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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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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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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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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Will tug-of-war between doctors, government end soon?
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Large firms' workforce drops 0.8% in 2020 amid pandemic
Large companies in South Korea cut their workforce nearly 1 percent in 2020 from a year earlier in the wake of the coronavirus pandemic, a corporate tracker said Wednesday. According to CEO Score, 309 out of the country's top 500 corporations had a combined headcount of 1,203,835 as of the end of March, down 0.8 percent or 9,756 from end-December 2019. The number of their regular workers declined 1 percent to around 1.13 million over the cited period, with that of irregular employees edging up
May 26, 2021
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Manufacturers' biz sentiment worsens for June
South Korean manufacturers' business sentiment fell for June, marking the first on-month decline since January, as chip shortages cost automakers, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 97 for June down from 98 for May, 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. Hyundai Motor
May 26, 2021
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[Graphic News] Korea ranks No. 9 for global entrepreneurship in 2020
South Korea ranked ninth among 44 countries on a 2020 measure of global entrepreneurship, six notches up from a year earlier, the government said. Asia’s fourth-largest economy won 5.49 points out of a maximum of 10 on the Global Entrepreneurship Monitor’s National Entrepreneurship Context Index, up from 5.13 in 2019, according to the Ministry of SMEs and Startups. Korea ranked first in the internal market dynamics category with 7.9 points, but came in 29th in the profession
May 26, 2021
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Seoul stocks open higher on hopes of economic rebound
South Korean stocks opened higher Wednesday, helped by expectations of a fast economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.76 points, or 0.21 percent, to 3,178.08 points in the first 15 minutes of trading. Stocks advanced despite the overnight losses on Wall Street, as local economists increasingly speculate that the central bank may raise its 2021 growth forecast to some 4 percent this week. A strong 41.1 percent jump in April exports
May 26, 2021
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Real-time search and booking of ‘no-show’ vaccines to launch Thursday
South Korea will introduce real-time search and notification alerts for COVID-19 vaccination no-shows, in a bid to not waste a single dose. The services will launch on the country’s largest web portal Naver and No. 1 messenger app KakaoTalk at 1 p.m. Thursday, allowing all Koreans to check on the real-time availability of leftover vaccines nearby. Due to limited supply of jabs, only priority groups are eligible for vaccination right now in Korea and no-show appointments are the only way
May 25, 2021
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Naver unveils first ‘hyperscale’ AI platform
South Korea’s IT giant Naver unveiled a supersized artificial intelligence platform on Tuesday that can process massive amounts of data, saying it aimed to lead the era of “hyperscale” AI. Dubbed HyperCLOVA, the firm’s latest AI tool is not only the local industry’s most advanced but is also the first large-scale AI trained in the Korean language, Naver said. “As a company that represents Korea’s artificial intelligence technology, we will find our w
May 25, 2021
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Korean proptech Dongnae raises $8.2m in seed rounds
Dongnae, a property tech company based in South Korea, said on Tuesday that it has raised an additional $4.1 million in an extended seed series funding from global investors. Dongnae’s final seed round stood at $8.2 million including $4.1 million in the latest fundraising and another $4.1 million raised five months ago, the company said. The company’s seed funding size compares with local venture investments in all rounds that stood at an average of 2 billion won ($1.7 million) per
May 25, 2021
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FTC to look further into Google and Facebook’s advertising practices
The Fair Trade Commission of South Korea is expected to survey the local digital advertising market to uncover any unfair practices on the part of major platform operators such as Google and Facebook. According to government officials Tuesday, the antitrust watchdog has commissioned research on potential antitrust issues in the local advertising market. It will include in-depth interviews with advertisers, ad agencies and consumers. The US-based internet giants Google and Facebook are among
May 25, 2021
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S. Korea ranks 4th in number of AI patents, but impact falls short: report
South Korea ranks fourth in terms of the number of patents registered in the artificial intelligence sector, but an index showing the impact of the patents shows that the quality of patents from South Korea fell relatively short, according to a report, Tuesday. The report from Clarivate Analytics and KAIST Center for Innovation Strategy and Policy says that the number of patents that South Korea registered in the AI field has reached 6,317 between 2010 and 2019, the fourth highest among the 10
May 25, 2021
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[News Focus] Luxury market for EVs flourishes as global rivals catch up with Tesla
For many drivers who aspire to move to eco-friendly battery electric vehicles this year, one of the key variables is the availability of government subsidies. Amounts vary depending on the market price of the car. When it comes to high-end demand, however, subsidies apparently made no difference as luxury BEVs aggressively expanded their presence, especially against global market champion Tesla, industry data showed this week. According to data compiled by the Carisyou Data Lab on vehicle regi
