Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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LG Chem sets course to new drug technologies after battery biz split-off
LG Chem has recently purchased a series of new drug technologies from South Korean bio companies, as part of an effort to seek a new growth engine after it split-off of its battery business. The company has signed two technology transfer agreements with local bio firms Medipost and ICM this month, the company said Thursday, with an aim to introduce two global new drugs within 10 years. The technology transferred from Medipost can grow mesenchymal stem cells in large quantities. LG Chem aims t
Dec. 24, 2020
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S. Korean stocks break 2,800 ceiling to fresh high on vaccine deals
South Korean stocks broke the 2,800 mark for the first time Thursday to close at an all-time high, as the country's additional deals to purchase COVID-19 vaccines boosted hopes for a faster-than-expected economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.04 points, or 1.7 percent, to close at 2,806.86. Trading volume was moderate at about 1 billion shares worth some 20 trillion won ($18.1 billion), with gainers outnumbe
Dec. 24, 2020
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Cash-strapped Ssangyong Motor partially solves its parts supply deadlock
SsangYong Motor, which recently filed for court receivership due to a liquidity crunch, said Thursday that its parts delivery deadlock is showing signs of alleviating as one of the key partners resumed supply. “Hyundai Mobis has announced that it will start supplying head lamps again, starting Dec. 29,” said an official of the company. The cash-strapped automaker had announced Wednesday that it will suspend the operation of its Pyeongtaek factory on Dec. 24 and 28 after its suppli
Dec. 24, 2020
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[Newsmaker] Coupang offers streaming for premium subscribers
South Korea’s major e-commerce platform operator Coupang said Thursday that it has launched Coupang Play, an over-the-top service that provides unlimited streaming to premium membership holders. Vying with global players such as Netflix and incoming Disney Plus, as well as a number of domestic rivals, Coupang Play will tap the video content market by bundling it with their Rocket Wow Club service at the existing price of 2,900 won ($2.63) per month. The application for Android mobile ph
Dec. 24, 2020
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Korea's financial market faces risks over surging debts, virus resurgence: BOK
South Korea's central bank on Thursday raised alert about escalating risks to the financial system, pointing out household and corporate loans that have continued to surge in the wake of a protracted economic slump. As of end-September, outstanding loans of local households rose 7 percent on-year to 1,682.1 trillion won ($1.52 trillion). Their debt burden sharply increased with the households’ debt to disposable income ratio reaching 171.3 percent, up 10.7 percentage points from th
Dec. 24, 2020
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Shinhan Life OKs merger with ex-ING's Korean arm
Shinhan Financial Group has approved a merger of its two wholly-owned life insurer subsidiaries -- Shinhan Life Insurance and Orange Life Insurance -- into a single entity next year, filings showed Thursday. As a result of the move, Orange Life, formerly the Korean arm of Amsterdam-based ING Group, will be merged into Shinhan Life. The two firms’ combined valuation exceeded 4 trillion won ($3.6 billion), according to the filings. Orange Life‘s 82 million shares will be converted i
Dec. 24, 2020
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Why alcohol brand mascots are making a comeback
Two major alcohol companies in Korea have one thing in common lately -- a high-profile retro mascot that has become the face of the company. Oriental Brewery brought back its nostalgic bear character from the 1980s known as “Lala Bear,” while its rival HiteJinro released a blue bottled soju featuring its famous toad mascot last year, a character that dates to 1954. Their foray into soft power territory comes following a year dominated by “Pengsoo,” a beloved giant peng
Dec. 24, 2020
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S. Korean public sector debt grows at fastest pace in 5 years in 2019
South Korea's public sector debt climbed at the fastest clip in five years in 2019 to exceed the 1,100 trillion-won ($1 trillion) mark, the government said Thursday. The country's public sector debt, known as D3, which includes the debt of the central government and state-funded firms, came to 1,132.6 trillion won as of end-2019, up 5.1 percent, or 54.6 trillion won, from the previous year, according to the Ministry of Strategy and Finance. The on-year increase in the public debt represents th
Dec. 24, 2020
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SK Telecom teams up with AWS to launch 5G edge cloud service
SK Telecom Co., South Korea's top wireless provider, said Thursday it has partnered with Amazon Web Services Inc. (AWS) to launch the country's first 5G edge cloud service. The business-targeted service, named SKT 5GX Edge, provides users ultra-low latency for data-intensive services by connecting to AWS Wavelength Zones installed in SK Telecom's telecommunications offices, making it unnecessary for traffic to go through regional aggregation sites, according to the carrier. SK Telecom said it
Dec. 24, 2020
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[Graphic News] Samsung ranks 5th in global computer monitor market in Q3: report
Samsung Electronics was the world's fifth-largest computer monitor vendor in the third quarter of the year, a report showed, as its shipments increased significantly amid the pandemic. The South Korean tech giant had a market share of 9 percent in the global computer monitor market in the July-September period, up from 6.8 percent a year ago, according to market researcher International Data Corp. Samsung’s computer monitor shipments jumped 52.8 percent on-year to 3.37 million u
