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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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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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Samsung Electro-Mechanics Q3 net jumps on demand recovery
Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Monday reported robust third-quarter earnings on firm demand amid the novel coronavirus pandemic. The Samsung Group affiliate chalked up a net profit of 240 billion won ($212.5 million), up 119.4 percent from a year earlier. The company said in a regulatory filing that it posted 302.5 billion won in operating profit for the July-September period, up 59.9 percent from a year ago. Sales rose 3.3 percent on-ye
Oct. 26, 2020
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Pandemic, brisk exports may boost instant noodle makers' Q3 earnings: survey
South Korea's major instant noodle makers are estimated to have posted solid earnings in the third quarter, as demand from stay-at-home consumers rose amid the pandemic and sales in overseas markets remained robust, a survey showed Monday. The combined operating profit of Nongshim Co., Samyang Foods Co. and Ottogi Co. is projected to have reached 107.1 billion won ($94.9 million) in the July-September period, up 31.6 percent from a year earlier, according to the survey by Yonhap Infomax, the fi
Oct. 26, 2020
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Key Samsung units surge as succession issue looms following group chief's death
Shares in Samsung Group's key affiliates closed higher Monday on expectations that they may increase dividend payouts to help the late Samsung chief's scions secure funds to pay record high inheritance taxes and they may overhaul their governance structures. Samsung Group chief Lee Kun-hee died Sunday at age 78, more than six years after being hospitalized for a heart attack. Shares in three Samsung affiliates held by the late group chief spiked in the morning session as investors bet that th
Oct. 26, 2020
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S. Korea's beer exports more than halve this year on virus
South Korea's beer exports more than halved in the first nine months of the year in the wake of the coronavirus pandemic, data showed Monday. Overseas shipments of Korean beer stood at $54.1 million in the January-September period, about 46 percent of last year's $117.3 million, according to the Korea Agro-Fisheries & Food Trade Corp. Exports to China fell by a third to $20.3 million from $67.6 million over the cited period. Shipments to Hong Kong sank 27.3 percent, and those to the United
Oct. 26, 2020
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S. Korea, Britain agree to maintain close ties after Brexit, pandemic
South Korea and Britain agreed Monday to maintain their trade ties after the scheduled end of the transition period of London's departure from the European Union and to form a deeper bond to overcome the economic jitters caused by the pandemic. Seoul's Industry Minister Sung Yun-mo met Alok Sharma, Britain's secretary of state for business, energy and industrial strategy, in Seoul to discuss the two countries' post-pandemic cooperation, according to the Ministry of Trade, Industry and Energy.
Oct. 26, 2020
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20-somethings overburdened with bank overdrafts, card loans
South Koreans in their 20s are overburdened with bank overdrafts and loans from credit card companies amid a jobs crunch sparked by a protracted economic slump, data showed Monday. Outstanding overdrafts and card loans extended to local 20-somethings came to some 2.15 trillion won ($1.91 billion) as of the end of June this year, according to the data that the Financial Supervisory Service prepared for an annual parliamentary audit. The amount is up from 2.08 trillion won from the end of last y
Oct. 26, 2020
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S. Korea, China to discuss expanding bilateral FTA scope
South Korea and China on Monday launched the ninth round of talks with China to bolster ties in the service and investment fields as part of their bilateral free trade agreement (FTA), which went into effect five years ago. South Korean and Chinese trade officials will hold a virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. The two countries launched the first FTA follow-up meeting in 2018. "During the meeting, we plan to set more det
Oct. 26, 2020
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[News Focus] Is recent slide in dollar prices undesirable?
