Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Pandemic causes W8.82tr in damage to S. Korean culture, sports, tourism sectors
The novel coronavirus pandemic has caused a combined 8.82 trillion won ($7.4 billion) worth of damage to South Korea's culture, sports and tourism sectors since it broke out early last year, a government report showed Friday. The amount of consumer spending in the tourism and leisure sector decreased by an estimated 39.3 trillion won from January 2020-June 2021 when Korea's first COVID-19 case was reported, according to the report by the Ministry of Culture, Sports and Tourism submitted to parli
Oct. 1, 2021
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[Newsmaker] Over half of young Seoulites can’t afford buying house without parents’ support: survey
Over half of young people living in Seoul say they couldn’t buy a home without the help of their parents, data showed Friday. According to a survey conducted by the Seoul Institute, a think tank under the Seoul Metropolitan Government, 53 percent out of 676 Seoul citizens ranging in age from 18 to 34 said that it would be impossible to purchase a house without financial support from their parents. The nationwide average is 46 percent. While 44 percent of respondents said that they would
Oct. 1, 2021
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Korea's global battery market share rises, but so does foreign reliance on key materials
South Korea commands almost half of the world’s secondary battery market, but the country‘s reliance on imported materials is growing to an alarming level, data showed Friday. According to the Ministry of Trade, Industry and Energy data obtained by Rep. Kim Kyung-man, the nation’s share of the global secondary battery market spiked from 34.7 percent in 2018 to 44.1 percent in 2020. The country is home to three of the world‘s major battery producers, LG Energy Solution
Oct. 1, 2021
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SK On, SK Innovation’s battery split-off, officially launched with Jee as CEO
SK Innovation said Friday it has officially carved out its battery division into a wholly owned subsidiary, SK On. According to SK Innovation, the firm’s board of directors approved the split-off and appointed Jee Dong-seob as the chief of SK On. Some 1,400 staff and executives who belonged to SK Innovation’s battery business will be relocated to SK On to continue electric vehicle battery, battery-as-a-service and energy storage system businesses. Jee, a former executive of SK
Oct. 1, 2021
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SK Inc. invests $55m more in Perfect Day, doubles down on alternatives to animal protein
SK Inc. said Friday it has injected an additional $55 million into a San Francisco-based alternative protein firm Perfect Day to wade further into the global alternative food market. According to the holding firm of South Korea’s third-largest conglomerate SK Group, the investment was made together with STIC Investments, a leading private equity fund here. This is SK Inc.’s second investment in Perfect Day, after a 54 billion-won ($45.4 million) investment last year. The invest
Oct. 1, 2021
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Siemens Korea appoints Chung Ha-joong as CEO
Siemens Korea announced Wednesday the promotion of Chung Ha-joong to president and chief executive officer. Chung, who served as vice president prior to the appointment, will oversee all businesses of the German technology giant’s Korean unit, effective Friday, while also serving in his current role as head of smart infrastructure and CEO of Siemens Mobility Ltd., Seoul, the firm said. Since joining Siemens Korea in 2000, the new chief has taken up various key roles in energy, mobili
Oct. 1, 2021
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New home permits jump 22% in Jan.-Aug.
New home permits in South Korea soared nearly 22 percent in the first eight months of the year amid rising housing prices, government data showed Friday. Construction permits issued for new homes came to 312,860 units in the January-August period, up 21.6 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 52 percent to 50,638 over the cited period. New home permits issued in
Oct. 1, 2021
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Domestic sales of Samsung's new foldable smartphones to top 1m units
Domestic sales of Samsung Electronics Co.'s new foldable smartphones -- the Galaxy Z Fold3 and the Galaxy Z Flip3 -- are likely to top 1 million units this weekend, industry officials said Friday, as the tech giant tries to popularize the foldable category. The third generation of the Galaxy Z series is set to surpass the 1 million sales milestone just about a month after its launch on Aug. 27, according to the officials in the telecom industry. Such a sales pace is similar to that of the Galaxy
Oct. 1, 2021
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Exports set fresh high in Sept. on solid shipments of chips
South Korea's exports have extended their gains to 11 consecutive months and set a record high level by rising 16.7 percent, data showed Friday, maintaining solid growth despite growing concerns over the spread of COVID-19 variants around the globe. Outbound shipments came to $55.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly figure was the highest since South Korea started compiling such data in 1956. The previous record was $55.4
Oct. 1, 2021
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SK additionally invests W65b in US alternative milk maker
SK Inc., the holding firm of South Korean conglomerate SK Group, said Friday it has additionally invested 65 billion won ($55 million) in Perfect Day, a US alternative milk maker, following 54 billion won of funds last year. SK said it joined the latest round of funding for Perfect Day, which drew $350 million from several global investors, including Horizon Ventures, Temasek, CPP Investments and Bob Iger. Perfect Day, known for its animal-free dairy products, launched an ice cream brand "B
