Most Popular
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Seoul transit pass for travelers to be available starting July
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Controversy rekindled over when to name criminals, suspects
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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N. Korea says to deploy new multiple rocket launcher starting this year
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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‘Monk’ DJ spreading Buddhism goes global
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Battery makers ramp up efforts to diversify graphite supply chain
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Buddha's birthday lantern parade to light up Seoul
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Hybe-Ador CEO conflict gets messier
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Low-income households suffer more from inflation: report
South Korea’s low-income households in the bottom 20 percent have been hit harder by COVID-19-induced inflation than high-income households in the top 20 percent, due to a sharper surge in essential spending on food, housing and utilities than in discretionary spending, a local think tank said Monday. Between 2018-2019 and 2020-2021, consumer prices rose 2.7 percent for the bottom 20 percent, about 1.4 times more than that of the top 20 percent at 1.9 percent, according to the Korea Econo
March 21, 2022
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Korean banks expand financial services for foreigners
South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net
March 21, 2022
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Naver Webtoon to set up branch in France
Naver Webtoon, South Korean tech giant Naver’s web-based cartoon platform, said Monday it will open a European branch in France by June in a bid to further expand its presence in the global market. “The branch, tentatively called 'Webtoon EU,' will oversee webtoon services in France, Germany and Spain, and discover new business opportunities in other European countries,” a Naver official said. “With Webtoon EU, Naver Webtoon will foster a strong foothold overseas with
March 21, 2022
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When Jjapaghetti meets Shin Ramyun
South Korea‘s top instant noodle maker Nongshim announced Monday the launch of Shinbok-ghetti Big Bowl, a cup noodle that combines two of its top-selling ramyun, Shin Ramyun Fried Noodles, Nongshim’s spicy flagship noodle but without broth, and Jjapaghetti, instant black bean ramyun. “Having monitored social media mentions from last October through this February, we learned that Jjapaghetti was the word most frequently paired with Shin Ramyun Fried Noodles. So we officially b
March 21, 2022
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SK ecoplant takes steps for IPO next year
SK ecoplant Co., the eco-energy unit of SK Group, said it has begun taking steps for an initial public offering next year by sending requests for proposal to major stock brokerage firms. After receiving proposals from the brokerage houses, the company said it will select preliminary candidates and finalize next month the firms that will manage its IPO process. “Based on an economy of scale strategy, we have pulled off several mergers and acquisitions of environmental companies, and have
March 21, 2022
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Brokerage firms see 2021 net profit jump on increased transaction fees
Brokerage firms in South Korea saw their net profit grow sharply last year thanks to increased transactions fees, data showed Monday. According to the data from the Financial Supervisory Service, 58 brokerage firms reported 9.09 trillion won ($7.5 billion) in their combined net profit last year, up 54.2 percent from a year earlier. The spike stemmed in part from increased transactions fees that expanded 23.2 percent on-year to 16.8 trillion won last year, the data showed. Their earnings from fee
March 21, 2022
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Foreign currency deposits grow in Feb. on increased corporate savings
Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud
March 21, 2022
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Construction contracts gain 10.5% in 2021
The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday. The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts co
March 21, 2022
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Hyundai Motor Group's key overseas units turn profit in 2021
ajor overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group's flagship, said its US production unit swung to a net profit of 237 billion won ($195 million) from a net loss of slightly over 1 trillion won the previous year. It represented the subsidiary's first black ink in three years. Its net loss came to 228.2 billion won in 2
March 21, 2022
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Seoul stocks open nearly flat amid Ukraine uncertainties
South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0
March 21, 2022
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Exports grow 10% in first 20 days of March
South Korea's exports rose 10.1 percent in the first 20 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday. The country's outbound shipments stood at $37.3 billion in the March 1-20 period, compared with $33.8 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 18.9 percent on-year to $39.3 billion, resulting in a trade deficit of $2.08 billion during the cited period, the data showed. B
