Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Korea, India agree to block double taxation
SEJONG -- The tax administrative agencies of South Korea and India have agreed to closely coordinate on easing tax burdens for businesses by holding a bilateral meeting of chiefs, the National Tax Service said Friday. The two also have decided to exchange know-how in uncovering practices of offshore tax evasion. During their meeting in New Delhi on Thursday, NTS commissioner Kim Dae-ji expressed gratitude to his counterpart Tarun Bajaj for the Indian tax authority’s recent policy to prev
Feb. 25, 2022
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Biden’s Russia sanctions to indirectly hit Korea’s chip, auto industries
As the US Biden administration imposes economic sanctions against Russia for invading Ukraine, South Korean firms including Samsung Electronics and SK hynix are expected to take collateral damage. On Friday, President Joe Biden unveiled comprehensive economic sanctions to cripple the Russian economy. The sanctions would limit the export of products that can potentially increase Russia’s ability to advance its military and aerospace sector. The sanctions would prohibit companies from s
Feb. 25, 2022
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S. Korea to support companies to minimize impacts from Ukraine crisis
South Korea said Friday it plans to provide financial support to local exporters in an effort to minimize their potential damage from international sanctions against Russia over Moscow's invasion of Ukraine. The United States announced new sanctions against Russia, including export controls, over Moscow's invasion of Ukraine in a bid to restrict Russia's ability to do business in major currencies. South Korea said Thursday it will join the international community in imposing sanctions against Ru
Feb. 25, 2022
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Hyundai partners with Shell to accelerate transition into carbon-neutral mobility
Hyundai Motor said Friday that it has signed a memorandum of understanding with US energy giant Shell to speed up the popularization of electric vehicles and achieve carbon neutrality. Through this MOU, the South Korean auto giant hopes to actively promote its carbon-neutral goals and Shell hopes this serves as momentum for it to expand its green energy business. The two companies agreed to cooperate in establishing infrastructures for EV charging, coming up with low carbon-emitting solutions,
Feb. 25, 2022
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S. Korea's fisheries output rebounds in 2021
South Korea's fisheries output rebounded last year from the previous year on the back of increased fish stocks and expanded fishing grounds, data showed Friday. Total fisheries output amounted to 3.82 million tons last year, up 2.9 percent from a year earlier, according to Statistics Korea. The 2021 tally rebounded from 3.71 million tons in 2020 when fisheries output hit a four-year low. Last year, aquaculture production increased and fisheries output from inland fishing also gained ground. By v
Feb. 25, 2022
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S. Korea's arable land dips for 9th year in 2021
South Korea's total arable land dropped for the ninth consecutive year in 2021 as rice paddies shrank amid falling consumption of rice, data showed Friday. The country's arable land totaled 1.55 million hectares -- slightly more than three times the size of the U.S. state of Delaware -- as of end-2021, down 1.2 percent or 18,000 hectares from the previous year, according to the data by Statistics Korea. Arable land in Asia's fourth-largest economy has been on the decline since 2013 due to declin
Feb. 25, 2022
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S. Korea's central bank joins BIS Asian green bond fund
The Bank of Korea (BOK) said Friday it has invested part of the country's foreign exchange reserves in a green bond fund for central banks in a bid to expand its investment in green projects. The BOK said it took part in the Asian Green Fund that was launched by the Bank for International Settlements (BIS) on Thursday to invest in dollar-denominated green bonds issued in the Asian region. The BOK did not specify the amount of its investment. Green bonds are meant to raise money to support enviro
Feb. 25, 2022
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Trade terms decline for 10th consecutive month in January
South Korea's terms of trade fell for the 10th straight month in January as import costs rose at a faster clip than export prices, central bank data showed Friday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 89.42 last month, down 6.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure has marked on-year declines each month since April when the index fell 0.6 percent from a year earlier. Compared wi
Feb. 25, 2022
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Samsung Galaxy S22 launched globally
Samsung Electronics on Friday launched its latest flagship smartphone Galaxy S22 as well as its tablet Galaxy Tab S8 in some 40 countries. According to the South Korean tech giant, the new devices will be available in major markets including Korea, the US, Canada, the UK and France. In March, the high-tech gadgets will be available in more than 130 countries. The Galaxy S22 and the Galaxy Tab S8 series enjoyed greater preorders than previous models. Preorders for both the Galaxy S22 and Galax
Feb. 25, 2022
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AB InBev named creative marketer of the year at Cannes Lions
Anheuser-Busch InBev, the Belgian brewing giant and the parent company of South Korea’s largest beer manufacturer Oriental Brewery, said Wednesday that it has won the creative marketer of the year award at the Cannes Lions 2022. Cannes Lions is the world’s largest advertising awards festival. Since 1992, the top honor has been awarded to companies as prominent as Apple, Coca Cola, Google, Samsung Electronics and Microsoft, for demonstrating creative excellence. This year, the honor
