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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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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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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China outpaces Korea in smaller OLED shipments for 1st time
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Yoon, Lee end first talks with differences, agree to meet more
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Number of multi-level marketing companies falls in 2020 amid pandemic
SEJONG -- The number of multi-level marketing (MLM) firms operating in South Korea dropped in 2020 from a year earlier in the wake of the coronavirus pandemic, the antitrust watchdog said Wednesday. There were 122 MLMs in Asia's fourth-largest economy as of end-December, down eight from a year earlier, according to the Fair Trade Commission (FTC). Last year's drop represents a turnaround from the uptrend in the number of MLMs in the country, which started in 2017. The FTC said the 2020 decrea
Aug. 4, 2021
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Online shopping hits record high in Q2 amid pandemic
Online shopping in South Korea hit a record high in the second quarter as more people used e-commerce shopping platforms amid a contactless trend caused by the pandemic, data showed Wednesday. The value of online shopping transactions stood at 46.9 trillion won ($40.8 billion) in the April-June period, up 25.1 percent from a year earlier, according to the data from Statistics Korea. Amid an economic recovery and a non-contact consumption trend, online purchases of goods and services gained gro
Aug. 4, 2021
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LG Chem exports first shipment of eco-friendly SAP
LG Chem said Wednesday it has exported the first shipment of its “bio-balanced” superabsorbent polymer to Jordanian diaper company Baby Life. The eco-friendly SAP, which can absorb water 200 times its weight, was manufactured at its plant in Yeosu, South Jeolla Province, using plant-based materials such as waste cooking oil, the chemical firm said. “LG Chem’s bio-balanced SAP is the world’s first SAP product that obtained the International Sustainability and Ca
Aug. 4, 2021
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Korean carmakers ask EU to be considerate with new carbon policy
South Korean carmakers called on the European Union to be considerate in adopting stricter regulations to curb carbon dioxide emissions due to a possible impact on the automobile industry and consumers' rights, a local industry association said Wednesday. Last month, the European Commission released its "Fit for 55" legislation package aimed at cutting net greenhouse gas emissions by 55 percent by 2030, higher than the previously set 40-percent target. The EU aims to ban the sale of
Aug. 4, 2021
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Imported car sales up 23% in July amid pandemic
Sales of imported vehicles in South Korea rose 23 percent in July from a year earlier despite the extended COVID-19 pandemic, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 24,389 units last month from 19,778 a year ago on strong sales of German vehicles, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan and E220d 4MATIC sedan and
Aug. 4, 2021
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Seoul stocks open higher on Wall Street rallies
South Korean stocks opened higher Wednesday, tracking overnight rallies on Wall Street over optimism for strong corporate earnings. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.51 points, or 0.2 percent, to trade at 3,243.65 points in the first 15 minutes of trading. The KOSPI got off to a strong start on foreign buying, led by tech gains. The S&P 500 gained 0.82 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite
Aug. 4, 2021
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SK Innovation swings to black in Q2, to hive off battery biz
SK Innovation Co. said Wednesday it turned to the black in the second quarter from a year earlier on robust lube oil and battery sales, and decided to spin off its battery business to further propel its growth. The energy and chemical subsidiary of the nation's No. 3 conglomerate SK Group said it booked 415.9 billion won ($362.2 million) of net profit in the April-June period, shifting from a loss of 345.8 billion won a year earlier. SK Innovation also swung to an operating income of 506.5 bil
Aug. 4, 2021
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Samsung slips to 2nd spot in European smartphone market in Q2: report
Samsung Electronics Co. dropped to second place in the European smartphone market in the second quarter, a report showed Wednesday, as China's Xiaomi Corp. rose to the top spot. Samsung made up a market share of 24 percent in the April-June period after shipping 12 million smartphones to Europe, down 7 percent from a year earlier, according to a report from market researcher Strategy Analytics. The South Korean tech giant was the only player among the top five smartphone suppliers in Europe to
Aug. 4, 2021
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Hyundai, Kia US sales up 26% in July
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their sales jumped 26 percent in the United States last month from a year earlier on strong demand for SUVs. Hyundai Motor and Kia sold a total of 138,599 vehicles in the US last month, up from 110,156 units a year ago, the companies' sales data showed . SUV and eco-friendly models drove July sales as consumers responded to Hyundai's diversified lineup to find a vehicle that meets their transportation needs, Senior Vice President Ran
Aug. 4, 2021
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S. Korea's FX reserves hit record high in July on weaker dollar
