Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Inflation eases in April, continues bumpy ride
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Golden chance to liquidate babies’ gold rings?
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Seoul shares open sharply lower on inflation, recession woes
Seoul shares opened sharply lower Monday, as the higher-than-expected inflation in the United States renewed concerns over more aggressive monetary tightening and a global economic slowdown. The Korea Composite Stock Price Index (KOSPI) fell 57.04 points, or 2.2 percent, to 2,538.83 points in the first 15 minutes of trading. On Friday, US shares tumbled after the US' consumer price index for May rose 8.6 percent, the highest level in 40 years. The Dow Jones Industrial Average retreated 2.73
June 13, 2022
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Exports down 12.7% during first 10 days of June
South Korea's exports fell 12.7 percent on-year in the first 10 days of June due largely to fewer working days, and the country suffered a trade deficit due to high fuel costs, data showed Monday. The country's outbound shipments stood at $15.07 billion in the June 1-10 period, compared with $17.3 billion a year earlier, according to the data from the Korea Customs Service. The fall in exports came as the number of working days in June was fewer than a year earlier due to public holida
June 13, 2022
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Renault Korea Motors vows to stay committed to Korea
With big is beautiful still the mantra for many Korean drivers, small-car specialist Renault Korea Motors faces a challenge in the local market. So as the carmaker commits to the Korean market, new CEO Stephane Deblaise’s priority is designing a new car that suits Korean tastes and taking it to foreign markets with similar preferences. “Korean customers prefer big cars over small cars, and there are no such cars in our lineup. So we are thinking about making a big car here in Kore
June 12, 2022
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Cargo truckers’ strike deepens inflation, supply chain woes
South Korea’s unionized cargo truckers continued their sixth day of a general strike on Sunday, posing a fresh threat to the local economy amid lingering woes over higher inflation and supply chain disruptions. Cargo truckers here began a nationwide indefinite strike on Tuesday, urging the government to extend a freight rate system that guarantees a basic level of pay. Drivers say that without the higher rate, they feel under pressure to drive dangerously fast to make ends meet.&nb
June 12, 2022
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[Newsmaker] McDonald’s Korea back on sale after six years
McDonald’s Korea, the local unit wholly owned by the US fast-food giant, is seeking a new owner -- joining the latest burger chain sales rush here. The company confirmed Friday that its US headquarters is selling its entire stake in the Korean unit as well as its business license after its first failed attempt six years ago. According to news reports, Mirae Asset Securities, the deal’s lead manager, plans to send letters as early as next month to invite potential bidders. With
June 12, 2022
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Kakao Pay employees each lose W20m over stock dip
Kakao Pay employees who own shares in their own company each lost an average 20 million won ($15,600) due to the mobile payment firm’s stock price plunge since January, reports said Sunday. The company’s employee stock ownership association purchased a total 3.4 million shares in Kakao Pay at the price of 90,000 won per share prior to its initial public offering on Nov. 3 last year, according to a regulatory filing. Documents show that some 800 employees received an average 4,005
June 12, 2022
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Kakao, Shinhan dive into online, mobile insurance market to lure millennials, Gen Z
South Korea’s tech giant Kakao and financial giant Shinhan are set to launch online- and mobile-only insurers by next month to attract millennial and Generation Z customers with affordable and simple products. Kakao’s mobile payment arm, Kakao Pay, is slated to launch its first general insurance unit called Kakao Pay Insurance in July, adding competition to the online-only insurance market here currently dominated by three existing insurers – Kyobo Life Planet, Hana Insurance
June 12, 2022
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[Weekender] Metaverse technologies bring health care to doorsteps
South Korea’s health care sector is breaking physical barriers with the rise of the metaverse and its core technologies -- virtual reality and artificial intelligence. As the COVID-19 pandemic has limited most offline interactions for the past two years, metaverse technologies that ultimately envision a shared virtual space where people can interact with each other and carry out lifelike activities and tasks have been brought to the fore. Unlike the traditional health care sector that
June 11, 2022
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BOK chief signals July rate hike amid soaring inflation
Bank of Korea Gov. Rhee Chang-yong on Friday backed a “timely” rate hike to avoid fallout from a belated decision, ahead of a policy board meeting in July, in an address to mark the 72nd anniversary of the bank’s founding. The central bank has already lifted interest rates three times this year, doing so at every policy meeting except for the one in February -- a decision experts say demonstrates the central bank’s determination to alleviate the increasing burden on
June 10, 2022
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Samsung chief’s brother-in-law elected first Asian ISU President
Kim Jae-youl, a council member of the International Skating Union, was elected president of the organization at the ISU Congress held on Friday in Phuket, Thailand. Kim, the brother-in-law of tech giant Samsung’s de facto leader Lee Jae-yong, has become the first non-European to lead the ISU since its foundation in 1892. The candidate from South Korea is a short-track speed skating powerhouse who won 77 out of 119 possible votes. Kim will serve as ISU president until 2026. He earlier p
