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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Samsung digital wallet service to arrive at 13 more countries
Samsung Wallet, a digital wallet and digital certificate platform known as Samsung Pay in South Korea, will become available in 13 more countries by the end of this year, tech giant Samsung Electronics announced Friday. The service will be expanded to Bahrain, Denmark, Finland, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam and the United Arab Emirates. With Samsung Wallet, Galaxy users can organize digital keys, payment cards, boarding passes, as well as ide
Oct. 14, 2022
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Auto exports jump 35% in September on popularity of eco-friendly cars
South Korea's car exports jumped 34.7 percent on-year in September on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to$4.79 billion last month, the largest ever for any September, according to the data from the Ministry of Trade, Industry and Energy. It is also the second-largest monthly figure after July 2022 when the amount came to $5.14 billion, it added. In terms of volume, a total of 192,863 vehicles were sold last month, up
Oct. 14, 2022
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Seoul shares open higher on overnight Wall Street gains
South Korean stocks opened higher Friday, tracking an overnight surge on Wall Street as investors shook off hotter-than-expected inflation data and bet price increases would soon peak. The benchmark Korea Composite Stock Price Index (KOSPI) added 34.03 points, or 1.57 percent, to 2,196.90 in the first 15 minutes of trading. Overnight, Wall Street made a remarkable turnaround to close higher, after plunging significantly earlier in the session, as investors shrugged off persistently higher-than-e
Oct. 14, 2022
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[Graphic News] Deaths in S. Korea hit record high last year amid rapid aging, pandemic
The number of deaths in South Korea hit an all-time high last year due largely to rapid aging and the fallout of the COVID-19 pandemic, data showed. A total of 317,680 people died in the country last year, up 12,732 people, or 4.2 percent, from the previous year, according to the data from Statistics Korea. The 2021 tally marked the largest since 1983, when the statistics agency began compiling related data. The spike in deaths was mainly attributable to rapid aging, and COVID-19 was the
Oct. 14, 2022
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LG Energy Solution to complete commitment for 1st Ultium Cells factory
South Korean lithium-ion battery manufacturer LG Energy Solution is set to complete a $916 million capital commitment for a factory in Ohio under Ultium Cells, LG’s joint venture with General Motors, as the factory prepares for mass production in the near future, a filing showed Thursday. LG Energy Solution's US subsidiary will have its committed capital to Ultium Cells fully earmarked by Friday, as LG's payments first began in January 2020, according to the filing with the Finan
Oct. 13, 2022
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SK Innovation marks 60 years with new climate initiative
South Korea's leading refiner SK Innovation celebrated 60 years since its foundation with a new climate initiative to become more carbon-free on Thursday. The company said it would go beyond achieving its 2050 net-zero goals, pledging to drastically reduce its carbon emissions across all workplaces by 2062, its 100th anniversary. Under a new initiative, called "All Time Net Zero," the company aims to offset carbon emissions by recycling plastic, streamlining manufacturing processes and
Oct. 13, 2022
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AustCham Korea hosts dinner for trade minister
The Australian Chamber of Commerce in Korea said Thursday it has co-hosted a dinner reception for the visiting Australian Federal Minister for Trade and Tourism, Sen. Don Farrell at the Four Seasons Hotel Seoul on Wednesday. The minister came after his visit to Japan, in a tour that the AustCham explained was a strategic move to engage with Australia’s key partners to strengthen trade ties, promote Australia as a renewable energy superpower and discuss cooperation on economic security. Min
Oct. 13, 2022
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Finance minister calls on World Bank to expand ties with Korea
SEJONG -- South Korea’s top economic policymaker on Thursday called for close collaboration between the Korean government and the World Bank Group to address major global issues, such as tackling climate change. In his meeting with WB Group President David Malpass in Washington, DC, Deputy Prime Minister and Finance Minister Choo Kyung-ho stressed the role of World Bank's local liaison office at the Free Economic Zone in Incheon’s Songdo-dong, to bolster the bilateral coordination.
