Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Major firms fare well in H1 despite pandemic
Sales by major companies in South Korea rose nearly 10 percent in the first half of the year in spite of the coronavirus pandemic with their total operating profit more than doubling, a corporate tracker said Wednesday. Combined sales of 225 out of the country's top 500 firms came to 1,127.4 trillion won ($960 billion) in the January-June period, up 10.4 percent from a year earlier, according to CEO Score. Their operating profit stood at 105.1 trillion won in the six-month period, more than do
Aug. 18, 2021
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KakaoBank’s net profit jumps 156% in H1
KakaoBank, the country’s largest internet-only bank by user numbers, on Tuesday said it recorded a 156 percent jump in net profit in the first half of this year, backed by increased interest income and its platform business. The company’s net profit in the January-June period stood at 115 billion won ($97 million) including 69.3 billion won in the second quarter. Its operating profit was 133.8 billion won. The mobile-only lender, which debuted on the stock market Aug. 6 as the
Aug. 17, 2021
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Smilegate’s Lost Ark rewrites rules of online PC game market
Lost Ark, developed by Smilegate, has emerged as the most popular title in the role-playing PC game category in South Korea, a surprising performance given its rise to the top slot took some time and benefited from a host of external factors. The multiplayer game was launched in November 2018. As with other mainstream games, it pulled off a stellar record when it formally kicked off its service, drawing a record 350,000 concurrent users. Over time, its popularity declined as fickle players mi
Aug. 17, 2021
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S. Korean firms’ donations to Vietnam vaccine fund surpass W9b
South Korean companies operating in Vietnam have provided a total of 9.2 billion won ($7.8 million or 180 billion dong), in donations to help the Southeast Asian country secure COVID-19 vaccines, according to officials in the South Korean Embassy in Vietnam and local media reports Tuesday. If donations from South Korean individuals are counted, the combined contribution to Vietnam’s vaccine fund could surpass 10 billion won, they said. Forking out the biggest amount was Samsung Electro
Aug. 17, 2021
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Daewoo Shipbuilding swings to loss in H1 on increased costs, allowances
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it swung to a net loss in the first half from a year ago due to increased costs and allowances. Its net loss came to 1.25 trillion won ($1.1 billion) in the January-June period compared with a net profit of 294 billion won a year ago. Sales fell 45 percent to 2.17 trillion won, with operating loss reaching 1.22 trillion won, shifting from an operating profit of 352 billion won over the cited period. DSME cited a sharp f
Aug. 17, 2021
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CJ ENM sues LG Uplus for ‘unpaid’ content usage fees
South Korean entertainment company CJ ENM is suing LG Uplus, accusing the mobile network operator of failing to pay usage fees for the CJ ENM content it provided via its IPTV service. The content arm of CJ Group confirmed Tuesday that it had filed a civil action with the Seoul Central District Court last week. The firm is seeking compensation for the alleged violation of its intellectual property rights over the past 10 years. “From 2009 to March 2019, LG Uplus provided video-on-demand
Aug. 17, 2021
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SK Telecom's non-telecom spinoff SK Square eyes active investments
SK Telecom Co., South Korea's largest wireless carrier, said Tuesday its non-telecom spinoff will be launched in November as SK Square with the aim of aggressive investments in new tech and semiconductor businesses. The mobile carrier is currently preparing to split into two after deciding to spin off its non-telecom businesses in June to focus on new investments. While SK Telecom had tentatively called the new company SKT Investment, the carrier said it finalized the name as SK Square. Under
Aug. 17, 2021
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KakaoBank's Q2 net soars on accelerated loan growth
KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won ($58.85 million) in the April-June period, compared with a profit of 26.78 billion won the previous year, according to its regulatory filing. Revenue rose 29.3 percent to 253.62 billion won over the cited period, while operating profit increased 2
Aug. 17, 2021
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Seoul stocks down for 8th day on disappointing Chinese economic data
South Korean stocks retreated for an eighth straight session Tuesday as disappointing Chinese economic data raised concerns about a slowdown in global economic recovery. The Korean Won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 28.2 points, or 0.89 percent, to close at 3,143.09 points. Trading volume was high at about 680 million shares worth some 21.9 trillion won ($18.6 billion), with losers outnumbering gainers 786 to 117. Foreigners sold a
Aug. 17, 2021
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Compliance, chips and vaccine ‘top priority‘ for Samsung’s Lee
Samsung Group’s de facto chief Lee Jae-yong is going full speed ahead after returning to the office Tuesday, tending to tasks waiting for his attention at Samsung Electronics. On Tuesday, the first working day since his release from jail Friday, the Samsung vice chairman reported to his office at Samsung’s headquarters in Seocho, southern Seoul, early in the morning. Of all the items on his agenda, three appear to be of top priority: compliance, chips and vaccine. It was uncl
Aug. 17, 2021
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Early-morning delivery platforms rush into IPO race
