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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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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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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What is Hybe’s next move?
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Samsung chief bolsters ties with Germany’s Zeiss
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Kyobo Life asks US accounting oversight board to punish Deloitte Anjin accountants
South Korea’s Kyobo Life Insurance has taken its battle with Deloitte Anjin to overseas, asking a US nonprofit audit watchdog to investigate and punish three accountants suspected of inflating the prices of a put option that one of its strategic investors exercised years earlier. One of the top life insurers here filed a complaint with the Public Company Accounting Oversight Board, requesting them to “take actions for a strong sanction” against the accountants, including the o
Jan. 28, 2022
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[Test Drive] With the all-new Kia Niro, Kia steps closer to sustainable mobility
The design of the all-new Kia Niro did it all to captivate young drivers, not to mention its fuel efficiency and comfortable driving experience. Looking very much like Kia’s concept car HabaNiro, the all-new Kia Niro infused its ‘Opposites United’ design philosophy into the environmentally friendly SUV by making the body two-toned with a bold boomerang-shaped Aero C-Pillar at the rear that completes the futuristic design of the car. During its four-day long preorder, a total
Jan. 28, 2022
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Top financial regulator reassures investors over latest Kospi dip
South Korea’s top financial regulator attempted to calm local investors Friday over the latest dip in the Kospi following the US Federal Reserve’s March rate hike signal. “It is true that the Kospi dip has an excessive aspect to it,” Financial Services Commission Chairman Koh Seung-beom said in a meeting on the financial market. “It would not be appropriate for investors to be overly dampened or concerned,” he added. The nation’s benchmark Kospi f
Jan. 28, 2022
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Slowdown forecast after brisk 2021
SEJONG -- The nation’s growth in industrial output marked the highest in 11 years in 2021 on the back of both economic recovery and the base effect, or rapid bounce-back from sagging performance in the pandemic-hit 2020, Statistics Korea data showed Friday But indexes unveiled by the state-run agency suggest possible slowdown in the growth of production, retail sales and facilities investment for the coming months in 2022. Korea saw industrial output grow 4.8 percent on-year in 2021, the
Jan. 28, 2022
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Samsung Biologics to acquire Biogen’s stake in Samsung Bioepis for $2.3 billion
Samsung Biologics has reached an agreement with Biogen to buy out the US biotechnology firm’s stake in Samsung Bioepis for $2.3 billion (2.7 trillion won), the company said Friday. Biogen secured a 15 percent stake when Samsung Bioepis was established as a joint venture in 2012. The US company exercised its right in June 2018 to buy up to one share less of Samsung Bioepis’ 50 percent stock. The payment for the 10,341,852 shares will be carried out over the next two years and full
Jan. 28, 2022
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Bank mortgage rates hit highest in 7 1/2 years in December
South Korean banks' mortgage rates hit the highest level in about 7 1/2 years in December amid rising borrowing costs, central bank data showed Friday. Banks' mortgage loan rate averaged 3.63 percent a year in December, 0.12 percentage point higher from a month earlier and the highest since May 2014, according to the data by the Bank of Korea (BOK). Mortgage rates have been on the rise as the BOK has raised the policy rate in recent months as part of efforts to tighten its long accommodative p
Jan. 28, 2022
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LG Uplus turns to black in Q4 on 5G user growth, logs record annual operating profit
LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday it shifted to black in the fourth quarter from a year earlier on the back of growth in 5G network subscriptions. Net income for the October-December period stood at 101.8 billion won ($84.5 million), marking a turnaround from a loss of 224.7 billion won the previous year, the company said in a regulatory filing. The company's operating profit dipped 9.8 percent on-year to 158.2 billion won while sales rose 2.7 percent on-y
Jan. 28, 2022
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SK hynix logs record revenue of W43tr in 2021
South Korean chipmaker SK hynix announced Friday that its annual revenue surged 35 percent to 42.9 trillion won ($35.6 billion) on-year, a record figure for the company. Operating profit spiked 148 percent to 12.4 trillion won. The record performance was propelled by the robust demand in IT gadgets amid a non-face-to-face trend despite uncertainties posed by supply chain risks, the company explained. The previous record was 40.4 trillion won of revenue in 2018, when the firm benefited from a
Jan. 28, 2022
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Inflationary pressure could further rise on Russia-Ukraine tension: official
South Korea's consumer prices could be further under upward pressure as oil prices have spiked amid increased geopolitical tensions between Russia and Ukraine, a senior government official said Friday. The government will step up its monitoring of prices of petroleum products and consider whether to extend fuel tax cuts, depending on oil price movements, according to Vice First Finance Minister Lee Eog-weon. "A spike in oil prices, caused by Russia-Ukraine tensions and risks from oil prod
Jan. 28, 2022
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Samsung Card logs 169.1% rise in Q4 net on rebounding spending
