Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Yoon, Lee end first talks with differences, agree to meet more
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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[Newsmaker] Celltrion to supply COVID-19 self-test kits to US
Celltrion USA, the US subsidiary of the Korean biotech firm, said Thursday it signed multiple deals to supply COVID-19 self-test kits worth 400 billion won ($330 million) in the US by the first quarter of this year. The latest deals involve some 10 government agencies and companies, including the Defense Logistics Agency and the e-commerce giant Amazon. Two kinds of test packs will be supplied: DiaTrust COVID-19 Ag Home Test and DiaTrust COVID-19 Ag Rapid Test, both developed in partnership
Feb. 3, 2022
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External risks remain high for Korean market, BOK says
South Korea’s central bank said Thursday that the global market was relatively stable during the three-day Lunar New Year holiday this week, but external risks remain high on the Korean market. “During the Lunar New Year holiday, which took place this year from Jan. 31 to Feb. 2, stocks and rates in major economies rose, alongside a weak dollar trend, due to easing of the global risk-avoidance tendencies,” BOK Senior Deputy Gov. Lee Seung-heon said after a meeting to review th
Feb. 3, 2022
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Samsung SDI sets up new ESG body
Samsung SDI has established a new organization to accomplish its environmental, social and governance goals, including a full transition to renewable energy by 2050. According to the South Korean battery firm Thursday, its board of directors formed a sustainable business management committee to bolster ESG efforts. Also, an ESG strategy team, which previously belonged to the firm’s strategy division, has been elevated to a sustainable business management bureau directly under the chief fi
Feb. 3, 2022
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KT to set up medical checkup centers in Russia with Medsi Group
South Korean communication technology firm KT said Thursday it would join hands with Russia’s Medsi Group to establish health checkup centers in the country, which has been experiencing a lack of access to medical infrastructure for clinical diagnostics. The two companies look to complete a feasibility review of the medical centers in Moscow and Vladivostok within this year, according to KT. The new centers will feature Korean-style health examination services, reflecting Russians‘
Feb. 3, 2022
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Korea Shipbuilding wins ship orders totaling W704b
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has received 704 billion won ($583 million) worth of ship orders. Korea Shipbuilding obtained four separate orders from shippers in Europe and Oceania to build two liquefied natural gas-powered roll-on/roll-off (Ro-Ro) ships, one LNG bunkering ship and six 2,800 twenty-foot equivalent unit (TEU) container carriers, the company said in a statement. The ships will be delivered to the unidentified clients beginning in the s
Feb. 3, 2022
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Daewoo Shipbuilding wins orders totaling W1.8tr from Europe
Daewoo Shipbuilding & Marine Engineering Co. said Thursday it has received a combined 1.8 trillion won ($1.5 billion) worth of orders from Europe. Daewoo Shipbuilding will build two liquefied natural gas carriers for Maran Gas Maritime Inc., the gas shipping unit of Greece's biggest shipping firm Angelicoussis Shipping Group, and six container ships for an unidentified European shipper, the company said in a statement. The two LNG ships and six container carriers will begin being delivered
Feb. 3, 2022
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Internet-only K-Bank logs 1st profit in 2021 since launch
K-Bank, a South Korean internet-only bank, on Thursday reported its first profit since its launch in 2017 thanks to a sharp increase in customers and interest income. Net profit came to 22.4 billion won ($18.6 million) in 2021, a turnaround from a loss of 105.4 billion won a year earlier, according to the company's interim earnings report. This marked the first annual net profit that the internet-only bank has posted since it was launched in 2017. K-Bank is controlled by a consortium of teleco
Feb. 3, 2022
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Krafton invests $5.4m in Indian sports game developer
Krafton Inc., a South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Thursday that it has invested $5.4 million in an Indian sports game developer, Nautilus Mobile. It is Krafton's first investment in an Indian game development studio. Nautilus is a sports game developer that developed a cricket game franchise. "Real Cricket" has been downloaded more than 100 million times globally and has more than 10 million monthly active us
Feb. 3, 2022
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S. Korea requires Google, Netflix and 3 others to provide stable online services this year
South Korea's ICT ministry said Thursday it has required tech giants Google, Meta Platforms and Netflix, as well as local rivals Naver and Kakao, to comply with the country's revised law requiring them to provide stable services. In 2020, South Korea passed a legal revision holding online content service providers accountable if they fail to maintain stable services amid growing complaints against streaming giants Netflix and Google after their services experienced outages. The revised law, in
Feb. 3, 2022
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Online shopping hits record high in 2021 amid pandemic
Online shopping in South Korea hit a record high in 2021, led by strong demand for food delivery services and electronics amid the pandemic, data showed Thursday. The value of online shopping transactions stood at 192.9 trillion won ($160 billion) last year, up 21 percent from the previous year, according to the data from Statistics Korea. It marked the largest value since the statistics agency began compiling related data in 2001. Purchases made through smartphones, tablets and other mobile
Feb. 3, 2022
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Samsung teams up with Amdocs for 4G, 5G solutions in US
Samsung Electronics will collaborate with US-based software solutions firm Amdocs to deliver fourth- and fifth-generation private wireless network solutions to boost the connectivity of firms in the United States, according to the company Thursday. The partnership will allow the companies to advance wireless communications such as increasing download speed, and to simplify the deployment of 5G-ready Citizen Broadband Radio Service solutions for industries ranging from education to utilities, m
Feb. 3, 2022
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S. Korean builder sentiment hits 17-month low in Jan.
