Most Popular
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Hybe-Ador CEO conflict gets messier
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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NewJeans' members' parents complained to Hybe, email shows
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GS Caltex to use oil extracted from plastic waste as clean feedstock
GS Caltex said Wednesday it will utilize oil extracted from plastic waste as a feedstock to manufacture petrochemical products to bolster its environmental, social and governance efforts. According to the South Korean total energy company, it will begin pilot production of petrochemical products with 500,000 tons of plastic waste oil at the firm’s plant located in Yeosu, South Jeolla Province. “If the pilot project proves successful, GS Caltex will review new investments for buil
Dec. 22, 2021
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Finance ministry to prioritize stabilizing inflation next year
South Korea's finance ministry said Wednesday it will put the top priority on stabilizing consumer inflation next year as the country faces a buildup in price pressure amid rising prices of raw materials and farm products and the economic recovery. The government plans to beef up the monitoring of the supply of key farm produce closely linked to people's livelihoods and freeze public utility bills in the first quarter of next year. The Ministry of Economy and Finance picked measures to stabili
Dec. 22, 2021
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Financial watchdog to seek 'soft landing' for household debt, bring debt increase under pre-pandemic levels
South Korea's financial watchdog said Wednesday that it will continue to prioritize a "soft landing" for soaring household debt and bringing debt growth down to pre-pandemic levels next year. In a report laying out its policy goals for next year, the Financial Services Commission (FSC) also said that it will "preemptively" manage vulnerability risks facing the financial sector amid worries that snowballing corporate and household debt and rising interest rates could hurt the
Dec. 22, 2021
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SsangYong signs MOU with BYD for EV battery development
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Wednesday it has signed an initial pact with Chinese electric vehicle maker BYD Auto Co. for EV battery development.SsangYong Motor on Tuesday signed a memorandum of understanding with BYD Auto to develop car batteries and produce battery packs for its models, the company said in a statement. "The partnership with BYD will pave the way for the company's plan to transform itself into an EV maker
Dec. 22, 2021
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S. Korea's seaport cargo down 1.9% in Nov.
The volume of cargo processed at South Korean seaports fell nearly 2 percent in November due to delayed handling at major ports, government data showed Wednesday. Cargo handled at the country's ports stood at 128.5 million tons last month, down 1.9 percent from a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo also declined 1.9 on-year to 108.8 million tons. Container cargo decreased 7.4 percent on-year to 2.39 million twenty-foot-e
Dec. 22, 2021
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S. Korea unveils measures to prevent foreigners' illegal property transactions
Finance Minister Hong Nam-ki said Wednesday the government will closely monitor foreigners' real estate transactions in a bid to prevent cross-border flows of illegal funds and crack down on dubious deals. The government unveiled a set of measures to prevent foreigners from illegally buying real estate as some non-residents are found to have taken undue profits from property transactions. To monitor any illegal money flows, the Bank of Korea (BOK) and the Korea Customs Service will set up an i
Dec. 22, 2021
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Seoul stocks open steeply higher on US stock rallies
South Korean stocks opened steeply higher Wednesday, tracking overnight rallies on Wall Street that stemmed from easing fears about the impact of the omicron variant on the global economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.95 points, or 0.64 percent, to trade at 2,993.98 points in the first 15 minutes of trading. The KOSPI got off to a bullish start, led by tech and auto advances. Overnight, the tech-heavy Nasdaq composite jumped 2.4 percent and the Dow Jones
Dec. 22, 2021
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6 companies to recall over 34,000 vehicles over faulty parts
Hyundai Motor Co., Mercedes-Benz Korea and four other companies will voluntarily recall more than 34,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The six companies, including Hyundai's smaller affiliate Kia Corp., Toyota Motors Corp. and Stellantis Korea, are recalling a combined 34,639 units of 13 different models, the Ministry of Land, In
Dec. 22, 2021
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Corporate direct financing rises 1.6% in November
Corporate direct financing by firms in South Korea grew 1.6 percent in November from a month earlier due to an increase in bond sales, data showed Wednesday. Local companies raised a combined 19.45 trillion won ($16.3 billion) by selling stocks and bonds last month, up 300.3 billion won from the previous month, 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 fi
Dec. 22, 2021
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Posco International to invest W162b in Mexico EV parts factory
In a bid to penetrate the US electric vehicle market, Posco International said Tuesday it is opening a Mexico office to oversee the production plant of a core component. The component, the rotor motor core, is used to generate electricity in electric motors. The decision has been approved by the board, the trading arm of Korea’s leading steelmaker said. Some 52 billion won ($43.6 million) will be invested in building the facility, of which 80 percent will be funded by Posco Internat
