Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Medical reform committee kicks off despite boycott from doctors
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Retail investors pump up W81tr into SK unit’s IPO
South Korea’s amateur investors poured out record amounts of cash -- nearly 81 trillion won ($73.1 billion) -- to obtain new shares of SK ie technology, a wholly owned battery materials subsidiary under SK Innovation, in its two-day public subscription for an initial public offering. According to data compiled by underwriters, small domestic traders had placed some 80.9 trillion won in deposits by the deadline of 4 p.m. on Thursday, setting a record in stock market history here. SK Group
April 29, 2021
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BC Card takes over Vietnamese POS firm
South Korean credit card issuer BC Card said Thursday that it has acquired a 100 percent stake of Vietnamese point of sale terminal firm Wirecard Vietnam in a bid to increase its foothold in the Southeast Asian market. The newly acquired company, the largest POS system supplier in Vietnam, offers payment terminals to 40 banks and payment services firms operating locally. As the company has software development units under its wing, it can offer tailored payment systems to its customers, whi
April 29, 2021
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Watchdog views Coupang as 'conglomerate'
South Korea’s antitrust regulator on Thursday included Coupang on its list of “large business groups,” henceforth imposing heavier corporate disclosure and compliance obligations on the e-commerce operator that had previously remained in the startup arena. The platform’s founder and chief Kim Bom-suk, however, was not deemed the de facto controlling shareholder on the basis of his US citizenship, rekindling skepticism on the validity of the current regulatory framework.
April 29, 2021
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S. Korea to tighten mortgage rules to rein in household debt
South Korea unveiled Thursday a set of measures aimed at mitigating risks from the growing household debt burden and bringing the debt growth rate down to levels comparable to before the coronavirus hit the country. “In the course of responding to the COVID-19 crisis last year, the increase in household debt has inevitably expanded. We will manage to revert the household debt growth rate to pre-coronavirus levels,” Finance Minister Hong Nam-ki said while presiding over an emergen
April 29, 2021
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Posco to increase social contributions, strengthen ESG drive
Posco has pledged to increase its social contributions while embracing the emerging trend of environmental, social and corporate governance, or ESG, management around the globe, the company said Thursday. South Korea’s leading steelmaker in 2018 launched its management initiative called “corporate citizenship” and pledged to expand its support for the betterment of society. Celebrating the fourth year since the company started its support in a wide range of sectors, Posco h
April 29, 2021
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[Feature] Can Korea ditch Xinjiang polysilicon over forced labor?
Mounting allegations of forced labor in the Chinese region of Xinjiang have posed a conundrum for the global solar industry, and some say they could also drag down South Korea’s ambitious solar plans. Located in China’s far northwest, the region rife with allegations of human rights abuses is home to four of the world’s top five producers of polysilicon, a key raw material for most solar panels. Together, those four plants account for 40 percent of the global supply. In Ja
April 29, 2021
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Seoul stocks down for 3rd day on profit-taking
South Korean stocks slumped for the third consecutive day Thursday as investors sold stocks to lock in gains despite the US Federal Reserve's soothing comments. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.4 points, or 0.23 percent, to close at 3,174.07 points. Trading volume was moderate at about 1.2 billion shares worth some 18.8 trillion won ($17 billion), with losers outnumbering gainers 472 to 381. Foreigners sold a net 14 bill
April 29, 2021
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[From the scene] For short selling newbies in Korea, simulated trading is a must
South Korea is set to partially lift a 14-month ban on short selling, the longest such ban in the world, on Monday, but on one condition -- obligating investors new to the trading strategy to take a half-hour online class and try simulated investments. The mini-lecture provided by the Korea Financial Investment Association informs would-be investors of the difference between a naked short and a covered short. It highlights that investors have limited returns from short sales but theoretically n
April 29, 2021
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Kakao's finance arms up IPO drive as disruptive tech goes mainstream
Less than two weeks after Kakao Bank submitted a listing application to the Korea Exchange, Kakao Pay, another finance arm of South Korean internet giant Kakao, followed suit earlier this week. Such a back-to-back announcement of their plans for initial public offerings and listing on Korea’s stock market highlights disruptive technologies that are going mainstream in the domestic financial industry and challenges that traditional banking groups here may face. Each company’s enterp
April 29, 2021
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Samsung, LG post record Q1 earnings
Strong sales of home appliances pushed South Korean electronics firms’ sales to a new quarterly high. According to first-quarter earnings results released by Samsung Electronics and LG Electronics on Thursday, the tech titans both achieved their highest-ever quarterly sales and operating profits in the first three months of 2021. Samsung posted record-high sales of 65.39 trillion won ($59 billion) in the first quarter, driven by its mobile device and home appliances businesses, despit
