Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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[From the Scene] The Hyundai Seoul turns Yeouido into young shoppers' mecca
Just a few years ago, the streets of Yeouido, Seoul's main finance and investment banking district normally full of white-collar workers during weekdays, were quiet during weekends. But now, the high-profile opening of The Hyundai Seoul, the largest retail mall in Korea's capital, has reinvigorated the area, making it a shopping mecca for those in their 20s and 30s in only three years. “I can see more people, particularly younger people, coming to this office district in Yeouido
March 5, 2024
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Korea's GNI rebounds on stable won
South Korea’s gross national income per capita rebounded to over $33,000 in 2023, marking a 2.6 percent rise on-year, while the national economy grew by 1.4 percent, preliminary data from the Bank of Korea showed Tuesday. The GNI per capita, a measure of the amount of money earned per person in a nation, stood at $33,745 last year, advancing by 2.6 percent from $32,886 in 2022. The figure, drawn up by dividing national income in a year by population, helps evaluate the standard of living.
March 5, 2024
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[KH Explains] Warship rivals at loggerheads
The dispute between South Korea’s two major shipbuilders -- Hanwha Ocean and HD Hyundai Heavy Industries, housed under Hanwha Ocean and HD Hyundai Heavy Industries, respectively -- is escalating, with Hanwha taking legal action. Hanwha Ocean on Monday filed a complaint with the National Office of Investigation to probe into the case of HD Hyundai Heavy Industries’ nine employees who were convicted of collecting military secrets and leaking them, asking the authorities to uncover info
March 5, 2024
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Abu Dhabi welcomes Korean touch in boosting creative economy
ABU DHABI, United Arab Emirates – A fleet of chartered busses lined up to drop off Chinese tourists at the entrance of the Louvre Abu Dhabi, the Arab franchise of the famous French museum – a rare scene in the capital of the United Arab Emirates where most of the visitors come from India, Saudi Arabia, the US, and the UK. Located on a 24,000 square-meter site within the city’s Saadiyat Cultural District, the museum, known for its enormous metallic silver canopy, is a testament
March 5, 2024
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SK hynix denies being pressured to support merger of smaller rivals
SK hynix, the world’s second-largest memory chipmaker, on Monday denied Japanese reports that the Korean government pressured the company to support the merger of its rival chipmakers, Western Digital and Kioxia Holdings. Japanese news outlets, including Asahi Shimbun, citing unidentified sources, reported that Western Digital of the US and Kioxia of Japan, the world’s No. 3 and 4 memory chipmakers, are resuming their merger talks in April. In the deal process, they added, SK hynix,
March 5, 2024
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Net art pioneer Shu Lea Cheang wins 2024 LG Guggenheim Award
LG Group said Tuesday that Shu Lea Cheang, a Taiwanese-American multimedia artist, has been named this year’s winner of the LG Guggenheim Award for her pioneering artistic journey of integrating art and technology over the past decades. The annual award serves as a cornerstone of the LG Guggenheim Art and Technology Initiative, a dynamic five-year project aimed at supporting innovative contemporary artists dedicated to digital artwork. Cheang, a trailblazer in the realm of Net art, has bee
March 5, 2024
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JB Financial Group expands outside board directors
JB Financial Group said Tuesday it appointed two new members to its outside board of directors, aligning with the government's initiative for increased inclusivity in the financial sector. The group is welcoming two distinguished members to its outside board of directors -- Lee Hee-seung, a capital market expert and the current director of the investment division at Leading Ace Capital, and Lee Myung-sang, a corporate lawyer from Lee Kim & Partners and a former member of the Financial D
March 5, 2024
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Kakao's new tech chief faces backlash over stock sales
Jung Gue-don, the former chief technology officer of Kakao Bank, has recently been nominated as the tech chief of Kakao, the Internet giant and the online-only lender's largest shareholder, according to industry sources on Tuesday. The new appointment, however, is facing a backlash, as Jung had come under fire for selling off some 7.6 billion won ($5.7 million) of stocks in Kakao Bank for a quick profit. He dumped 90 percent of his shares just three days after the lender’s market debu
March 5, 2024
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[Investor] Korean startups suffer setback as Chinese e-commerce titans pounce
In a whirlwind of fierce competition, Chinese e-commerce powerhouses AliExpress and TEMU have been dampening the once-vibrant spirit of retail business startups in Korea. The surge of Chinese e-commerce companies has delivered a significant blow to Korea's startup scene. Their mega-scale, low-cost strategies have left local businesses struggling to keep up, ultimately stifling the creation of new ventures in the retail business, according to a report from local daily Herald Business. Recent
March 5, 2024
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Hugel receives FDA approval for botulinum toxin Letybo
Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea
March 4, 2024
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World Battery Forum kicks off in Seoul
