Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Export sector to get W167t trade finance boost
The South Korean government will roll out massive support programs for exporters this year, aiming to return the country’s export volume to pre-pandemic levels, the Ministry of Trade, Industry and Energy said Wednesday. Exports, the main locomotive of Asia’s fourth largest economy, are projected to have fallen below $1 trillion for the first time in four years due to economic fallout from the COVID-19 pandemic. According to the annual plan from the Ministry of Trade, Industry an
Feb. 17, 2021
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S. Korean sovereign wealth fund still has coal exposure, despite cut
South Korea’s sovereign wealth fund, managing $183.1 billion in assets, has cut its coal stock exposure in the United States, but its investment in coal-related US listed shares still stands larger compared with other sovereign wealth funds in the world. The findings indicated that Korea Investment Corp. has room for more aggressive action to fight greenhouse gas threats posed by coal, and to perform its fiduciary duty to take environmental risks into account. According to its regulat
Feb. 17, 2021
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Naver plans its largest yet bond issue
Naver plans to raise as much as 700 billion won through bond sales to secure funds required to set up a new data center in South Korea and invest in foreign platform startups. The South Korean internet giant disclosed the plan, which would be the largest in its history, in a regulatory filing with the Financial Services Commission on Tuesday. The target amount is set initially at 400 billion won, with a possibility of rising to 700 billion won, it said. The bond issue will be Naver’s
Feb. 17, 2021
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Celltrion begins distribution of COVID-19 therapy in Korea
Celltrion began nationwide distribution of its monoclonal antibody therapy for COVID-19 on Wednesday. Celltrion’s regdanvimab is Korea’s first emergency-approved COVID-19 treatment. All 156 state-designated COVID-19 medical institutes are eligible for free distribution of regdanvimab, Celltrion said, upon individual submission of supply request. Patients who can receive the shot are confirmed COVID-19 patients who have yet to pass seven days from the first onset of symptoms, who
Feb. 17, 2021
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Samsung’s imprisoned chief barred from working at Samsung
Employment restrictions have been imposed on the jailed Samsung Electronics Vice Chairman Lee Jae-yong following his conviction for bribery. Observers said, however, that since Lee is not employed by Samsung and holds only a symbolic title, the ban wouldn’t change the conglomerate’s top leadership. According to local reports Wednesday, the Ministry of Justice notified the Samsung Group’s de facto chief of the employment ban against him and the procedures required to gain appr
Feb. 17, 2021
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[News Focus] SK Innovation’s battery split-off plan called into question
In its self-proclaimed rivalry with LG Energy Solution, SK Innovation has been eyeing a split-off of its battery business with a potential initial public offering, but a major setback in the US could pose a challenge to the plan. Speaking at a battery expo in Seoul last October, Jee Dong-seob, the Seoul-based company’s battery division chief, said that he was considering the separation from a “financial perspective.” As a latecomer in the white-hot electric vehicle batte
Feb. 17, 2021
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[Advertorial] LG Energy Solution No.1 battery patent holder through extensive R&D
LG Energy Solution said it had invested 2 trillion won ($1.8 billion) in battery research and development over the past six years, allocating 5-6 percent of its revenue every year. According to the South Korean battery giant, it held the highest number of battery patents as of late last year -- 23,610, which is at least 10 times as many as of a leading Chinese battery firm that joined the global race recently. LG Energy Solution’s battery research has continued for about three decade
Feb. 17, 2021
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Neowiz acquires Sticky Hands, doubles down on casual game biz
South Korean online game publisher Neowiz said Wednesday it has acquired a 60 percent stake in a local mobile game company Sticky Hands. “The acquisition will give Neowiz the business management rights over Sticky Hands and allow the company to boost its competitiveness in the global casual game market,” a Neowiz official said. Launched in 2016, Sticky Hands specializes in solitaire, a tabletop game which one can play by oneself, usually with cards. Its solitaire game series rec
Feb. 17, 2021
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100,000 German households subscribe to Hanwha Q Cells’ green electricity service
Hanwha Q Cells said Wednesday that more than 100,000 households in Germany have joined its Q.Energy service so far, which allows customers to buy and consume electricity generated 100 percent by renewables. According to the solar power unit of Hanwha Solutions, the Q.Energy service sources the electricity from renewable-energy power plants in Germany and Austria and delivers the energy to the German households. “The Q.Energy service, which garnered more than 100,000 household subscri
Feb. 17, 2021
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Seoul stocks snap 3-day winning streak on foreign and institutional selling
The South Korean stock market ended its three-day winning streak Wednesday amid strong foreign and institutional selling that stemmed from concerns over a US yield hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.52 points, or 0.93 percent, to close at 3,133.73 points. Trading volume was moderate at about 1.8 billion shares worth some 16.6 trillion won ($15 billion), with gainers outnumbering losers 422 to 417. Foreigners sold a
Feb. 17, 2021
