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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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Medical profs at top hospitals suspend surgeries, clinics
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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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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Seoul to deploy more military doctors to fill med prof void
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Seoul stocks gain for 2nd day on US Fed's cautious signal
South Korean stocks gained for a second consecutive session Monday as investors remained optimistic about the US Federal Reserve's cautious stance on withdrawing its ultra-easing monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 10.29 points, or 0.33 percent, to close at 3,144.19 points. Trading volume was moderate at about 595 million shares worth some 11.6 trillion won ($9.9 billion), with gainers outnumbering losers
Aug. 30, 2021
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Every South Korean to face W100m of national debt in 2038: study
South Korea’s national debt per person is expected to grow at a fast clip to reach 100 million won ($85,800) in 2038 as a result of government’s expansionary spending to keep its economic growth in line with an aging population, a study showed Monday. Illustrating 2038 as the year when a newborn this year graduates from high school, the Korea Economic Research Institute, a local think tank, warned that future generations will be placed with a heavy financial burden even before th
Aug. 30, 2021
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Kia, union sign 1st wage deal without strike in 10 years
Kia Corp. and its labor union on Monday signed a wage agreement for 2021 without an industrial action occurring for the first time in a decade. On Friday, 68 percent of 26,945 Kia workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in basic monthly pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But the company rejected the union's demand to extend the retiremen
Aug. 30, 2021
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Major burdens for companies: COVID-19, raw material prices, interest rates
The resurgence of the coronavirus virus, increases in raw material prices and interest rates were the biggest concerns of companies here, a survey showed Monday. The Korea Chamber of Commerce and Industry conducted a survey on 310 companies -- 104 conglomerates and 206 small- and midsize firms -- and found that those three factors were the major burdens affecting them and the economy. In the survey, 81.6 percent of the companies chose the rise in raw material prices as a major concern, and
Aug. 30, 2021
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Hyundai Oil Bank rolls out beer inspired by premium gasoline brand
Hyundai Oil Bank has rolled out an IPA beer in collaboration with CU, a leading convenience store franchise here, to offer an exciting experience to the MZ generation, the Korean oil company said Monday. The beer, named “Premium IPA,” hit the shelves last month, Hyundai Oil Bank said. It took inspiration from Kazen, Hyundai Oil Bank’s premium gasoline brand that had undergone an overhaul last year, the oil refinery said. Kazen, a portmanteau of the words “Kaizer&rdquo
Aug. 30, 2021
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Samsung researchers get two more seats in global consortium
Two researchers from Samsung Electronics will serve as vice presidents of working groups within a global mobile telecommunication standards organization, the company announced Monday. With the latest appointments, Samsung now has two chairs and five vice-chairs in the Third-Generation Partnership Project, a consortium of seven regional telecommunication standards organizations established to develop a universal standard for mobile telecommunications. It is the largest number of seats
Aug. 30, 2021
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Incheon Airport to offer 24-hour unmanned currency exchange service
Incheon International Airport is planning to start offering an unmanned currency exchange service beginning in February 2022. Dubbed the “unmanned currency exchange zone,” currency exchange machines will be installed in the airport’s Terminal 2 and will be in service 24 hours a day, officials at Incheon International Airport Corporation said on Monday. IIAC is currently in talks with major banks to introduce the service. Shinhan Bank is on board with the move, according to on
Aug. 30, 2021
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Online orders flood in for Jincheon store after county accepts Afghan evacuees
A Jincheon-based online store has temporarily suspended taking new orders after a drastic surge in orders following the county’s decision to accept Afghan evacuees. In a statement released on the website Sunday, JC Mall said its order volume had jumped “more than twentyfold” since Friday, compared with other weekends. Its increased popularity comes after hundreds of evacuees from Afghanistan were admitted to the Leadership Campus of the National Human Resources Development I
Aug. 30, 2021
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Standard Chartered launches blockchain trade finance platform
Standard Chartered said Monday it has launched a blockchain-based digital trade finance platform through a joint venture with Chinese supply chain financial technology firm Linklogis. The platform named Olea will be operated by the joint venture headquartered in Singapore, with a goal of bringing together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing." Amelia Ng, an official from SC Ventures, the fintec
Aug. 30, 2021
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Number of new companies drops 9.8% in H1
