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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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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China outpaces Korea in smaller OLED shipments for 1st time
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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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Seoul to deploy more military doctors to fill med prof void
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Liberal bloc moves to rewrite student rights ordinance
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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
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Kakao Bank, Krafton employees feel pain of bear market
Amid the white-hot stock rally of 2021, they were the envy of all. Those working at the year’s biggest market debutants Krafton and Kakao Bank were given chances to buy stocks in their company at a set price, via employee share ownership plans. However, none of those who bought the employee stocks are seeing profits now, as the shares are currently trading at less than half the price they paid. On Blind, an anonymous workplace community app, a verified Kakao Bank employee revealed a loss
Oct. 12, 2022
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S. Korea confirms second big rate hike as surging dollar adds to inflation woes
The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twice the usual size and marks a break from the August guidance that supported a gradual 25 basis point hike until this year’s last round of a rate-setting meeting in November. “We need to step
Oct. 12, 2022
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[Newsmaker] Chung leads Hyundai’s transformation toward software-powered mobility
For decades, Hyundai Motor and Kia, two brands under South Korean automotive empire Hyundai Motor Group, had long been perceived as manufacturers of low-end, entry-level vehicles. The global awareness of the Korean car brands, however, has changed in recent years with many projecting them today as mobility innovators and a reliable sources of quality. At the center of such significant change is Chung Euisun, third-generation chaebol scion and the son of former chairman Chung Mong-koo, who begin
Oct. 12, 2022
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Renault CEO vows investments to make Korea export hub
Renault Group will be investing hundreds of millions of euros in South Korea for the next six years to turn the country into an export hub for its mid to large-size vehicles, its CEO said Tuesday in Seoul. “We want to make Korea the key export hub for large (-vehicle) segments. Being in Korea is also a fantastic way for us to keep the group partnered to one of the most innovative tech ecosystems in the world. We have a lot to learn here,” said Luca de Meo during a press conference he
Oct. 12, 2022
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KITA chief urges US to delay EV tax breaks
Christopher Koo, chairman of the Korea International Trade Association, has called for the US to allow at least a three-year delay in implementing a US bill on tax benefits for electric vehicles that is highly disadvantageous for Korean carmakers exporting EVs there. Koo met with US Sen. Jon Ossoff of Georgia on Tuesday (US time) to deliver KITA's position on the matter. KITA, one of the largest trade lobbies in Korea, represents some 2,000 firms. “Koo asked the senator to consider dela
Oct. 12, 2022
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SKT, UAE’s e& Group join hands to launch meterverse service in Middle East
South Korean wireless telecommunications operator SK Telecom, which operates its own metaverse platform called ifland, said Wednesday it signed a deal with United Arab Emirates’ top telecommunications carrier e& Group to provide its metaverse service to Middle Eastern countries. Under the memorandum of understanding, South Korea’s leading telecommunications carrier will be developing an optimal metaverse service tailored to Middle Eastern users’ tastes, based on the data e&
Oct. 12, 2022