Most Popular
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Conflict erupts over ruling camp's takeover plan
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Motion to impeach Yoon Suk Yeol scrapped
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Can Yoon be suspended without impeachment?
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Bill to investigate Kim Keon Hee fails to pass
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[Breaking] Majority of ruling party lawmakers exit after vote on first lady probe
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[Breaking] Yoon to step back from state affairs, diplomacy: ruling party leader
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KG leaves VCHA citing 'abuse and mistreatment'
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Bumpy road ahead for Korean economy
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Singing K-pop, chanting slogans, masses fill Seoul streets for and against impeachment
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[News Analysis] How will North Korea react to South Korea’s political crisis?
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Retail sales up 18.5% in March on spring promotions, revenge shopping
Retail sales in South Korea jumped 18.5 percent in March from a year earlier on the back of seasonal promotions by offline stores, with local consumers also turning to "revenge shopping" amid the prolonged virus pandemic. The combined sales of 26 major offline and online retailers reached 13.1 trillion won ($11.7 billion) last month, up from 11.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores jumped
April 27, 2021
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S. Korea to increase more shipping services amid freight price hike
South Korea said Tuesday it will strengthen support to exporters facing a hike in freight costs by increasing marine shipping services amid the recovery of global trade from the new coronavirus pandemic. Under the plan, South Korea plans to add two new scheduled services for the route to the Americas per month to cope with a shortage in shipping, according to the Ministry of Trade, Industry and Energy. The government plans to add more ships for routes to Europe and Southeast Asia depending on
April 27, 2021
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S. Korea's demand for natural gas expected to rise 15% through 2034
South Korea's demand for natural gas is expected to rise 15 percent through 2034, data showed Tuesday, on the back of higher demand from hydrogen fuel cell cars and liquefied natural gas (LNG) bunkering ships. The country's annual demand for natural gas is expected to reach 47.9 million tons in 2034, compared with 41.7 million tons estimated for this year, according to the Ministry of Trade, Industry and Energy. Of the volume, the demand from the industrial segment is especially anticipated to
April 27, 2021
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Samsung Card Q1 net up 23.4% amid rising consumption
Major South Korean credit card issuer Samsung Card Co. said Tuesday its net profit soared nearly 23 percent in the first quarter of the year on a rebound in consumer confidence. Net profit stood at 138.4 billion won ($124.7 million) in the January-March period, up 23.4 percent from a year earlier, the company said in a regulatory filing. Operating profit jumped 23.1 percent on-year to 185.3 billion won, with sales rising 0.6 percent to 918.1 billion won. Samsung Card attributed its stellar fi
April 27, 2021
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Korean refiners' Q1 exports hit 10-year low
South Korean refiners' exports fell to the lowest level in 10 years in the first quarter of the year as global oil demand remained low amid the prolonged COVID-19 pandemic, industry data showed Tuesday. Oil and petrochemical products shipped by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 90.94 million barrels in the first quarter of the year, down 27.4 percent from a year earlier, according to the data compiled by the Korea Petroleum Association. The t
April 27, 2021
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Seoul stocks open lower ahead of US FOMC meeting
South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC). The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.15 percent, to 3,212.78 points in the first 15 minutes of trading. Stocks got off to a lackluster start on increased valuation pressure, as investors wondered whether to sell stocks for profit after the KOSPI's three-day gains. Concerns about early post-pandemic inflation re
April 27, 2021
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[Newsmaker] Biz community joins calls for pardon of Samsung heir
South Korea's major business lobby groups on Tuesday said they have submitted a petition for the pardon of Lee Jae-yong, the imprisoned de facto leader of Samsung Group, to the presidential office for the sake of the national economy amid a global semiconductor shortage. The five major lobby groups -- the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, the Korea Federation of SMEs, the Korea International Trade Association and the Federation of Middle Market Enterprise
April 27, 2021
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Sales of derivatives-tied securities dip in 2020
Sales of derivatives-linked securities in South Korea dropped 30.3 percent on year in 2020, partly due lower demand following the misselling of derivatives-linked funds, data showed Tuesday. The combined value of equity-linked securities (ELS) and derivatives-linked securities (DLS) issued last year came to 91.3 trillion won ($82 billion), down 39.7 trillion won from a year ago, according to the data from the Financial Supervisory Service. The products are structured to track the performance o
April 27, 2021
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S. Korea's OTC market value tops W20tr
The value of stocks traded on South Korea's over-the-counter (OTC) market has surpassed the 20 trillion-won mark ($18 billion) for the first time in over six years on a recent market rally, data showed Tuesday. The capitalization of the K-OTC totaled 20.07 trillion won as of Monday, up some 215 billion won from the previous session, according to the data from the Korea Financial Investment Association (KOFIA). It marks the first time since Nov. 13, 2014, that the K-OTC's market value has excee
April 27, 2021
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S. Korea's economy grows faster than expected in Q1, heralding rebound this year
