Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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Manufacturers' Q3 domestic supply grows at slower pace amid auto chip shortage
South Korean manufacturers' domestic supply rose at a slower pace in the third quarter from three months earlier mainly because a shortage of auto chips dented vehicle production, data showed Tuesday. The manufacturing domestic supply index stood at 105.3 in the July-September period, up 2 percent from a year earlier, according to the data from Statistics Korea. The reading slowed from the second quarter when it grew at the fastest-ever on-year pace of 9.1 percent. The index, which measures b
Nov. 9, 2021
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Family office TCK wins asset management license
Seoul-based family office Topor & Co. Korea, co-led by investment banking professional and TV celebrity Mark Tetto, said Tuesday the company has obtained an asset management license in South Korea to expand services for its client base. The move is aimed at expanding its current client offerings to include the privately placed fund business for qualified professional investors under Korean law, TCK said. In line with the move, TCK was rebranded as Topor & Co. Korea Asset Management in
Nov. 9, 2021
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KT Q3 net up 47% on 5G growth
KT Corp., a South Korean telecom giant, said Tuesday its third-quarter net income rose 46.9 percent from a year earlier on the back of robust growth of 5G network subscribers as well as its media content businesses. Net income for the July-September period stood at 337.7 billion won ($286.7 million) on a consolidated basis, compared with a net profit of 229.9 billion won the previous year, according to a company statement. Operating income reached 382.4 billion won, up 30 percent over the cite
Nov. 9, 2021
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S. Korean shipbuilders retake No. 1 spot in global new orders in Oct.
South Korean shipbuilders regained the No. 1 ranking from their Chinese rivals in global new orders in October, bagging more than half of the global orders, industry data showed Tuesday. Local shipbuilders led by Hyundai Heavy Industries Co. won a combined 1.12 million compensated gross tons (CGTs) in new orders last month, taking up 52 percent of 2.13 million CGT global orders, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders, which ranked
Nov. 9, 2021
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Hyundai Heavy Industries wins W636.3b order for Aegis destroyer
Hyundai Heavy Industries Co. said Tuesday that it has signed a 636.3 billion won ($ 539.7 million) deal to build an Aegis destroyer of the South Korean Navy. Under the deal with the Defense Acquisition Program Administration, Hyundai Heavy Industries will deliver the warship, which is the second of three upgraded Aegis destroyers named Gwanggaeto-III Batch II, to the Navy by 2026. Hyundai Heavy Industries is set to deliver the first of the three upgraded destroyers to the Navy by 2024. The fi
Nov. 9, 2021
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Local governments log W8.7tr budget deficit in 2020 due to pandemic spending
Local governments across South Korea recorded steep budget deficits last year due to increased spending to cope with COVID-19, the interior ministry said Tuesday. According to an analysis by the ministry, the consolidated fiscal balance of 243 local governments for the fiscal year of 2020 recorded a deficit of 8.7 trillion won ($7.4 billion). Last year's deficit tally marked a sharp contrast with a budget surplus of 6 trillion won recorded in 2019. The ministry cited the local government's ex
Nov. 9, 2021
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Posco named world's most competitive steelmaker for 12th year
South Korea's top steelmaker Posco said Tuesday it was named the world's most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics (WSD) gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmakers based on 23 categories, gave top scores for Posco in eight segments, including tech
Nov. 9, 2021
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S. Korea in close consultation with Mexico to resume FTA talks: ministry
South Korea and Mexico have "closely discussed" the possible resumption of negotiations for a bilateral free trade agreement, an official of Seoul's trade ministry said Tuesday. The two nations began talks on a strategic economic complementary agreement in 2006, but the negotiations have been stalled since 2008 amid opposition from businesses in the Latin American country. "The two sides have been in close consultation on whether to resume talks for the bilateral FTA," Chun
Nov. 9, 2021
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NHN Q3 net up 38.7% on robust IT, payment business
NHN Corp., a South Korean leading information technology company, on Tuesday said its third-quarter net profit jumped 38.7 percent from a year earlier, buoyed by increased revenue from its payment and IT services, including cloud. Net income came to 44.5 billion won ($37.6 million) on a consolidated basis in the July-September period, up from 32.1 billion won a year earlier, according to its regulatory filing. Its operating profit gained 18.6 percent to 27.9 billion won and sales grew 14.8 per
Nov. 9, 2021
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Seoul stocks rebound on Wall Street gains
South Korean stocks opened higher Tuesday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 24.47 points, or 0.83 percent, to 2,984.67 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 0.29 percent amid market optimism that the economic recovery is able to accommodate the inflation risks. The tech-heavy Nasdaq composite rose 0.07 percent. In Seoul, top cap Samsung Electr
Nov. 9, 2021
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S. Korea, Chile sign MOU on hydrogen energy cooperation
South Korea and Chile signed a memorandum of understanding Tuesday to expand cooperation in the low-carbon hydrogen sector, Seoul's industry ministry said Tuesday. South Korea's Second Vice Industry Minister Park Ki-young held a signing ceremony with Chilean Minister for Energy and Mining Juan Carlos Jobet in Seoul for the agreement, which calls for exchanging technologies of producing, storing, transporting and using clean hydrogen, according to Seoul's Ministry of Trade, Industry and Energy.
