Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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[Herald Interview] Samsung’s ShoeDresser to replace shoe closet at home
One day, Koreans might bid adieu to bulky wooden shoe closets at the entrances of their apartments. Samsung ShoeDresser, a brand new category of home appliance, could replace old closets, changing entirely the way people store and care for their shoes, and also reflecting the importance of the fashion item to millennials. After launching clothing care system AirDresser in 2018, Samsung’s engineers at the consumer electronics unit caught the growing trend of shoe-lovers, which led to t
June 11, 2021
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US-based First Eagle cashes in W35b from Namyang Dairy
US-based investment house First Eagle Investment Management and its mutual fund have cashed in a combined 35 billion won ($31.5 million) during a weeklong trade since late May from its investment in event-driven Namyang Dairy stock in South Korea, filings showed Friday. Shares of Namyang Dairy Products, hit a price ceiling immediately after an announcement on May 27 that local private equity firm Hahn & Co. will buy a controlling 52.6 percent stake in the firm from the owner family, includ
June 11, 2021
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Domestic demand extends improving momentum: ministry
South Korea's domestic demand is extending an improving trend as retail sales and consumer sentiment gained ground amid an economic recovery, the finance ministry said Friday. In its monthly economic assessment report, the ministry presented a positive assessment of private consumption for the second straight month. Last month, the government said domestic demand is "gradually" improving. "Exports and investment have continued to maintain solid recovery momentum, and domestic de
June 11, 2021
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Hyundai resumes operations of local plants after quarantine steps
Hyundai Motor Co. said Friday it has resumed operations at its four domestic plants following a half-day suspension due to the disruption of parts supply caused by the COVID-19 pandemic at a key parts supplier. The carmaker restarted vehicle production at four out of its five plants in Ulsan, 414 kilometers southeast of Seoul, as health authorities completed quarantine measures at a plant of Hyundai Mobis Co., a company spokesman said. Hyundai Motor suspended the four Ulsan plants on Thursday
June 11, 2021
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S. Korea's exports jump 40.9% in first 10 days of June
South Korea's exports jumped 40.9 percent on-year in the first 10 days of June on the back of robust shipments of chips and autos, customs data showed Friday. The country's outbound shipments stood at $17.3 billion in the June 1-10 period, compared with $12.3 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 31 percent on-year to $17.9 billion, resulting in a trade deficit of $612 million during the cited period, the data showed. By sector, outbound sh
June 11, 2021
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S. Korean retail investors swoop on 'meme-stock' AMC this month
South Korea retail investors have traded more than $1.7 billion worth of shares in AMC Entertainment Holdings Inc., one of the social media-driven meme stocks, this month, data showed Friday. Local individual investors' transactions of shares in the top US movie theater chain came to $1.76 billion in the first eight trading sessions of this month, according to the data from the Korea Securities Depository. AMC Entertainment became the most-bought overseas stock by South Korean retail investors
June 11, 2021
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BOK will prepare for 'orderly' exit from monetary easing if recovery remains solid: chief
South Korea will prepare for an "orderly" exit from the pandemic-era monetary easing policy if an economic recovery remains solid, the head of the Bank of Korea (BOK) said Friday. It was the second time in a month that BOK Gov. Lee Ju-yeol hinted at the normalization of monetary policy amid market concerns about the US Federal Reserve's tapering. "If our economy is expected to continue its solid pace of recovery, we will orderly normalize the current easing of monetary policy
June 11, 2021
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Export prices up for 6th month in May
South Korea's export prices rose in May, marking the sixth straight monthly gain amid a robust recovery in exports, central bank data showed Friday. The country's export price index, in terms of the local currency, rose 1.5 percent in May from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the sixth consecutive month of an on-month rise. In April, the index rose 2.2 percent on-month. From a year earlier, the index jumped 12.3 percent,
June 11, 2021
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Seoul stocks open steeply higher despite US price hike
South Korean stocks opened higher Friday despite the steep hike in the US price gauge, as investors expect the price pressure is still short of starting Federal Reserve discussions to pull back its accommodative policies. The benchmark Korea Composite Stock Price Index (Kospi) rose 24.91 points, or 0.77 percent, to reach 3,249.55 points in the first 15 minutes of trading. The Kospi got off to a strong start on overnight Wall Street tech gains, as investors shrug off signs of high price pressur
June 11, 2021
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[News Focus] Legal risks persist at Samsung as Lee’s trial continues
Samsung Group’s de facto chief Lee Jae-yong attended a court hearing on Thursday as part of an ongoing trial on alleged irregularities surrounding his ascension to the helm of the South Korean tech conglomerate. As always, the tycoon, who is serving a 2 1/2-year jail term over a previous bribery conviction, didn’t utter a single word throughout the full-day session held at the Seoul Central District Court, as his attorneys fought hard to fend off additional convictions. The charge
