Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Samsung SDI to invest W1.7tr in 2nd plant in Malaysia
Samsung SDI held a ground-breaking ceremony on Thursday for its new cylindrical battery-making plant in Malaysia. The company will invest 1.7 trillion won ($1.3 billion) in the new battery factory to have its construction finished by 2025 in response to the growing demand for cylindrical batteries. Starting from 2024, a year before the factory’s scheduled completion, the battery maker will manufacture cylindrical batteries known as 21700, which are a 21-millimeter-wide and 70-millimeter-
July 21, 2022
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Hyundai Oilbank ditches IPO
Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank has withdrawn its application for an initial public offering with local bourse operator Korea Exchange, the firm said Thursday. The decision, which was reached Wednesday, comes after a general evaluation of the recent stock market conditions and stock price trend of other refineries, according to Hyundai Oilbank. “In the current market situation where it is difficult to be recognized properly by our excellent perfo
July 21, 2022
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S. Korea targets W340tr investment for chip supremacy
The South Korean government on Thursday vowed financial and regulatory support to pave the way for the chip industry’s investment of 340 trillion won ($259 billion) over the next five years and nurturing more than 150,000 skilled workers in the field. As chips are increasingly being perceived as key economic security assets around the world, South Korea -- home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix -- has also come up with a more comprehensive r
July 21, 2022
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‘No-spend challenge,’ a growing trend in S. Korea
Kim Ji-yeon, a 29-year-old elementary school teacher, stopped eating out during weekdays and started to eat lunch at a school canteen. Instead of going to cafes after lunch, Kim drinks instant coffee in her office. It has been two weeks since she has not spent any money during weekdays. “I first heard about the ‘no-spend challenge’ on Instagram, and thought it was a good way to save money. I was able to save around 200,000 won ($153) in two weeks.” Kim is one of the gr
July 21, 2022
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[Photo News] Return to work
Flight attendants are seen at Incheon Airport Terminal 2 on Thursday, as the gradual increase in the number of international flights has prompted airline employees to return to work. According to the aviation industry, Korean Air employees’ leave of absence rate this month recorded less than 20 percent. Flight attendants all over the airport industry have been on extended leave due to a pandemic-induced hiatus, but employees have been sequentially coming back since the beginning of this ye
July 21, 2022
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KB Financial Group releases sustainability report highlighting green financing
South Korea’s KB Financial Group on Thursday released its annual sustainability report for 2021 sharing its achievements in and insights on environmental, social and corporate governance. The report includes KB’s experience in dealing with key ESG issues such as climate change, green financing and diversity alongside the firm’s stance on corporate governance, ESG management and social responsibility. In October 2021, KB was officially endorsed by the Science Based Targets
July 21, 2022
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Borrowers in their 40s, 50s face higher loan default risk
South Koreans in their 40s and 50s now face higher chances of loan default and delinquency, with those who took out loans from more than one financial institution increasing by nearly 100,000 from last year, data showed Thursday. This has spurred concerns that a significant number of borrowers in those age groups could be taking out additional money to repay existing debts, with aggressive rate hikes in recent months requiring them to pay more in interest. Borrowers in their 40s and 50s who
July 21, 2022
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Hyundai Motor logs best-ever quarterly profit
South Korean automaker Hyundai Motor on Thursday reported its best-ever quarterly result for the April-June period, with operating profits surging 58 percent to nearly 3 trillion won ($2.2 billion) on the back of increased luxury vehicle sales and the weak Korean won. The carmaker’s operating profit jumped to 2.97 trillion won with the rate of operating profit reaching 8.3 percent. The last time the company recorded operating profit above 2 trillion won was in the second quarter of 2014
July 21, 2022
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Samsung foldable smartphones to hit 10 million in shipments
Ahead of the global unveiling event for Samsung Electronics’ newest mobile lineup, the Z Fold 4 and Z Flip 4, next month, the company’s mobile business chief said Thursday that its foldable series is having its moment with shipments of foldables nearing the 10 million mark. “Last year, we saw almost 10 million foldable smartphones shipped worldwide. That’s an industry increase of more than 300 percent from 2020, and I predict this fast-paced growth will continue,”
July 21, 2022
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LG Chem exports 1st plant-based phenol, acetone to German firm
