Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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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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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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LG Energy Solution to invest w5tr to expand US battery production capacity
LG Energy Solution Ltd. said Friday it will invest 5 trillion won ($4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its US manufacturing capacity to 75 gigawatt hours (GWh) and help create 10,000 jobs, including 6,000 subcontractors. LG Energy Solution operates a lithium-ion battery factory in Michigan and is building a new factory
March 12, 2021
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Land minister says will take responsibility for LH employees' land speculation
Land Minister Byeon Chang-heum said Friday he will come up with measures to prevent employees at public developers from making speculative land purchases and could step down if his role falls behind public expectations. Byeon made the remark after a joint investigation team found that Korea Land and Housing Corp. (LH) employees allegedly bought land for speculation in two cities, south of Seoul, before it announced a major public housing development project. The minister has faced criticism as
March 12, 2021
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Seoul stocks open higher on US stimulus, ECB intervention
South Korean stocks opened higher Friday as investor sentiment was boosted by the passing of the$1.9 trillion US stimulus package and the European Central Bank's move to slow the early rise in long-term borrowing costs. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.5 points, or 1.01 percent, to 3,044.2 points in the first 15 minutes of trading. Samsung Electronics added 1.1 percent, and No. 2 chipmaker SK hynix added 2.19 percent. Top automaker Hyundai Motor moved up
March 12, 2021
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S. Korean e-commerce giant Coupang makes US debut at NYSE
WASHINGTON -- South Korean e-commerce giant Coupang Inc. made a splash in its landmark debut on the New York Stock Exchange on Thursday at an initial public offering price of $35 each. The IPO price is higher than an earlier proposed range of $32 to $34. With 130 million shares offered, Coupang raised $4.6 billion in public offering. According to Yahoo Finance data, the company's value stood at around $88.65 billion after its first closing, making it one of the most valuable startups in the Un
March 12, 2021
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Samsung to launch Galaxy A32 smartphone in S. Korea this week
Samsung Electronics said Thursday it will launch another budget smartphone model in South Korea this week as the global tech giant eyes beefing up its handset sales against rivals. The Galaxy A32 will be released in South Korea on Friday with a price tag of 374,000 won ($330). The budget smartphone is already available in select markets in Europe and India. The LTE-supporting model comes with a quad rear-camera setup with a 60-megapixel (MP) main shooter, 8MP ultra wide lens, 52MP depth sen
March 11, 2021
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Legal risks mount for Samsung’s jailed chief
The trial of Samsung Group’s de facto chief, Lee Jae-yong, resumed Thursday, increasing legal risks for the country’s biggest conglomerate as the court examines his role in the 2015 merger of two business units within the group. The Seoul Central Court held a second session to set a preliminary date for the trial of 12 Samsung executives, including the imprisoned Samsung Electronics vice chairman, who is the only son of the late Samsung Group Chairman Lee Kun-hee. The session was
March 11, 2021
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KAI to develop AR/VR jet training system
Korea Aerospace Industries said Thursday it will utilize virtual and augmented realty technologies in its jet trainer system. South Korea’s sole aircraft developer will develop the live-virtual-constructive system, which offers live maneuvering simulation, war game and virtual and constructive trainings. KAI has supplied 50 sets of training systems to 16 countries. Since 2016, the company has conducted and commissioned independent research and developed ways to integrate jet, simula
March 11, 2021
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Lotte Card launches new financial services
Credit card firm Lotte Card said on Thursday that it has launched LOCA MONEY, a group of financial services covering short-term and long-term loans and “over-the-limit,” credit card services. The company said the brand focused on financial services is the first of its kind in the credit card industry. All of the newly launched services are branded under the LOCA MONEY name, including the LOCA MONEY-short term loan, and LOCA MONEY-long-term loan. With LOCA-prime, the card issuer w
March 11, 2021
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Posco chief seeks reappointment despite brawls
For Posco Group, South Korea’s sixth-largest conglomerate in assets, the core agenda of its shareholders’ meeting this week is whether incumbent chief Choi Jung-woo will succeed in extending his term in office, in spite of growing political pressure and labor backlash. Signaling the start of the proxy season this month, the group’s flagship steelmaker Posco will hold its 53rd annual shareholders’ meeting at its headquarters in Seoul’s Gangnam-gu at 9 a.m. Friday
March 11, 2021
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SK Innovation pushes nickel limits of EV batteries
