Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Is NewJeans headed for a long 'break'?
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S. Korea, Cambodia forge strategic partnership
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Kepco to raise electricity prices as total debt soars past W200tr
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S. Korea’s economy returns to growth in Q3 due to improved exports
The South Korean economy in the July-September period marked the first quarterly expansion since the COVID-19 outbreak, reflecting the recent rebound in exports, central bank data showed Tuesday. While the government displayed some optimism over the latest turnaround, monetary authorities continued their wait-and-see approach, citing uncertainties such as the imminent US presidential election and the apparent coronavirus flare-up in Europe. The country’s real gross domestic product for
Oct. 27, 2020
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Doosan Mobility Innovation to break into overseas drone market
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs for drones, said Tuesday it will make inroads overseas to expand its presence in the power cable-checking system. To that end, DMI signed a preliminary deal with the Korea Electric Power Research Institute (KEPRI), a R&D subsidiary of the state-run Korea Electric Power Corp. (KEPCO), the company said. Under the deal, both sides plan to share their patent technologies and sales networks, and KEPRI's automated p
Oct. 27, 2020
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Corporate land ownership in S. Korea on steady rise
Corporate ownership of land in South Korea has been on a steady rise in recent years amid rising criticism of conglomerates' real estate investment, government data showed Tuesday. South Korean companies owned 6.953 square kilometers of land in 2019, up 1.7 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. It represents 11.3 percent of the country's total land area, up from a 10.1 percent share in 2012. Corporate land ownership had bee
Oct. 27, 2020
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Biz sentiment for Nov. improves amid eased virus restrictions: survey
Business sentiment in South Korea improved for November as domestic consumption expands on eased social distancing rules amid the coronavirus pandemic, a local think tank said Tuesday. The business survey index (BSI) of the country's top 600 companies by sales came to 99.5 for November, up from the 84.6 for October, the Korea Economic Research Institute (KERI) said in a statement. "Eased social distancing rules have helped improve companies' profitability. But it's too early
Oct. 27, 2020
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Korea Zinc Inc Q3 net income up 7% to W170.4b
Korea Zinc Inc on Tuesday reported its third-quarter net income of 170.4 billion won ($150.9 million), up 7 percent from a year earlier. The company said in a regulatory filing that operating profit for the July-September period rose 28 percent on-year to 267.4 billion won. Revenue increased 14.2 percent to 1.97 trillion won. The operating profit was 33.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The esti
Oct. 27, 2020
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Samsung Card Q3 net income up 41.1% to W128.1b
Samsung Card Co. on Tuesday reported its third-quarter net income of 128.1 billion won ($113.4 million), up 41.1 percent from a year earlier. The company said in a regulatory filing that it posted 173.4 billion won in operating profit for the quarter, compared with 120.1 billion won a year ago. Sales fell 10.4 percent to 772.1 billion won. The operating profit was 22.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Ag
Oct. 27, 2020
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Credit card loans jump 34% in Sept.
Credit card loans in South Korea soared more than 34 percent in September as cash-strapped people scrambled to borrow from card firms amid a protracted coronavirus outbreak, industry data showed Tuesday. New loans extended by seven credit card firms -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- reached 4.2 trillion won ($3.7 billion) last month, up 34.3 percent from a year earlier. September represents the second-consecutive month of an on-year increase following an 11.7 p
Oct. 27, 2020
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S. Korea's economy returns to growth in Q3 as pandemic-caused trade slump eases
South Korea's economy returned to modest growth in the third quarter, marking the first quarterly expansion since the coronavirus pandemic began, as exports showed signs of improvement, the Bank of Korea (BOK) said Tuesday. In the July-September period, the nation's real gross domestic product (GDP) grew 1.9 percent from the previous quarter, when it shrank 3.2 percent, according to the BOK data. The third-quarter reading marked the fastest expansion since the first quarter of 2010. Compare
Oct. 27, 2020
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S. Korea's Oct. exports tipped to fall 3.12%: poll
South Korea's exports are expected to decrease 3.12 percent on-year in October after enjoying a brief rebound the previous month, due mainly to the resurgence of new coronavirus cases around the globe. The country's outbound shipments are estimated to reach $45.1 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on seven local brokerage houses. Imports were estimated to reach $41.3 billion
Oct. 27, 2020
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Government sticks with 'fiscal soundness rule' despite resistance
Despite ongoing controversies and criticism even from within the ruling party, the South Korean government is set to introduce the so-called “fiscal soundness rules” to impose risk management limits to the nation’s fiscal spending, officials said Monday. Recognizing the political and legislative hurdles, the government also hinted at using executive powers to push ahead with the plan, if the related bill fails to obtain parliamentary approval in time. “(The government)
