Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Golden chance to liquidate babies’ gold rings?
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New book offers tips for businesses on metaverse
Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world. Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEOs of Meta Factory, co-authored “The Metaverse Management,” based on their discussions as
Dec. 2, 2021
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Consumer price growth hits decade high
SEJONG -- The growth in consumer prices posted the highest in almost a decade last month with prices of daily necessities such as diesel and agricultural products surging, sparking concerns over its impact on households. Statistics Korea said Thursday that consumer prices climbed 3.7 percent on-year in November, which marked the highest increase since the 4.2 percent growth in December 2011. Consumer prices increased over 3 percent for the second consecutive month, following a 3.2 percent gro
Dec. 2, 2021
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SK hynix sets up new US business unit
SK hynix, the chip-making affiliate of SK Group, said Thursday that it has set up a new business unit solely dedicated to the US market where the memory chip giant has made a renewed push to secure a firm footing and expand partnership with local tech firms. The new unit, called American Business Team, is one of the three new units established under the direct influence of CEO Lee Seok-hee, as part of the company’s year-end executive reshuffle and organizational overhaul. The other two u
Dec. 2, 2021
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[Herald Interview] Do you have a best friend at office? Human connection crucial for work efficiency, says behavioral scientist
After COVID-19 forced many aspects of our lives to become more isolated, the world is making a gradual move to return to how we used to be. Commuting to work has resumed and team lunches have been revived, although people still wear their masks and transparent acrylic panels have been erected between people at the tables. Although South Korea kicked off its “living with COVID-19” scheme with eased social distancing rules on Nov. 1, still today many are suffering from soc
Dec. 2, 2021
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Seoul stocks rally for 2nd day on strong foreign buying
South Korean stocks rallied for second straight session Thursday on the back of strong foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 45.55 points, or 1.57 percent, to close at 2,945.27 points. Trading volume was moderate at about 523 million shares worth some 11.8 trillion won ($10 billion), with gainers outnumbering losers 756 to 139. Foreigners bought a net 886 billion won, while retail investors sold 915 billion
Dec. 2, 2021
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[Battery+] 2nd urea crisis? Four metals China can weaponize to sink S. Korean EV battery firms
The ongoing urea solution shortage in South Korea is just a trailer. The real movie hasn’t even started yet. China can always send another wave of supply chain crises to Korea, and next time, the electric vehicle battery industry could be the target. According to Hana Financial Investment Thursday, electric vehicle batteries manufactured in South Korea by LG Energy Solution, Samsung SDI and SK On are heavily dependent on Chinese metals. “The three companies source 71 percent
Dec. 2, 2021
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Korea to foster 89,000 more software talents by 2025
South Korea will foster 89,000 more people specialized in software technology by 2025 to cope with a shortage of digital talent in the future, the Ministry of Science and ICT said Thursday. Unveiling the government’s plan to support younger generations in times of digital transformation, the ministry said a total of 413,000 software professionals will be supplied over the next five years. The government’s original plan was to raise 324,000 software talents, but the expected demand
Dec. 2, 2021
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More listed units of biz groups adopt e-voting for small shareholders
More listed units of South Korea's major business groups have adopted electronic voting and other types of voting this year than a year earlier in a bid to promote small shareholders' rights, the country's antitrust regulator said Thursday. As of May, 78.8 percent of 274 listed affiliates of the country's 62 major conglomerates, or 216 firms, had introduced at least one out of cumulative, written or e-voting systems, the Fair Trade Commission said in a report on large business groups' governanc
Dec. 2, 2021
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Doosan Robotics launches unmanned modular robot cafe
Doosan Robotics Co. said Thursday it has produced an unmanned modular robot cafe in cooperation with Folletto Robotics, a local unmanned beverage manufacturing system maker. Doosan Robotics is a subsidiary wholly owned by Doosan Corp., a holding company of Doosan Group, South Korea's 15th largest conglomerate by asset. The unmanned modular robot cafe is a kind of collaborative robot, which refers to a robot that can work with a human. The unmanned modular robot cafe can be manufactured by put
Dec. 2, 2021
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Hyundai Rotem wins W219b tram cars order in Canada
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Thursday it has received a 219 billion won ($186 million) order to supply tram cars to Canada. Under the deal, Hyundai Rotem will supply tram cars for the Valley Line West to be built between the downtown of Edmonton, Alberta, and the western part of the city by June 2027, the company said in a statement. The company didn't provide the volume of tram cars. Hyundai Rotem beat rivals such as Germany's Siemens AG,
