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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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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SK Telecom eyes sharing 3G network with rival carrier
SK Telecom Co., South Korea's top wireless carrier, is reviewing measures to share its 3G network with a rival carrier amid declining users on the aging service, a company report showed Thursday. The carrier said in its annual sustainability report that it is considering measures to share its 3G network with a "competitor" as a way to offset operating costs amid a declining user base. "Demand for 3G is declining while network operating costs for 3G remain still," its Englis
July 22, 2021
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Nonghyup Bank sells $600m in social bonds
Major South Korean lender Nonghyup Bank said Thursday it has issued $600 million in social bonds to overseas investors to help support the vulnerable. The bank said it has floated $300 million worth of three-year bonds with an annual interest rate of 0.926 percent, with the remaining $300 million maturing in five years and carrying an interest of 1.325 percent. Nonghyup Bank said the lender has been able to reduce the spread by 0.25-0.3 percentage point as it has attracted bids worth $2.2 bill
July 22, 2021
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S. Korea to offer financial support for semiconductors, batteries, vaccines
SEJONG -- Finance Minister Hong Nam-ki said Thursday the government will provide financial and taxation support for key technologies in semiconductors, batteries and vaccines. Unveiling a list of 65 technologies in the three industrial sectors, Hong said the government will funnel 2 trillion won ($1.7 billion) in funds by 2023 to help companies develop such technologies. The government will hike taxation support if companies spend money to build facilities for such technologies, Hong said. Ea
July 22, 2021
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Shilla Duty Free setting sights on China
Shilla Duty Free, South Korea's leading duty-free operator, said Thursday it will make inroads into China through a partnership with a Chinese industry player. Shilla Duty Free said it has signed a memorandum of understanding on a strategic partnership with Hainan Tourism Duty Free City based in the southern Chinese island of Hainan. Established as a subsidiary of Hainan Tourism Investment Development Co. last year, the 95,000-square-meter Hainan Tourism Duty Free City is deemed as a must-go s
July 22, 2021
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Regulator extends deadline for Yogiyo sale until early next year
South Korea's antitrust regulator said Thursday it extended the deadline for the sale of Delivery Hero's food delivery affiliate here, Yogiyo, until Jan. 2 next year, as the German company is facing difficulty in finding a potential investor. In December last year, the Korea Fair Trade Commission (KFTC) ordered Delivery Hero to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. Delivery Hero had been required to
July 22, 2021
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Hankook Tire supplies tires for Volkswagen's all-electric ID.4 SUV
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Thursday it recently began supplying tires for Volkswagen's all-electric ID.4 SUV this year. Hankook Tire has provided the high-performance Ventus S1 evo3 ev tires for the ID.4 model since the second quarter of the year, the company said in a statement. To enhance its global brand image, the tiremaker has provided its OE tire products for 320 kinds of vehicles of nearly 50 foreign carmakers, including Audi, B
July 22, 2021
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Fitch keeps S. Korea's credit rating at 'AA-,' outlook stable
Global credit appraiser Fitch Ratings said Thursday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and modest fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population. The str
July 22, 2021
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Seoul stocks open higher on earnings hope
South Korean stocks opened higher Thursday as hopes for robust corporate earnings in the second quarter boosted investor sentiment. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.74 points, or 0.83 percent, to 3,242.65 points in the first 15 minutes of trading. Stocks rebounded after the Kospi retreated 2.14 percent in the past four sessions amid the fourth wave of the new coronavirus in the country. Tech, financial and auto gains led the KOSPI's hike, while bio slumped. Market
July 22, 2021
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Naver's Q2 net jumps nearly 6 times on surge in pandemic-driven fintech, commerce business
South Korea's top internet portal operator Naver Corp. said Thursday its net profit jumped nearly six times in the second quarter from a year earlier largely due to a stellar performance of its fintech and commerce businesses amid the new coronavirus pandemic. Net profit reached 540.6 billion won ($468.5 million) in the April-June period, compared with a profit of 90.7 billion won a year earlier, the company said in a press release. Operating income reached a quarterly high of 335.6 billion wo
July 22, 2021
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SK hynix's acquisition of Intel's NAND biz gets approval from Singapore
Singapore's antitrust watchdog has approved SK hynix Inc.'s deal to acquire Intel's NAND business, the company said Wednesday. Last October, South Korea's No. 2 chipmaker signed a deal to buy Intel's non-volatile business for $9 billion, which includes the U.S. firm's solid state drive business and a NAND flash chip plant in Dalian, China. Following the deal, SK hynix had to obtain approval from antitrust regulators in major countries. The Competition and Consumer Commission of Singapore clea
July 21, 2021
