Most Popular
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Yoon vows to run country 'rightly' on Buddha's birthday
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CIO chief nominee to explain allegations at confirmation hearing
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5 confectionery firms fined W135b for price fixing
South Korea's antitrust regulator said Thursday it has decided to impose a combined 135 billion won ($112.9 million) in fines on Lotte Confectionery Co. and four other snack manufacturers for fixing sales prices of ice creams. The five snack makers, also including Binggrae Co. and Haitai Confectionery & Foods Co., colluded between February 2016 and October 2019 to fix supply and sales prices of ice creams and divide retail channels for distribution, according to the Fair Trade Commission (FT
Feb. 17, 2022
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Money supply up in Dec. over increased savings, exports growth
South Korea's money supply rose 0.7 percent on-month in December due mainly to an increase in savings boosted by rising interest rates and brisk exports, central bank data showed Thursday. The country's M2, a key gauge of the money supply, stood at 3,613 trillion won ($3.02 trillion) on average in December, up 23.8 trillion won from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The growth rate slowed down in December compared with the previous month. From a yea
Feb. 17, 2022
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BOK forecast to hike key rate to 2% by yearend
South Korea's central bank is expected to raise its benchmark interest to 2 percent by the end of this year to tackle rising inflation and a brisk economic recovery, a local brokerage house said Thursday. Hana Financial Investment Co. said its latest forecast is 0.25 percentage point higher than its earlier projection of 1.75 percent for the end of this year. "The key rate outlook has been raised in light of high inflation at home and abroad, and South Korea's economic growth outpacing its
Feb. 17, 2022
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ICT minister calls for telcos' cooperation on dispute over additional 5G frequencies
Science and ICT Minister Lim Hye-sook on Thursday met with the heads of three major South Korean telecom operators to discuss a dispute over additional 5G network frequency bands and urged cooperation in providing better network service to consumers. In December, the ministry agreed to open bidding for additional 5G networks in the 3.4- to 3.42-gigahertz spectrum, as requested by LG Uplus, the smallest mobile carrier. Lim earlier hinted at a possible delay in the auction -- initially planned for
Feb. 17, 2022
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S. Korea logs smaller-than-expected fiscal deficit in 2021 on larger tax revenue
South Korea's fiscal deficit is estimated to be sharply smaller than its previous estimate last year on the back of larger-than-expected tax revenue, the finance ministry said Thursday. The consolidated fiscal balance, a key gauge of fiscal soundness, logged a deficit of 30 trillion won ($25 billion) in 2021, smaller than the government's earlier projection of 90.3 trillion won, according to preliminary data from the Ministry of Economy and Finance. The improved fiscal health was attributable ma
Feb. 17, 2022
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LG Energy Solution buys US energy storage solutions provider
LG Energy Solution Ltd. (LGES) said Thursday it has acquired a US-based energy storage system (ESS) solutions provider as part of efforts to expand its portfolio into all-round energy management services LGES took over a 100 percent stake in NEC Energy Solutions Inc. from NEC Corp., its Japanese parent company, the South Korean battery maker said in a release. It did not provide details on the amount or terms of the transaction. ESS refers to a technology that stores excess energy to be used for
Feb. 17, 2022
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Seoul stocks open higher after Fed minutes released
South Korean stocks opened higher Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.44 points, or 0.53 percent, to 2,744.12 points in the first 15 minutes of trading. According to the Fed's minute, the officials reiterated their stance that they would soon start raising the key interest rates to rein in price pressure. The January document did not include the impacts from the U
Feb. 17, 2022
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4 companies to recall over 38,000 vehicles over faulty parts
Audi-Volkswagen Korea, Tesla Korea and two other companies will voluntarily recall more than 38,000 vehicles to fix faulty components, the transport ministry said Thursday. These are the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The four companies, including Bumhan Mobility and Kiheung Motors, are recalling a combined 38,246 units of four different models, the Ministry of Land, Infrastructure and Transport said in a statement. Th
Feb. 17, 2022
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Seoul stocks surge nearly 2% higher on eased Ukraine tensions
South Korean stocks rebounded nearly two percent Wednesday, snapping a three-day losing streak, as Ukraine tensions eased. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) surged 53.14 points, or 1.99 percent, to close at 2,729.68 points. Trading volume was moderate at about 415 million shares worth some 8.3 trillion won ($6.9 billion), with losers far outnumbering gainers 832 to 64 Foreign and retailer investors sold a net 43.1 billion won
Feb. 16, 2022
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Shinsegae acquires Napa Valley winery for W299.6b
Shinsegae Property, the property development arm of Korea’s retail giant Shinsegae, said Wednesday it has acquired US winery Shafer Vineyards for 299.6 billion won ($250.3 million) to boost the group’s wine business. “With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” a Shinsegae Property official said. Industry sources say si
Feb. 16, 2022
