Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Aging population to drive down Korea's housing prices from 2040: experts
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Seoul stocks hit fresh record high on US stimulus hopes
Seoul stocks hit fresh record high on US stimulus hopes South Korean stocks snapped their two-day losing streak to end at a fresh record high Wednesday, backed by optimism over the US stimulus talks and positive reports related to US biotech company Moderna's COVID-19 vaccine candidate. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.97 points, or 0.54 percent, to close at 2,771.79.Trading volume was high at about 1.1 billion shares wo
Dec. 16, 2020
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Stock investment loans surge as Kospi hits new high
The Kospi hit a new all-time high on Wednesday on growing hopes over US stimulus talks and reports on vaccine candidates, closing at 2,771.79. The tech-heavy Kosdaq also rose to 939.65, marking its highest level in nearly 19 years. Amid the continued stock market rally, the total amount of loans taken out for stock investments by individuals in South Korea has exceeded 19 trillion won ($17.37 billion) for the first time, market data showed. After crossing the 19 trillion-won mark Monday, the
Dec. 16, 2020
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LG Display’s 88-inch 8K OLED wins Prime Minister’s accolade
LG Display’s 88-inch 8K organic light-emitting diode display won the Prime Minister’s accolade at 2020 Korea Tech Show on Wednesday. The prized display is the first product with such cutting-edge specifications to be commercialized in the world, LG Display said. Prior to LGD’s 8K OLED, the advanced 8K display market had been dominated by liquid crystal displays. LGD’s 8K OLED is expected to be a game changer with every one of its 33 million pixels controllable for del
Dec. 16, 2020
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Samsung denies rumors of Galaxy Note series discontinuation
Samsung Electronics Co. on Wednesday denied rumors that it will discontinue the Galaxy Note series next year, saying the flagship phablet line will live on despite the rise of other premium devices. Speculation has arisen recently that Samsung may reconfigure its premium smartphone lineup with Galaxy Z foldables and Galaxy S devices after ditching the Galaxy Note family that is highlighted by S-Pen stylus features. "We are preparing to release the Galaxy Note series next year," a Sa
Dec. 16, 2020
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Korean Air, labor union agree to wage freeze, furlough amid pandemic
Korean Air Lines Co. and its labor union have agreed to freeze wages and put 70 percent of employees on furlough in the first half of 2021 to ride out the fallout of COVID-19, officials said Wednesday. About 70 percent of 12,600 employees at South Korea's largest air carrier have been taking unpaid leave since April as part of cost-cutting efforts to overcome the impact of the pandemic. In this year's negotiations, the management and the labor union agreed to freeze wages and maintain the furl
Dec. 16, 2020
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Pandemic is negatively affecting overseas property fund: FSC
The market watchdog Financial Supervisory Service said Wednesday the novel coronavirus outbreak has been posing a negative impact to the country’s real estate funds that invest in overseas properties. A real estate fund is an investment vehicle designed to pool money from both individual and institutional investors to trade in properties. To profit, the funds usually either purchase commercial real estate for lease or provide loans to companies working on infrastructure and industri
Dec. 16, 2020
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Samsung’s mobile chief hints at early launch of Galaxy 21, addition of S Pen
Roh Tae-moon, president of Samsung Electronics’ mobile business, suggested Wednesday through a blog post that the tech giant will unveil its flagship Galaxy S21 series in January, one month earlier than usual. Amid mounting rumors that Samsung would roll out the Galaxy S21 lineup next month, Roh raised the expectations of an early launch by saying, “I look forward to sharing more in January!” in his post titled “Samsung defines one-size fits-all mobile experiences with
Dec. 16, 2020
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S. Korean companies bet big on hydrogen for zero-emission goal
Major South Korean companies in carbon intensive industries are jacking up investment in hydrogen across sectors to cut their greenhouse emissions and capture new business opportunities in the emerging energy sector. Hydrogen can offer solutions in fields ranging from transport to energy storage as an alternative to fossil fuels and is an important pillar of President Moon Jae-in's Green New Deal initiative aimed at going carbon neutral by 2050 and developing renewable energy industries. To e
Dec. 16, 2020
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7 in 10 Koreans plan to travel abroad after COVID-19 vaccine development: poll
Seven out of 10 South Koreans plan to travel abroad after coronavirus vaccines are developed, a survey showed Wednesday. According to Incheon International Airport Corp.'s recent survey, 70.2 percent of South Koreans and 82 percent of foreign nationals said they have overseas travel plans after the development of COVID-19 vaccines is completed. The survey was conducted on 1,000 Koreans and 600 foreign nationals from China, Japan, Vietnam and other countries from Oct. 30 to Nov. 20. Of them,
Dec. 16, 2020
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Seoul stocks open higher on US stock gains
South Korean stocks opened higher Wednesday after overnight Wall Street gains, as investors pinned their hopes on a US stimulus deal. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.31 points, or 0.52 percent, to 2,771.13 in the first 15 minutes of trading. The KOSPI rebounded after a two-session retreat, despite the country's surging COVID-19 cases. Stocks increased on rosy expectations of a Santa rally, in addition to anticipations that the world's largest economy would ha
Dec. 16, 2020
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Korea Shipbuilding bags W407b order from Asia
Korea Shipbuilding & Offshore Engineering Co. said Wednesday that it has won a 407 billion won ($372 million) order from an Asian company. Under the deal, Hyundai Heavy Industries Co. is set to deliver two liquefied natural gas (LNG) carriers to the unidentified Asian company by October 2024, according to the unit of Korea Shipbuilding. On Tuesday, Korea Shipbuilding won three orders worth 601 billion won to build two LNG carriers and a very large crude carrier (VLCC). A LNG carrier wor
Dec. 16, 2020
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Samsung to expand foldables, hints at stylus support on other devices
Samsung Electronics Co. said Wednesday it plans to expand its foldable smartphone lineup next year and hinted that stylus support may be available to more Galaxy devices as the South Korean tech giant revealed its mobile business goals for 2021. Roh Tae-moon, who heads Samsung's mobile communications business, said the world's largest smartphone maker's diverse product portfolio will deliver "breakthrough capabilities." "True to our heritage of staying ahead of the curve with
Dec. 16, 2020
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S. Korea's export prices down for 4th straight month in November
South Korea's export prices fell for the fourth consecutive month in November as the local currency continued to strengthen against the US dollar, central bank data showed Wednesday. The country's export price index, in terms of the local currency, declined 0.8 percent in November from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the fourth consecutive month of on-month decline after the index rose for a third month in a row in July.
