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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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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[Weekender] How DDP emerged as an icon of Seoul
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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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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Korea joins US-led Artemis Accords for space exploration
South Korea has become the 10th member of an international program for peaceful exploration of the space led by the United States, the Ministry of Science and ICT said Thursday. Science and ICT Minister Lim Hye-sook signed the Artemis Accords on behalf of the Korean government as a follow-up measure of the Korea-US presidential summit last week, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to
May 27, 2021
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Samsung rolls out LED package with highest light efficacy
Samsung Electronics is rolling out a new mid-power LED package, the LM301B EVO, which boasts the highest light efficacy and innovative color quality for indoor and industrial applications, the company said Thursday. The latest Samsung LED package, built on the tech giant’s proprietary flip-chip design, features the industry’s highest efficacy of 235 lumens per watt, by applying a new reflective material inside the packaging mold and improving phosphor conversion efficiency. The p
May 27, 2021
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Korean food exports soar to record high amid pandemic
South Korea’s food exports advanced 14.6 percent on-year in 2020, despite an overall export slump on the back of the lingering pandemic, customs data showed Thursday. Overseas shipments reached an all-time high of $4.28 billion last year, compared with $3.73 billion posted in 2019, according to the Korea Customs Service. Livestock and fishery products were not counted in the figures, and neither were alcohol or other beverages. The upward trend continued so far this year, amounting to $1
May 27, 2021
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Hanwha Solutions to begin supplying hydrogen fuel for cars
Hanwha Solutions, the chemical arm under Hanwha Group, said Thursday that it will begin supplying hydrogen fuel to car parts company Hyundai Mobis, a step toward a more active role in the expanding hydrogen market. The company’s plan is to produce a total of 48 tons of hydrogen over two years starting in July, and gradually increase the supply in line with the establishment of related infrastructure. The move marks the chemical company’s foray into the country’s automotive hy
May 27, 2021
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Central bank says leveraged crypto trading threatens banking system
Leveraged cryptocurrency trading by individuals in South Korea threatens the nation’s financial system, Bank of Korea Gov. Lee Ju-yeol said Thursday. Given the price volatility of virtual assets, increased trading in such assets leaves Korea’s financial system subject to instability, Lee said in a press conference after a monetary policy committee meeting. “An excessive level of leveraged cryptocurrency trading puts households at risk of financial damages considering the in
May 27, 2021
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Hyundai Engineering selected as preferred bidder for construction project in Poland
Hyundai Engineering is accelerating efforts to gain a bigger foothold in the European plant construction market, having been chosen as a preferred bidder for a 2 billion-euro ($2.4 billion) deal in Poland. The South Korean firm has teamed up with Spain’s Tecnicas Reunidas for the project, lead by Poland’s PKN Orlen, one of the biggest oil refiners and petroleum retailers in Central and Eastern Europe, to build a petrochemical complex in Plock, central Mazovia, about 120 kilometers
May 27, 2021
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Authorities to discuss green finance during P4G Seoul Summit
South Korea’s top financial regulator said Thursday it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change. The event will be held virtually on Saturday at 8 p.m. under the theme of “Role of Finance in Post COVID-19 Green Recovery,” convened by Financial Services Commission Chairman Eun Sung-soo, Environment Minister Han Jeoung-ae, Korea Development Bank Chairman Lee Dong-gul
May 27, 2021
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Line Plus, NuriFlex to develop CBDC payment platform targeting Latin America, Africa
Line Plus, a subsidiary of the Naver-owned Line Corp., said Thursday that it had signed a memorandum of understanding with NuriFlex, a global provider of blockchain-based payment solutions, to develop a transaction platform for central bank digital currency targeting Latin American and African countries. Under the business partnership, the two companies will set up the envisioned payment system in a way that complies with Latin American and African states’ financial regulations and provid
May 27, 2021
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Samsung launches new shoe care appliance
Samsung Electronics Co. on Thursday launched a shoe refresher as the South Korean tech giant eyes bolstering its sales with new lifestyle appliances amid the pandemic. Samsung's BESPOKE ShoeDresser is a footwear care appliance that can deodorize, dehumidify and dry shoes. The product, which can manage a maximum three pairs of shoes, comes in four colors -- cotta white, cotta charcoal, glam greenery and glam sun yellow. It will be sold between 999,900 won ($890) and 1.099 million won here. Sam
May 27, 2021
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Retail sales up 13.7% in April amid extended pandemic
Retail sales in South Korea shot up 13.7 percent on-year in April on the back of an economic recovery amid the prolonged COVID-19 pandemic, data showed Thursday. The combined sales of 25 major offline and online retailers reached 12.3 trillion won (US$11 billion) last month, up from 10.8 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores jumped 11.2 percent over the cited period as consumers, less wary of the pan
