Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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KT shares hit 1-year high
The share price of South Korean telecommunications firm KT hit the highest level in a year on Friday, as its shareholder meeting and a carve-out of its key business is drawing to a close next week. A KT common share, which trades on the Korea Exchange, hit the 52-week high at 35,300 won ($28.84) during the intraday trade Friday. The closing price came to 35,000 won apiece, up 1.2 percent from Thursday. KT’s market cap on Thursday exceeded 9 trillion won for the first time in seven months
March 27, 2022
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Korean conglomerates delve into digital asset market
South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th
March 27, 2022
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Yoon warns against tough rules on owners of multiple homes
President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on
March 25, 2022
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Union-backed outside director fails again to enter KB boardroom
Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed
March 25, 2022
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With sales ban looming, Korean shampoo maker mulls relocating to US
South Korean hair care brand Moda Moda said Friday it is considering relocating its core business to the US in the face of a sales ban of its popular hair coloring shampoo by the nation’s drug agency. “If the Ministry of Food and Drug Safety sticks to sales ban on our coloring shampoos, we have no choice but to moving our business to the US,” a Moda Moda official said. The official added the company’s US headquarters is currently located in New York but there are pla
March 25, 2022
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Travel ban lifted for GM Korea CEO
The South Korean government on Friday lifted an overseas travel ban on GM Korea CEO Kaher Kazem, almost 16 months after the Australian GM executive was barred from leaving the country on charges of illegally outsourcing labor. Kazen is currently standing trial for violating labor laws after the carmaker was found to have hired some 1,719 workers from 24 subcontractors to work at its local plants between September 2017 and December 2020. The Seoul headquarters is suspected to have directly inst
March 25, 2022
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Seoul stocks nearly flat despite Pyongyang's ICBM launch, Ukraine uncertainties
South Korean stocks closed almost flat Friday despite North Korea's intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war. The Korean won closed unchanged against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index advanced 0.32 point, or 0.01 percent, to close at 2,729.98 points. Trading volume was moderate at about 590 million shares worth some 10.7 trillion won ($8.8 billion), with losers outnumbering gainers 503 to 343. Institutions sold
March 25, 2022
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Ham Young-joo named new chairman of Hana Financial Group
Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large
March 25, 2022
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Korea, UK to coordinate on tax evasion
SEJONG -- The tax administrative agencies of South Korea and the UK have agreed to closely collaborate on exchanging information on how to track tax evasion by wealthy individuals. The two also discussed ways to share confidential information regarding offshore tax evasion, said the National Tax Service of Korea on Friday. The bilateral agreement came during a meeting between Korea’s NTS commissioner Kim Dae-ji and the UK’s HM Revenue & Customs First Permanent Secretary and Chi
March 25, 2022
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Posco Chemical expects to secure full in-house lithium supply in 2024
Posco Chemical Co., a unit under South Korean steel giant Posco, said Friday it expects to be able to secure more than 90,000 tons of lithium through in-house supply, backed by the parent firm's aggressive investment in the key material for rechargeable batteries. By 2024, Posco Chemical will procure from Posco Group all 91,000 tons of lithium it needs to make 225,000 tons of cathode materials annually, the chemical company said. Its self-sufficiency rate is forecast to reach 102 percent, it sai
March 25, 2022
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S. Korea logs record low trade deficit in IP rights in 2021
South Korea's deficit in the trade of intellectual property rights touched a record low in 2021 on increased exports of cultural content, central bank data showed Friday. The nation's deficit in the intellectual property account stood at $30 million last year, compared with a $2.02 billion shortfall in 2020, according to preliminary data from the Bank of Korea (BOK). Exports of products and services subject to intellectual property right payments came to $20.86 billion, up from $15.42 billion fr
March 25, 2022
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S. Korea to invest over 20tr won in data, network, AI sectors