E-commerce platform companies that gained popularity for their early-morning delivery services in South Korea are rushing to tap the local stock market, which is enjoying high liquidity and increased investors’ appetite for initial public offering shares. Competition among early-morning delivery platforms -- Shinsegae Group’s online mall arm SSG, Market Kurly and Oasis -- is becoming fierce, with some market watchers believing those who go public ahead of their rivals may have
Aug. 17, 2021
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[Herald Interview] Yanolja envisions self-check-in hotels with app-controlled rooms
When travel and leisure platform operator Yanolja raised $1.7 billion from SoftBank Vision Fund 2 last month, it drew comparisons with e-commerce giant Coupang, drumming up excitement over the recent startup boom in South Korea. “We have the super app Yanolja at home and a cloud-based automation solution for the international market. They are fast-growing markets with great potential and we believe the funding acknowledges our technology to keep things going and our great team,” Lee
Aug. 17, 2021
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FSS to launch probe into e-payment providers amid Mergepoint scandal
South Korea’s financial watchdog will launch an investigation into electronic payment service providers and their operations amid growing concerns over consumer protection in a row involving local discount app operator Mergeplus. The Financial Supervisory Service has been under fire for failing to monitor risks and eliminate legal gray areas on the back of fast-growing electronic payment services in recent months. Angry customers swarmed Mergeplus’ headquarters in Seoul last week
Aug. 17, 2021
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Dunamu to unveil travel rule solution next month
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, on Tuesday said it planned to unveil its own “travel rule” solution in September through its blockchain technology research arm Lambda256. The travel rule is a global standard imposed by the Financial Action Task Force, an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as cryptocurrency exchanges and digital wallet providers. The country’s virtual asset serv
Aug. 17, 2021
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Citibank Korea to confirm retail biz exit plan next week
Citibank Korea is likely to make its long-awaited announcement for its retail business exit plan on Aug. 26, after confirming the strategy at a scheduled board meeting, an industry source said Tuesday. The South Korean subsidiary of the US-based global banking giant had initially said it would confirm the plan in July, but the decision-making process was delayed on apparent conflicts of interest among the firm, its potential bidders and unionists. The firm is expected to decide whether it wil
Aug. 17, 2021
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Kumho Tire supplies noise-cutting tires for Kia EV6
Kumho Tire is supplying two different types of tires that have been applied with noise-cutting technology for Kia’s electric vehicle EV6, the tire maker said Tuesday. For a quiet driving experience, Kumho Tire said it is providing its Crugen HP71 and Ecsta PS71 for the EV6. The two models have been applied with K-Silent technology, which the company developed in 2014. Kumho Tire said the technology has been patented in Korea and other countries. The K-Silent tires are made with porous
Aug. 17, 2021
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From yachts to diamonds, convenience stores take Chuseok gifts up a notch
With the Chuseok fall harvest holiday just about a month away, convenience stores are rolling out some of the most unexpected luxury gift sets to attract customers. On Tuesday, CU, a leading convenience store chain here, said it is presenting some 500 Chuseok holiday gift sets in 16 product categories, including yachts and imported cars. BGF Retail, the firm behind the convenience store chain, said it is rolling out six different Bavaria brand yachts from Hyundai Yachts, with prices varying
Aug. 17, 2021
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S. Korea, Kazakhstan sign 23 business MOUs, eye closer economic ties
South Korea's industry ministry said Tuesday it has hosted a business roundtable with Kazakhstan and signed around two dozen business agreements, in a move to enhance economic ties with the Central Asian nation. During the meeting, Seoul and Nur-Sultan signed a set of 23 memorandums of understanding in various industries ranging from automobiles to the development of natural resources, according to the Ministry of Trade, Industry and Energy. The move came during Kazakh President Kassym-Jomart
Aug. 17, 2021
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IFC names new regional director of East Asia and Pacific
The International Finance Corp., a member of the World Bank Group, said Tuesday that it has appointed Kim-See Lim as the new regional director of East Asia and the Pacific. The Malaysian national will lead investment and advisory operations across 18 countries including South Korea and oversee the IFC’s strategy in the region. “Given the devastating impacts of the global pandemic, IFC will continue to focus on leveraging the private sector to foster a green, resilient and inclusiv
Aug. 17, 2021
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NH NongHyup launches virtual Dokdo branch
South Korea’s NH NongHyup Bank said Tuesday it launched a virtual Dokdo branch, which customers can visit on its mobile app and subscribe to financial products tied to the nation’s easternmost islets. The virtual space, designed to celebrate the bank’s 60th anniversary, offers users of All One Bank app with Dokdo-themed environmental, social and governance-related financial products. Users can also visit a virtual gift shop where they can purchase popular “Dokdo shrimp
Aug. 17, 2021