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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Samsung unveils new 5nm processor for wearable devices
Samsung Electronics Co. on Tuesday unveiled its new wearable processor built on 5-nanometer (nm) process as the South Korean tech giant tries to beef up its presence in the wearable device market. The Exynos W920 is the industry's first wearable processor made with advanced 5nm extreme ultraviolet lithography technology, boasting enhanced performance and power efficiency, according to Samsung. It is expected to be used in Samsung's upcoming Galaxy Watch 4 smartwatch that will come with a new u
Aug. 10, 2021
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LG Electronics to expand streaming service on smart TVs
LG Electronics Inc. on Tuesday said it will expand its streaming service on smart TVs as the tech giant tries to increase its presence amid the pandemic-driven stay-at-home trend. The South Korean company said LG Channels will be launched in an additional 11 European countries, including Switzerland and the Netherlands, within this year. LG Channels, LG's free content streaming service set up in 2015, is currently available in 14 countries providing some 1,600 channels, but that will be expand
Aug. 10, 2021
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LG Uplus to offer Spotify to mobile subscribers
LG Uplus Corp., a major South Korean telecom operator, said Tuesday it will offer Spotify to its mobile users for up to six months in a move expected to expand the music streaming service's presence in the country. The telecom operator said subscribers to its 4G LTE and 5G network plans will have free access to Spotify Premium, which costs 10,900 won ($9.5) a month here, for three to six months, depending on the price of their plans. The move virtually applies to all of LG Uplus' around 15 mil
Aug. 10, 2021
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Banks urged to set up tighter supervision of household debts
A top financial regulator called Tuesday for banks to set up tighter supervision of household debts as policymakers voiced warnings against growing financial imbalances amid a surge in home prices. Eun Sung-soo, the outgoing chairman of the Financial Services Commission (FSC), made the remarks at a meeting with chief executives of financial holding firms earlier in the day. Eun also urged banks to preemptively act to keep household debts in check, the FSC said. Eun's remarks came as the Bank
Aug. 10, 2021
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Samsung ranks 4th in Android 5G smartphone market in Q2: report
Samsung Electronics Co. was the world's fourth-largest vendor of Android 5G smartphones in the second quarter of the year, a report showed Tuesday, as Chinese makers aggressively expanded their presence. Samsung had a market share of 16.5 percent in the April-June period after shipping 15.6 million units of 5G smartphones powered by the Android operating system, according to market researcher Strategy Analytics. China's Xiaomi led the market with a share of 25.7 percent after its shipments soa
Aug. 10, 2021
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Department store sales climb at fastest pace in Q2
Sales of department stores in South Korea grew at the fastest-ever clip in the second quarter of the year amid the coronavirus pandemic, data showed Tuesday. Local department stores saw their sales in terms of constant prices soar 20.3 percent on-year in the April-June period, according to the data from the Korean Statistical Information Service (KOSIS). It was the largest-ever on-year increase for the second quarter since data tracking began in 1995. Industry watchers attributed the second-q
Aug. 10, 2021
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[Graphic News] Wine imports hit all-time high in H1 amid pandemic
South Korea’s wine imports more than doubled to touch a new high in the first half of the year as more people enjoyed drinking at home due to the coronavirus pandemic, data showed. Asia’s fourth-largest economy imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier, according to data by the Korea Customs Service. It represents the highest first-half tally and accounts for 86 percent of wine imports for all of 2020. Imports for
Aug. 10, 2021
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street over the resurgence of the new coronavirus and its delta variant. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.68 points, or 0.14 percent, to 3,255.74 points in the first 15 minutes of trading. Stocks retreated amid concerns that the highly contagious delta variant may hamper the ailing global economy. The Dow Jones Industrial Average declined 0.3 percent, with the S&P 500 slipping 0.09 pe
Aug. 10, 2021
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Samsung tipped to expedite investments, M&As with chief's parole
Samsung Group, the country's largest conglomerate, is likely to ramp up its investment and merger and acquisition with the parole of its leader despite controversy over the legitimacy, industry insiders said Monday. The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday. Samsung declined to comment on Lee's parole, but an official said the group breathed a sigh of relief following the justice ministry'
Aug. 9, 2021
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[News Analysis] Will Lee’s release turn tide for Samsung?
