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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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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KDB chief regrets EU veto of Hyundai-Daewoo merger
The head of the state-run Korea Development Bank on Thursday expressed “strong regret” over the European Union antitrust regulator’s recent decision to block the merger of two Korean shipbuilders, saying that the move undermined Korea’s long-term efforts to normalize the shipbuilding industry. “I apologize and must express strong regret over the EU’s recent decision to veto Hyundai Heavy Industries Group’s proposed acquisition of Daewoo Shipbuilding &a
Jan. 27, 2022
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Netmarble to make a big bet on metaverse
South Korean game giant Netmarble said Thursday it will launch metaverse games that allow hyperconnection between the real world and virtual reality, expanding its footing in the fast-growing blockchain industry. “We plan to develop metaverse games that allow users, either individuals or companies, to gain virtual assets that can be exchanged for real assets such as currency through blockchain technology,” said Netmarble Chairman Bang Jun-hyuck. The metaverse concept has been used
Jan. 27, 2022
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Science ministry to set up Korean version of US DARPA
The government will introduce the Korean version of the US‘ Defense Advanced Research Projects Agency this year to accelerate future-oriented research on innovative technology, Science and ICT Minister Lim Hye-sook said Thursday. Adapting the US DARPA model -- creator of the computer mouse, drones, the Internet predecessor Arpanet, GPS, and voice recognition -- the Korean agency will have its own independent rights in operation and budget to lead challenging research and development of n
Jan. 27, 2022
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Standard Chartered offers up to 1.5% interest rate for new account subscribers
Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28. My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest r
Jan. 27, 2022
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Naver Webtoon aims to lead global content market with Wattpad
The Korean digital comics platform Naver Webtoon plans to fortify its foothold in the North American and ASEAN video content market, capitalizing on an extended IP value chain that now encompasses web novel giant Wattpad and the recently launched Wattpad Webtoon Studios. While Naver Webtoon has long developed expertise in adapting Korean webtoons into films, teaming up with Wattpad is expected to expand its presence to the web novel sector. Wattpad, North America’s largest web novel platf
Jan. 27, 2022
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Companies brace for new industrial safety law
With the nation’s new industrial safety law taking effect Thursday, companies across industries are bolstering their safety management systems to avoid being the first punished under the enhanced rules. Under the Serious Accident Punishment Act, business owners or executives at companies with more than 50 employees could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion won ($835,000) for fatal industrial accidents under circumstances where safet
Jan. 27, 2022
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Currency, stocks lose amid Fed’s remarks on rate hike
SEJONG -- South Korea’s stock index plunged and the currency lost its ground versus the US dollar on Thursday, following US policymakers’ stance overnight signaling an interest rate hike in March. The weaker position in the financial indices comes after senior officials from the Finance Ministry and the Bank of Korea forecasted earlier in the day that the hawkish position of the US Federal Reserve on the local capital market would bring limited effects. Fed chair Jerome Powell clar
Jan. 27, 2022
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KB, Hana, Shinhan recognized in 2022 Bloomberg Gender-Equality Index
South Korea’s top banking groups KB, Hana and Shinhan are included in this year’s Bloomberg Gender-Equality Index, which recognizes businesses committed to transparency in gender reporting and promoting women’s rights, the firms said Thursday. This marks KB and Shinhan’s fourth consecutive year, and Hana’s first time to be recognized by the GEI. The GEI was expanded in 2022 to represent 45 countries and regions, and 418 public companies across various sectors, inc
Jan. 27, 2022
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S. Korea's rice consumption hits another low in 2021
South Koreans' consumption of rice hit an all-time low in 2021, but the decreasing rate slowed on the back of a growing demand for home meals amid the COVID-19 pandemic, data showed Thursday. The average South Korean consumed 56.9 kilograms of rice last year, down 1.4 percent or 0.8 kilograms from the previous year, according to the data compiled by Statistics Korea. Rice is a key staple food for Koreans, but its consumption has been on a steady decline since 1980 due mainly to changes in diet
Jan. 27, 2022
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Retail sales rise over 11% in 2021 amid pandemic
Retail sales in South Korea rose 11.3 percent on-year in 2021 on the back of strong appetite for consumption and growing online transactions amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers climbed 7.5 percent on-year from the previous year, and those of online stores grew 15.7 percent, according to the data compiled by the Ministry of Trade, Industry and Energy. Department stores showed stellar performance, with their sal
Jan. 27, 2022
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RCEP pact to take effect for S. Korea next month
