Most Popular
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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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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Tech giants tighten belts amid uncertainties, bleak outlook
South Korean electronics giants are bracing for uncertainties across the board, with some leading exporters mapping out belt-tightening plans to address the situation that some have described as grave as the 2008 global financial crisis. Memory chip supplier SK hynix is one of the companies hit hardest by slowing consumer demand and the US-China tech arms race. The memory chip downcycle follows a pileup of order backlogs, and uncertainties are growing in its Chinese operations due to semiconduct
Oct. 26, 2022
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Naver says it's first internet firm to join both EV100, RE100
Naver said on Wednesday it has joined EV100, an initiative to electrify a firm's vehicle fleet, becoming the first internet platform company in the world to join both RE100 and EV100. Naver was the first internet company in Korea to join RE100 last August. RE100 is a coalition comprising 380 global enterprises that are committed to becoming 100 percent renewable. EV100 urges businesses to replace all corporate vehicles with electric ones by 2030. By joining EV100, Naver will have all of its regi
Oct. 26, 2022
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Ratio of young workers at manufacturing halved over 20 years: FKI
The working population of the manufacturing industry in South Korea is aging faster than those in the US and Japan, showed research published Wednesday by the Federation of Korean Industries (FKI), a local organization representing businesses. According to the research of Korean manufacturing industry workers from 2001 to 2021, the ratio of young workers, aged 15 to 29, dropped from 29.7 percent in 2011 to 14.8 percent in 2021. Also, the ratio of workers in their 30s decreased from 33.9 percent
Oct. 26, 2022
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Amid IRA setback, Hyundai Motor Group breaks ground for new EV plant in US
Hyundai Motor Group on Wednesday officially kicked off a construction of its first electric vehicle-dedicated manufacturing plant in Georgia, US, gearing up for mass production of 300,000 cars annually from the first half of 2025 amid the US government pushing ahead with a full implementation of a new law that removes subsidies on electric vehicle made outside of American soil. The envisioned plant named Hyundai Motor Group Metaplant America (HMGMA) illustrates the carmaker’s latest
Oct. 26, 2022
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[Herald Interview] World's first NFT film and art festival to start in Newport Beach
A South Korean movie director and the mayor of Newport Beach will jointly host the world’s first non-fungible token film and art festival in Newport Beach -- a coastal mecca in California just an hour away from Hollywood. “I thought of hosting the Beach Cities NFT Film & Art festival because of the currently centralized and inefficient way to make movies,” Kim Jeong-jung, a film director and the festival's organizer, said during an interview with The Korea Herald. “Cu
Oct. 26, 2022
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Coupang launches cross-border e-commerce service in Taiwan
South Korean e-commerce giant Coupang said Wednesday it has launched a cross-border online shopping service in the burgeoning Taiwanese market, saying it would help small and medium-sized Korean companies expand their businesses overseas. Through the Taiwanese version of Coupang's mobile app, consumers in Taiwan can use the company’s ultrafast Rocket Delivery service. Customers can order millions of groceries, daily necessities and other products from South Korea, and receive them i
Oct. 26, 2022
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Ginseng good for treating memory and muscle loss: experts
The Korean Society of Ginseng kicked off its 13th International Ginseng Symposium on Tuesday in Seoul, bringing together experts from around the world who study the health effects of ginseng. This year’s event was held under the theme “Ginseng, a phytoceutical for health.” It runs through Friday. The event comprised 13 themed sessions, during which hundreds of scholars gave both oral and poster presentations on their studies and findings. The event ends on the third day with a
Oct. 26, 2022
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LS Cable's acquisition of KT Submarine expected to create synergy
LS Cable & Systems recently said it will make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cable business. The cable manufacturing unit of LS Group said it will acquire 4.04 million stocks, or a 16 percent stake in KT Submarine by December, and become the second-largest shareholder of KT Submarine. Once LS Cable exercises its call option in the four months from April 1 next year, the cable manufacturer can purchase a 42 percent stake in KT Subm
Oct. 26, 2022
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OECD recommends Samsung Heavy ensure workplace safety over 2017 deadly crane accident
The Korean branch of the Organization for Economic Cooperation and Development called on Samsung Heavy Industries Co. on Wednesday to fulfill due corporate responsibility to better ensure worksite safety following a deadly crane accident in 2017. In May 2017, two cranes collided at the shipbuilder's shipyard in the southeastern port city of Geoje, killing six and injuring 25 others. Civic groups filed a complaint with the OECD's Korean National Contact Point in 2019 against Samsung Hea
Oct. 26, 2022
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South Korea well positioned to cope with economic shocks: IMF official
South Korea is well positioned to fight off any economic shock because it maintains “strong economic fundamentals and ample buffers,” a senior official at the International Monetary Fund said Tuesday, amid growing recession worries prompted by surging borrowing costs seen globally to corral inflation. Krishna Srinivasan, director of the Washington-based lender’s Asia and Pacific department, said that the country’s current account surplus and net foreign assets -- which ac
