Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Korean refiners turn to hydrogen in search of next 'oil'
South Korean refiners are jacking up investment in the burgeoning hydrogen market to secure their place in a world shifting away from fossil fuels and to get ahead of the next big change in the energy industry. Hydrogen, which burns clean when mixed with oxygen in a fuel cell, can be used for various industrial purposes, vehicles and ships, but it has been mostly used in oil refining and production of fertilizers. Large-scale usage of hydrogen requires not only manufacturing factories but als
June 26, 2021
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Court rules against Netflix in network usage fee dispute
A Seoul court on Friday ruled against global video streaming giant Netflix in its prolonged network usage fee dispute with South Korean major internet access provider SK Broadband Inc. The Seoul Central District Court dismissed a request from Netflix to confirm that the United States-based video streaming service provider is not liable to pay network usage fees to SK Broadband. The court also rejected Netflix‘s request to confirm that it has no obligation to negotiate with the South Kore
June 25, 2021
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Naver’s chief operating officer resigns over employee’s suicide
Choi In-hyuk, chief operating officer of Naver, the country’s largest portal operator, on Friday announced that he will step down from his post, apologizing for an employee’s suicide. Choi is one of co-founders of Naver, which was established in 1999. He is a close ally of Lee Hae-jin, the de facto chief of the internet company. The executive, however, will maintain his CEO post at Naver Financial. Naver released a statement regarding the employee’s death after an interna
June 25, 2021
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Kospi ends at fresh high on recovery hopes
South Korea's stock market reached an all-time high for the second consecutive day Friday, in sync with a global stock rally that stemmed from hopes of a quick economic rebound and a massive US stimulus package. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 16.74 points, or 0.51 percent, to close at 3,302.84 points. Trading volume was moderate at about 1.2 billion shares worth some 18.4 trillion won ($16.3 billion), with gainers outnumb
June 25, 2021
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Fiscal chief opposes universal cash relief
South Korea’s Finance Minister Hong Nam-ki on Friday voiced opposition to a new round of COVID-19 emergency cash handouts for all nationals, promoted by the ruling Democratic Party and the government. “It is inappropriate to hand out emergency relief funds to people in the upper income brackets. The US government doesn’t even offer tax rebates for the upper class,” Hong said at the National Assembly’s Strategy and Finance Committee meeting. “Spending money
June 25, 2021
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Posco partners with China’s HBIS Group to product automotive steel sheets
South Korean steelmaker Posco is working with Chinese steel producer HBIS Group Co. to produce and sell automotive galvanized steel sheets, the company said Friday. Through an online signing ceremony, the two companies inked an agreement to establish an equally invested joint company, Posco said. Posco Chief Executive Officer Choi Jeong-woo and Kim Hag-dong, the head of steel business unit, attended the event. “From our collaboration with HBIS Group we plan to reinforce our position a
June 25, 2021
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Shinsegae Department Store to build new landmark in Suseo
Shinsegae Department Store will build a new department store in the envisioned Suseo Station Transit Center Complex, the company said Friday. According to the retail giant, a consortium led by Hanwha Engineering and Construction and participated in by Shinsegae has been chosen as the preferred candidate for the Suseo Station Transit Center Complex Development Project, which is worth about 1.2 trillion won. The Suseo Station Transit Center Complex Development Project aims to develop a 115,927
June 25, 2021
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Banks’ dividend cap to be lifted from July
South Korea’s top financial regulator said Friday it will lift the current 20 percent dividend cap imposed on local lenders and financial holding firms on July 1, raising the possibility of interim dividends in the second quarter. The decision came as most of Korea’s major banks and financial holding companies were found to have maintained financial soundness amid the prolonged COVID-19 pandemic. They passed the authority’s latest stress test, conducted between May and
June 25, 2021
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Samsung Electronics and affiliates to vaccinate workers from July
Samsung Electronics and its affiliates will start vaccinating its workers at their in-house clinics starting next month, according to industry sources on Friday. The flagship electronics unit and affiliates, including Samsung Display, Samsung SDI and Samsung Electro-Mechanics, will run an in-house vaccination program as part of efforts to beef up antivirus measures amid the COVID-19 pandemic. Samsung Electronics notified its employees on Friday the company will start the vaccination progra
June 25, 2021
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KH Group to acquire Alpensia Resort for W710bn
KH Gangwon Development, a special purpose company of KH Group, will acquire the Alpensia Resort in PyeongChang, which was used as a venue for the 2018 Winter Olympics, the company announced Friday. The company signed an agreement with Gangwong Province on Thursday to purchase the resort, some 180 kilometers east of Seoul, for 710 billion won ($629.65 million). The deal is expected to be finalized by Aug. 23, after due diligence. The Alpensia Resort served as the main location of the firs