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SES lithium-metal batteries promising, but charging time, cycle issues unresolved
The next-generation lithium-metal batteries of Singapore-based battery developer SolidEnergy Systems show potential to replacing lithium-ion batteries, but major technological challenges remain for their commercialization, including slow charging time. During an online press conference on Wednesday, SES founder and CEO Dr. Qichao Hu shared the firm’s progress on lithium-metal batteries and compared them with those of its competitors QuantumScape and SolidPower, claiming that SES is 18
July 21, 2021
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Korea’s ‘3N’ game heavyweights face gloomy Q2 earnings
South Korea’s “3N” game developers -- NCSoft, Nexon and Netmarble -- are estimated to have suffered disappointing earnings in the second quarter, hurt by a slew of negative developments amid the deepening distrust of players, brokerages and industry sources said. The gloomy earnings outlook came as NCSoft and Nexon did not produce notable hits in the April-June period, and with Netmarble’s much-anticipated mobile title Cross Worlds yet to contribute to the company&rsquo
July 21, 2021
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Posco hails its ‘corporate citizenship,’ vows to strengthen ESG drive
Posco, South Korea’s biggest steelmaker, celebrated its achievements in the three years since it declared “corporate citizenship” as a guiding business principle, and vowed to strengthen its commitments to environment, social, and governance issues on Wednesday. Holding a celebratory symposium in Pohang, North Gyeongsang Province, where its main steel plant is located, Posco Chairman Choi Jeong-woo explained how Posco has made an achievement of contributing to establishing a
July 21, 2021
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Samsung to hold ‘Unpacked’ event on Aug. 11
Samsung Electronics announced Wednesday that the company will hold the annual “Unpacked” on Aug. 11. The event, titled “Get ready to unfold,” will stream live on the company’s official channel on YouTube, at 11 p.m. local time, according to Samsung Electronics. The company has also uploaded a trailer that provides a glimpse into the company’s latest foldable devices, the Samsung Galaxy Z Flip3 and Galaxy Z Fold3, which the company is expected to further
July 21, 2021
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Seoul stocks down for 4th day on coronavirus woes
South Korean stocks retreated for a fourth consecutive session Wednesday, as the resurgence of the new coronavirus weakened investor sentiment for risk. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.79 points, or 0.52 percent, to close at 3,215.91 points. Trading volume was moderate at about 973 million shares worth some 14.7 trillion won ($12.7 billion), with losers outnumbering gainers 283 to 562. Foreigners sold a net 511 bil
July 21, 2021
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Businesses get mixed signals amid heat waves, toughest social distancing rules
South Korean businesses across all industries are undergoing an unprecedented double whammy of scorching temperatures and the toughest-ever social distancing rules under the COVID-19 pandemic. Companies in different sectors appear to be showing mixed reactions to what could be the most difficult season, as they are not only concerned about aggravating working conditions for employees, such as the latest government control on power consumption and more stringent virus prevention measures, but a
July 21, 2021
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Hyundai Mobis develops brainwave detector for drivers to prevent drowsy driving
Hyundai Mobis developed a brainwave detection device to alert motor vehicle operators against drowsy driving or sudden health issues, the auto parts developer said Wednesday. According to Hyundai Mobis, it completed development of M.Brain, a brainwave measuring technology that monitors and analyzes the driver’s brainwaves in real time, with earpiece sensors. While health care technologies measuring various biosignals are being developed by many others in the automotive industry, Hyund
July 21, 2021
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Fiscal chief lauds controversial ‘tenant-protection’ laws
South Korea’s finance minister on Wednesday lauded the success of property laws that took effect in July last year, saying they were able to increase lease contract renewals and protect tenants, despite growing criticisms of its side effects. “The average annual lease contract renewal rate of 100 apartment complexes in Seoul stood at 57.2 percent before the bills took effect, but the bills pushed it up to 77.7 percent,” Finance Minister and Deputy Prime Minister Hong Nam-ki s
July 21, 2021
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GS Retail ramps up pet care footprint with M&As
Convenience store franchise operator GS Retail said Wednesday it inked a deal to acquire a controlling stake in online pet care retailer startup Pet Friends through working with local private equity house IMM Private Equity. Upon completion of the deal, GS Retail and IMM PE is expected to control a combined 95 percent of shares in Pet Friends, a company dedicated to delivery of pet products, consultation and snack sampling tests through an online channel, from founder and CEO Kim Chang-wo
July 21, 2021
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Despite New Southern Policy drive, S. Korea lags behind China, Taiwan in ASEAN cooperation
Despite state-driven efforts to strengthen ties with Southeast Asian nations, South Korea‘s trade and investment with the region still lag behind China and Taiwan, according to the Federation of Korean Industries Wednesday. Since President Moon Jae-in took office in May 2017, he pushed for elevating economic and investment cooperation with the 10 ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- in so-called &rdquo
July 21, 2021