Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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[Behind the Wheel] Genesis G70 lives up to expectations
Expectations were high for Genesis’ second compact luxury sports utility GV70. When the car was unveiled online in early December, the website temporarily went down as consumers flocked to check out the mid-sized successor to the brand’s first SUV, GV80, launched here in January to rave reviews and strong sales. It turned out Hyundai Motor, the Korean carmaker behind the Genesis brand, has done quite well in meeting those expectations. The GV70 offers a fine driving experience an
Dec. 23, 2020
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Retail sales up in Nov. on nationwide sales event
Retail sales in South Korea moved up 6.3 percent in November from a year earlier on the back of the nationwide consumption-boosting events aimed at overcoming the economic jitters from the COVID-19 pandemic, data showed Wednesday. The combined sales of 26 major offline and online retailers reached 12.41 trillion won ($11.2 billion) last month, up from 11.68 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The annual Korea Sale FESTA kic
Dec. 23, 2020
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Daewoo E&C wins $455m deal from Mozambique
Daewoo Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a $455 million order to build two liquefied natural gas (LNG) production trains in Mozambique. Under the deal signed with CCS joint venture, Daewoo E&C will handle steel structures, mechanics, piping works and electronic instruments in the project at the Afungi Industrial Complex in northern Mozambique. The joint venture, a special purpose company set up for the project, is composed of US o
Dec. 23, 2020
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Seoul stocks open higher on tech advances
South Korean stocks opened higher Wednesday, backed by strong advances by giant tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.59 points, or 0.53 percent, to 2,748.27 in the first 15 minutes of trading. The index rebounded after a 1.6 percent plunge the previous session, as optimism for a better corporate environment next year pushed up tech stocks. On Wall Street, the tech-heavy Nasdaq composite advanced 0.51 percent, while the Dow Jones Industrial Average close
Dec. 23, 2020
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S. Korea to control abuse of chemicals in meat, fishery products
South Korea said Wednesday it plans to adopt the positive list system (PLS) to regulate the maximum residue limit of chemicals in meat and fish products in 2024. Under the measure, South Korea will set the ceiling of 0.01 milligrams per kilogram concerning the use of any types of drugs other than those from the positive list, according to the Ministry of Agriculture, Food and Rural Affairs. "The new rule is designed to prevent the misuse or abuse of unauthorized animal drugs and to enhanc
Dec. 23, 2020
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Hyundai Motor takes over GM plant in Russia
Hyundai Motor Co. said Wednesday it has acquired General Motors Co.'s auto plant in Russia to step up its vehicle production in the nation. The South Korean automaker finalized the deal in early November to buy the American carmaker's assembly line in Saint Petersburg, a company spokesperson said, without elaborating on the amount and production schedule at the plant.The GM plant, which has an annual production capacity of around 100,000 vehicles, opened in 2008 but suspended operations in 2015
Dec. 23, 2020
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Samsung to remain top global TV seller for 15th year: report
Samsung Electronics Co. is expected to remain the world's leading TV vendor for the 15th straight year in 2020 on brisk demand caused by the coronavirus pandemic, a report said Wednesday. The South Korean tech behemoth is forecast to sell 49.02 million TVs this year after shipping 33.92 million units in the first three quarters of the year, according to the report from market researcher Omdia. The estimate is up 11.2 percent from the previous year and marks the largest annual sales number sinc
Dec. 23, 2020
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Dongbu-led consortium picked as preferred bidder for Hanjin Heavy
A consortium led by construction company Dongbu Corp. was picked Tuesday as the preferred bidder for the controlling stake of Hanjin Heavy Industries & Construction Co., the troubled shipbuilder said. A group of Hanjin's creditors, led by the Korea Development Bank, reached the decision during a meeting earlier in the day, Hanjin said in a regulatory filing. The Dongbu consortium beat two competitors, including a group led by SM Line Corp, to acquire a 83.45 percent stake in Hanjin Heavy
Dec. 22, 2020
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Bibigo frozen dumplings log W1tr sales in 2020
Sales of Bibigo frozen dumplings have exceeded 1 trillion won this year, the company behind the brand said Tuesday. Bibigo owner CJ CheilJedang said sales of Bibigo dumplings stood at 1.03 trillion won ($930 million) in 2020, with 65 percent of the revenue coming from overseas. Bibigo’s sales of dumplings have shown steady growth in Korea and in other countries, and this year’s sales were double from that of 2017, when the combined sales in domestic and overseas markets was 506 b
Dec. 22, 2020
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Samsung scions to be liable for record-high inheritance tax
Samsung shares came under the market spotlight as the amount of inheritance tax was set at a record 11.03 trillion won ($9.96 billion) based on closing prices of the stocks on Tuesday. Among shares held by late Samsung chairman Lee Kun-hee are those of tech giant Samsung Electronics, IT solutions developer Samsung SDS, construction firm Samsung C&T, and insurer Samsung Life Insurance. According to the nation’s sole securities exchange operator Korea Exchange, the value of Lee&rsquo
Dec. 22, 2020
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G+FLAS Life Sciences selected as a preliminary unicorn company
Biotech company G+FLAS Life Sciences, Inc. has been selected as a preliminary unicorn company eligible for special guarantee support by the Ministry of SMEs and Startups. The special guarantee for preliminary unicorns can be applied for by companies with proven innovation, growth potential, and market evaluation, or companies with a corporate value of 100 billion won or more and with high grades in technology evaluation. G+FLAS was one of the 15 finalists selected through a national recommenda
Dec. 22, 2020
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Daesung chief wins top honor in yearly energy award
Kim Young-hoon, chairman of South Korean energy conglomerate Daesung Group, has received top-grade recognition for his contribution to the country’s energy efficiency, the company said Tuesday in a release. The businessman was awarded the Distinguished Silver Tower Order of Industrial Service at the 2020 Korea Energy Awards, held at the Grand InterContinental Seoul Parnas Hotel. The newly added Silver Tower is the highest acclaim for the Korean energy sector, outrunning the Bronze Tower,
Dec. 22, 2020
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Business groups protest against industrial accident bill
South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul.
