Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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April exports estimated to jump 41%: poll
South Korea's exports are expected to jump 41 percent in April from a year earlier, on the back of a base effect, and robust shipments of chips and autos, a poll showed Monday. The country's outbound shipments are forecast to reach $51.1 billion this month, according to the poll on five local brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. It would mark the sixth straight month of gains and the fastest on-year growth in more than 10 years, it showed. Imports
April 26, 2021
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Corporate direct financing gains 22.3% in March
South Korea's corporate direct financing rose 22.3 percent in March from the previous month due to a robust rise in stock sales, data showed Monday. Local companies raised a combined 24.4 trillion won ($21.8 billion) by selling stocks and bonds last month, up 4.45 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 783.4 percent to 6.04 trillion won, with the value of initial public offerings jumping 660 percent to 5.3
April 26, 2021
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[#WeFACE] LG Innotek aims to be No. 1 ESG company in electronic components industry
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. Since even before the environmental, social and corporate governance trend caught on in corporate Korea, LG Innotek has been making quiet efforts for years for the betterm
April 25, 2021
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Facing new law, crypto exchange start voluntary shutdown
Local cryptocurrency exchange Daybit is the latest company to voluntarily shut down its operations due to the toughened anti-money laundering law, the company said Sunday. Chain Partners, which operates Daybit, said it plans to close the service by June 1, citing rigid regulations in explaining its decision. Earlier this year CPDAX, operated by blockchain technology developer Coinplug, also decided to opt out. “The operation of Daybit will be halted in phases by June 1 as we are unab
April 25, 2021
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‘BTS effect’: Why corporations want a piece of the action
BTS’ success in the music industry is fast spilling over into the advertising business as more companies seek a promotional boost from the group and their fans’ social media omnipresence. Last Monday, McDonald’s announced it would team up with South Korean pop group BTS for a new celebrity meal named The BTS Meal. A few days later, French fashion house Louis Vuitton named the pop icons as its new House Ambassadors. The two companies’ posts on Twitter were soon met with
April 25, 2021
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[News Focus] Why are foreign financial firms pulling out of South Korea?
Citigroup’s decision to withdraw from retail banking in South Korea has sparked concerns over the possibility of other global financial companies following suit. Korea has nurtured ambitions to become Asia’s next financial hub for nearly 20 years, but in that time, the presence of foreign banks has not grown, but weakened. Citi’s choice of Korea as one of 13 markets to exit suggests that trend is continuing. According to data published April 14 by Financial Hub Korea under t
April 25, 2021
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SC Bank Korea extends promotion to help boost children’s savings
Standard Chartered Bank Korea will extend a special promotion aimed at helping young customers build better savings habits for an extra month until end-May, the lender said Sunday. The promotion, which was initially planned to run from March to April, offers 10,000 won ($9) to those aged 18 or under who open SC Bank Korea savings accounts if they meet certain conditions. The customers would need to open a Dream-Youth Deposit checking account as well as a First Household Installment Deposit s
April 25, 2021
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[Newsmaker] Jailed Samsung chief’s effort to secure 20m more Pfizer vaccinations in spotlight
After South Korea closed a deal with Pfizer to obtain additional doses of its COVID-19 vaccine, Samsung Electronics’ de facto chief, Lee Jae-yong, is receiving much attention in local media for his reported role in facilitating talks between the two sides. Seoul announced Friday that it had secured enough additional vaccine for 20 million people in a deal that soothed public worries over a shortage. Adding to those worries were the reported side effects associated with the AstraZeneca
April 25, 2021
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Former national tax agency chief tapped to head scandal-ridden LH
Former National Tax Service Commissioner Kim Hyun-jun has been tapped as the new chief executive officer of the Korea Land & Housing Corp. The position has been vacant since December amid a land speculation scandal involving employees of the state-run company. While Kim has no direct experience in housing or construction, the appointment is seen as a move by the government to overhaul the state housing developer and help it regain the public’s trust. Several LH employees are curren
April 25, 2021
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Woori Financial establishes ‘ESG financing principles’
Woori Financial Group said Sunday it has established “ESG financing principles,” a framework for the incorporation of environmental, social and corporate governance factors into the group‘s business portfolios. The ESG finance principles introduce a definition and initial purpose of ESG finance, while stipulating how to integrate ESG values when making business decisions regarding various business models, including credit loans, project financing and wealth management,
April 25, 2021
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FSC to expand loans for mid-credit borrowers
