savings on cryptocurrency frenzy
K bank, one of South Korea’s largest online banks, saw a significant hike in savings in recent months in line with its operations linked to cryptocurrency trading. Deposits at the nation’s first online bank exceeded 10 trillion won ($8.96 billion) earlier this month, compared with just 1.85 trillion won in June last year, officials said. The bank held 8.72 trillion won in deposits as of the end of March. The figure was almost double that of Jeju Bank, whose deposits came to 5.4
April 7, 2021
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Hyundai Motor halts plant amid chip shortage
Weighed down by a prolonged global semiconductor shortage, South Korea’s leading carmaker Hyundai Motor is temporarily halting some of its key production lines this month. The suspension raised the alarm not only for the auto company but also for its subcontractors and local staffers. Hyundai Motor said Wednesday that it has suspended its No. 1 plant in Ulsan for a week until April 14, due to the lack of electric control units. The corresponding plant is where the automaker manufacture
April 7, 2021
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Hanwha to study building solar panels above crops
South Korea will launch a pilot study into dual-use solar farms where panels are installed above crops so as to maximize the use of limited land space while striving towards a renewable future. Hanwha Q Cells will join a consortium led by Yeungnam University to research and develop necessary systems and standardize the solar farm model. MDS, a local solar company, is also participating in the project. “Solar panels and crops can coexist because crops have limits in the amount of sunlig
April 7, 2021
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KOFIA chief, Vietnamese ambassador discuss cooperation
The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs
April 7, 2021
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Fiscal chief warns of protectionism in guise of climate change policies
South Korea’s Finance Minister Hong Nam-ki on Tuesday told global fiscal policymakers that they should refrain from using climate change policies as a tool of trade protectionism. “Climate change policies, such as the carbon border adjustment mechanism, should be prevented from being abused as trade protectionism,” Hong said during a virtual meeting of the Coalition of Finance Ministers for Climate Action. The European Commission is expected to announce a proposal for a c
April 7, 2021
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Seoul stocks up for 5th session on recovery hope
South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi
April 7, 2021
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[Herald Interview] Korea’s top hematologist warns against brushing off AstraZeneca blood clot link
South Korea’s top hematologist says Korea must exercise due caution with AstraZeneca vaccinations until there is a better understanding of the unusual blood clot events being reported here and elsewhere among recipients. “By caution I don’t mean vaccinations should stop, not when we don’t have other vaccines in stock. But we need to proactively monitor people receiving the vaccine and treat any suspected symptoms as though they are a blood clot case,” said Dr. Ki
April 7, 2021
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Dior’s revenue in Korea jumps more than twofold despite pandemic
French luxury fashion house Christian Dior racked up 104.7 billion won ($93.2 million) in operating profit last year despite the coronavirus pandemic, according to data from the Financial Supervisory Service. Christian Dior Couture Korea, the operator of the brand’s South Korean unit which produces clothes, bags and makeup products, also saw its revenue rise 75.8 percent to 328.5 billion won, while its net profit jumped by 250 percent to 77.7 billion won. The figures buck the trend seen
April 7, 2021
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HYBE shares hit a 5-month high after Ithaca acquisition announcement
The stock price for HYBE, the company behind BTS, continues to rise after it announced last week plans to purchase media company Ithaca Holdings. According to Korea Exchange, HYBE’s shares were traded at the price of 271,000 won ($242) per share at 2:08 pm Wednesday, up more than 4 percent from a previous close and extending its rising streak to a fifth day after the announcement of the surprise move. HYBE is traded on the bourse as Big Hit Entertainment, the company’s name before i
April 7, 2021
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[Top Bankers] Citigroup’s rumored plans put Korea’s first female bank chief to the test
This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a
April 7, 2021
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NH NongHyup receives preliminary approval for Beijing branch
South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau
April 7, 2021
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SK hynix in talks with Bosch over supply of automotive memory chips: sources
SK hynix Inc., South Korea's second-largest chipmaker, is in talks with German auto parts giant Robert Bosch GmbH over a long-term supply of automotive memory semiconductors, industry sources said Wednesday. SK hynix, the world's No. 2 DRAM vendor, is reportedly seeking to supply automotive DRAM chips to Bosch for at least 10 years, the sources said. The company declined to comment on the issue. If the two sides reach an agreement, SK hynix will get its first long-term contract in the area
April 7, 2021
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SK hynix settles chip patent dispute with Netlist
SK hynix Inc., South Korea's second-largest chipmaker, said Wednesday it has reached a settlement with US-based Netlist Inc. over memory technology patents. The two sides agreed to a patent cross license covering chip technologies of both companies. Under the deal, SK hynix will gain access to Netlist's portfolio of US and foreign patents. Netlist will receive a royalty from SK hynix, a cross license to SK hynix's patent portfolio and supply of its memory and storage products. Industry obse
April 7, 2021
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Economic slump easing on improving manufacturing sector: KDI
The South Korean economy sees its slumps easing as the manufacturing sector has continued to improve on the back of robust exports, a state-run think tank said Wednesday. The service sector is still suffering from setbacks amid the pandemic, but its sluggishness somewhat moderated as the country relaxed tougher social distancing rules in February, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy is exhibiting a moderating slow
April 7, 2021