With its de facto chief Lee Jae-yong set to be released from jail this week, attention is turning to the fate of Samsung Electronics in its mission to become the world’s No. 1 integrated device manufacturer amid a heightening race for leadership in the global chip market. With a void at the top leadership, the IT giant has been suffering from apparent delays in its decision-making process, affecting significant investment plans. Lee’s return is expected to expedite the firm’
Aug. 9, 2021
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[Newsmaker] Lee still faces court fight in two separate cases
Now granted parole, Samsung Group’s de facto leader Lee Jae-yong will be released from the Seoul Detention Center at 10 a.m. Friday. His freedom, however, could be short-lived, as he is fighting two more criminal trials -- one on alleged accounting fraud and other offenses during a merger of two Samsung affiliates and another for his alleged use of the anesthetic propofol without a prescription. He was behind bars for his conviction for bribing former President Park Geun-hye as part of
Aug. 9, 2021
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Samsung’s Lee to walk free from jail on Friday
The Ministry of Justice on Monday decided to parole Samsung Electronics Vice Chairman Lee Jae-yong, who is in prison for bribery. He will walk free from the Seoul Detention Center in a southern suburb of Seoul at 10 a.m. on Friday, about 11 months before the end of his sentence. The de facto chief of Samsung Group is among over 800 prisoners to be released the same day as part of South Korea’s long tradition of clemency for Liberation Day, which falls on Aug. 15. “The committee
Aug. 9, 2021
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Hanwha Solutions acquires renewable energy developer RES France
Hanwha Solutions said Monday it has acquired a 100 percent stake in renewable energy developer RES France at 727 million euros ($855.2 million) to expand its business portfolio in Europe. With the deal, led by the company’s green energy division Hanwha Q Cells, Hanwha Solutions will hold full ownership of RES France’s solar and wind power projects worth 5 gigawatts. “The acquisition, which will be finalized by October, will increase the global capacity of Hanwha Solutions
Aug. 9, 2021
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Renault Samsung, Lynk & Co to develop eco-friendly car
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will partner with Lynk & Co. to develop an environment friendly vehicle in the Korean market. Renault Group has announced it will form a joint venture with Geely, the Chinese owner of Volvo Cars, to develop a Renault-brand hybrid passenger car for sale in China and a Lynk & Co-brand eco-friendly model for Korea, a company spokesman said over the phone. Lynk & Co. is the automotive brand formed as a
Aug. 9, 2021
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Edison to drum up private equity capital for SsangYong bid
South Korean electric bus maker Edison Motors has created a consortium with domestic private equity firms to acquire SsangYong Motors, a troubled Korean arm of Indian auto maker Mahindra & Mahindra, its Chief Executive Officer Kang Young-kwon said Monday. Edison, headquartered in Hamyang County, South Gyeongsang Province, signed a memorandum of understanding with its financial partners, including Korea Corporate Governance Improvement, Keystone Private Equity, as well as electric vehicle pa
Aug. 9, 2021
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Seoul stocks down for 3rd day after choppy trading
South Korean stocks retreated for the third straight session Monday after choppy trading, as an estimate-beating improvement in US jobs data increased concerns about an early tapering. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 9.94 points, or 0.3 percent, to close at 3,260.42 points. Trading volume was moderate at about 685 million shares worth some 15.5 trillion won ($13.5 billion), with losers outnumbering gainers 647 to 208. For
Aug. 9, 2021
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Seoul’s first energy minister pledges ‘redesign of energy market’
South Korea’s first energy minister, Park Ki-young, said Monday that he would redesign the country’s energy market for carbon neutrality. “This is an important year to lay down the foundation for carbon neutrality. We have to reconstruct the current fossil-fuel-based energy supply and demand system and market structure into clean-energy-focused ones,” Park said in his inauguration speech. To that end, the newly appointed energy minister pledged to secure an optimum
Aug. 9, 2021
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[Newsmaker] Is sun setting on Hanhwa heir’s solar dream?
Kim Dong-kwan, the eldest son and apparent heir of Hanwha Group Chairman Kim Seung-youn, has proved his mettle by taking the helm of the group’s money-bleeding solar business in 2011 and turning it into the world’s No. 6 solar energy player, Hanwha Q Cells. Poised to succeed his father to lead the country’s seventh-largest conglomerate, the 38-year-old now oversees Hanwha Solutions, launched last year after the merger of Q Cells and two other Hanwha companies, and is also s
Aug. 9, 2021
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Hanwha Solutions to acquire French energy firm for W984b
Hanwha Solutions Corp., the energy arm of chemical-to-financial conglomerate Hanwha Group, said Monday it will acquire a French renewable energy developer in line with its expansion strategy. Hanwha Solutions will purchase an entire stake of French wind and solar power plant firm RES Mediterranee for 984.3 billion won ($860 million) on Oct. 20, the company said in a regulatory filing. "The planned stake purchase is aimed at making a presence in the European renewable energy development ma
Aug. 9, 2021
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Kia to invest W10b in Bank Salad
The country‘s second-largest carmaker Kia said Monday it will invest 10 billion won ($8.7 million) into local fintech company Bank Salad in a bid to set foot in the mobility data business. Through the investment, Kia seeks to forge a partnership with the fintech firm to develop data technology for the mobility industry such as open data platform for cars and connected cars. They plan to launch car insurance services that use MyData, a government-led project to comprehensively collect
Aug. 9, 2021