Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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LG Energy Solution sets out new ESG vision, ‘We CHARGE’
LG Energy Solution on Sunday announced its new environmental, social and governance vision, pledging to source electricity generated 100 percent by renewables at all its business sites by 2030 and go carbon neutral by 2050. According to the world’s leading electric vehicle battery manufacturer, it will gradually reduce carbon emissions from its 2019 level of 960,000m metric tons to zero by 2050. Also, the company aims to accomplish RE100 by 2030, which is 20 years ahead of the global
Aug. 1, 2021
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Traditional banks bolster online mortgage services to compete with KakaoBank
South Korea‘s traditional banks are planning to expand online and mobile mortgage services this month in an apparent bid to gain an upper hand in the market against the fast-growing KakaoBank, which announced its plan to launch 100 percent online home loan services. Internet banks like KakaoBank and K Bank have gained popularity with contactless credit loan services but the mortgage market has so far occupied by traditional lenders, which still prefer to receive property-related document
Aug. 1, 2021
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July exports best-ever in Korea’s history
South Korea’s exports in July surged 29.6 percent to $55.4 billion on-year, a record monthly figure since the nation began compiling the data in 1956, according to the Trade Ministry Sunday. In the first seven months of this year, Korea’s accumulated exports were worth $358.7 billion, setting another record. Also, this is the first time in 10 years that the country saw double digit growths for four consecutive months in 10 years -- 41.2 percent in April, 45.6 percent in May, 39.8
Aug. 1, 2021
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Hyundai Capital launches knowledge sharing platform for its global entities
Hyundai Capital Services, the country’s leading auto financing company, said Sunday that it launched an online knowledge sharing platform for its global entities to share new strategies and up-to-date progress of product development. The “Online Knowledge Sharing Platform,” which to be developed into a global product hub, will help global entities to share product strategies, experiences and knowledge from the different regions in real time, the company said. The online pl
Aug. 1, 2021
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[Feature] Looking inside the flesh of batteries
Electric vehicles are powered by hundreds, even thousands of battery cells. If just one defective cell catches fire, a massive recall will not only cost billions of dollars but also the trust of customers. So how do battery manufacturers sort out the bad apples? “For automakers, the safety of EVs are their key competitiveness, so they require stringent safety standards from their battery suppliers,” said Zin Hwang, chief financial officer at Innometry, a South Korean firm that
Aug. 1, 2021
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July exports set fresh high on chips, autos
South Korea's exports jumped 29.6 percent on-year in July to a record high, extending their gains to a ninth consecutive month as the global economy maintained a recovery, data showed Sunday. Outbound shipments came to $55.4 billion last month on strong auto and chip sales, according to the data compiled by the Ministry of Trade, Industry and Energy. The monthly export volume marked the highest level since South Korea started compiling related data in 1956. The country's exports over the first
Aug. 1, 2021
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Nine groups join race to take over SsangYong Motor
The race to acquire the troubled SsangYong Motor is heating up beyond expectations, with nine groups reportedly having expressed interest. According to local reports, a total of nine have submitted letters of intent to buy a controlling stake in the automaker, which is currently under court receivership, before the Friday deadline. They include Cardinal One Motors, set up by US-based auto importer and distributor HAAH Automotive Holdings, a consortium led by Korean electric bus maker E
July 30, 2021
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NPS gains 5.8% in 5 months as CIO extends term
South Korea’s public pension fund, the National Pension Service, gained a cumulative 5.8 percent in the first five months of this year, a preliminary estimate showed Friday. This robust growth brought the value of the world’s third-largest pension fund to 892.3 trillion won ($775.9 billion) as of May, approaching the unprecedented 900 trillion won mark despite lingering COVID-19 uncertainties in the global capital market. The news came a day after the NPS extended Chief Investment
July 30, 2021
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Hahn & Co. mulls legal action as Namyang Dairy takeover faces delay
Buyout firm Hahn & Co., a proposed buyer of a controlling stake in Namyang Dairy Products, said Friday it is considering legal action against ex-Chairman Hong Won-sik, as the proposed seller delayed the deal on the date of the transaction without consent. This comes as the proposed seller put off the extraordinary shareholders meeting scheduled Friday morning by six weeks to early September, citing “more time needed to contemplate on the deal before closing upon the request of both p
July 30, 2021
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S. Korean government launches central IRB to expedite clinical trials of COVID-19 vaccines, treatments
South Korea‘s first centralized institutional review board kicked off operations Friday, amid hopes it would expedite the review of drugs and treatments used to treat serious conditions, including COVID-19. An institutional review board, or IRB, is a constituted group designated to review and monitor biomedical research involving human subjects. Many hospitals, universities and other medical institutions in South Korea have their own IRB, but there was no state-authorized central IRB. &l
