Most Popular
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Suneung for all: Opportunity, redemption and the right to dream
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Korea to take action if currency falls more
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[Herald Interview] 'Korea, don't repeat Hong Kong's mistakes on foreign caregivers'
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[KH Explains] Why Yoon golfing is so controversial
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Samsung stocks fall to 4-year low
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Govt. cracks down on wedding industry
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Korean model admits drug use, seeks help from embassy in Manila: report
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Suneung retakes hit record amid med school expansion
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Proactive, calm approach needed in response to Trump 2.0
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NewJeans sets 14-day deadline for Ador to meet demands, including return of Min Hee-jin
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Seoul Botanic Park attracts over 10m visitors since opening
The Seoul Botanic Park has attracted more than 10 million visitors since its opening 30 months ago, the city government said Sunday. Located in western Seoul, the park began to accept visitors in October 2018 before formally opening in May 2019. It is the country's first botanic park built inside a city, with a forest, lake, wetlands and greenhouses laid across 500,000 square meters of land, according to the city government. A total of 10.04 million people have visited the park since October
April 18, 2021
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S. Korea's 2020 ODA down 8.7 percent on-year amid COVID-19 pandemic
South Korea's official development assistance for foreign countries fell 8.7 percent to $2.25 billion last year amid the COVID-19 pandemic, recent data from the Organization for Economic Cooperation and Development has shown. According to the data on the tentative tally of 29 members of the OECD's Development Assistance Committee released Tuesday, South Korea's bilateral ODA for 2020 stood at $1.76 billion, down 5 percent from a year ago, while its multilateral contributions slumped 19.9 percen
April 17, 2021
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Seoul stocks to continue rise on earnings hope next week
South Korean stocks are likely to maintain their upward momentum next week as expectations of estimate-beating first-quarter corporate earnings run high, although investors may be attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index closed at 3,198.62 points on Friday, up 2.13 percent from a week before. The index gained for the five sessions since Monday, with brokerages predicting the index may stay above the 3,200-point threshold despite the increased val
April 17, 2021
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LG-GM joint venture to build $2.3 bln battery factory in Tennessee
South Korean battery maker LG Energy Solution said Saturday its joint venture with American automaker General Motors will build a $2.3 billion (2.58 trillion won) electric vehicle battery factory in Tennessee. Ultium Cells, the joint venture between LG and GM, will build a second US factory with an annual capacity of 35 gigawatt-hours, similar to the first one under construction in Ohio, LG Energy said. "With the joint venture's factory construction, LG Energy Solutio
April 17, 2021
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LG Energy to chip in W1tr for EV battery plant with GM
South Korean battery maker LG Energy Solution Ltd. said Friday it will spend 1.06 trillion won ($950 million) to build a battery factory in the United States with American automaker General Motors Corp. In a regulatory filing, LG Energy, wholly owned by LG Chem Ltd., said that it and GM will each invest the same amount in their joint venture, Ultium Cells, to step up electric vehicle (EV) battery production in the US. Together with 600 billion won worth of loans, the total investment for the
April 16, 2021
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[Exclusive] Korea stops financing infra projects in Myanmar amid deepening crisis
Responding to the prolonged crisis in Myanmar, the South Korean government has decided to halt financing for government infrastructure projects there until next year, a source told The Korea Herald on Friday. “The Ministry of Economy and Finance has temporarily suspended financial support through the Korea Economic Development Cooperation Fund for any new infrastructure projects by the military government,” said an official at the Export-Import Bank of Korea, who requested anonymity
April 16, 2021
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Govt. meets with business tycoons, steps up support for chip industry
South Korea’s top fiscal policymaker and conglomerate leaders meet Friday to promote public-private cooperation amid the post-coronavirus economy and pending market challenges including the semiconductor supply shortage. “We are now facing a watershed moment in which the industrial circles and the government have to join forces in order to overcome incumbent challenges,” said Deputy Prime Minister and Finance Minister Hong Nam-ki. During his meeting with the chiefs of domesti
April 16, 2021
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Seoul stocks up for 5th session on economic rebound hope
South Korean shares advanced for the fifth day Friday, finishing just shy of the 3,200-point mark, as expectations of a global economic rebound and sound corporate earnings boosted investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.29 points, or 0.13 percent, to close at 3,198.62 points. Trading volume was moderate at about 961 million shares worth some 14.6 trillion won ($13.1 billion), with gainers outnumbering loser
April 16, 2021
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Financial authorities vow to minimize inconveniences from Citigroup’s exit from S. Korea
South Korea’s top financial regulator vowed Friday to minimize inconveniences caused by Citigroup’s decision to withdraw retail banking operations in 13 markets, including South Korea, as part of its business reorganization for Asia. “The Financial Services Commission and the Financial Supervisory Service will closely monitor future progress regarding the group’s latest decision and review necessary measures to minimize any possible consumer inconveniences, stabili
April 16, 2021
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Hyundai Motor Group, SK Innovation team up on hybrid EV batteries
