Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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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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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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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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ITC delays preliminary ruling on LG-SK battery patent suit
The US International Trade Commission (ITC) said Friday it has delayed the preliminary decision on the battery patent infringement suit between LG Energy Solution Ltd. and SK Innovation Co. to next month. The US trade panel was due to deliver the initial ruling on the battery patent suit between the South Korean rivals Friday (US time) but postponed the date by two weeks to April 2. "Additional time will be needed to complete the initial determination, which will require an extension of t
March 19, 2021
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Number of health & beauty shops dips for 1st time in 2020 amid pandemic
The number of big-name retailers' beauty stores in South Korea declined for the first time in 2020 as more customers turned to online shopping amid the coronavirus pandemic, data showed Friday. The country's three major health and beauty (H&B) chains -- Olive Young, lalavla and LOHB's -- had a combined 1,484 outlets across the nation as of end-December last year, down 31 from a year earlier, according to the data posted on the electronic disclosure system of the Financial Supervisory Servic
March 19, 2021
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Ioniq 5 bedazzles with futuristic silhouette, expanded interior space
For South Korea’s top carmaker Hyundai Motor, the game changer for this year’s business is the launch of Ioniq 5, its first all-electric vehicle built on their exclusive EV platform. While vying against global competitors such as Tesla, the new model is expected to serve as a key barometer on whether Hyundai Motor Group manages to accommodate to the post-coronavirus market changes and transform into a sustainable, comprehensive mobility operator. Set to kick off mass production
March 19, 2021
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[News Focus] LG Group’s spinoff decision to take center stage at shareholders meeting
At the annual shareholders meeting set for next Friday, LG Group’s plans to spin off business units and create a new holding company for them are expected to take center stage. As the meeting approaches, market experts and advisory institutions are releasing their assessments of the restructuring plan, which the group says it has had in the works since the leadership change in 2018. LG Corp., the current holding company of LG Group, announced in November that the group would spin off
March 18, 2021
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KCGI in predicament as hostile takeover bid for KAL fizzles out
South Korean private equity house Korea Corporate Governance Improvement appears to be in a predicament as its hostile takeover bid for Hanjin KAL is being overshadowed by the Korea Development Bank’s tighter control over the parent company of flag carrier Korean Air Lines. This comes as a KCGI-led consortium, which took issue with the “poor governance” displayed by the transportation group’s owner family and sought to bring in professional managers to replace incumbent
March 18, 2021
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S&P, Moody’s affirm stable outlook for Naver
Global credit rating agencies S&P Global Ratings and Moody’s have forecast stable growth for South Korean internet giant Naver, respectively assigning the firm ratings of A- and A3. S&P said its rating reflected the Korean internet firm’s strong position in the search engine and e-commerce segments in Korea, adding that even tech behemoth Google had only recently made headway in the Korean market with video platform YouTube due to the Korean firm’s formidable leadersh
March 18, 2021
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Suwon, home of Samsung, has highest number of 40-something male retail traders: data
Suwon in Gyeonggi Province has the highest number of male retail traders in their 40s, outpacing Gangnam, a posh residential district in Seoul, data showed Thursday. The city having the largest number of male traders perhaps has something to do with South Korean tech giant Samsung, which is headquartered in the city, observers say. According to the state-run Korea Securities Depository, a total of 34,463 male day traders in their 40s lived in Suwon as of the end of 2020, while southern Seoul&rs
March 18, 2021
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S-Oil forges partnership to capture carbon and use it for soft drinks, dry ice
S-Oil has teamed up with a local gas firm to capture carbon dioxide emitted from its facility and use it for carbonated soft drinks and dry ice. According to the South Korean refinery on Thursday, it has signed an agreement with Dong Kwang Chemical for the project, for which S-Oil will collect by-product gases from its hydrogen production process at the Ulsan plant and supply them through pipelines to the adjacent Dong Kwang facility. There, carbon will be extracted, refined and then trans
March 18, 2021
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[Advertorial] LG Energy Solution combines climate change actions with CSR activities
LG Energy Solution’s new solar power project in Cheongju, North Chungcheong Province, combines the firm’s social outreach program with a mission to curb carbon emissions. Dubbed the “Power Plant for Hope Green,” the facility built at a bus transfer center in the city last year is expected to cut 4,900 tons of greenhouse gases and generate profits worth 800 million won ($712,000) over the next 20 years. All the proceeds from the 410-kilowatt facility will be donated t
March 18, 2021
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S. Korea's economy expected to grow 3.2% in 2021: AMRO
