Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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21 Hyundai models earn US safety awards
Hyundai Motor Group said Thursday it has earned the most safety pick awards from the U.S. Insurance Institute for Highway Safety (IIHS), beating rivals such as Volkswagen and Volvo. Eleven models from the South Korean automotive group garnered the Top Safety Pick+ (TSP+) awards and 10 models obtained the Top Safety Pick (TSP) awards, Hyundai said in a statement. The group has Hyundai Motor Co., its independent Genesis brand, and affiliate Kia Corp., under its wing. The 11 TSP+ winners are Hyunda
Feb. 24, 2022
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Celltrion expects COVID-19 treatment candidate to show efficacy against omicron
South Korean pharmaceutical giant Celltrion Inc. on Thursday anticipated its antibody treatment against COVID-19 under development would show efficacy against the omicron variant. Celltrion said that CT-P63 has maintained strong neutralizing ability against the omicron variant during pseudo-virus testing. The candidate treatment is currently under clinical trials. The announcement comes after local health authorities announced Wednesday they will halt using Celltiron's COVID-19 treatment, Rekiro
Feb. 24, 2022
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Audi Volkswagen Korea executive named to lead imported car association
South Korea's imported car business lobby group said Thursday it has appointed an Audi Volkswagen Korea executive as its new chief to help their members gain a bigger share in the local passenger vehicle market. Till Scheer, group managing director of Audi Volkswagen Korea, will serve as the 15th chairman of the Korea Automobile Importers and Distributors Association (KAIDA) from March to February 2024, KAIDA said in a statement. "With a heavy sense of responsibility, I aspire to find solut
Feb. 24, 2022
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S. Korea seeks int'l cooperation for stable supply chains amid Ukraine tensions
South Korea's top trade official met with foreign envoys to Seoul on Thursday and discussed ways of cooperation to ensure stable supplies of key materials amid global supply chain disruptions and simmering tensions surrounding Ukraine, the industry ministry said. The meeting took place in Seoul between Trade Minister Yeo Han-koo and ambassadors and charge d'affaires of nine resource-rich nations -- Indonesia, Canada, Malaysia, Vietnam, the Philippines, the United Arab Emirates, Mexico, Brazil an
Feb. 24, 2022
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BOK freezes policy rate amid pandemic, Ukraine crisis
South Korea's central bank held its key interest rate steady Thursday amid worries that the upsurge in COVID-19 infections and heightening geopolitical risks stemming from Eastern Europe could undercut economic recovery momentum. The Bank of Korea (BOK), however, sharply revised upward its inflation outlook for this year, raising the possibility that it could hike the interest rate in the months to come. As widely expected, the seven-member monetary policy board of the central bank voted to fr
Feb. 24, 2022
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Seoul stocks open steeply lower amid escalating Ukraine tensions
South Korean stocks opened steeply lower Thursday, tracking overnight plunges on Wall Street that stemmed from rising tensions in Ukraine. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 28.85 points, or 1.06 percent, to 2,690.08 points as of 9:15 a.m. Overnight, the tech-heavy Nasdaq composite tumbled 2.57 percent and the Dow Jones Industrial Average declined 1.38 percent as Ukraine declared a state of emergency and Washington said a Russian invasion of Ukraine remains imminen
Feb. 24, 2022
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Corporate direct financing nearly triples in Jan.
Corporate direct financing in South Korea nearly tripled in January from the previous month due mainly to a massive initial public offering (IPO), data showed Thursday. Local companies raised a combined 27.53 trillion won ($23.1 billion) by selling stocks and bonds last month, up 172.5 percent from December, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financi
Feb. 24, 2022
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Producer prices gain 0.9% in Jan. on high energy costs
South Korea's producer prices made an upturn in January amid rising oil and other raw material prices, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 114.24 in January, up 0.9 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). Producer prices remained flat in December after recording the 13th consecutive month of an increase. Compared with a year earlier, producer prices climbed 8.7 percent
Feb. 24, 2022
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Kospi slightly gains on institutional, retail buying
The benchmark Kospi rose Wednesday on stock purchases led by institutions and retail investors, who guarded against a sell-off by foreign investors, as investor appetite appeared affected little by developments in the Russia-Ukraine standoff. The Kospi ended 0.47 percent, or 12.74 points, higher than Tuesday’s closing at 2,719.53, reversing the last two days of drops. The index reached an intraday high of 2,729.56 and low of 2,705.31. Institutions and individuals snatched up shares
Feb. 23, 2022
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ATKO supplies leather for Hyundai Transys’ future mobility seat
ATKO planning, a Korea-based sustainable leather manufacturer, said Wednesday it has supplied recycled leather to Hyundai Transys’ future mobility seat concept, which was unveiled at the Lineapelle International Leather Fair held in Milan this month. The Lineapelle leather show is the largest of the kind and lays out the future vision of the automotive industry. This year, the trade show was held under the theme “Shift to Regenerative Mobility”, latching onto the global trend
