Most Popular
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Court's ruling set to shape path of medical school expansion
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Prosecutors summon pastor involved in Dior bag scandal
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Korean minister visits Czech over reactor project
SEJONG -- South Korea has recently carried out a senior-level promotion in the Czech Republic for its nuclear energy technologies in an attempt to win a reactor project in the European nation, the Energy Ministry said Wednesday. The core of promotion activities was Minister of Trade, Industry and Energy Lee Chang-yang’s meetings with Czech senior officials and political heavyweights in Prague on Tuesday. In a meeting with his counterpart Jozef Sikela, Lee commented on details on Ko
June 29, 2022
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Duty-free shops open cross-border sales to secure overseas consumers
South Korea’s duty-free shops are launching cross-border sales services starting Friday with high hopes to secure consumers overseas, as they are losing price advantage to local clients due to high won-dollar exchange rates. Lotte Duty Free opened the overseas shipping service on Wednesday, which sells around 220 kinds of products including cosmetics, fashion items and food products. Consumers in nine countries including China, Japan, US, Singapore and Thailand can enjoy free shipping as
June 29, 2022
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LG turns to clean tech as future growth driver
LG Group is betting big on clean energy technology as part of its ongoing efforts to seek future growth drivers that are also environmentally sustainable. LG Corp., the holding unit, said Wednesday that LG Group plans to inject 2 trillion won ($1.55 billion) in the next five years into the fields of bio materials, batteries and plastic recycling and other carbon neutral technologies. The new clean tech push comes as Chairman Koo Kwang-mo marked his fourth anniversary at the helm of the natio
June 29, 2022
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Worsening inflation outlook fuels sharper rate hike bets
South Korean consumers raised their outlook this month for where inflation will be in one year to the highest level in 10 years, a Bank of Korea survey showed Wednesday, reinforcing expectations that the central bank would be emboldened to back a steeper-than-expected rate hike in July. In a monthly survey of 2,500 households conducted June 13-20, consumers forecast inflation to average 3.9 percent, up from the previous 3.3 percent in May. The monthly increase is also the largest gain seen sinc
June 29, 2022
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BMW Group Korea launches BMW Service Care Plus
BMW Group Korea said Wednesday that it has launched a digital vehicle management program, BMW Service Care Plus, last month, the first of its kind in the automobile industry. The service was launched to meet the needs of an expanding customer base, according to the company. Customers with BMW vehicles released more than six years ago cannot apply for BMW’s BSI (BMW Service Inclusive Standard), the company’s warranty system. However, BMW Service Care Plus now services customers wit
June 29, 2022
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Korea approves 1st homegrown COVID-19 vaccine
South Korea has authorized its first homegrown COVID-19 vaccine, finally securing vaccine sovereignty almost 30 months after the pandemic began. The government on Wednesday announced the official approval of SKYCovione, a recombinant protein-based COVID-19 vaccine developed by SK Bioscience, after the final examination committee held a meeting to review the previous assessments earlier in the day. “The Ministry of Food and Drug Safety thoroughly verified safety and efficacy through a t
June 29, 2022
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Daewoo E&C renovates homes of patriots’ descendants
Construction company Daewoo Engineering & Construction said Wednesday that it has been participating in a community service project to improve the housing environment for descendants of independence fighters. The construction company took part in the project — hosted by nonprofit volunteer organization Habitat for Humanity Korea — by donating 200 million won ($154,621) in February, and repairing seven homes belonging to the descendants of activists who fought against the 1919-1
June 29, 2022
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From mini couches to feeding mats, Gucci launches pet collection
Italian luxury fashion brand Gucci on Wednesday launched its new “Gucci Pet Collection,” catering to canines and felines that enjoy extravagant lifestyles. The product line is part of a larger collection titled “Gucci Lifestyle,” which was launched in September 2021. The pet attire and accessories are all made from recycled cotton and polyester, and Gucci’s own eco-friendly fabric called Demetra that is made from sustainable, renewable sources. Pet owners can now
June 29, 2022
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Dunamu unveils speakers at blockchain developers’ conference
Dunamu, operator of popular crypto exchange Upbit, said that experts representing the latest blockchain trends such as non-fungible tokens and metaverse gaming will attend its annual developers’ conference as speakers. The Upbit Developer Conference 2022 will be held for two days from Sept. 22 at the Busan Port International Exhibition and Convention Center under the theme “Imagine Your Blockchain Life.” Speakers include Sebastien Borget, CEO and co-founder of metaverse game
June 29, 2022
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[Market Eye] Kospi’s rebound to 3,000 unlikely to happen anytime soon
When South Korea’s key stock index surpassed the 3,000-mark for the first time in its 40-year history in January 2021, it seemed the bull market would last forever. But risks stemming from high inflation, fears of recession and the global supply bottleneck this year has beaten down the index down to some 2,400 points as of this week, with analysts warning investors that they are unlikely to feel the relief of recovering to 3,000 anytime soon. “Our base Kospi target of 3,000 implies