LG Chem is exporting its first bio-balanced phenol and acetone products to Germany, the company said Thursday. According to LG Chem, the exports that were made from biomaterials such as waste vegetable oil are eco-friendly products certified by the International Sustainability and Carbon Certification PLUS. The total amounts of exported phenol and acetone are 4,000 tons and 1,200 tons, respectively, to mark the largest single-export volume that have been certified by the ISCC PLUS. The produ
July 21, 2022
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JB Financial renames venture investing biz as JB Investment
JB Financial Group, a Jeonju-based financial holding company, said Thursday it has renamed its subsidiary Mega Investment to JB Investment. The finance company inked a deal to take over Mega Investment from South Korean online educational service provider MegaStudy in May for 48 billion won ($36.5 million). The deal was signed as part of the regional bank’s efforts in diversifying its business portfolio, said JB Financial Group. The newly named JB Investment is a venture investment firm
July 21, 2022
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FDI in free economic zones soars 164% in H1: data
SEOUL, July 21 (Yonhap) -- Foreign direct investment (FDI) pledged to South Korea's free economic zones (FEZs) more than doubled in the first half of this year to hit a three-year high amid post-pandemic economic recovery, data showed Thursday. The country's nine FEZs received $560 million worth of FDI commitment during the January-June period, up 164 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest figure si
July 21, 2022
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S. Korea's seaport cargo down 5.1% in Q2 amid Ukraine crisis
Cargo processed at South Korean seaports fell 5.1 percent on-year in the second quarter of this year amid global supply disruptions due to the prolonged crisis in Ukraine and China's lockdown of major cities over the COVID-19 pandemic, the oceans ministry said Thursday. Cargo handled at the country's ports came to 373.98 million tons in the April-June period, compared with 394.17 million tons a year earlier, according to the Ministry of Oceans and Fisheries. Handling of export-import c
July 21, 2022
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Exports up 14.5% during first 20 days of July
South Korea's exports rose 14.5 percent in the first 20 days of July from a year earlier, but the country suffered a trade deficit on higher global energy costs, customs data showed Thursday. The country's outbound shipments stood at $37.25 billion in the July 1-20 period, compared with $32.52 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 25.4 percent on-year to $45.35 billion during the cited period, resulting in a trade deficit of $8.12
July 21, 2022
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Seoul shares open higher on US gains
South Korean opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 6.24 points, or 0.26 percent, to trade at 2,393.09 points in the first 15 minutes of trading. Overnight, US. stocks rose as tech shares rallied on solid corporate earnings. The Dow Jones Industrial Average inched up 0.15 percent, and the tech-heavy Nasdaq composite surged 1.58 percent. In Seoul, tech and chemical shares gathered ground, while financials and autos fe
July 21, 2022
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ADB cuts 2022 growth outlook for S. Korean economy to 2.6%
The Asian Development Bank (ADB) on Thursday slashed its 2022 growth outlook for the South Korean economy to 2.6 percent amid the ongoing Ukraine crisis and aggressive monetary tightening by major countries. The latest estimate by the Manila-based bank is lower than the 3 percent growth forecast made in April. The ADB, however, maintained its earlier forecast of the country's 2.6 percent growth for next year. The bank cited the slowdown in the global economic growth and interest rate hikes
July 21, 2022
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[Photo News] HiKR Grround
A media art tower displays content favored by younger people at an experience hall called HiKR Ground, set up at the Korea Tourism Organization in Seoul, Wednesday.
July 21, 2022
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Prosecutors raid cryptocurrency exchanges in probe into Terraform crash
Prosecutors raided local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs’ digital coins, TerraUSD and Luna, officials said. A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m., they said. Investors in TerraUSD and Luna filed complaints against Terraform Labs’ CEO Do Kwon
July 20, 2022
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S. Korea to introduce new hydrogen rating scheme in 2024
South Korea’s Ministry of Trade, Industry and Energy said Wednesday it is implementing a new clean hydrogen certification system from 2024 that evaluates corporate carbon footprints based on the amount of carbon emissions, not the type of production process. The new scheme will determine whether hydrogen can be classified as “low carbon” by analyzing the amount of carbon generated during its production -- the lower the emissions, the greater the incentives for companies. Th
July 20, 2022
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Incheon Airport targets 106m travelers a year
Incheon Airport is pumping up its Level 4 construction plan, a project to expand its second passenger terminal, to maintain its leading position as an air transport hub in East Asia. The 4.84 trillion won ($3.69 billion) Level 4 construction plan involves a major upgrade of the airport’s infrastructure, through measures such as expanding its flight network and building a new runway. This year, the Incheon International Airport Corp. will focus on the expansion of Terminal 2 and its parki
July 20, 2022