This is the first installment of a three-part series looking into SK Innovation’s struggles to rise to the global leadership of lithium ion batteries, which have become a key enabler for a global shift toward sustainable mobility. The articles are sponsored by SK Innovation. - Ed. SK Innovation is pushing the boundaries of nickel ratio inside electric vehicle batteries to the extreme, taking initiative in the global nickel cobalt manganese, or NCM, battery market. According to
March 11, 2021
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SK Innovation to establish complete compliance system after battery defeat in US
SK Innovation said Thursday that its board of directors had ordered the establishment of a “complete global compliance system” in response to the ongoing battery dispute with LG Energy Solution in the US. At an audit committee meeting, held Wednesday and attended by all the company’s outside directors, board members lashed out at the management, saying the company’s “lack of experience in global disputes” had resulted in its defeat in the US’ top tra
March 11, 2021
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SK Bioscience to develop vaccine for COVID-19 variants
SK Bioscience will develop an all-in-one vaccine targeting COVID-19 variants, together with the Coalition for Epidemic Preparedness Innovations, the South Korean firm said Thursday. SK Bioscience would receive funding from CEPI, worth up to $14.2 million, for the research and development. The South Korean vaccine developer could receive additional funds of as much as $12.5 million for building manufacturing facilities. For the new vaccine, the company hopes to build on its experience with n
March 11, 2021
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Bitcoin trades near all-time highs
Bitcoin, the world’s most popular cryptocurrency, surpassed the 65 million won ($57,200) level once again Thursday, continuing a rally that started earlier this week. The digital coin, which has been on an upward trend since March 7, hit 65.15 million won Thursday morning, according to crypto exchange operator Upbit. It is the cryptocurrency’s second-highest level, after the historic high of 65.98 million won recorded Feb. 20. On Bithumb, a local crypto trading platform, one bi
March 11, 2021
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Seoul stocks make steep rebound on massive foreign buying
South Korean stocks bounced back nearly 2 percent to recover above the 3,000-point threshold Thursday as foreign buying increased amid eased inflation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 55.58 points, or 1.88 percent, to close at 3,013.7 points. Trading volume was moderate at about 1.3 billion shares worth some 15.8 trillion won ($13.9 billion), with gainers outnumbering losers 664 to 193. Foreigners bought a ne
March 11, 2021
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Coupang’s market value jumps to $63b
Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., said it will offer shares of its US initial public offering at $35 apiece, raising its market value to around $63 billion. Based on the fixed share price, the firm will raise $4.55 billion in funding, and it would start trading from Thursday there. Coupang said it has submitted a regulatory filing to the US Securities and Exchange Commission and has received approval from the commission. The company‘s estima
March 11, 2021
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[News Focus] Seoul area, Sejong, Jeju lead surge in unemployment benefits
SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma
March 11, 2021
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Revisiting the rise of Coupang ahead of NYSE debut
Coupang has been in the headlines ever since it filed for an initial public offering on the New York Stock Exchange last month, generating speculation over its value. When it is Thursday in the US, Coupang will be listed on the New York Stock Exchange at $35 per share, the company announced Thursday (Seoul time). It is the biggest IPO debut for any foreign company since Alibaba. At home it is the second-largest e-commerce platform, trailing only Naver, the country’s internet conglomerat
March 11, 2021
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WEF names Market Kurly founder and CEO of Viva Republica as Young Global Leaders
Founder of online grocery service Market Kurly Sophie Kim Seul-Ah and CEO of Viva Republica Lee Seung-gun, the company behind online bank Toss, have been named part of this year’s Young Global Leaders by the World Economic Forum. Kim and Lee are among the 112 Young Global Leaders, who received the prize in the business and banking and investments categories, respectively. Describing Kim as the South Korean entrepreneur and a former Goldman Sachs analyst, the WEF said Market Kurly has the
March 11, 2021
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S. Korean health care exports hit record high in 2020 amid pandemic
South Korea's health care and cosmetics exports soared more than 38 percent to an all-time high in 2020 amid the coronavirus pandemic, industry data showed Thursday. The country's overseas shipments of pharmaceuticals, cosmetics and medical devices stood at $21.70 billion last year, up 38.3 percent from the previous year and a fresh high, according to the data from the Korea Health Industry Development Institute. The new record came as the pandemic led to a surge in exports of biopharmaceutic
March 11, 2021
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Korean Air raises w3.3tr in share sale for Asiana takeover
Korean Air Lines Co., South Korea's biggest carrier, said Thursday it has raised 3.3 trillion won ($3 billion) in a share sale for its planned acquisition of smaller rival Asiana Airlines Inc. Korean Air issued 173.6 million shares at 19,100 won per share, which is lower than the closing price of 27,400 won Wednesday, the company said in a regulatory filing. The national flag carrier plans to list the shares on the Korea Exchange on March 24, it said. Out of the rights issue pro
March 11, 2021