Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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KT launches new mobile plans for foreign residents
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Jeep to launch drive-through event to celebrate 80th anniversary
SUV brand Jeep said on Thursday it will launch a drive-thru event next month to celebrate the company’s 80th anniversary. The American carmaker, founded in 1941, will kick off the event on March 3 along with a limited-edition release of six of its models to mark the occasion. The brand’s signature vehicles will also be put on display for 10 days in the Seongsu-dong neighborhood in Seoul. During the event, customers will have a chance to enjoy consultation services as well as partic
Feb. 25, 2021
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[Herald Interview] NYSE hopes to see more Korean firms listing in US
E-commerce giant Coupang’s application this month to list on the New York Stock Exchange has given hope to Korean firms dreaming of listing on the “big board.” If Coupang’s initial public offering is successful, it will be the first Korean direct listing on the NYSE, and its attempt, often headlined as “the largest IPO by a foreign company after Alibaba,” has been drawing attention around the world. But the NYSE does not want to stop at Coupang. Alexandre
Feb. 25, 2021
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T'way Air's net losses widen in 2020 on pandemic
T'way Air, a South Korean low-cost carrier, on Thursday reported widened losses last year due to the coronavirus' impact on the airline industry. Net losses deepened to 137.87 billion won ($124 million) in 2020 from 43.21 billion won a year earlier, the company said in a regulatory filing. Operating losses also widened to 174.31 billion won last year from 19.24 billion won the previous year. Sales fell 66 percent to 269.22 billion won from 810.45 billion won over the cited period, it said.
Feb. 25, 2021
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Krafton now highest-paying gaming firm in Korea
Krafton said Thursday it has raised the salary of new and existing employees by as much as 20 million won ($18,000), becoming the best-paying gaming firm in South Korea. According to the publisher of globally popular shooting game PlayerUnknown’s Battlegrounds, entry-level game developers and other staff members joining the company this year will earn 60 million won and 50 million won a year, respectively. For existing employees, the company granted a raise of 20 million won to develop
Feb. 25, 2021
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Korean battery makers' premium strategy faces challenge
South Korean battery giants’ strategy for the electric vehicle market has been to go for premium, high-performance batteries, but the recent strides of Chinese makers with cheaper and less powerful batteries have brought that into question. According to a report released by industry analysis firm Adamas Intelligence on Monday, shipments of lithium iron phosphate batteries for EVs has increased more than sixfold on year in the second half of 2020, signaling the advance of entry-level, low
Feb. 25, 2021
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Science journal Nature highlights Korea’s next-gen solar cell on front page
A next-generation solar cell developed by South Korean research team made the cover of leading science journal Nature, according to the Korea Research Institute of Chemical Technology on Thursday. The institute’s research team led by Seo Jang-won developed a perovskite solar cell that demonstrates an efficiency rate of 25.2 percent. The efficiency rate indicates the proportion of solar energy converted into usable energy. Perovskites are easily synthesized compounds with an orthorhombic
Feb. 25, 2021
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Trade minister says government is 'ready' for partnership with Eastern Europe in green business
South Korea’s trade minister said on Thursday that the government is poised to cooperate with Eastern European countries in green business, including the development of low carbon energy. Speaking at the KOREA-V4 Economic Cooperation Forum, Minister for Trade Yoo Myung-hee said the government is ready for economic cooperation with V4 countries -- Poland, Hungry, the Czech Republic and Slovakia -- who are “shifting to renewable energy.” “Eastern European countries are m
Feb. 25, 2021
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SK teams up with Plug Power to branch out into hydrogen market in Asia
SK Holdings said on Thursday that it is teaming up with US hydrogen company Plug Power to branch out into the hydrogen market in Asia. The partnership comes after the South Korean conglomerate invested 1.85 trillion won and acquired some 10 percent of shares in Plug Power, becoming the largest shareholder of the hydrogen giant. An online deal closing ceremony was held Thursday and was attended by executives of both companies including CEO of SK Holdings Jang Dong-hyun, Vice Chairman of SK E&a
Feb. 25, 2021
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Seoul stocks shoot up 3.5% on US Fed chief's soothing comments over yield hike
South Korean stocks sharply rebounded to surge more than 3 percent Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 104.71 points, or 3.5 percent, to close at 3,099.69 points. Trading volume was moderate at about 1.3 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 807 to 80. Foreigners bought a net 968 billion
Feb. 25, 2021
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LG AI Research unveils first AI achievement
LG Group unveiled its first achievement in artificial intelligence research conducted by the group’s AI research arm. The South Korean conglomerate announced two academic papers on explainable AI and continual learning in collaboration with University of Toronto, through the Association for the Advancement of Artificial Intelligence. Explainable AI, co-researched by a team led by Professor Konstantinos Plataniotis, refers to a technology that easily explains a result of its research to
Feb. 25, 2021