Dec. 16, 2020
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Bourse operator again delays decision on scandal-ridden Kolon TissueGene
South Korea's bourse operator on Tuesday delayed its decision on whether to delist the scandal-ridden drugmaker Kolon TissueGene, saying it needs more time to review the issue. The Korea Exchange said it will reopen a meeting on the fate of Kolon TissueGene, an affiliate of Kolon Life Science, later. It stopped short of announcing a specific date. A week earlier, the KRX postponed its decision on the matter. Kolon TissueGene was listed on the secondary Kosdaq market in 2017. The tradi
Dec. 15, 2020
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MSCI advanced index listing key to attracting foreign capital: expert
An extra 60 trillion won ($54.91 billion) worth of foreign funds could flow into the South Korean stock market if the nation joins the Morgan Stanley Capital Investment Advanced Market Index, a market expert suggested Tuesday. Korea, the world’s 10th-largest exporter, ranked No. 9 in terms of stock market capitalization, making it a candidate for the MSCI list of developed markets, said Lee Hyo-seob, a senior research fellow at the Korea Capital Market Institute, at a forum co-hosted by
Dec. 15, 2020
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With year-end parties canceled, alcohol industry targets home drinkers
Alcohol companies are eyeing home drinkers rather than bar goers during the first pandemic year-end season as a third wave of the COVID-19 outbreak threatens hospitality businesses across South Korea. In a more normal setting, restaurants and bars would be packed with group dinner reservations as the year draws to a close. But not this year, with venues being forced to close after 9 p.m. in Seoul and surrounding areas under strict social distancing rules. “As the hospitality sector has
Dec. 15, 2020
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World Expo 2030 Busan Korea to showcase Korea's advance
By bidding to host the 2030 World Expo in Busan, South Korea is striving for an opportunity that will enhance its national competitiveness and the city’s global brand status. As the nation’s second-largest city, Busan will be the first city in Korea to hold a World Expo if the bid succeeds. It is Korea’s first attempt to host a World Expo after 137 years of taking part in such events, starting with the Chicago Expo in 1893. A World Expo is one of the world’s three &ldquo
Dec. 15, 2020
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Hyundai Motor Group reshuffles execs in innovative push
South Korea’s second-largest conglomerate Hyundai Motor Group on Tuesday named the new chief for its flagship automaker unit, while promoting key leaders in future mobility sectors to affiliates’ top posts. The latest personnel reshuffle, marking the first of the kind since Chung Euisun was promoted to the group chairman position, was seen as the Korean auto group’s augmented signal to trail its blaze in future growth domains amid prolonged economic challenges and accelerati
Dec. 15, 2020
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Korea to quadruple renewable power by 2034, downsize nuclear, coal
Renewable energy will take up nearly 42 percent of South Korea’s power generation capacity by 2034, according to a blueprint for the national energy mix unveiled Tuesday. The final draft of the Ninth Basic Plan for Electricity Supply and Demand for the years 2020-2034, drawn up and released by the Ministry of Trade, Industry and Energy, reaffirms President Moon Jae-in’s commitment to move away from nuclear power and toward renewables. While the country’s electricity generat
Dec. 15, 2020
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Doosan bags W100b energy storage contract in Australia
Doosan GridTech, a US subsidiary of Doosan Heavy Industries & Construction, won a contract worth 100 billion won ($91.3 million) to install energy storage systems (ESS) in Australia, the biggest ESS contract Doosan has ever signed. According to Doosan Heavy on Tuesday, the subsidiary was awarded the contract from private power utility Vena Energy to supply a 150-megawatt-hour ESS in Queensland, Australia by next year. It will be the state’s largest such facility. Equipped with it
Dec. 15, 2020