May 27, 2021
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S. Korea to invest W90b on development of clean fuel
South Korea said Thursday it plans to allocate 90 billion won ($80.6 million) by next year to carry out research and development projects for electrofuel, in line with its vision to go carbon neutral by 2050. Electrofuel refers to an environment-friendly energy source that can be used in traditional fossil fuel-powered automobiles. It is produced by synthesizing hydrogen and other gases, including carbon dioxide and nitrogen. South Korea announced last year it will effectively reduce its emiss
May 27, 2021
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S. Korea's exports of grapes set fresh high in 2020
South Korea's exports of grapes shot up 35 percent on-year in 2020 to set a new record high, data showed Thursday, on the back of the growing popularity of local agricultural products overseas. Outbound shipments of grapes came to $30.7 million in 2020, compared with $22.8 million posted a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Over the first four months of 2021, exports of grapes came to $7.2 million, also up nearly 50 percent from
May 27, 2021
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Regulator approves SK hynix's acquisition of Intel's NAND biz
South Korea's antitrust watchdog said Thursday it has approved SK hynix Inc.'s deal to acquire Intel Corp.'s NAND business. Last October, SK hynix, the country's No. 2 chipmaker, signed a deal to buy Intel's non-volatile memory unit for $9 billion, and submitted an application for approval to Seoul's Fair Trade Commission (FTC) in January. SK hynix previously received approval from regulators in the United States and Europe. Antitrust reviews from five other countries, including China and Bri
May 27, 2021
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BOK sharply ups 2021 growth outlook to 4% as recovery gathers pace
South Korea's central bank on Thursday sharply raised its 2021 growth outlook to 4 percent, while holding its benchmark policy rate unchanged at a record low of 0.5 percent, amid a strong rebound in exports. Buoyed by signs of a robust recovery in exports, the Bank of Korea (BOK) raised its growth outlook to 4 percent for this year, and to 3 percent for next year. The BOK's February forecast was that South Korea's economy would grow 3 percent this year. BOK Gov. Lee Ju-yeol said the pace of e
May 27, 2021
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Samsung expands presence in NAND flash market in Q1: report
Samsung Electronics Co. further expanded its leadership in the global NAND flash market in the first quarter of the year, a report showed Thursday, despite an overall decline in chip prices. The South Korean tech giant, also the leader in the DRAM sector, had a 33.5 percent share of the global NAND flash market in terms of revenue in the January-March period, up 0.6 percentage point from a quarter earlier, according to market tracker TrendForce. Samsung's revenue from NAND flash products came
May 27, 2021
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Seoul stocks open nearly flat ahead of US data release
South Korean stocks opened nearly flat Thursday, as investors continued to wait for the upcoming release of key consumption data in the United States that is widely seen as a gauge for inflation. The benchmark Korea Composite Stock Price Index (Kospi) traded down 0.54 points, or 0.02 percent, at 3,167.89 points in the first 15 minutes of trading. The Kospi got off to a muted start as investor caution grew while waiting for the personal consumption expenditures (PCE) data, or core PCE, known to
May 27, 2021
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Exports forecast to rise 47.5% in May on global economic recovery: poll
South Korea's exports are expected to rise a whopping 47.5 percent on-year in May on the back of the global economic recovery, which led to higher demand for chips and automobiles, a poll showed Thursday. Outbound shipments are estimated at US$51.3 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight brokerage houses. Imports are estimated to rise 39.8 percent over the period to $48.4 billion, resulting in
May 27, 2021
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S. Korea signs US-led moon exploration accord
South Korea has signed a US-led international program to send humans to the moon again and further explore Earth's only satellite, the science ministry said Thursday. Science Minister Lim Hye-sook signed the Artemis Accords as a follow-up on an agreement reached at a recent bilateral summit in Washington, becoming the 10th signatory to the pact, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to return
May 27, 2021
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Banks in S. Korea experiment future services at convenience stores
South Korean lenders appear to be seeking ways to develop future-oriented customer services by forging partnership with retailers that have vast sales networks across the country, such as convenient store chains. In the latest development, Shinhan Bank on Monday signed a business agreement with GS Retail, which operates convenient store chain GS25, to design a new business model of mutual interest, officials said. The partnership states Shinhan Bank and GS Retail plan to develop a convenience
May 26, 2021
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CPPIB eyes long-term investing opportunities in Korea
South Korea is brimming with long-term investment opportunities as sustainability-driven innovations crystalize in Asia’s fourth-largest economy, a high-ranking official of public pension scheme Canada Pension Plan Investment Board said Wednesday. The pandemic has not only changed the way people live, but also prompted a technology-led transformation across the Asia-Pacific region, said Suyi Kim, head of Asia Pacific at CPP Investments during a virtual conference hosted by the Seoul-base
May 26, 2021