Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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[Newsmaker] Sales of local restaurants dropped during COVID-19 pandemic
Sales of local restaurants and bars have dropped to their lowest level due to toughened social distancing rules during the COVID-19 pandemic, government data showed Sunday. According to the Korean Statistical Information Service, the retail sales index of restaurants and bars for the first seven months of this year marked 77, the lowest since it started to compile related data in 2015 with a benchmark of 100. The data showed the COVID-19 pandemic has weighed on the already-struggling restaur
Sept. 5, 2021
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[ESG Talk] Reshaping landscape of risk management in times of ESG
Digital technology advancements have led the business community to popularize the abbreviation VUCA -- short for volatility, uncertainty, complexity and ambiguity -- with great hype and enthusiasm. The concept connotes the spirit of risk-taking, agility and lean business practices required in the current age of digital transformation -- and, most recently, environmental, social and governance development. A new landscape is forming under corporate objectives to manage the intensifying ESG risks
Sept. 5, 2021
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Blockchain not a concept anymore, but part of real life, developers say
Blockchain is not a technological concept anymore. It’s starting to apply to real life and becoming a mainstream, irreversible trend, Dunamu CEO Lee Sir-goo said during the Upbit Developers Conference last week. “When the Internet first emerged, exponential growth began after services that people can use in real life and as for artificial intelligence, after years of research, it only started to receive attention when it was translated into real services,” Lee noted. “
Sept. 5, 2021
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Hyundai Glovis to enter gas shipping market after striking deal with Trafigura
Hyundai Glovis, the logistics arm of Hyundai Group, announced on Sunday it will enter the gas shipping market in 2024 after striking a multi-year deal with major commodity trading company Trafigura. The shipping deal with the Switzerland-based company will see the Hyundai Glovis carry ammonia and liquefied natural gas for up to 10 years for global markets. Two very large gas carriers (VLGC), which boast 86,000 square meters in capacity, will be built with 200 billion won ($173.2 million) in in
Sept. 5, 2021
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IPO proceeds log record-breaking W16tr
It has been a record year for the South Korean initial public offering market as companies succeeding in local listings have fetched more than a combined 16 trillion won ($13.8 billion) in proceeds, according to data compiled by the sole bourse operator here Sunday. The accumulated IPO proceeds of 73 firms listed this year on the domestic main board and tech-heavy bourse as of Friday came to 16.01 trillion won, the Korea Exchange data showed. The figure not only beat those of the total annual
Sept. 5, 2021
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Wemade’s ‘play-to-earn’ game Mir 4 challenges pay-to-win paradigm
Amid growing gamer fatigue over extreme pay-to-win games, a South Korean developer has come up with a new mobile game that offers just the opposite: Users can make money simply by enjoying the game. Wemade’s Mir 4 is a 3D massively multiplayer online role-playing game that carries on the previous success of the firm’s The Legend of Mir 2, which recorded 500 million global users. After its global launch in some 170 countries on Aug. 26, it ranked as the fourth-most-played MMORPG on
Sept. 5, 2021
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Banks’ lending rates inch up amid tighter household debt control
Amid growing pressure from the government’s tightened grip on soaring household debt, South Korean banks’ lending rates sharply edged up in recent months, data showed Sunday. The adjustable rate charged on mortgage loans extended by the nation’s four major banks -- KB Kookmin Bank, Shinhan, Hana and Woori -- remained between 2.80 percent and 4.30 percent, as of Friday. Both the bottom and upper ends of the range rose 0.5 percentage point from 2.35 to 3.88 percent estim
Sept. 5, 2021
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Public pension payment to reach W60tr in 2022 amid rapid population aging
South Korea, one of the world‘s fastest aging societies, is facing a steep rise in its public pension payment, data showed Sunday. Nearly 60 trillion won ($53.76 billion) will be taken out from the nation’s four public pension programs, including the national pension, government employees pension, military personnel pension, and private school teachers pension, in 2022, up 6.2 percent from this year’s 55.8 trillion won, according to data compiled by the Ministry of Econo
Sept. 5, 2021
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S. Korea to host hydrogen mobility show this week
South Korea will host a hydrogen mobility show this week to showcase the latest technologies in fuel cell electric vehicles (FCEVs) and trams, and discuss major trends in the hydrogen economy, its organizer said Sunday. H2 Mobility+Energy Show will take place at an exhibition center in Goyang, just north of Seoul, from Sept. 8-11, with more than 150 companies and research institutions from 12 countries, according to the Korea Automobile Manufacturers Association. It is the nation's sec
Sept. 5, 2021
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Doosan Infracore wins excavator orders from Egypt
Doosan Infracore Co., South Korea's major construction equipment maker, said Sunday it has won orders to deliver 28 large excavators to Egypt. Doosan Infracore said it has signed a supply contract for 36-ton excavators with the Egyptian defense ministry, which will be used for a state-run railway construction project. The construction unit of Korean conglomerate Doosan Group won orders for 30 pieces of construction equipment with the Egyptian government earlier this year. Doosan Infracore s
