Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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[CES 2024] LG Innotek’s CES booth attracts more than 60,000 visitors this year
LG Innotek, the electronic component manufacturing unit under LG Group, said Monday that it had attracted more than 60,000 visitors to its exhibition booth during the CES 2024 tech show last week, a threefold increase from a year before. “At this year’s CES, LG Innotek has positioned itself as a leading company in the field of future mobility as well as accelerating the acquisition of potential customers with highly scalable basic technologies,” said Moon Hyuk-soo, CEO of LG In
Jan. 15, 2024
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KFS plants sandalwood in East Timor for better future
The Korea Forest Service on Friday celebrated East Timor’s National Day of Sandalwood and Forestry by planting sandalwood, the Southeast Asian country’s national tree, with local officials. Sandalwood, prized for its distinctive fragrance, is used for perfumes, incense, cosmetics, medicines, and furniture. The tree holds considerable cultural, economic, and historical importance for the Timorese people. Unlike other regions, sandalwood is widely distributed up to 1,300 meters above s
Jan. 15, 2024
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Korea takes lead in sustainable forest management
The Korea Forest Service is ramping up its commitment to a green transition by consolidating efforts in the forest industry, now securing nearly 40 partnerships with foreign countries. The nation's forest agency has been actively establishing bilateral agreements for forest cooperation, starting with Indonesia in 1987. A total of 39 countries are now maintaining such cooperative relationships with Korea, and the number is expected to grow. The goals of the partnerships, at first, were to bo
Jan. 15, 2024
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Catastrophic losses pile up from HK-tied ELS
The equity-linked securities fiasco is turning into a reality for South Korean banks as a load of the derivative products tied to the slacking Hong Kong's benchmark Hang Seng China Enterprises Index started maturing this month. As of Friday, around 106.7 billion won ($81.14 million) in principal losses have been confirmed from the sales of the Hong Kong index-tied ELS products sold by the five major Korean commercial banks, according to sources from the financial ring on Sunday. The five ba
Jan. 14, 2024
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Creditors to begin due diligence of Taeyoung for debt restructuring
Creditors of Taeyoung Engineering & Construction Co. were set to begin due diligence of the troubled builder as they voted to move forward with a debt restructuring program for Taeyoung, an industry source said Sunday. An accounting firm will be commissioned this week to carry out due diligence on the financial health of Taeyoung, the source said on the condition of anonymity. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructurin
Jan. 14, 2024
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Celltrion's Yuflyma, Remsima win multiple bids in Europe
Celltrion said Friday that the company’s biosimilar products for autoimmune diseases -- Yuflyma and Remsima -- are set for further expansion in key European markets following the multiple bids it has secured there. Celltrion said that Yuflyma, a copycat version to AbbVie’s Humira, won state bids for adalimumab in Friuli-Venezia Giulia and Sicily, Italy, last year. Celltrion will supply Yuflyma for four and a half years in FVG and for two years in Sicily. Including the recent deals, Y
Jan. 12, 2024
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With nod from creditors, Taeyoung chief vows utmost self-rescue efforts
Taeyoung Group founder and Honorary Chairman Yoon Se-young urged its employees to make all-out efforts to bring its debt-ridden builder Taeyoung Engineering & Construction back on track, after creditors confirmed Friday their approval for a debt restructuring program. "The debt workout has begun, backed by the strong support of creditors. This is because (the creditors) saw a high possibility of Taeyoung E&C's normalization," Yoon announced in a statement uploaded on the
Jan. 12, 2024
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[CES 2024] SK attracts over 60,000 visitors to 'theme-park' showroom of AI, net-zero future
SK Group showcased its artificial intelligence and carbon-neutrality visions at its "theme-park" concept exhibition at CES 2024, attracting over 60,000 visitors in the four-day tech show. Wrapping up the exhibition on Friday, SK Group said it received more than double the number of visitors at its pavilion set up at Las Vegas Convention Center compared to last year. SK's seven affiliates, including SK Inc., SK Innovation, SK hynix, SK Telecom, and SK E&S, participated in setti
Jan. 12, 2024
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[CES 2024] GS Group leader calls for acceleration of future business
GS Group Chairman Huh Tae-soo has called on the conglomerate’s affiliates to take their respective technologies to the next level and move toward future businesses, during his visit to the CES 2024 held at the Las Vegas Convention Center, Las Vegas, from Tuesday to Friday. According to the Korean energy, retail and construction giant, Huh looked around the exhibition booths of not only Korean conglomerates such as Samsung, Hyundai Motor and LG, but also those of global firms such as Goog
Jan. 12, 2024
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SK Networks invests W25b in Upstage
SK Networks on Friday announced that it will invest 25 billion won ($19 million) in Upstage, a Korean startup specializing in generative AI solutions, as it seeks to expand its business in the emerging technology. The company, a general trading affiliate of SK Group, said it forged the deal to support Upstage, which is leading in the private large language model market, becoming the lead investor in the startup's Series B funding. “We are looking to back Upstage's market expa
