Most Popular
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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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[Music in drama] Rekindle a love that slipped through your fingers
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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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Seoul Metro to seek legal action against malicious complaints
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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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
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Chinese top foreign buyers of Korean real estate
Amid the steady growth of property ownership by foreign nationals in South Korea, Chinese acquisition of real estate ranked first for the ninth consecutive year, industry data showed Tuesday. According to data from real estate app company Zigbang, foreign-owned real estate accounted for 0.69 percent of the total property purchases across the nation, as of August, continuing an upward trend from 2010, when it posted 0.2 percent. Among the foreign buyers, Chinese purchased the largest volume of
Aug. 17, 2021
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Hyundai Construction Equipment to develop small-sized forklifts
South Korean construction machinery maker Hyundai Construction Equipment Co. on Tuesday said it will develop small-sized forklifts to be powered by hydrogen fuel cells. The subsidiary of Hyundai Genuine Co. will team up with S-Fuelcell Co., a local hydrogen fuel cell maker, to commercialize the 1-3 ton forklifts by 2023, it said. Hyundai Construction Equipment also said it developed 5-ton hydrogen fuel cell powered forklifts in 2020 in cooperation with Hyundai Mobis Co., South Korea's biggest
Aug. 17, 2021
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Major firms' workforce declines over 3 years
The number of employees for South Korea's major companies has declined by nearly 30,000 over the past three years, with global tech giant Samsung Electronics Co. having the largest workforce, a corporate tracker said Tuesday. The combined headcount of the country's top 100 firms stood at about 1.39 million as of the end of 2020, down slightly by over 27,000 from three years earlier, according to the CXO Institute. Last year alone, the number decreased by 9,000 from the previous year, marking t
Aug. 17, 2021
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SsangYong Motor's losses narrow in H1 on self-help measures
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday its first-half net losses narrowed from a year earlier on self-rescue measures. From January to June, SsangYong Motor's net losses fell to 180.53 billion won ($154 million) from a net loss of 202.38 billion won during the same period last year, the company said in a regulatory filing. SsangYong's first-half operating losses also narrowed to 177.91 billion won from 215.78 billion won over th
Aug. 17, 2021
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Over 70% of cash handouts to be doled out to pandemic-hit merchants this month: minister
Finance Minister Hong Nam-ki said Tuesday the government plans to provide more than 70 percent of emergency relief funds to small merchants hard hit by the pandemic over the next two weeks. The move is aimed at accelerating the provision of cash handouts to pandemic-stricken merchants as the country is grappling with the fourth wave of the pandemic. The country plans to provide a total of 4.22 trillion won ($3.6 billion) in relief aid to micro business owners by the end of September as it crea
Aug. 17, 2021
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Refiners make big turnaround in H1 on robust petrochem biz
Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- logged a combined 4 trillion won (US$3.4 billion) of operating profits in the January-June period, shifting from 5.1 trillion won of deficits from a year earlier, their earnings reports showed. Their
Aug. 17, 2021
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Citibank Korea to decide on exit plan next week
Citibank Korea Inc., the South Korean unit of Citigroup Inc., will decide on its exit plan for its retail banking unit next week, an industry source said Tuesday. Citibank Korea will hold a board meeting Aug. 26 during which the lender will confirm how to sell the retail banking division. In April, Citigroup said it will exit consumer banking operations in 13 markets, including South Korea, as part of its global business reorganization. Four financial firms have conducted a due diligence of C
Aug. 17, 2021
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LG Display to invest W3.3 tr to expand OLED capacity
LG Display Co., a major display panel maker in South Korea, said Tuesday it will invest 3.3 trillion won ($2.8 billion) to expand its medium-and-small sized OLED display production capacity. The company said the investment, which will be made through March 2024, will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates. LG Display is the world's sole supplier of large-size OLED panels for TVs, but its competitiveness in the medium-and-
Aug. 17, 2021
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Foreign crypto exchanges seek distance from Korea ahead of tighter regulations
Some foreign cryptocurrency exchanges have distanced themselves from South Korea as Korean authorities are set to enforce tighter regulations against virtual coins. By Sept. 24, cryptocurrency exchanges targeting Korean investors must register with the nation's anti-money laundering body and disclose their details on risk management. Under the tougher regulations, banks will issue real-name accounts in line with stricter guidelines to prevent money laundering. Beginning Sept. 25, cryptocurrenc
Aug. 17, 2021