South Korea's economy is expected to grow 3.2 percent this year as the start of vaccinations raised hopes of a solid economic recovery from the COVID-19 pandemic, a regional macroeconomic research agency said Thursday. The forecast by the ASEAN+3 Macroeconomic Research Office (AMRO) is slightly higher than the Bank of Korea's outlook of 3 percent growth for this year. The AMRO also expected South Korea's economy to grow 3 percent next year. But the AMRO warned that growth is uneven in some se
March 18, 2021
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Seoul stocks up on eased rate hike woes
South Korean stocks rebounded Thursday on strong foreign buying, following the US Federal Reserve's reiteration that rates will remain at near zero through 2023. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 18.51 points, or 0.61 percent, to close at 3,066.01. Trading volume was moderate at about 1.2 billion shares worth some 14.8 trillion won ($13.2 billion), with gainers outnumbering losers 503 to 329. Foreigners bought a net 483 b
March 18, 2021
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Nafabeltan out, but push for homegrown COVID-19 drug continues
The competition to develop the country’s second COVID-19 treatment continues among South Korea’s major pharmaceutical companies after Chong Kun Dang Pharmaceutical recently dropped out. South Korea’s Ministry of Food and Drug Safety announced Wednesday that it has decided not to approve Chong Kun Dang Pharmaceutical’s candidate, Nafabeltan, based on a review by its advisory board of its efficacy and safety. Chong Kun Dang Pharmaceutical’s acute pancreatitis dru
March 18, 2021
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Daewoong clinches W380b out-licensing deal with Chinese pharmaceutical firm
Daewoong Pharmaceutical said Thursday that the company has out-licensed its gastroesophageal reflux disease agent Fexuprazan to Shanghai Haini Pharmaceutical for 380 billion won. The deal included an upfront payment of 6.8 billion won and 13.6 billion won in milestone payments, the company added. Under the agreement, Shanghai Haini has acquired rights to conduct clinical studies for the agent used to treat a digestive disorder. Shanghai Haini would also be in charge of the entire approval pr
March 18, 2021
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Hanwha to sell half of stake in electric truck maker Nikola
Hanwha Group, a South Korean energy-to-defense conglomerate, plans to sell half of its stake in US electric truck maker Nikola Corp., the two companies said Thursday. Green Nikola Holdings, Hanwha's US subsidiary that holds a 5.65 percent share in Nikola, plans to sell up to 11.1 million shares over a six-month period from June, according to a US Securities and Exchange Commission filing. Hanwha's stake in Nasdaq-listed Nikola is worth about $180 million as of Wednesday's closing price of $16.
March 18, 2021
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OB releases series of new beers to maintain edge
Oriental Brewery Co. has released a series of new “high tech” beers in recent months to maintain its market lead. OB accounted for some 52 percent of Korea’s home beer market last year, according to Nielsen Korea, with its flagship beer Cass Fresh alone accounting for some 40 percent. In a statement, CEO Ben Verhaert said the company is seeking to continue to progress to accommodate changing consumer trends. All New Cass Hoping to continue its lead in the market, OB unveil
March 18, 2021
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Doosan Fuel Cell, KSOE to jointly develop SOFCs for ships
South Korean fuel cell maker Doosan Fuel Cell Co. said Thursday that it will team up with Korea Shipbuilding & Offshore Engineering Co. (KSOE) to develop solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity, to be used for ships. Under a preliminary deal with KSOE, the subholding company of Hyundai Heavy Industries Holdings Co. (HHIH), Doosan Fuel Cell will design and produce fuel cells, while KSOE will develop technologies to apply the fuel cells to ships, th
March 18, 2021
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SK Bioscience makes splash on market debut, lands No. 29 on Kospi
SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, made its grand market debut on the nation’s main board Thursday, trading at more than double its initial public offering price. As soon as the opening bell rang, shares of SK Bioscience shot up to the daily permissible limit of 169,000 won ($150.45), up 30 percent from its opening price and its IPO price of 65,000 won. The price level maintained at the upper limit throughout the day. The opening price o
March 18, 2021
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CU launches beer subscription service
CU is launching a beer subscription service to target the increasing number of people enjoying imbibing alone and at home, the convenience store chain operator said Thursday. BGF Retail, the firm behind the convenience store chain, has teamed up with beer subscription app service Dailyshot to roll out its service where a user can get three cans of popular beer products from a nearby CU store at 6,900 won ($6.10) per month. CU is the first to launch such a service for beer in the convenience
March 18, 2021
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Decisions loom for Woori, Shinhan executives over Lime fiasco
The country’s two major lenders Shinhan Bank and Woori Bank have come under scrutiny again over their sale of unsound products of scandal-ridden Lime Asset Management after being called to a financial watchdog’s meeting that would decide the fate of their top executives. The Financial Supervisory Service held its second sanctions committee meeting Thursday to decide the level of sanctions for Woori Bank, Shinhan Financial Group and Shinhan Bank, major sellers of Lime funds that in
March 18, 2021
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More cosmetics firms adopt eco-friendly packaging
More cosmetics companies in South Korea are adopting eco-friendly packaging amid growing concerns and calls to reduce single-use plastic. Earlier this month, cosmetics conglomerate Amorepacific unveiled eco-friendly paper packaging which it said reduces the use of plastic by some 70 percent and can last up to 36 months. The paper tube container, which uses “nano thin film blocking” technology and will be adopted for its clean beauty brand Primera sometime in the first half of this
March 18, 2021