Dec. 22, 2020
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Government to supply 460,000 housing units in 2021
Finance Minister Hong Nam-ki said Tuesday that the government will provide 460,000 housing units next year, while strengthening monitoring on manipulation attempts in the real estate market. “If the plan is implemented without any hitches, we expect it will help stabilize the market as (we are set to) supply more new homes than the average amount,” Hong said during a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex. Over
Dec. 22, 2020
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Will COVID-19 treatment be Celltrion founder’s retirement legacy?
Late on the front of coronavirus vaccine development and procurement, South Korea is pinning hopes on one particular company to provide the much-needed relief in this dark, pandemic winter -- Celltrion. The company is expected to announce in coming days results of its global clinical phase 2 trial of an anti-COVID-19 monoclonal antibody treatment candidate, CT-P59. Celltrion’s media-friendly founder and chairman Seo Jung-jin has said plenty of times that its drug, if approved, would &l
Dec. 22, 2020
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SK Materials invests $17m in US startup for battery-enhancing tech
SK Materials said Tuesday it has invested $17 million in a US-based startup developing advanced materials that can enhance the energy density of lithium-ion batteries by 50 percent. According to the South Korean manufacturer of special gases and IT materials, the investments, which were made together with US-based venture capital firm OVP Venture Partners, will allow Group14 Technologies to ramp up its pilot production facility and help with the startup’s groundbreaking of a large-scale
Dec. 22, 2020
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Samsung, SKT and Kakao join hands for pandemic-forecasting AI
Samsung Electronics will join forces with South Korea‘s largest mobile carrier SK Telecom and the country’s top mobile messenger operator Kakao to develop an artificial intelligence platform that alerts users of coronavirus risks in advance. According to the companies Tuesday, a joint research and development group has been formed with an aim to introduce the platform by early next year. The current emergency text alert system, run by the government, offers information of confirm
Dec. 22, 2020
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Hyundai to halt local plant for 2 weeks for inventory adjustment
Hyundai Motor Co., South Korea's biggest carmaker, said Tuesday it will suspend one of its domestic plants for two weeks to control inventories amid the COVID-19 pandemic. Hyundai Motor plans to suspend the Asan plant, which produces the Sonata and Grandeur sedans, from Wednesday through Jan. 6 due mainly to weak sales of the Sonata model, a company spokesman said. The sale of the Sonata sedan plunged 31 percent to 63,078 units from January to November compared with the same period of last yea
Dec. 22, 2020
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Seoul stocks dip over 1.5% on virus concerns
South Korean stocks dipped more than 1.5 percent Tuesday after the benchmark index closed at an all-time high in the previous session, largely on concerns of the spreading COVID-19 cases at home and abroad. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 44.97 points, or 1.62 percent, to close at 2,733.68. Trading volume was high at about 1.2 billion shares worth some 19.6 trillion won ($17.7 billion), with losers outnumbering gainers 783
Dec. 22, 2020
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Thom Browne to launch perfume line in Korea
US fashion brand Thom Browne said on Tuesday it will launch its perfume line in Korea. A total of six perfumes will be released, including “09.27.65 Eau de Parfum,” also known as Vetyver Absolute, and “09.27.65.01 Eau de Parfum,” which is also called the Vetyver and Cucumber. The fragrances contain a high concentration of Haitian Vetyver oil and its vetyver blend serves as the base signature of the products. The names reference designer Thom Browne’s birthday of
Dec. 22, 2020