Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Rapper jailed after public street fight with another rapper
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New head of doctors' association vows war in case of disadvantage to medical professors
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Posco E&C to start sales of the Sharp Gwangyang Bay Cent in July
Posco Engineering & Construction will start pre-sales of its premium The Sharp brand apartments in Gwangyang, South Jeolla Province, in July, the company said Monday. The construction firm said it will begin receiving orders for 727 units of The Sharp Gwangyang Bay Cent, an apartment complex comprising of five apartment buildings in Hwanggeum-dong in Gwangyang. The buildings are as high as 33 stories, according to the company. The available apartments range in size from 84 square meters
June 28, 2021
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KakaoBank to raise up to W2.5tr in August IPO
KakaoBank, the country’s second internet-only lender, said on Monday that it would raise up to 2.5 trillion won ($2.2 million) in its initial public offering. The banking arm of mobile giant Kakao Corp. will offer a total of 65.45 million new shares at an indicative range between 33,000 won and 39,000 won per share through its upcoming debut on August 5, the IPO application filed with the Korea Exchange showed. The offering prices put the company’s market capitalization somewhere
June 28, 2021
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Fiscal chief vows ‘complete’ economic recovery this year
Aiming for the complete recovery of the South Korean economy, the government will deploy a series of policies inducing domestic consumption and supporting pandemic-hit businesses and exporters in the second half, the Finance Ministry said Monday. “The direction of economic policy for the second half of 2021 was established with a focus on two goals -- complete economic recovery and a major structural transformation into a leading economy,” Finance Minister Hong Nam-ki said while
June 28, 2021
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S. Korea to hold a major global EV event in 2024
The Electric Vehicle Symposium and Exhibition will take place in South Korea in 2024, the Korean Society of Automotive Engineers announced Monday. EVS, an annual event thought of as the Olympic Games of electric vehicles, is organized by the World Electric Vehicle Association to provide a platform for discussion and exchanges among automakers and researchers concerning major trends in the industry and cutting-edge technologies. The 2024 meeting will be the 34th installment of the event, sinc
June 28, 2021
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Spy agency conducts special examination against cyber attack
The National Intelligence Service is conducting a review of cyber terrorism preparedness on the country’s energy infrastructures including electricity, gas and water supply networks, the agency announced Monday. The measure comes after the recent cyber attacks in the United States that targeted the data of the energy infrastructures and demanded payment in cryptocurrency. The NIS has already looked into the nation’s control system of water purification plants with the Ministry of
June 28, 2021
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KDB, K-Growth to hit W4tr target for New Deal funds
The Korea Development Bank and Korea Growth Investment Corp. (K-Growth) said Monday they had selected 12 external managers to create a fresh 750 billion-won ($664 million) fund by the end of 2021 to support South Korea’s New Deal policy. With the announcement, the two institutions approached their year-end fundraising target of a total of 4 trillion won in commmitments for the policy fund this year, out of the total 20 trillion-won target for 2021 to 2025, in the plan first unveiled in S
June 28, 2021
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[Best Brand] NH NongHyup Bank woos millennials, Gen Z with mobile products
In line with the digitalization of its services, South Korea’s NH NongHyup Bank is rolling out mobile loans and other products for its millennial and Generation Z customers seeking quick access to cash. Millennial and Gen Z customers can now borrow up to 3 million won ($2,639.68), regardless of their creditworthiness and income, by applying with the lender’s NH Smart Banking and All-One Bank apps. Approval is based on a credit rating that is calculated based on the applicant&rsquo
June 28, 2021
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[Best Brand] Shinhan Card launches hotel credit card on post-COVID hopes
Shinhan Card in March announced a launch of a co-branded hotel credit card product Marriott Bonvoy The BEST Shinhan Card, offered by Visa. The card allows cardholders to accelerate the number of Marriott Bonvoy points they earn, which can be redeemed for free nights at more than 7,600 hotels under Marriott International’s 30 brands including JW Marriott, Sheraton and Courtyard, across 133 countries including Korea. The idea of a hotel credit card during the pandemic stemmed from the an
June 28, 2021
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Samsung Electronics' tax payments up 14.4% in 2020: report
Samsung Electronics Co. paid a total of 11.1 trillion won ($9.8 billion) in taxes and dues last year, up 14.4 percent from a year ago, its report showed Monday, with the majority going to its homeland. The tech giant paid 8.1 trillion won, or 73 percent of its total tax bills, to the South Korean government in 2020, according to its 2021 sustainability report. The Americas and Europe followed with 14 percent and Asia with 11 percent. South Korea collected 86 percent of Samsung's tax payments i
June 28, 2021
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[AUTO & MOBILITY] Flying taxi promises to change urban travel
South Korean conglomerates Hanwha Group and Hyundai Motor Group are in a tight race to develop flying cars, with an aim to launch a commercial air taxi service in the next four to five years. If realized, the service would address many urban problems like traffic congestion and air pollution. It could fundamentally change the way people commute, work and live, the companies say. Technology-wise, the firms are not far off from building a passenger craft that takes off and lands vertically.
