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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[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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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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LG Energy Solution, Honda to build $4.4b battery plant in Ohio
South Korean lithium-ion battery maker LG Energy Solution and Japanese automaker Honda have selected Fayette County, Ohio as the location to commit to a combined $4.4 billion to build an electric vehicle battery plant beginning 2023, the companies said Wednesday. The construction was initially estimated to cost $3.5 billion. Once the construction is complete by the end of 2024, the new plant will start to mass produce pouch-type lithium-ion batteries beginning 2025 with the annual production cap
Oct. 12, 2022
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KT&G, Mirae Asset launch W40b matching fund
KT&G Corp. and Mirae Asset Financial Group launched a strategic matching fund to invest in startups and find new growth engines. The two contributed 20 billion won ($13.9 million) each into the new fund which will invest mainly in health care and companies with good environmental, social and corporate governance. Mirae Asset Capital will manage the fund, KT&G said in a press release. KT&G said it will work together with Mirae Asset Capital in reviewing new areas of business, discove
Oct. 12, 2022
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Seoul shares open lower ahead of BOK rate decision
South Korean stocks opened lower Wednesday as investors awaited the Bank of Korea (BOK)'s decision on the policy rate later in the day amid woes over a global economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.74 points, or 0.35 percent, to 2,184.33 in the first 15 minutes of trading. South Korea's central bank will decide on whether to deliver another outsized rate hike to combat inflation. The BOK has been lifting its policy rate since August last year
Oct. 12, 2022
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[Korea Quiz] (24) The Samsung brand
Test your knowledge of Korea with our weekly quiz on the language, culture, history or anything K-related. -- Ed. Find the answer at the bottom of this page. You may know of Samsung just as a TV or phone brand. But on its home turf of South Korea, it is a household name for many more things -- almost too many. Here, a person can be living in a Samsung apartment, wear Samsung suits to work, eat lunch at a Samsung-run cafeteria at work, check stock prices via Samsung’s securities app, get
Oct. 12, 2022
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S. Korea's trade lobby group chief calls for reprieve of US law on EV credits
The chief of South Korea's trade lobby group has called for the United States to allow at least a three-year delay in the implementation of a new US law on tax credits for electric vehicle buyers seen as a disadvantage to Korean automakers. Koo Ja-yeol, chair of the Korea International Trade Association (KITA), delivered the message when he met with US Sen. Jon Ossoff of Georgia and Pat Wilson, the commissioner of the Georgia Department of Economic Development in the southeastern US state,
Oct. 12, 2022
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SK Innovation's trading unit invests in US clean fuel company
SK Trading International Co., a subsidiary of South Korean refiner SK Innovation Co., said Wednesday it has invested in a U.S. clean fuel company to bolster its green energy drive. The company did not disclose the amount of the investment in Infinium, a California-based startup that engages in the production of electrofuels, an ultra-low carbon fuel as an alternative to fossil-based fuels. Infinium's electrofuels use carbon dioxide waste and renewable power from wind, solar and hydroelectri
Oct. 12, 2022
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IMF predicts gloomy outlook for Korea, urges monetary tightening
SEJONG -- The International Monetary Fund on Tuesday suggested a gloomy prediction for the 2023 economy of the world as well as South Korea, citing protracted downside risks such as high inflation and cheap currencies against the US dollar. In its World Economic Outlook, the US-based organization revised its forecast on the 2023 gross domestic product growth of global economy down to 2.7 percent, from its earlier suggestion of 2.9 percent. It also slashed its outlook on Korea by 0.1 percentage
Oct. 11, 2022
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LS Cable & System makes W25.2b equity investment in KT Submarine
LS Cable & System, LS Group’s cable manufacturing unit, said Tuesday it would make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cables business. The company will acquire 4.04 million stocks, 16 percent of KT Submarine’s share, becoming the second-largest shareholder of KT Submarine. The cable manufacturer has been expanding investment in undersea cables amid a rapidly growing demand for offshore wind power generation, which requires
Oct. 11, 2022
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Seoul shares tumble 1.83% amid tightening woes, geopolitical risks
South Korean stocks tumbled nearly 2 percent on Tuesday as investors sold off tech, auto and other stocks amid concerns that monetary tightening and geopolitical risks could tip the global economy into a recession. The Korean won also ended sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 40.77 points, or 1.83 percent, to end at 2,192.07. Trading volume was moderate at 846.31 million shares worth 7.75 trillion won ($5.42 billion), with losers far
Oct. 11, 2022
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BAT says Glo contains less toxicants
A study has found that heated tobacco product Glo contained less toxicants than traditional cigarettes, and could help reduce potential harm of smoking-related diseases, the Seoul branch of its manufacturer BAT Group said Tuesday. “Our recent one-year clinical trial found that our flagship heated tobacco product Glo showed 90-95 percent less toxicants contained in aerosol compared to cigarette smoke,” said Sharon Goodall, head of Regulatory Science at BAT Group, during a press conf
