Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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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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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Mirae Asset subsidiary lists 1st ETFs on London Stock Exchange
Mirae Asset Global Investments said Monday that its US exchange-traded funds provider subsidiary Global X has launched two products to be traded on the London Stock Exchange starting Friday. The thematic ETFs -- Global X Telemedicine & Digital Health UCITS ETF and Global X Video Games & Esports UCITS ETF -- mark the first ETFs of a Korean-owned company to be listed on a European exchange. According to data from market researcher ETFGI, the total size of listed ETFs and exchange-traded
Dec. 21, 2020
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IFC provides $50m loan to KB Kookmin Card's Indonesian lending arm
The International Finance Corp. said Monday it plans to provide a loan of up to $50 million to KB Finansia Multi Finance, an Indonesian subsidiary of South Korean credit finance company KB Kookmin Card. The loan will contribute to a sustainable and inclusive economic recovery in Indonesia by addressing the liquidity squeeze in the nation’s multifinance sector, the IFC said. Multifinance companies like KB Finansia Multi Finance are considered the main source of funding for micro, small an
Dec. 21, 2020
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JTI Korea makes donation to provide smart devices for education
JTI Korea has made donations to Community Chest of Korea to provide smart devices to support education of the socially vulnerable, the company said Monday. The tobacco company said the fund will be delivered to Work Together Foundation to buy smart devices for education, as schools are running online classes in the wake of the COVID-19 pandemic. “We are making the donations to help students who are facing difficulties in taking classes online (due to lack of devices) and to improve th
Dec. 21, 2020
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Korea Shipbuilding clinches W582b deal from Europe
Korea Shipbuilding & Offshore Engineering said Monday it had clinched a deal worth 582 billion won ($528 million) for seven vessels with European shipping companies. The Korean shipbuilder said it has signed the contract to build four 13,200-twenty-foot-equivalent-unit container vessels, two 40,000-square-meter liquefied petroleum gas carriers and one product carrier, for the companies in Europe, unidentified. The four container vessels, which are 335 meters in length, 51 meters in widt
Dec. 21, 2020
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S. Korea's video game market ranked 5th largest globally last year: report
South Korea's video game market was the fifth largest in the world in 2019, falling one position from the previous year, a report showed Monday. The country's video game market reached sales of 15.6 trillion won ($14.2 billion) last year, up 9 percent from the previous year, according to an annual report by the Korea Creative Content Agency. The country ranked behind the United States, China, Japan and the United Kingdom in the global video market worth a total $186.5 billion last year. South
Dec. 21, 2020
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Daewoong Pharmaceutical eyes COVID-19 treatment's launch early next year
South Korean drugmaker maker Daewoong Pharmaceutical Co. aims to launch a treatment drug for the novel coronavirus early next year, the company's chief said Monday. Foistar, an oral protease inhibitor, is currently undergoing phase two clinical trial on COVID-19 patients with mild symptoms. The company aims to release the outcome of the clinical study later this month. "Our aim is for actual patients to be able to take the drug starting early next year through a conditional authorization
Dec. 21, 2020
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T'way Air to adopt 3 A330-300 jets next year
T'way Air, a South Korean low-cost carrier, said Monday it will adopt three A330-300s next year in preemptive efforts to meet the post-coronavirus travel demand. T'way Air has recently signed a letter of intent with European aircraft maker Airbus to lease the A330-300 passenger jets and plans to gradually inject them on the long-haul routes to Australia, Croatia, Singapore and Malaysia, the company said in a statement. T'way Air suspended most of its international routes in March as countries
Dec. 21, 2020
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Monday on increased valuation pressure, after the benchmark index closed at an all-time high the previous session despite surging new coronavirus cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.18 points, or 0.15 percent, to 2,768.0 in the first 15 minutes of trading. Stocks got off to a weak start as foreigners and institutions are set to lock in gains as the country's soaring COVID-19 cases increased concerns of stronger social distancin
Dec. 21, 2020
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S. Korean pharmaceutical firms shine despite coronavirus pandemic
South Korean drug and biopharmaceutical companies have recorded stellar performances this year despite the coronavirus pandemic, data showed Monday. Nine local pharmaceutical firms struck 14 technology export deals worth 10.15 trillion won ($9.2 billion) this year, up 19 percent from a year earlier, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The surge was attributed to their big investments in developing new drugs and expanding production facilities. Spend
Dec. 21, 2020
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Korea pins hope on exports in post-COVID-19 era
Exports could be a breakthrough for the South Korean economy in the post-coronavirus era, a state-run trade agency said Monday. Despite numerous uncertainties that are expected to linger in 2021, the state-run Korea Trade-Investment Promotion Agency raised its exports forecast for next year, saying semiconductors and biotech products, among others, are likely to lead the gains. Overseas shipments would grow 6-7 percent in 2021 to reach $540 billion-560 billion next year, from around $510 bil
