Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Kia EV9 wins world car of year
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Emart in talks to take full control over Starbucks Korea
Retail giant Shinsegae Group’s affiliate Emart, which holds a 50 percent stake in Starbucks Korea, is in talks to buy the remaining 50 percent held by the headquarters of the global coffee chain, the company said Monday. Shinsegae’s hypermarket chain unit Emart is reportedly seeking to raise its stake in the Korean unit of Starbucks from the current 50 percent to 70 percent while Singapore’s sovereign wealth fund GIC will buy a 30 percent stake. While revealing the ongoin
July 26, 2021
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Seoul stocks sink almost 1% on virus woes, China risk
South Korean stocks retreated nearly 1 percent Monday as investors remain cautious about the local resurgence of the new coronavirus and uncertainties from China's clampdown on tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 29.47 points, or 0.91 percent, to close at 3,224.95 points. Trading volume was moderate at about 813 million shares worth some 12 trillion won ($10.4 billion), with losers outnumbering gainers 662 to 212.
July 26, 2021
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Celltrion pushes for COVID-19 treatment against delta variant
South Korean pharmaceutical giant Celltrion has submitted for global review the results of an animal study which it said suggested the efficacy of its COVID-19 treatment Regkirona against the delta variant, the firm said Monday. It also added that its US partner tasked with developing an inhaled version of the monoclonal antibody treatment also known as CT-P59 or regdanvimab has secured a $7 million funding from the US Army Medical Research & Development Command. According to the compan
July 26, 2021
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Krafton aims to expand globally via W4.31tr IPO
Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, said Monday that it looks to expand its foothold in the global market through its market debut on the nation’s main board Kospi early next month. “Our goal is to attain a leadership position preemptively in high-growth emerging markets such as India and the Middle East. Krafton’s strategy (for the goal) is expanding content to nongaming media and platforms by utilizing our intelle
July 26, 2021
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AfreecaTV sees operating profit jump 97% in Q2
AfreecaTV’s operating profit in the second quarter surged 97 percent on-year to 21.5 billion won ($18.6 million), the company announced Monday. The revenue of South Korea’s biggest livestreaming platform jumped 44 percent to 65 billion won while net profit shot up 85 percent to 18.9 billion won buoyed by robust advertising sales. “AfreecaTV Ads Manager, the firm’s newly launched advertising platform, propelled the strong advertisement sales. The beginning of new sea
July 26, 2021
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SK partners with Joyvio Group, eyes Chinese alternative food market
To make inroads into China’s fast growing alternative food market, SK said Monday it has joined Chinese food service company Joyvio Group to form a fund worth 100 billion won ($86.7 million). According to the holding firm of South Korea’s third largest conglomerate SK Group, the envisioned Sustainable Food & Consumption Fund will invest in promising food tech companies that specialize in plant-based meat, fermentation and vertical farming. SK will inject 18 billion won of t
July 26, 2021
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Wadiz separates into two units to expand offline business
Crowdfunding platform Wadiz said Monday it has completed a organization overhaul by spliting the company into two entities in charge of financial and non-financial businesses to transform itself into a platform directly linking consumers and startups, both online and offline. Following the revamp, the parent company Wadiz Co Ltd. will be in charge of non-financial business while the subsidiary companies Wadiz Finance and Wadiz Partners will lead the financial business, the company said. &ldq
July 26, 2021
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[ESG Talk] Enabling blockchain to be the foundational technology for ESG
Blockchain has been around for some time now, yet it still remains mysterious to many. Most people assume it is a disruptive technology to the current monetary system. However, in a vastly digitalized world where data is a valuable, fungible resource that brings endless innovations, blockchain tops the list as the game-changing technology. It can revolutionize nearly all industries such as finance, pharmaceuticals, and entertainment. Furthermore, blockchain can transform all company’s val
July 26, 2021
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South Korean instant noodle exports hit record high
In a sign of growing popularity, revenue from South Korean instant noodle exports reached a record high of 368.7 billion won ($319 million) during the first half of this year, according to data from the Korea Customs Service. The figure broke the previous record of $302.8 million set the same time one year ago and was up 5.8 percent. When broken down by country, China was the largest importer of South Korean instant noodles where $68.13 million worth was sold. The US was the second-largest m
July 26, 2021
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Tax incentives to be expanded for investment in chips, batteries, vaccines
South Korea said Monday it plans to expand tax incentives for corporate research & development (R&D) and facility investment in semiconductors, batteries and vaccines as it seeks to nurture them as key strategic technologies. The government will provide tax benefits worth 1.16 trillion won ($1 billion) for R&D expenditures and investments in chips, electric vehicle batteries and vaccines under a tax code revision bill. The 2021 tax code revision centers on underpinning a fast econo
July 26, 2021
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Will US’ HAAH be able to salvage cash-strapped SsangYong Motor?