April 29, 2021
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No more lining up over summer merch as Starbucks introduces reservation system
Starbucks Coffee Korea is introducing a reservation system for this year’s seasonal loyalty reward program, so that customers do not have to wait in line for its limited-edition merchandise, the coffee chain said Thursday. Starbucks said it is starting the summer event May 11, where customers can collect stamps by buying Starbucks drinks and can then exchange 17 stamps for seasonal merchandise. This year’s merchandise consists of the Starbucks Summer Day Cooler and Starbucks Nig
April 29, 2021
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Tesla to recall 561 vehicles for faulty components for first time in Korea
Imported car brands including Tesla Korea, Mercedes-Benz Korea and BMW Korea will recall 13,797 vehicles to fix faulty components, the Transport Ministry said Thursday. According to the Ministry of Land, Infrastructure and Transport, Tesla Korea will recall 561 units of the Model S it imported and sold here, which are installed with a flash memory device with tight capacity. It has been found that the lack of flash memory capacity can cause a malfunction in the touch-screen dashboard, rear ca
April 29, 2021
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[Exclusive] LX Holdings to co-use 'LX,' ends naming dispute
The soon-to-launch LX Holdings is close to settling a name dispute with the Korea Land and Geospatial Informatix -- a public agency which has been operating under the name LX for years. The two have decided to share the name, an official at the state-run institute LX told The Korea Herald on Thursday. “Both parties have agreed to use ‘LX’ name together and discussions are underway over how LX Holdings will make compensations to LX,” said the official. Set for an off
April 29, 2021
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Samsung family to get massive credit loans for inheritance tax payment
Children of the late Samsung chairman are set to receive massive loans from local lenders to pay more than 12 trillion won ($10.8 billion) in inheritance taxes, the largest-ever amount in the country’s history, according to industry sources on Thursday. Two domestic commercial banks, which were not identified, will issue credit loans of hundreds of billions of won to the family of the late Samsung Group Chairman Lee Kun-hee, later in the day, they said. The decisions were m
April 29, 2021
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Local crypto exchanges reopen offline customer centers
Amid the increasing intensity in the cryptocurrency markets, local exchanges are reintroducing offline customer centers. Coinone, one of the four largest cryptocurrency exchanges in the country, reopened its in-person customer center in Seoul, the company said Thursday. Coinone initially launched its customer center in September 2017, but closed its doors two years later to focus on other businesses. The recent surge in interest in cryptocurrency transactions and as well an influx of custome
April 29, 2021
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LG Electronics delivers record earnings in Q1 on robust home appliance biz
LG Electronics Inc. on Thursday reported its best-ever quarterly earnings in the first quarter on the back of robust home appliance sales. The South Korean tech giant said it logged a net profit of 1.17 trillion won ($1.05 billion) in the January-March period on a consolidated basis, up from 1.08 trillion won a year ago. Its operating profit spiked 39.1 percent to 1.51 trillion won in the first three months of 2021, while sales jumped 27.7 percent on-year to 18.8 trillion won over the cited pe
April 29, 2021
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Korea Shipbuilding bags order for 4 very large gas carriers
Major South Korean shipyard Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 365 billion-won ($329 million) order to build four very large gas carriers (VLGCs). KSOE, the shipbuilding subholding company of Hyundai Heavy Industries Group, said it has signed the contract with Asian and Liberian shipping lines. Hyundai Samho Heavy Industries Co., a unit of KSOE, will deliver the 86,000-cubic-meter carriers starting in 2023, KSOE said. The announcement of the ne
April 29, 2021
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New home permits soar 35% in March
New home permits in South Korea jumped nearly 35 percent in March from a year ago despite the coronavirus pandemic, the government said Thursday. Construction permits issued for new homes stood at 45,354 units last month, down 34.8 percent from a year ago, according to the Ministry of Land, Infrastructure and Transport. Construction permits spiked 44.9 percent from a year ago to 6,691 in the South Korean capital of Seoul in March. New home permits issued in the capital area, which includes th
April 29, 2021
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Samsung suffers more than W300b loss due to monthlong Texas chip shutdown
Samsung Electronics Co. said Thursday that a monthlong shutdown at its US semiconductor plant cost it more than 300 billion won ($270 million) in losses, although the facility is now fully normalized. "There was a wafer production disruption due to the stopping and recovering of the fab," Han Seung-hoon, a senior vice president at Samsung's foundry business, said in a conference call. "About 71,000 wafers were affected, and this corresponds to around 300 to 400 billion won in dam
April 29, 2021
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Trade terms up for 12th straight month in March
South Korea's terms of trade rose for the 12th consecutive month in March, as exports have shown signs of a strong recovery, central bank data showed Thursday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- increased 3.6 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the 12th straight month of an on-year rise since April last year, when the trade terms logged the first on-year hike in over two years on
April 29, 2021