Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Kakao Games sees net profit jump 68% in Q1
Kakao Games, the gaming unit of the country’s leading messenger app operator, reported a 68 percent jump in net profit to 18.3 billion won ($16.3 million) in the first quarter on-year, the company announced Tuesday. Sales rose 35 percent to 130.1 billion won, while operating profit increased 23 percent to 15.6 billion won in the same period. By division, the firm’s online PC game segment reaped 51.1 billion won in sales, a 19 percent increase on-year, buoyed by the solid perfor
May 4, 2021
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Seoul stocks rebound on 2nd day of resumed short selling
South Korean stocks rebounded on Tuesday, the second day of resumed short selling, after a five-session losing streak as institutions scooped up local stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.64 percent, to close at 3,147.37 points. Trading volume was moderate at about 1.3 billion shares worth some 15.6 trillion won ($13.9 billion), with losers outnumbering gainers 433 to 422. Foreigners sold a net 74 bi
May 4, 2021
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Namyang Dairy chairman resigns after yogurt COVID-19 prevention claims
Namyang Dairy Products Chairman Hong Won-sik offered his resignation Tuesday, after the company came under fire for the claim that its yogurt drink Bulgaris can help protect from COVID-19. Hong, who took over the company from his father, the late founder Hong Doo-young, also said he will not hand over management rights of the company to his children. “We have received much love from the public as the oldest private dairy company. But I failed to fulfill the expectations of the consumer
May 4, 2021
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[Market Close-up] War over digital financing looms as traditional banks jump into online-only services
Faster than anyone could have imagined, South Korea’s IT platforms, which have had no banking experience at all, have quickly become a dominant force in the nation’s retail banking scene. The COVID-19 pandemic has been defining moment for digital transformation, according to industry watchers, with the rising number of consumers preferring non-face-to-face banking services. According to the Bank of Korea, the volume of money transfers and loan applications carried out
May 4, 2021
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[Newsmaker] Retailers accused of being ‘man-haters’ over gesture
Several South Korean retailers including convenience store GS25 and an online fashion store were forced to delete advertisements after critics accused “pinching hand signs” of being a symbol of misandry. In a statement to store owners on Tuesday, GS25 CEO Cho Yoon-sung apologized for the design of a poster that caused “pain” and “inconvenience” to customers and vowed to “thoroughly” investigate those involved in making the image. The now-deleted
May 4, 2021
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Incheon Airport signs deal with Israel Aerospace Industries to build aircraft conversion center
Incheon International Airport Corporation on Tuesday signed a memorandum of agreement with Israel’s state-owned aerospace and aviation manufacturer, Israel Aerospace Industries, to build an aircraft conversion center at Incheon Airport. The deal will see IIAC begin work on building infrastructure, with production of the first batch of passenger-to-freighter converted aircraft set to begin in 2024 in collaboration with South Korean aviation service company Sharp Technics K. After fending
May 4, 2021
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Mirae Asset Securities seeks to enter short-term financing market
South Korea’s regulator Financial Services Commission on Tuesday started to discuss Mirae Asset Securities’ entry to short-term financing market, a decision that would grant the brokerage official status as a mega investment bank. Four trillion won ($3.57 billion) in equity capital is a prerequisite for a mega investment bank to issue a promissory note with a maximum limit of 200 percent of its equity capital with a maturity of one year or less. As of the end of December, Mirae Asse
May 4, 2021
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Buyout firm VIG Partners eyes private credit investing
South Korean private equity firm VIG Partners is eyeing private credit strategies with a new team it established Monday, the company said Tuesday. The company, overseeing 3.8 trillion won ($3.4 billion) worth of private funds mainly dedicated to midmarket buyout strategies, added that it had hired Han Young-hwan as head of credit at VIG Partners. The credit arm will focus on special situations in private credit space, looking to take advantage of price dislocation in the belief that the debt a
May 4, 2021
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Doosan Bobcat to invest W77b for US plant expansion
Small-sized construction equipment maker Doosan Bobcat Inc. said Tuesday that it will spend 77 billion won ($68.6 million) to expand one of its US plants in a bid to meet growing demand. The plant located in Statesville, North Carolina, produces compact tractors and portable power stations, or compact battery-powered generators, Doosan Bobcat said. The expansion is aimed at meeting steadily increasing demands for grounds maintenance equipment (GME), such as ride-on mowers and hedge cutters, th
May 4, 2021
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Kia launches hybrid variant of K8 sedan
Kia Corp., South Korea's second-biggest carmaker, on Tuesday launched the hybrid version of the K8 sedan in the domestic market, completing a four-model lineup for the vehicle. The K8 hybrid comes with a 1.6-liter gasoline turbo hybrid engine, adding to the lineup of 2.5-liter gasoline, 3.5 gasoline and 3.5 liquefied petroleum injection engine models released last month. The hybrid model is priced at 36.98-42.87 million won ($32,950-$38,000) depending on options, the automaker said. Kia said