Oct. 1, 2021
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Seoul stocks open lower on US inflation woes
South Korean stocks opened lower Friday, tracking overnight Wall Street losses that stemmed from concerns of an early inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 7.19 points, or 0.23 percent, to 3,061.63 points in the first 15 minutes of trading. The key stock index slumped, following rallies by the US long-term Treasury yields, which fanned concerns that the Federal Reserve might hurry to taper its stimulus to reign in the pace of inflation. The Dow Jones Industrial
Oct. 1, 2021
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GM Korea to halt plant for 2 weeks next month on chip shortage
GM Korea Co., the South Korean unit of General Motors Co., said Thursday that it will suspend one of its three plants for two weeks early next month due to a chip shortage. GM Korea said it will suspend its No. 1 plant in Incheon, 40 kilometers west of Seoul, which produces the Trailblazer SUV, from Oct. 1-15. The carmaker has been operating only half of the No. 1 Bupyeong plant this month due to a shortage of chip parts. The operation of the No. 2 Bup
Sept. 30, 2021
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S. Korean HIV medicine to be sold in China
Korea Research Institute of Chemical Technology announced Thursday that a domestically developed HIV medicine has recently received regulatory approval for commercialization in China. This new medicine was first developed by a local research team as part of a project started in 1995, supported by the Ministry of Science and ICT. In 2006, US pharmaceutical firm Gilead Sciences joined the project and co-developed a treatment candidate in 2008. The technology was sold to local biotech firm Kain
Sept. 30, 2021
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‘Korea downplays impact of liquefied natural gas on climate change’
South Korean public financing institutions have played down the impact of liquefied natural gas on climate change, according to climate activist group Solutions for Our Climate on Thursday. Greenhouse gases are being emitted throughout the liquefied natural gas supply chain -- from extraction to liquefaction, transportation, regasification and consumption -- said the climate activists during an event held in Seoul. “The threat of greenhouse gas emission from the liquefied natural
Sept. 30, 2021
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Dunkin’ Donuts apologizes for unsanitary donut factory
The Korean operator of Dunkin’ Donuts, BR Korea, issued an official apology Thursday saying it will “thoroughly abide by sanitary standards,” following a video showing donuts baked in unsanitary conditions. South Korea’s public broadcaster KBS aired on Wednesday a video taken by an anonymous worker this summer showing the inside of the firm’s donut factory in Anyang, Gyeonggi Province. The footage shows dough stained with orange droplets that are presumed to ha
Sept. 30, 2021
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LG Electronics supports conservation of Vincent Van Gogh‘s masterpiece
LG Electronics said Thursday that it has been supporting a Russian museum’s project to conserve Vincent Van Gogh‘s masterpiece “The Red Vineyard in Arles.” The company has been providing financial support, as well as equipment, to the Pushkin State Museum of Fine Arts in Moscow for the project which began in August. “The Red Vineyard in Arles” is a work from Van Gogh’s stay in Arles in 1888 and 1889, one of the painter’s most prolific periods.
Sept. 30, 2021
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Chong Kun Dang wins first overseas approval for phase 3 trial of COVID-19 treatment
Drugmaker Chong Kun Dang said Thursday that it has received an approval from the Ministry of Health of Ukraine to conduct a phase 3 clinical trial of their COVID-19 treatment candidate, Nafabeltan. Ukraine is the first foreign country to authorize the final-stage trial of the South Korean pharmaceutical company’s self-developed COVID-19 treatment. In Korea, Chong Kun Dang received an approval from the Ministry of Food and Drug Safety in April. Ukraine is one of the seven foreign count
Sept. 30, 2021
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BOK's dollar net selling, buying on par in Q2 market smoothing operations
The Bank of Korea (BOK) said Thursday its net selling and buying of the US dollar remained on par in the second quarter as part of its efforts to help ease fluctuations in the local currency market. In the first quarter, the BOK sold a net $103 million to stabilize the Korean currency's movement, compared with a net purchase of $11.5 billion three months earlier. The central bank began releasing such data in March 2019 to help boost the transparency of its market stabilization steps. A BOK offic
Sept. 30, 2021
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[News Focus] Korea ranks 32nd of 36 OECD members in GDP growth
SEJONG -- South Korea lagged behind major countries in economic growth during the second quarter of the year, placing 32nd among 36 members of the Organization for Economic Cooperation and Development. Korea also ranked 37th of 46 economies, when the OECD included 10 nonmembers -- such as China and Russia -- in its analysis. According to the Paris-based organization, Korea posted a 0.8 percent growth in gross domestic product in the second quarter, compared to the previous quarter. The analys
Sept. 30, 2021
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Seoul stocks end 2-day losing streak on bargain hunting
South Korean stocks rebounded Thursday after a two-day loss, as investors bought oversold stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.55 points, or 0.28 percent, to close at 3,068.82 points. Trading volume was moderate at about 867 million shares worth some 14.5 trillion won ($12.2 billion), with gainers outnumbering losers 542 to 316. Foreigners bought a net 35 billion won, while institutions sold 225 billion won. Retail inve
Sept. 30, 2021