May 25, 2021
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SK global chemical receives highest mark for eco-friendly operation
SK global chemical received the highest mark on a United Nations environment-friendly certification thanks to its plastic upcycling technology, the company said Tuesday. According to the company, it received the top score for the Guidelines for Reducing Plastic Waste & Sustainable Ocean and Climate Action Acceleration (GRP) certificate, which the Association for Supporting the Sustainable Development Goals of the UN announces every May. The GRP certificate is aimed to encourage companies
May 25, 2021
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Seoul stocks snap 3-day losing streak on eased inflation worries
South Korean stocks ended their three-day losing streak Tuesday, following the US Federal Reserve's comments that helped ease concerns of early post-pandemic inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 27.02 points, or 0.86 percent, to close at 3,171.32 points. Trading volume was moderate at about 603 billion shares worth some 11.5 trillion won ($10.2 billion), with gainers outnumbering losers 618 to 224. Foreigners bought
May 25, 2021
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Igis in talks to acquire Millennium Hilton for W1tr: reports
Millennium Hilton Seoul, a five-star hotel in the middle of Seoul, is reportedly in talks with asset manager Igis Asset Management to sell its luxury establishment for 1 trillion won ($891.2 million), local media reported Tuesday. CDL Hotel Korea, a Korean branch of Singaporean investment company City Developments Limited and the largest shareholder of Millennium Hilton, is planning to let Igis take over the hotel to turn it into an office building, local economic newspaper the Korea Economic
May 25, 2021
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S. Korea to offer tax benefits, other support for auto chip parts makers
South Korea plans to provide tax incentives and financial support to makers of automotive chip parts and other key parts and materials, the finance minister said Tuesday. Hong Nam-ki said the country plans to offer support to corporate projects to develop eight key parts and materials, including automotive chip parts and rare-earth permanent magnets used for electric vehicles. Hong said at a meeting on the parts and material industries that the move will help attract private investments worth
May 25, 2021
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Why are Korean celebrities selling their multimillion dollar properties?
For South Korean celebrities, making headlines for property investments has long been a sign of success. The global popularity of Korean movies, television and K-pop has allowed A-listers to rake in cash and purchase properties in Korea’s most coveted locations. But stars such as actors Kim Tae-hee and Ha Jung-woo have reportedly sold those properties in recent months. Industry watchers have called the offloading “profit-making moves” before the government’s stricter
May 25, 2021
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IBK ordered to compensate up to 80% of Discovery fund losses
South Korea’s market watchdog Financial Supervisory Service said Tuesday it has ordered the state-run Industrial Bank of Korea to compensate up to 80 percent of the losses from the lender’s misselling of problematic funds structured by Discovery Asset Management. The dispute arbitration committee under the FSS set the reimbursement rate for individual investors, who signed up for Discovery funds through IBK, ranging between 40-80 percent, the FSS said in a statement. Th
May 25, 2021
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Coupang to provide health care program to delivery drivers
E-commerce giant Coupang will introduce a health care program to a select group of its delivery drivers, the company said Tuesday, as the country’s online shopping boom has left delivery workers exposed to even more relentless work conditions. Dubbed as “Coupang Care,” the program will see partakers set aside from their regular assignments and instead receive education on healthy diets, exercise and disease management from experts for four weeks. The drivers, known as “
May 25, 2021
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2G services in S. Korea to be terminated by June
South Korea's ICT ministry on Tuesday said it has approved LG Uplus Corp.'s plan to phase out its 2G services by the end of June, which will mark the complete termination of the country's old telecommunications network. LG Uplus, the country's third-largest mobile carrier, will begin closing its 2G network here on June 11 following the ministry's approval. SK Telecom Co., South Korea's largest wireless provider, ended its 2G services in July last year, while rival KT Corp. shut down 2G operat
May 25, 2021
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SoftBank Vision Fund injects $175m in edtech startup Riiid
Educational technology startup Riiid has snapped up $175 million in fresh funding from SoftBank Vision Fund 2 to accelerate global entry of its artificial intelligence-based personalized learning experience and assessment program, the company announced Tuesday. SoftBank Vision Fund 2 was the sole investor in the latest series D round, bringing Riiid’s total funds raised to $250 million. Riiid did not disclose its post-money valuation. The deal was made 10 months after its pre-series D rou
May 25, 2021
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Household credit growth slows in Q1
South Korea's household credit grew at a slower pace in the first quarter, as banks tightened rules on loans, central bank data showed Tuesday. Household credit reached a record high of 1,765 trillion won ($1.56 trillion) as of March, up 37.6 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial institutions, including commercial lenders and mutual sav
May 25, 2021