Oct. 13, 2022
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Samsung Electronics top stock held by Yoon officials
Samsung Electronics stocks were the most popular among senior officials serving as vice ministers or in higher positions for the Yoon Suk-yeol administration, according to a local data firm report released Thursday. According to Leaders Index, 67 out of 118 officials revealed in their financial disclosures that they were holding shares of either public or private companies, including stocks held by such immediate family members as spouse and children, as of Friday last week. Samsung Electronics,
Oct. 13, 2022
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Seoul shares end lower on recession woes
South Korean stocks finished down Thursday amid persistent concerns that combative monetary tightening policies in major economies could drag the global economy into a recession. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 39.60 points, or 1.8 percent, to end at 2,162.87. Trading volume was moderate at 781 million shares worth 6.96 trillion won ($4.86 billion), with losers far outpacing gainers 842 to 73. Institutions offload
Oct. 13, 2022
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S. Koreans purchase $600m in real estate properties overseas
South Koreans bought $600 million worth of real estate overseas last year mostly for investment purposes, a report showed Thursday. The transaction volume of foreign real estate bought by Koreans surged on-year by 53.8 percent to $600 million, according to a report from the Democratic Party of Korea Rep. Jin Sum-mi. The report, which was based on data from the Finance Ministry and National Tax Service, said individuals bought 2,404 properties, while companies purchased 51 in the cited per
Oct. 13, 2022
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[Herald Interview] Rainbow Robotics CEO bets big on robot use across multiple industries
Like many global firms, South Korean robot maker Rainbow Robotics was established in 2011 at a research laboratory. Starting out as a robot platform company founded by a group of researchers from the Humanoid Robot Research Center at the Korea Advanced Institute of Science and Technology, the company now boasts a versatile lineup of collaborative robots, which are built to work hand-in-hand with employees at work. Such robots focus more on repetitive tasks, such as inspecting and picking
Oct. 13, 2022
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Scandal-ridden SillaJen’s shares surge following trade resumption
Scandal-ridden biotechnology firm SillaJen’s shares surged by nearly 30 percent on Thursday a day after South Korea’s sole bourse operator decided to resume its trading on the secondary index. The firm's shares jumped nearly 30 percent from the previous closing to 10,850 won ($7.58), effectively ending its 29 months of suspension and quickly picking up speed from its opening price of 8,380 won. Though the closing price on the last trading day before its suspension -- May 4, 2020 --
Oct. 13, 2022
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S. Korea's fiscal deficit widens by W15.1tr
SEJONG -- South Korea's fiscal deficit increased 15.1 trillion won ($10.5 billion) in the first eight months of 2022 from a year earlier due to spending on vulnerable groups amid the prolonged pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 85.3 trillion won in the January-August period, larger than a shortfall of 70.2 trillion won a year earlier, according to the Monthly Public Finance report releas
Oct. 13, 2022
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Seoul shares open lower amid recession fears
South Korean stocks opened lower Thursday amid persistent concerns over a global economic recession. The benchmark Korea Composite Stock Price Index lost 9.21 points, or 0.42 percent, to 2,193.26 in the first 15 minutes of trading. Overnight, Wall Street closed slightly down ahead of the release of the September consumer price index, one of the key indicators that would determine the pace of the US Federal Reserve's monetary policy tightening going forward. Minutes from the Fed's Septe
Oct. 13, 2022
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SK oil trading arm invests in e-fuel company
SK Trading International (SKTI), a subsidiary of SK Innovation that trades crude oil and petroleum products, said it will invest in a US company that produces electrofuels, or e-fuels, using captured carbon dioxide. Based in Sacramento, California, Infinium synthesizes hydrogen with carbon dioxide, using its gas-to-liquid technology, and is likely to be the first company to commercialize e-fuels, SK Innovation said. Infinium plans to begin its first commercial production of electrofuels early ne
Oct. 13, 2022
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BOK's big-step rate hike coincides with gov't view: finance minister
WASHINGTON/SEJONG -- South Korea's finance minister said Thursday the central bank's decision to take another big-step rate hike was necessary to cope with inflation and the strong US dollar. On the previous day, the Bank of Korea (BOK) raised the benchmark seven-day repo rate from 2.5 percent to 3 percent in line with efforts to bring inflation under control. It is the first time in about 10 years that the rate has risen to the 3 percent range. "There are absolutely no difference
Oct. 13, 2022
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KRX resumes trading of SillaJen
South Korea’s stock exchange decided Wednesday to resume trading of the troubled biotech company SillaJen, effectively ending a suspension of over two years to a divided response from the market. The Korea Exchange’s Kosdaq market committee decided to keep SillaJen listed on the secondary, tech-heavy bourse in a decision that followed an hourslong meeting. It has yet to release a detailed explanation for its decision, but a KRX official, requesting anonymity, told
Oct. 12, 2022
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[Photo News] Kimchi for everyone
An advertising campaign video for kimchi, co-produced by South Korea's leading kimchi maker Daesang and Seo Kyung-duk, an expert in promoting Korea overseas, plays in New York's Times Square on Monday. Under the slogan, "Taste the original," the campaign aims to promote Korea as the originator of kimchi as well as customer awareness worldwide.
Oct. 12, 2022
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Finance ministry tells global investors Korean FX market slated to be open 24/7
SEJONG -- South Korea’s economic policymakers said the government will allow foreign-based financial firms to “directly” participate in the local foreign exchange market during a meeting with global investment bank executives. Saying that the policy is a part of the government’s effort to provide a foreign investor-friendly environment, the officials reiterated that Korea is mapping out details on the upcoming extension of the foreign exchange market’s opening hour
Oct. 12, 2022