Feb. 23, 2022
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Korea wary of ‘long-term’ tension involving Ukraine
SEJONG -- A longer-than-expected standoff between Ukraine and Russia involving a possible war could deal a severe blow to the Korean economy, Vice Finance Minister Lee Eog-weon said Wednesday. During a task force meeting in Seoul, Lee said that particular impacts have yet to be seen in the local market at the current stage, despite the escalating tension between the two countries. “But (worsening geopolitical risk) over a long period would have negative effects on the nation’s over
Feb. 23, 2022
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GS Retail latest to adopt chicken-frying robots
GS Retail, the operator of Korea’s convenience store chain GS25, said Wednesday it will deploy chicken-frying robots, joining the recent race to automate food manufacturing. The company forged a partnership with Roboarte, the food tech startup behind Robert Chicken that uses robot arms to fry chicken. GS25 plans to use the startup’s robots to fry frozen chicken from its own brand Chicken 25. “The robot arms will automatically put the bucket full of frozen chicken in a frying
Feb. 23, 2022
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Seoul stocks advance amid Western sanctions on Russia
South Korean stocks climbed Wednesday, in the wake of the United States and its European allies' announcement of financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points. Trading volume was moderate at about 527 million shares worth some 9 trillion won ($7.5 billion), with gainers outnumbering losers
Feb. 23, 2022
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What's behind Shinsegae's W4tr bet on Yeouido landmark?
From eBay Korea to a pro baseball team and vineyards, Shinsegae Group has been on a shopping spree recently, and its latest target is IFC Seoul, a landmark complex in Yeouido, western Seoul. According to industry sources, Shinsegae Property, a developer affiliated with the retail giant, has joined a heated race to acquire the IFC complex worth an estimated 4 trillion won ($3.34 billion) as part of a consortium with IGIS Asset Management. Other suitors shortlisted in a recent second bid inclu
Feb. 23, 2022
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Foreign invested companies hold back investment plans as pandemic continues
Most companies with foreign investors in South Korea have not yet been able to make investment plans for this year, due to the prolonged COVID-19 pandemic, according to a survey from the Federation of Korean Industries released Wednesday. Of the foreign-invested companies with more than 100 employees surveyed, 91.1 percent said they are yet to come up with an investment plan (64.4 percent) or do not plan to make an investment this year (26.7 percent). Only the remaining 8.9 percent of them hav
Feb. 23, 2022
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HDC Hyundai Development appoints new safety executive
HDC Group’s construction arm HDC Hyundai Development Co. said Wednesday that it has appointed its vice president Jung Ik-hee as its new Chief Safety Officer. Jung, 56, joined the firm in 1995 and has overseen the management at major construction sites until 2019. In 2020, he served an executive role to manage the local projects and engineering technology with his experience on sites. HDC Hyundai Development Co. said the new CSO was named as part of safety improvement efforts driven
Feb. 23, 2022
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Korean youths flock to state-backed savings account
South Koreans aged between 19 and 34 rushed to open a state-backed savings account with a high yield of some 10 percent this week, with the product attracting nearly two million applicants as of Wednesday. The state-backed savings account launched Monday -- dubbed the Youth Hope Savings Product -- is designed specifically for those aged between 19 and 34 with an annual income of or below 36 million won ($30,100). It requires applicants to submit a monthly payment of 500,000 won for a 2-year ter
Feb. 23, 2022
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LG to quit solar panel business on rising costs
LG Electronics said Wednesday it is exiting its solar panel business, citing unfavorable market conditions such as rising costs and price competition as the key factors. The Korean tech giant, following a board meeting on Tuesday, said it would stop producing solar panels and modules by June 30, with some 900 employees being relocated to other business divisions, including those of other LG companies. LG started its solar panel business back in 2010 with an emphasis on higher-efficiency prem
Feb. 23, 2022
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Korea’s supply chain risks resurface over Ukraine crisis
South Korean companies are closely monitoring the situation as Western sanctions on Russia over the Russia-Ukraine geopolitical crisis may threaten the supply chains of the country’s key exports such as semiconductors, batteries and automotives. According to industry sources Wednesday, the prices of aluminum and nickel -- key minerals for EV batteries -- hit all-time highs in 14 years and 11 years, respectively, as the United States prepares sanctions against Russia for invading Ukr
Feb. 23, 2022
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Samsung Heavy wins W1tr LNG ship order from Africa
Samsung Heavy Industries Co. said Wednesday it has received a 1 trillion-won ($840 million) order to build four liquefied natural gas carriers for an African shipper. Under the deal, Samsung Heavy will deliver the four environment-friendly LNG ships to the unidentified shipper by September 2025, the company said in a statement. "We expect more LNG ship orders this year on increasing demand for LNG shipments and the International Maritime Organization's adoption of stricter environment regul
Feb. 23, 2022