Most Popular
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Seoul transit pass for travelers to be available starting July
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Controversy rekindled over when to name criminals, suspects
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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N. Korea says to deploy new multiple rocket launcher starting this year
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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[Newsmaker] Small business revenue bounces back amid ‘living with COVID-19’
Small business revenue has returned to pre-pandemic levels after the government kicked off the “living with COVID-19” scheme designed to gradually open up the economy, according to new data. According to Korea Credit Data’s database on Monday, revenue from small businesses during the first week of November saw a 10.4 percent jump on average compared to the same time one year ago. It was also up 2.6 percent compared to the previous week. Compared to the same week in 2019, befo
IndustryNov. 15, 2021
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[Newsmaker] Kim Jong-un’s prolonged absence from public stokes speculation
North Korean leader Kim Jong-un has been missing from public view for more than a month, fueling speculation over his whereabouts, as it marks his longest absence since 2014. The last time Kim appeared in a public setting was on Oct. 11 when he delivered a speech at a rare defense exhibition in Pyongyang that showcased the country’s new weaponry, according to state media. Since then there have been reports of him sending letters to foreign leaders and his people, but he ha
North KoreaNov. 14, 2021
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[Newsmaker] Gov’t sets W649b in loans for tourism industry in 2022
Gradually pivoting to a return to normal from the pandemic, the Korean government has mapped out efforts to attract foreign travelers and boost domestic tourism. The 6th National Tourism Strategy Meeting to discuss ways to attract tourists and revitalize the travel economy, chaired by the prime minister, was held Friday. The government made plans to inject 649 billion won ($550 million) in tourism loan funds next year, which is a 55 billion-won increase from this year, to aid the industry for
CultureNov. 12, 2021
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[Newsmaker] Higher-than-expected inflation to continue for time being, says BOK chief
South Korea’s central bank chief said Thursday that the economy is likely to see faster-than-expected inflation for the time being, due to the global supply bottleneck and the spike in oil prices. In an opening speech at an economic meeting with investment bankers and experts, Bank of Korea Gov. Lee Ju-yeol pointed to the nation’s spiking consumer prices, which gained 3.2 percent on-year -- the sharpest rise since January 2012, when the corresponding figure stood at 3.3 percent.
EconomyNov. 11, 2021
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[Newsmaker] ‘Lee Kun-hee Donation Hall’ in Songhyeon-dong to house all bequeathed works
Nearly all of the artworks bequeathed by the late Samsung Group Chairman Lee Kun-hee will be housed together at the “Lee Kun-hee Donation Hall,” which is to open in Songhyeon-dong, Seoul, in 2027. The announcement was made during a ceremony Wednesday to seal the agreement between the Ministry of Culture, Sports and Tourism and the Seoul Metropolitan Government on building the new institution in Songhyeong-dong after considering two candidate sites in Seoul. Confusion about the i
Arts & DesignNov. 10, 2021
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[Newsmaker] [KH Explains] Korea’s urea crisis
The sense of crisis is deepening in South Korea, as an acute shortage of a chemical called urea threatens to disrupt businesses across a vast spectrum from construction to retail. Government officials are mobilizing diplomacy to secure urea supplies from overseas, but no immediate solution is in sight. The Korea Herald looks at what is causing this sudden urea crunch and why this is such a hard problem to solve. 1. What is urea, anyway? Urea is a type of nitrogen made mainly of
IndustryNov. 9, 2021
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[Newsmaker] Moon urges all-out efforts on urea shortages
President Moon Jae-in on Monday instructed his aides to use diplomacy and public reserves to stave off a urea shortage in the private sector, as the country runs low on diesel exhaust fluid after China tightened exports to avert its own power crisis. Urea solutions are used in diesel vehicles to reduce emissions, and about 97 percent of Korea’s imports came from China during the first nine months of the year, according to the Trade Ministry. Seoul has already asked Beijing to ease its exp
PoliticsNov. 8, 2021
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[Newsmaker] Where Yoon stands on jobs, taxes and real estate
Yoon Seok-youl, the main opposition People Power Party’s standard-bearer for the next presidential election, has no known experience in economic matters. The novice politician was until March the country’s prosecutor general. But having been born to an economist father, Yoon has openly affiliated himself with two long-dead economists, Milton Friedman and Ludwig von Mises. Both were champions of free-market policies, minimal government intervention and laissez-faire capitalism. B
IndustryNov. 5, 2021
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[Newsmaker] Death penalty sought for adoptive mother over toddler’s murder
Prosecutors again demanded death penalty for the adoptive mother in a highly publicized child abuse case that led to the death of a 16-month-old baby girl. At the Seoul High Court on Friday, prosecutors asked for the highest criminal penalty for the defendant, surnamed Jang, who was indicted in December on charges of fatally abusing her adopted daughter named Jeong-in from March to October 2020. The child was found to have suffered severe abdominal injuries and internal bleeding due to Jang&rs