Dec. 24, 2020
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S. Korean stocks open higher on deals on COVID-19 vaccines
South Korean stocks opened higher Thursday as South Korea's deals to buy COVID-19 vaccines boosted investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.49 points, or 0.81 percent, to 2,782.31 in the first 15 minutes of trading. Prime Minister Chung Sye-kyun said the country has signed deals to purchase COVID-19 vaccines from US pharmaceutical giant Pfizer and Johnson & Johnson's Janssen. The government plans to offer shots of Janssen's vaccine in the second
Dec. 24, 2020
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S. Korea's top 3 shipyards fare relatively well despite pandemic
Despite the fallout of the coronavirus pandemic, South Korea's big three shipbuilders have fared relatively well this year as they clinch a majority of global orders for liquefied natural gas (LNG) ships and very large crude carriers (VLCCs), industry sources said Thursday The trio -- Korea Shipbuilding & Offshore Engineering Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- have achieved 91 percent, 65 percent and 75 percent of their order targets, r
Dec. 24, 2020
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S. Korea deploys 5G tech in airport virus check
South Korea said Wednesday it has introduced mobile edge computing (MEC) technology at Incheon International Airport to operate an artificial intelligence (AI) system that screens potential COVID-19 patients in a move to step up preventative measures against the pandemic. The Ministry of Science and ICT said the system will check for passengers without masks or with COVID-19 symptoms, such as high temperature, at the arrival and departure halls of the country‘s main gateway, located west
Dec. 23, 2020
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Han Sung Motor celebrates graduation of Dream Gream students
For Han Sung Motor, Korea‘s official Mercedes-Benz dealer, year-end celebrations aren’t complete without a graduation ceremony for recipients of its art scholarship program. This year, the event honored four students who completed the Dream Gream program. In light of the COVID-19 pandemic, this year’s event was held Friday virtually for the first time since the firm launched the program in 2012 Only a small number of people gathered at a cafe in Seoul on Friday, while gradu
Dec. 23, 2020
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30% of COVID-19 relief funds spent on boosting consumption: KDI
Around 30 percent of the COVID-19 relief funds universally handed out by the government in May were spent to boost sluggish domestic consumption, with the rest used for debt payments or savings, a state-run think tank said Wednesday. According to a report released by the Korea Development Institute, some 4 trillion won ($3.65 billion) has been spent through credit and debit cards, accounting for between 26.2 percent and 36.1 percent of an estimated 11.1 trillion to 15.3 trillion won granted by
Dec. 23, 2020
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KCCI vies to beef up Korea-ASEAN biz partnership
Leaders of the Korea Chamber of Commerce and Industry in ASEAN countries discussed how to strengthen the strategic business partnership between the two regions at a meeting held online Tuesday. The Association of ASEAN Korean Chambers took place at the Four Seasons Hotel in central Seoul, joined by government officials and businesspeople. At the meeting, Ahn Byung-hwa, deputy chief of the Presidential Committee on New Southern Policy, introduced seven major tasks, such as comprehensive colla
Dec. 23, 2020
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Seoul stocks rebound nearly 1% on tech gains
South Korean stocks rebounded by almost 1 percent Wednesday after the previous session's plunge, backed by strong advances by tech giants. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.14 points, or 0.96 percent, to 2,759.82. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($18 billion), with losers outnumbering gainers 491 to 360. Foreigners bought a net 83 billion won, snapping a four-session
Dec. 23, 2020
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Residents to be selected for Korea’s first smart community
Residents of South Korea’s first smart community, to be built in the southern port city of Busan, will be selected Thursday in a 148:1 competition, the company behind the project said Wednesday. The state-run Korea Water Resources Corp., also known as K-Water, will hold a drawing at BEXCO convention center to pick the lucky 36 households who will experience the cutting-edge technologies incorporated in prototype smart residences at the Busan Eco Delta City. They will join eighteen househ
Dec. 23, 2020
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Will Apple’s EV benefit Korean battery industry?
Upon the news that Apple will launch a self-driving electric vehicle by 2024, attention quickly shifted to which batteries it will use. Industry watchers predict that the Apple Car is likely to be loaded with LFP (lithium iron phosphate) batteries made by China’s CATL, but local lithium-ion batteries manufacturers, namely LG Energy Solution and Samsung SDI, will benefit from the US firm’s entry into the field in the long term. “Apple’s autonomous EV project, also know
Dec. 23, 2020
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IBK partners with Naver’s cloud platform for fintech innovation
The Industrial Bank of Korea joined hands with a platform operated by Naver’s cloud affiliate for digital innovation and development of fintech services, the state-run bank said Wednesday. The new partnership will enable them to bolster their cloud and artificial intelligence capabilities, IBK said. To keep pace with each other, both plan to establish a solid communication channel to review Naver’s technologies capable of upgrading banking business. Discovering and recommending
Dec. 23, 2020