June 29, 2022
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LG Energy Solution reconsiders US battery plant in fear of surging costs
LG Energy Solution said Wednesday it is reviewing the profitability of its new battery plant in the US, citing growing uncertainties surrounding inflation woes and unfavorable foreign exchange movement. In March, the world’s second-largest electric vehicle battery maker announced plans to build its own battery plant in Queen Creek, Arizona, with an annual capacity of 11 gigawatt hours of cylindrical batteries. A 1.7 trillion won ($1.3 billion) investment had been planned to be injected in
June 29, 2022
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Labor, management circles revise proposals for next year's minimum wage
Representatives of South Korea's labor and management have submitted amendments to their respective proposals for an increase in next year's minimum wage, only to confirm a wide gap, officials said Wednesday. Under the current law, the 27-member Minimum Wage Commission (MWC), a trilateral panel composed of nine representatives each from labor, management and the general public, has to complete its review on the new minimum wage by mid-July for a formal announcement by Aug. 5 every year
June 29, 2022
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S. Korea's trade terms down for 14th straight month in May
South Korea's terms of trade worsened for the 14th straight month in May due to fast-rising import prices of oil and other key commodities, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 85.33 last month, down 10.6 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK). The figure, however, was up 1.3 percent from a month earlier, the first on-month rise in four month
June 29, 2022
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Biz leaders of S. Korea, Japan to hold annual meeting next week after nearly 3-year hiatus
Business leaders of South Korea and Japan will hold their annual meeting early next week, the Federation of Korean Industries (FKI) said Wednesday, after a nearly three-year hiatus caused by the COVID-19 pandemic. The Korea-Japan Business Council, co-hosted by the FKI and the Japan Business Federation, or Keidanren, will take place in Seoul at the FKI headquarters Monday, the FKI said in a release. More than 20 top business leaders, including the chiefs of the FKI and Keidanren -- Huh Chang-soo
June 29, 2022
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Korean Air, Asiana resume Gimpo-Haneda route after 2-year suspension
Korean Air Lines Co. and Asiana Airlines Inc., South Korea's two biggest carriers, on Wednesday resumed the Gimpo-Haneda route after a two-year suspension due to the COVID-19 pandemic. South Korea and Japan agreed to reopen the route last week. Korean Air and Asiana will operate two flights per week on the Haneda route, respectively, while All Nippon Airways Co. and Japan Airlines Co. will provide a total of four flights a week as well, according to the Land, Infrastructure and Transport Mi
June 29, 2022
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BOK likely to weigh more on 'big-step' rate hike should June inflation hit 6 pct: official
Demand for an unprecedented "big-step" rate hike among policymakers of the Bank of Korea (BOK) will likely intensify ahead of an upcoming rate-setting meeting should the country's consumer prices in June rise 6 percent or higher, a high-ranking central bank official has said. The outlook comes amid growing speculation the BOK could lean more toward the possibility of an unprecedented 0.5 percentage-point hike in borrowing costs when monetary policy board members gather on July 13 in th
June 29, 2022
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Inflation expectations in S. Korea hit 10-yr high in June
Inflation expectations in South Korea hit the highest level in about 10 years in June amid worries that prices are fast increasing due to high energy and commodity costs, a central bank report showed Wednesday. Ordinary people expected consumer prices to rise 3.9 percent over the next year, the fastest pace since April 2012, according to the report from the Bank of Korea (BOK). The June figure was also higher than a 3.3 percent rise predicted the previous month. Data on expected inflation is clo
June 29, 2022
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Seoul shares open steeply lower on US stock plunge
South Korean stocks opened sharply lower Wednesday, tracking an overnight Wall Street plunge amid growing fears of economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) fell 32.67 points, or 1.35 percent, to trade at 2,389.42 in the first 15 minutes of trading. Overnight, Wall Street tumbled amid bleaker-than-expected economic indicators that added to investor jitters over a possible recession. The Dow Jones Industrial Average dipped 1.56 percent, while tech-heavy Nasdaq co
June 29, 2022
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Helixmith to announce results of Engensis’ second phase 3 clinical trials next month
Local gene therapy biotech firm Helixmith will announce the results of Engensis’ second phase 3 clinical trials for diabetic peripheral neuropathy next month, officials said Tuesday. “We were hoping to announce the results of Engensis’ second phase 3 clinical trials today, but the (independent Data Monitoring Committee) has requested additional data,” said Kim Sun-young, CEO of Helixmith, in a press conference. According to the CEO, the requested documents included En
June 28, 2022
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4 years in, Koo’s leadership still in making
LG Group Chairman Koo Kwang-mo on Wednesday marks his fourth anniversary at the helm of the nation’s fourth-largest conglomerate, with his leadership taking shape, though not yet completed. Koo, then 40, took office as chairman and CEO of LG Corp., the holding unit, on June 29, 2018, following the death of his father, Chairman Koo Bon-moo. He was the youngest person to lead one of the nation’s top four chaebol groups, which also include Samsung, SK and Hyundai Motor. Pragmatism i
June 28, 2022