Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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N. Korea sends economic delegation to Iran amid suspected military cooperation
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Korea's exports of computer, display panels feared to weaken later this year: FKI
South Korea’s exports of computers, display panels and home appliances could weaken later this year as a result of declining global demand and growing tensions between the US and China, a new report has warned. But other sectors -- secondary cell, automobile, semiconductor and shipbuilding industries -- would fare better and expect to enjoy an upward trend at least until next year, according to the according to the report released on Tuesday by the Federation of Korean Industries. The r
June 8, 2021
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S. Korea faces dilemma between carbon neutrality, anti-nuclear policy
Minister of Trade, Industry and Energy Moon Sung-wook said Tuesday that the ministry will lead South Korea’s carbon neutrality plan, but remained vague on whether the plan includes nuclear energy. At his first press conference since taking office early last month, Moon stressed that the industrial sector emits 37 percent of the nation’s total carbon output and therefore the Industry Ministry should step up its efforts to help the country go carbon neutral by 2050. Asked whether
June 8, 2021
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Duty-free sales surge by 50% on-year in April
South Korea’s duty-free industry in April marked its steepest expansion in three years, signaling a gradual recovery toward pre-coronavirus levels, government data showed Tuesday. According to Korean Statistical Information Service, the duty-free sales index climbed 51.6 percent on-year in April, marking the steepest growth since the 54.6 percent observed in May 2018. The given indicator comprises the combined monthly sales of all duty-free shops here. Sales for shoes and bags skyrocket
June 8, 2021
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[News Focus] Gasoline prices rise to 16-month high in Korea
SEJONG -- Gasoline prices in South Korea have almost reached pre-pandemic levels, in the wake of a spiral in international crude prices and weak US dollar. According to the Korea National Oil Corp., gasoline prices climbed to 1,562.7 won ($1.40) per liter as of Monday, which marked the highest in 16 months since it recorded 1,563.3 won on Feb. 4, 2020. At the current pace of increase, there is a high possibility that prices will exceed 1,571.26 won -- the level recorded on Jan. 20, 2020, when
June 8, 2021
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S. Korean asset managers log record net profit in Q1
South Korean asset management companies collectively earned record net profit in the first three months, according to data released by the state watchdog Financial Supervisory Service on Tuesday. The combined net profit of the 328 domestic asset management firms came in at 615 billion won ($551.74 million), up 424.7 percent from the same period last year. The growth is partly attributable to reduced operational costs, the FSS said. The figure broke the previous record of 457.5 billion won p
June 8, 2021
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SK Telecom to wrap up testing of 5G-powered traffic system in Seoul
SK Telecom Co., a major South Korean telecom operator, said Tuesday it will wrap up the testing of a next-generation traffic system in Seoul by the end of this month as it seeks to accelerate efforts to develop self-driving technology based on its high-speed 5G network. The telecom operator has been testing the traffic system, named the Cooperative-Intelligent Transport System (C-ITS), with the Seoul metropolitan government since early 2019 and has installed 1,735 5G sensors across the city's m
June 8, 2021
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Indonesian shareholder drops $1.5b charge against KB Kookmin over Bank Bukopin acquisition
Seoul-based KB Kookmin Bank has steered clear of litigation in controlling Indonesian subsidiary Bank Bukopin, as its minority shareholder in Indonesia dropped all charges against South Korea‘s largest commercial bank, a filing showed Tuesday. Bosowa Corporindo, which was holding a 11.6 percent stake in the Indonesian midsized bank, has reached an out-of-court settlement for the 20.8 trillion-Indonesian-rupiah ($1.5 billion) charges against the bank‘s new controlling shareholder an
June 8, 2021
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Number of registered employees rises 2.2% in 2019: data
The number of registered employees, who are eligible for state insurance programs, in South Korea rose 2.2 percent on-year in 2019, data showed Tuesday. There were 24.35 million registered employees in 2019, compared with 23.38 million in 2018, according to the data released by Statistics Korea. About 20.48 million people worked the same job in 2019, while some 3.87 million people changed jobs, the data showed. Of the people who changed jobs in 2019, people aged between 15 and 29 accounted fo
June 8, 2021
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Samsung looking to expand 7th generation V-NAND solutions: exec
Samsung Electronics Co. aims to expand the use of its seventh generation V-NAND chip solutions, a senior executive said Tuesday, as the South Korean tech giant eyes to bolster its technology prowess in the memory sector. In the second half of the year, the world's leading memory chip maker will introduce a new consumer solid state drive (SSD) product based on its seventh generation V-NAND chip that boasts the smallest cell size yet in the industry, according to Song Jai-hyuk, head of Samsung's
June 8, 2021
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S. Korean battery trio to showcase future EV battery tech at InterBattery 2021
Three Korean battery makers are set to showcase their next-generation battery products and technologies at a major industry fair to get ahead in the toughening competition in the fast growing electric vehicle battery market, the companies said Tuesday. LG Energy Solution Ltd., Samsung SDI Co., and SK Innovation Co. will introduce their latest battery products and sustainable business models at InterBattery 2021, which runs from Wednesday to Friday at the Convention & Exhibition Center in so
