Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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[KH Explains] Banks puzzled by derivatives misselling proposal
South Korean regulators’ push for banks to make up for investors’ losses incurred from equity-linked securities tied to a Hong Kong index has left both Korean and foreign banks baffled. Korea's major lenders accepted compensation guidelines suggested by financial watchdog the Financial Supervisory Service last month, agreeing to partly redress investors for the losses from the ELS products. The payback scheme is expected to cost around 2 trillion won ($1.47 billion) in total for
April 8, 2024
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Late Hanjin chairman’s legacy honored in new biography
Hanjin Group, the South Korean aviation conglomerate behind the nation's flag carrier Korean Air, announced Monday the release of a biography honoring the life and accomplishments of its late chairman Cho Yang-ho. The book, titled “Charting New Horizons: the Life and Legacy of Cho Yang-ho”, was unveiled during Cho's memorial ceremony held on the same day in Singal, Yongin, Gyeonnggi Province. After joining Korean Air in 1974, Cho Yang-ho emerged as a visionary figure in the
April 8, 2024
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7 in 10 Korean retailers feel threat from Chinese e-commerce rush
Seven out of 10 retailers in Korea say they feel threatened by the rapid expansion of Chinese e-commerce platforms, especially the big three -- AliExpress, Temu and Shein -- an industry-wide survey found Monday. Of the 500 retailers surveyed by the Korean Chamber of Commerce and Industry, the nation’s largest business lobby, 69.4 percent said their businesses are under threat by the Chinese rush, while 74.4 percent expected heightened competition in the market. Almost 60 percent of online
April 8, 2024
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Hanwha’s succession plan picks up pace
Hanwha Group, Korea’s seventh-largest conglomerate by total assets, is poised to solidify its plan for succession, which will move from the current chairman to his three sons, as the company has taken a clearer stance on who will take charge of each business. According to the conglomerate, Hanwha Group Chairman Kim Seung-youn visited the headquarters of Hanwha Robotics in Pangyo, Gyeonggi Province, on Friday, with his youngest and third son Kim Dong-seon, who is the vice president of Hanw
April 8, 2024
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Samsung, SK boost investment to secure hefty chip subsidies in US
South Korean chipmakers Samsung Electronics and SK hynix have been boosting investment in the US to secure federal subsidies and get ahead in the intensifying competition in the advanced chip packaging and artificial intelligence chip sectors. Samsung Electronics, the world's top memory chipmaker that also runs chip design and foundry businesses, is reportedly planning to increase its investment in its semiconductor fabrication plant currently under construction in Taylor, Texas. According
April 8, 2024
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[Photo News] SK founder's legacy lives on
SK Group said Monday that it was opening the birthplace of its founder Choi Jong-gun and the second-generation Chairman Chey Jong-hyun to the public in celebration of its 71st anniversary. The "Ancient Residence of SK," located on a 1,111 square-meter site in Suwon, Gyeonggi Province, has been refurbished as a memorial hall exploring the history of South Korea’s economic growth and entrepreneurship. The current Chairman Chey Tae-won is the third-generation leader of the nation&rs
April 8, 2024
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2 S. Korean banks compensate retailers for HK-tied ELS losses
Two South Korean banks have compensated retail investors for their losses involving troubled Hong Kong-tied equity-linked securities (ELS) after financial authorities' probe into possible illegal activities related to the sale of the high-risk notes, industry sources said Sunday. Shinhan Bank and Hana Bank provided the compensation to some of the individual retailers who invested in Chinese shares listed on the Hong Kong bourse through ELS products sold in their outlets, they said. Other ba
April 7, 2024
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S. Korean exports grow rapidly amid lagging domestic recovery: KDI
South Korea's exports have grown rapidly, driven by the strong rebound in the semiconductor sector, though private consumption and investment remain weak, a state-run think tank said Sunday. "The Korean economy is experiencing a moderate downturn, buoyed by rapid growth in exports, particularly from the IT sector," the Korea Development Institute (KDI) said in a monthly economic assessment report. "But consumption remains weak, particularly in goods consumption, as financing
April 7, 2024
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[Hello India] 'The Indian elephant has begun its stampede': Balancehero CEO
South Korean founder and CEO of India-focused mobile finance tech firm Balancehero is seeking to gain further momentum by taking a segmentation approach to India’s vigorous economic run. "My Indian friends often likened India to an elephant: challenging to set in motion, but once spurred into action, its force is thunderous. Now, it seems the elephant has begun its stampede,” said Balancehero CEO Charlie Lee said in a recent interview with The Korea Herald. Lee foresaw such expo
April 7, 2024
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Shinhan joins race for Korea’s 4th internet-only bank
Shinhan Bank, one of the country's top commercial lenders, has thrown its hat in the ring for a license that would make it the country's fourth internet-only bank, competing in the digital space with K bank, Kakao Bank and Toss Bank. Shinhan has joined a consortium launched by Douzone Bizon, an enterprise resource planning software provider, to win approval to launch an internet-only bank. Online lenders here provide most financial services from savings to loans, operating without a ph