Jan. 12, 2024
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[JPM 2024] Celltrion chief vows to set up W100tr fund via IPO
SAN FRANCISCO -- Korean biosimilar giant Celltrion's Founder and Chairman Seo Jung-jin on Wednesday pledged to establish a 100 trillion won ($75 billion) health care fund through the initial public offering of the holding firm of Celltrion Group, as soon as later this year or early 2025. Seo envisions the listing of Celltrion Holdings to harness the generated funds for future initiatives in the biopharmaceuticals sector. Seo holds a 98.5 percent stake in the firm. "With the forthcoming
Jan. 11, 2024
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[CES 2024] HD Hyundai CEO vows innovations as ‘future builders’
LAS VEGAS -- HD Hyundai's Vice Chairman and CEO Chung Ki-sun declared on Wednesday the company's transition to a technology-driven construction solutions provider, revamping its traditional heavy industry roots, in a keynote speech at CES 2024. It was the first time that the head of a South Korean company that does not make electronics has delivered a keynote speech at the world's largest tech show. "Construction has always played a pivotal role in building the bedrock of the
Jan. 11, 2024
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Samsung C&T builds world's 2nd-tallest building in Malaysia
Samsung C&T has completed the construction of a 118-story skyscraper in Malaysia, the second-tallest building in the world, the company said on Thursday. The construction and trading firm under Samsung Group held an opening ceremony on Wednesday for finishing Merdeka 118, a 679-meter complex building in the central area of Kuala Lumpur. “Samsung C&T has solidified its leading position in the high-rise construction sector through completing both the world’s first and second ta
Jan. 11, 2024
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[JPM 2024] Kakao Healthcare's AI diabetes solution to hit Japan, US markets
SAN FRANCISCO -- Kakao Healthcare, the digital health care unit under Korea's platform giant Kakao, revealed its aspirations to launch the AI-based blood sugar management service, PASTA, in Japan later this year, and the US by the end of next year, the company's CEO Hwang Hee said at the JPMorgan Healthcare Conference Tuesday. PASTA, developed in collaboration with global companies Dexcom, Novo Nordisk and iSense, is a blood sugar management service utilizing a continuous glucose monit
Jan. 11, 2024
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[CES 2024] Doosan chief highlights business synergy with AI
Doosan Group Chairman Park Jeong-won underscored the importance of applying artificial intelligence technology to other business areas as he toured CES 2024 in Las Vegas on Wednesday. “We are closely looking at how far the advancement of AI has come and how it could change the traditional manufacturing industry,” said Park. “We will look for the ties between AI technology and our business and seek business opportunities.” The Doosan chief along with the group’s mana
Jan. 11, 2024
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[JPM 2024] Yuhan Corp. to launch two novel therapies in three years
SAN FRANCISCO -- Yuhan Corp. plans to bring at least two novel drugs, which may include an oncology treatment, to the global market by 2026, with an ambitious vision to become one of the world's top 50 pharmaceutical companies, it said at the J.P. Morgan Healthcare Conference' Asia-Pacific track presentation session Tuesday. "Yuhan covers multiple fields in the realm of biopharmaceuticals, from discovering, manufacturing, to sales and marketing, and currently possess 29 innovative
Jan. 11, 2024
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Creditors of troubled builder Taeyoung set to decide on debt restructuring
Creditors of debt-ridden Taeyoung Engineering & Construction Co. were set to make a decision Thursday on whether to allow the ailing builder to move forward with a debt restructuring program. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program late last month due to a liquidity shortage over real estate project financing loans. The state-run Korea Development Bank, the builder's main creditor, will receive documen
Jan. 11, 2024
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Samsung family members to sell 2.8tr won worth of shares in Samsung units in block deal
Family members of Samsung Group plan to sell nearly 2.8 trillion won ($2.12 billion) worth of their shares in Samsung Electronics and other affiliates in a block deal in an apparent bid to pay inheritance taxes, industry sources said Wednesday. Hong Ra-hee, the mother of Samsung Electronics Co. Chairman Lee Jae-yong, and her two daughters -- Hotel Shilla Co. CEO Lee Boo-jin and Lee Seo-hyun, chief of the Samsung Welfare Foundation -- are pushing to unload a combined 29.8 million shares worth 2
Jan. 10, 2024
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[CES 2024] HD Hyundai outlines autonomous construction site
South Korean shipbuilding and heavy industries conglomerate HD Hyundai is presenting the blueprint of future construction sites utilizing unstaffed autonomous technologies at CES 2024 in Las Vegas this week. According to HD Hyundai, this year’s exhibition has been set up under the core theme of “Xite Transformation,” a land innovation vision to solve the problems humanity is facing, such as security, supply chains and climate change. HD Hyundai divided its exhibition area into
Jan. 10, 2024
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Kakao Pay sees foreigner usage surge in 2023
Kakao Pay, the online payment service of Korean tech giant Kakao Corp., saw exponential growth in its usage by foreign nationals last year, with the volume of monthly transactions by foreigners jumping by 14 times on-year in January. According to the firm on Wednesday, numbers for transactions and monthly foreign users also increased by eight times each over the same period. The company declined to provide further details on the exact figures. The firm has partnered with 12 online payment platfo
Jan. 10, 2024