Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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South Korea open to Indonesian proposal to cut KF-21 payments
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Police seek arrest warrant for med student who killed girlfriend
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop's dilemma] Is Hybe-Ador conflict a case of growing pains?
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Dunamu to build metaverse map to aid global relief initiative
Dunamu, the operator of one of South Korea’s largest crypto exchanges, has teamed up with the international humanitarian medical non-governmental organization Doctors Without Borders to build a map on its metaverse platform to help the global medical initiative, officials said Monday. Dunamu and Doctors Without Borders, also known as Medecins Sans Frontieres, signed a memorandum to build a partnership on contributions in accordance with the environmental, social and governance movement i
July 25, 2022
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Will FTX actually acquire Bithumb?
South Korean blockchain experts on Monday were divided over whether FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is actually seeking to buy local exchange Bithumb. Skeptics claimed that the Bahamian crypto exchange has no reason to purchase Bithumb at the moment with the financial authorities seeking to tighten regulations here and with the “stable condition” of the Korean exchange operator. “For the moment, there is no reason for FTX to ent
July 25, 2022
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Samsung starts shipping world’s first 3nm chips
Samsung Electronics has started shipping chips produced using the world’s most advanced 3-nanometer manufacturing technology, which has drastically improved power consumption and performance. On Monday, the tech giant held a ceremony to celebrate the departure of the first batch of 3nm chips from its chip-making complex in Hwaseong, Gyeonggi Province, with some 100 company and government officials in attendance. The 3nm technology is Samsung’s secret weapon to outpacing its rival
July 25, 2022
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Audi Korea expands electric, compact car lineups
Audi sold a total of 25,615 vehicles in South Korea last year, marking the third-largest sales volume among import carmakers here. The German automaker said it has focused on expanding its lineup to include compact vehicles such as the Audi Q3 and A3, as well as electric cars e-tron S and Q4 e-tron. In 2021, Audi sold 1,553 electric cars, the largest number of electric cars sold among premium import car brands. In December, it launched the Audi e-tron GT and RS e-tron GT, which are at the van
July 25, 2022
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GS E&C stresses green tech projects in sustainability report
GS Engineering and Construction said Monday it has released its annual sustainability report for 2022, introducing its environmental, social and corporate governance-related activities. In the report, the South Korean builder said it had launched its Research Institute for Future Technology in March. Through its continued investment in future technology, GS E&C said it had developed water saving, biogas facility modulation, carbon dioxide to hydrogen conversion, and eco-friendly water desal
July 25, 2022
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Samsung Card's net rises 12 pct in H1 on increased consumer spending
Samsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic. Samsung Card's consolidated net profit stood at 315.9 billion won ($241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing. Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion w
July 25, 2022
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OECD leading index for S. Korea dips for 13th month in June
A leading economic index for South Korea dropped for the 13th straight month in June, data showed Monday, amid soaring material costs and growing financial instability. The composite leading indicator (CLI) of economic activity for South Korea came to 98.87 for June, down from the previous month's 99.09, according to the data from the Organization for Economic Cooperation and Development (OECD). The index for South Korea had been contracting since May last year, when it rose to 101.95. Sinc
July 25, 2022
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Seoul shares open higher amid lingering recession woes
South Korean shares opened higher Monday amid lingering concerns that the global economy is teetering on the brink of a recession. The benchmark Korea Composite Stock Price Index added 9.94 points, or 0.42 percent, to trade at 2,403.08 in the first 15 minutes of trading. Foreigners and institutions went on a buying mode, while retail investors sold shares. Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decr
July 25, 2022
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Renault Korea Motors makes car repair service available anytime, anywhere
Renault Korea Motors is hoping to better cater to customer needs with a service that allows car owners to drop off their vehicles at the automaker’s repair shops anytime, anywhere across the country. The carmaker introduced its “Drop the Keys” service in April, which allows drivers to bring in their cars for check-ups and repair anytime of the week. Local auto repair stores usually close around 6-7 p.m. on weekdays and earlier on Saturdays, while most of them do not operate
July 25, 2022
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Korea’s postal chief attends alliance meeting in Spain
Korea Post chief Son Seung-hyun, attended the Kahala Post Group chief executive officers meeting held in Madrid on Thursday, the nation’s postal service provider said. The Kahala Post Group is an international alliance of postal administrations created in 2002 to promote international mail delivery and to carry out strategic projects. It currently has 11 member states. The effects of COVID-19 on international mail, and methods to improve its quality were discussed at the meeting, said K
July 25, 2022
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Citibank Korea shares currency solutions for corporate clients
Citigroup’s Korean unit Citibank Korea shared its foreign exchange solutions and outlook on the global economy at the Economic Outlook and Market Solutions Seminar held in Seoul on Wednesday. The seminar aimed to have specialists give their latest outlook on the volatile global economy and foreign exchange markets to improve its corporate clients using its global market platforms. Some 20 chief executive officers and finance heads of major multinational companies participated in the ev
July 24, 2022
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Rice consumption cut in half over 30 years
The phrase “Have you eaten rice today?” has long been considered equivalent to “How are you?” in South Korea. But it might not be the case much longer, with rice consumption shrinking amid changing eating habits, especially among younger generations. According to data from Statistics Korea, the average rice consumption per person was 56.9 kilograms in 2021, a 17.3 percent fall over the past 10 years. Compared to 30 years ago, rice consumption was almost cut in half.
