Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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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
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[MWC 2022] Samsung’s mobile chief hints at greener, more inclusive Galaxy ecosystem
Samsung Electronics mobile head Roh Tae-moon said Thursday its use of recycled and eco-conscious materials will play a critical part in its mobile device innovations, a week ahead of the Mobile World Congress 2022 in Barcelona, Spain. Samsung’s Mobile Experience business, led by Roh, oversees operations related to smartphones, tablets, personal computers and wearable devices -- which Samsung seeks to connect under the Galaxy ecosystem that is turning greener and more inclusive. The Sou
Feb. 24, 2022
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Hana partners with KAIST to boost scientific approach towards carbon neutrality
South Korea’s Hana Financial Group has partnered up with the nation’s top university in science and technology to bolster the scientific approach toward achieving carbon neutrality by 2050. On Thursday, Hana said it signed a deal with the Korea Advanced Institute of Science and Technology with the goal of developing new technology based on environmental, social and governance values. The goal would be based on the institutions’ joint efforts to resolve climate change issues,
Feb. 24, 2022
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Ukraine tensions feared to disrupt chip production
A military confrontation between Russia and Ukraine could disrupt supply of raw materials, potentially exacerbating the ongoing global chip shortage, analysts said Thursday. Russia and Ukraine produce raw materials, such as neon, used in chipmaking processes, raising concerns that the escalating tension could disrupt the supply of key materials. According to market research firm TrendForce, Ukraine supplies nearly 70 percent of the world's highly purified neon gas used to etch circuit designs in
Feb. 24, 2022
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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