Dec. 21, 2020
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Instant noodle exports soar 28% this year amid pandemic
South Korean exports of instant noodles jumped more than 28 percent in the first 11 months of the year amid the coronavirus pandemic, data showed Monday. Overseas shipments of instant noodles, or "ramyeon" in Korean, came to $549.72 million in the January-November period, up 28.4 percent from a year earlier, according to the data from the Korea Customs Service and industry players. It was well above last year's total exports of $467 million. The surge was ascribed to the global popu
Dec. 21, 2020
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Nonalcoholic beers review: Cass, Hite and Tsingtao
Drinking is fun for a lot of people. And in the midst of the coronavirus pandemic, some of us are guilty of finding solace in downing a few extra drinks at home. Even those who have a low tolerance for alcohol don’t have to feel left out, as major beer companies have released nonalcoholic or low-alcohol beers in recent years. They are as accessible as it gets. Nonalcoholic drinks are available on online shopping platforms, as their alcohol content by volume below 1 percent excludes them
Dec. 20, 2020
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S. Korea’s exports of kimchi products mark all-time high this year
South Korea’s kimchi exports have reached an all-time high this year, government data showed Sunday. According to the Korea Customs Service, overseas sales of kimchi amounted to $131.52 million as of November, surpassing $106 million, recorded for the whole of 2019. By export destination, Japan accounted for 49.3 percent of the shipments, valued at $64.95 million. The US and Hong Kong followed, with $21.04 million and $7 million worth of sales. The largest exporter was Daesang, the
Dec. 20, 2020
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[Herald Interview] From fintech to pandemic-friendly biz solutions: Startup scene set to shift in post-pandemic Korea
The COVID-19 outbreak shook up the startup scene around the globe. While many suffered, some well-placed companies, like US-based videoconferencing firm Zoom, saw explosive growth because they offered pandemic-friendly solutions. Hwang Jong-duck, who helps foreign startups enter the South Korean market, sees plenty of opportunities for Zoom-like success in Korea as disruptive solutions gain ground in everyday life and spread to a wider range of business sectors. “Firms are now launchi
Dec. 20, 2020
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Dongsuh makes W5m year-end donation
South Korean food and beverage manufacturer Dongsuh Foods and its holding firm, Dongsuh Companies, made year-end donations worth 550 million won ($500,000), the companies said Sunday. The donations are for the Community Chest of Korea, ChildFund Korea and the Korea Foundation for Women, according to the companies. The money will be spent on basic necessities for low-income families as well as medical care for children from those families. “We have decided to deliver the donation dur
Dec. 20, 2020
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Auto industry goes for contactless business model amid COVID-19
Due to the repeated resurgence of COVID-19 and the prolonged market fallout, the contactless business trend has become an inevitable reality even for hardcore manufacturing sectors such as automobiles. While major carmakers sought to expand online promotion channels for their newly launched vehicles, tire companies focused on providing non-face-to-face callouts for repairs and replacement. Genesis, the luxury automobile brand from South Korea’s second-largest conglomerate, Hyundai Motor
Dec. 20, 2020
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S-Oil to explore hydrogen, fuel cell business
S-Oil will make a foray into hydrogen, fuel cell and recycling businesses as part of its strategy to transform into a total energy-to-chemical company by 2030, it said Sunday. CEO Hussain A. Al-Qahtani unveiled the new growth strategy, dubbed “Vision 2030,” detailing the Korean refinery’s response to the global trend of energy transition and carbon neutrality. To keep in line with South Korean government’s plan to curb carbon emissions, the company laid out an invest
Dec. 20, 2020
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Businesses brace for near shutdown
As South Korea’s daily coronavirus tally rose to a new record on Sunday, local businesses are bracing for a possible upgrade in the country’s social distancing rules to the toughest level yet – a partial shutdown. While Level 3 of the government-set five-tier social distancing scheme is expected to decimate conventional retail industries, export-driven sectors such as mobile phones and semiconductor chips are less likely to be massively affected, experts and industry insiders
Dec. 20, 2020
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Hanjin Group speeds up asset divestments to cope with pandemic
Hanjin Group, which controls South Korea‘s largest aviation firm Korean Air Lines, is speeding up asset divestments to secure cash in an apparent effort to cope with the COVID-19 pandemic, filings showed Sunday. Hanjin Group’s holding company Hanjin KAL is poised to sell a 100 percent stake in a golf course developer Jedong Leisure to an undisclosed buyer for 23 billion won ($20.9 million). The company, located in Jeju Island, has sought to lay out a golf course development project
Dec. 20, 2020
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Local refineries to log massive losses, but recovery in sight
South Korea’s refinery industry is projected to hemorrhage massive losses of over 5 trillion won ($4.5 billion) this year, but it may be nearing the end of a tunnel with the arrival of COVID-19 vaccines, industry sources and experts said Sunday. As the demand for oil shows no sign of immediate recovery in the fourth quarter of this year, due to the prolonged coronavirus outbreak, four major Korean refineries -- SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank -- are widely expected to
Dec. 20, 2020