Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Seoul shares open marginally higher after US inflation rout
South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p
Sept. 15, 2022
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Relocation to Busan underway: KDB chief
Despite in-house resistance, preparations to relocate the state-run Korea Development Bank to Busan from Seoul are underway, the policy lender’s chief said Wednesday, saying that he would work to persuade employees. “As the man in charge, I do feel for my employees facing potentially a difficult time,” KDB Chairman & CEO Kang Seog-hoon said, referring to workers holding rallies to protest the relocation plan. It is a decision made by the president and the prime minister and is
Sept. 14, 2022
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Cosmetics industry goes vegan but what's vegan beauty in the first place?
Korean cosmetics brands have been churning out “vegan” makeup and skincare products, driven by rising consumer awareness. However, different sets of accreditation standards from certification agencies are causing consumer confusion. Han Sung-hee, a 32-year-old office worker, recently started her own research on vegan cosmetics products to discover what she could do to lessen her impact on the environment and animals. “It freaks me out when I think of rabbits being kept in a lab
Sept. 14, 2022
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Google, Meta fined W100b for illegal collection of personal data
The South Korean government has imposed a total of 100 billion won ($72 million) in fines against Google and Meta for illegally collecting and using personal information for customized advertisements, officials said Wednesday. The Personal Information Protection Commission under the Prime Minister's Office decided to impose fines of 69.2 billion won and 30.8 billion won against Google and Meta, respectively, after it held a plenary session earlier in the day. According to the PIPC’s inve
Sept. 14, 2022
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Ikea Korea's sales fall for 1st time since its entry
Ikea Korea saw its sales falling this fiscal year for the first time since its entry in 2014, the company said Wednesday, citing the lift of social regulations as a key reason for Koreans' reduced spending on home furnishing products. During a media conference, the South Korean branch of the Swedish furniture giant said it had recorded sales of 618 billion won ($444 million) between September 2021 and August 2022, marking a 10 percent decrease from the previous fiscal year. Ikea Korea has shown
Sept. 14, 2022
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Korean won sinks to worst level since 2008 financial crisis
South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins
Sept. 14, 2022
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Seoul shares dip over 1.5% as US inflation data signals more aggressive rate hikes
South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected US inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won ($5.41 billion) with decliners outnumbering gainers 721 to 167. "The stronger-t
Sept. 14, 2022
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SK to invest W67tr to spur provincial economy
SK Group on Wednesday announced new plans to invest 67 trillion won ($48 billion) in provincial areas, including a cutting-edge semiconductor plant, for the next five years as part of efforts to expand production facilities at home and facilitate local economies. Earlier this year, the nation’s second-largest conglomerate had pledged to invest a combined 247 trillion won by 2026, with 179 trillion won of them being poured at home. The new announcement is part of the domestic investment pla
Sept. 14, 2022
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Naver Z joins global alliance to fight online child abuse
Naver Z, the metaverse affiliate of South Korean IT giant Naver, has joined the Tech Coalition to fight online sexual abuse and exploitation of children, the company said Wednesday. Established as a voluntary working group in 2006, the Tech Coalition is a global alliance of technology companies that have come together to better detect, report, remove and prevent online child sexual abuse. With Naver Z becoming the newest member of the alliance, there are now 28 companies including Amazon, Appl
Sept. 14, 2022
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SKT-led consortium to commercialize Jeju UAM route for tourism
By 2025, tourists visiting Jeju Island will be able to hop on Urban Air Mobility or air taxis to head to major tourism spots, a consortium comprising Hanwha Systems, SK Telecom and Korea Airports Corp. said Wednesday. At an agreement signing ceremony with Jeju Special Self-Governing Province Wednesday, the firms announced that they would work together to make the resort island the country’s first municipality to have commercial routes for flying cars. The news confirms a report by&n
Sept. 14, 2022
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Lee Jae-yong heads for Panama, first importer of Samsung's color TV
Samsung Electronics Vice Chairman Lee Jae-yong has visited Panama to hold talks with Panamanian President Laurentino Cortizo and meet Samsung executives there, the tech giant said Wednesday. The isthmus country, which connects Central and South America, was the first importer of Samsung Electronics' color TVs in 1977, and is home to Samsung's oldest overseas office. Lee, heir to South Korea's largest conglomerate dedicated to electronics, construction and finance, met President Cortizo at Heron'