Hyundai Motor and Kia, Hyundai Motor Group’s two automakers, are joining hands with SK Innovation to develop batteries for hybrid electric vehicles, the group said Friday. The auto group will work with the country’s leading battery producer, SK Innovation, to develop “pouch-style” batteries optimized for electric vehicles. They hope to apply the batteries to Hyundai’s hybrid electric vehicles slated for release in 2024. The partnership will boost the country&rsq
April 16, 2021
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Dongbu-led consortium to take over Hanjin Heavy as debt restructuring nears end
An investor group led by South Korean builder Dongbu Corp. signed a deal to acquire a controlling stake in debt-saddled shipbuilder Hanjin Heavy Industries & Construction, filings showed Friday. According to the filings, a consortium composed of Dongbu and local private equity firm Echoprime Private Equity will buy a combined 55.7 million common shares, or 66.85 percent voting rights, from eight banks including the state-run Korea Development Bank and the Philippines-based BDO Unibank. T
April 16, 2021
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Mirae Asset’s Canadian subsidiary rolls out Bitcoin futures ETF
South Korean asset management firm Mirae Asset Global Investments has launched two exchange-traded funds tracking the value of Bitcoin futures via its Canadian subsidiary Horizons ETFs. Along with the Bitcoin-based ETFs it also rolled out a fund investing in stocks in the battery, bitotechnology, internet, and gaming industries, often collectively referred to as the BBIG sectors. Of the newly launched cryptocurrency ETFs is an inverse product, called BetaPro Inverse Bitcoin ETF, which profi
April 16, 2021
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[Newsmaker] Posco C&C severs ties with Myanmar’s military conglomerate MEHL
Posco C&C decided to end their business partnership with Myanma Economic Holdings Public Company Limited (MEHL), one of Myanmar’s two largest military holding companies, the company said Friday. The affiliate of South Korea’s steel giant Posco said it will end its partnership with MEHL by purchasing all the stakes MEHL has in their joint venture, Myanmar Posco C&C Co., following public outcry against Myanmar military’s brutal crackdown on its citizens after a coup in
April 16, 2021
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Construction workers’ fund to commit W60b to PEs, VCs
South Korean institutional investor, the Construction Workers Mutual Aid Association, has selected four domestic external partners for its 60 billion-won ($53.7 million) commitment to have exposure to private equities and venture capital, an official said Friday. The institutional investor, dedicated to the welfare of workers in the field of construction, has decided to allocate a combined 40 billion won to Dominus Investment and Stic Investments for its private equity exposure. The external p
April 16, 2021
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Citibank Korea union head says preparation for legal action on the way
Unionized workers at Citibank Korea voiced criticism against Citibank Korea’s decision to withdraw its retail banking operations, calling it unilateral. “(Citibank Korea’s labor union) can‘t accept Citigroup’s unilateral announcement. Since Bloomberg reported on the group’s possible divestiture plan in February, we have been preparing legal action and systematic countermeasures,” said Jin Chang-geun, head of the Citibank Korea labor union. “We&r
April 16, 2021
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LG Energy Solution joins RE100, EV100 as industry’s first
LG Energy Solution, South Korea’s leading battery maker, has marked the industry’s first case of joining both RE100 and EV100, the two global campaigns addressing climate change and clean energy, officials said Friday. Abbreviated for Renewable Electricity 100%, RE100 is an international campaign launched by nonprofit organization the Climate Group in partnership with Carbon Disclosure Project in 2014. The campaign aims to have businesses that consume more than 100GWh a year switch
April 16, 2021
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Kakao founder sells W500b worth of stocks as part of donation pledge
The founder of South Korea's top mobile messenger operator Kakao Corp. and his wholly-owned company has sold 500 billion won ($447 million) worth of stocks in Kakao part of his pledge to donate half of his assets, a filing showed Friday. The move came after Kim Beom-su, who serves as Kakao's chairman, pledged in February this year to donate more than half of his assets, which at the time was estimated to be worth more than 10 trillion won. In March, he joined the Giving Pledge, a global campai
April 16, 2021
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S. Korea to boost spending on R&D for next-generation cars
South Korea said Friday it plans to increase investment in research & development (R&D) on key technologies for next-generation vehicles in a bid to help local automakers take the lead in the market. Finance Minister Hong Nam-ki said the government will spend 367.9 billion won ($328 million) in supporting R&D on next-generation autos this year, up 37 percent from the previous year. "It is urgent to make an investment in R&D on next-generation vehicles in a preemptive manne
April 16, 2021
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Hanjin Heavy slumps after takeover deal
Shares in Hanjin Heavy Industries & Construction Co. slumped Friday after its creditors signed a deal to sell the financially troubled shipbuilder. Hanjin Heavy fell 4.08 percent to 7,750 won ($6.90) as of 10:48 a.m. Creditors of Hanjin Heavy, led by the state-run Korea Development Bank (KDB), signed a deal with a consortium led by local builder Dongbu Corp. to sell it a 66.85 percent stake in the company Thursday. The consortium plans to complete the acquisition of the company by August
April 16, 2021
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S. Korean consortium to produce Russia's Sputnik V vaccine for export
South Korean biotech company Huons Global said Friday that it has signed a technology transfer deal with Russia's sovereign wealth fund to produce a Russian COVID-19 vaccine in South Korea. Under the agreement with the Russian Direct Investment Fund, the Huons Global-led consortium will manufacture Sputnik V in South Korea. Three other participants in the consortium are two South Korean companies -- Humedix and Boran Pharma -- and Singapore's Prestige BioPharma. Huons Global said it is set to
April 16, 2021