June 28, 2021
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[News Focus] Netflix’s net neutrality logic loses ground in Korea
A Seoul court’s decision last week that effectively confirmed Netflix‘s obligation to pay network usage fees to mobile carriers suggests that the global video streaming giant might have to change its business strategy in South Korea, according to industry sources Monday. The US-based content provider that raised 415.5 billion won ($367.6 million) in revenue in Korea alone last year has not been paying network fees to provider SK Broadband, the internet protocol TV subsidiary of SK
June 28, 2021
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Google’s app billing plan continues to backfire
Google‘s plan to force all in-app purchases made through its independent billing system faces an uphill battle in South Korea, with local lawmakers considering a legislative bill to prevent “unilateral” pricing policy changes of major platform business operators. The National Assembly‘s Science, ICT, Broadcasting and Communications Committee on Monday held a meeting to decide whether they should table the anti-Google bill. The committee’s six lawmakers held an a
June 28, 2021
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Seoul stocks snap 4-day winning streak amid valuation pressure, virus woes
South Korean stocks closed nearly flat Monday, snapping a four-day winning streak amid increased valuation pressure and virus concerns, after the key stock index closed at an all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) inched down 0.95 points, or 0.03 percent, to close at 3,301.89 points. Trading volume was moderate at about 1.4 billion shares worth some 13.5 trillion won ($11.9 billion), with gainers ou
June 28, 2021
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Cash-strapped SsangYong Motor officially put up for sale
A controlling stake in SsangYong Motor has officially been put up for auction as the financially ailing company undergoes court receivership, the sale’s lead manager said Monday. EY Hanyoung, the accounting firm in charge of the sale, released a notice of sale announcing that it was receiving letters of intent from potential buyers until July 30. Under the sales plan, it will then run preliminary reviews of the bids from Aug. 2-27. A preferred bidder is expected to be chosen in Septem
June 28, 2021
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S. Korea ups 2021 growth outlook to 4.2%
South Korea's finance ministry on Monday sharply raised its 2021 growth outlook for the country's economy amid robust exports and reviving consumption. The government forecast Asia's fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent. The Korean economy is projected to grow 3 percent next year. If realized, it would mark the fastest growth since 2010 when the Korean economy expanded 6.8 percent. The ministry's forecast is higher than the Bank
June 28, 2021
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S. Korea to test mmWave 5G tech in Seoul subways
South Korea's ICT ministry said Monday it will work with the country's wireless service providers to test millimeter wave (mmWave) 5G technology in the Seoul subway system in a move to improve network services and speed up commercialization. South Korea's 5G networks are currently deployed on the mid-band spectrum, leading to relatively slower speeds than on the high-band mmWave spectrum, which can theoretically be up to 20 times faster than 4G LTE. The ministry said it would work with the cou
June 28, 2021
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Krafton invests $9m in Indian streaming platform
Krafton Inc., a South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Monday that it has invested $9 million in India-based streaming platform Loco. The funding includes other investors, such as Lumikai, India's first gaming and interactive media fund, as well as Hashed, Hiro Capital, North Base Media, Axilor Ventures and 3one4 Capital, it said. Krafton said Loco, which was spun off as a separate entity from parent company Pocket Aces, has
June 28, 2021
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Presidential hopefuls woo retail investors, vow to help Kospi reach 5,000 points
Two presidential candidates of the ruling Democratic Party of Korea chose the Korea Exchange as a rare location to make a political announcement Monday, saying they will open up a new era of the nation’s benchmark Kospi, and help it reach 5,000 points -- about 50 percent higher than the current index. In an apparent gesture to woo retail investors, Chung Sye-kyun, formerly prime minister under the Moon Jae-in administration, and three-term lawmaker Lee Kwang-jae visited the stock trading
June 28, 2021
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Kakao Bank seeks to raise as much as W2tr via IPO
Kakao Bank, South Korea's largest internet-only bank, said Monday that it plans to raise 2 trillion won ($1.76 billion) through an initial public offering (IPO). The company plans to sell 65.45 million shares and has set its IPO price range between 33,000 won to 39,000 won per share, according to a regulatory filing. Kakao Bank's value is estimated to be as much as 18.5 trillion won following its IPO scheduled for early August. Kakao Bank, led by Kakao Corp., the operator of the country's dom
June 28, 2021
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Crypto exchanges with ‘too many’ coins likely to be denied real-name accounts
Cryptocurrency exchanges in South Korea considered to have “too many” coins on their trading platforms are apparently at risk of being denied access to personal bank accounts here, a report showed Monday. In a document acquired by a lawmaker here, a risk assessment guideline to be used by commercial lenders here classifies exchanges with “a high number and frequency of virtual money transactions” as high risk. The guideline was drawn up in April by the Korea Federation
June 28, 2021