Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Herald Interview] Guggenheim Museum makes a push for technology-based art with LG
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New chief named to anti-corruption body
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Banks' lending rates inch down in April
South Korean banks' lending rates edged down in April amid a slight decline in deposit rates, central bank data showed Friday. The average interest rate charged on new bank loans came to 2.74 percent in April, down 0.03 percentage point from the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion the impa
May 28, 2021
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Institutions' investment in foreign securities down 1.7% in Q1
South Korean institutions' investment in foreign securities fell 1.7 percent in the first quarter as they reduced their holdings of foreign sovereign bonds, central bank data showed Friday. The combined value of foreign securities held by institutional investors came to $363 billion as of end-March, down $6.1 billion from three months earlier, according to the Bank of Korea (BOK). Foreign securities include stocks, bonds and so-called Korean paper, which refers to foreign currency-denominated
May 28, 2021
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S. Korea to extend consumption tax cut on passenger cars by another 6 months
South Korea plans to extend a cut in the consumption tax on passenger cars by another six months in a bid to boost domestic demand hit by the pandemic, the finance minister said Friday. A 30 percent cut in the consumption tax on the purchase of passenger cars is supposed to expire at the end of June, but the country will extend it until the end of this year, according to Finance Minister Hong Nam-ki. In July 2018, the government slashed the auto consumption tax to 3.5 percent from 5 percent an
May 28, 2021
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Samsung moves up to 2nd spot in wearables market in Q1: report
Samsung Electronics Co. was the world's second-largest vendor of wearable devices in the first quarter of the year, a report showed Friday, on the back of its wireless earbuds sales. The South Korean tech giant moved ahead of China's Xiaomi Corp. for the first time to take the runner-up spot with a market share of 11.8 percent, which was up 0.6 percentage point from a year earlier, according to the latest report from market researcher International Data Corp. (IDC). Samsung shipped 11.8 millio
May 28, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Friday, tracking overnight Wall Street gains that stemmed from strong US economic data and upcoming federal spending plans. The benchmark Korea Composite Stock Price Index (Kospi) rose 18.56 points, or 0.59 percent, to reach 3,184.07 points in the first 15 minutes of trading. The Dow Industrial Average gained 0.41 percent, as jobless data declined to a fresh pandemic low, and the S&P 500 edged up 0.12 percent. The world's largest economy will soon reveal
May 28, 2021
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Apple to offer trade-in program for LG smartphone users in S. Korea
The South Korean unit of Apple Inc. will run a trade-in program to woo LG Electronics Inc.'s smartphone users, industry insiders said Friday, in a move to expand its presence on the home turf of Samsung Electronics Co., the world's largest smartphone vendor. Apple's smartphone exchange scheme with local mobile carriers will pay the trade-in value of a mobile device and an additional 150,000 won ($135) to those who replace their LG smartphones with iPhones, according to the sources in the teleco
May 28, 2021
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Hahn & Co. set to take over scandal-ridden dairy product-maker for W310.7b
South Korean private equity firm Hahn & Co. is poised to buy a controlling 52.6 percent stake in Namyang Dairy Products which has been under public criticism for claiming that its yogurt drink helps prevent COVID-19, a filing showed Thursday. Namyang Dairy’s board has agreed to sell 378,938 common shares, owned by ex-chairman Hong Won-sik, his wife and his grandson, to the country’s second-largest private equity firm for 310.7 billion won ($278.2 million), according to th
May 27, 2021
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[From the scene] Fans line up for BTS Meal at McDonald’s in South Korea
Under a light drizzle on Thursday morning, a group of young people stood outside a McDonald’s in Sinchon, Seoul, waiting in line. “Since the announcement in April, I have been waiting for the launch of the BTS Meal, and I am very glad to finally have it today,” Toni Yeptho told The Korea Herald as she stepped outside with a McDonald’s meal to go. Not just any meal, but the BTS Meal. Clad in her green BTS sweatshirt, Toni, an exchange student from India, introduced he
May 27, 2021
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BMW Korea boosts benefits for its premium members
BMW Korea plans to add more benefits to its existing premium membership program provided to owners of its Luxury Class models, the global carmaker announced Thursday. For members of the BMW Excellence Club -- made up of owners of BMW’s New 7 Series, New 8 Series and the New X7 model -- the company is expanding its rental car service, which was previously only available in the southern island of Jeju. Beginning in August, BMW Excellence Club members can borrow a BMW X7 for 72 hours for
May 27, 2021
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[Behind the Wheel] Solid family vehicle Volvo XC90 made more eco-friendly with B6 engine
Volvo Cars Korea was once one of the back markers in South Korea’s automotive market, but it has emerged as a force to be reckoned with in recent years, thanks to its reputation for safety. As cases accumulated over time that highlighted Volvo cars’ strength, the automaker’s sales, which were still below 2,000 units in 2013, have surpassed the 10,000-unit mark for two years running, setting a new sales record of 12,798 units in 2020. Now, the automaker is charging ahead for