South Korea's foreign reserves rose to an all-time high in July as a weaker US dollar raised the value of non-dollar assets, central bank data showed Wednesday. The nation's foreign reserves came to $458.7 billion as of end-July, up $4.58 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The BOK sai
Aug. 4, 2021
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Krafton’s IPO subscription draws lukewarm response from retail investors
Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, has drawn lower-than-expected interest from retail investors for its initial public offering, with deposits for the stock offering at 5.04 trillion won ($4.38 billion) by its two-day public subscriptions’ deadline at 4 p.m. Tuesday, according to data compiled by its underwriters. The amount for the accumulated subscriptions was far less than SK ie technology (80.9 trillion won) and SK Bioscie
Aug. 3, 2021
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Boryung‘s blood pressure drug Kanarb reduces risk of strokes, vascular events: report
Boryung Pharmaceutical on Tuesday disclosed clinical trial results that showed its hypertension drug Kanarb is effective in controlling the blood pressure of patients who have experienced a stroke. By keeping patients’ blood pressure under control, the drug helped reduce the risk of recurrent strokes and major vascular events, it added. The clinical study was conducted at 27 medical institutions in Korea during a 24-week period, involving 1,035 patients who previously experienced an i
Aug. 3, 2021
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Korea’s IPTV operators attempt to carve out ‘tablet TV’ niche
IPTV operators in South Korea are attempting to nurture a new segment -- “tablet TV” -- to meet growing demand for another TV screen, as more people tend to stay home due to the prolonged COVID-19 pandemic. Streaming on-demand video via mobile phones and tablet computers is nothing new, as millions of Koreans already enjoy Netflix and other services. For IPTV operators that rely heavily on fixed-line networks, however, such a “cord-cutting” trend in which viewers dit
Aug. 3, 2021
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Centroid eyes TaylorMade Golf IPO after $1.9b buyout deal
An investor consortium led by the Seoul-based equity firm Centroid Investment Partners has closed a $1.87 billion deal to buy a 100 percent stake in TaylorMade Golf from US private equity firm KPS Capital Partners, Centroid said Tuesday. The buyout deal will lay the groundwork for the US-based golf equipment and clothing maker to go public in the future, the Korean investor said. When TaylorMade does go public, the investor consortium will have enough room to seek a “considerable amount
Aug. 3, 2021
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S. Korea to sharply increase imports of eggs to stabilize prices
Finance Minister Hong Nam-ki said Tuesday the country will sharply increase imports of eggs in August and September in a bid to help stabilize high prices amid a pick-up in consumer inflation. The country plans to bring in 100 million eggs in August and September, respectively, more than the 70 million eggs imported in June, according to the finance ministry. South Korea brought in 144 million eggs between January and May to ease the supply shortage caused by the outbreak of bird flu here. Hi
Aug. 3, 2021
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Over 10 workers at Samsung R&D facility infected with COVID-19
Over 10 workers at a Samsung Electronics Co. local research and development (R&D) center were infected with COVID-19, but there has been no shutdown of the facility, industry sources said Tuesday. Twelve employees at the R5 R&D-focused building in Suwon, just south of Seoul, tested positive for the coronavirus, and those who were in contact with them await their test results, a person familiar with the matter told Yonhap News Agency over the phone. There might be more confirmed coronav
Aug. 3, 2021
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Seoul stocks up for 2nd day on tech gains after choppy trading
South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil
Aug. 3, 2021
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Musinsa to invest W14b in fashion startups within this year
Online fashion retailer Musinsa said Tuesday it would invest a further 14 billion won in fashion startups through its venture capital Musinsa Partners to bring the total investment to 60 billion won within this year. Established in 2018, Musinsa Partners is a joint venture capital firm that has invested some 46 billion won in medium- and small-sized enterprises and startups in the fashion industry. The latest announcement is part of the company’s drive to boost the fashion industry, incl
Aug. 3, 2021
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[Battery+] ‘Solid-state batteries are exaggerated’
The idea is so simple but powerful. By replacing inflammable liquid solution inside conventional lithium-ion batteries with solid materials, solid-state batteries would eliminate fire concerns, have a greater life span, support faster charging, offer a lighter weight and provide greater capacity. The race has already begun among rising solid-state battery startups and established lithium-ion players, including the South Korean trio LG Energy Solution, SK Innovation and Samsung SDI, to debut
Aug. 3, 2021
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Kakao adds 13 new affiliates in Q2, the most among major conglomerates: FTC
South Korean conglomerates have added 41 new companies under their wings in the second quarter of this year, in their forage for new business territories and business restructuring, the state antitrust watchdog said Tuesday. Kakao Group, along with Sinorkor Merchant Marine, has bought in the most number of new companies at 13, as it aggressively pursued mergers and acquisitions on its path to become the country’s fifth-largest business group in terms of market capitalization in June.
Aug. 3, 2021