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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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Edison steps closer to SsangYong takeover with court’s approval
South Korean electric carmaker Edison Motors stepped closer to acquiring major stakes in debt-laden SsangYong Motor on Monday, after the two firms clinched a deal following the court’s approval on the same day. What remains for Edison is the agreement from the two-thirds of SsangYong’s creditors on the financially troubled SUV maker’s rehabilitation plan, undergoing the same process as a decade earlier. The carmaker has been under court receivership for the secon
Jan. 10, 2022
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Former Samsung patent head turns against tech giant
A former Samsung Electronics executive, who led patent prosecutions and litigations representing South Korea-based technology giant, was found to have turned against his previous employer with a patent suit. Synergy IP, founded by Samsung’s former vice president Ahn Seung-ho in 2020, was one of the plaintiffs that filed patent suits with the United States District Court for the Eastern District of Texas since November last year, according to a report by local media outlet Electronic Times
Jan. 10, 2022
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[CES 2022] First Hyundai-Boston Dynamics joint project to come by 2024
LAS VEGAS – Hyundai Motor’s first collaboration project with Boston Dynamics is expected to come by 2024, according to their executives, under the South Korean auto giant’s ambitious goal of creating a better future for humans. At the Consumer Electronics Show last week, Hyundai presented its vision for future mobility, with robots, not cars, taking center stage. Now keen attention is being paid to its collaboration work with Boston Dynamics, the robotics startup it acquired
Jan. 10, 2022
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Instant noodle exports break records again
Korean instant noodle exports in the first 11 months of last year set a new record amid the prolonged pandemic and the popularity of “chapaguri,” a mix of two different instant noodle products featured in the Oscar-winning film “Parasite.” Exports of ramen, known locally as “ramyeon,” in January-November 2021 hit $607.9 million, up 10.6 percent from the same period a year prior. The 2020 total, which was then the highest ever annual figure, was $603.6
Jan. 10, 2022
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Seoul stocks retreat amid US rate hike concerns
South Korean stocks retreated Monday, weighed by concerns over the possibility of the US Federal Reserve's faster-than-expected tapering and rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 28.17 points, or 0.95 percent, to close at 2,926.72 points. Trading volume was moderate at about 470 million shares worth some 10.2 trillion won ($8.5 billion), with losers outnumbering gainers 615 to 259. Institutions sold a net 500 billio
Jan. 10, 2022
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Celltrion unveils W100b buyback plan to stabilize stock prices
South Korean biopharmaceutical giant Celltrion Inc. on Monday announced a 100 billion-won ($83.3 million) share buyback plan to stabilize stock prices and increase its shareholders' value. Its affiliate, Celltrion Healthcare, which handles overseas business operations, will also repurchase 50 billion won of its shares. The buyback plans are scheduled to start Jan. 11 and run until April 10, the companies said, adding their boards of directors made the decisions. Currently, Celltrion owns 1.32
Jan. 10, 2022
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S. Korea to hold annual meeting with IMF on economy, financial policy
South Korea will begin its annual meeting with the International Monetary Fund (IMF) this week on the country's overall economic situation as well as the response to the COVID-19 pandemic, the finance ministry said Monday. An IMF team, led by Martin Kaufman, Korea missions chief at the Washington-based organization, will hold a video conference with the Ministry of Economy and Finance on Tuesday before holding similar virtual meetings with officials of the central bank, and other financial and
Jan. 10, 2022
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[Newsmaker] Kakao CEO nominee resigns over stock selling
Amid mounting criticism over Kakao executives forging a block deal to sell massive stakes they received as stock options, the IT giant’s next CEO stepped down voluntarily on Monday, leaving the company‘s management ethics in question. Ryu Young-joon, the appointee for Kakao’s next CEO, expressed his will to resign amid escalating criticism over the mass sale of his Kakao Pay shares, the IT giant said Monday. Kakao Pay is a payment platform which made a market debut in November
Jan. 10, 2022
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Lee Jae-myung’s pledge to beef up FSS’ power on insurance disputes raises eyebrows
A campaign pledge by ruling party presidential candidate Lee Jae-myung has sent jitters through the finance sector as he vowed to hand the nation’s financial watchdog stronger legal authority to side with consumers when settling disputes with insurers. The ruling party’s presidential election campaign committee on Friday announced that Lee seeks to ban insurers from not conceding to orders from the Financial Supervisory Service to financially compensate their customers without a &ld
Jan. 10, 2022
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S. Korea edges rivals in customer satisfaction
South Korea consumers were found to be more satisfied with local goods and services on average last year than their peers in the US, Japan and Singapore, according to the National Consumer Satisfaction Index annually published by the Korea Productivity Center. The index -- an indicator of not only user satisfaction but economic performance of companies, government agencies and the macroeconomy as a whole -- is adopted by a little over 30 countries globally, which use the same metrics to identif
