Most Popular
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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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What is Hybe’s next move?
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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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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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KT launches new mobile plans for foreign residents
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S. Korea to hold nationwide shopping festival in Nov.
South Korea will hold a massive nationwide shopping festival involving major retailers, manufacturers and traditional markets in November to attract foreign tourists and boost domestic consumption, organizers said Friday. The annual Korea Sale FESTA will kick off Nov. 1 for a 15-day run, offering items ranging from electronics and furniture to cosmetics and apparel, according to the Ministry of Trade, Industry and Energy, and the organizing committee. A total of 1,328 companies are slated to p
Oct. 23, 2020
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Korea Shipbuilding gets nod for hydrogen carrier design
Korea Shipbuilding & Offshore Engineering Co. said Thursday that it and its unit Hyundai Mipo Dockyard Co. have won approval for the design of a commercial hydrogen carrier for the first time in the world. The approval in principle for the design was awarded by KR, South Korea's ship quality assurance and risk management company, and the Liberian International Ship & Corporate Registry (LISCR), the US-based manager of the Liberian Registry, Korea Shipbuilding said. The approval allow
Oct. 22, 2020
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Overseas stock transactions hit new high in Q3
South Koreans' overseas stock transactions soared to a new high in the third quarter of the year on brisk investment in tech companies, data showed Thursday. Local investors' trading of overseas shares was valued at $62.02 billion in the July-September period, an all-time quarterly record and up 42.7 percent from the previous high of $43.46 billion three months earlier, according to the data from the Korea Securities Depository (KSD). The value of US stocks traded by South Korean investors to
Oct. 22, 2020
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Number of beef cattle in S. Korea hits all-time high in Q3
SEJONG -- The number of beef cattle in South Korea surged to a record high in the third quarter of the year on increased beef consumption, government data showed Thursday. There were 3.39 million beef cattle, including Korean-bread cattle known as "hanwoo," in the country as of Sept. 1, up 3.9 percent from a year earlier, according to the data by Statistics Korea. It represents the largest-ever tally since the statistical agency began tracking related data in 1983. The third-quarter
Oct. 22, 2020
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S. Korea, China up currency swap size
South Korea and China signed a deal to extend their bilateral currency swap agreement and expand the size, the Bank of Korea (BOK) said Thursday, a move aimed at helping ease a potential liquidity crunch amid the pandemic. The BOK and People's Bank of China clinched a won-yuan currency swap deal worth $26 billion in December 2008 in the midst of the global financial crisis. They have extended it by three years three times so far and enlarged the size to some 64 trillion won ($56.5 billion) in 2
Oct. 22, 2020
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Kumho Tire to supply tires for Scoda Kamiq from January
Kumho Tire Co., South Korea's second-largest tiremaker by sales, said Thursday it will begin supplying tires for the Skoda Kamiq compact crossover in January. Kumho Tire also has been supplying ECSTA PS71 original equipment (OE) tires to Skoda's Czech Republic-based plant that produces the Octavia sedan since May. Scoda is a carmaker belonging to Volkswagen Group. Supplying OE tires to car manufacturers does not generate much revenue for tiremakers but securing big companies as clients helps
Oct. 22, 2020
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Doosan Bobcat launches new product line for Europe
South Korea's small-sized construction equipment maker Doosan Bobcat Co. said Thursday that its European unit Doosan Bobcat EMEA Ltd. has held a virtual event to launch its new product line as part of efforts to expand sales in Europe. The line of 12 new products includes a compact wheel loader, a light compaction machine, a small-sized loader and a mini-sized excavator, Doosan Bobcat said. Doosan Bobcat EMEA based in the Czech Republic plans to annually sell 1,000 units of compact wheel loa
Oct. 22, 2020
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Moody's says quality-related expenses credit negative for Hyundai
Moody's Investors Service said Thursday that Hyundai Motor Group's 3.4 trillion-won ($3 billion) quality-related provisions will be credit negative for the South Korean carmaker. In its recent report, Moody's said the sizable provisions for engine recalls and quality management highlights the continued quality-control challenges facing Hyundai and will hit the carmaker's profitability this year. Hyundai Motor Co. and its affiliate Kia Motors Corp. put aside 2.1 trillion won and 1.26 trillion
Oct. 22, 2020
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Brokerages revise up Q3 earnings outlook for major listed firms
South Korean brokerage houses have upgraded their third-quarter earnings outlook for major listed companies despite the coronavirus pandemic, a market tracker said Thursday. The combined operating income forecast for 173 major listed firms came to 38.2 trillion won ($33.7 billion) for the July-September period as of Wednesday, up 24.1 percent from a year earlier, according to FnGuide. It also represents a 5.5 percent increase from their estimate of 36.1 trillion won made a month earlier. The
Oct. 22, 2020
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Coronavirus-caused job crisis spills over to non-service sectors: report