The number of newly established companies in South Korea declined nearly 10 percent in the first half of the year due to a one-off factor, government data showed Monday. A total of 730,260 new businesses were set up in the January-June period, down 9.8 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The ministry attributed the drop to a base effect. A year earlier, there was a sharp increase in the number of real e
Aug. 30, 2021
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S. Korea's combined area of rice paddies up 0.8% in 2021
South Korea's combined area of rice paddies moved up 0.8 percent on-year in 2021, data showed Monday, with the country expected to maintain a stable supply of the staple grain despite heavy rains. The combined size of rice paddies is estimated at 732,000 hectares -- slightly more than half the size of the US state of Connecticut -- compared with 726,000 hectares last year, according to the Ministry of Agriculture, Food and Rural Affairs. The producer price of rice per 20 kilograms came to 55,3
Aug. 30, 2021
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Overseas card spending jumps 80 pct in Q2 as lockdown eases
South Koreans' overseas card spending jumped 80 percent on-year in the second quarter as many nations eased lockdown rules following the COVID-19 pandemic, central bank data showed Monday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $3.37 billion in the April-June period, compared with $1.87 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months earlier, overseas card sp
Aug. 30, 2021
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S. Korea's lunar orbiter on track for launch next year
South Korea's science ministry said Monday the country's first lunar exploration mission is on track for launch in August next year after it strengthened ties with the United States earlier this year in space exploration. South Korea aims to conduct a yearlong mission to observe the moon through an orbiting spacecraft, with hopes of securing technologies for future space exploration missions. The Ministry of Science and ICT said it has completed rigging a high-precision camera, developed by th
Aug. 30, 2021
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S. Korea kicks off 7th round of free trade talks with Mercosur
South Korea said Monday it has launched a new round of negotiations to clinch a free trade agreement with Mercosur, South America's leading trading bloc, as it aims to further expand its export portfolio. Asia's fourth-largest economy and Mercosur began a five-day virtual meeting that will run through Friday, according to the Ministry of Trade, Industry and Energy. Mercosur -- made up of Brazil, Argentina, Paraguay and Uruguay -- accounts for around 70 percent of the population in South Ameri
Aug. 30, 2021
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S. Korea to dole out cash handouts to ordinary people next week
South Korea said Monday it will begin providing emergency relief funds to people in the bottom 88 percent income bracket next week in the latest move to help them cope with the fallout from the pandemic. The government will begin to provide up to 250,000 won ($215) per recipient on Sept. 6 as part of an 11 trillion-won cash handout program, according to the interior and finance ministries. The money must be spent by end-December. In July, the country drew up an extra budget of 34.9 trillion wo
Aug. 30, 2021
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Wine imports hit new high in 2020 amid pandemic
South Korea's wine imports hit a fresh high in 2020 as more people enjoyed drinking at home and alone due to the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy imported $330 million worth of wine last year, up 27.3 percent from a year earlier, according to the data by the Korea Customs Service. It was an all-time high, and wine imports exceeded those of beer, which sank 19.2 percent on-year to $227 million. The customs office said wine imports soared last year as peop
Aug. 30, 2021
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S. Korea to set aside W6.3tr in 2022 budget for new industries
South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country's finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won ($5.4 billion) to support the three key industries in its 2022 budget proposal. The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries where it s
Aug. 30, 2021
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Seoul stocks open higher on US Fed's cautious stance
South Korean stocks opened higher Monday as investors are relieved by the US Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading. The Kospi advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separatel
Aug. 30, 2021
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S. Korean firms faced with 'triple whammy': survey
South Korean firms are suffering from the triple whammy of rising raw material costs, a coronavirus resurgence and an interest rate hike, a poll showed Monday. The survey of 310 large and smaller companies, taken by the Korea Chamber of Commerce and Industry (KCCI), showed that 81.6 percent of the respondents to the poll, in which multiple choices were possible, cited an increase in raw material prices as their top concern. The resurgence of COVID-19 infections came next with 80.6 percent, fol
Aug. 30, 2021
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[Behind the Wheel] Kia EV6 aims to rule road with ‘tiger-like’ performance
Kia has rolled out its first all-electric vehicle, the EV6, racking up over 30,000 preorders. From the appearance alone, the compact sport utility vehicle’s exuberant presence could be felt from its sleek and aggressive exterior design with the “Digital Tiger Face” front. On the road, the vehicle showed off a performance that goes well beyond the favorable first impression, reminiscent of a sports car. The Korea Herald had the opportunity to get behind the wheel of the Kia
Aug. 30, 2021