Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Korean, Romanian leaders discuss defense tech, nuclear energy
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Watchdog approves Apple’s correction scheme for ‘unfair market practices’
Apple’s yearslong antitrust dispute in South Korea seemed to settle as the nation’s watchdog accepted the US tech giant’s redeeming plan to spend some 100 billion won ($89.73 million) in supporting consumers and small-sized businesses. The Fair Trade Commission said Wednesday that it has approved the financial package suggested by the local unit of Apple Inc. to wrap up its alleged unfair market practices in the past. “This is the first time that a correction scheme
Feb. 3, 2021
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Panel prices to stay high after explosion at S. Korean plant: report
An explosion accident at a glass substrate plant in South Korea is likely to exacerbate the tight supply of display panels and maintain their prices at a high level, market watchers said Wednesday, burdening TV makers' procurement efforts. The explosion occurred last Friday when workers were replacing old pipes connected to a furnace at AGC Fine Techno Korea Co.'s glass substrate manufacturing plant in Gumi, some 250 kilometers south of Seoul. The accident injured nine workers, according to the
Feb. 3, 2021
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Amorepacific 2020 net profit down 90.2% to W21.9b
Amorepacific Corp. on Wednesday reported its 2020 net profit of 21.9 billion won ($19.6 million), down 90.2 percent from a year earlier. The company said in a regulatory filing that operating profit for the year fell 66.6 percent on-year to 143 billion won. Annual revenue decreased 20.6 percent to 4.43 trillion won. (Yonhap)
Feb. 3, 2021
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Amorepacific remains in red in Q4
South Korea's top cosmetics maker Amorepacific Corp. said Wednesday its fourth-quarter net loss increased 1.7 percent year-on-year largely due to the impact from the coronavirus pandemic. The company's net loss came to 58.9 billion won ($52.8 million) in the October-December period, compared to 57.9 billion won a year ago, the company said in a regulatory filing. Operating loss stood at 9.2 billion won, marking a steep decline from 45.9 billion won the previous year.
Feb. 3, 2021
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Seoul stocks up for 3rd day on continued foreign buying
South Korean stocks extended their winning streak to a third consecutive session Wednesday, as foreigners continued to buy local stocks on expectations of a speedy economic recovery in Asia and globally. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.87 points, or 1.06 percent, to close at 3,129.68 points. Trading volume was high at about 877 million shares worth some 21.6 trillion won ($19.4 billion), with gainers outnumbering losers
Feb. 3, 2021
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S. Korea’s major mobile carriers enjoy expanding 5G business in 2020
Even as the COVID-19 pandemic crippled markets worldwide last year, South Korea’s three major mobile carriers have seen improved results from their investments in media and platform services, along with expanded 5G network businesses. According to the latest report from market research firm FnGuide, the combined revenue of South Korea’s three major mobile carriers in 2020 are expected to reach 55.7 trillion won, up 2.4 percent on-year. The combined operating profit of the three mob
Feb. 3, 2021
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'Safety first' policy a challenge for Samsung SDI's battle in EV battery market?
From Apple to General Motors, global tech giants and automakers are in a tight race to develop or utilize electric vehicles to catch up with market champion Tesla. Against this backdrop, the size of the global EV battery market is set to reach 182 trillion won ($167.5 billion) in 2025 from last year’s 38.8 trillion won. For Samsung SDI, the battery manufacturing affiliate of Samsung Group, its EV battery business road map is anticipated to take flight in the upcoming years, save for a
Feb. 3, 2021
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LG Chem to launch 2nd tech support center in China
LG Chem said Wednesday it will inject 30 billion won ($26.9 million) to add another customer technical support and development center in China. South Korea’s leading chemical firm signed an agreement with the city of Wuxi, China to build a local tech support center. LG Chem will invest about 30 billion won while Wuxi will provide the land and the infrastructure for the center, which will break ground in the first half of this year and begin operations in May next year. “The tech
Feb. 3, 2021
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S-Oil’s Ulsan plant celebrates 6 million man-hours without accident
S-Oil said Wednesday that it has achieved 6 million man-hours without an accident, maintaining a safe operational environment for 471 days from Oct. 22, 2019. “Our Ulsan plant has safely conducted three major maintenance operations during that period despite difficulties caused by the COVID-19 outbreak. This is the third time S-Oil has accomplished 6 million man-hours without a disaster since the company started business,” the company said in a release. To ensure the safety of empl
Feb. 3, 2021
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Law firm Yulchon partners with ERM to expand ESG advisory biz
South Korea‘s law firm Yulchon said Wednesday it has signed a strategic partnership with international consultancy firm Environmental Resources Management to strengthen its corporate legal advisory capability with respect to environmental, social and governance, or ESG, issues. The partnership is a leap forward from Yulchon’s move in December to establish an in-house unit devoted to legal advice as to how corporate clients should cope with ESG issues, such as regulatory risk manage
Feb. 3, 2021