The mega free trade pact of the Regional Comprehensive Economic Partnership (RCEP) will take effect for South Korea next month, the industry ministry said Thursday. In November 2020, South Korea inked the trade deal with 14 other countries -- 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand -- and the National Assembly ratified the pact in December last year. It will come into force on Feb. 1, 60 days after the government submitte
Jan. 27, 2022
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Hyundai Mobis invests $4m in US radar startup
Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday it has invested $4 million in US radar startup Zendar to develop autonomous driving technologies. Through the stake investment, Hyundai Mobis aims to develop imaging radar optimized for Level 4 autonomous driving technology, the company said in a statement. Imaging radar extends existing radar's ability beyond detecting bulky objects to recognizing a vehicle's environment more precisely by processing data from radars on t
Jan. 27, 2022
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[EXCLUSIVE] Hyundai Motor developing ‘marine’ mobility platform powered by seawater
Hyundai Motor will develop a marine mobility platform powered by seawater by 2023 to replace small and mid-sized diesel ships polluting the sea. The project has been directly reported to Hyundai Motor Chairman Chung Euisun. According to industry sources Thursday, the automaker is developing a 15-20 meter-long yacht powered by the firm’s hydrogen fuel cells. The trimaran yacht has three hulls, each of which is installed with equipment to break seawater into hydrogen. Then, hydrogen fuel
Jan. 27, 2022
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Taxi sharing to be revived in Seoul after 40 years
Taxi sharing, banned in South Korea for the past four decades, will be revived in a new way in Seoul this week thanks to the development of IT technology, the city government said Thursday. The Seoul government said cab ride-sharing services can be offered legally in the capital starting Friday, when a revision of the taxi industry development law approved last July takes effect. The new law allows only voluntary taxi sharing arranged through online transportation platforms, the government sai
Jan. 27, 2022
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Samsung outpaces Intel in chip sales
Samsung Electronics saw revenue of 94.16 trillion won ($78.36 billion) in its semiconductor chip business alone for 2021, up 29 percent from the previous year, its earnings call showed Thursday, beating its US chipmaking rival Intel‘s full-year $74.7 billion in revenue, released a day prior. It was an all-time high sales record from the chipmaking operation by the Suwon, Gyeonggi Province-based tech giant, outdoing the 86.29 trillion won it earned in 2018. Memory chips alone earned 72.6
Jan. 27, 2022
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Auto exports hit 7-year high in 2021
South Korea's exports of autos rose to the highest point in seven years last year due to the low base effect and strong demand for eco-friendly cars, customs data showed Thursday. The country's outbound shipments of cars came to $42.6 billion last year, up 23 percent from the previous year, according to the data compiled by the Korea Customs Service. It marked the largest amount since 2014, when auto exports were valued at $44 billion. The brisk exports came even as Korean automakers suffered
Jan. 27, 2022
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Seoul stocks open steeply lower on FOMC results, Russia-Ukraine risk
South Korean stocks opened steeply lower Thursday as investors digest the US central bank's policy meeting results and the rising tensions between Russia and Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) retreated 26.94 points, or 0.99 percent, to 2,682.3 points as of 9:18 a.m. Stocks came off to a weak start after the US Federal Reserve chief signaled rate hikes in March. The escalating Russia-Ukraine political tensions also sapped the investor appetite for risky assets.
Jan. 27, 2022
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Naver 2021 net surges 20 times amid pandemic
South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped nearly 20 times in 2021 from the previous year on the back of the non-contact trend amid the COVID-19 pandemic. Naver's net profit reached 16.41 trillion won ($13.7 billion) last year, compared with a net profit of 836.2 billion won the previous year, the company said in a regulatory filing. Operating income reached 1.32 trillion won for all of 2021, up 9.1 percent from the year before. Sales reached a
Jan. 27, 2022
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S. Korea to take market-stabilizing steps if needed: official
South Korea plans to take measures to stabilize the country's financial market when needed, a senior government official said, after the Federal Reserve signaled at a rate hike in March to tame inflation. The finance ministry assessed the Fed's monetary policy stance as hawkish, but it said the outcome of the US central bank's latest rate-setting meeting is expected to have a limited impact on the South Korean market. Fed chief Jerome Powell said Wednesday (US time) that it has "quite a b
Jan. 27, 2022
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Exports of cars, oil products forecast to be brisk this year
South Korea's exports of cars and petroleum products are expected to grow solidly this year, but the outlook for steel, ships and other key items is gloomy, a poll showed Thursday. According to the survey taken by the Federation of Korean Industries (FKI), outbound shipments of cars are projected to expand 6.2 percent this year from last year's $46.5 billion. The lobby for South Korea's family-controlled conglomerates attributed its upbeat prediction to improving consumer confidence across the
Jan. 27, 2022