Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Bond issuance in S. Korea falls 11.5% in May
Bond issuance in South Korea shrank 11.5 percent in May from the previous month amid strong foreign buying, data showed Thursday. The value of bonds sold in Asia's fourth-largest economy came to 73.3 trillion won ($65.7 billion) last month, down 9.6 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's drop represents a drastic turnaround from an on-month increase of 9.3 trillion won in April. Sales of corporate bonds plunged by
June 10, 2021
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Hana Bank issues $600m in ESG bonds
Major South Korean lender Hana Bank said Thursday it has floated $600 million worth of environment, social and governance (ESG) bonds to help support vulnerable and eco-friendly projects. The dollar-denominated bonds will mature in five years and six months, and carry an annual interest rate of 1.25 percent, or the yield on five-year US Treasurys plus a spread of 0.55 percentage point. ESG bonds are a type of sustainability debt offering aimed at financing corporate activities in environmental
June 10, 2021
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[Graphic News] Samsung tops Q1 TV market with record share: report
Samsung Electronics maintained its status as the world‘s leading TV vendor with a record market share in the first quarter, a report showed, as the tech giant posted robust growth on the back of its QLED and large TVs. Samsung represented 32.9 percent of the global TV market in terms of sales revenue in the January-March period, its largest share for a first quarter, according to data from industry researcher Omdia. Samsung was followed by its South Korean rival LG Electronics wit
June 10, 2021
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LG Electronics unveils mobile app for pedestrian safety
LG Electronics Inc. on Thursday unveiled a mobile application for pedestrian safety as the South Korean tech giant eyes to beef up its presence in the software sector despite its planned departure from the smartphone business. The Soft V2X, with V2X standing for "vehicle to everything," is LG's smartphone solution for pedestrian protection. The app can warn users of collision risks between pedestrians and vehicles, as well as possible car-to-car crashes, to prevent road accidents. Th
June 10, 2021
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Seoul stocks open nearly flat ahead of US inflation data release
South Korean stocks opened nearly flat Thursday as investors await the release of US consumer price data that may give clues about the Federal Reserve's future monetary policy. The benchmark Korea Composite Stock Price Index (Kospi) edged down 0.5 points, or 0.02 percent, to reach 3,215.68 points in the first 15 minutes of trading. The Kospi got off to muted start as investors take a wait-and-see mode before the US consumer price index (CPI) for May that will be published later in the day (Kor
June 10, 2021
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SK Telecom to conduct spinoff in November, split its stock 5 to 1
SK Telecom Co., South Korea's top wireless carrier, decided Thursday to spin off a new investment company in November to expand its foothold in new tech sectors, as well as conduct a 5-for-1 stock split aimed at improving shareholder value. The wireless carrier's board of directors approved the spinoff plan, and the new company, tentatively named SKT Investment Co., will be split on Nov. 1, according to a company regulatory filing. Under the spinoff, SK Telecom's shares will be divided 6-for-4
June 10, 2021
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Preorders for Kia's EV6 in US fully booked in a day
Kia Corp., South Korea's second-biggest carmaker, said Thursday presale orders for its first all-electric model, EV6, have been fully reserved in one day in the United States. Kia sold all of the 1,500 units of the EV6 First Edition in an online preorder event in the world's most important automobile market on Tuesday (US time), the company said in a statement. The EV6 First Edition is equipped with a 77.4 kilowatt-hour (KWh) battery, an augmented reality head-up display, remote parking assist
June 10, 2021
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[Exclusive] Government preparing Moderna vaccine for Samsung, SK, LG employees
The South Korean government is preparing to provide the COVID-19 vaccine from US pharmaceutical company Moderna to employees of some major domestic companies as part of efforts to help normalize their business operations early, according to industry sources Wednesday. The Ministry of Employment and Labor has sent out related guidance to companies including Samsung Electronics and its affiliates, SK and LG Group companies, multiple sources confirmed to The Korea Herald. According to the compan
June 9, 2021
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FSC gives green light to Korea’s third Internet-only bank
Toss Bank on Wednesday received final approval from the Financial Services Commission to operate as the nation’s third mobile-only bank. Now that it has the green light, Toss is set to jump into South Korea’s fast-growing online banking market, currently dominated by KakaoBank and K bank. Toss Bank -- backed by Viva Republica, the operator of fintech app Toss -- will officially launch as early as September. Toss Bank will operate within the existing Toss app to take advantage of
June 9, 2021
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Outlook for chip market gets brighter upon strong demand for memory
The world’s semiconductor market is projected to attain greater growth than initially forecast this year, mainly led by the memory sector amid rising demand for chips across various industries under the protracted COVID-19 pandemic. According to a forecast released by the World Semiconductor Trade Statistics on Wednesday, the worldwide semiconductor market is expected to increase by 19.7 percent to $527 billion in 2021 from a year earlier, and continue to grow by 8.8 percent in 2022.
