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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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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KT signs MOU with Turkish telecom operator on 5G, AI services
KT Corp., a South Korean major wireless carrier, said Thursday it has signed a pact with a leading Turkish telecom operator for cooperation in 5G and artificial intelligence services. At the Mobile World Congress (MWC) 2022 in Barcelona, the South Korean operator signed a memorandum of understanding with Turk Telekom to expand cooperation in robots, smart cities and self-driving cars based on 5G, big data and cloud services, the company said. "We plan to cooperate with Turk Telecom to devel
March 3, 2022
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7 in 10 S. Koreans suffered income reduction amid pandemic: survey
Nearly seven in 10 South Koreans saw their income fall in the wake of COVID-19, a survey showed Thursday. In the online survey of 2,016 people aged 18 or above by the Korea Institute of Public Administration from Nov. 15-22, 68 percent said their average monthly income was lower in 2021 than in 2019 before the pandemic struck. Only 30 percent said their income rose, while the remaining 2 percent said it remains unchanged. Those who earned less lost 1.25 million won ($1,038) per month on average,
March 3, 2022
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S. Korea says mobile phones, other consumer goods not under US' export curbs on Russia
Mobile phones, cars and other consumer goods are not subject to the United States' sweeping restrictions on exports to Russia, South Korea's trade ministry said Thursday. Last week, the US government announced the Foreign Direct Product Rule (FDPR) for "all of Russia" as part of its export controls to block Russia's access to global high-tech products and other major items, such as semiconductors, over the Russian invasion of Ukraine. The measure calls on companies to receive a license
March 3, 2022
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Seoul shares open higher on Fed chair's comment
South Korean stocks opened steeply higher Thursday, as US Federal Reserve chairman signaled a rate hike within market expectations amid soaring global commodity prices. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.41 points, or 0.94 percent, to trade at 2,728.93 in the first 15 minutes of trading. Stocks rose after the overnight Wall Street stock rallies, after Fed Chair Jerome Powell on Wednesday said rates would likely be hiked by only 25 basis points this month, although he
March 3, 2022
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BOK maintains 4% growth estimate for 2021, inches up Q4 estimate to 1.2%
South Korea's central bank maintained its earlier 2021 economic growth estimate Thursday but slightly increased its estimate for the fourth quarter, citing larger-than-expected exports. South Korea's economy grew 4 percent in 2021 after expanding 1.2 percent in the October-December period, according to preliminary data from the Bank of Korea (BOK). The 2021 growth rate remained unchanged from the BOK's earlier estimate on Jan. 25, but the fourth quarter figure was slightly higher than a projec
March 3, 2022
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[MWC 2022] Huawei says its 5G tech ‘game changer’ in Korea with new safety law
BARCELONA, Spain -- The 5G network solutions by Chinese tech giant Huawei Technologies could be a game changer in South Korea as its companies are now left vulnerable to a controversial workplace safety law that came into effect in January. At the Mobile World Congress 2022 held in Barcelona, Spain, Huawei’s exhibition at Hall 1 presented 5G solutions that enable automated disaster prevention, currently deployed across China. One of the solutions exhibited is a mining site run by unmann
March 3, 2022
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Hana Bank offers facial verification service round the clock
Hana Bank said on Wednesday it has begun offering its facial verification service round the clock, allowing customers to open accounts any time day or night. Using artificial intelligence and big data, the facial recognition solution verifies users by comparing their faces to their ID photos within one second. It was chosen as an innovative financial service by the Financial Services Commission in April last year. Previously, customers opening their first accounts at Hana Bank online were req
March 2, 2022
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Jungheung chairman vows to nurture Daewoo E&C into top builder
Jungheung Group Chairman Jung Chang-sun vowed Wednesday he would nurture Daewoo Engineering & Construction to become a top builder, as the acquisition process has recently been successfully completed. “We finalized the M&A process on Feb. 28 and this day will become a historic day for Daewoo E&C to start anew,” Jung said in his message to employees. “Now, as a family of Jungheung Group, we will take another big leap forward together.” In December last year,
March 2, 2022
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Korea strives to placate US after ‘belated’ sanction
SEJONG -- South Korea is struggling to avoid the current unfavorable situation, in which its tech-oriented companies should receive endorsement from the US before they export products to Russia. Though Korea has dispatched senior officials to the US to overcome the situation, critics are saying it is too late. The situation comes as the Korean government took a relatively passive stance in February, compared to other countries, in terms conducting economic and financial sanctions against Russi
March 2, 2022
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Seoul stocks up for 3rd session on optimism about Ukraine uncertainties
South Korean stocks advanced for a third consecutive session Wednesday amid continued military tensions in Ukraine and hopes a full-scale war may be avoided. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 4.34 points, or 0.16 percent, to close at 2,703.52 points. Trading volume was moderate at about 519 million shares worth some 10.8 trillion won ($8.9 billion), with gainers outnumbering losers 645 to 228. Foreigners offloaded a net