Dec. 22, 2021
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Hanwha to inject W338b for caustic soda production
Hanwha Solutions said Tuesday it will spend 338 billion won ($283.3 million) to add 270,000 tons of production capacity of caustic soda, a key raw material for electric vehicle batteries. According to the chemical and energy unit of South Korean conglomerate Hanwha Group, the investment will allow the company to ramp up the annual production capacity of caustic soda at its petrochemical plant in Yeosu, South Jeolla Province, to 1.11 million tons from the current 840,000 tons. “Hanwha
Dec. 21, 2021
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4 in 5 foreign employees paid less than W3m
SEJONG -- Almost 4 in every 5 foreign salaried workers in South Korea were found to be earning less than 3 million won ($2,500) a month, state data showed Tuesday. According to Statistics Korea and the Korea Immigration Service, around 811,000 foreigners were employed here this year, up 0.9 percentage point compared to the previous year. Of them, the portion of foreign employees whose monthly wage stayed under 3 million won reached 78.1 percent, or 633,000 people, this year. While 52.2 perce
Dec. 21, 2021
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Incheon Airport forges W600b deal with Indonesian airport
Incheon International Airport Corp. has inked a 600 billion won ($503 million) deal to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year, officials said Tuesday. It is the first overseas airport operation and development project Incheon International Airport Corp. has undertaken, they added. The deal was signed by Incheon International Airport Corp. and Batam Indonesia Free Zone Authority to operate and develop the Indonesian airport in Batam, Ri
Dec. 21, 2021
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Kyobo Life submits preliminary IPO application
Kyobo Life Insurance, the No. 3 life insurer in South Korea, has applied for a preliminary approval to list its shares on the country's main bourse, the stock market operator said Tuesday. Kyobo Life Insurance submitted the application with the Korea Exchange (KRX) for an initial public offering (IPO) and picked NH Investment and Securities Co. as the lead manager for the envisioned stock listing, according to the operator. Other details were not disclosed. In November, Kyobo Life Insurance s
Dec. 21, 2021
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GS E&C completes New Selander Bridge project in Tanzania
South Korean builder GS E&C has completed its construction of New Selander Bridge in Tanzania, the largest development project funded by the South Korean government in Africa. New Selander Bridge is also the first bridge project GS E&C has worked on in Tanzania. It will officially open for use on Dec. 27. Located in Dar es Salaam, the largest city and financial hub of Tanzania, the New Selander Bridge is 670 meters long. It is a new type of bridge that has combined the characteristics
Dec. 21, 2021
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Hyundai Motor Group raises global EV sales target to 1.7m in 2026: CEO
Hyundai Motor Group raised its global electric vehicle (EV) sales target for 2026 to 1.7 million units from 1 million units, its chief executive has said, underscoring the automaker's push to meet the growing EV demand. Hyundai Motor CEO Chang Jae-hoon made the remark in an interview with the US-based Automotive News published on Tuesday, saying that the company will double the EV lineup to at least 13 models by 2026. "That's very ambitious. Next year, we expect to sell about 220,
Dec. 21, 2021
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Virtual model Lucy set to debut as Lotte Shopping show host
Virtual humans are everywhere: They promote products on social media, appear on billboard ads and now host infomercial shows. Lotte Home Shopping said Tuesday its virtual model Lucy will make her television debut as a show host on Wednesday for a special Christmas broadcast. Lucy is scheduled to appear in a teaser clip of the program and will introduce products offered on sale. This will be the first time the public gets to hear her voice, the infomercial channel said. Boasting 70,000 fol
Dec. 21, 2021
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Seoul stocks rebound on investors' bottom-fishing
South Korean stocks rebounded Tuesday, as investors sought to buy oversold stocks after the key index's recent plunge. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.03 points, or 0.41 percent, to close at 2,975.03 points. Trading volume was moderate at about 396 million shares worth some 8.6 trillion won ($7.2 billion), with losers outnumbering gainers 428 to 415. Institutions bought a net 601 billion won and foreigners purchased 3
Dec. 21, 2021
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Is chip party coming to an end?
COVID-19 has been a perfect Christmas gift for major chipmakers this year, as the pandemic brought an unprecedented chip demand across the spectrum, from smartphones, laptops and PCs to data centers. To meet the surging demand, foundry giants -- TSMC, Samsung Electronics and Intel -- together have pledged to spend hundreds of billions of dollars throughout the next few years to expand their production capacities. But market watchers warn caution over the aggressive expansion, citing that t
Dec. 21, 2021
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Korea to provide 10 times faster Wi-Fi in subways for free
Starting next year, subway passengers in South Korea will be able to enjoy free Wi-Fi services that are 10 times faster, the Ministry of Science and ICT said Tuesday. According to the ministry, subway commuters will be able to use Wi-Fi 6E that has a more reliable internet connection, and is 10 times faster than the current Wi-Fi speed. The upgraded Wi-Fi speed will be on par with that of private telecoms networks. Previously, the ministry had limited the transmitted signal power level in su
Dec. 21, 2021