Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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KT launches new mobile plans for foreign residents
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[Graphic News] Wine imports hit all-time high in H1 amid pandemic
South Korea’s wine imports more than doubled to touch a new high in the first half of the year as more people enjoyed drinking at home due to the coronavirus pandemic, data showed. Asia’s fourth-largest economy imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier, according to data by the Korea Customs Service. It represents the highest first-half tally and accounts for 86 percent of wine imports for all of 2020. Imports for
Aug. 10, 2021
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street over the resurgence of the new coronavirus and its delta variant. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.68 points, or 0.14 percent, to 3,255.74 points in the first 15 minutes of trading. Stocks retreated amid concerns that the highly contagious delta variant may hamper the ailing global economy. The Dow Jones Industrial Average declined 0.3 percent, with the S&P 500 slipping 0.09 pe
Aug. 10, 2021
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Samsung tipped to expedite investments, M&As with chief's parole
Samsung Group, the country's largest conglomerate, is likely to ramp up its investment and merger and acquisition with the parole of its leader despite controversy over the legitimacy, industry insiders said Monday. The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday. Samsung declined to comment on Lee's parole, but an official said the group breathed a sigh of relief following the justice ministry'
Aug. 9, 2021
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[News Analysis] Will Lee’s release turn tide for Samsung?
With its de facto chief Lee Jae-yong set to be released from jail this week, attention is turning to the fate of Samsung Electronics in its mission to become the world’s No. 1 integrated device manufacturer amid a heightening race for leadership in the global chip market. With a void at the top leadership, the IT giant has been suffering from apparent delays in its decision-making process, affecting significant investment plans. Lee’s return is expected to expedite the firm’
Aug. 9, 2021
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[Newsmaker] Lee still faces court fight in two separate cases
Now granted parole, Samsung Group’s de facto leader Lee Jae-yong will be released from the Seoul Detention Center at 10 a.m. Friday. His freedom, however, could be short-lived, as he is fighting two more criminal trials -- one on alleged accounting fraud and other offenses during a merger of two Samsung affiliates and another for his alleged use of the anesthetic propofol without a prescription. He was behind bars for his conviction for bribing former President Park Geun-hye as part of
Aug. 9, 2021
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Samsung’s Lee to walk free from jail on Friday
The Ministry of Justice on Monday decided to parole Samsung Electronics Vice Chairman Lee Jae-yong, who is in prison for bribery. He will walk free from the Seoul Detention Center in a southern suburb of Seoul at 10 a.m. on Friday, about 11 months before the end of his sentence. The de facto chief of Samsung Group is among over 800 prisoners to be released the same day as part of South Korea’s long tradition of clemency for Liberation Day, which falls on Aug. 15. “The committee
Aug. 9, 2021
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Hanwha Solutions acquires renewable energy developer RES France
Hanwha Solutions said Monday it has acquired a 100 percent stake in renewable energy developer RES France at 727 million euros ($855.2 million) to expand its business portfolio in Europe. With the deal, led by the company’s green energy division Hanwha Q Cells, Hanwha Solutions will hold full ownership of RES France’s solar and wind power projects worth 5 gigawatts. “The acquisition, which will be finalized by October, will increase the global capacity of Hanwha Solutions
Aug. 9, 2021
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Renault Samsung, Lynk & Co to develop eco-friendly car
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will partner with Lynk & Co. to develop an environment friendly vehicle in the Korean market. Renault Group has announced it will form a joint venture with Geely, the Chinese owner of Volvo Cars, to develop a Renault-brand hybrid passenger car for sale in China and a Lynk & Co-brand eco-friendly model for Korea, a company spokesman said over the phone. Lynk & Co. is the automotive brand formed as a
Aug. 9, 2021
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Edison to drum up private equity capital for SsangYong bid
South Korean electric bus maker Edison Motors has created a consortium with domestic private equity firms to acquire SsangYong Motors, a troubled Korean arm of Indian auto maker Mahindra & Mahindra, its Chief Executive Officer Kang Young-kwon said Monday. Edison, headquartered in Hamyang County, South Gyeongsang Province, signed a memorandum of understanding with its financial partners, including Korea Corporate Governance Improvement, Keystone Private Equity, as well as electric vehicle pa
Aug. 9, 2021
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Seoul stocks down for 3rd day after choppy trading
South Korean stocks retreated for the third straight session Monday after choppy trading, as an estimate-beating improvement in US jobs data increased concerns about an early tapering. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 9.94 points, or 0.3 percent, to close at 3,260.42 points. Trading volume was moderate at about 685 million shares worth some 15.5 trillion won ($13.5 billion), with losers outnumbering gainers 647 to 208. For
Aug. 9, 2021
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Seoul’s first energy minister pledges ‘redesign of energy market’
South Korea’s first energy minister, Park Ki-young, said Monday that he would redesign the country’s energy market for carbon neutrality. “This is an important year to lay down the foundation for carbon neutrality. We have to reconstruct the current fossil-fuel-based energy supply and demand system and market structure into clean-energy-focused ones,” Park said in his inauguration speech. To that end, the newly appointed energy minister pledged to secure an optimum
Aug. 9, 2021
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[Newsmaker] Is sun setting on Hanhwa heir’s solar dream?