June 25, 2021
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‘Ride the global tide through innovation procurement’
Amid a constant influx of new technologies that has changed the way we live, work and communicate, COVID-19 has drastically accelerated digital transformation. The expedited digitalization has prompted to expand the industrial scope of future markets where national borders and the boundaries between the online and offline world are becoming ever more blurred. Thus, at present, major economies across the globe fiercely compete with one another to get ahead in future promising industries. Agains
June 25, 2021
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Insects may be used to produce eco-friendly biodiesel: researchers
A group of South Korean researchers on Friday announced a method to produce environment-friendly fuels utilizing remains of high-fat infects, which is expected to lend support to the country's efforts to go carbon neutral by 2050. "Black soldier flies have great potential to be used to produce biodiesel, considering they feed on food waste and have a high fat content," the Korea Petroleum Quality & Distribution Authority (K-Petro) said in a statement. It added the method is signi
June 25, 2021
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Samsung Electronics to vaccinate its workers from next month
Samsung Electronics Co. on Friday said it will begin running an in-house vaccination program for its workers next month to beef up antivirus measures amid the pandemic. The tech giant will inoculate employees aged 18-59 working at its plants in South Korea, as well as those dispatched from its partner companies, in cooperation with local health authorities. They will begin administering Moderna's COVID-19 vaccine at Samsung's in-house medical clinics July 27. Its affiliate Samsung Display Co.
June 25, 2021
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Kospi hits 3,300 points on US infrastructure plan
South Korea‘s first-tier stock bourse index Kospi hit an all-time high Friday to close at over 3,300 points, maintaining a winning streak for the fourth consecutive day. This is the first time the composite benchmark index representing the Korea Exchange’s main board exceeded 3,300 points since its birth in 1980. The Kospi closed at 3,302.84 points on Friday, up 0.5 percent from the previous day. Its 808 listed companies‘ combined market cap stood at 2,311.6 trillion won ($2
June 25, 2021
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Overseas direct investment dips 21.6% in Q1 amid pandemic
South Korea's overseas direct investment declined 21.6 percent on-year in the first quarter amid the fallout of the COVID-19 pandemic, data showed Friday. The value of investments made by South Korean companies reached $11.2 billion in the January-March period, compared with $14.3 billion the previous year, according to the data by the Ministry of Economy and Finance. Such investments declined after a 4.7 percent on-year increase in the fourth quarter of last year. The country's overseas direc
June 25, 2021
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Manufacturers' biz sentiment improves for July
South Korean manufacturers' business sentiment rose for July mainly due to growing demand for semiconductors and electronic parts, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 99 for July, up from 97 for June, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. A modest recovery in exports and
June 25, 2021
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Posco, partner firms forge pact on shared growth
South Korean steelmaker Posco on Thursday vowed to pursue shared growth with its approximately 90 partners and suppliers. Posco Chairman Choi Jeong-woo proclaimed the new doctrine at a ceremony attended by representatives of labor unions at local firms tied to the steelmaker, as well as dignitaries such as Moon Sung-hyun, chairperson of the Economic, Social, and Labor Council under the presidential office, North Gyeongsang Province Gov. Lee Cheol-woo, Pohang Mayor Lee Kang-deok and lawmakers f
June 24, 2021
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Online hair salon bookings up 365%: Gmarket
Gmarket reported sharp increases in sales of vouchers for hairdressing salons, restaurant meals and cinema seats, the e-commerce giant said Thursday, calling it a sign that consumption is recovering. Sales of restaurant vouchers between May 21 and June 20 rose 67 percent on-year at Gmarket, while sales of movie tickets and vouchers for hairdressing salons respectively soared 183 percent and 365 percent on-year, the firm added. Auction, another one of the country’s major online shopping
June 24, 2021
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Constitutional Court rules in favor of Tada ban
An amendment to a law that effectively suspended the operations of Tada, a homegrown ride-hailing service, was ruled constitutional by the Constitutional Court on Thursday, putting an end to a yearlong dispute in the transportation industry. In its judgment, the court said Tada’s service based on rented vans had “greatly increased social conflicts because it practically offered a taxi service without being subject to regulations affecting the taxi industry.” The law was ame
June 24, 2021
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DataStreams suggests blockchain-based trading of big data
South Korean big data firm DataStreams said Thursday that it has presented a system for brokerless trading and circulation of big data using a blockchain solution. Ahn Hyun-joo, head of the firm’s product services department, and his two co-authors presented the research paper at a conference organized by the Korea Society of Management Information Systems on June 18. In their study, the trio offered a way to use blockchain technology to build an exchange platform for big data, enabling
June 24, 2021