Oct. 11, 2022
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Watchdog vows to complete inspection of troubled funds by next year
The head of South Korea’s financial watchdog pledged Tuesday that he will complete an inspection into the troubled funds and products that led to investors suffering hefty losses in recent years. The vow follows public criticism that the Financial Supervisory Service failed to screen and prevent fiascos including Ponzi schemes carried out by hedge funds and local financial institutions in recent years. The FSS has yet to decide on the reimbursement plans regarding the troubled 2019 German
Oct. 11, 2022
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LS Group discusses business with Gulf Cooperation Council ambassadors
LS Group said its Chairman Koo Ja-eun discussed business cooperation on Tuesday with the ambassadors of Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- five of the six member countries of the Gulf Cooperation Council. The GCC is a regional, intergovernmental, political and economic union of the above countries plus Bahrain, which does not have an embassy in South Korea. Set up in 1981 for economic and security cooperation, the GCC is seeking to expand business beyond crude oil
Oct. 11, 2022
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Posco unveils W1.5tr plan to speed up lithium production
Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, on Tuesday announced a 1.5 trillion won ($1 billion) investment plan to speed up its lithium production both in Argentina and South Korea. The company said it had planned to make the investment next year but decided to advance the timeline in order to meet the growing demand for lithium, a key material for electric vehicle batteries. With the new investment, the company plans to break ground for a lithium carbonate plant i
Oct. 11, 2022
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SK Siltron, UK-based IQE to develop semiconductor wafers for 5G, auto chips
South Korean semiconductor wafer maker SK Siltron and Britain-based chip material firm IQE has inked a strategic collaboration agreement to develop next-generation compound semiconductor products targeting the Asian market, SK Siltron said Tuesday. Under the agreement signed Thursday, the two companies will work to develop epitaxial wafers based on gallium nitride using IQE's technology, with wafer substrates made of silicon and silicon carbide supplied by SK Siltron. Gallium nitride can he
Oct. 11, 2022
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Lotte signs W2.7tr deal to acquire Iljin Materials
South Korean business conglomerate Lotte Group has signed a deal to acquire a controlling stake in Iljin Materials, a copper foil supplier to electric vehicle battery makers for 2.7 trillion won ($1.9 billion), in Lotte's move to enhance the EV component portfolio, filings showed Tuesday. Lotte Battery Materials USA, a subsidiary of Lotte's petrochemical arm Lotte Chemical, will buy a 53.3 percent stake, or 24.6 million ordinary shares, in the world's fourth-largest copper foil ma
Oct. 11, 2022
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Samsung vows W7.5tr investment in Biologics over next 10 years
Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday visited Samsung Biologics, a contract manufacturing and development organization under the Samsung empire, in Songdo, west of Seoul, vowing to invest 7.5 trillion won ($5.2 billion) through 2032 to solidify the biotechnology unit's leading position in the worldwide CDMO industry. The investment is about building four more biomanufacturing plants at the second Biocampus, the company said, adding that it has begun the partial operati
Oct. 11, 2022
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Blind: App that has everyone in the workplace talking
Blind, a workplace community app, has been a source of some of the biggest company news stories and viral social media posts globally. They range from the Korean Air “nut rage” incident and the 2017 sexual harassment allegations at Uber to the controversy at US food delivery platform DoorDash over an initiative that requires all employees to make one food delivery every month, to name a few. One of the latest corporate news stories to come out of the anonymous user-based platform for
Oct. 11, 2022
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[From the Scene] SK to build W1.7tr plastic recycling complex by 2025
ULSAN -- SK Innovation, petrochemical arm of South Korea's second-largest business conglomerate, is poised to open a 1.7 trillion-won ($1.19 billion) plastic recycling complex by the second half of 2025, a move to accelerate its transformation to becoming a provider of ecofriendly products for a sustainable future. The 215,000-square-meter space in Korea's heavy industry powerhouse Ulsan will house facilities that would collect 250,000 tons of waste plastic each year and recycle about 80-90 per
Oct. 11, 2022
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S. Korean officials, businesses discuss joint responses to US EV tax law
South Korean officials held a meeting with domestic car and battery makers Tuesday to discuss responses to the Inflation Reduction Act (IRA), as Washington sought public input on its implementation amid concerns over its discriminatory features, the industry ministry said. The IRA, signed by US President Joe Biden in August, excludes electric vehicles assembled outside of North America from tax incentives, sparking concerns that Hyundai Motor Co. and Kia Corp. will lose ground in the US market a
Oct. 11, 2022
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Customs agency detects W256.7b worth of items with false country-of-origin labels
South Korea's customs agency said Tuesday it has detected 256.7 billion won ($179.6 million) worth of imported items disguised as being locally produced through September this year. The amount marks a 35 percent rise from the same period a year earlier, according to the Korea Customs Service. Among the major items were optical instruments, with their value reaching 115.8 billion, followed by machines with 60.8 billion won and auto parts with 8.7 percent. Home appliances also took up 6.7 bil
Oct. 11, 2022