Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Seoul shares open sharply lower after Fed's rate hike
South Korean stocks opened steeply lower Friday, as investors fret over an economic downturn after the US Federal Reserve raised the interest rate to tame high inflation. The Korea Composite Stock Price Index (KOSPI) lost 34.89 points, or 1.3 percent, to 2,642.68 in the first 15 minutes of trading. The Fed hiked the short-term rate by the widely expected 0.5 percentage point in its policy meeting Wednesday (US time). Shares in Seoul declined across the board, with market behemoth Samsung Electro
May 6, 2022
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[Newsmaker] US Fed makes biggest rate increase since 2000 to fight inflation
WASHINGTON -- The Federal Reserve on Wednesday announced its biggest rate hike since 2000, with a half percentage point increase as it works to crush soaring US inflation. With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down. But he told reporters he remains confident the economy is strong enough to
May 5, 2022
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Legoland opens after decade of delays
A Legoland theme park opened to the public on Children’s Day, Thursday, in Chuncheon, Gangwon Province, 11 years after the deal was signed between the local government and Merlin Entertainments. Merlin, the world’s second-largest operator of visitor attractions behind Walt Disney, had faced opening delays several times because the joint project attracted little capital from local investors and hit a snag over what to do with ancient artifacts found on the site where the park was be
May 5, 2022
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AmCham Korea chairman offers tips for expanding business in US
James Kim, chairman and CEO of the American Chamber of Commerce in Korea, shared his insight into doing business in the US at the Global Business Forum, highlighting the need to understand the two countries’ different dynamics. The forum was hosted by The Korea Herald on Wednesday in Seoul. In his special lecture, titled “Act to Win: How to Connect Korea and the US,” he said Korean companies should understand their selling points to expand business opportunities in the US, es
May 5, 2022
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Lotte trademarks Lotte Biologics in new bio push
South Korea’s retail giant Lotte Group has registered the trademark of “Lotte Biologics” with the Korean Intellectual Property Office, signaling the conglomerate’s official enter the bio industry. According to the KIPO, Lotte Holdings applied for Lotte Biologics’ patent last week with business areas including customized manufacturing of biopharmaceuticals, drug processing and medical diagnostic devices for virus testing. “Registering the trademark of Lotte
May 5, 2022
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Hyundai’s first all-electric Ioniq 5 marks first year of success
Hyundai Motor’s first all-electric vehicle Ioniq 5 is set to hit some 90,000 unit sales globally since its launch a year ago. According to the carmaker on Thursday, the electric midsize crossover utility vehicle sold 88,871 units – 33,212 units at home and 55,658 units abroad – as of March this year. The Ioniq 5 made its debut in April last year, becoming the first car to be running on Hyundai’s own EV platform, called the Electric-Global Modular Platform, or E-GMP.
May 5, 2022
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Gimpo Airport to resume international flights in June
Gimpo International Airport in Seoul is resuming the long-stalled operation of international flights from June, starting with popular routes between South Korea and Japan. According to the Transport Ministry on Thursday, several South Korean and Japanese air carriers such as Korean Air, Asiana Airlines, Japan Airlines and All Nippon Airways have filed applications to resume international flights at the airport. Gimpo Airport in western Seoul, one of the nation’s main gateways along with
May 5, 2022
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Korea to pour W877b into pharma industry
SEJONG -- The Korean government has decided to inject 877.7 billion won ($693 million) into the pharmaceutical industry which will be used for the development of new drugs, especially medicines and vaccines for variants of COVID-19, and fostering the nation’s bio-related manpower. The government also plans to support businesses which have been developing innovative vaccines or other medicines by raising the so-called “K-global vaccine fund” worth 500 billion won, officials sai
May 5, 2022
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[UP IN THE AIR] Korean startup aims to boost UAM battery capacity with hybrid technology
Flying is a common mode of transport when it comes to domestic travel. Whether it’s for business or pleasure, people need to travel to the nearest provincial airport to visit other cities. That’s an extra one or two hours of traveling, in addition to the flight time. But according to Plana, a South Korean startup dedicated to building vertical takeoff and landing aircraft powered by hybrid e-powertrains, UAM can dramatically reduce travel time, as they can easily take off inside t
May 5, 2022
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Creditors of Edison EV file for company's bankruptcy amid failed SsangYong acquisition
Edison EV, an affiliate South Korean electric vehicle maker Edison Motors Co., said Wednesday its creditors have filed for the company's bankruptcy with a local court, amid the parent company's recent failure in completing a deal to acquire SsangYong Motors Co. Edison EV said in a regulatory filing that eight creditors of the company have filed for the company's bankruptcy with Suwon District Court. The company said its outstanding corporate bonds amounted to 3.6 billon won ($2.84 million). Th
