Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Friday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.74 points, or 0.36 percent, to 3,230.91 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs on the auto, bio and tech large caps. Overnight, the Dow Jones Industrial Average gained 0.44 percent, with the tech-heavy Nasdaq composite and the S&P 500 advancing 0.11 percent and 0.42 percent, respec
July 30, 2021
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Krafton IPO price set at 498,000 won apiece
Krafton has priced its initial public offering at 498,000 won ($434.5) a share, at the top end of its indicative price range of 400,000-498,000 won, the South Korean game maker said in a regulatory filing Thursday. The game developer behind shooting game PlayerUnknown’s Battlegrounds wrapped up its book-building process Tuesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 621 domestic and overseas institutions participated. Competition amo
July 29, 2021
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Hyundai, LG collaborate to build EV battery plant in Indonesia
South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms sai
July 29, 2021
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LG Chem acquires LG Electronics’ battery separator biz for W525b
LG Chem said Thursday it has acquired separator business from LG Electronics for 525 billion won ($458.5 million) to target the fast-growing global electric vehicle battery materials market. According to South Korea’s leading chemical firm, the company took over chemical electronic material business under LG Electronics’ business solutions division. The acquisition includes all tangible and intangible assets of the business including its production facilities and personnel. The
July 29, 2021
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Samsung profit hits 3-year high on chip boom
Samsung Electronics’ operating profit in the second quarter soared 54.3 percent on-year to reach 12.5 trillion won ($10.9 billion), its best quarterly performance since the third quarter of 2018. According to the firm’s earnings report on Thursday, sales in the April-June period increased 20.2 percent to 63.67 trillion won, the highest for any second quarter to date. The robust performance was largely driven by the semiconductor business. When broken down, the semiconductor busi
July 29, 2021
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NCSoft’s Blade & Soul 2 ready for takeoff on Aug. 26.
Expectations are running high as the release of NCSoft’s Blade & Soul 2 is less than a month away. Set for launch on Aug. 26, the massive multiplayer online role-playing game is the sequel of NCSoft’s Blade & Soul, which notched the grand prize at the 2012 Korea Game Awards. The game will be available on both PC and mobile devices. Users can enjoy Blade & Soul 2 on PC through cross-play service Purple. Preregistrations reached 7.46 million, a record in Korea, break
July 29, 2021
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[Herald Interview] Lithium-metal batteries will save Li-ion industry: SolidEnergy Systems CTO
As lithium-ion batteries near their full potential, new challengers are preparing a coup d‘état with their next-generation technologies. If successful, the coup would render conventional lithium-ion batteries obsolete overnight and subvert decades-long industrial order led by Asian battery firms. Are the days of lithium-ion battery manufacturers coming to an end? SolidEnergy Systems, a Singapore-based battery developer, is one of the most threatening contenders, with its lith
July 29, 2021
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Nongshim announces price hike for instant noodles
South Korean food and beverage company Nongshim announced Thursday plans to increase the price of its flagship instant noodles including Shin Ramyun by an average of 6.8 percent starting mid next month. Nongshim last hiked ramen prices in 2016. The latest move comes after rival ramen maker Ottogi announced earlier this month its first price hike in more than 11 years. When broken down by brand, Nongshim’s flagship Shin Ramyun will see a 7.6 percent increase in price while the prices of
July 29, 2021
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Orion’s accumulated revenue in Russia surpasses W1tr
Orion, a South Korean confectionery company widely known for Choco Pie, said on Thursday its cumulative revenue had reached 1 trillion won ($873 million) in Russia. The trillion-won threshold was broken after the company racked up 50.6 billion won in sales for the first six months combined this year, following the precedents in China and Vietnam. Efforts to create localized new products, as well as a wide range of biscuits and its popular Choco Pie, tapped into Russia’s dessert culture a
July 29, 2021
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Korea to invest over W5tr in chips, bio, next-gen cars
South Korea plans invest over 5 trillion won ($4.3 billion) in semiconductors, biohealth and next-generation vehicles next year and provide them the latest tax benefits ahead of other industries, the nation’s fiscal policy chief said Thursday. The size of next year’s fiscal support for the industries dubbed the “Big 3” will be larger than this year’s corresponding figure of some 4.2 trillion won. Finance Minister and Deputy Prime Minister Hong Nam-ki po
July 29, 2021
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US rate freeze has limited impact on global financial markets: BOK