Nov. 9, 2021
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Samsung, SK hynix withhold key data in US request for chip biz info
Samsung Electronics Co. and SK hynix Inc. on Tuesday submitted information on their chip businesses to the United States but withheld some key data considered trade secrets in an apparent delicate balancing act. The two South Korean chipmakers made the filings about two months after the US Department of Commerce requested data on the ongoing chip crisis that has hobbled global automakers and other electronic product manufacturers. Washington had asked major chipmakers to "voluntarily"
Nov. 9, 2021
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Number of tour agencies dips 6% in 2 years amid pandemic
The number of travel agencies in South Korea has declined nearly 6 percent over the past two years in the wake of the coronavirus pandemic, industry data showed Tuesday. There were 21,231 tour agencies in Asia's fourth-largest economy as of end-September, down 6.1 percent from two years earlier, according to the data from the Korea Tourism Association. The number fell to 21,540 a year earlier from 22,609 in September 2019 and continued to go south this year. The decrease came as pandemic-indu
Nov. 9, 2021
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Yoon & Yang partners with Cadmus to meet new demand for legal services
South Korean full-service law firm Yoon & Yang said Monday it has partnered with US-based consulting service company Cadmus Group to address the new demand for legal services in the wake of Korea’s toughening regulation over occupational safety. The partnership will allow Yoon & Yang to assist Korean companies with identifying risks and help them be better prepared for their disaster response mechanism, Yoon & Yang said in a statement. Under a memorandum of understanding si
Nov. 8, 2021
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S. Korean minister to discuss cooperation on chips with US
South Korea’s Industry and Trade Minister Moon Sung-wook will discuss measures to strengthen the country’s cooperation with the United States on ongoing supply chain issues, at a time when the US is asking chipmakers to reveal their trade secrets. Minister Moon is scheduled to depart for Washington, DC, on Tuesday, to meet with his US counterpart, Commerce Secretary Gina Raimondo, the government said Monday. The list of agenda items includes issues like supply chains, reduction
Nov. 8, 2021
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Amid fast-growing national debt, potential GDP growth to hit near zero
South Korea is expected to see its national debt grow at the fastest clip relative to the size of the economy among major countries, while its growth rate of potential output per capita will fall to the near-zero range without policy changes, according to economic reports Monday. Sparking concerns over a further loss of momentum for the country’s economy, the International Monetary Fund estimated that Korea’s general government gross debt to gross domestic product would increase t
Nov. 8, 2021
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S. Korea, Singapore aim to strike digital trade deal this year
South Korea and Singapore agreed Monday to conclude their digital trade pact this year in a move to deepen broader trade and economic ties, Seoul's trade ministry said. The agreement was made during the meeting between Seoul's Trade Minister Yeo Han-koo and Singaporean Second Minister for Trade and Industry Tan See Leng held in Seoul. "The two sides agreed to speed up working-level negotiations with a goal to conclude the Digital Partnership Agreement (DPA) within this year, as their talk
Nov. 8, 2021
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Seoul stocks down for 2nd day on bio losses
South Korean stocks lost for the second straight session Monday as financial, bio and tech stocks plunged. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 9.07 points, or 0.31 percent, to close at 2,960.2 points. Trading volume was moderate at about 551 million shares worth some 10.2 trillion won ($8.6 billion), with gainers outnumbering losers 502 to 352. Foreigners sold a net 122 billion won, while retail investors bought 366 billion w
Nov. 8, 2021
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[Herald Interview] KidsLoop aims to personalize learning for every kid
Artificial intelligence is on track to fundamentally change education, making personalized learning possible for every child, said Robert Hardman, chief technology officer of KidsLoop. In a recent interview with The Korea Herald, he also said artificial intelligence would be a necessity, not a luxury, in education in just a matter of five years. Hardman cited the example of medicine to explain the process of how AI can personalize education. “Medicine decoded the human genome that the
Nov. 8, 2021
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Let automakers enter used car market: consumer group
A consumer group said on Monday that large automakers should be allowed to enter the secondhand car market where consumers are suffering due to opaque pricing and insufficient after-sales maintenance service. Nearly 2.52 million used cars are sold annually in South Korea -- 1.32 times the sales volume of new cars -- and over 55 percent of those sales are direct transactions between individuals. The reason direct sales account for a huge chunk of the market is because there is no competitive
Nov. 8, 2021