Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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Tequila may be next big thing in Korean liquor market
South Korea's alcoholic beverage industry has been embracing quickly changing trend cycles -- from wine to whiskey cocktails and cognac -- with rising demand from young consumers to try new types of drinks. The next type of alcohol that is expected to boom here is tequila, according to industry sources. According to Samjeong KPMG’s report, South Korea’s wine consumption decreased significantly last year. The value of wine imports dropped 9.6 percent from $560 million in 2021 to
March 3, 2024
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Finance giants boost female board numbers amid government initiative
Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eun-ju, a media expert from Seoul National University, and Park Sun-young, an economics professor from Dongguk University, will replace the company's first and only female outside director, Song Soo-
March 3, 2024
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[Photo News] Tops in efficiency
Hyundai Motor's all-electric Ioniq 6 has been recognized as the most fuel-efficient 2024 model year vehicle by the US Department of Energy and Environmental Protection Agency, the South Korean automaker said Sunday. The Ioniq 6 long-range, rear-wheel driving model with 18-inch wheels scored a combined 140 miles per gallon equivalent, or 59.5 kilometers per liter equivalent. The EPA's rating estimates the distance a car can travel on 33.7 kilowatt-hours of electrical energy. (Hyundai Mo
March 3, 2024
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[KH Explains] Korea’s next-generation space rocket project off to bumpy start
Korea’s 2 trillion won ($1.5 billion) next-generation space launch vehicle project got off to a bumpy start, as the bidding process to select a private entity to lead the large-scale task is likely to be a one-man show. Officially named the Korea Space Launch Vehicle-III, the goal of the next-generation rocket project is to assemble a launch vehicle capable of sending a lunar lander to the moon in 2032. The improved rocket will have a mission capacity some three times stronger than the hom
March 3, 2024
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Global tech titans rush to visit Seoul to win AI leadership
With the competition in artificial intelligence-based services intensifying globally, heads of Big Tech firms have visited Korea one after another to enhance cooperation with Korean tech companies and take the lead in burgeoning markets. Meta CEO Mark Zuckerberg and Toronto-based AI chip startup Tenstorrent CEO Jim Keller visited Korea last week. Just a month after the visit of Sam Altman, the CEO of OpenAI, the two tech titans seemed to hurry to visit here for consultations on their cooperation
March 3, 2024
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Hana Financial Group targets baby boomers with Lim Young-woong
In just nine days of its release, a 16-second video featuring trot singer Lim Young-woong posted on YouTube by Hana Bank has garnered over 6.8 million views as of Sunday. The video introduces the 32-year-old singer as the new face of Hana Financial Group, one of Korea's top five financial conglomerates. The YouTube channel of the group's banking subsidiary Hana Bank has also seen a substantial increase in subscribers, jumping from 188,000 to 218,000 within the same period. Hana's
March 3, 2024
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KEPCO, Korea Gas report combined liabilities of nearly W250tr last year: data
Korea Electric Power Corp. and Korea Gas Corp., two major state-run companies, have reported combined liabilities of nearly 250 trillion won ($187.1 billion) as of end-2023 due to hikes in global energy prices, data showed Sunday. KEPCO has said in a regulatory filing its total debt reached 202.4 trillion won last year, up 9.6 trillion won from a year earlier. Korea Gas' total debt came to 47.4 trillion won, down from 52 trillion won in 2022, according to the company's regulatory filin
March 3, 2024
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S. Korea's meat consumption exceeds rice intakes for 2nd year
South Koreans' meat consumption exceeded rice intakes for a second consecutive year, a report showed Saturday. According to the report by the state-run Korea Rural Economic Institute, the country's per-capita meat consumption was estimated at 60.6 kilograms last year, up 1.3 percent from the previous year's 59.8 kg. Last year's meat consumption was higher than per-capita rice intake of 56.4 kg, according to the report. The report said the meat consumption will rise to 61.4 kg
March 2, 2024
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Korea faces long road in unlocking corporate value like Japan
As global investors scrutinize South Korea’s plan to boost corporate valuations, they note a key hurdle — the prevalence of family-controlled businesses, or chaebols, which are often blamed for keeping stocks undervalued. From Samsung Electronics to Hyundai Motor, Korean conglomerates are run by members of the founding families who can wield outsized power through complex cross-shareholdings. The controversial structure and a tendency to sideline minority shareholders are among reaso
March 2, 2024
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Korean crypto exchanges ride on bitcoin rally
Local crypto exchanges are enjoying a boom in their returns amid the snowballing bitcoin rally. Upbit, the largest crypto exchange here, saw its transaction volume in the past 24 hours surpass 12 trillion won ($8.9 billion) as of Thursday at 3 p.m. It was the first time for the figure to go over 10 trillion won since 2021. As of Friday 2:15 p.m., its transaction volume in the past 24 hours stood at 9.96 trillion won. The volume is similar in size to the average daily transaction volume for Kospi
March 1, 2024
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Korean stocks benefit from Zuckerberg's Seoul visit
Following the high-profile visit of Meta CEO Mark Zuckerberg this week, stocks related to advanced technologies including artificial intelligence, augmented reality and display panels are gaining attention. In a report on Friday, Korea Investment and Securities suggested eight stocks, including Samsung Electronics and LG Electronics, that would benefit from Zuckerberg's visit to Seoul. Traveling to Korea for the first time in about a decade, Zuckerberg met with President Yoon Suk Yeol and b
March 1, 2024
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Will Samsung introduce Galaxy AI to budget phones?