Kim Dong-kwan, the eldest son and apparent heir of Hanwha Group Chairman Kim Seung-youn, has proved his mettle by taking the helm of the group’s money-bleeding solar business in 2011 and turning it into the world’s No. 6 solar energy player, Hanwha Q Cells. Poised to succeed his father to lead the country’s seventh-largest conglomerate, the 38-year-old now oversees Hanwha Solutions, launched last year after the merger of Q Cells and two other Hanwha companies, and is also s
Aug. 9, 2021
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Hanwha Solutions to acquire French energy firm for W984b
Hanwha Solutions Corp., the energy arm of chemical-to-financial conglomerate Hanwha Group, said Monday it will acquire a French renewable energy developer in line with its expansion strategy. Hanwha Solutions will purchase an entire stake of French wind and solar power plant firm RES Mediterranee for 984.3 billion won ($860 million) on Oct. 20, the company said in a regulatory filing. "The planned stake purchase is aimed at making a presence in the European renewable energy development ma
Aug. 9, 2021
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Kia to invest W10b in Bank Salad
The country‘s second-largest carmaker Kia said Monday it will invest 10 billion won ($8.7 million) into local fintech company Bank Salad in a bid to set foot in the mobility data business. Through the investment, Kia seeks to forge a partnership with the fintech firm to develop data technology for the mobility industry such as open data platform for cars and connected cars. They plan to launch car insurance services that use MyData, a government-led project to comprehensively collect
Aug. 9, 2021
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Chanel Korea apologizes for personal data leak
The South Korean unit of French luxury brand Chanel has apologized after a recent cyberattack in which hackers leaked customers’ personal data. In a statement on the website on Sunday, the company said it had learned that the personal information of some customers from its membership database for the Fragrance and Beauty division-- including names, birth dates, phone numbers and shopping histories -- had been breached last week. Their payment information, IDs and passwords were not leake
Aug. 9, 2021
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Citibank Korea to manage $2b syndicated bonds for Hyundai E&C consortium’s Panama metro project
Citibank Korea said Monday it had become the sole coordinator for a consortium led by Hyundai Engineering & Construction in dealing with syndicated bonds worth a total $2 billion to build a metro line in Panama. The US-based bank’s Korean subsidiary will become a part of a syndicate including the Korea Export-Import Bank and the Korea Trade Insurance Corp. that plans to purchase trade receivables from the consortium under the guarantee of the Panamanian government. The partnership
Aug. 9, 2021
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Rivalry between banks and Big Tech casts cloud over state-backed loan exchange platform
The government‘s plan to bring loan products under one platform by October to help consumers easily compare the options available is facing headwinds from traditional banks and their tech rivals in the wake of their already intensifying competition to gain the upper hand in digital financing. The “mobile-based loan exchange platform” pushed by the policymaking Financial Services Commission since January is a mobile application, whereby debtors can browse the number of availab
Aug. 9, 2021
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Supply of pork set to remain stable amid ASF outbreak: ministry
South Korea is expected to maintain a stable supply of pork products despite the latest outbreak of African swine fever (ASF) at a local farm, officials said Monday, although the country still needs to stay vigilant over the spread of the fatal animal disease. The combined number of domestic pigs at local farms was estimated at 11.1 million units as of the end of June, up 0.6 percent on-year, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. South Korea rep
Aug. 9, 2021
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Hyundai resumes production of local plant after 4-week suspension
Hyundai Motor Co. said Monday it has resumed production at one of its seven domestic plants after a four-week suspension to prepare for the production of an electric vehicle. Hyundai halted the Asan plant from July 13 to Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SUV unveiled the IONIQ5 al
Aug. 9, 2021
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Service output in all 16 provinces, cities rises in Q2 amid economic recovery
Combined service output rose in all 16 provinces and major cities for the first time in six quarters in the April-June period with the South Korean economy on a recovery track, data showed Monday. Service output grew 5.7 percent in the second quarter from a year earlier, the fastest on-year gain since the first quarter of 2008, according to the data from Statistics Korea. Service production increased in all 16 provinces and cities for the first time since the fourth quarter of 2019, the data s
Aug. 9, 2021