Jan. 10, 2022
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Korea outstrips OECD average in per capita GDP for 1st time
SEJONG -- South Korea has surpassed the average of members of the Organization for Economic Cooperation and Development in gross domestic product per capita, for the first time, data showed Monday. According to the French-based organization, Korea ranked 18th among the 38 members in GDP per capita with $45,363 in 2020. This exceeded the estimate of the OECD average at $45,182, while the nation had continued to stay under the average for decades. Figures for Korea and the OECD average were $18,
Jan. 10, 2022
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KT's IPTV services suffer disruption due to power supply glitch
KT Corp., a major South Korean mobile carrier, said Monday its internet protocol television (IPTV) services were disrupted for nearly an hour, just three months after the company suffered a major network outage. The company's Olleh TV services were interrupted from 10:42 p.m. to 11:40 p.m. on Sunday due to a technical glitch in the power supply device of the signal distributor, according to KT and the Ministry of Science and ICT. Among 304 channels, 205 channels -- including the state-funded b
Jan. 10, 2022
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LG joins IBM Quantum Network
LG Electronics said Monday it has joined the IBM Quantum Network as a member to further explore its applications for quantum computing required in the field of artificial intelligence, connected cars, internet of things and robotics. LG Electronics, an electronics arm of South Korea‘s fourth-largest conglomerate, was the latest to take part in the alliance of over 170 entities. Those taking part in the community as a member, partner or quantum hub are given access to IBM‘s quantum c
Jan. 10, 2022
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Samsung’s QD-OLED display certified by SGS
Samsung Display, the display panel maker arm of Samsung Electronics, said Monday its latest quantum-dot organic light emitting diode display technology was certified by evaluation services provider SGS. The QD-OLED, touted as the technology to support next-generation TV picture quality, had received three certifications for True Color Tones, Pure RGB Luminance and Ultrawide Viewing Angle upon performance testing by the Switzerland-based SGS. Samsung Display said in a statement the certificati
Jan. 10, 2022
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Korea Shipbuilding wins ship orders worth W1.3tr
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has received 1.33 trillion won ($1.1 billion) worth of ship orders. Korea Shipbuilding obtained three separate orders from shippers in Europe and Latin America to build four 16,000 twenty-foot equivalent unit (TEU) container carriers, four 2,500-TEU container ships and one liquefied natural gas carrier, the company said in a statement. The 2,500-TEU and 16,000-TEU container ships will be delivered to the unidentified clien
Jan. 10, 2022
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SK Geocentric to build plastic waste recycling factory in S. Korea with US startup
SK Geocentric Co., a chemical materials unit of South Korean conglomerate SK Group, said Monday it will build a plastic waste recycling factory in South Korea jointly with a U.S. startup as part of efforts to advance its green business. SK Geocentric said it signed an initial terms agreement with Purecycle Technologies Inc., a Florida-based plastic recycling company, to construct a polypropylene recycling factory in the industrial city of Ulsan, about 400 kilometers southeast of Seoul. The sig
Jan. 10, 2022
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Sales of short-term bonds swell 20.6% in 2021
Sales of short-term corporate bonds in South Korea jumped more than 20 percent in 2021 from a year earlier amid the coronavirus pandemic, data showed Monday. Local companies issued 1,243.7 trillion won ($1.04 trillion) worth of short-term bonds, up 20.6 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). Short-term bonds refer to those that come due within one year, with the minimum amount of 100 million won or more per issue. Sales of general short-
Jan. 10, 2022
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FDI pledges made to S. Korea hit all-time high in 2021
Foreign direct investment (FDI) pledges made to South Korea surged 42.3 percent in 2021 from a year earlier to reach an all-time high, data showed Monday. Foreigners pledged to invest $29.51 billion in South Korea in 2021, compared with $20.7 billion a year earlier, according to the data by the Ministry of Trade, Industry and Energy. The 2021 figure hit an all-time high, beating the previous record of $26.9 billion logged in 2018, it added. The amount of investment that actually arrived in So
Jan. 10, 2022
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LX International to bring in 1,100 tons of urea from China this week
LX International Corp., the general trading arm of LX Group, said Monday 1,100 tons of urea will arrive in South Korea from China this week. The shipment -- the first batch from an import contract with China for 10,000 tons of urea -- will arrive in the southeastern port city of Busan on Tuesday, LX International said. In November, the trading company secured the amount in a move to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. The firm sai
Jan. 10, 2022
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Seoul stocks open lower on US rate hike worries
South Korean stocks opened lower Monday as investors took to the sidelines in the wake of the US Federal Reserve minutes last week that signaled possibilities of aggressive tapering policy. The benchmark Korea Composite Stock Price Index (Kospi) fell 24.17 points, or 0.82 percent, to 2,930.72 points in the first 15 minutes of trading. The tech-heavy Nasdaq Composite lost 0.96 percent and the Dow Jones Industrial Average slipped 0.01 percent amid concerns that the Fed may push harsher-than-expe
Jan. 10, 2022