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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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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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
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Preorders for Samsung's new foldable smartphones begin in S. Korea
Preorders for Samsung Electronics Co.'s new foldable smartphones started Tuesday as the tech giant expects a sales boost with cheaper price tags. Preorders for the Galaxy Z Fold3 and the Galaxy Z Flip3, both unveiled last week at Samsung's Unpacked online event, will run through Monday in South Korea. Those who preordered Samsung's third-generation foldable smartphones will receive the products next Tuesday, three days before their official launch. Samsung has sharply lowered prices for its la
Aug. 17, 2021
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S. Korea's trade in camping goods hits new high in 2020 on pandemic
South Korea's exports and imports of camping goods reached a fresh high in 2020 amid the coronavirus pandemic, a report showed Tuesday. Asia's fourth-largest economy exported and imported $399 million worth of camping equipment last year, an all-time high and up 40 percent from the previous year, according to the report from the Korea Trade Statistics Promotion Institute. In the first half of this year alone, the country's trade in camping gear stood at $293 million, above the $285 million reg
Aug. 17, 2021
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Samsung leads Q2 curved monitor market
Samsung Electronics Co. was the world's largest curved monitor vendor in the second quarter of the year, a report showed Tuesday, although its shipments decreased sharply from a quarter earlier. Samsung had a market share of 32 percent in the April-June period after shipping 1.09 million curved monitors, according to market researcher TrendForce. AOC/Philips, owned by TPV Technology Ltd., was the runner-up with a 12 percent market share with 410,000 units. Micro-Star International Co. and Dell
Aug. 17, 2021
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Seoul stocks open slightly higher on tech rebound, financial gains
South Korean stocks opened a tad higher Tuesday as tech large caps showed signs of a rebound from their weeklong plunge, in addition to strong advances by financial stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.63 points, or 0.05 percent, to 3,172.92 points in the first 15 minutes of trading. The key stock index opened with mild gains as the country's two largest chipmakers rose after tumbling on pessimism about a future price fall of DRAMs. Gains by financial and ban
Aug. 17, 2021
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IBK woes continue in Indonesia
The state-run Industrial Bank of Korea’s Indonesian subsidiary, its largest ASEAN business, fell deeper into the red in the second quarter, while its Korean rivals are raking in robust profits from their businesses there. Flagging warning signs for its annual performance this year, Bank IBK Indonesia reported a net loss of 14.3 billion won ($12.2 million), failing to extend its growth momentum gained in the first quarter of 1.2 billion won in net profit. “In the early stages, net lo
Aug. 16, 2021
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Samsung Display's low-power OLED panels inside latest foldable phone
Samsung Display’s new power-saving OLED display panels can be found inside Samsung Electronics’ latest smartphone, the Galaxy Z Fold3, according to the display maker on Monday. The new displays, developed with what the company brands as Eco2 OLED technology, cut power consumption by up to 25 percent, it added. The firm has made a number of efforts to debut low-power OLED panels, with a focus on polarizers. Polarizers are key components in a panel that eliminate reflections from e
Aug. 16, 2021
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Korean Air mulls rerouting flights to avoid Afghan airspace
Korean Air Lines Co., South Korea's biggest carrier, said Monday it will consider rerouting flights to avoid Afghanistan's airspace following the Taliban's takeover of Kabul. Korean Air said some of its cargo flights have used the Afghan airspace at high altitudes, though its passenger flights have not. "We are closely monitoring the (political) situation in Afghanistan and may change our routes if necessary," a company spokeswoman said over the phone. The move is in line with majo
Aug. 16, 2021
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[Law Talk] More questions than answers: Who is the ‘responsible executive’ under the Serious Accidents Punishment Act?