March 21, 2022
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S. Korea's coffee imports hit new high in 2021
South Korea's imports of coffee surged more than 24 percent to hit a new all-time high in 2021 on its growing popularity here, data showed Monday. The value of the country's coffee imports stood at $916.5 million last year, up 24.2 percent from the previous year, according to the data from the Korea Customs Service and industry sources. It marks the first time that South Korea's coffee imports have exceeded the 1 trillion-won ($823 million) level in terms of the local currency. Last year's amoun
March 21, 2022
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Celltrion USA sales skyrocket 36 times on-year in 2021
The US subsidiary of South Korean biopharmaceutical company Celltrion Inc. logged record high sales in the US market last year on the back of robust sales of its self-diagnostic kit for COVID-19, officials said Monday. The annual revenue of Celltrion USA, Inc., the wholly owned subsidiary of Celltrion, reached 84.6 billion won ($69.6 million) in 2021, sharply up from 2.36 billion won a year earlier. The Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by Humasis Co., received the US Food a
March 21, 2022
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Market jitters dampen appetite for e-commerce IPOs
After the blockbuster stock debut of Coupang last year, expectations had been growing for upcoming listings of the nation’s popular e-commerce platforms like SSG.com and Market Kurly until early this year. But uncertainties surrounding Russia’s invasion of Ukraine and its economic impact are prompting the firms to put their plans to go public on ice. SSG.com, the digital shopping platform owned by retail giant Shinsegae Group, is one of the hottest market debuts planned this year
March 20, 2022
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[Newsmaker] Hana Financial Group joins $2.6b bid to buy Chelsea FC
South Korea’s Hana Financial Group has recently submitted a bid of $2.6 billion to buy Premier football club Chelsea, in a consortium led by UK property magnate Nick Candy. Local reports on Saturday said that the consortium of Candy, Hana Financial Group and Korean sports management firm C&P Sports -- dubbed “The Blue Football Consortium” -- have become one of several bidders who expressed their interest in buying Chelsea from its current Russian owner Roman Abramovich by
March 20, 2022
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Carmakers gearing up to reshape used car market
After the Ministry of SMEs and Startups greenlighted the large automotive companies’ entry to the secondhand car market, carmakers here have been quick to announce their plans to launch secondhand services within the year. Their entry could bring huge change to the used car market here, which has been protected by the government until recently for microenterprises. Lotte Rental, which operates a rent-a-car business, announced Friday that it would also enter the used car market in
March 20, 2022
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Average pay at Korea's top 4 banks exceeds W100m for first time
The average annual salary at South Korea’s top four banks exceeded 100 million won ($82,500) for the first time last year, backed by a surge in interest and fee revenue, data showed Sunday. Bankers under the four commercial banks here -- KB Kookmin, Shinhan, Hana and Woori -- received an average 105.5 million won last year, 7.6 percent up from the previous year, according to their annual reports. The figure includes the employees’ base salary, performance pay and bonuses. The aver
March 20, 2022
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Hyundai Motor, Beijing BAIC Motor to inject W1.2tr into joint venture in China amid falling sales
South Korea's top carmaker Hyundai Motor Co. and China's Beijing BAIC Motor will inject over 1 trillion won ($825 million) into their joint venture to enhance the competitiveness of its electric car making amid sluggish sales, company officials said Sunday. They will increase the capital stock of Beijing Hyundai Motor by about 1.2 trillion won, with each shouldering half of the planned investment into the 50-50 joint venture, according to the officials. Half of the planned investment will be c
March 20, 2022
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LG suspends shipments to Russia due to logistics plight
South Korean tech giant LG Electronics Inc. said Sunday it has suspended shipments to Russia due to difficulties in the global offshore logistics. LG said in a statement that it is "suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds." "We are deeply concerned for the health and safety of all people, and LG remains committed to supporting humanitarian relief efforts." The suspension came as the world's major marine shipper
March 20, 2022
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Hyundai's Genesis tops 700,000 in global sales
South Korean leading carmaker Hyundai Motor Co. said Sunday that its independent Genesis brand surpassed 700,000 units in accumulative global sales, thanks to the rising popularity of its brand power. The premium brand's global sales totaled 700,612 units from its launch in November 2015 to end-February 2022, 30.5 percent of which were sold overseas, according to Hyundai Motor's investor relations data. Genesis' global sales jumped by 100,000 units in the past three months, backed by fast-growin
March 20, 2022