Samsung Card Co., a major South Korean card issuer, on Friday reported a 169.1 percent rise in its fourth-quarter earnings as consumption rebounded from a pandemic-caused slowdown. Net income in the October-December quarter came to 129.4 billion won ($107.4 million) on a consolidated basis, up from 48.1 billion won a year earlier, the company said in a regulatory filing. Fourth-quarter operating profit also surged 179.6 percent to 175.8 billion won, while sales declined 3.1 percent to 886.4 bi
Jan. 28, 2022
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SK Innovation shifts to black in Q4 on strong petrochem, EV battery sales
SK Innovation Co., the energy and chemical affiliate of South Korean conglomerate SK Group, said Friday it swung to the black in the fourth quarter from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales. Net income came to 163.4 billion won ($135.7 million) in the October-December period, a turnaround from a loss of 232.6 billion won a year earlier, the company said in a regulatory filing. It continued to post an operating loss of 47.3 billion won but far le
Jan. 28, 2022
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Shareholders OK Posco's plan to create holding firm
Shareholders of Posco, South Korea's top steelmaker, approved the company's plan to transform into a holding company by splitting it into two business entities, the steelmaker said Friday. After the breakup, the steelmaking group's holding company, tentatively named Posco Holdings, will focus on charting out future business, research and development, and investment. The steelmaking business will be dubbed Posco, which will be wholly owned by Posco Holdings and remain unlisted. The steelmaker'
Jan. 28, 2022
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Imports of leisure goods up 36.5% last year amid pandemic
South Korea's imports of leisure goods rose 36.5 percent last year from a year earlier as the COVID-19 pandemic boosted demand for indoor activities, customs data showed Friday. Imports of goods used for leisure activities, including tablets and TVs, came to $9.56 billion last year, compared with $7 billion a year earlier, according to the data from the Korea Customs Service. The 2021 reading accelerated from a 17.3 percent on-year gain in 2020. Compared with 2019, the value of imports almost
Jan. 28, 2022
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Kyobo Life requests US watchdog to punish Deloitte Anjin accountants for collusion
Kyobo Life Insurance, a major South Korean life insurer, said Friday that it has requested a US nonprofit watchdog to punish three accountants of Deloitte Anjin for colluding to inflate the prices of a put option exercised by one of its investors. Kyobo Life Insurance filed the petition with the Public Company Accounting Oversight Board, asking for their "strong punishment," according to the company. The board is a nonprofit watchdog established by US Congress to oversee the audits of
Jan. 28, 2022
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S. Korea activates task force for emergency economic responses over Ukraine tension
South Korea has launched a task force to prepare for potential economic impacts of ongoing tensions between Russia and Ukraine on the local economy and the financial market, the finance ministry said Friday. Tensions have escalated near Ukraine's border areas as the United States and its European allies have failed to reach an agreement with Russia to avert a potential military conflict. Finance Minister Hong Nam-ki held a meeting with related ministers to assess the situation Friday, and anno
Jan. 28, 2022
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SK hynix Q4 net up 87.5% on rising chip demand
SK hynix Inc., South Korea's No. 2 chipmaker, on Friday reported strong fourth-quarter earnings, helped by solid memory chip demand for servers and smartphones. Net profit for the three months that ended in December leaped by 87.5 percent from a year earlier to 3.31 trillion won ($2.8 billion). Operating profit rose 340 percent from a year ago to 4.21 trillion won, the highest since the fourth quarter of 2018. Sales jumped 55.4 percent to a quarterly record of 12.37 trillion won, marking the
Jan. 28, 2022
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Seoul stocks open higher on bottom-fishing
South Korean stocks opened higher Friday as investors sought to buy oversold stocks after the key stock index's five-day losing streak. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.58 points, or 0.48 percent, to 2,627.07 points in the first 15 minutes of trading. Stocks came off to a volatile start after the key stock index closed at a 14-month low due to the US rate hike concerns and LG Energy Solution's crash upon its market debut. Market bellwether Samsung Electronic
Jan. 28, 2022
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Industrial output grows by most in 11 years in 2021
South Korea's industrial output increased by the most in 11 years in 2021 due largely to a low base effect and robust exports, data showed Friday, in a sign that the country's economy has extended recovery momentum. Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea. It marked the largest growth since 2010, when industrial output gained 6.5 percent. Service output, onc
Jan. 28, 2022
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LG Electronics home appliance sales beat Whirlpool for 2021
LG Electronics saw its home appliance business set a new record in 2021 with revenues jumping 21.7 percent to 27.11 trillion won ($22.92 billion), outstripping the performance of its US rival Whirlpool that showed net sales of $22 billion, its earnings release showed Thursday. The performance of the business -- dedicated to refrigerators, washing machines, air conditioners and hygiene-related products -- drove LG Electronics‘ overall full-year revenue to an all-time high, at 74.72 trilli
Jan. 27, 2022
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LG Energy Solution debuts as Korea’s No. 2 company
LG Energy Solution became South Korea’s second-most valuable company, as the electric vehicle battery maker began trading shares on the benchmark Kospi well above the initial public offering price of 300,000 won ($250) apiece on its debut Thursday. The shares closed at 505,000 won after hitting 598,000 won, falling short of reaching the daily price ceiling of 780,000 won. But shares on the company’s market debut day put its market value at 118 trillion won, second only to Sam
Jan. 27, 2022