June 10, 2022
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[Newsmaker] McDonald’s seeks to sell Korean branch again
McDonald’s, the world’s largest burger chain by revenue, is seeking a buyer to take over the Korean business it wholly owns, six years after its first attempt, which fell apart after a local dairy company backed out. “We’re looking for a strategic partner who could help our business here grow. We’re looking at several options with outside advisers,” a McDonald’s Korea official said Friday, declining to elaborate on details. Mirae Asset Securities will
June 10, 2022
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Police decline to refer Samsung chief to prosecution for alleged employment violation
Samsung Electronics Vice Chairman Lee Jae-yong has steered clear of a legal risk involving his alleged violation of a restriction on his employment that is effective until 2026. The Seoul Metropolitan Police decided not to refer the case involving the 53-year-old de facto leader of the South Korea-based tech giant to the prosecution, considering he was not paid for his casual work as an unregistered director, according to activist groups on Friday. Seven civil activist groups, including the C
June 10, 2022
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Gas prices likely to hit record-high in weeks
SEJONG -- Gasoline prices in South Korea are likely to hit an all-time high in the coming weeks in the wake of another spike in international crude prices, with prices climbing for more than 30 consecutive days. According to the Korea National Oil Corp., the nation’s benchmark gasoline price reached 2,055.11 won ($1.62) per liter on Friday. After posting 1,931.86 won on May 6, its price tag rose for the 35th consecutive day. Some market insiders are issuing the possibility that the price
June 10, 2022
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Lotte taps former Samsung Biologics exec to lead bio business
Lotte Biologics has picked Lee Won-jik, a former Samsung Biologics executive, to lead its bio business as the company’s CEO. Born in 1977, Lee has over two decades of experience in global biologics and the pharmaceuticals industry, including working at the US Department of Health and Human Services and Bristol Myers Squibb. Before he joined Lotte in August, Lee was the head of Samsung Biologics’ drug product business unit. Lotte Biologics and its new CEO will officially debut at
June 10, 2022
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KB chief, Danish envoy discuss finance industry’s role in carbon neutrality
KB Financial Group Chairman Yoon Jong-kyoo and Tomas Anker Christensen, Denmark’s ambassador for climate change, discussed the role of the financial sector in achieving carbon neutrality, officials said Friday. In the meeting held Thursday, Yoon explained KB’s efforts in promoting awareness of a low-carbon economy and shifting the group’s strategy in line with carbon neutrality. KB is currently pursuing its net-zero goals with a strategy called “KB Net Zero S.T.A.R,&rdq
June 10, 2022
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DataStreams to join state-led big data project on infectious diseases
South Korean data processing solution developer DataStreams said Wednesday that it has been chosen as a preferred bidder by the Ministry of Science and ICT and the National Information Society Agency, or NIA, to participate in a project to create a big data platform for infectious diseases. DataStreams is currently in negotiations with the NIA and is set to officially sign the deal later this month. The project worth 7 billion won ($5.5 million) will create a database to integrate informatio
June 10, 2022
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Kyobo Life Insurance to issue $500m in hybrids
Kyobo Life Insurance Co., a major life insurer in South Korea, said Friday it will issue $500 million worth of hybrid bonds next week in a bid to further bolster its financial health. The 30-year bonds will all be sold to offshore investors Wednesday and will carry an annual interest rate of 5.9 percent and a call option after five years, said the country's third-largest life insurance company. Hybrid bonds, which combine both debt and equity features, help financial institutions raise thei
June 10, 2022
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Jin Air to bring back B777 to Jeju route amid surging travel demand
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Friday it is resuming the operation of its mid-to-large B777-200ER airplane starting this weekend to meet growing travel demand amid eased COVID-19 restrictions. The aircraft will be added to the Gimpo-Jeju route Sunday, about 16 months after its suspension over the outbreak of the pandemic, the company said in a release. The same plane will also be put into service for international routes in July to meet surging travel demand e
June 10, 2022
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BOK chief emphasizes timely action to tame inflation, hints at more rate hikes
South Korea's top central banker on Friday emphasized the importance of timely action to fight rising inflation in the latest hint at further rate hikes amid worries that prices could fast rise amid high energy and commodity prices. Gov. Rhee Chang-yong of the Bank of Korea (BOK) made the case for the role of central banks as inflation fighters at a time when global upward inflation pressure has been mounting for a significant period of time. "In the short term, rate hikes could increa
June 10, 2022
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Seoul shares open steeply lower on inflation woes
Seoul shares opened steeply lower Friday, taking a cue from an overnight US stock plunge amid concerns about inflation and a slowdown in the global economy. The Korea Composite Stock Price Index (KOSPI) fell 27.48 points, or 1.05 percent, to 2,597.96 points in the first 15 minutes of trading. Investors are bracing themselves for the release of US inflation data later on Friday (US time). The tech-heavy Nasdaq composite retreated 2.75 percent and the Dow Jones Industrial Average declined 1.94 per
June 10, 2022