The battery associations of South Korea, the US, the EU and Japan announced the launch of the World Battery Forum in Seoul on Monday. The WBF has been established to accelerate the battery industry's net-zero energy transition, analyze worldwide battery regulations to push for an eco-friendly energy policy environment and make joint efforts to secure fair and free trade and investment as well as stable global battery supply chains. The WBF will meet every year and change location in the ord
March 4, 2024
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LG Display to issue W1.29tr of shares in renewed OLED push
LG Display confirmed Monday that it is issuing new shares to raise 1.29 trillion won ($970 million) to bolster investments in OLED displays for smartphones and other mobile gadgets while improving its financial stability. The move comes as the display maker has recently recovered from operating losses. In a regulatory filing earlier in the day, the company said it is issuing new shares at 9,090 won apiece, which is lower than the 10,070 won fixed in the previous capital increase in January. The
March 4, 2024
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Kuala Lumpur subway station renamed ‘Samsung Galaxy Station'
A subway station in Kuala Lumpur, Malaysia, was renamed “Samsung Galaxy Station“ on Feb. 29 as part of the tech giant’s big push into the Southeast Asian market. Samsung said Monday that Tun Razak Exchange Station, the nation’s largest interchange station, was renamed TRX Samsung Galaxy Station. The new station name comes as the Korean tech giant has partnered with the city‘s metro company, MRT and follows a similar deal signed with Bangkok’s Siam Station last
March 4, 2024
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Kumho Tire inks technology deal with Saudi's Blatco
South Korea's Kumho Tire announced Monday a technology licensing agreement with Blatco, a tire company based in Saudi Arabia, the largest automobile consumer and import country in the Middle East. Under the deal, Kumho will provide its tire production technology to Blatco for the next two decades, focusing on tires for passenger vehicles. In alignment with Saudi Arabia's Vision 2030, Blatco is set to expand its factory in Saudi Arabia's western industrial complex to 281,000 square
March 4, 2024
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Hana Bank upgrades digital certificates for foreign users
Hana Bank, a leading commercial bank in South Korea, unveiled Monday the latest upgrade to its tailored banking app for foreign exchanges, Hana EZ, with a focus on delivering an enriched and user-friendly mobile banking experience for foreign residents in the country. A key improvement lies in the integration of translation services during the registration stages of a lender’s digital certificate, called the Hana Certificate, which is now available in 16 different languages. This feature s
March 4, 2024
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Tequila may be next big thing in Korean liquor market
South Korea's alcoholic beverage industry has been embracing quickly changing trend cycles -- from wine to whiskey cocktails and cognac -- with rising demand from young consumers to try new types of drinks. The next type of alcohol that is expected to boom here is tequila, according to industry sources. According to Samjeong KPMG’s report, South Korea’s wine consumption decreased significantly last year. The value of wine imports dropped 9.6 percent from $560 million in 2021 to
March 3, 2024
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Finance giants boost female board numbers amid government initiative
Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eun-ju, a media expert from Seoul National University, and Park Sun-young, an economics professor from Dongguk University, will replace the company's first and only female outside director, Song Soo-
March 3, 2024
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[KH Explains] Korea’s next-generation space rocket project off to bumpy start
Korea’s 2 trillion won ($1.5 billion) next-generation space launch vehicle project got off to a bumpy start, as the bidding process to select a private entity to lead the large-scale task is likely to be a one-man show. Officially named the Korea Space Launch Vehicle-III, the goal of the next-generation rocket project is to assemble a launch vehicle capable of sending a lunar lander to the moon in 2032. The improved rocket will have a mission capacity some three times stronger than the hom
March 3, 2024
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Hana Financial Group targets baby boomers with Lim Young-woong
In just nine days of its release, a 16-second video featuring trot singer Lim Young-woong posted on YouTube by Hana Bank has garnered over 6.8 million views as of Sunday. The video introduces the 32-year-old singer as the new face of Hana Financial Group, one of Korea's top five financial conglomerates. The YouTube channel of the group's banking subsidiary Hana Bank has also seen a substantial increase in subscribers, jumping from 188,000 to 218,000 within the same period. Hana's
March 3, 2024
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Korean crypto exchanges ride on bitcoin rally
Local crypto exchanges are enjoying a boom in their returns amid the snowballing bitcoin rally. Upbit, the largest crypto exchange here, saw its transaction volume in the past 24 hours surpass 12 trillion won ($8.9 billion) as of Thursday at 3 p.m. It was the first time for the figure to go over 10 trillion won since 2021. As of Friday 2:15 p.m., its transaction volume in the past 24 hours stood at 9.96 trillion won. The volume is similar in size to the average daily transaction volume for Kospi
March 1, 2024