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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FSC deputy chairman is S. Korea's wealthiest civil servant
South Korea’s deputy finance policymaker was identified as the civil servant with the highest-value personal assets in the country, including shares worth some 20 billion won ($15 million) in a family business, a government ethics committee said Friday. Financial Services Commission Vice Chairman Kim So-young’s net assets – including real estate, stocks and savings -- amounted to a total of 29.2 billion won, making him the “richest” civil servant in the Yoon Suk
Aug. 26, 2022
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Construction of Posco’s recycling plant in Poland completed
South Korean steelmaker Posco Holdings said Friday that it has completed construction of a used secondary battery recycling plant in Poland, which will serve as a base for Posco to expand its eco-friendly business to around the world. The Poland Legnica Sourcing Center (PLSC), located in Brzeg Dolny, some 30 kilometers northwest of Warsaw, can annually process 7,000 tons of used batteries and scraps of waste left after battery production. Used batteries shredded to a powdery black mass at the
Aug. 26, 2022
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Samsung SDI chief meets with Indiana state over EV battery JV
South Korean battery maker Samsung SDI Co. said Friday its management has met with a group of government officials from the U.S. state of Indiana in Seoul and discussed the ongoing battery joint venture with Stellantis N.V. Choi Yoon-ho, CEO of Samsung SDI, met with Indiana Gov. Eric Holcomb and Bradley Chambers, the secretary of commerce for the state of Indiana, during the delegation's visit to Samsung SDI's production site in Cheonan, about 90 kilometers south of Seoul, on Thursday,
Aug. 26, 2022
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S. Korea to take steps to stabilize FX market to curb market volatility: official
South Korea plans to take measures to stabilize the foreign exchange market in a timely manner if market volatility increases, driven by herd behavior or speculative bets in the currency market, a senior government official said Friday. The government will also buy back Treasury bonds and take steps to help curb a rise in bond yields, when needed, if the bond market shows jitters amid global rate hike drives, according to First Vice Finance Minister Bang Ki-sun. The finance ministry said the Sou
Aug. 26, 2022
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Seoul shares open higher ahead of Powell's Jackson Hole speech
South Korea's stock market opened higher Friday as investors awaited the gathering of central bankers in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.82 points, or 0.4 percent, to trade at 2,487.08 as of 9:15 a.m. Investors will be closely looking for the clue into the pace and the scale of the US central bank's monetary tightening plan at the meeting in Jackson Hole, Wyoming, slated for Friday (US time), where Federal Reserve Chair Jerome Powell is
Aug. 26, 2022
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BOK makes 4th consecutive rate hike
The Bank of Korea returned to its usual 25 basis point rate hike Thursday, half the historic size seen in July, while slashing its growth forecast for the year amid the persistent inflation forcing the central bank to back a raise for a fourth time in a row for the first time. The unanimous decision reached by all seven board members comes as the country fights inflation at an almost 24-year high. In July, prices jumped 6.3 percent on-year. The policy rate now stands at 2.5 percent, up fro
Aug. 25, 2022
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Female bank worker forced to cook, wash dishes at work
A bank employee in Namwon, North Jeolla Province, was forced to cook, wash dishes and clean clothes at her workplace over the last two years, a civic group said while filing the case to anti-corruption and labor dispute agencies. According to Gapjil 119, a civic group that campaigns against workplace abuses, one of the female employees working at MG Community Credit Cooperatives said she had to cook rice at 11 a.m. and report to her branch manager how well the rice was done. She also claims sh
Aug. 25, 2022
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Korea to seek joint response with EU over Biden’s bill
SEJONG -- The South Korean government is to seek a joint response with the EU to deal with the US Inflation Reduction Act that slashes subsidies to electric vehicles not made on American soil, rather than seeking dispute settlement within the bilateral trade agreement frame the two forged years ago. Seoul would continue to raise arguments that the US law goes against the Korea-US Free Trade Agreement, but a joint response scenario with other countries seems more feasible to press Washington tha
Aug. 25, 2022
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Tensions rise as Korea waits for verdict on Lone Star dispute
South Korea is watching closely a verdict set to be delivered by an international dispute settlement body for a decadelong dispute between the government and US private equity firm Lone Star next week. The International Center for Settlement of Investment Disputes’ verdict on Aug. 31 will come almost 10 years after Lone Star filed a suit against the Korean government in November 2012, seeking $4.68 billion in compensation. Lone Star claimed that the financial authorities here botched its
Aug. 25, 2022
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KB launches new premium private banking brand
South Korea’s KB Financial Group on Thursday launched its new premium private banking and asset management brand to better cater to its wealthy clients. “KB Gold & Wise the First” plans to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together as a single team for their clients, according to the firm. Clie
Aug. 25, 2022
