Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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BOK board members say inclusion of housing costs will heighten inflation
The members of the South Korean central bank's rate-setting board have voiced concerns inflation could be higher than current levels if housing costs are taken into consideration, minutes from the latest policy meeting showed Wednesday. The Bank of Korea issued the minutes of the Oct. 12 meeting when its seven-member board held its key policy rate unchanged at 0.75 percent. "In August, the consumer prices in the US grew 5.3 percent, much higher than a 2.6 percent rise in our country, whic
Nov. 10, 2021
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[Graphic News] S. Korea‘s seaport cargo up 8.1% in Q3 amid global rebound
Cargo processed at South Korean seaports advanced 8.1 percent in the third quarter of this year as trade gained traction amid the global economic recovery from the pandemic, the Oceans Ministry said. Cargo handled at the country’s ports came to 393.03 million tons during the July-September period, up from 363.53 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo surged 8.6 percent on-year to 338.85 million tons
Nov. 10, 2021
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S. Korean multiplexes still suffer from pandemic-inflicted losses in Q3
South Korean multiplex operators suffered huge losses in the third quarter amid the protracted COVID-19 pandemic, but their bottomline is expected to improve thanks to the nationwide move to return to normalcy, financial data showed Wednesday. CJ CGV, the No. 1 multiplex operator under the wing of entertainment giant CJ Group, said its operating loss reached 77.5 billion won ($65.7 million) over the July-September period, narrowing from an operating deficit of 96.8 billion won a year ago. Its
Nov. 10, 2021
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S. Korean exports to India drop 3.5% from pre-pandemic level
South Korea's exports to India shrank 3.5 percent in the first nine months of this year from 2019 due to import controls and a delay in the recovery of the emerging economy, a top business lobby said Wednesday. Overseas shipments to Asia's third-largest economy came to $11.41 billion in the January-September period, compared with $11.82 billion during the same period two years earlier, according to the Federation of Korean Industries (FKI). The decline contrasts with a 16.5 percent on-year sur
Nov. 10, 2021
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Job growth extended to 8th month in Oct. amid economic recovery
South Korea reported job additions for the eighth straight month in October in the latest sign the country's economic recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.74 million last month, 652,000 more than a year earlier, according to the data compiled by Statistics Korea. The reading was lower than an on-year increase of 671,000 in September when South Korea reported the largest job additions in more than seven y
Nov. 10, 2021
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Seoul stocks open lower amid inflation concerns
South Korean stocks opened lower Wednesday, tracking losses on Wall Street that stemmed from rising inflation pressure. The benchmark Korea Composite Stock Price Index (Kospi) decreased 11.3 points, or 0.38 percent, to 2,986.06 in the first 15 minutes of trading. Stocks came off to a lackluster start, as investors are worried the rising inflation pressure may advance the Federal Reserve's tapering timeline. Overnight, the tech-heavy Nasdaq composite lost 0.6 percent, and the Dow Jones Industr
Nov. 10, 2021
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Foreigners turn net sellers of S. Korean stocks in October
Foreign investors turned net sellers of South Korean stocks in October and their net investment in local bonds also shrank, data showed Wednesday. Foreigners sold a net 3.34 trillion won ($2.84 billion) worth of local stocks last month, compared with their net purchase valued at 2.51 trillion won in September, according to the data from the Financial Supervisory Service (FSS). As of end-October, foreigners held 742.17 trillion won worth of local stocks, down 27 trillion won from a month earlie
Nov. 10, 2021
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1 in 10 SMEs seek buyers as heirs refuse to inherit: survey
One out of 10 small and midsize company owners are selling their firms because their children are refusing to take over the family business, preferring a cash inheritance by selling the companies their parents built, a survey showed Tuesday. According to Korea M&A Exchange, a platform that mediates buyers and sellers of small and medium-sized enterprises, of the 5,481 business owners looking for buyers, 515 said they were looking for new owners to take over their firms as their children di
Nov. 9, 2021
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Samsung, SK withhold sensitive client info from US data submission
Samsung Electronics and SK hynix on Tuesday confirmed their submission of chip supply chain data to the US Commerce Department, but stressed no sensitive client data was included. “(Samsung) submitted its response today, in accordance with the guideline of the Department of Commerce,” the world’s largest producer of memory chips said in a statement. “Due to contractual obligations and after consultation with the department, no information on customers was disclosed. SK
Nov. 9, 2021
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China says it is in talks with S. Korea over urea water solution
China has been proactively consulting with South Korea to help ease its supply shortage of urea water solution needed in diesel vehicles, Beijing's foreign ministry said Tuesday. South Korea has been grappling with a shortage of urea water solution in recent weeks as Beijing last month tightened exports of urea and other raw materials amid a coal supply shortage. Coal is the main feedstock for urea. "China highly appreciates South Korea's demand for (urea) and has been proactively negotia