South Korea plans to invest more than 20 trillion won ($16.4 billion) in data, network and artificial intelligence (AI) sectors over the next three years in a bid to help nurture future-oriented industries, the finance minister said Friday. Along with fiscal spending, the government plans to provide support for research and development, and tax incentives for the development of the three sectors, called the D.N.A. industries, according to Finance Minister Hong Nam-ki. Hong said the development o
March 25, 2022
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Kia to build purpose-built vehicle plant in S. Korea
Kia Corp., South Korea's second-biggest carmaker, said Friday it will build a purpose-built vehicle (PBV) plant in one of its domestic plants, as it strives to become a future mobility solutions provider. Kia plans to complete the PBV plant by the end of 2024 and start operations in 2025, according to media reports. "A building in (the company's) Hwaseong plant will be converted into a PBV plant. The timeframe for the plant's construction and production in Hwaseong has yet to be decided,&qu
March 25, 2022
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Seoul stocks open tad lower amid Ukraine uncertainties
South Korean stocks opened a tad lower Monday as investors remain wary of the Ukraine-Russia war. The benchmark Korea Composite Stock Price Index had inched down 2.19 points, or 0.08 percent, to trade at 2,727.47 points as of 9:15 a.m. Stocks traded bearish as investors also took a wait-and-see mode after the US Federal Reserve's move to tighten its monetary policies to reign in rising inflation rates. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics slipped 0.14 percent,
March 25, 2022
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Hanwha Solutions to add stake in REC Silicon
South Korean energy-to-material firm Hanwha Solutions plans to acquire a 4.67 percent stake in Norway-based polysilicon manufacturer REC Silicon for $44 million to achieve a full-fledged US solar supply chain, the company said Thursday. Hanwha will buy the stake from Norwegian renewable energy investment firm Aker Horizons. With the deal, Hanwha will become the largest shareholder of REC Silicon that is listed on the Oslo Stock Exchange. Earlier in January, Hanwha bought a 16.67 percent stak
March 24, 2022
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KCCI chief willing to join Yoon’s corporate agenda setting
SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, on Wednesday showed high expectations about the private sector playing a bigger role in the agenda-setting process of the incoming Yoon Suk-yeol government. “I think it may be the time to rethink the role of the private sector,” Chey told reporters in an interview marking his first anniversary as the chief of the nation’s largest business lobby. “In the past, the governm
March 24, 2022
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Posco breaks ground on lithium plant in Argentina
Posco Holdings said Thursday that construction of a plant in Argentina kicked off to commercialize lithium, a key material for electric vehicle battery production. With the lithium extraction plant in Argentina and Posco’s mining rights in the South American country, the company will be able to entirely manage production of lithium hydroxide, which is used in the production of cathode material for lithium-ion EV batteries. Lithium is extracted from brine or seawater, which is rich
March 24, 2022
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Seoul shares down on high global oil prices, Ukraine woes
South Korean stocks fell to end its two-day winning streak Thursday as investors weighed a fresh spike in global oil prices and lingering geopolitical concerns surrounding Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.39 points, or 0.20 percent, to close at 2,729.66 points. Trading volume was moderate at 927.75 million shares worth some 11.48 trillion won ($9.42 billion), with gainers outnumbering losers 479 to 361. The Seoul s
March 24, 2022
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[From the Scene] Has frenzy for Chanel died down? Shoppers say rarity factor has faded
Until just a couple of months ago, long lines in front of department store entries connected to Chanel were crowded with shoppers eager to grab bags priced at some 10 million won ($8,200). Some brought their own chairs for a more comfortable wait, while others set up tents to stay warm the night before. But the desire to get hold of luxury fashion items accentuated with the signature Chanel mark, however, appears to be losing steam. It seems an “open run,” a local shopping term refe
March 24, 2022
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BOK chief nominee vows balanced policy against growing inflation risks
South Korea’s central bank chief nominee Rhee Chang-yong on Thursday pledged to carry out a balanced monetary policy as the nation deals with a growing economy and inflation risks. Rhee, director of the Asia and Pacific department at the International Monetary Fund, and tapped by outgoing President Moon Jae-in as the next Bank of Korea governor, expressed concerns of existing external uncertainties -- including the Russia-Ukraine crisis -- that have been fueling high inflationary pressure
March 24, 2022