March 2, 2022
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Hyundai's Feb. sales rise 1.4% despite chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales rose 1.4 percent last month from a year earlier despite global chip shortages. Hyundai Motor sold 304,613 vehicles in February, up from 300,514 units a year earlier, the company said in a statement. Domestic sales climbed 1.7 percent to 53,010 units from 52,102 during the period, while overseas sales were also up 1.3 percent to 251,603 from 248,412, the statement said. From January to February, sales fell 5.5 percent to
March 2, 2022
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Startup Space Star to send mountaineer’s DNA to space
Korean space tech startup Space Star said Wednesday it will send the DNA of famous mountaineer Um Hong-gil to space, honoring his world record to have climbed the 16 highest peaks on Earth. After swabbing Um’s DNA from his mouth, the company plans to seal it in a capsule and send it to space by the end of this year. “Along with other world renowned celebrities, Um will be the first Korean celebrity to have his DNA sent to space. It is meaningful in the sense that their DNA will pe
March 2, 2022
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SsangYong's Feb. sales more than double on exports
SsangYong Motor Co. said Wednesday its sales more than doubled last month from a year earlier on sharply increased exports of its SUV models. SsangYong Motor sold 7,052 vehicles in February, up from 2,789 units a year earlier, the company said in a statement. Domestic sales jumped 70 percent to 4,540 units last month from 2,673 a year ago, while exports soared to 2,542 units from 116 during the same period, it said. SsangYong's lineup consists of the Tivoli, Korando, and Rexton and Rexton Sports
March 2, 2022
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Oriental Brewery to raise beer prices over rising costs
The Korean beer maker Oriental Brewery said Wednesday it would lift prices of its beer products by an average annual rate of 7.7 percent starting from March 8. The price hike comes as the company seeks to offset higher raw material and packaging costs fueled by COVID-induced supply disruptions. The beer manufacturer said it has seen the global price of barley, the primary ingredient of beer, climb by 33 percent since pre-pandemic levels. The price of aluminum, the core material for packagi
March 2, 2022
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Korea joins IEA to release 60m barrels as oil prices soar
To stabilize soaring global oil prices amid the heightening crisis between Russia and Ukraine, South Korea on Wednesday decided to join the International Energy Agency to release 60 million barrels to the market. According to the Ministry of Trade, Industry and Energy Wednesday, the 31 members of the IEA held an online meeting on Tuesday and agreed to inject some 60 million barrels of emergency reserves to alleviate concerns over an oil supply crunch as the result of Russia’s ongoing inva
March 2, 2022
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K-diaspora project launched to support young ethnic Koreans overseas
The Korea Herald on Wednesday signed a memorandum of understanding with two local organizations to support a project to build the capacity of young ethnic Koreans residing overseas. The K-Diaspora Project envisages shaping Korean youth in 190 countries – roughly 2 million in total - into global leaders that share an identity anchored in Korean roots. Godowon Foundation, a non-profit organization dedicated to youth mentoring, and the Blue Tree Foundation, an NGO against school violence, h
March 2, 2022
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Hyundai Motor sets new global EV sales goal of 1.87m by 2030
Hyundai Motor has set a new sales target of its electric vehicles at 1.87 million units a year, aiming to secure 7 percent of global EV market share in the next eight years. Such a goal would have EVs turning into a major cash cow for the carmaker over combustion engine cars, as the portion of battery-powered vehicles in overall sales will rise to 36 percent, the carmaker said in a statement released on Wednesday. By expanding the production of EVs, Hyundai hopes to generate bigger margins of
March 2, 2022
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[Newsmaker] Nexon founder Kim Jung-ju, pioneer in Korea's gaming industry, dies at 54
Kim Jung-ju, the founder of South Korea’s biggest game maker Nexon and an engineer-turned-entrepreneur who led the country’s burgeoning game industry which also made him the richest man here, passed away on Monday. He was 54. According to Nexon’s holding company NXC, Kim died on Feb. 28 in Hawaii, the United States. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, the company said. Born in February 1968 in Seoul,
March 2, 2022
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[MWC 2022] GSMA to press streaming platforms on network cost-sharing: KT CEO
BARCELONA, Spain -- The board of GSMA, the host of Mobile World Congress 2022, has greenlighted a plan urging video streaming service providers to share telecom carriers’ costs of expanding broadband infrastructure, amid lingering conflicts over charging more network usage fees to those causing heavy internet traffic. The plan was proposed by a policy group under GSMA, which called on global content providers including Netflix, Apple TV, Amazon Prime Video and Disney+ to contribute more
March 2, 2022
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Korean asset managers start suspending Russian funds
South Korean asset managers have started suspending the issue and redemption of shares on their Russia-exposed funds as the US and its allies continued to ramp up economic sanctions against Moscow. According to market tracker FnGuide on Wednesday, nine Russia-exposed equity funds, including an exchange-traded fund, with a combined asset of 158.7 billion won ($131.6 million), are being sold by Korean financial institutions. The nine funds have already disappointed investors since the beginning o
March 2, 2022