July 30, 2021
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Kakao founder becomes richest person in S. Korea
Kim Beom-su, the founder of the company behind South Korea’s most popular messaging app KakaoTalk, is now the richest person in the country, according to the Bloomberg Billionaires Index on Friday. Kim has seen his fortune reach $13.4 billion this year, surpassing Samsung Electronics Vice Chairman and de-facto leader Lee Jae-yong, whose net worth was estimated at $12.1 billion. Kim’s assets grew by $6 billion in 2021 alone as Kakao shares soared 91 percent, boosted by the stock m
July 30, 2021
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EcoPro BM, SKIET, Kakao Games likely to join MSCI index: analysts
While South Korea’s main bourse Kospi has stayed confined in a range of around 3,200-3,300 points for a month, market watchers are paying close attention to which stocks will be added to the Morgan Stanley Capital International’s index in an upcoming announcement. The US-based finance firm is slated to announce August’s quarterly review result of the MSCI Korea Index on Aug. 12. Since foreign capital is expected to flow into listed companies that newly join the index, the for
July 30, 2021
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Seoul stocks dip over 1% on China uncertainties
South Korean stocks fell more than 1 percent Friday amid rising uncertainties related to China's clampdown on its tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 40.33 points, or 1.24 percent, to close at 3,202.32 points. The figure marks the index's largest daily drop since May 13. Trading volume was moderate at about 677 million shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 643 to 213
July 30, 2021
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N. Korea's economy suffers worst contraction since 1997 in 2020 amid pandemic: BOK
North Korea's economy is estimated to contract 4.5 percent on-year in 2020, marking the worst contraction since 1997, as Pyongyang closed its borders over the COVID-19 pandemic, South Korea's central bank said Friday. The North's economy, which has been hit by tightened UN sanctions over its nuclear and missile programs, expanded 0.4 percent in 2019, but shrank 4.1 percent in 2018 and 3.5 percent in 2017, the Bank of Korea (BOK) said in a report. Last year, North Korea suffered its biggest eco
July 30, 2021
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[Newsmaker] Department stores and big supermarkets start QR code scans as cases rise
Department stores and big supermarkets will start requiring customers to scan QR codes or submit to written entry logs to shop starting from Friday in an effort to stop the spread of COVID-19. The measure was drawn up and confirmed by the Central Disaster and Safety Countermeasures Headquarters on Tuesday as a way to strengthen COVID-19 prevention efforts as cases continue to rise in South Korea. Stores that are bigger than 3,000 square meters are required to adopt a QR entry log system, while
July 30, 2021
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Blue Bottle Coffee arrives in Jeju
US-based coffee roaster and retailer Blue Bottle Coffee opened a store on Jeju Island on Friday. The opening of the ninth location in South Korea also marks the first store to be located outside of Seoul. Dubbed Blue Bottle Jeju Cafe, the new outlet is located in Songdang-ri, Gujwa-eup of Jeju City, on the western side of the island. The newly opened store reflects the regional traits of the island both in the space and on the menu, opting for low walls and a minimalistic interior design with
July 30, 2021
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Apartment transactions dive in June ahead of housing subscription program launch
Nationwide apartment transactions plunged in June ahead of the launch on Wednesday of a subscription program for newly built homes, which put the brakes on a buying spree in the local real estate market, data showed Friday. According to the data from the Ministry of Land, Infrastructure and Transport, a total of 88,922 apartment units changed hands across the nation last month, down 35.8 percent from 138,578 a year earlier. In the Greater Seoul area, the transaction volume fell 44.
July 30, 2021
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Fitch raises Woori Bank’s credit rating to A
Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said Friday. The rating agency had maintained the lender’s long-term credit rating at A- for 16 years since 2005. The latest upgrade reflects the company’s efforts to improve risk management skills, asset soundness, profitability and capital adequacy, which has led to a significant increase in earnings, it expl
July 30, 2021
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Samsung retains top spot in Q2 smartphone market: report
Samsung Electronics Co. retained the top spot in the global smartphone market in the second quarter of the year, a report showed Friday, although its market share declined from the previous quarter due to fewer shipments. The South Korean giant had a market share of 18 percent in the April-June period, after shipping 58 million Galaxy smartphones, up 7 percent from a year ago, according to a report from market researcher Counterpoint Research. But compared with the first quarter, its market s
July 30, 2021
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Auto exports jump 71.9% in Q2 on robust demand
South Korea's exports of autos jumped 71.9 percent on-year in the second quarter on the back of robust demand for sedans and eco-friendly vehicles, data showed Friday. The country's outbound shipments of cars came to $10.7 billion in the April-June period, compared with $6.25 billion the previous year, according to the data compiled by the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. Imports of autos rose 38.3 percent on-year to $4.1 billion in the cited
July 30, 2021