South Korea’s top financial regulator on Sunday unveiled measures to supply mid-range interest rate loans worth 32 trillion won ($28.7 billion) to 2 million borrowers with weak credit ratings by the end of this year. The policymaking Financial Services Commission plans to advise both conventional and internet-only banks to extend more mid-rate loans to borrowers with low to moderate credit scores like young people and small business owners, who find it difficult to access cheap bank loa
April 25, 2021
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Edtech startup Databank snaps up $2.7m series A funding
South Korean educational technology startup Databank said Sunday it has completed a $2.7 million series A funding round and plans to use the proceeds to expand its artificial intelligence-powered services and widen its client base. Joining the latest round were domestic early-stage venture capital houses Company K Partners, Intervest and KB Investment. The fundraising brought the startup’s post-series value to $11.5 million, up sevenfold from the previous round of funding, according to th
April 25, 2021
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Regulator encourages banks to provide mid-rate loans to low-income people
Financial authorities on Sunday unveiled a plan to encourage banks and other financial institutions to provide mid-rate loans to low-income people and non-prime borrowers. Mid-rate loans are not clearly defined, but such loans refer to credit loans with an interest rate of some 10 percent for people with middle credit scores, according to the Financial Services Commission (FSC). Under the plan, about 2 million people with middle credit ratings are expected to take out a total of 32 trillion
April 25, 2021
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Doosan Infracore wins excavator deal from Qatar
Doosan Infracore Co., South Korea's top construction equipment maker, said Sunday it has secured a deal to supply 102 excavators and other equipment to Qatar. The value of the deal was not revealed. With the deal with a Qatari construction company, Doosan Infracore will be able to secure the No. 1 position in the construction sector in the Middle Eastern country. Doosan Infracore's market share there stood at 23 percent last year. Doosan Infracore will be able to clinch a 10 percent share in
April 25, 2021
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Samsung scions to unveil inheritance tax payment plan this week
The scions of Samsung Group, South Korea's top conglomerate, are likely to unveil a plan this week on how to finance their massive inheritance tax, which includes the donation of late group chief Lee Kun-hee's art collections. The senior Lee, who was South Korea's richest man, left more than 22 trillion won ($19.6 billion) worth of assets, including stocks valued around 19 trillion won. Lee, who died in October last year at age 78, was survived by his wife, Hong Ra-hee, only son, Jae-yong, and
April 25, 2021
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S. Korea faces 212 import curbs in Q1 amid protectionism
South Korea faced a total of 212 import restrictions from trade partners in the first quarter amid growing protectionism, according to a report Sunday. The number of import regulations facing South Korea was up five from three months ago, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). Import restrictions cover anti-dumping duties, countervailing tariffs and safeguard measures, including investigations into suspected practices. Foreign import restrictions ha
April 25, 2021
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SsangYong Motor in receivership ramps up cost-cutting drive
SsangYong Motor Co. is seeking to cut some 10 executive jobs as part of its restructuring efforts after being put under court receivership, an industry source said Sunday. SsangYong Motor has been in the debt-rescheduling process since April 15 as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and worsening financial status. According to the source, SsangYong Motor has been considering cutting about 30 percent of its 33 e
April 25, 2021
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Female mobile gamers enthused over casual mobile game
At the start of the year, Devsisters Corp. was a minor mobile game publisher struggling to turn around, crossing its fingers over the launch of its latest installment of the casual endless runner series Cookie Run. Three months later, "Cookie Run: Kingdom" has dominated South Korea's mobile app store charts, surpassing 10 million downloads. The game's March sales on local app stores are estimated at over 20 billion won ($17.9 million), ranking third after behemoth hardcore games Line
April 25, 2021
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S. Korea's exports of cosmetics up 15% in 2020
South Korea's exports of cosmetics shot up 15 percent in 2020 from a year earlier, data showed Sunday, on the back of growing demand from the United States and Asian countries. Outbound shipments of cosmetics reached $6.12 billion last year, according to the data compiled by the Korea Customs Service and the Korea Cosmetic Association. South Korea's imports of cosmetics fell 10.7 percent on-year in 2020 to $1.07 billion. The country's exports of cosmetics had been maintaining two-digit annual
April 25, 2021
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KB clinches title as leading bank in Q1 with record earnings
South Korea’s KB Financial Group outperformed the three other major banking groups here in terms of first-quarter net profit, buoyed by its strong brokerage and other nonbanking businesses, data released Friday showed. KB’s net profit in the first three months gained 74.1 percent on-year to 1.2 trillion won ($1.1 billion) -- a record-high quarterly net profit since it became the holding entity of KB-branded financial and banking firms in September 2009. The value of its total asse
April 23, 2021