June 8, 2021
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SsangYong Motor workers accept unpaid leave, wage cut in self-rescue efforts
Unionized workers at SsangYong Motor Co. have voted to accept a proposal for unpaid leave and a wage cut as part of self-help the financially troubled company is struggling to stay afloat with self-help measures, the company said Tuesday. In a vote held on Monday and Tuesday, SsangYong workers agreed to the company's offers of a two-year unpaid leave to half of it 4,700 employees, an extension of lower wages and suspended welfare benefits until June 2023, the company said in a statement. Ssang
June 8, 2021
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Naver invests in 70 startups under its accelerator scheme, their value estimated at W1.3tr
South Korea's top internet portal operator, Naver Corp., said Tuesday that it has invested 40 billion won ($36 million) in a total of 70 startups -- mostly early-stage tech firms under its accelerator scheme that started in 2015. The investment was made over the past six years since the tech giant created D2 Startup Factory, an accelerator for tech startups under its arm. Naver has supported promising entrepreneurs with advanced technological skills since 2015. Naver said the startups were ab
June 8, 2021
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Samsung Display on track to roll out QD displays in H2
Samsung Display Co., a major display panel maker in South Korea, is on track to produce its next-generation displays in the second half of the year, industry insiders said Tuesday. Samsung Display is set to release pilot products of the quantum-dot (QD) display for TVs and monitors this month and send them to its clients for further testing, according to the sources. The affiliate of Samsung Electronics Co. earlier revealed that it aims to launch its QD displays in the second half of the year
June 8, 2021
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LG Energy invests W12b in Australian EV battery material supplier
South Korean battery maker LG Energy Solution Ltd. said Tuesday it has struck a deal to buy a 7.5 percent stake in an Australian chemical company for 12 billion won ($10.8 million) for a stable supply of critical metals used in electric vehicle batteries. LG Energy Solution, the wholly owned subsidiary of LG Chem Ltd., said it agreed to buy new shares issued by Queensland Pacific Metals (QPM), which produces nickel and cobalt, key materials for lithium-ion batteries. QPM is the 100 percent own
June 8, 2021
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April tax revenue up W13.8tr
South Korea's tax revenue rose 13.8 trillion won ($12.4 billion) in April from a year earlier due largely to an increase in the collection of capital gains taxes, the finance ministry said Tuesday. The country collected 44.9 trillion won in taxes in April, compared with 31.2 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue was mainly attributable to an increase in capital gains tax income from housing transactions and fund investments.
June 8, 2021
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Seoul stocks open slightly lower amid valuation pressure
South Korean stocks opened slightly lower Tuesday on increased valuation pressure after the key stock index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (Kospi) fell 3.08 points, or 0.09 percent, to reach 3,249.04 points as of 9:17 a.m. The Kospi got off to choppy start after it finished the previous session at a record high of 3,252.12 points. Stock prices fluctuated as investors take a wait-and-see mode, seeking more clues to fathom the ou
June 8, 2021
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Duty-free sales surge to nearly 3-year high in April
Duty-free sales in South Korea jumped more than 50 percent in April to nearly a three-year high, signaling the industry's steady recovery toward the pre-pandemic level, government data showed Tuesday. Combined sales at duty-free shops in Asia's fourth-largest economy increased 51.6 percent in April from a year earlier, according to the data from the Korean Statistical Information Service (KOSIS). The figures mark the steepest monthly growth since 54.6 percent in May 2018. Sales surged 108 per
June 8, 2021
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SK Telecom to launch VR game for Oculus devices
SK Telecom Co., a major South Korean wireless carrier, said Tuesday it will launch a virtual reality (VR) game for Facebook Inc.'s Oculus Quest devices in a move to bolster its presence in the VR sector. "Crazy World VR," playable on Oculus' Quest 1 and 2 devices, features a range of sports games from archery and tennis to bowling in VR and allows users to compete with other players around the world in real time. The game, slated to launch Wednesday, also incorporates characters from
June 8, 2021
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Jeju Air resumes flights to Saipan amid vaccination drive
Jeju Air Co., South Korea's biggest budget carrier by sales, said Tuesday it has resumed flights to Saipan in a preemptive measure to absorb post-coronavirus travel demand. Jeju Air started to provide one flight a week on the Incheon-Saipan route on the day following permission from the transport ministry, a company spokesman said over the phone. "We expect most of the initial passengers to be businessmen, Koreans residing overseas and their family members. But pent-up demand for travel (
June 8, 2021
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Current account surplus sharply narrows in April on higher oil prices
South Korea's current account surplus sharply narrowed in April as higher oil prices increased the country's import bill, the central bank said Tuesday. The current account surplus reached $1.91 billion in April, narrowing from a surplus of $7.82 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering e
June 8, 2021