South Korean builders' business sentiment hit the lowest level in one year and five months in January due to seasonal and several negative factors, a poll showed Thursday. The country's construction business survey index (CBSI) stood at 74.6 last month, down 17.9 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. The January figure was the lowest mark in 17 months and represented the first on-month decline in three months. The i
Feb. 3, 2022
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S. Korea's air passenger traffic falls 7.7% in 2021
South Korea's air passenger traffic fell 7.7 percent in 2021 from a year earlier due to the prolonged COVID-19 pandemic, the transport ministry said Thursday. A total of 36.36 million passengers, including 3.21 million on international routes, flew with full-service and low-cost carriers in 2021 mainly for business purposes, according to the Ministry of Land, Infrastructure and Transport. The number of passengers on international routes plunged 78 percent on-year last year as countries maintai
Feb. 3, 2022
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S. Korea earmarks W841b for key materials, parts development
South Korea will earmark 841 billion won ($697.4 million) for research and development of key materials and parts this year in a move to reduce dependency on foreign supplies and boost competitiveness of local industries, the industry ministry said Thursday. It is up 22 percent from last year's budget, as the country has been ramping up efforts to nurture the materials and parts industry, particularly after Japan's control on exports of key products in 2019. Of the budget, 321.8 billion won wi
Feb. 3, 2022
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Canadian authorities approve Samsung Bioepis' Ontruzant
South Korean biopharmaceutical firm Samsung Bioepis Co. said Thursday it has won approval from Canadian authorities for the sale of its biosimilar cancer drug Ontruzant. The Health Canada has approved Ontruzant -- a biosimilar product referencing Switzerland-based Roche Holding's Herceptin, also known as Trastuzumab -- for treatment of adults with early breast cancer, metastatic breast cancer and metastatic gastric cancer. Ontruzant will be commercialized in Canada by global pharmaceutical gia
Feb. 3, 2022
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34 more firms added to antitrust watch list
The number of South Korean companies affiliated with large business groups under tight supervision rose by 34 in the three months ending Jan. 31 as conglomerates expanded new businesses, the antitrust regulator said Thursday. The total number of affiliates on the Fair Trade Commission (FTC) watch list reached 2,738 as of end-January, compared with 2,704 three months earlier, according to the commission. Major business groups newly launched or acquired 112 units, while offloading 78 others from
Feb. 3, 2022
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BOK calls for vigilance on market volatility following holiday
South Korea should stay vigilant on the possibility of heightening financial market volatility amid persistent worries over inflation in major economies and other risk factors, though the markets showed signs of stability in recent days, a senior central bank official said Thursday. The Bank of Korea (BOK) held a meeting to monitor global financial market situations following the five-day Lunar New Year holiday that ended on Wednesday during which local stock and currency markets were closed. T
Feb. 3, 2022
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Seoul stocks open higher on US gains
S outh Korean stocks opened steeply higher Thursday, tracking overnight gains on Wall Street that stemmed from robust earnings reports. The benchmark Korea Composite Stock Price Index (Kospi) rose 46.77 points, or 1.76 percent, to trade at 2,710.11 points in the first 15 minutes of trading. The Kospi got off to a bullish start after a three-day holiday, as the tech-heavy Nasdaq composite added 0.5 percent and the Dow Jones Industrial Average advanced 0.63 percent Wednesday. In Seoul, market b
Feb. 3, 2022
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Housing price decline expected to accelerate: finance minister
Finance Minister Hong Nam-ki said Thursday the country's housing prices are expected to pick up their declining pace amid the central bank's rate hike and tighter lending rules. Hong said the government is committed to implementing its current real estate policy with a focus on increasing the home supply in a bid to stabilize housing prices. "We think housing prices need to undergo a downward correction to some degree, given that home prices have excessively risen. The government plans to
Feb. 3, 2022
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Ratio of nonwage workers hits record low in 2021
The ratio of the self-employed and other nonwage workers in South Korea touched an all-time low in 2021 amid the coronavirus pandemic, government data showed Thursday. Asia's fourth-largest economy had 6.52 million unsalaried workers as of the end of December last year, marking the 23rd consecutive year of decline, according to the data compiled by Statistics Korea. The number accounted for 23.9 percent of the country's total employed people, the lowest tally since data tracking began in 1963.
Feb. 3, 2022