Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Global appraisers concerned about fallout of S. Korea's debt growth pace: finance chief
South Korea's finance minister said Tuesday global credit appraisers are concerned about the growth pace of the country's national debt, which could negatively affect its sovereign rating over the medium term. Finance Minister Hong Nam-ki also reiterated his opposition to political parties' push for sharply jacking up a proposed extra budget of 14 trillion won ($11.7 billion), citing concerns about fiscal soundness. Ahead of the March presidential election, political parties are calling for a
Feb. 8, 2022
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LG Chem eyes W60tr in sales by 2030
LG Chem Ltd., South Korea's leading chemical maker, said Tuesday it aims to boost its sales to 60 trillion won ($50.1 billion) by 2030 as it accelerates its push for a green transition with a focus on renewable energy and advanced materials. Unveiling its mid- to long-term business plans, LG Chem said in regulatory filings it is eyeing annual sales of 40 trillion won by 2026. The target figures exclude its two subsidiaries -- the battery-making unit LG Energy Solution Ltd. and LG FarmHannong C
Feb. 8, 2022
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S. Korea to invest W12b in developing 100-ton liquid engine
South Korea plans to invest 12 billion won ($10 million) in developing high-performance, liquid-fuel engines by next year to ramp up the country's decadelong space project, the ICT and science ministry said Tuesday. In 2020, South Korea unveiled the "Space Challenge" program with the aim of investing 49.6 billion won until 2028 to secure future technologies and leadership in the space industry in 2030. Of the total, the ministry has set aside a budget of 4.5 billion won this year and
Feb. 8, 2022
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LG Energy Solution turns to black in Q4 on strong EV battery sales
LG Energy Solution Ltd. said Tuesday it swung to the black in the fourth quarter from a year earlier on the back of strong electric vehicle (EV) battery sales. Net income came to 71.8 billion won ($59.9 million) in the October-December period, compared with the 436.4 billion-won loss the previous year, South Korea's top battery maker said in a regulatory filing. Operating profit reached 75.7 billion won, a turnaround from the 479.1 billion-won loss. Sales rose 1.9 percent to 4.4 trillion won
Feb. 8, 2022
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S. Korea, Britain agree to launch talks on FTA revision
South Korea and Britain have agreed to launch talks this year to upgrade their free trade deal in a move to deepen ties in digital trade and other new issues, Seoul's trade ministry said Tuesday. The agreement was made during an initial meeting of the South Korea-Britain free trade agreement (FTA) committee in London on Monday. The meeting was attended by South Korea's Trade Minister Yeo Han-koo and Britain's Secretary of State for International Trade Anne-Marie Trevelyan. The two nations cli
Feb. 8, 2022
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Soaring refining margin bodes well for oil firms
South Korean oil refiners' key profitability measure has been rising sharply this year on a global economic recovery, boding well for their earnings, industry sources said Tuesday. The benchmark Singapore complex gross refining margin (GRM) stood at $7.5 per barrel for the first week of this month, up sharply from the $1-2 range a year earlier. Usually, South Korean refiners turn a profit if the refining margin is above at least $4 per barrel. Hit by a plunge in oil demand due to the coronavi
Feb. 8, 2022
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S. Korea’s top financial regulator contracts COVID
South Korea’s top financial regulator has contracted COVID-19, the Financial Services Commission said Monday. Financial Services Commission Chairman Koh Seung-beom tested positive for the novel coronavirus before noon despite having received three doses of a vaccine, the FSC said in a statement. Koh has no plans to be hospitalized at the moment and is currently self-isolated at home. He has yet to show any signs of severe symptoms, according to the FSC. The financial regulator has supp
Feb. 7, 2022
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SK Bioscience logs record high sales
SK Bioscience saw record sales of 929 billion won ($774 million) and operating profits of 474 billion won from last year, on the back of strong businesses in its contract manufacturing of the AstraZeneca and Novavax COVID-19 vaccines, the company said Monday. Compared to 2020 yearly figures, SK Bioscience’s annual sales and operating profits went up by 311 percent and 1,158 percent, respectively. About half of the annual numbers came in the fourth quarter alone as the company logged 451
Feb. 7, 2022
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Average foreign workers‘ annual pay likely to surpass W30m
SEJONG -- The average yearly wage for foreign workers in South Korea is estimated to have surpassed 30 million won ($25,000) for the first time in 2021, state data showed. The prediction is based on the year-end tax adjustments of foreign employees for their earnings in 2020 and 2019. According to the National Tax Service, about 545,000 foreign employees in the nation carried out year-end tax adjustments for their earnings in 2020. Their average wage posted 29.26 million won per annum, with th
Feb. 7, 2022
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L‘Oreal Korea to launch make-your-own lip tint device
L’Oreal Korea said Monday it will launch an at-home device that creates customized lip tint colors, to serve the growing needs of personalization in the beauty market. The newly launched product, Yves Saint Laurent Rouge Sur Mesure, delivers thousands of color schemes using its four-ingredient cartridges -- red, nude, orange and pink. Customers can play with the palette using a mobile application to design their own shade of the day, it said. The device also offers color recommendations