Oct. 26, 2020
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Bank overdrafts, card loans on sharp rise among 20-somethings
Amid a prolonged economic contraction and shrinking employment rate, South Koreans in their 20s have increasingly become debt-ridden, depending on bank overdrafts and credit card loans, data showed. The outstanding balance of bank overdrafts and card loans extended to 20-somethings totaled 2.14 trillion won ($1.91 billion) as of end-June, up sharply from 1.97 trillion won and 2.07 trillion in 2018 and 2019, respectively, said Rep. Jeon Jae-su of the ruling Democratic Party, quoting data
Oct. 26, 2020
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Stung by hefty recall provisions, Hyundai, Kia deliver poor Q3 results
Hyundai Motor Co. and its affiliate Kia Motors Corp. on Monday posted lackluster third-quarter earnings results due to hefty provisions for recalls and quality management. For the three months that ended in September, Hyundai swung to a net loss of 188.8 billion won ($167 million) from a net profit of 460.5 billion won a year ago. Kia's net profit plunged 59 percent to 133.68 billion won from 325.80 billion won during the same period, the companies said in separate statements. Hyundai and Kia
Oct. 26, 2020
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Hyundai Rotem swings to black in Q3
Hyundai Rotem Co. on Monday reported its third-quarter net profit of 4.6 billion won ($4.1 million), swinging from a loss of 117.5 billion won a year earlier. Operating income for the July-September period was 31.1 billion, compared with a loss of 96.6 billion won a year ago, the company said in a regulatory filing. Revenue rose 8.8 percent to 693.2 billion won. The operating profit was 70.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data
Oct. 26, 2020
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SsangYong Motor Q3 net losses slightly narrow on reduced costs
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its third-quarter net losses narrowed from a year earlier, helped by reduced costs. Net losses for the three months that ended in September narrowed to 102.44 billion won ($90 million) from 107.9 billion won in the same period of last year, the company said in a statement. "The company's drastic cost-cutting efforts in wages and welfare benefits for employees helped narrow the quarterl
Oct. 26, 2020
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S. Korea to donate W6b to developing nations in Southeast Asia
South Korea said Monday it has inked an agreement with the United Nations Development Programme to provide 6 billion won ($5.3 million) in aid to build sustainable infrastructure in farms in Southeast Asia. The fund, set to be provided over the next three years, will be spent to install solar facilities at farms in Myanmar and Cambodia, according to the Ministry of Agriculture, Food and Rural Affairs. It marked the first time for the agricultural ministry to officially join forces with the UND
Oct. 26, 2020
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S. Korea approves $200m in aid for developing nations fighting pandemic
SEJONG -- South Korea's finance ministry said Monday it has approved $200 million in health care aid for three Asian nations to better combat the coronavirus pandemic. The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus. The three nations are the Philippines, Cambodia and Bangladesh. The fund is expected to help developing nations build testing and
Oct. 26, 2020
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Imported commercial car sales jump 26% in September
Sales of imported commercial vehicles in South Korea jumped 26 percent last month from a year earlier on robust sales of Scania and Iveco trucks, an industry association said Monday. The number of newly registered imported commercial vehicles rose to 383 units in September from 304 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. "Increased sales of Scania and Iveco trucks helped offset decreased sales of MAN and Mercedes-Benz trucks la
Oct. 26, 2020
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Samsung Electro-Mechanics Q3 net jumps on demand recovery
Samsung Electro-Mechanics Co., a major electronics components maker in South Korea, on Monday reported robust third-quarter earnings on firm demand amid the novel coronavirus pandemic. The Samsung Group affiliate chalked up a net profit of 240 billion won ($212.5 million), up 119.4 percent from a year earlier. The company said in a regulatory filing that it posted 302.5 billion won in operating profit for the July-September period, up 59.9 percent from a year ago. Sales rose 3.3 percent on-ye
Oct. 26, 2020
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Pandemic, brisk exports may boost instant noodle makers' Q3 earnings: survey
South Korea's major instant noodle makers are estimated to have posted solid earnings in the third quarter, as demand from stay-at-home consumers rose amid the pandemic and sales in overseas markets remained robust, a survey showed Monday. The combined operating profit of Nongshim Co., Samyang Foods Co. and Ottogi Co. is projected to have reached 107.1 billion won ($94.9 million) in the July-September period, up 31.6 percent from a year earlier, according to the survey by Yonhap Infomax, the fi
Oct. 26, 2020
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Key Samsung units surge as succession issue looms following group chief's death
Shares in Samsung Group's key affiliates closed higher Monday on expectations that they may increase dividend payouts to help the late Samsung chief's scions secure funds to pay record high inheritance taxes and they may overhaul their governance structures. Samsung Group chief Lee Kun-hee died Sunday at age 78, more than six years after being hospitalized for a heart attack. Shares in three Samsung affiliates held by the late group chief spiked in the morning session as investors bet that th
Oct. 26, 2020