Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Hybe to raise W700b via stock sale
Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
Nov. 4, 2021
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3 foreign car companies to recall over 32,000 vehicles over faulty parts
Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr
Nov. 4, 2021
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Mirae Asset appoints younger leaders in reshuffle
In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo
Nov. 3, 2021
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12-year-old boy injured from a metal screw found in a fried chicken wing
A boy was reportedly injured from biting into fried chicken that had a metal screw in it, sold from a local franchise. According to local media reports Wednesday, the boy, 12, had to have two teeth pulled out after a screw found inside a chicken wing became stuck in his gums. The chicken was reportedly from a major Korean fried chicken franchise brand. Included in the media reports were a photo of the boy’s bloody gums and a doctor’s note showing the boy had two of his te
Nov. 3, 2021
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[Photo News] Hyundai Motor, SNU teamp up for next-gen batteries
Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday. Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres
Nov. 3, 2021
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[News Focus] Elixir for diesel cars puts Korea’s supply chain policy to test
South Korea faces a potential retail crisis ahead of winter after China imposed a de facto export ban on diesel exhaust fluid -- an emissions control liquid solution essential for most cargo trucks here. According to industry sources Wednesday, Korea is running dangerously low on DEF supplies, after Chinese authorities last month began mandatory customs inspections and practically banned exports of the product. DEF is a liquid solution that goes inside diesel vehicles. The product has to be
Nov. 3, 2021
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W70m fine finalized for Samsung Lee’s illegal drug use
Samsung Group’s leader Lee Jae-yong will have to pay a 70 million won ($59,200) fine for illegal use of propofol, an anesthetic medication, judicial sources said Wednesday. The fine was finalized as both prosecutors and the defendant have not filed an appeal by Tuesday, the last day of the seven-day window to appeal the court order. The Seoul Central District Court last week ordered Lee to pay the fine and an additional forfeiture of 17 million won for violating the Narcotics Control Act
Nov. 3, 2021
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[Newsmaker] Conglomerates cut emissions by 9.3% in 2 years
South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore
Nov. 3, 2021
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Lotte commemorates 100th birthday of late founder
Lotte Group is commemorating what would have been the 100th birthday of its late founder Shin Kyuk-ho by publishing his memoirs, giving out scholarships and funding for startups, holding a concert, and opening a memorial hall in the Lotte World Tower in Jamsil, Seoul. On Monday, Lotte unveiled a bronze bust of Shin and a memorial hall displaying media and historical records of the conglomerate’s history, a replica of Shin’s office in the early days, his old shoes, reading glasses, p
Nov. 3, 2021
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Seoul stocks shed over 1% ahead of US Fed meeting
South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners
Nov. 3, 2021
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Korea unlikely to enter long-term recession: experts
The risk of Korea entering a long-term economic recession is relatively low as Asia’s fourth-largest economy is likely to gradually recover from the pandemic under the “living with COVID-19” strategy, experts said Tuesday. “Many worry that the Korean economy would suffer long-term recession due to huge government debt. But the country is on the move to actively recover from the pandemic by taking its first step, lowering the social distancing measures,” said Lee K
Nov. 3, 2021
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CJ Group vows to invest 10 trillion won with focus on culture and platforms
CJ Group said on Wednesday it would invest more than 10 trillion won over the next three years to cultivate four growth engines -- culture, platform, wellness and sustainability. In a video message addressed to employees, Chairman Lee Jay-hyun shared the mid-term business plan – the first time the leader of the conglomerate explained his vision to all employees since 2010, the group said. “With COVID-19 being unpredictable, the world is now going through a fundamental and rapid ch
Nov. 3, 2021
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Instant tteokbokki selling like hotcakes
An instant tteokbokki from Dongwon F&B is on a path to break the 20 billion won ($16.9 million) mark in annual sales by the end of this year, backed by the global popularity of the spicy Korean street food. Sales of “God of Topokki” as of October surpassed 18.5 billion won, the company said. The 10-month figure is a 20 percent increase from total sales generated over all of 2020. A popular Korean snack made with rice cakes and red chili pepper, tteokbokki is often spelled diff
Nov. 3, 2021
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Kakao Pay debuts as 14th in market cap
Kakao Pay, the fintech arm of mobile giant Kakao Corp., became Korea’s 14th-largest stock by market capitalization upon its market debut on the country’s stock market Wednesday, after its opening price doubled from its IPO price. The mobile payment service provider, which offered shares at 90,000 won ($76) for its IPO, began trading at 180,000 won on the main Kospi board and rose to 230,000 won before closing at 193,000 won. If the company remains within the top 50 on the Kosp
Nov. 3, 2021
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Foreign buyers latest target of real estate ire in S. Korea
While South Koreans’ real estate transactions remain frozen due to a lack of supply and government loan restrictions, transactions of local land and properties by foreigners who face relatively relaxed rules in the first nine months of this year hit an all-time high, data showed Wednesday. With foreigners’ purchases of high-value apartments continuing to make headlines in the news, coupled with the government requesting stricter loan restrictions against locals -- in a bid to curb
Nov. 3, 2021
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Regulators vow deregulation for new growth engines in finance
The chiefs of South Korea’s two main financial regulators -- the policymaking Financial Services Commission and the market watchdog Financial Supervisory Service -- have met with the heads of major insurance companies and banking groups here to discuss policy initiatives to support the growth of market players through deregulation, the two said Wednesday. “The rapid digital transformation of finance and the growth of online platform businesses are rapidly changing the nation’s
Nov. 3, 2021
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Strong demand for S. Korean chips expected to ease fallout from China's economic slowdown: BOK report
A slowdown in China's economy will have a negative impact on South Korea's exports but its fallout could be eased thanks to strong demand for Korean-made chips, a central bank report showed Wednesday. China's economy is showing signs of slowing down, with its growth rate falling to 4.9 percent on-year in the third quarter from 18.3 percent and 7.9 percent in the first and second quarters. A recent debt crisis of a major Chinese property developer has also clouded the outlook for China's econom
Nov. 3, 2021
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Online shopping hits record high in Sept.
Online shopping in South Korea hit a record high in September, led by solid demand for food delivery services and electronics goods amid the resurgence in COVID-19 cases, data showed Wednesday. The value of online shopping transactions stood at 16.2 trillion won ($13.7 billion) in September, up 17 percent from the previous year, according to the data from Statistics Korea. The September reading marked an all-time high since the agency began to compile related data in 2001. The value of online
Nov. 3, 2021
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S. Korea offers incentives to attract foreign investors
President Moon Jae-in on Wednesday offered incentives to attract foreign investors as South Korea kicked off its largest foreign investment forum meant to create new opportunities amid economic recovery during the pandemic. Invest Korea Week 2021, which runs through Friday, is expected to bring together 3,000 officials from major domestic and international companies, governments and related organizations for investor relations sessions and other events, according to the Ministry of Trade, Indus
Nov. 3, 2021
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Despite worries, chip firms preparing to share key trade info with US
South Korean technology conglomerates are making last-minute preparations ahead of submitting their semiconductor-related data to the US as the deadline approaches, industry insiders said Wednesday. The move is in line with the US Department of Commerce’s request on Sep. 24 for global semiconductor firms to hand over internal data on clients, inventory levels and chipmaking equipment by Nov. 8, so the department can “review” supply-side issues. Shortages of key parts, includin
Nov. 3, 2021