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Operation of new budget airlines delayed amid prolonged pandemic
Newly-launched South Korean low-cost carriers Air Premia and Aero K have been given an extended time frame by the Transport Ministry to begin the operation of their service amid the ongoing coronavirus pandemic. In a statement on Wednesday, the Ministry of Land, Infrastructure and Transport said the two airlines can fly their first flights by the end of this year in order to retain their operating license, pushing back the date from early March to December. The move, approved by an advisory co
Feb. 17, 2021
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W2.4tr spent on Coupang and Coupang Eats in January: report
Shoppers in South Korea spent some 2.4 trillion won on fast-growing e-commerce giant Coupang and its food delivery app Coupang Eats last month, according to data released from industry tracker WiseApp on Wednesday. The latest data showed some 20 million people spent a total of 2.4 trillion won during the month of January, with each spending a total of 144,000 won per month on average on both apps. The data is based on credit card and debit card transactions and bank transfers of South Koreans
Feb. 17, 2021
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S. Korea’s money supply sees record gain
South Korea’s money supply gained a record amount of currency and other liquid instruments on-year in December, central bank data showed Wednesday, triggering alarm bells about inflation. The country’s M2 amounted to 3,191.3 trillion won ($2.9 trillion) as of end-December, gaining 260.9 trillion won on-year, showed preliminary data compiled by the Bank of Korea. In terms of percentiles, the M2 increased 9.8 percent on-year and 0.4 percent on-month. The M2 is a calculation of the mo
Feb. 17, 2021
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Insurance firms’ performance in alternative investment under par
Although the insurance industry fared well overall last year in terms of profit amid the coronavirus pandemic, its performance in the foreign alternative investment segment was disappointing, according to data announced Wednesday. Mirae Asset Life Insurance saw its operating profit drop 17.7 percent on-year to 115.8 billion won ($104.56 million) in 2020, although it secured a market share of more than 50 percent in the variable insurance segment. Its profit fell as the value of its alternati
Feb. 17, 2021
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Zero Pay mulls partnership with China’s UnionPay
Zero Pay, a mobile payment app developed by Seoul City, is considering a partnership with China’s financial platform UnionPay International, the company’s official said Wednesday. “We’re negotiating with UnionPay and other payment apps abroad but it is very early stage,” an official from Korea Easy Payment Foundation, which operates Zero Pay, said. “But it is our firm goal to expand our network beyond Korea so that users can pay with our app overseas,&rdqu
Feb. 17, 2021
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Samsung ranks 2nd in Russia's Q4 online smartphone market: report
Samsung Electronics Co. was the second-largest vendor in Russia's online smartphone market in the fourth quarter of 2020, a report showed Wednesday, amid the pandemic-induced stay-at-home trend. The South Korean tech giant accounted for 27 percent of online smartphone shipments in Russia in the last three months of 2020, up from 24.9 percent a year ago, according to market researcher Counterpoint Research. Samsung was the top brand in the overall Russian smartphone market in the October-Decemb
Feb. 17, 2021
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FSC chief denies political consideration on short selling ban extension
Financial Services Commission Chairman Eun Sung-soo said Wednesday that there were no political considerations at play in the regulator’s latest decision to extend its temporary ban on short selling, stressing that the practice a “necessary” trading tactic. “Even tough retail investors have voiced against short selling, the authorities reached a conclusion that short selling is a necessary trading tactic in the stock market,” Eun said at a parliamentary briefing,
Feb. 17, 2021
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Mr. Pizza operator’s stock trading suspended again
Shares of MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, have been suspended from trading, nearly two months after resuming transactions on the nation’s secondary bourse. The Korea Exchange’s Kosdaq Market Committee decided Wednesday to halt trading of MP Group shares as the firm has been suffering operating losses for six consecutive years. The decision came to “protect investors from a possible delisting,&rdqu
Feb. 17, 2021
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Regulator to file complaints against 4 steelmakers over price fixing
South Korea's antitrust regulator said Wednesday it will file complaints with the prosecution against four steelmakers for colluding to fix the purchase price of steel scrap. Last month, the Korea Fair Trade Commission (KFTC) decided to fine seven steelmakers, including No. 2 player Hyundai Steel Co., a combined 300 billion won ($270 million) for price fixing. The corporate watchdog said it has decided to file complaints with the prosecution against Hyundai Steel and three other steelmakers, n
Feb. 17, 2021
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Samsung launches kiosk machine highlighting security, hygiene features
Samsung Electronics Co. on Wednesday said it has launched a kiosk machine in South Korea that highlights advanced security and hygiene features as the South Korean tech giant enters the self-service machine business amid the pandemic-induced contactless trend. Samsung Kiosk is an all-in-one self-service machine that allows consumers to select, order and pay for services and products at restaurants, marts and pharmacies. Samsung said its first-ever kiosk machine will be globally available in th
Feb. 17, 2021