Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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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
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Does central bank’s rate hike signal end to ‘bittoo’ era?
The central bank’s rate hike last week may signal an end to Korean investors borrowing heavily to invest -- and may even put retail stock investors at greater risk, according to market analysts Sunday. The trend, known as “bittoo” in Korean -- from the “bit” meaning debt and “tooja” meaning investment -- has created sustained, rapid growth in the value of assets. But there are signs that this may be softening. According to market researcher Infomax, th
Aug. 29, 2021
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[News Focus] W3.9tr wiped off NCSoft market cap in two days. What went wrong?
Back in February, NCSoft CEO Kim Taek-jin drummed up anticipation for its then upcoming new game, Blade & Soul 2, saying it would provide users a “pinnacle of action” and a “completely new experience.” But things have been a far cry from what the executive had promised. On Friday, a day after the big release, the firm apologized for “causing concern” with the new title. On the stock market, disappointment helped wipe some 3.9 trillion won ($3.36 bil
Aug. 29, 2021
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Posco, four others join forces for liquid CO2 tanker
South Korean steelmaker Posco has forged a five-way partnership encompassing shipbuilders and ship registries to develop a liquid carbon dioxide carrier tanker, as part of its bid to gain an upper hand in the global transition to a net-zero economy, the firm said Sunday. Its four partners are Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register Asia and Liberian International Ship & Corporate Registry. According to the agreement, signed Frida
Aug. 29, 2021
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[Newsmaker] Opposition lawmakers warn of conflict of interest involving FSC nominee
Despite the Parliament’s approval of the nomination of the Financial Services Commission’s new chairman on Friday, concerns remain over his familial ties with the chairman of Korea Investment Holdings, the parent group of a major South Korean brokerage firm. The FSC chief nominee, Koh Seung-beom, is the brother-in-law of Kim Nam-goo, chairman and CEO of Korea Investment Holdings, which controls Korea Investment & Securities, the nation’s second-largest securities company
Aug. 29, 2021
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Government to bring back cashback scheme for food delivery service amid fourth wave
The government is set to bring back its cashback scheme for food delivery services next month to soften the blow from the fourth wave of COVID-19. Consumers will receive 10,000 won ($8.60) back for every four orders made on delivery apps worth 20,000 won each, according to the Ministry of Economy and Finance on Sunday. The scheme is expected to take effect sometime before the Chuseok holiday next month to help boost spending in the hospitality industry. With some 20 billion won set aside for
Aug. 29, 2021
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South Korean patents in core future technologies lag in quality: report
South Korea is churning out patents in core areas of the “fourth industrial revolution,” but their impact is falling far short of matching up to this, a recent report shows. According to the state-run Korea Institute of Science & Technology Evaluation and Planning’s latest analysis of the country’s technological innovation capability, the country ranked third out of 44 countries surveyed in terms of the number of patents registered in the US in nine selected fields
Aug. 29, 2021
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Ssangyong Motor to speed up process of seeking new buyer
Troubled automaker SsangYong Motor is speeding up the process of finding a new buyer after undergoing preliminary due diligence. The Korean arm of Indian automaker Mahindra & Mahindra plans on receiving acquisition proposals until mid-September from potential buyers, according to industry sources Sunday, with a preferred bidder set to be chosen based on the acquisition price and business plan. A total of 11 investors from home and abroad have submitted letters of intent to take part in the
Aug. 29, 2021
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Coway adds aesthetic touch to electric dehumidifiers
Amid the prolonged COVID-19 pandemic, consumers’ interest in what makes their home a more pleasant place to be has grown. This has certainly affected the home appliance market. Before, devices like electric dehumidifiers were not something people sought aesthetic satisfaction in. Yet, in this era, they need to change. Coway’s recently launched Noble Dehumidifier AD-1221E is a new addition to the ranks of premium appliances, with design elements more commonly found in luxury furnit
Aug. 29, 2021
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Seoul stocks to move in tight range this week after US Fed chief‘s dovish comment
South Korean stocks are likely to move in a tight range next week as investors’ profit-taking mode may be balanced against the US Federal Reserve chairman‘s dovish comments. The benchmark Korea Composite Stock Price Index closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (U
Aug. 29, 2021
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Upbit cements market leadership in South Korea’s crypto trading scene
Amid controversial regulatory efforts being made to keep cryptocurrency trading in order, Upbit appears to have solidified its leadership in the market. Upbit retained its title as South Korea’s largest cryptocurrency exchange in terms of cash parked, and the number of subscribers and transactions, data showed Sunday. According to the data from Rep. Yoon Do-hyun of the People Power Party, a member of National Policy Committee, Upbit had 5.3 trillion won ($4.5 million) deposited its acc
Aug. 29, 2021
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[Law Talk] Unexposed risks of the Serious Accidents Punishment Act: Business owners facing liability beyond the workplace
Amid recurring industrial accidents such as the 2018 Taean Power Plant tragedy, the 2020 Icheon fire incident, and the death of a worker at Pyeongtaek Port in April, social interest regarding the need for health and safety in outsourcing arrangements has been steadily growing. Meanwhile, with the increase in outsourcing of work across all industries, the vague division of roles and responsibilities between companies and contractors, and the lack of authority of contractors/subcontractors that
Aug. 29, 2021
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Industrial accidents cause economic losses of W30tr in 2020: data
Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year. The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor. The total number of deaths from industrial accident
Aug. 29, 2021
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Seoul stocks to move in tight range this week after Fed chief's dovish comment
South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t
Aug. 29, 2021
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SsangYong to open bid for new buyer
Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motor
Aug. 29, 2021