June 9, 2021
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EuBiologics to start phase two clinical study of its COVID-19 vaccine candidate
South Korean biopharmaceutical company EuBiologics announced Wednesday that it will commence phase two clinical trial of its COVID-19 vaccine candidate EuCOVAC-19. EuBiologics plans to conduct the clinical study of its synthetic antigen-based vaccine candidate from the end of this month on a total of 230 people, with an aim of completing it by October, the company said. EuBiologics said the company has seen positive results from the phase one trial in terms of the safety and immunogenicity
June 9, 2021
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Employment rate recovers to 80% of pre-pandemic levels, minister says
The recovery of South Korea’s job market picked up steam as more than 600,000 positions were added back to the economy in May, surpassing that mark for the second consecutive month, government data showed Wednesday. Statistics Korea found that the number of employed people reached 27.6 million last month, 619,000 more than a year earlier, as Asia’s fourth-largest economy continued its recovery from the virus-caused downturn. The base effect from severe job losses last year lifted
June 9, 2021
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First Paris Baguette store opens in Cambodia
SPC Group is launching the Paris Baguette bakery franchise in Cambodia, opening the first branch in the country‘s capital city, the company said Wednesday. According to SPC Group, the Korean firm behind bakery brand Paris Baguette, it forged ties with Cambodia’s HSC Group to open the first Paris Baguette store in Phnom Penh. Cambodia is the sixth country in which Paris Baguette has launched, and it is the first time the bakery operator has formed a joint venture for its overseas
June 9, 2021
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Homegrown driverless car to get first trial run
A homegrown autonomous driving vehicle will begin its first trial run next week, the Electronics and Telecommunications Research Institute said Wednesday. AutoVe is a level 4 self-driving vehicle that does not have a driver’s seat. With no human assistance, the six-seater car is driven solely by the research institute’s artificial intelligence system, coupled with a self-developed voice recognition system. Passengers can just talk to the car to set up the destination, it said.
June 9, 2021
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S. Korean businesses dissent expansion of ‘Google tax’
South Korea’s business circles have submitted a petition to the Organization for Economic Cooperation and Development expressing concerns over the global move to expand the range and rate of digital services tax. The Federation of Korean Industries said Wednesday that it has submitted a joint statement on behalf of industries here, addressing OECD Secretary-General Mathias Cormann. “The move to excessively expand the range of digital services tax and to raise its tax rate would con
June 9, 2021
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Hyundai Motor chief wins top accolade at 2021 Autocar Awards
Hyundai Motor Group Chairman Chung Euisun has won the top prize at the 2021 Autocar Awards for his contribution to the global car industry, the company said Wednesday. The Issigonis Trophy, named after car designer Sir Alec Issigonis, is the award given to a standout individual within the industry who is deemed to have delivered an exceptional level of success. “In the last decade, Hyundai Motor Group has grown into one of the world’s leading car firms, and Chairman Chung has be
June 9, 2021
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SK Innovation mulls developing new cylindrical and prismatic battery cells
SK Innovation said Wednesday that it was considering producing new kinds of electric vehicle batteries, including cylindrical and prismatic battery cells, to expand its customer base. At South Korea’s biggest battery expo, Inter Battery, held at Coex in Seoul this week, SK Innovation battery chief Jee Dong-seob confirmed that the company was preparing to diversify its product portfolio, which currently consists only of pouch-type cells. “We are reviewing the development of cyli
June 9, 2021
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Seoul stocks slump for 2nd day ahead of US inflation data release
South Korean stocks retreated for second straight day on Wednesday as investors took to the sidelines ahead of the release of US consumer price data that may give more clues about the Federal Reserve's next move. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 31.65 points, or 0.97 percent, to close at 3,216.18 points. Trading volume was moderate at about 1.9 billion shares worth some 16.9 trillion won ($15.2 billion), with losers out
June 9, 2021
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Kakao’s Kim Beom-su sets up foundation to make social impact
Kim Beom-su, the founder of mobile messenger firm Kakao, has established a charity foundation aimed at making positive social impact, Kakao said Wednesday. The Brian Impact foundation, named after Kim’s English name, aims to support businesses that seek to provide solutions to social problems, expand employment opportunities through research and development projects or engage in business related to future-leading technologies, such as artificial intelligence. “The purpose of Brian
June 9, 2021
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Korea eyes travel bubbles with Singapore, Guam, Saipan
South Korea said on Wednesday it will accelerate travel bubble talks with the likes of Singapore, Taiwan and Thailand to allow quarantine-free package tours for those who are fully vaccinated from as early as July. With only group tours allowed at the beginning, one or two flights will fly a week, carrying up to some 200 passengers once a travel bubble is formed, with plans to extend the scale of the travel scheme later, the Transport Ministry said. The move comes as the government is set to
June 9, 2021