As Samsung Electronics is expected to roll out its new Galaxy A series this month, anticipation is growing on whether the mid-range smartphone models will feature the tech giant’s latest artificial intelligence features. According to industry sources on Friday, the leading smartphone maker is expected to roll out the Galaxy A35 and A55 smartphones that support 5G connection. Amid growing attention, tipsters are even predicting the launch date as March 11. SamMobile, a leading source for Sa
March 1, 2024
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InterBattery 2024 to spotlight all-solid-state, affordable batteries
InterBattery 2024, the largest battery industry exhibition in Korea, will take place at the COEX Convention and Exhibition Center in Gangnam-gu, Seoul, from March 6 to 9, attracting 579 companies from 18 countries and nearly 75,000 attendees for a comprehensive showcase of innovation, industry conferences and networking opportunities. Organized by the Korea Battery Industry Association and COEX, this year's event marks the largest gathering in the event's history, showcasing 1,896 boot
March 1, 2024
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LG, Honda complete steel framework for JV battery plant
LG Energy Solution, the nation's largest electric vehicle battery maker, said Friday that its Ohio-based joint venture plant with Honda has recently completed its steel framework, indicating a smooth ride ahead for the plant’s full operation slated for 2025. The companies held a ceremony in Ohio's Fayette County on Thursday to celebrate the completion of the steel framework for the facility, which means that the construction has moved from site preparation and laying the foundati
March 1, 2024
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SK chief to lead KCCI for 2nd term
SK Group Chair Chey Tae-won is set to serve as chairperson of the country’s business organization Korea Chamber of Commerce and Industry for another term. On Thursday, members of the Seoul Chamber of Commerce and Industry unanimously agreed to tap Chey as chair of the regional chamber under the KCCI for a three-year term that ends in February 2027 during a general meeting of members held in Seoul. With Seoul members’ backing, Chey, whose first term expires in March, is on the course
March 1, 2024
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Eximbank’s capital increase to pave way for Polish arms export
The National Assembly passed the revision bill to raise the Export-Import Bank of Korea's capital limit from the current 15 trillion won to 25 trillion won ($12.24 billion to $15 billion) on Thursday, giving the policy lender some extra room to level up its financing for the arms export deal to Poland. The revision of the Export-Import Bank of Korea Act was passed as a total of 209 lawmakers voted in favor of the bill, while 29 voted against it. There were 34 abstentions. Under the revision
Feb. 29, 2024
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SK Ecoplant, China's CSCEC to carry out W2.6tr hydrogen project in Egypt
Korean energy and environmental solutions provider SK Ecoplant said Thursday that the company will work together with the China State Construction Engineering Corp. on a 2.6 trillion won ($1.9 billion) green hydrogen project in Egypt. SK Ecoplant, CSCEC and the Egyptian government signed a memorandum of understanding in Cairo on Wednesday, the company added. Under the project, SK Ecoplant and China’s largest construction company will establish solar panels and wind turbines in Egypt, which
Feb. 29, 2024
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Seoul shares close lower ahead of key US inflation data, holiday
South Korean stocks closed lower Thursday as investors sat on the sidelines ahead of the release of some key US inflation data and the holiday this week. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index shed 9.93 points, or 0.37 percent, to 2,642.36. Trade volume was moderate at 484 million shares worth 12.5 trillion won (US$9.44 billion), with losers outpacing gainers 545 to 341. Institutions were net sellers by offloading 507.3 billion won, while
Feb. 29, 2024
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[KH Explains] What does Apple's dead car project mean for Samsung, Hyundai?
Earlier this week, Apple announced that it will ditch its decade-long car project, saying more resources will be poured into artificial intelligence in the future. An Apple-made car had long been a buzzword across industries. Carmakers had braced for a direct threat, while tech rivals had started working on their own car projects. But Tuesday’s surprise announcement was a reality check moment not just for the iPhone maker but also for the whole tech industry: Making a car proved too diffic
Feb. 29, 2024
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Chanel boutique shuts down in protest of Gucci pop-up
French luxury fashion house Chanel has closed its boutique within a Seoul department store, citing operational disruptions caused by Italian rival Gucci. "Chanel has decided to close its boutique in the Galleria Department Store Luxury Hall starting Wednesday due to the department store's plan to set up a pop-up store, which adversely affects our store's visibility and operational environment," said Chanel in a statement released Thursday. According to industry sources, the s
Feb. 29, 2024