SEJONG -- The Korean currency has regained its value against the US dollar over the past few weeks after losing ground for more than a half year in the wake of the novel coronavirus. The dollar traded between 1,131 won and 1,142 won last week, closing at 1,132.9 won on Friday, the cheapest level since it traded between 1,131 won and 1,137 won in March 2019. As a result, some government officials are raising concerns that the strengthening won could weaken the competitiveness of local exporters
Oct. 26, 2020
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Samsung chief was wealthiest man in S. Korea
Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, was the wealthiest man in the country, data showed Sunday. The total value of stocks held by Lee, who died at a Seoul hospital after being bedridden following a heart attack in 2014, stood at 18.2 trillion won ($16.1 billion) as of Friday, according to the Korea Exchange data. By company, Lee held a 4.18 percent stake in the conglomerate's crown jewel, Samsung Electronics Co., worth 15 trillion won, 20.76 percent in S
Oct. 25, 2020
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Late Samsung chief's scions to pay record high inheritance taxes
As Samsung chief Lee Kun-hee passed away, his heirs, including his only son, Jae-yong, and his sisters will shoulder a record high amount of inheritance tax, industry sources said Sunday. Lee Kun-hee, who led South Korea's top family-controlled conglomerate Samsung Group, died at a hospital in Seoul on Sunday at age 78, leaving behind stock assets of some 18 trillion won ($15.9 billion). The senior Lee is survived by his wife, Hong Ra-hee, and only son, Jae-yong, and two daughters -- Boo-jin a
Oct. 25, 2020
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Samsung Group's market cap up nearly 350 times under Lee's leadership: data
The market capitalization of Samsung Group, South Korea's largest conglomerate, rose 348 times under the leadership of now deceased group chief Lee Kun-hee, data showed Sunday. The conglomerate, which includes crown jewel Samsung Electronics Co. and construction company Samsung C&T Corp., sprawled under his management, with its market capitalization reaching 318.7 trillion won ($282.4 billion) in 2014 from just 900 billion won in 1987, when Lee rose to the conglomerate's top position, accor
Oct. 25, 2020
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Biography timeline of late Samsung head Lee Kun-hee
Lee Kun-hee, chief of South Korea's top conglomerate, Samsung Group, died at a hospital in Seoul on Sunday at age 78. The following are the major events during the life of the late business tycoon in chronological order. 1942 - born in Daegu as third son of Samsung Group founder Lee Byung-chull 1953 - heads to Japan for education 1965 - graduates from Waseda University with business major 1966 - finishes George Washington University's MBA program, joins Samsung-affiliated Tongyang Broadcasti
Oct. 25, 2020
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S. Korea to check working environment for foreign crewmen
South Korea said Sunday it will launch a special probe into the working environment for foreign crewmen working on local fishing boats to root out possible human rights violations by their employers. The country plans to look deeper into the working conditions of foreign workers on local fishing boats sized 20 tons and above during the four-week period that will run through Nov. 20, according to the Ministry of Oceans and Fisheries. "Foreign workers are crucial for the country's fishery i
Oct. 25, 2020
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Sales of luxury imported cars hit new record in S. Korea
South Korea saw its sales of luxury imported cars rise sharply over the first nine months of the year despite the new coronavirus pandemic straining the economy, data showed Sunday. The combined sales of imported automobiles with a price tag of more than 100 million won ($88,600) surpassed 30,000 units over the January-September period, marking the first time that annual sales have surpassed the threshold, according to the Korea Automobile Importers & Distributors Association. The figure,
Oct. 25, 2020
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S. Korea's trade volume dips 18.3% in Q2 amid virus pandemic: data
South Korea's combined trade volume dropped 18.3 percent in the second quarter of 2020 from a year earlier amid the new coronavirus pandemic, data showed Sunday. Asia's No. 4 economy saw its exports and imports reach $109 billion over the April-June period, falling $24 billion from the previous year, according to the data compiled by Rep. Yang Kyung-sook of the ruling Democratic Party. It marked a further drop compared with the 1.8 percent on-year decrease reported over the first quarter. The
Oct. 25, 2020
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Hyundai Glovis Q3 net income up 257.5% to 162.2b won
Hyundai Glovis Co. on Friday reported its third-quarter net profit of 162.2 billion won ($143.1 million), up 257.5 percent from a year earlier. The company said in a regulatory filing that it posted 161.4 billion won in operating profit for the quarter, compared with 260.6 billion won a year ago. Revenue fell 22.8 percent to 3.66 trillion won. The operating profit was 2.1 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News
Oct. 23, 2020
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Shinhan Bank to issue 200b won in hybrids
Major South Korean lender Shinhan Bank said Friday it will issue 200 billion won ($176 million) worth of hybrid bonds in November to bolster its financial health. The envisioned debt sale will be conducted on Nov. 5 and the amount could rise to 300 billion won depending on the outcome of next week's demand forecasting, the lender said. Hybrid bonds, which combine both debt and equity features, help a bank raise its capital ratio. A call option gives the issuer the right of termination before m
Oct. 23, 2020
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Finance minister sees need to cut maximum legal lending rate
SEJONG -- Finance Minister Hong Nam-ki said Friday there is a need to cut the maximum interest rate that private lenders can charge as part of efforts to ease financial burdens on low-income people. In a parliamentary audit meeting, Hong said the government has reviewed a plan to cut the maximum legal lending rate. In 2018, the government lowered the maximum legal lending rate to 24 percent from 27.9 percent. Hong said the government will review market interest rates and other economic facto
Oct. 23, 2020
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Hyundai Engineering & Construction Q3 net profit down 61.6% to 83.8b won
Hyundai Engineering & Construction Co. on Friday reported its third-quarter net income of 83.8 billion won ($73.9 million), down 61.6 percent from a year earlier. The company said in a regulatory filing that it posted 139.8 billion won in operating profit for the quarter, compared with an operating income of 239.2 billion won a year ago. Sales fell 1.1 percent to 4.04 trillion won. The operating profit was 13.9 percent lower than the average estimate, according to the survey by Yonhap Info
Oct. 23, 2020
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Government to hold job fair for global financial organization aspirants
South Korea will hold a recruiting fair via teleconference next month for those who aspire to join global financial organizations, the Ministry of Economy and Finance said Friday. The 11 participating organizations are the International Monetary Fund, World Bank, Asia Development Bank, Asia Infrastructure Investment Bank, African Development Bank, Central American Bank for Economic Integration, European Bank for Reconstruction and Development, Global Climate Fund, Global Green Growth Instit
Oct. 23, 2020