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Korean Air set to launch ‘flights to nowhere’
Korean Air is taking steps to launch its own international sightseeing flights without landing, the airline said on Wednesday. “We are taking necessary steps to operate chartered flights and the sales dates are under discussion,” one official at the airline said. The airline’s first international “flight to nowhere” has been given the green-light by the Ministry of Land, Infrastructure and Transport to take off on Feb. 27, the official added. The travel route is y
Feb. 3, 2021
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Posco vows to prioritize safety over productivity
South Korea’s top steel giant Posco is vowing to put safety as its top priority, urging employees to reject unsafe working conditions, following a spate of deaths from industrial accidents in recent years. During recent visits to the company’s steelworks in Pohang and Gwangyang, Chairman Choi Jeong-woo allocated most of his speeches to safety policies, the company said Wednesday. “When workers are tasked with work where safety is not ensured or they feel physically or emot
Feb. 3, 2021
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Korea below OECD average as FDI recipient: think tank
South Korea recieved some of the lowest amount of foreign direct investment among 37 Organization for Economic Cooperation and Development members last year, a local think tank data showed Wednesday. Asia’s fourth-largest economy’s FDI-to-gross ratio last year came to 0.32 percent, translating into No. 25 among 37 global economies in terms of FDI recipient, a report by Korea Economic Research Institute said. The net FDI-to-GDP ratio -– which is FDI minus outward direct inves
Feb. 3, 2021
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FSC advises internet-only banks expand mid-interest loans
South Korea’s top financial regulator has advised the nation’s internet-only lenders to expand the supply of loan products for borrowers with low to moderate credit scores, officials said Wednesday. “While the percentage of those with credit scores below 4 on a scale of 1 to 10 accounted for nearly 40 percent of all borrowers at first-tier banks, the country’s existing internet-only lenders Kakao Bank and K bank posted some 36 percent and 20 percent, respectively,”
Feb. 3, 2021
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S. Korea to import more eggs this month to stabilize prices
South Korea said Wednesday it plans to import more eggs this month in a bid to stabilize prices of eggs that have shot up amid the outbreak of bird flu here. The country will import some 24 million eggs after the Lunar New Year holiday, set for Feb. 11-14, ends, as it seeks to ease a potential shortage of the egg supply, according to the Ministry of Economy and Finance. The ministry earlier said the country will import 20 million eggs and distribute them before the holiday. Affected by the ou
Feb. 3, 2021
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JPMorgan bets on Korean travel agency despite mounting losses
JPMorgan Asset Management has increased its stake in the ailing Korean travel agency Modetour Network to 7.47 percent, banking on a rebound in the post-COVID era despite piling losses, a filing showed Wednesday. Three of JPMorgan Asset Management subsidiaries obtained an additional 1.07 percent stake, or some 200,000 ordinary shares, in Modetour from December 2019 to January this year, according to the filing. This solidified JPMorgan’s position as the firm’s second-largest share
Feb. 3, 2021
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S. Korea, Cambodia strike free trade deal for broader economic cooperation
South Korea said Wednesday it has clinched a free trade deal with Cambodia, the latest in a series of its free trade pacts to revitalize its ailing exports amid the new coronavirus pandemic. Trade Minister Yoo Myung-hee and her Cambodian counterpart Pan Sorasak held a virtual meeting and declared that Seoul and Phnom Penh have completed FTA negotiations, according to the Ministry of Trade, Industry and Energy. "The FTA will pave the way for the two countries to overcome challenges from th
Feb. 3, 2021
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Online shopping hits new record high in Dec. amid pandemic
Online shopping in South Korea hit a fresh record high in December as more people purchased products via e-commerce platforms amid tougher virus curbs caused by the pandemic, data showed Wednesday. The value of online transactions stood at 15.9 trillion won ($14.2 billion) in December, up 26.1 percent from the previous year, according to the data from Statistics Korea. The use of online shopping sharply rose amid the pandemic as people refrained from visiting stores over concerns about infecti
Feb. 3, 2021
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Face value of damaged currency rises in 2020
The face value of damaged banknotes and coins in South Korea rose in 2020, data from the central bank showed Wednesday. A total of 4.76 trillion won worth ($4.26 billion) of damaged bills and coins were discarded by the Bank of Korea (BOK) last year, up 410 billion won from a year ago, according to the BOK data. The central bank spent 10.6 billion won replacing the damaged banknotes last year. Last year, a record 642 million damaged bills and coins were discarded by the central bank, up 0.3 p
Feb. 3, 2021
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S. Korea to invest over W200b in VR industry this year
South Korea will invest 202.4 billion won ($181.8 million) this year in virtual reality (VR) technology and devices to support the growth of the country's digital content industry, according to the ICT ministry on Wednesday. The move comes after the government unveiled a broader interagency investment plan for the industry last year, setting aside over 400 billion won for this year, in line with its digital New Deal program, which aims to spend 58.2 trillion won in key tech industries to create
Feb. 3, 2021