After HAAH Automotive Holdings, a US-based automobile distributor, confirmed its intention to acquire SsangYong Motor, eyes are on whether the American firm, which just gave up on its Chinese car business with a bankruptcy filing, will be able to close the deal to salvage the financially troubled automaker in Korea. Speaking to a US media outlet, the founder and chief executive officer of HAAH Automotive, Duke Hale, revealed that it has established a new company, Cardinal One Motors, which wi
July 26, 2021
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Banking groups post record H1 profits
Major banking groups here have been posting record earnings for the first half of the year amid ongoing COVID-19 woes, buoyed by lucrative earnings from their brokerages, insurers and card issuers, data released as of Monday showed. So far, four out of five major banking groups here – KB, Woori, Hana and NH – have announced robust net profits for the first six months of the year, eclipsing their stellar performances shown in the same period last year. KB’s net profit for th
July 26, 2021
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24 producers of concrete piles fined W102b over price fixing
South Korea's antitrust regulator said Monday it will fine 24 producers of concrete piles a combined 102 billion won ($88.4 million) for colluding to fix prices of the products used for construction. Samil C&S and 23 others colluded to fix prices of concrete piles and slash production between April 2008 and January 2017 in a bid to stem price falls and maintain inventory levels, according to the Korea Fair Trade Commission. Concrete piles are used to buttress the ground when building apart
July 26, 2021
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Daily FX turnover falls in Q2 as volatility cools
The daily foreign exchange (FX) trading by banks in South Korea fell 5.1 percent in the second quarter from three months earlier, as transactions declined over cooling volatility, central bank data showed Monday. The daily FX turnover came to an average $57.85 billion in the April-June period, down $3.09 billion from the first quarter, according to the data from the Bank of Korea (BOK). The average daily turnover of foreign exchange spots reached $22.88 billion during the second quarter, down
July 26, 2021
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Paseco sells over 100,000 window AC units in 3 months
Paseco, the largest window air conditioner-maker in South Korea, sold more than 100,000 units in the past three months, the company said Monday. The sales boost propelled aggregate sales of Paseco’s window ACs to hit 250,000 units since introducing the home appliance in 2019. A window AC is a single-unit air conditioner installed on windows. Paseco, previously more well-known for oil heaters, is a leading player in the market, taking up an estimated 60 percent of the market share. P
July 26, 2021
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SsangYong unveils design sketch of new SUV
Financially troubled SsangYong Motor Corp. on Monday revealed a design sketch of its new sport utility vehicle under development as it tries to revive sales with next-generation models. The SUV-focused automaker teased the design sketch of the new SUV codenamed KR10, saying its design language is "Powered by Toughness." SsangYong said its upcoming SUVs will be equipped with "eco-friendly power trains" to meet growing market demand. Last month, the automaker said it will la
July 26, 2021
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LG Electronics launches upgraded wireless earbuds
LG Electronics Inc. on Monday unveiled its upgraded wireless earbuds with enhanced sound and hygiene features as the tech giant eyes to increase wearable sales. Three new models of the LG TONE Free -- TONE-TFP9, TONE-TFP8 and TONE-TFP5 -- were launched in South Korea with prices ranging from 169,000 won (US$146) to 249,000 won. They will be available in North America and Europe later this month. In collaboration with Ergonomic Design Technology Lab at POSTECH, a leading science technology univ
July 26, 2021
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Relief cash handouts eyed in late Aug. but may be delayed
South Korea said Monday it seeks to provide pandemic emergency funds to most of its citizens next month, but the timing could be flexible depending on the virus situation. The government plans to provide stimulus checks of 11 trillion won ($9.5 billion) to people in the bottom 80 percent income bracket and double-income and one-person households, as the National Assembly approved an extra budget of 34.9 trillion won last week. Parliament endorsed the extra budget larger than the government's p
July 26, 2021
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S. Korea's biopharmaceutical exports more than double in 2020
South Korea's exports of biopharmaceutical products more than doubled in 2020 from a year earlier on the back of the growing demand for pharmaceutical products amid the COVID-19 pandemic, a report showed Monday. Outbound shipments of high-end biopharmaceutical products came to $5.1 billion in 2020, compared with around $2.1 billion tallied the previous year, according to the Korea International Trade Association (KITA). Asia's fourth-largest economy stood in seventh place in terms of exports i
July 26, 2021
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Seoul stocks open lower amid COVID-19 concerns
South Korean stocks opened slightly lower Monday as investors remain cautious about the country's resurgence of new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 2.02 points, or 0.06 percent, to 3,252.4 points in the first 15 minutes of trading. Stocks retreated after a two-day gain, as the spiking cases sapped demand for risky assets. On Friday, the government extended the highest Level 4 quarantine measures in the Seoul metropolitan area for another two wee
July 26, 2021