Nov. 9, 2021
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[Newsmaker] [KH Explains] Korea’s urea crisis
The sense of crisis is deepening in South Korea, as an acute shortage of a chemical called urea threatens to disrupt businesses across a vast spectrum from construction to retail. Government officials are mobilizing diplomacy to secure urea supplies from overseas, but no immediate solution is in sight. The Korea Herald looks at what is causing this sudden urea crunch and why this is such a hard problem to solve. 1. What is urea, anyway? Urea is a type of nitrogen made mainly of
Nov. 9, 2021
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Seoul stocks inch up on institutional buying
South Korean stocks edged up Tuesday after a choppy session, led by institutional buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 2.26 points, or 0.08 percent, to 2,962.46 points. Trading volume was moderate at about 699 million shares worth some 9.6 trillion won ($8.1 billion), with gainers outnumbering losers 540 to 317. Institutions bought a net 274 billion won, while foreigners sold 138 billion won. Retail investors offloade
Nov. 9, 2021
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[Hydrogen Korea] ‘Hydrogen steel’ is hailed as next big thing. Here’s what’s the hype is all about
Steel emits less carbon than diapers per ton of production. Due to its staggering size of production, however, steel is responsible for roughly 8 percent of the world’s carbon emissions and has been blamed as the main polluter driving up the planet’s temperature. Posco, the South Korean steelmaker, was the country’s greatest emitter of carbon last year. It discharged more carbon than it was allowed to by regulations, and even accrued debt worth 78.6 billion won ($66.4 mil
Nov. 9, 2021
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Korea-US business leaders call for trade secret protection amid supply chain jitters
Business leaders in South Korea and the US have called for the protection of confidential business information and urged to ensure the autonomy of the private sector as the post-COVID global supply chain is being realigned. During the 33rd Plenary Meeting of Korea-US & US-KOREA Business Councils on Tuesday, an event jointly held by the Federation of Korean Industries and the US Chamber of Commerce, issues such as bilateral relations, climate change and building a resilient global supply cha
Nov. 9, 2021
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Financial watchdog closely monitoring steeply rising loan rates
South Korea's financial watchdog is closely monitoring the recent fast-rising interest rates banks impose on loans, its head said Tuesday, amid the government's beefed-up efforts to tighten regulations on household borrowing. Jeong Eun-bo, chief of the Financial Supervisory Service (FSS), made the remarks amid complaints that some top-tier banks are imposing higher interest rates on loans than cooperative banks, an unusual reversal of borrowing costs. "Interest rates are determined by the
Nov. 9, 2021
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Citigroup’s retail closure in Korea to cost max W1.8tr: reports
The US-based global banking giant Citigroup will reportedly spend up to $1.5 billion, or 1.8 trillion won, on the withdrawal of its retail business in South Korea, according to news reports Tuesday. The group said in a regulatory filing that its expenditure on severance pay for employees at the Korean subsidiary’s retail banking operations will range between $1.2 billion and $1.5 billion. It will pay the envisioned personnel costs in phases by the end of next year, the Wall Street Jour
Nov. 9, 2021
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Shinsegae Q3 net soars on department store biz growth
South Korea's No. 2 retailer Shinsegae Inc. said Tuesday that its third-quarter net income steeply increased as its department store business got a boost from pent-up demand amid the extended coronavirus pandemic. Net income came to 188.9 billion won ($160.3 million) on a consolidated basis in the July-September period, sharply up from a profit of 858 million won a year ago, according to a corporate regulatory filing. Operating income rose 307.1 percent on-year to 102.4 billion won, and sales
Nov. 9, 2021
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S&P ETP expert says Korean ETF market is growing in healthy way
South Korea’s exchange-traded fund market is getting very competitive and growing in a healthy way, in line with local asset management firms’ fierce competition, an executive from S&P Dow Jones Indices said Tuesday. “The Korean ETF market’s 10-year compound annual growth rate is around 25 percent, which is way above the global market’s rate of growth of 16 percent,” John Davies, global head of exchange-traded products at S&P Dow Jones Indices, said
Nov. 9, 2021
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S. Korean banking groups race for global ESG approval
With carbon neutrality pledges and awareness in sustainability reshaping markets and industries around the globe, South Korean bank giants are in a fierce race to win global recognition on their respective drives designed to adopt environmental, social and governance values. KB Financial Group, the nation’s No.1 banking group by assets, said last month that it was officially endorsed by the Science Based Targets Initiative, stressing that it has become the first financial institution in A
Nov. 9, 2021
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Samsung Electronics develops world’s fastest mobile DRAM
Samsung Electronics announced Tuesday that it has successfully developed the world’s first next-generation mobile DRAM LPDDR5X (Low Power Double Data Rate 5X). According to the world’s leading maker of memory chips, the 14-nanometer-based 16-gigabit LPDDR5X with enhanced speed and storage as well as less power consumption, is expected to become the optimal memory chip solution for the advanced technology industry growing exponentially with 5G, artificial intelligence and the shift t
Nov. 9, 2021