South Korea's economy expanded at a faster-than-expected pace in the first quarter, buoyed by a modest recovery of exports and fiscal policy support, amid signs that the economy is inching closer to pre-pandemic levels, the Bank of Korea (BOK) said Tuesday. Gross domestic product expanded 1.8 percent in the three months ended March 31 from a year ago, the BOK said. On a quarterly basis, Asia's fourth-largest economy expanded 1.6 percent, accelerating from a 1.2 percent expansion in the final qu
April 27, 2021
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SKIET’s blockbuster IPO busts Korean book building records
Amid expectations of surging global demand in the battery separators market, SK ie technology has gained keen attention from investors both at home and abroad ahead of its market debut next month, setting a record Monday in South Korean initial public offering market history. The battery materials subsidiary under SK Innovation wrapped up its two-day book building process Friday. While institutional investors placed bids for new shares for the IPO, a total of 1,734 domestic and foreign institu
April 26, 2021
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[Advertorial] Mercedes-Benz Korea stands as major donator among imported car brands
Mercedes-Benz Korea is steadily growing its social outreach programs to support local communities here, cementing its position as a corporate social responsibility leader among imported car brands. In the past six years following the launch of the programs in 2014, the Korean unit of the German automaker has donated a total of 30.1 billion won ($27 million), it said. That is among the top donations made by an imported car brand here, the company added. In 2020, Mercedes-Benz Korea donated ab
April 26, 2021
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Mind the gap: Navigating regional varieties in APAC private debt investing
While the demand for private debt investments in the Asia-Pacific region is expected to continue to soar, private credit investors -- which offer nonbank financing to companies or development projects there -- should take advantage of opportunities and be mindful of gaps in between countries, experts said. During the two-day PDI APAC Summit Virtual Experience 2021 that ended Thursday, international investors, asset managers and other investment professionals flocked to discuss opportunities tha
April 26, 2021
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[Behind the Wheel] Ioniq 5, a safe and pleasant interior space on the road
For Hyundai Motor, the Ioniq 5 is not only the first all-electric vehicle adopting its exclusive electric vehicle platform, but also a key indicator of the company’s business outlook in the fast-growing battery-operated vehicles space. Vying against global competitors such as Tesla, the automaker chose to optimize user experience through high-end interior materials, user-friendly interface and, most of all, an unrivaled, ultrafast charging system. The Korea Herald has recently take
April 26, 2021
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FSC head’s Bitcoin warning backfires, prompts calls to resign
A warning from the head of the nation’s financial regulator about the risks of investing in crypto assets has sparked criticism from traders of virtual coins, who reject his opinion that digital tokens are speculative tools. Financial Services Commission Chairman Eun Sung-soo on Thursday voiced concern about the recent crypto frenzy, saying “cryptocurrencies, which have no intrinsic value, are not a real currency,” during a meeting of the National Assembly’s National P
April 26, 2021
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Celltrion reports progress in phase 3 trial of COVID-19 drug candidate
Celltrion has completed administration of an experimental COVID-19 antibody treatment to a total of 1,300 people participating in its phase 3 clinical trial, the company announced Monday. The final stage of human tests of the drug candidate, known as Regkirona or CT-P59, is being conducted in 13 countries, including Korea, the US, Spain and Romania, the firm added. The treatment has cleared an emergency use authorization in Korea in February. The Seoul-based drug developer, specializing in
April 26, 2021
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Local company develops smart livestock management solution for pigs
South Korean livestock health management firm uLikeKorea announced the launch of an information and communication technology-based solution to detect symptoms of swine diseases, including African swine fever. Kim Hee-jin, CEO of uLikeKorea, claimed it is the world’s first and only such solution developed for pig farming. According to the firm’s press release, it uses a device that is inserted in a pig’s uterus to keep track of its activities, hormone levels and body temper
April 26, 2021
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SK E&C to ramp up efforts to secure emission rights
South Korean construction company SK E&C is speeding up the process to secure certified emission reduction credits in Korea and Vietnam, paving the way for potential renewable business opportunities in the future, the firm said Monday. The Seoul-based builder has so far committed to two Programs of Activities, one that is a modality of project development under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change and the other organized by the Enviro
April 26, 2021
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KT, Samsung Electronics launch world’s 1st nationwide emergency telecom network
Mobile carrier KT teamed up with Samsung Electronics to launch the world’s first emergency telecommunications network that covers the whole nation, KT said Monday. The system, based on wireless LTE technology, integrates the networks of 335 state institutes, such as the police, railway defense and firefighting agencies, and is available anywhere in Korean territory -- land or sea -- allowing for a swifter, coordinated response against major natural disasters and accidents. “The
April 26, 2021
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Seoul stocks up for 3rd day on recovery hopes, vaccination campaign
South Korean stocks closed up for a third consecutive session Monday, as progress in the local vaccination campaign and strong US economic data fueled hopes of a quick economic rebound from the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.43 points, or 0.99 percent, to close at 3,217.53 points. Trading volume was moderate at about 1.3 billion shares worth some 15.4 trillion won ($13.8 billion), with gainers outnumbering lo
April 26, 2021