Most Popular
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Can Korea break away from apartment fixation?
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BTS members dominate charts, award shows despite military service
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Assembly clash looms as opposition pushes vote on W4tr budget cut
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[Reporter’s Notebook] Inside Korea’s diplomatic failure at Japan’s memorial ceremony
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Hyundai-Kia may face 19% profit loss from US tariffs: report
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Does cross atop Christmas tree at Seoul Plaza reflect religious bias?
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[Herald Interview] Director of 'Jeongnyeon: The Star is Born' discusses bringing together viewers across ages, genders
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(G)I-dle confirms full-unit contract renewal at MMA
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Who helped bring star-studded K-drama series 'The Trunk' to life?
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[AtoZ into Korean mind] ‘Tell me I fit in'
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POSCO labor union takes step closer to launching first-ever strike
Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said. Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives. If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968. "We still have
Dec. 2, 2024
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LG CNS gets preliminary nod for market debut
LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic. Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia's fourt
Dec. 2, 2024
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Dunamu’s Viver launches global transaction platform for luxury watches
South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost
Dec. 2, 2024
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Global startup accelerators flock to Seoul for Foster Bridge summit
Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an
Dec. 2, 2024
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K-fashion platform Ably secures W100b funding from Alibaba
Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan
Dec. 2, 2024
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LG makes big push to export chillers for AI data centers
LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t
Dec. 2, 2024
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Hyundai Hillstate Deungchon starts sales of apartments
Hyundai Engineering & Construction said Monday it has recently opened a showroom for Hillstate Deungchon in Gangseo-gu, Seoul, to start the housing subscription process. Hillstate Deungchon features 12 15-story buildings with five basement floors, accommodating a total of 543 households. Of these, 274 units are available for general sale. The apartments offer two main layouts: 59 square meters for 103 households and 84 square meters for 171 households. New residents are expected to move in b
Dec. 2, 2024
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Weave Living to launch flagship residence in Seoul
Global residence service provider Weave Living said last Thursday it is launching its flagship property “Weave Suites – Sunyu Parkside” in Seoul to attract both locals and expats here with premium serviced apartments. Established in 2017, Weave Living currently operates about 3,000 rental units across the Asia Pacific region under four consumer brands: Weave Studios, Weave Place, Weave Suites and Weave Residences. Weave Suites, in particular, caters to residents seeking superio
Dec. 2, 2024
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Hyundai Rotem wins $60m defense contract in Peru
South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo
Dec. 2, 2024
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Rebellions, Sapeon merge to create Korea's first AI chip unicorn
Artificial intelligence startup Rebellions said Monday that it has completed a merger with Sapeon Korea, SK Telecom’s AI chip subsidiary, to officially form Korea’s first AI chip unicorn under the unified name Rebellions. The merger was finalized about six months after the plan was announced in June. Rebellions has valued the merged entity at around 1.3 trillion won ($929 million), based on the agreed merger ratio of 1:2.4 for Sapeon Korea and Rebellions, respectively. The merged ent
Dec. 2, 2024
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Woori Bank boosts internal verification at overseas branches
Woori Bank is enhancing its internal controls by implementing a fingerprint authentication system in the software used at its international branches, the lender said Sunday. Woori Bank is the first Korean commercial bank to adopt this technology for its overseas operations. The system uses advanced encryption to securely manage data through fingerprint verification, allowing employees to access the bank's computerized system and perform tasks. This innovation is aimed at preventing financ
Dec. 1, 2024
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Rising cacao costs cited for driving up S. Korea's chocolate snack prices