Under the highly controversial Serious Accidents Punishment Act, which was codified by the National Assembly in January this year, business owners and responsible executives are required to comply with new health and safety obligations. A failure to comply with such requirements that results in serious bodily harm will subject them to significant civil liability and administrative/criminal penalties. The introduction of the act is seen as a legislative effort by the South Korean government to
Aug. 16, 2021
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Samsung Asset’s hedge fund arm merger falls through
Samsung Asset Management has withdrawn its plan to merge its hedge fund arm following a yearslong delay since the announcement, a filing showed Monday. The proposed merger of Samsung Asset and its wholly owned Samsung Hedge Asset Management was scrapped with the consent of the parties concerned, according to the filing submitted to the Korea Financial Investment Association. The merger plan was announced in April 2020 and was designed to be completed by August the same year. But the plan has
Aug. 16, 2021
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Tesla stocks lose luster among Korean investors
South Korean investors’ appetite for shares in electric vehicle maker Tesla has been on the wane over the past few months, with many turning to vaccine-related stocks, including Moderna, data showed Monday. While Tesla remains a top pick for Korean investors, with combined holdings of $9.7 billion as of Aug. 10 -- the highest here among US-listed stocks -- there were signs that Koreans had begun selling off shares in the world’s largest electric car maker in June, according to data
Aug. 16, 2021
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[Gadget Review] Samsung foldables deserve credit for upgrades
Samsung Electronics’ two latest foldable smartphones, Galaxy Z Fold3 and Z Flip3, didn’t seem to have the “wow” factor when first unveiled, but at a closer look, they do deserve some praise. As a user of Z Flip, with a husband who also owns the Galaxy Z Fold, I personally had expectations for new editions of the foldable devices, hoping they would be “more comfortable” to use in daily life. As I had hoped, Galaxy Z Fold3 became slightly thinner and lighte
Aug. 16, 2021
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Tax revenue linked to asset markets jumps 76% in H1
South Korea’s tax revenue from asset markets surged nearly 76 percent on-year in the first half amid an increase in housing transactions and stock trading, a ruling party lawmaker said Monday. According to data submitted by the Ministry of Economy and Finance to Rep. Yang Kyung-sook of the ruling Democratic Party, the government collected about 36.7 trillion won ($31.5 billion) worth of tax revenue linked to asset markets in the January-June period. The government’s total tax inco
Aug. 16, 2021
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Lotte E&C chosen as preferred bidder to build general hospital in Hanam
Lotte Engineering & Construction has been chosen as the preferred bidder to build a general hospital in Hanam, Gyeonggi Province, as part of the city’s urban development project. According to the construction arm of Lotte Group, a consortium consisting of seven companies, including Lotte E&C, has been chosen for the H2 Project. Other companies participating in the consortium include Kumho Engineering & Construction and the Industrial Bank of Korea. Following the selection,
Aug. 16, 2021
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[Newsmaker] Blame game intensifies over Mergepoint fiasco
The blame game between financial authorities and discount app operator Mergeplus intensified Monday, leaving customers who bought coupons uncertain as to whether they would lose their money. Mergeplus launched Mergepoint, an electronic payment service, in 2018. Consumers can buy Mergepoints for 20 percent less than their face value, and use them in local retail franchises, convenience stores and coffee shops. The substantial discounts on offer have helped the service attract about 1 million u
Aug. 16, 2021
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Kakao opens blockchain units in Singapore, eyes expansion overseas
Kakao Group, which operates messenger app KakaoTalk, has established two new blockchain entities in Singapore in an effort to expand its blockchain platform abroad and chase after its biggest competitor, Naver. According to local media reports Monday, Kakao recently founded the nonprofit Klaytn Foundation and global accelerator unit Krust in the city-state. With the two at the forefront, the South Korean internet giant will pursue the globalization of its public blockchain project, Klaytn,
Aug. 16, 2021
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HHI to complete payment for Doosan Infracore this week
Hyundai Heavy Industries Group is to complete payment for the acquisition of Doosan Infracore this week, in a deal that would put the ship-focused group atop of the country’s construction equipment industry, according to industry officials Monday. In February, the group’s holdings company formed a consortium with KDB Investment and signed a contract to buy a controlling 34 percent stake in Doosan Infracore, held by Doosan Heavy Industries. It agreed to pay 850 billion won ($730 mi
Aug. 16, 2021
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Doosan Heavy consortium wins W180b British deal
The consortium formed by Doosan Heavy Industries's British unit and a British firm has received a 180 billion-won ($155 million) water treatment deal, Doosan said Monday. Doosan Heavy's wholly owned Doosan Enpure joined hands with BAM Nuttall to obtain the deal for the relocation of the Guildford sewage treatment facility from Thames Water, Britain's largest water and wastewater services company, the company said in a statement. "We will complete the construction of a new sewage treatme
Aug. 16, 2021
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LG Energy Solution signs battery materials deal in Australia
LG Energy Solution Ltd., South Korea's leading battery company, said Monday it has signed a six-year deal with Australian Mines Ltd. for a stable supply of key battery materials. In the deal that will begin at the end of 2024, LG Energy Solution will receive 71,000 tons of nickel and 7,000 tons of cobalt from the Australian company over six years, the South Korean firm said in a statement. "Securing key raw materials and a responsible battery supply chain has become a critical element i
Aug. 16, 2021
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Korean exporters targeted in 225 trade-restrictive measures in H1
South Korean exporters faced a total of 225 trade-restrictive measures in 28 countries as of June this year, amid a continued hold of protectionism, the state-run trade promotion agency said Sunday. In its report assessing global trade environments for local firms in the first six months of this year, the Korea Trade-Investment Promotion Agency counted 225 measures in place at 28 countries around the world that target imports of Korean goods. The measures include anti-dumping, countervailin
Aug. 15, 2021