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Brother of Seoul envoy to Beijing suspended for misselling of funds
South Korea’s financial regulator on Wednesday decided to suspend Jang Ha-won, the chief executive of Discovery Asset Management from his duty, and fine the state-run Industrial Bank of Korea for misselling of funds with frozen assets amounting to 256.2 billion won ($214 million). Jang is the younger brother of South Korea’s incumbent ambassador to China, Jang Ha-sung. The Financial Services Commission upheld the watchdog Financial Supervisory Service’s earlier ruling to &l
Feb. 16, 2022
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Korean chip industry to invest W56.7tr this year: lobby group
The South Korean semiconductor chip industry is poised to invest 56.7 trillion won ($47.4 billion) in 2022 to create jobs and strengthen a supply chain amid talent shortages and external uncertainties, according to a lobby group Wednesday. The figure for some 150 companies across the Korean chip supply chain is 10 percent higher than the domestic industry’s total spending in 2021 at 51.6 trillion won, according to the Korea Semiconductor Industry Association. The lobby group is currently
Feb. 16, 2022
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Korean auto journalists name Genesis G90 car of the year
Korean journalists covering the auto industry on Tuesday chose Genesis G90 as the car of the year, saying the vehicle pioneers a new direction for luxury sedans. The fully revamped G90 launched in January scored 84.07 out of 100 for its sophisticated designs as well as its advanced driver-assistance technologies that add value to the driving experience, according to the Korea Automobile Journalists Association. The G90 was among 21 vehicles competing for the annual event that assessed 10 feat
Feb. 16, 2022
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Korea Forest Service ready to restore forests in Central and South America
The Korea Forest Service is taking steps to help restore forests in Central and South America as it seeks to expand its global outreach. A team of Korea Forest Service officials led by Minister Choi Byeong-am visited El Salvador, Guatemala, Honduras and Peru in late January, and agreed to cooperate more closely to restore forests in those countries, the KFS said. The KFS delegation’s visit comes as a follow-up to the summit talks between President Moon Jae-in and US President Joe Biden i
Feb. 16, 2022
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[Contribution] Korea‘s forestry cooperation to expand to Central America
Central America is a biodiversity hotspot thanks to its vertically stretched land mass. Yet at the same time, the region is highly vulnerable to climate change, where it derives its label the “dry corridor.“ For this reason, countries in the region are collectively contending with the challenges of deforestation. Disasters like wildfires and forest pests are increasing, and humans are destroying forests in favor of logging and land clearing. On top of all this are the impacts of cl
Feb. 16, 2022
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Growth in number of employed hits 21-year high
SEJONG -- The number of employed in South Korea surged by more than 1 million in January, compared to a year earlier, on the back of both a base effect and economic recovery, state data showed Wednesday. According to Statistics Korea, the number of employed increased by 1.13 million in January on-year to 26.95 million. This marked the highest growth in more than 21 years since the tally shot up 1.21 million in March 2000. Women outnumbered men by about 24,000 -- 579,000 vs. 555,000 -- in the g
Feb. 16, 2022
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GM to restart Bolt production in trust of LG Energy Solution
General Motors will resume the production of Chevrolet Bolt models and power them with LG Energy Solution batteries, signaling its restoration of trust with the South Korean battery giant. According to GM Wednesday, the production of Bolt electric vehicles will commence on April 4 after a months-long shutdown due to recall. GM in August recalled some 143,000 Bolts after defective LG Energy Solution batteries caused fires. Of the total recall cost of $1.8 billion, LG Electronics and LG Energy S
Feb. 16, 2022
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SK hynix unveils new memory chips that are 16 times faster, 80% more efficient
SK hynix on Wednesday introduced a next-generation memory chip that processes data 16 times faster and consumes 80 percent less electricity. The process-in-memory or PIM chips developed by the South Korean chipmaker can both store and process data, while ordinary memory chips can only store data. As PIM chips can do two tasks at the same time and provide extra computing power, they have emerged as the key components in the artificial intelligence and big data sectors. “Computers mounte
Feb. 16, 2022
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Orion Choco Pie logs W500b in global sales
Global sales of Orion’s signature snack Choco Pie reached 500 billion won ($417 million) in 2021, logging an 8.8 percent growth year-on-year, according to the Korean confectionery maker on Wednesday. This means around 3,400 million individual packets of Choco Pie were sold worldwide, which would cover more than five laps around the Earth when lined up, said the company. Choco Pie’s success overseas is thanks to the company’s efforts to tailor the product to suit each specifi
Feb. 16, 2022
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Samsung Electronics labor union threatens to stage first-ever walkout
Labor unions of South Korean tech titan Samsung Electronics said they could go on strike for the first time in over 50 years, after their demands for a pay raise and special summer leave in a first-ever wage negotiation fell on deaf ears. Protesters representing four labor unions comprising over 5,000 employees said Wednesday they will work to salvage its wage negotiation with Samsung’s management, with a walkout -- possibly with other trade unions under Samsung affiliates -- being their
Feb. 16, 2022