May 27, 2021
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SPC Samlip brings US yogurt brand Chobani to Korea
South Korean food company SPC Samlip has signed an exclusive contract with US-based Chobani to distribute and sell their yogurt products here, the company said Thursday. Starting July, SPC Samlip said it will exclusively supply Chobani products to retailers here, and also work on producing new products under the brand using homegrown ingredients. Chobani supports the Farmer’s Assuring Responsible Management animal welfare program, which ensures that farms supplying milk to the company
May 27, 2021
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Kia to run a ‘pick up and charge’ service for EV users
Kia, the carmaker affiliated with Hyundai Motor Group, will run a pilot “pick up and charge” program for the convenience of electric vehicle users, officials said Thursday. “We have come up with an on-demand pick up and charge system in order to reduce any inconvenience that all-electric vehicle drivers may face in everyday life,” the company said in a release. To go with the service, which will be available 24 hours a day in most parts of the country, the company has
May 27, 2021
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HMM vows to halve carbon emission by 2030
South Korea’s top shipping company HMM -- formerly Hyundai Merchant Marine -- has vowed to halve carbon emissions by 2030, as part of its blueprint to attain carbon neutrality by 2050. The announcement came during a preliminary session of the 2021 P4G, Partnering for Green Growth and the Global Goals 2030, an event held Wednesday at Seoul’s Dongdaemun Design Plaza, officials said Thursday in a release. “HMM saw its carbon emission volume reduced by 40 percent from 2008 to 20
May 27, 2021
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Eco-friendly KTX-Eum showcases homegrown high-speed train technology
Have you tried the KTX-Eum yet? This eco-friendly high-speed train is South Korea’s first to feature homegrown technology. The KTX-Eum began operating along the central line in January, making it possible to travel from Cheongnyangni Station in Seoul to Andong, North Gyeongsang Province, in just two hours. While other KTX trains have power cars on either end, the KTX-Eum’s power system is dispersed, making it possible for more passengers to be on board and for the train to slow dow
May 27, 2021
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[Herald Interview] Korail CEO Son Byung-seok maps out new future
Could South Korea’s railroad network one day be connected all the way to Europe? It’s a vision the country has long hoped for, after its railroad tracks were severed at the 38th parallel border line during the 1950-53 Korean War that now divides the North from the South. The war has left South Korea “an island,” Son Byung-seok, CEO of Korea Railroad Corp. said in an interview with The Korea Herald. That’s why a railway link from Northeast Asia to Europe would pl
May 27, 2021
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Seoul stocks inch down ahead of key US data, MSCI rebalancing
South Korean stocks closed a tad lower Thursday, as investors wait for key economic data from the United States later this week, which is widely seen as a gauge for a potential rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 2.92 points, or 0.09 percent, to close at 3,165.51 points. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($17.8 billion), with gainers outnumbering losers 496 to 360. Fo
May 27, 2021
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Seoul apartment prices undeterred by market intervention
An upward trend for apartment prices in Seoul has continued for 40 weeks in a row, since last June, according to the state-run Korean Real Estate Board on Thursday. Market experts say unstoppable apartment price increases in Gangnam have driven the growth, inflating home prices in other regions in and around Seoul. The rate of increase stayed between 0.1 percent and 0.2 percent during most of the second half last year, and this year it increased from 0.06 percent in the first week of January
May 27, 2021
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Central bank hints at rate hike, raises growth forecast to 4%
South Korea’s central bank on Thursday took a more hawkish stance toward an interest rate hike by the end of the year, while upgrading its economic outlook for this year to 4 percent. In a briefing tied to a monetary policy meeting held earlier in the day, Bank of Korea Gov. Lee Ju-yeol hinted that the policy board has discussed the possibility of a policy shift. “If the economic situation improves, then there is a need to adjust the measures in line with the situation,” Lee
May 27, 2021
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Korea joins US-led Artemis Accords for space exploration
South Korea has become the 10th member of an international program for peaceful exploration of the space led by the United States, the Ministry of Science and ICT said Thursday. Science and ICT Minister Lim Hye-sook signed the Artemis Accords on behalf of the Korean government as a follow-up measure of the Korea-US presidential summit last week, the ministry said. The Artemis Accords is an international agreement among governments participating in the Artemis Program, a US-led effort to
May 27, 2021
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Samsung rolls out LED package with highest light efficacy
Samsung Electronics is rolling out a new mid-power LED package, the LM301B EVO, which boasts the highest light efficacy and innovative color quality for indoor and industrial applications, the company said Thursday. The latest Samsung LED package, built on the tech giant’s proprietary flip-chip design, features the industry’s highest efficacy of 235 lumens per watt, by applying a new reflective material inside the packaging mold and improving phosphor conversion efficiency. The p
May 27, 2021