The Bank of Korea said Thursday that a decision by the US Federal Reserve that left its benchmark rate unchanged had little impact on global financial markets. The central bank still added caution, saying that “financial market volatility could intensify as uncertainty remains over when major economies recover from the prolonged COVID-19 pandemic as well as virus variants. “The BOK will closely monitor internal and external risk factors and review countermeasures against them.&rdq
July 29, 2021
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Moody’s ups credit outlook for JB Financial’s banking units from stable to positive
Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday. “The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB
July 29, 2021
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Wine imports hit record-high in H1 over growing drinking-at-home culture
Wine imports to South Korea hit an all-time high in the first half of this year, with a growing number of people enjoying drinking at home due to the prolonged pandemic, data showed Thursday. According to data compiled by the Korea Customs Service, Korea imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier. The figure not only broke the previous first half record, but also accounted for 86 percent of yearly wine imports in 2020. Following the g
July 29, 2021
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Michelin taps Jerome Vincon as the new head of Korea
French tire maker Michelin appointed Jerome Vincon as the new head of its South Korean unit, the company announced Thursday. Starting from Aug. 1, Jerome will replace former Managing Director of Michelin Korea Lee Ju-heang who will be moving to the firm’s Asia Pacific Office. Vincon joined the Michelin Group in 2003 and worked with car manufacturers at the firm’s APAC headquarters, serving divisions in sales, marketing and business operations. He was also appointed as marketin
July 29, 2021
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S. Korea vigilant of market volatility from virus, Fed's policy: official
South Korea will closely monitor the financial market as market volatility could increase from a spike in virus cases and talks of an early tapering of the Federal Reserve's bond purchase, a senior government official said Thursday. After a two-day policy meeting, the Fed on Wednesday kept its key interest rate near zero and left unchanged its bond-buying program. The Fed said the US economy is on a solid recovery track despite a flare-up in COVID-19 cases, but it did not provide a timetable fo
July 29, 2021
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S. Korea to spend over W5tr in supporting chips, 2 other sectors next year
South Korea's top economic policymaker said Thursday the government plans to spend more than 5 trillion won ($4.3 billion) in supporting chips, bio-health and next-generation vehicle sectors next year. Finance Minister Hong Nam-ki said the country will spare no effort to nurture the three "big" industries. This year, the government plans to offer financial support worth some 4.2 trillion won to the sectors. The country has designated semiconductors, batteries and vaccines as three ke
July 29, 2021
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Biz sentiment falls for August amid pandemic: poll
South Korea's business sentiment fell for August due to deteriorating profitability in the restaurant, accommodation and service industries amid the extended coronavirus pandemic, a local think tank said Thursday. The business survey index (BSI) of the country's top 600 companies by sales fell to 95.2 for next month, down 7.1 points from July, the Korea Economic Research Institute (KERI) said in a statement. The business outlook fell below 100 for the first time in five months. The BSI had sta
July 29, 2021
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Seoul stocks open higher on robust earnings, FOMC results
South Korean stocks opened higher Thursday as investor sentiment improved over optimism for strong corporate earnings and the US Fed's assurance that tapering would require more recovery from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.04 points, or 0.34 percent, to 3,247.9 points in the first 15 minutes of trading. Stocks advanced after a two-day gain, backed by second-quarter surprise earnings by large caps, including market bellwether Samsung Electronics a
July 29, 2021
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Samsung delivers robust Q2 earnings on chip biz recovery, one-off gain
Samsung Electronics Co. on Thursday reported robust second-quarter earnings on the back of its semiconductor business and a one-off gain from its display panel business. Its net profit stood at 9.63 trillion won ($8.3 billion) in the April-June period, up 73.4 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing. Its second-quarter operating profit jumped 54.3 percent on-year to 12.56 trillion won, the largest since the third quarter o
July 29, 2021
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Effectiveness of parental control apps thrown into doubt
A growing number of clashes between parents and their children revolve around the use of parental control apps that filter out obscene content on online platforms, but there are concerns these apps may not even be working. The prolonged COVID-19 pandemic is forcing students to study from home through smartphone apps, prompting parents to apply filtering apps to block harmful online content. Parental control apps can be installed on computers and mobile devices, with a comprehensive list of
July 28, 2021