June 10, 2021
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[#WeFACE] Circular economy only answer to post-pandemic world: Gerd Leonhard
Unlike for COVID-19, there is no vaccine for climate change. However, there is a treatment to prevent further damage -- a circular economy that focuses on sharing, reusing and extending the life span of products rather than making mere profit, futurist Gerd Leonhard said in a keynote speech at H.eco Forum held Thursday. “We are going to have more money but there won’t be any planet to spend it on. You can’t do business on the broken planet,” he said, showing global ca
June 10, 2021
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Electric vehicles make debut at Seoul Smart Mobility Expo
Automakers and mobility service providers gathered at Seoul Smart Mobility Expo on Thursday to show off their latest electric vehicles and mobility technologies. In the three-day expo that kicked off at the Oil Tank Culture Park in Seoul, the country’s leading automaker Hyundai Motor Group’s Genesis brand unveiled the first electric powertrain variant of its luxury sedan Genesis G80 for the first time in the country. The model made its overseas debut at the 2021 Shanghai Internati
June 10, 2021
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Social venture Dot to supply Braille tablets to US schools
South Korean social startup Dot has been picked as the sole supplier of Braille tablet PCs for visually impaired students in the US, the company said Thursday. Through the exclusive contract with the US Department of Education, the Seoul-based startup will provide 30 billion won ($26.9 million) worth of Braille smart tablets, called Dot Pads, to the US schools for four years starting in 2022. The digital devices enable teachers and students to depict shapes, charts and graphs in Braille whil
June 10, 2021
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Barogo attracts W80b in series C
Delivery platform operator Barogo has secured 80 billion won ($71.7 million) through its series C funding round, the company said Thursday. The amount of the newly raised funds surpassed the firm’s initial target of 50 billion won, showing the increasing interest of investors in the booming delivery businesses. E-commerce firm 11st and retail conglomerate CJ Group have joined the funding round as strategic investors. 11st invested 25 billion won in the latest scheme, while CJ Group&rs
June 10, 2021
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Tycoons to push for launch of CEO-level hydrogen coalition
Leaders of four South Korean conglomerates -- Hyundai Motor, SK, Posco and Hyosung -- have agreed to launch a CEO-level consultation body for the local hydrogen economy. According to officials from the business groups on Thursday, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Posco Group Chairman Choi Jeong-woo and Hyosung Group Chairman Cho Hyun-joon met at a Hyundai Motor’s research and development center early Thursday morning, where they agreed to forge
June 10, 2021
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‘FSC approval of digital insurance to boost innovation, but intensify race’
An official green light given to the insurance unit of Kakao Pay and three peer-to-peer companies will pave the way for the country’s innovation in finance, industry experts said Thursday. The Financial Services Commission has given a preliminary approval of Kakao Pay’s insurance subsidiary as an online-only insurance firm, the regulator announced on Thursday. Kakao Pay will become the country’s first digital-only general insurance company. A digital-focused insurance
June 10, 2021
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Seoul stocks rebound on tech gains, foreign buying
South Korean stocks rebounded Thursday on the quadruple expiration day of options and futures, buoyed by strong advances in tech stocks and massive foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.46 points, or 0.26 percent, to close at 3,224.64 points. Trading volume was high at about 1.9 billion shares worth some 18.8 trillion won ($16.8 billion), with losers outnumbering gainers 426 to 418. Foreigners scooped a net 71
June 10, 2021
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SsangYong Motor to send off half of workforce on unpaid leave
South Korea’s financially ailing carmaker SsangYong Motor set to sending its factory workers on rotating unpaid leave for up to two years, in a desperate move to save costs and minimize layoffs under a new buyer. The company and labor union are under talks to shape up the detailed action plan, following the unionists’ recent consent to having half of the workforce on rotating unpaid leave, officials said Thursday. The plausible scenario is to divide the workers according to their
June 10, 2021
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[#WeFACE] RE100, Orsted, Amorepacific chiefs say green transition is a matter of will
For 221 of the world’s major companies to source 100 percent of electricity from renewable sources by 2030, they’ll have to spend $98 billion. But make no mistake. These members of Renewable Energy 100 -- a global initiative to use electricity generated exclusively from renewable energy -- are not burning their cash just for the greater good of saving the Earth. They’re doing this for their own good, Sam Kimmins, head of the Climate Group’s RE100 campaign, said at th
June 10, 2021
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[Exclusive] Hyundai Motor prepares ‘hydrogen’ robot taxi business in S. Korea
Hyundai Motor Group is developing a hydrogen robot taxi with the aim of launching a commercial service within the next few years. According to the nation’s top automaker, the self-driving taxi will be based on the Nexo, the company’s hydrogen fuel cell-powered SUV. “The hydrogen robot taxi is currently in the design stage. The exterior currently has cameras and sensors protruding from it, so we’re working on it. The model will be ready for mass production in one to tw
June 10, 2021