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[News Focus] COVID-19 causes historic gap in online sales by product type
SEJONG -- The novel coronavirus was found to have brought a seriously widening disparity in the online sales performances of local retailers by product segment and business type. South Koreans have sharply increased their online spending on agricultural, livestock and fisheries products as the cut back on dining out amid the pandemic. According to Statistics Korea, the monthly turnover of retailers selling products from agriculture, livestock and fisheries online -- for homemade food -- reach
Feb. 25, 2021
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S. Korea to suspend more coal plants in spring to cut fine dust emissions
South Korea said Thursday it plans to suspend the operations of more coal-powered plants during spring time in line with its efforts to cut the emissions of fine dust. Under the plan, the country plans to halt the operation of 19 to 28 coal plants in March depending on the electricity demand, according to the Ministry of Trade, Industry and Energy. It will mark a sharp rise from nine to 17 plants suspended over the December-January period. The country's fine dust emissions from coal-powered pl
Feb. 25, 2021
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Carmakers to recall over 470,000 vehicles over defects
Mercedes-Benz Korea, Hyundai Motor, Kia, Honda Korea, Ford Sales and Service Korea, Audi Volkswagen Korea, Nissan Korea, Volvo Cars Korea, and BMW Korea will recall 478,371 vehicles after faulty components have been found, South Korea’s Ministry of Land, Infrastructure and Transport said Thursday. The latest action came a day after the ministry announced a mass recall for 26,699 units of Hyundai Motor’s electric vehicle models over faulty batteries. Of the total cases, 29,769 units
Feb. 25, 2021
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Finance minister to attend virtual G-20 meeting this week
Finance Minister Hong Nam-ki plans to attend a meeting of finance ministers and central bank governors of the Group of 20 major economies this week to discuss ways to tackle the pandemic, the finance ministry said Thursday. The meeting, to be chaired by Italy, will be held virtually Friday due to the COVID-19 pandemic, according to the Ministry of Economy and Finance. G-20 financial chiefs and leaders of international organizations will discuss ways to strengthen policy coordination to cope wi
Feb. 25, 2021
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‘Market picks SK Group as top ESG player here’
As the ESG business management trend continues to gain traction in South Korea, environmental factors have outweighed social and governance values in importance, the Federation of Korean Industries said on Thursday. The major business advocacy group also added that SK Group, among business entities across the nation, has received the top recognition in the market as a pioneer of the ESG business culture. In the federation’s survey polling research chiefs of major brokerages here, 60 pe
Feb. 25, 2021
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South Korea maintains 3% growth outlook
South Korea’s central bank on Thursday decided to maintain its previous 3 percent growth outlook for the nation’s gross domestic product this year, with its chief suggesting that vaccination will determine its economic development. Following its first monetary policy meeting of the year, the Bank of Korea decided to keep its interest-rate at a record-low of 0.5 percent, while keeping up the 3 percent growth rate for 2021. The growth rate for this year was announced in November. It
Feb. 25, 2021
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EMA starts rolling review of Celltrion’s COVID-19 treatment
European Medicines Agency said Wednesday, local time, that it has started a “rolling review” of data on South Korean company Celltrion’s monoclonal antibody regdanvimab. Regdanvimab, also known as CT-P59, is being developed by Celltrion for the treatment of COVID-19. A rolling review refers to an on-the-roll evaluation system that accepts data as they come from ongoing research. This form of evaluation is enforced during public health emergency, for a more time-efficient ass
Feb. 25, 2021
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[Exclusive] Korean investors' $16.8b coal exposure highlights call for climate action
Forty South Korean investors were found to have invested a total of $16.8 billion in securities issued by thermal coal-related companies worldwide as of January, data exclusively obtained by The Korea Herald showed Thursday. The figure highlights calls for more aggressive climate action on the part of the investors, beyond just declaring an end to additional coal investing, for a nation that pledged to achieve carbon neutrality by cutting emissions to net zero by 2050 for a more sustainable fut
Feb. 25, 2021
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Incumbent Hana Financial chief to take on 4th term, but only for 1 year
Kim Jung-tai, the incumbent chairman of Hana Financial Group, was officially tapped by board members to lead the banking giant for another year, the group said Thursday. Hana Financial Group’s recommendation committee for CEO nominations had recommended Kim as the sole candidate for the next president, allowing him to clinch a fourth term in office. Once the appointment is confirmed during a general meeting of stockholders and board of directors slated for March, Kim
Feb. 25, 2021
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Overseas employees worried about LG’s plans for smartphone biz
LG Electronics’ potential plan to discontinue the smartphone business would have ripple effects on jobs in its overseas production bases, persons working for LG outside Korea said. According to workers assembling LG phones at the company’s Brazil factory, local employees are paying keen attention to the circulating rumors about the Korean vendor’s plans for the struggling phone business. “The latest reports about LG’s sale of its smartphone business have made u
Feb. 25, 2021