July 24, 2022
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Hyundai Motor Group to get hefty incentives for Georgia EV plant
Hyundai Motor Group will receive benefits worth 2.4 trillion won ($1.8 billion) in tax exemptions and incentives from the US state of Georgia in exchange for building its first dedicated electric vehicles manufacturing plant there. The subsidy package of property and income tax exemptions, as well as other incentives in land, infrastructure and equipment purchases, is the largest-ever offered by the US state. According to the signed deal disclosed on Saturday, the Korean automaker will get a ta
July 24, 2022
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China’s BYD eyes foray into Korean EV market
BYD, the world’s largest electric vehicle maker, is getting ready for EV sales in the South Korean market, going head to head against the country’s top automaker Hyundai Motor Group with lower price tags and better performing cars. Industry sources said Sunday that BYD recently inked a deal to rent an office near Seoul Station in central Seoul and started recruiting personnel, including those for vehicle registration, after-sales services and marketing activities. Since the
July 24, 2022
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Hana, SKT ink partnership in ESG, digital financing
South Korea’s Hana Financial Group and SK Telecom signed a share-swap deal worth some 400 billion won ($305.3 million) to set up a new environmental, social and governance model, officials said Sunday. “We have signed a strategic partnership with SK Telecom on Friday to build a new cooperative agreement based on ICT innovation,” Hana said in a statement. Under the deal between the nation’s banking and telecommunications giants, SK Telecom will acquire a 3.1 percent sta
July 24, 2022
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Posco shifts to emergency mode over potential global recession
South Korean steel giant Posco Group has put itself on an emergency management footing, its holding company said Sunday, as business units across the group brace for weaker profits amid an expected slowdown of the global economy. The decision came in a Thursday meeting of Chairman Choi Jeong-woo and other top executives of Posco Group, Posco Holdings Inc. said. Posco Holdings said the group's top executives reviewed risk factors for each major businesses unit, such as steel, infrastructure,
July 24, 2022
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Hyundai, Kia record robust sales growth in Vietnam, Indonesia in H1: associations
Hyundai Motor Co. and its affiliate Kia Corp. recorded robust on-year sales growth in Vietnam and Indonesia in the first half of 2022, delivering strong performances in the markets traditionally dominated by Japanese automakers, local industry associations' data showed Sunday. The combined sales of Hyundai Thanh Cong Manufacturing Vietnam and THACO Kia -- the South Korean automakers' joint ventures in Vietnam -- reached 71,882 in the January-June period, up 29.3 percent from a year ago
July 24, 2022
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Asiana resumes Incheon-Beijing route after 2 years
Asiana Airlines Inc., South Korea's second-biggest carrier, resumed its Incheon-Beijing route Saturday after suspending it for more than two years due to the COVID-19 pandemic. An Asiana plane carrying 141 passengers left Incheon International Airport in the morning and arrived at Beijing Capital International Airport, the company said. Before the pandemic, the Incheon-Beijing route was a key route between the two countries used by some 1.1 million passengers annually. It was suspended
July 23, 2022
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Exporters should brace for advancement of Chinese industries: vice minister
SEJONG -- South Korea needs to brace for a change in trade relations with China, as industries in the global economic powerhouse are undergoing rapid development, First Vice Finance Minister Bang Ki-sun said Friday. At an economy-related vice ministerial meeting in Seoul, Bang said China’s industrial structure has showed “advancement in technologies,” adding that this has been bringing about a change in bilateral trade structure with Korea. The government will spare no effort
July 22, 2022
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AmCham welcomes Yoon’s policy to expand corporate tax breaks
The American Chamber of Commerce in Korea on Friday welcomed the Yoon Suk-yeol administration’s policy to expand corporate tax breaks, which are aimed at promoting active investments and job creation. “AmCham greatly appreciates the willingness of the Korean Government to listen and promptly respond to the concerns and recommendations of AmCham and the foreign business community,” Chairman and CEO of AmCham Korea James Kim said in a statement. “I also appreciate that th
July 22, 2022