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‘Inflation law may disrupt Korean exports of 100,000 plus EVs’
South Korean carmakers on Thursday said at least 100,000 electric vehicles built here would face disruption in export sales annually under the new US law, which excludes battery-powered vehicles made outside of the US from tax credits. They also urged the South Korean government to revise the current subsidy law and map out temporary measures for local carmakers, such as tax credits. According to the Korea Automobile Manufacturers Association, of which Hyundai Motor and Kia are members,
Aug. 25, 2022
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Postech chip professor wins Merck Award
Professor Noh Yong-Young of Postech won an annual award given by Merck Korea in recognition of his innovative research into the development of semiconducting materials for backplane thin-film transistor technology of organic light-emitting diode displays. His research, Merck Korea says, could contribute to the commercialization of backplane p-type thin-film transistors for high-performance OLED displays if further developed. The Merck Young Scientist Award went to professor Kang Suk-ku for prop
Aug. 25, 2022
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Allink offers new NFT experience to Samsung New Galaxy NFT holders
Allink, an NFC tag-based information transfer solution company, has partnered up with Samsung Electrionics, the company said Thursday. Allink provided a non-fungible token solution that enables mobile phones to transfer information to various terminals by tapping the phone on the NFC tag. With this solution, New Galaxy NFT holders can have access to in-store benefits on their Thetadrop wallet by tapping on Allink’s tag at Samsung Digital Plaza, Shilla Duty-Free Shop, Eland Cruise, and Sh
Aug. 25, 2022
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Seoul stocks end higher for 2nd day on eased uncertainty over BOK rate hike
South Korean stocks finished higher Thursday as investors gained clarity on the Bank of Korea's monetary tightening. The Korean won also gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 29.81 points, or 1.22 percent, to close at 2,477.26, keeping the two-day winning streak. Trading volume was moderate at 410.32 million shares worth 7.06 trillion won ($5.29 billion), with gainers far outpacing decliners 708 to 150. Institutions and foreign investors, c
Aug. 25, 2022
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Samsung, Gates Foundation complete Reinvent the Toilet project
Samsung Electronics said Thursday it celebrated the completion of the Reinvent the Toilet project that has been conducted over the past three years in collaboration with the Bill & Melinda Gates Foundation. The Gates Foundation launched the “RT” project in 2011 with an aim to generate innovative solutions that can protect people and communities from human waste-borne pathogens and help underdeveloped countries deliver more inclusive sanitation services that reach the poorest co
Aug. 25, 2022
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Samsung SDS to join NIST’s post-quantum cryptography project
Samsung SDS said Thursday it is joining a post-quantum cryptography project led by a cybersecurity center at the National Institute of Standards and Technology in the US, along with a slew of global tech firms like Amazon Web Service, Cisco and Microsoft. The project, called Migration to PQC or post-quantum cryptography, aims to replace the current cryptographic algorithms, especially public-key cryptography, to better protect digital information in the era of quantum computing. Once access
Aug. 25, 2022
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Kyobo Life builds Korean language school in Indonesia
Kyobo Life Insurance Co., a South Korean life insurer, said on Thursday it has established the Cia-Cia Hangeul School on Buton Island, Indonesia, in partnership with the Korea Cia-Cia Cultural Exchange Association. The Cia-Cia are one of Indonesia’s 350 minorities who in 2009 officially chose to use the Korean alphabet, Hangeul, to preserve its fading language. The Cia-Cia local language, also known as Butonese, does not have its own writing system. They use Hangeul to mimic the pronuncia
Aug. 25, 2022
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Dokdo unlabeled on Apple Maps in 22 countries
Apple Maps, iPhone’s built-in map application, was found to have no labeling of the Dokdo islets in over 20 countries across the world, a South Korean professor claimed on Thursday. Seo Kyoung-duk, a general education professor at Sungshin Women’s University, wrote in a post on his social media accounts that iPhone’s built-in map application in 22 countries had no recognition of South Korea’s easternmost islets, citing his social media followers as sources. The list of
Aug. 25, 2022
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[Exclusive] Jeju Island to launch drone taxi routes for tourists by 2025
South Korea’s resort island of Jeju will launch air routes for Urban Air Mobility (UAM) and drone taxis dedicated to tourists in the island by 2025, as the first municipality in the country to do so. Aimed at offering quick and accessible air mobility in the near future, the routes will connect the island’s popular tourist spots through the coast with quick and accessible air mobility in the near future, an executive who devised the idea told The Korea Herald on Thursday. Jej
Aug. 25, 2022
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Hyundai Rotem wins W755.7b train car order in Egypt
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 755.7 billion-won (US$560 million) order for subway train cars in Egypt. Under the deal signed with Egypt's National Authority for Tunnels (NAT), Hyundai Rotem will supply subway train cars for the No. 2 and No. 3 subway lines in Cairo by 2028, the company said in a statement. Hyundai Rotem is an affiliate of Hyundai Motor Group, which has Hyundai Motor Co. and Kia Corp. under its win
Aug. 25, 2022