Feb. 7, 2022
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Kia to launch 6 EVs by 2027 via joint venture renewal in China
Kia, South Korea’s second-largest automaker, will launch six electric vehicle models by 2027 in China by renewing its joint venture in the country, where it has been losing presence in recent years over soured bilateral ties between Seoul and Beijing. Starting with the EV6 next year, Kia will bring new battery-powered vehicles each year and realign its strategic models with bigger vehicles that are more globally popular such as the Carnival and Sportage. The new China plan was released
Feb. 7, 2022
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Seoul stocks snap 3-day winning streak on profit-taking
South Korean stocks ended their three-day winning streak on Monday, largely as investors attempted to cash in profits from recent stock rallies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 5.2 points, or 0.19 percent, to close at 2,745.06 points. Trading volume was moderate at about 410 million shares worth some 11.1 trillion won ($9.2 billion), with gainers outnumbering losers 467 to 385. Institutions sold a net 834 billion
Feb. 7, 2022
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As Kospi rally nears end, money moves to safer options
Korean investors are pulling out money from their investment accounts to reallocate it to safer options such as money market funds as they seek to ride out volatility gripping the local stock market, data showed Sunday. As of Thursday, credit-backed loans for stock investments stood at 21 trillion won ($17.5 billion), down about 4 trillion won from a record high of 25 trillion won in September last year. Since then, the deposit borrowed from brokerages on investors’ credit has been shri
Feb. 7, 2022
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Stock assets of chaebol leaders hit hard by Kospi loss
The nation’s top chaebol leaders saw their stock assets fall sharply in January, as the nation’s benchmark Kospi entered a bear market, while some firms grappling with controversies also took a beating. The total value of stocks owned by the nation’s top 33 chaebol owners was estimated at 55.43 trillion won ($46.19 billion) in January, down 13.8 percent from a month ago, according to data from market tracker Korea CXO Institute Monday. Hyundai Development Co. Chairman Chung
Feb. 7, 2022
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LG Energy Solution most renewable South Korean firm in 2020: CDP
LG Energy Solution was the most renewable company in South Korea in 2020, a report showed Monday. According to a report published by Carbon Disclosure Project, an environmental non-government organization, LG Energy Solution transitioned to renewable energy 33 percent, the highest figure among Korean firms participating in the Renewable Energy 100 initiative. Renewable Energy 100, or RE100, is a global initiative to shift 100 percent to renewable energy by 2050. The campaign is led by The Cl
Feb. 7, 2022
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Lotte to invest W602b for EV battery raw materials
Lotte Chemical will inject more than 602 billion won ($502.3 million) to produce raw materials for electric vehicle batteries and build new facilities for carbon capture and liquefaction on a 67,000-square-meter site inside a petrochemical complex in Daesan, South Chungcheong Province. The chemical unit of Lotte Group will use the fund to manufacture high-purity ethylene carbonate and dimethyl carbonate. The two are raw materials of electrolytes, one of the four key components of EV batteries.
Feb. 7, 2022
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Why Korean telcos’ ride into flying car business
Flying cars have clearly been the main focus of automakers seeking to expand their mobility technology into the air. But Korean telecommunication companies, despite their lack of manufacturing experience, are also jumping into the air mobility business as they have critical jobs to do. SK Telecom said Monday it has signed a strategic collaboration agreement with a US company Joby Aviation to materialize their cooperation in the urban air mobility business from building airframes to servic
Feb. 7, 2022
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KT to join submarine cable project connecting Asia
South Korean telecommunication firm KT announced Monday plans to take part in a new 9,000-kilometer subsea cable project reaching six countries in East Asia and Southeast Asia, as an owner and operator. With the new project, KT aims to meet a growing corporate demand for greater connectivity to achieve digital transformation. KT signed a memorandum of understanding with real estate consulting firm Savills Korea on Monday to launch and operate the submarine cable, connecting six countries --
Feb. 7, 2022
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Fashion sales surge last year as Koreans get ready to go out
Having spent mostly on furniture, home appliances and cars in the first year of the pandemic, consumers bought more bags and clothes last year, apparently getting ready to go out, statistics showed. Business has been good for furniture and home appliance companies for the past two years as COVID-19 persisted, keeping people at home. Meanwhile, shoe shops continued to see sluggish sales. The retail sales index rose 5.5 percent last year, compared to 2020, meaning that the amount of goods sold
Feb. 7, 2022
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Woori taps senior deputy chief to lead flagship bank
South Korea’s Woori Financial Group said Monday it has nominated Senior Deputy President Lee Won-duk to lead its flagship commercial bank. The firm’s CEO recommendation committee last month had shortlisted three candidates for the position -- Lee, Park Hwa-jae, deputy president of Woori Bank‘s credit support unit and Jeon Sang-wook, deputy president of the bank’s risk management unit. Lee was tapped due to his “broad understanding” of the group’s core
Feb. 7, 2022