Feb. 24, 2022
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Stock price recovery ‘possible’: Kakao CEO nominee
Kakao’s new CEO nominee Namkoong Whon said Thursday that he wishes to restore the company‘s stock price at over 150,000 won ($124.60) per share during his two-year term amid investors’ growing concerns over its underperforming stocks. “We will be able to see (Kakao‘s stock price) to reach 150,000 won (per share) again if (we can) restore the market trust,“ Namkoong said during an online press conference. “I hope to see a boost in stock price within m
Feb. 24, 2022
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Philips Korea receives Health Minister’s Award for improving lives of underserved
Philips Korea has received the Health and Welfare Minister’s Award at the 2022 Happiness Together Social Contribution Campaign for helping improve people’s lives through health care technology, the company said Thursday. Marking its 12th edition, the annual awards recognizes exemplary companies that practice social responsibilities. Co-hosted by the Korea Enterprises Federation and the Association of Korean Journalists, the campaign is sponsored by several ministries including the
Feb. 24, 2022
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Posco’s plan to set up holding firm in Seoul faces political backlash
Posco Group has been left baffled over calls from political circles and local communities not to establish a new holding company in Seoul, and to stay in Pohang, North Gyeongsang Province, where the firm was initially founded as a state-run enterprise in 1968. All four leading presidential candidates have publicly urged Posco -- which will officially launch a new holding firm on March 2 -- to remain in its birthplace of Pohang for the sake of balanced regional development. Posco has den
Feb. 24, 2022
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Kepco suffers record operating loss of W5.8tr
Korea Electric Power Corp. hemorrhaged a record operating loss of 5.8 trillion won ($4.8 billion) last year, going back into the red after an operating profit of 4 trillion won the year before. Kepco suffered an unprecedented deficit as the public company couldn’t raise electricity prices in line with rising global fuel prices, due to the government’s inflation concerns. The figure is almost double from when Kepco witnessed an operating loss of 2.7 trillion won in 2008 when oil
Feb. 24, 2022
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Ministry mulls subsidy cut for hybrids
SEJONG -- Hybrid cars will likely be excluded from a government list of eco-friendly cars in the coming years, rendering hybrid-car owners no longer able to enjoy tax benefits or state-led purchase subsidies. During a ministerial meeting for the nation’s innovative growth in Seoul on Thursday, Deputy Prime Minister and Finance Minister Hong Nam-ki unveiled a policy to regard only electric cars and hydrogen-fueled cars as low-emission cars on a midterm policy direction. He said that the g
Feb. 24, 2022
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[MWC 2022] SKT, Samsung to unveil advanced 5G tech at MWC
South Korea’s telecommunication carrier SK Telecom and wireless network equipment maker Samsung Electronics will unveil the test results of their 5G network architecture “Option 4” for enhanced connectivity at the upcoming Mobile World Congress in Barcelona. The two firms recently tested the advanced 5G connectivity on a commercial network infrastructure for the first time within the industry. SK Telecom plans to commercialize the technology by 2023 in order to support urban
Feb. 24, 2022
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Preorders start for Genesis GV70 EV
Hyundai Motor’s standalone luxury brand Genesis said Thursday it has started getting preorders for the Electrified GV70, a full-electric version of its mid-sized SUV GV70. The new car is priced at 73.32 million won ($61,232). With the government’s EV subsidies, local drivers can purchase the car for under 66 million won. Equipped with a 77.4 killowatt hour battery pack, the Electrified GV70 offers a range of up to 400 kilometers on a single charge. It can be charged up to 80 per
Feb. 24, 2022
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Seoul stocks plunge over 2% on escalating Ukraine crisis
South Korean stocks plunged more than 2 percent Thursday, as investor sentiment worsened over Russia's launch of military operations in eastern Ukraine. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 70.73 points, or 2.6 percent, to close at 3,029.57 points. Trading volume was high at about 904 million shares worth some 13.1 trillion won ($10.9 billion), with losers outnumbering gainers 797 to 108. Foreigners dumped a net 681 bi
Feb. 24, 2022
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Biggest drone show in Korea showcases future of air transports
Drone Show Korea 2022 kicked off Thursday to showcase the latest innovations of major South Korean aviation and defense firms, offering a glimpse into future drones that will become available in daily lives in a few years ahead. During the three-day event held at Bexco in Busan, LIG Nex1, a local defense firm that specializes in missiles, unveiled KCD-200, a drone that can transport payloads heavier than 200 kilograms. KCD-200, which looks like a small airplane, is supported by seven propelle
Feb. 24, 2022
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BOK freezes key rate, announces decade-high inflation outlook
South Korea’s central bank on Thursday kept its benchmark interest rate anchored at the current 1.25 percent, but sharply revised its annual inflation outlook to a decade high of 3.1 percent. The Bank of Korea’s seven-day monetary policy board unanimously voted to freeze the key rate at the level it maintained since it delivered a 0.25 percentage point rate hike in January. The January decision brought back the base rate to pre-pandemic levels, before the BOK carried out a 0.5 perc
Feb. 24, 2022