Sept. 14, 2022
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World's largest OLED TV set for local release on Sept. 21
LG Electronics said Wednesday it plans to release the world's largest 97-inch premium television using the flat-panel organic light-emitting diode display for home cinema experience in South Korea on Sept. 21. Dubbed the LG OLED evo Gallery Edition, the massive TV measures more than 2.4 meters across. The ultralarge TV will feature a 4K resolution and Dolby's cutting-edge vivid video format Dolby Vision IQ and surround sound technology Dolby Atmos. LG’s alpha 9 Gen 5 intelligent processors
Sept. 14, 2022
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Shipyard KSOE bags W331.8w order for 2 vehicle carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE), a major South Korean shipyard, said Wednesday it has clinched a 331.8 billion-won ($239 million) order to build two vehicle carriers for a Middle East-based shipper. Hyundai Samho Heavy Industries Co., a KSOE affiliate, will construct the pure car & truck carriers powered by liquefied natural gas at its shipyard in Yeongam on the southwest coast, KSOE said in a regulatory filing. The vehicle carriers will be delivered to the undisclosed shipp
Sept. 14, 2022
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Hyundai Glovis wins W2.2t vehicle delivery deal
Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Wednesday it has received a record 2.2 trillion-won ($1.6 billion) vehicle delivery deal from a global carmaker. Under the deal, Hyundai Glovis will deliver the unidentified carmaker's vehicles to Europe, the United States and Asia for three years from 2023, the company said in a statement. In 2020, the company signed a five-year vehicle delivery deal with Volkswagen Group and has strengthened its status in the vehicle ship
Sept. 14, 2022
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Apple to open 4th retail store in S. Korea this month
US tech giant Apple Inc. said Wednesday it plans to open its fourth retail store in South Korea later this month, expanding its presence in the country to compete with local rival Samsung Electronics Co. Named "Apple Jamsil," the store will open at Lotte World Mall in Seoul's southeastern neighborhood of Jamsil on Sept. 24, the company said. Apple's Korean website opened a special menu announcing the store's opening. Apple opened its first South Korean store in Seoul
Sept. 14, 2022
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S. Korea sets up task force to support typhoon-hit steel industry
The industry ministry said Wednesday it will run a task force to support steelmakers with post-typhoon recovery work and to check the supply situation of steel products to minimize damage by Typhoon Hinnamnor. Last week, Typhoon Hinnamnor hit the southern part of South Korea and affected steelmaking facilities run by major companies, including POSCO and Hyundai Steel. POSCO had halted blast furnaces at its main steel mill in Pohang for the first time in its half-century history. The task force w
Sept. 14, 2022
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SK Telecom, Hanwha consortium partners with Jeju Province for air taxi project
An urban air mobility consortium led by SK Telecom and Hanwha Systems said Wednesday it has partnered with the Jeju Special Self-Governing Province to launch an air taxi pilot program on South Korea's southern resort island. The K-UAM Dream Team Consortium, comprising the two companies and the Korea Airports Corp., the Korea Meteorological Institute and LX, a state-run land information provider, signed an agreement to launch the commercial pilot project on Jeju Island in 2025. A signing cer
Sept. 14, 2022
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Seoul shares open sharply lower on dashed hopes for US inflation
South Korean stocks tumbled at the opening bell Wednesday, driven by big IT and bio shares, after the hotter-than-expected US inflation data sparked fears the Federal Reserve would push ahead with aggressive monetary tightening. The Kospi sank 62.19 points, or 2.54 percent, to 2,387.35 in the first 15 minutes of trading. The US August consumer price index slowed to an 8.3 percent on-year gain, which was above the consensus of an 8.1 percent increase. The core CPI, which excludes food and energy
Sept. 14, 2022
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Hyundai Card CEO steps down after 1 year for 'personal reasons'
Hyundai Card CEO Kim Deok-hwan has resigned as chief executive at one of the largest credit card issuers in South Korea just one year after he was appointed, regulatory filings showed Tuesday. Kim officially stepped down on Friday with Hyundai Card citing “personal reasons” behind his resignation. No further elaboration was given. A local media outlet reported that Kim was recently “sued by his secretary." Born in 1972, Kim was known as the youngest CEO in the Korea cre
Sept. 13, 2022
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BOK vows market stability with eye on US rate hike
Speculation over a third large rate hike of 75 basis points by the US Federal Reserve next week runs higher than ever, but the Bank of Korea sought to reassure market watchers Tuesday that preparations to cushion its impact were underway. “We have to step up monitoring of capital inflows and outflows and currency markets,” said Lee Seung-heon, senior deputy governor at the central bank, warning against growing uncertainties: a hawkish US Fed and a like-minded European Central Bank. T
Sept. 13, 2022