Social AffairsNov. 5, 2021
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[Newsmaker] Main opposition party set to pick presidential nominee
The main opposition People Power Party (PPP) was set to pick its presidential nominee Friday as the two leading contenders appeared locked in a tight race. The nominee will be announced at a national convention at the Kim Koo Museum and Library in Seoul following a four-day poll of party members and the general public on who is best prepared to take on Lee Jae-myung, the nominee of the ruling Democratic Party. The four candidates in the PPP primary are former Prosecutor General Yoon Seok-youl,
PoliticsNov. 5, 2021
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[Newsmaker] Netflix promises to invest more into Korean content, doubles down on network fee issue
Netflix Vice President of Public Policy Dean Garfield, decked in a green tracksuit costume from the hit Netflix show “Squid Game,” entered the press conference room at JW Marriott Dongdaemun Square Seoul on Thursday, accompanied by the theme song from the drama series. Garfield began his speech by talking about how Netflix is willing to invest more into creating Korean content. However, when addressing the most heated issue on paying internet service providers bandwidth usage fees,
TelevisionNov. 4, 2021
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[Newsmaker] Marvel's 'Eternals' tops S. Korean box office on its first day
Marvel Studios' latest blockbuster "Eternals" has topped the South Korean box office on its opening day, data showed Thursday. The film posted 296,000 attendees on Wednesday, accounting for 88.9 percent of the day's total ticket sales, according to the data from the Korean Film Council. It marked the second-highest first-day record this year to date, following 400,000 visitors set by "F9," the latest chapter in the "Fast and Furious" series, in May. The new film
FilmNov. 4, 2021
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[Newsmaker] Conglomerates cut emissions by 9.3% in 2 years
South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore
IndustryNov. 3, 2021
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[Newsmaker] Despite regulatory moves, KakaoBank sees third quarter net profit rise
KakaoBank, the country’s largest internet-only lender by user base, on Tuesday said its net profit in the first three quarters rose 96.6 percent from a year prior, despite growing regulatory moves on household debts that slowed the lender’s growth in the third quarter. In its first quarterly report that reflects its post-IPO performance, the banking arm of mobile giant Kakao Corp., said it recorded 52 billion won ($44.3 million) in net profit in the third quarter of this year, a 28
MarketNov. 2, 2021
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[Newsmaker] KT to pay 35-40 billion won in compensation for network fiasco
KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday. In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users. “We deeply apologize for causing incon
IndustryNov. 1, 2021
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[Newsmaker] Kospi’s average daily transaction volume hits 1-year low in October
South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh
MarketOct. 31, 2021
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[Newsmaker] Probe underway into teenager's death after vaccination
South Korea's health authorities said Saturday that they are looking into the case of a teenager who died after vaccination. According to the authorities, a third-grade high schooler was inoculated with the Pfizer vaccine on Aug. 13 and died on September 27. The teenager had no underlying conditions. It marks the first reported death of a vaccinated teenager. Since mid-July, high school seniors and those who will take the national college entrance exam slated for Nov. 18 have been vaccinated
Social AffairsOct. 30, 2021
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[Newsmaker] Airline industry prepares to increase international flights under “With COVID-19” scheme
Step-by-step, in line with the government’s plan to gradually return to normalcy with its “living with COVID-19” scheme, the airline industry has begun preparations for more overseas flights. According to full service carriers Korean Air and Asiana Airlines, some overseas flight routes will resume operations next month. Korean Air has decided to resume scheduled flights to Hawaii, Sydney, and Oakland. There will be three flights a week scheduled for Hawaii starting from Nov
MobilityOct. 29, 2021
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[Newsmaker] Korean steelmakers report stellar earnings on rising steel prices
Korean steelmakers witnessed their highest-ever profits in the third quarter this year, backed by strong sales due to surging steel prices. On Thursday, Hyundai Steel announced a 2,374 percent jump in operating profit to 826.2 billion won ($705 million) for the July-September period via a regulatory filing. Consolidated sales increased by 31.3 percent on-year to reach 5.86 trillion won, while the operating profit margin also increased to a record two-digit score of 14.1 percent, the company
IndustryOct. 28, 2021
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[Newsmaker] Once promising testbed, Seoul now a doomed city for e-scooters
One by one, electric scooter operators are leaving South Korea, once hailed as a perfect testbed for last-mile mobility innovation. According to industry sources Wednesday, German e-scooter operator Wind, which entered the Korean market in 2019, recently called it quits. Another e-scooter firm Gcooter halted services starting this month in three districts of Seoul -- Yeongdeungpo-gu, Dongjak-gu and Gwanak-gu -- where e-scooters are most frequently towed. As to why they are packing their bag
IndustryOct. 27, 2021