Sept. 5, 2021
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[Photo News] Peek into where metaverse is produced
The metaverse is a 3D virtual world that combines cutting-edge technologies such as artificial intelligence, virtual reality and augmented reality. Recently, the latest technology is being applied not only to various industries, but also to everyday life, receiving a great deal of attention globally. On Sept. 2, industry officials look inside VA Studio Hanam, a virtual studio located in Hanam, Gyeonggi Province. An antique, classy staircase and hallway are shown through a virtual
Sept. 4, 2021
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[Weekender] Saving little by little with money making apps
Ahn Jung-hyun, a 32-year-old worker at an insurance company, knows her salary, 65 million won ($55,370) a year, is well above average. But during her intermittent break time, she never stops making a little extra. Instead of playing mobile games or watching Netflix, Ahn clicks on a number of apps that offer actual money or discount coupons as marketing rewards -- and every little helps. Ahn is one of growing number of Koreans in search of extra income through money making apps. A mobile ped
Sept. 4, 2021
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PM visits Samsung Biologics, but keeps quiet on availability of Moderna doses
Prime Minister Kim Boo-kyum visited Samsung Biologics’ headquarters in Incheon on Friday but remained silent on how many doses of the Moderna coronavirus vaccine the company would make available for use in South Korea. During his visit Kim checked Samsung Biologics’ facility, where hundreds of millions of doses of the Moderna vaccine will be manufactured starting this month. Despite being produced here, the vaccine is destined for overseas markets. But as Moderna struggles to fulfi
Sept. 3, 2021
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CJ OliveNetworks partners with Siemens on smart factory
CJ OliveNetworks, the ICT solutions provider of CJ Group, said Friday it is joining hands with Germany’s largest electric and electronic business Siemens on smart factories. On Thursday, CJ OliveNetworks CEO Cha In-hyok and Siemens Korea’s Digital Industry President Thomas Schmid signed an agreement at Siemens’ head office in central Seoul. Under the agreement, CJ will be responsible for developing solutions for the establishment of smart factories and operation and mainten
Sept. 3, 2021
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[Newsmaker] Demand for apartments higher despite rate hike
South Korea’s demand for apartments in the capital and its surrounding areas only got higher, despite the central bank’s recent decision to end 15 months of record-low interest rates, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.9 point on-week to 111.7 as of Monday, compared with 110.8 last week. When the index is higher than 100, it signals that there are more buyer
Sept. 3, 2021
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SPC Group to open 18th Shake Shack in Hongdae
SPC Group will open its 18th Shake Shack store in the bustling Hongdae district in Seoul in September, the company said Friday. While the store is currently under renovation, Shake Shack has decorated the fence around the store with a colorful mural by media artist Vakki depicting burgers and milkshakes in an “urban playground,” SPC said. Shake Shack has featured similar art on the fence of every one of its stores across the country. To celebrate the opening of the Hongdae bran
Sept. 3, 2021
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Bithumb to ban foreigners without mobile phone identification
Bithumb, one of South Korea’s four major cryptocurrency exchanges, said Thursday that foreigners who fail to verify their identities via mobile phones will not be allowed to use the platform. The decision came as the exchange gears up to register with the financial authorities by Sept. 24 -- the deadline under the revised Act on Reporting and Using Specified Financial Transaction Information. As a result, foreigners who cannot provide verification via Korean mobile phones will not be ab
Sept. 3, 2021
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Naver to announce research results on Korean-language AI model at EMNLP 2021
Naver, the largest internet business in South Korea, will present seven research papers on natural language processing in artificial intelligence at a globally renowned academic conference, the company said Friday. Set to be held in the Dominican Republic from Nov. 7 to 11, the Empirical Methods in Natural Language Processing 2021 is a global conference with 25 years of history. At the upcoming conference, Naver will unveil its hyperscale Korean-language model Hyper Clova and introduce dat
Sept. 3, 2021
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[Graphic News] S. Korea’s trade in camping goods hits new high in 2020 on pandemic
South Korea’s exports and imports of camping goods reached a fresh high in 2020 amid the coronavirus pandemic, a report showed. Asia’s fourth-largest economy exported and imported $399 million worth of camping equipment last year, an all-time high and up 40 percent from the previous year, according to the report from the Korea Trade Statistics Promotion Institute. In the first half of this year alone, the country’s trade in camping gear stood at $293 million, above the
Sept. 3, 2021
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Facing criticism over racism, Japanese cosmetics firm DHC pulls out of S. Korea
Japanese cosmetics firm DHC announced on Thursday that it was withdrawing its business from South Korea later this month amid growing criticism over the company’s racially discriminatory stance against Koreans. In a statement on its website, DHC Korea said it had strived to satisfy customers with great service and products but “regrettably decided to end its operation in South Korea.” The closure of the business is scheduled for Sept. 15, nearly 20 years after it entered the
Sept. 2, 2021