South Korea's major confectionery companies have decided to raise the prices of their popular chocolate snacks on the back of soaring cacao prices, driven by climate change. Orion announced a 10.6 percent average price increase for 13 products starting Sunday. The price of its popular products like Choco Songyi and Bichobi will rise by as much as 20 percent. Orion also said it would temporarily suspend the supply of its chocolate bar, To You, instead of applying an unavoidable price increas
Dec. 1, 2024
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[Photo News] Art takes off at Incheon Airport
Incheon International Airport unveiled a large-scale art project on Saturday, as part of its fourth-phase expansion completion, transforming Terminal 2 into a vibrant cultural hub. Featuring 18 art pavilions spread across 8,000 square meters, travelers can enjoy a fusion of Korean traditions and art from across the world as they walk through and spend time at the terminal. Some highlights from the permanent exhibition include Chae Byungrok’s "Good Luck & Colorful Wishes" an
Dec. 1, 2024
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FSS chief intensifies probe into Young Poong for accounting flaws
South Korea’s top financial regulator is intensifying its investigation into Young Poong amid growing concerns over the company’s environmental violations and potential improper collusion with private equity firm MBK Partners, as tensions rise in its continuing dispute with Korea Zinc. Lee Bok-hyun, head of the Financial Supervisory Service, said Thursday that the agency had launched a probe into Young Poong after uncovering accounting irregularities, including unrecognized impairmen
Dec. 1, 2024
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Samsung challenges LG in home appliance subscription market
Samsung Electronics has entered a new round of competition with LG Electronics in the home appliance subscription services market by launching its own service centered on artificial intelligence products. Samsung announced Sunday the introduction of its AI subscription club service, which is available at the tech giant’s offline store nationwide and official online store. This service allows consumers to pay a monthly subscription fee to use home appliances for a certain period. By subsc
Dec. 1, 2024
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Korea’s advanced nuclear tech to take center stage at NES 2024
In aims to showcase South Korea's advanced nuclear power technologies and their potential to address global energy and climate challenges, the Global Nuclear Energy & Safety Confex 2024 will take place from Tuesday to Thursday at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province. Hosted by the Korea Nuclear Association for International Cooperation, the three-day event, themed “Borderless Energy: Globalizing Nuclear Business,” will
Dec. 1, 2024
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Samsung promotes tech-savvy execs to tackle challenges
Samsung Electronics on Friday promoted a total of 137 executives in a year-end reshuffle, including tech-savvy executives with strong achievements in their respective areas, with a goal of reviving stagnant business performance. The total number of promotions is slightly down from last year’s 143, and includes 35 new vice presidents and 92 new managing directors. “Samsung Electronics carried out a major personnel reshuffle strictly based on the principle of meritocracy, with an aim t
Nov. 29, 2024
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Morocco promises robust incentives for Korean businesses
Over 100 business leaders and government officials from Morocco and South Korea gathered to explore new business opportunities and enhance bilateral relations between the two nations in Seoul on Thursday evening. The Moroccan Embassy in South Korea hosted an investment forum under the theme “Morocco -- Sustainable Hub for Investment and Trade." Chafik Rachadi, ambassador of Morocco to Korea, emphasized the historical ties and growing partnership between the two nations in his welcomin
Nov. 29, 2024
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Incheon Airport completes expansion to handle 100m passengers annually
Incheon International Airport has completed the fourth-phase facility expansion, establishing itself as a megahub airport capable of accommodating over 100 million passengers annually. The Ministry of Land, Infrastructure and Transport and Incheon International Airport Corporation hosted a grand opening ceremony for the renewed airport at Incheon International Airport's Terminal 2 in Yeongjongdo, Incheon, Friday. “This project is a testament to Korea’s long-term planning,”
Nov. 29, 2024
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Woori Bank taps corporate banking expert as next CEO
Woori Financial Group has nominated Jeong Jin-wan, Woori Bank's vice president overseeing banking for small and medium enterprises, to be the bank's next chief executive officer, Friday. The decision follows a two-month management succession process initiated in late September, in line with financial authorities' governance regulations. The group’s subsidiary CEO recommendation committee selected the vice president leading Woori Bank's Small and Medium Enterprises Group
Nov. 29, 2024