While the outbreak of COVID-19 initially impacted jobs in the service sector, the fallout has now spilled over to South Korea’s manufacturing and knowledge industries amid the prolonged epidemic crisis, data showed Wednesday. Also, young workers under 40 took a heavier blow than those in their 40s and 50, while those aged 60 and older saw a rise in their employment numbers. The number of people employed in retail, wholesale, lodging and restaurant businesses totaled 5.52 million in S
Oct. 21, 2020
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S. Korea vows to join IMF's move to help low-income nations hit by pandemic
SEJONG -- South Korea will join a move by the International Monetary Fund (IMF) to help low-income nations recover from the coronavirus pandemic, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks during a virtual meeting with IMF Director Kristalina Georgieva earlier in the day, the Ministry of Economy and Finance said in a statement. South Korea also supports an increase in funding for the IMF as demand for loans and grants jumped in the wake of the pandemic, Hong said. E
Oct. 21, 2020
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37% of firms fail to repay interest on debts in 2019: BOK
About 37 percent of firms in South Korea failed to repay the interest on their debts in 2019, central bank data showed Wednesday, highlighting concerns about deteriorating corporate financial status amid economic gloom. The number of so-called marginal or zombie firms is expected to rise further this year as the coronavirus pandemic devastated the nation's economy. According to the Bank of Korea (BOK), 36.6 percent of 384,877 firms made less profit than their interest expenses for a third co
Oct. 21, 2020
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Hyundai Motor to overhaul process for quality control
Hyundai Motor Group said Wednesday it will overhaul its product quality control process following engine recalls and fires in an electric model. Hyundai Motor Co. and its affiliate Kia Motors Corp. plan to simplify the overall quality control process to better focus on resolving problems, a Hyundai official said over the phone. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, will also simplify the decision-making process to respond to customers' demands as qu
Oct. 21, 2020
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Producer prices up for 4th straight month in Sept. on farm goods
South Korea's producer prices rose for the fourth straight month in September, due largely to increased costs of agricultural, livestock and fishery goods, central bank data showed Wednesday. The producer price index, a barometer of future consumer inflation, inched up 0.1 percent in September from the previous month, slowing from a 0.5 percent on-month gain in August, according to the Bank of Korea (BOK). It marked the fourth consecutive month of increase after the price index stayed flat in
Oct. 21, 2020
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Exports fall 5.8% in first 20 days of October
SEJONG -- South Korea's exports fell 5.8 percent on-year in the first 20 days of October amid the fallout from the new coronavirus outbreak, customs data showed Wednesday. The nation's outbound shipments stood at $25.2 billion in the Oct. 1-20 period, compared with $26.7 billion a year ago, according to the data from the Korea Customs Service. Per-day exports, however, rose 5.9 percent on-year in the Oct. 1-20 period, the Korea Customs Service said. This month, fewer working days from the Ch
Oct. 21, 2020
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Doosan Heavy wins $787m power plant order from Vietnam
South Korean power plant builder Doosan Heavy Industries & Construction Co. said Tuesday it has signed a $787 million deal to build a coal-fired power plant in northeastern Vietnam. Under the deal with Vapco, a Vietnamese unit of the state-run Korea Electric Power Corp. (Kepco), Doosan Heavy Industries will build the plant and provide equipment including boilers from March 2021 to February 2025, the company said in a regulatory filing. Early this month, the board of Kepco decided to take
Oct. 20, 2020
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Public financial enterprises accused of charging excessive interest rates
South Korea’s major financial state-owned corporations turned out to have imposed excessive interest amounts that far exceed the principal upon small-sized debtor businesses, raising skepticism about their “inclusive finance” policy functions, data showed Tuesday. According to data submitted to Rep. Min Hyung-bae, lawmaker of the ruling Democratic Party of Korea and a member of the parliamentary finance committee, the four state-owned companies affiliated with the Financial
Oct. 20, 2020
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8 out of 9 state-run financial firms have zero female executives
Women in leadership positions are still rare at South Korea’s state-run financial institutions, despite the government’s policy drive to empower female workers at the public offices, data showed Tuesday. As of 2019, eight out of nine public financial bodies in the country were found to have zero women at the executive level, with the exception being the Korea Asset Management Corp., in which two women are holding senior management roles, said Rep. Bae Jin-gyo of
Oct. 20, 2020
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[Newsmaker] S. Korea to lift export ban on mask filters
South Korea said Tuesday it will lift the export ban on nonwoven fabrics this week that are used to produce protective masks as the domestic supply of the materials and masks stabilized. Under the decision, the country will lift the regulation that bans firms from exporting more than 15 percent of their production of nonwoven fabrics starting Friday, according to the Ministry of Trade, Industry and Energy. Earlier this year, the country ran out of melt-blown nonwoven fabric filters amid soarin
Oct. 20, 2020
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Daewoo Shipbuilding develops world's first metalworking robot
Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has developed an AI robot for metalworking in the construction of ships for the first time in the world. The AI hot working robot, called Goknuri, is now used to shape steel plates into curved ones at the front and the rear of a steel hull in Daewoo Shipbuilding's shipyard in Geoje Island, about 400 kilometers south of Seoul, South Korea's leading shipbuilder said. Hot working is the metalworking process carried out above 800 C
Oct. 20, 2020