Most Popular
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Probe of first lady on Dior bag allegations set to begin
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Coupang earnings hit hard by losses from ailing Farfetch
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Consumer financing firms' H1 net up 22% on decreased provisions
Consumer financing firms in South Korea saw their combined net profit rise 22.2 percent on-year in the first half of the year due to a sharp decline in loan-loss provisions, data showed Monday. The combined net profit of 110 credit-specialized financial firms stood at 1.33 trillion won ($1.1 billion) in the January-June period, compared with a profit of 1.08 trillion won a year earlier, according to the data by the Financial Supervisory Service (FSS). Their interest income rose 3.1 percent on
Sept. 28, 2020
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Internet banking transactions at new record high in H1
South Korea's internet banking services continued to grow in the first half, with the number of users and daily transactions rising to new highs, central bank data showed Monday. The number of internet banking, including mobile banking, came to 164.8 million as of end-June, up 3.5 percent from six months earlier, according to the data from the Bank of Korea (BOK). The figure is the simple sum of all registered users at 18 internet and mobile banking service providers in the country, meaning t
Sept. 28, 2020
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Creditor invites preliminary bidders for Hanjin Heavy
Cash-squeezed Hanjin Heavy Industries & Construction Co. said Monday its main creditor Korea Development Bank (KDB) has invited preliminary bidders in order to sell its controlling stake in the shipyard. KDB plans to finalize the preliminary bidding by Oct. 26 to sell all or part of the 83.45 percent stake in Hanjin Heavy Industries, the shipbuilder said in a regulatory filing. The 83.45 percent stake is owned by seven local financial institutions including KDB and three Filipino financi
Sept. 28, 2020
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Biz sentiment for Oct. still remains weak on virus impact: survey
Business sentiment in South Korea remains weak for October due mainly to the new coronavirus' impact on major industries, a local think tank said Monday. The business survey index of the country's top 600 companies by sales came to 84.6 for October, slightly up from the 83.5 for September, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The BSI has stayed b
Sept. 28, 2020
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Kia's local plant unfazed by 3 new cases
Kia Motors Corp. said Monday most of its domestic plants are in operation as three new coronavirus cases reported Sunday were not related to assembly line workers. Kia said Sunday three assembly line workers in the Sohari plant in Gwangmyeong, south of Seoul, were infected with the coronavirus but corrected the information the following day. "The three confirmed cases turned out to be related to relatives of the plant's assembly line workers. So the plant's operation wa
Sept. 28, 2020
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Q3 economic growth tipped to rebound: minister
The South Korean economy is expected to rebound in the third quarter from a trough three months earlier, but the pace of recovery may be sharply curbed by a flare-up in virus cases, the finance minister said Monday. Finance Minister Hong Nam-ki said the government will make all-out efforts to boost the economic growth in the fourth quarter with massive fiscal spending. "A rebound in the economic growth is tipped to be considerably limited by the resurgence of COVID-19," Hong said in
Sept. 28, 2020
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Kia reports 3 additional virus cases at local plant
Kia Motors Corp. said Sunday three assembly line workers at one of its domestic plants tested positive for the new coronavirus, and a decision on whether to suspend the plant's operations will be made soon. "The plant is not in operation as it is Sunday. The company will make a decision on whether to (temporarily) halt the Sohari plant in Gwangmyeong tomorrow," a company spokesman said over the phone. Kia, the country's second-biggest carmaker, halted the operations of the Sohari pla
Sept. 27, 2020
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US trade panel supports LG Chem in battery case with SK Innovation
The US International Trade Commission (ITC) has voiced support for LG Chem Ltd.'s call for sanctions on its rival SK Innovation Co. in connection with a legal dispute over battery patents, LG Chem said Sunday. In response to LG Chem's request for the issuance of an order sanctioning SK Innovation, the investigative staff of the US International Trade Commission (ITC) has supported LG Chem ahead of a crucial verdict over their electric vehicle (EV) battery patent case next month. In the
Sept. 27, 2020
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S. Korea’s consumer sentiment sees sharp drop in Sept. amid stricter social distancing rules
South Korea’s composite consumer index shed the most points in six months in September, feeling the impact of stricter social distancing rules following the COVID-19 resurgence, central bank data showed Friday. The index dropped 8.8 points on-month to 79.4 in September, which also marked the sharpest dip in six months and the first decline since April, according to data released by the Bank of Korea. A reading below 100 means pessimists outnumber optimists. The September reading broke th
Sept. 25, 2020
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S. Korea to spend 94b won this year to develop homegrown COVID-19 vaccine
South Korea will spend a total of 94 billion won ($80.3 million) this year to help local firms develop homegrown vaccines and treatment drugs to fight the coronavirus pandemic, officials said Friday. The government also plans to set aside 260.4 billion won next year to develop vaccines and treatment drugs against the new coronavirus, officials said. The plan came after senior officials held a pan-government meeting with executives from pharmaceutical and biotechnology firms earlier in the day.