April 7, 2024
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HD Korea Shipbuilding opens decarbonization R&D center
Korean shipyard conglomerate HD Korea Shipbuilding & Offshore Engineering said Sunday it has launched a new research and development facility dedicated to comprehensive testing of decarbonizing maritime technologies. The Marine Innovative Decarbonization R&D facility, located at the HD Hyundai Heavy Industries yard in Ulsan, was inaugurated in a ceremony attended by key executives, including HD Korea Shipbuilding & Offshore Engineering CEO Kim Sung-joon and Hyundai Mipo Dockyard CEO
April 7, 2024
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Taiwan quake may push up memory chip prices in Q2: analysts
The powerful earthquake that hit semiconductor powerhouse Taiwan last week may push up memory chip prices temporarily, as chipmakers there face operational disruptions, according to market watchers on Sunday. The earthquake, which struck off the east coast of island with a magnitude of 7.4 on Wednesday, put the tech industry on edge, as Taiwan is home to 18 percent of global chip manufacturing capacity and approximately 92 percent of the world's advanced semiconductors are produced there. M
April 7, 2024
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Febreze takes aim at smelly bathrooms, wardrobes
P&G Korea has brought out two new air fresheners designed for small spaces such as bathroom and wardrobes. Febreze Small Spaces air freshener is available in two types -- one is tailored for bathrooms and another for shoe cabinets and closets. The bathroom type is engineered to eliminate odors from toilet use, sewers and musty water, while the shoe cabinet-wardrobe version is designed for enclosed spaces, effectively combating odors from sweat and mildew. “Febreze Small Spaces is desig
April 7, 2024
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Food delivery platforms compete with free delivery
The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic
April 5, 2024
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Trade Ministry teams up with overseas institutes for industrial innovation
South Korea has tentatively chosen some of the top universities and institutions worldwide for technology partnerships, aiming to acquire advanced technologies that can assist domestic companies. The Ministry of Trade Industry and Energy announced six institutes as preferred bidders out of 30 universities and institutes from nine countries that applied for the partnership, on Friday. The six bidders include five US-based institutes and universities -- Massachusetts Institute of Technology, Yale
April 5, 2024
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Samsung's insurance arm ends bancassurance sales over low profitability
Samsung Fire & Marine Insurance, the nation's leading non-life insurer, has ceased selling insurance products through bank channels, commonly known as "bancassurance." As of January, Samsung Fire & Marine Insurance has halted all new sales through banks, following a consistent decline in sales through this channel, according to an official from the company. This decision comes after 21 years since the company first introduced bancassurance in 2003. Bancassurance allows ins
April 5, 2024
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Samsung Bioepis begins phase 3 clinical study for its Keytruda biosimilar
Samsung Bioepis, Samsung Group’s biosimilar arm, announced Friday that the company had started a phase 3 clinical study for SB27, a Keytruda biosimilar. Keytruda is an immuno-oncology drug developed by MSD, a US multinational pharmaceutical company. Indications for the drug include non-small cell lung cancer (NSCLC), melanoma and neck cancer. According to MSD's earnings release, global sales of Keytruda in 2022 were estimated at $20.9 billion. Samsung Bioepis will recruit 616 patients
April 5, 2024
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SPC chairman arrested over anti-labor allegations
Hur Young-in, the chairman of South Korean bakery giant SPC Group, was arrested on Friday for allegedly forcing workers to quit their labor union. The Seoul Central District Court on Friday issued an arrest warrant for the 74-year-old chairman on suspicion of violating the Trade Union Act, citing concerns that Hur may try to destroy evidence. With the warrant, prosecutors will take the chairman into custody and investigate if Hur was involved in anti-labor practices for a maximum of 20 days. Hur
April 5, 2024
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Hanwha Aerospace conducts spinoff to focus on defense industry
Hanwha Aerospace, the defense arm of South Korea’s seventh-largest conglomerate Hanwha Group, said Friday it will segregate its non-military businesses into a newly established corporation, aiming to focus on its defense business operations. According to Hanwha Aerospace’s announcement Friday, Hanwha Aerospace will spin off a new entity, tentatively named Hanwha Industrial Solutions. This new corporation will take over Hanwha Vision, specializing in artificial intelligence solution
April 5, 2024
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[Photo News] Samsung's AI refrigerator takes center stage in Times Square
Samsung Electronics said Friday that it had launched an outdoor advertising campaign in Times Square, New York, featuring a video that creatively highlights the inside features of the new Samsung Bespoke Refrigerator with AI Family Hub. The company unveiled its 2024 line of Bespoke AI products in Seoul, Paris and New York, alongside the launch of video advertising campaigns. Meanwhile, in collaboration with the upcoming Disney and Pixar’s animation "Inside Out 2," Samsung plans
April 5, 2024