Dec. 2, 2021
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Seoul stocks open lower on virus woes
South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street that stemmed from worries about the global outbreaks of the omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.42 points, or 0.32 percent, to 2,890.3 points in the first 15 minutes of trading. Stocks came off to a weak start, led by foreign and institutional sell-offs. The Dow Jones Industrial Average retreated 1.34 percent, and the tech-heavy Nasdaq composite de
Dec. 2, 2021
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Inflation growth hits 10-year high in Nov. amid rising oil prices
South Korea's consumer prices rose at the fastest pace in nearly 10 years in November due to surging energy costs and high prices of farm products, data showed Thursday, underscoring a build-up in inflationary pressure amid economic recovery. The consumer prices increased 3.7 percent in November from a year earlier, accelerating from a 3.2 percent on-year gain in October, according to the data compiled by Statistics Korea. Consumer inflation rose 0.4 percent in November from a month ago. It m
Dec. 2, 2021
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Hyundai, Kia's US sales fall 13% on chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Thursday their combined sales in the United States fell 13 percent last month from a year earlier amid the global chip shortage. Hyundai and Kia sold a total of 89,663 vehicles in the world's most important automobile market in November from 103,068 units a year ago, according to the companies' sales data. Hyundai's US sales fell 20 percent to 44,345 units from 55,171 over the cited period, while Kia's declined 5.4 percent to 45,318 from 47,
Dec. 2, 2021
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S. Korea's Q3 economic growth unchanged at 0.3%: BOK
South Korea's economy grew at the same pace as earlier forecast in the third quarter of the year despite better-than-expected private consumption and robust exports, central bank data showed Thursday. The country's gross domestic product adjusted for inflation grew 0.3 percent in the July-September period, compared with three months earlier, according to the preliminary data by the Bank of Korea (BOK). This is the same as the earlier estimate the central bank announced in late October. Annual
Dec. 2, 2021
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Posco Chemical enters US EV battery market via GM joint venture
Posco Chemical and General Motors will form a joint venture and build a factory in North America to locally produce key electric vehicle materials, the two companies announced Thursday. Once completed in 2024, the new facility will produce and supply cathodes to Ultium Cells, a joint venture between GM and LG Energy Solution, which is building two EV factories in Ohio and Tennessee. Though size and location remain unclear, this is Posco Chemical’s first expansion to the US. Cathodes a
Dec. 2, 2021
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Kakao to acquire live commerce firm Grip for W180b: sources
Kakao Corp. will acquire a majority stake of live commerce startup firm Grip Co., according to sources Wednesday. The South Korean tech giant plans to acquire a 48 percent stake of the company for 180 billon won ($152.5 million), sources familiar with the deal said. Established in 2018, the company currently operates its namesake live commerce mobile application, which allows users to sell products online. The number of sellers on Grip stood at some 12,000 as of April, and the volume of tr
Dec. 1, 2021
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OECD maintains Korea’s 2021 GDP forecast at 4%
SEJONG -- The Organization for Economic Cooperation and Development has maintained its outlook on the South Korean economy this year, while revising down its growth predictions for major countries. In a report released Wednesday, the Paris-based organization maintained its earlier forecast in September of a 4 percent growth in gross domestic product for Korea this year. “The Korean economy continues to recover following the COVID-19 shock, propelled by strong export growth, improving bu
Dec. 1, 2021
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Pressure builds on stock market over omicron variant, Fed warning
Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Wednesday, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Tuesday, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Wednesd
Dec. 1, 2021
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Posco mulls holding company structure: sources
South Korean steelmaker Posco Group is pushing to establish a holding company to make a breakthrough in business expansion and eventually to boost its market valuation, industry sources said Wednesday. Posco, the country’s sixth-largest conglomerate in terms of assets, has been drawing a downward graph in stocks despite its record-high business result this year due to the booming steel industry during pandemic. According to sources, Posco Group will table the issue of an es
Dec. 1, 2021
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KB picks young CEO to lead flagship bank
South Korea’s KB Financial Group said Wednesday it has tapped a 55-year-old sales executive to head its flagship KB Kookmin Bank, reflecting the financial giant’s drive to seek transformation in business and target younger people. Lee Jae-keun, KB Kookmin Bank’s current senior executive vice president of the sales division, will become the youngest current CEO in the nation’s banking industry. Lee’s two-year term starts in January once his nomination is approved a
Dec. 1, 2021