Oct. 26, 2022
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Seoul shares open almost flat amid eased Fed rate woes
South Korean stocks opened nearly unchanged on Wednesday amid expectations that the US Federal Reserve may ease up on its hawkish interest rate hikes. The benchmark Korea Composite Stock Price Index rose 1.14 points, or 0.05 percent, to 2,236.21 in the first 15 minutes of trading. Softer data on home price growth and consumer confidence, released Tuesday, renewed speculation that the Fed could start scaling down the rate hikes after its November monetary policy meeting set for next week. In Seou
Oct. 26, 2022
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SK hynix posts sharp drop in Q3 profit, cuts investment by half next year amid chip downturn
SK hynix Inc. reported its third-quarter earnings Wednesday, falling short of analysts' expectations on the top and bottom lines, amid a cyclical downturn of the global semiconductor industry. The chipmaker's third-quarter net income was 1.1 trillion won ($769.4 million), down 66.7 percent from a year earlier, according to a regulatory filing. Operating profit for the three months ending in September came to 1.65 trillion won, compared with 4.17 trillion won a year ago. Sales fell 7 pe
Oct. 26, 2022
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Hyundai holds groundbreaking ceremony for US EV plant
South Korea's Hyundai Motor Group said Wednesday it has held a groundbreaking ceremony for its dedicated electric vehicle plant in the United States as it seeks to make a presence in the North American EV market. Hyundai Motor Group's Chairman Euisun Chung attended the ceremony held in Bryan County, Georgia where the plant named Hyundai Motor Group Metaplant America will be built, the company said in a statement. Chung said Hyundai and the state of Georgia will make HMGMA into a "
Oct. 26, 2022
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Philip Morris Korea launches new heated tobacco device that needs no cleaning
Philip Morris Korea on Tuesday launched Iqos Iluma, its new flagship heated tobacco product that requires no cleaning process, saying it hopes to enhance customer experience. “Our new heat-not-burn cigarette uses smart core induction technology that doesn’t require heating blades like previous models. Since the tobacco sticks are not inserted into the blades, you don’t have to clean the ashes caught in the blades and there is no risk of damaging them,” said Baek Young-jae
Oct. 25, 2022
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[Newsmaker] Dashed dreams: Young Koreans' leveraged investments backfire
When stock and crypto markets were hot and borrowing costs were cheap, many younger South Koreans, who typically had strong risk appetite but little capital to invest, dabbled in leveraged investing, known as “bittoo” in Korean. Many of these young investors had dreamed of getting rich quick and retiring young to become a new member of “FIRE tribe” -- the acronym standing for financially independent, retire early. But many are now suffering, as markets have tanked and int
Oct. 25, 2022
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Seoul shares nearly flat ahead of major earnings reports
South Korean stocks closed little changed Tuesday from the previous session, as investors took a breather ahead of earnings reports to be released by major companies later this week, amid worries over global inflation and US monetary tightening. After bobbing in and out of positive territory, the benchmark Korea Composite Stock Price Index slipped 1.09 points, or 0.05 percent, to 2,235.07. Trading volume was moderate at 448.8 million shares worth 6.92 trillion won ($4.82 billion) with decliners
Oct. 25, 2022
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S. Korea scrambles to prevent real estate PF liquidity crisis
South Korean authorities are trying to contain a possible liquidity crunch from an overheated real estate project financing market, with Legoland Korea’s debt payment default rising adding to perceived risk levels. The total value of loans extended for the purpose of real estate project financing has rapidly grown, but the central bank’s aggressive rate hikes have increased borrowers’ debt repayment burdens. The rising costs of raw materials added to the worries. Finance Mini
Oct. 25, 2022
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Seoul holds 1st World Bio Summit
The South Korean government on Tuesday kicked off the first World Bio Summit, a joint event with the World Health Organization to gather leaders of the vaccine and biotechnology industry to discuss innovations and ways to strengthen global health security. President Yoon Suk-yeol highlighted the importance of solidary and cooperation that go beyond the borders to prepare for humanity’s common adversity of new infectious diseases and pandemics. “Global society should work together
Oct. 25, 2022
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Lawmaker claims Netflix Korea may have been evading tax
Netflix Korea, a Korean subsidiary of the global streaming platform Netflix, saw over 1.2 trillion won ($836 million) in sales for last three years but paid only 0.5 percent of its revenue in tax, a ruling party lawmaker said on Tuesday, raising suspicion that the US company may have been evading local taxes. According to an audit report of Netflix Korea released by Rep. Kim Seung-su of the People Power Party, from 2019 to 2021, Netflix Korea gained 1.23 trillion won and transferred 959.1 billio
Oct. 25, 2022
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Overseas flight bookings soar over 14-fold, with a half heading to Japan
Overseas flight bookings skyrocketed during the first three weeks of this month by 1,336.3 percent compared to the same period last year, according to Interpark on Tuesday. The noticeable increase of overseas travel bookings comes after COVID-19 travel restrictions have been lifted not only in South Korea but in other popular tourist spots as well, says the online ticketing site. Japan was topped the list of popular travel destinations with 48.2 percent of flights booked heading there. The numbe
Oct. 25, 2022