May 4, 2021
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Samsung's presence in smartphone chipset market to decline in 2021: report
Samsung Electronics Co. is expected to lose its share in the smartphone chipset market this year, a report showed Tuesday, as Taiwanese and US rivals are to expand their presence with a rise in the 5G device sector. Samsung was estimated to take an 8 percent share in the global smartphone application processor (AP)/System on Chip (SoC) market in 2021, down 11 percent from a year earlier, to take the fourth spot, according to a report from industry tracker Counterpoint Research, The South Korea
May 4, 2021
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SK Telecom to cancel W2.6tr worth of treasury shares
SK Telecom Co., South Korea's largest mobile carrier, said Tuesday it has decided to cancel 2.6 trillion won ($2.32 billion) worth of treasury shares, over 10 percent of its total floated stocks, in a move to boost shareholder value amid plans to split into two companies later this year. The telecom operator said in a statement that it would retire 8.69 million treasury stocks, or 10.8 percent of its total issued stocks, by Thursday. The cancellation would reduce SK Telecom's total floated sto
May 4, 2021
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Seoul stocks open lower on inflation concerns
South Korean stocks opened lower Tuesday on inflation concerns and the partial resumption of short selling. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.66 points, or 0.34 percent, to 3,116.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start after a five-session losing streak. Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed strong. South Korea's consumer price index rose 2.3 perc
May 4, 2021
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Hyundai, Kia sales in US more than double on SUV demand in April
Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Tuesday their combined US sales more than doubled in April from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 147,700 vehicles in the United States last month from 65,673 units a year ago, according to the companies' sales data. "April 2021 was the second month in a row that we established a new best ever total and retail sales monthly record. As our all-new Tucson beg
May 4, 2021
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Most cash grant recipients spend them on consumption expenditures: poll
SEJONG -- Nearly 94 percent of South Koreans who received state virus relief grants in cash last year spent them on consumption expenditures, a report said Tuesday, in a show of their positive impact on overall consumer spending. In May last year, the government started providing relief handouts of up to 1 million won ($890.5) to every household to cushion the economic fallout from the coronavirus pandemic. Generally, recipients used relief grants through credit cards, check cards, prepaid car
May 4, 2021
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Consumer price growth at near 4-year high in April
South Korea's consumer prices grew at the fastest pace in almost four years in April on higher prices of farm and oil goods, data showed Tuesday, indicating that the country may face growing inflationary pressure. The consumer price index rose 2.3 percent on-year in April, accelerating from a 1.5 percent gain the previous month, according to the data compiled by Statistics Korea. It marked the fastest on-year gain since August 2017, when the price index climbed 2.5 percent. Compared with a mo
May 4, 2021
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Renault Samsung workers to stage strike again over wages
Unionized workers at Renault Samsung Motors Corp. said Monday they have decided to lay down their tools again to demand a wage hike. Renault Samsung's 1,900-strong workforce will launch an eight-hour strike at their plant in Busan, around 450 kilometers south of Seoul, on Tuesday as they are not satisfied with the company's wage proposals. The announcement came as they staged a six-hour strike Monday. They previously launched an eight-hour strike last Friday. The union and
May 3, 2021
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Seoul stocks down for 5th day on return of short selling
South Korea’s stock market retreated for a fifth consecutive session Monday amid strong foreign and institutional selling on the first day the government lifted a 14-month ban on short selling of large-cap stocks. The local currency’s value against the US greenback also weakened. The main bourse Kospi closed at 3,127.2 points, down 20.66 points or 0.66 percent, from the previous session’s close. The index began trading at 3,149.05 points and once rose up to 3,174.26 points in
May 3, 2021
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Samsung heirs sign on donation for SNU Hospital
Samsung Electronics and Seoul National University Hospital agreed on Monday to launch an official team to coordinate a 300 billion won ($267 million) donation from the bereaved family of the late Samsung Chairman Lee Kun-hee for children with cancer and rare diseases. On behalf of the Lees, Samsung Electronics Presidents Sung In-hee and Rhee In-yong, in charge of social contributions and corporate relations, attended the ceremony with Seoul National University Hospital President Kim Yon-su and
May 3, 2021
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S. Korea, China, Japan express concern over uneven economic revival in Asia
As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,
May 3, 2021