Sept. 25, 2020
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S. Korea's trade terms rise for 5th straight month in Aug.
South Korea's terms of trade rose for the fifth straight month in August, as import prices fell at a faster pace than export prices, central bank data showed Friday. The country's net terms-of-trade index for goods -- a gauge of trade terms -- came in at 96.75 in August, up 6.7 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the fifth straight month of an on-year rise since April, when the trade terms posted the first on-year gain in over two
Sept. 25, 2020
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Imported commercial car sales up 2.3% in August
Sales of imported commercial vehicles in South Korea rose 2.3 percent last month from a year earlier on robust sales of Mercedes-Benz trucks, an industry association said Friday. The number of newly registered imported commercial vehicles rose to 318 units in August from 311 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. "Increased sales of Mercedes-Benz and Scania trucks helped the monthly results," a KAIDA official said. &
Sept. 25, 2020
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Coronavirus sends S. Korea's consumer spending indoors plunging: expert
The coronavirus pandemic has resulted in a plunge in South Korean consumers' spending at department stores, cinemas and other large indoor facilities, an expert said Friday. In contrast, consumer spending at outdoor and small facilities, including neighborhood grocery stores and camping sites, has gone up, said Lee Jae-ho, head of the Digital Economy Institute of Kakao Mobility. "The COVID-19 outbreak has caused the frequency of visits to duty-free shops and department stores and large di
Sept. 25, 2020
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Prosecutors raid KEB Hana Bank over Optimus fund fiasco
Prosecutors on Thursday raided KEB Hana Bank‘s headquarters in Seoul in an apparent move to add fresh fuel to the investigation of Optimus Asset Management’s private equity fund misselling. KEB Hana Bank was one of trustee banks of the disputed funds. According to the Seoul Central District Prosecutors’ Office, investigators searched the lender’s consignment sales unit to seize computer drives and documents related to the case. The main purpose of the search is to fi
Sept. 24, 2020
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Vice Minister warns against forex market volatility
South Korea’s vice finance minister on Thursday warned that the local foreign exchange market may face higher volatility amid external factors such as the COVID-19 resurgence in Europe and the reignited US-China conflict. “There are currently various factors which may increase volatility in the global financial market, including the resurgence of COVID-19 in Europe and the escalating tension between the US and China ahead of the US presidential election,” said Kim Yong-beom
Sept. 24, 2020
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Renault Samsung to suspend plant operations amid pandemic
Renault Samsung Motors Corp. said Thursday it will suspend its sole plant in South Korea until mid-October to control inventories amid the COVID-19 pandemic. Renault Samsung will halt the operation of the Busan plant, 450 kilometers southeast of Seoul, from Friday through Oct. 18, a company spokesman said over the phone. "The plant will be suspended for 11 working days as the Chuseok holiday falls on Sept. 30 and lasts through Oct. 5 for carmakers," he said. The company and its l
Sept. 24, 2020
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Biz community anxious about 'anti-corporate' regulations
South Korean business lobby groups said Thursday a series of bills that they claim would hurt corporate activities should be further discussed as they will have a far-reaching impact on their business operations and the economy as well. The government is pushing to pass a package of bills to prevent power abuse by large conglomerates, help improve corporate governance structures and strengthen the financial health of financial companies. Also, the government is seeking to expand class-action
Sept. 24, 2020
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S. Korean economy to worsen in H2 on virus impact: KERI
South Korea's economy is expected to deteriorate further in the second half of the year due to the prolonged coronavirus pandemic, a leading private think tank said Thursday. Asia's fourth-largest economy is likely to contract 3.8 percent on-year in the July-December period, worse than a 2.9 percent contraction projected in the second quarter, according to the Korea Economic Research Institute (KERI). After posting a negative growth rate of 0.7 percent in the first half, the economy is project
Sept. 24, 2020
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Over 2 in 10 S. Korean firms unlikely to service their debts
More than two in every 10 South Korean listed companies are unlikely to service their debts with earnings this year due to the fallout from the coronavirus pandemic, South Korea's central bank said Thursday. The Bank of Korea estimated that 21.4 percent of the listed companies will have an interest coverage ratio below 1 this year. Last year, the proportion of marginal companies hit a record high of 14.8 percent since the central bank began compiling related data in 2010. The interest coverag
Sept. 24, 2020
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S. Korea puts spurs to COVID-19 relief fund payment ahead of holiday
The first batch of the emergency relief funds for the socially vulnerable will be handed out starting Thursday, following the National Assembly’s approval of the extra budget bill worth 7.8 trillion won ($6.7 billion), officials said Wednesday. The government’s target timeline is to distribute 80 percent of the total budget, or 6.3 trillion won, ahead of the Chuseok holiday that is to start on Sept. 30. The Ministry of Economy and Finance held an emergency fiscal status meeting
Sept. 23, 2020