May 4, 2022
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11st CEO pledges to enhance corporate value before IPO
Aiming to become a next Coupang, e-commerce platform 11st said Wednesday that it would work on raising its corporate value before its market debut slated for next year. “Based on our premium e-commerce service and joint membership service with SK Telecom, we will expand our business, boost sales and garner traction within the market this year,” said Ha Hyung-il, CEO of 11st. Ha said the company will strengthen its cross-border online shopping segment, Amazon Global Store, which wa
May 4, 2022
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S. Koreans think ideal ‘workcation’ should last 12.8 days: survey
If given a chance to work remotely while on holiday, South Koreans said about 13 days a year may be enough for the so-called “workcation,” according to a survey on Wednesday. The findings of the survey, conducted by online accommodation bookings platform Good Choice among 350 respondents, showed pollsters picked an average of 12.8 days as ideal for a workcation. Most of them said they have yet to experience the new work trend, but over 90 percent said they would give it a go if they
May 4, 2022
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HDC to rebuild collapsed Gwangju apartment to restore public trust
HDC Group Chairman Chung Mong-gyu said Wednesday that HDC Hyundai Development Co. would demolish and rebuild an apartment complex in Gwangju that claimed nine lives in January from a fatal collapse caused by loose safety. “Following the request of residents who were expected to move in to the apartment complex in Gwangju, HDC Hyundai Development Co. decided to entirely demolish all of eight buildings of the complex and rebuild I-Park from scratch,” said Chung during a press c
May 4, 2022
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Number of teens holding Samsung Electronics shares hits record high
The number of South Koreans who are 19 and below and hold shares in Samsung Electronics reached 358,257 in December last year, a record high, according to the Korea Securities Depository. That number accounts for 7.07 percent of all shareholders and 0.25 percent of the total shares the tech giant has issued. The shares the teenagers held at the time amounted to 1.1 trillion won ($891 million), which is equal to 971 billion at Tuesday’s closing share price. The rise in the number of teen
May 4, 2022
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Korea far outstrips G20 average in growth of collective debt
SEJONG -- South Korea saw the ratio of collective debt -- held by the government, household and corporate sector -- to its gross domestic product climb sharply over the past few years since 2017, and even during the pandemic. Further, the nation’s collective debt-to-GDP ratio was found to have continued to rise amid the COVID-19 pandemic, while the G20 countries on average saw a decline in the figure, a local research institute said Wednesday, citing the Bank for International Settlements
May 4, 2022
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[Photo News] May the fourth be with you
A man stares at a life-sized Darth Vader made of lego cubes on display at E-Mart Wangshimri branch in Seoul in collaboration with Walt Disney Korea on Wednesday, celebrated as Star Wars Day among fans.
May 4, 2022
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Fractional investment in K-pop, art trending among young S. Koreans
Low borrowing cost during the COVID-19 pandemic has pushed millennials and Generation Z in South Korea to invest in stocks and cryptocurrencies. It was then that fractional investment platforms began to catch the eyes of the young investors, luring them with trendy items and the idea they could profit off of their pocket money. Musicow, the nation’s first music copyright trading platform that has amassed more than 1 million users as of February has become a major fractional investment pl
May 4, 2022
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Battery, K-pop, virtual currency firms rise on top 500 list
The list of South Korea’s 500 biggest companies by sales saw significant changes last year, with the rise of battery, K-pop and virtual currency firms, a corporate tracker said Wednesday. Battery maker LG Energy Solution jumped from No. 343 in 2020 to No. 44 last year on the annual list released by CEO Score as its shipments of pouch- and cylinder-type batteries surged on growing global demand for electric cars. Camera module supplier LG Innotek went from No. 68 to No. 48 in the same per
May 4, 2022
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Cha Biotech’s US subsidiary opens CGT production facility
Cha Biotech’s US subsidiary Matica Biotechnology has opened a new cell and gene therapy production facility to boost its contract development and manufacturing organization business on the global stage, officials said Wednesday. With a 500-liter bioreactor, the new CDMO facility, based in College Station, Texas, will produce various types of viral vectors that are the essential basis of cell and gene therapy, according to Cha Biotech. The company said that Matica Biotechnology is curre
May 4, 2022
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Samsung unveils memory card that records video for 16 years non-stop
Samsung Electronics unveiled Wednesday a long-lasting nonvolatile micro SD card for surveillance cameras that can deliver up to 16 years of continuous recording time without replacement. The product, branded as “Pro Endurance,” can last up to 33 times longer than typical speed-focused SD cards, for its largest 256-gigabyte capacity variant, according to the South Korean tech giant. The micro SD card can be used for surveillance cameras like closed circuit televisions, dashboard ca
May 4, 2022