Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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[Feature] Cobalt, China and Korea's battery conundrum
Home to three of the world’s major lithium-ion battery makers, it seems South Korea is well positioned to benefit from the global transition to electric vehicles. A look beneath the surface, however, reveals the local firms’ precarious position in an industry still facing huge uncertainties, ranging from the supply of key raw materials to the future directions of technological innovations. Cobalt, a key component in lithium-ion batteries, offers one way to understand the vulnerab
April 19, 2021
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PDI to host summit on private credit investing opportunities in Asia
Private Debt Investor, a publication dedicated to the global private debt investing scene, said Monday it plans to hold a virtual event this week on exploring opportunities and challenges in private debt investing across the Asia-Pacific region. The PDI APAC Summit Virtual Experience 2021 will be held from Wednesday to Thursday. The inaugural two-day virtual event will feature investors Aware Super, Allianz Investment Management, NGS Super, International Finance Corp. and Japan Post Bank,
April 19, 2021
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SK Telecom introduces 5G-based disinfection robot at local hospital
SK Telecom announced Monday that the company has introduced a 5G-based disinfection robot at a Severance Hospital branch in Yongin, Gyeonggi Province. It is the world’s first such hospital robot utilizing the next-generation telecommunication technology, the company added. The machine “Keemi” uses a real-time location system, through which it can find the location of missing patients and analyze patient density within the hospital. The robot comes with an artificial intel
April 19, 2021
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KIST develops new batteries 40% cheaper, stronger than lithium-ion batteries
The Korea Institute of Science and Technology on Monday said it has developed sodium-ion batteries that are 40 percent cheaper and can store 1.5 times more charge per gram than conventional lithium-ion batteries. The batteries use sodium instead of lithium. As sodium is far more common than lithium -- it’s in regular salt -- this brings down the price significantly. However, sodium ions are bigger and heavier than lithium ions, so existing anode materials -- made of graphite and a small
April 19, 2021
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Samsung to finalize US investment plan soon
Samsung Electronics is anticipated to finalize its investment plan for foundry expansion in the United States and South Korea, and make it official as early as next month, according to industry forecasts on Monday. After participating in the meetings with US President Joe Biden and Korean President Moon Jae-in last week, Samsung seems to be accelerating its internal decision-making process to finalize the investment plan both for Korea and the US in response to the two governments’ call
April 19, 2021
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[Behind the Wheel] Iconic exterior makes Jeep Wrangler shine
Jeep’s iconic sport utility vehicle Wrangler has undergone changes over the decades, evolving to embrace modern design factors here and there. With the continuing popularity of SUVs among local drivers, the trusty Jeep has maintained its position as a steady seller, with its unique appearance setting the standard for outdoor SUVs. The Wrangler has pulled off a remarkable performance so far this year. It sold 513 units in March, posting a growth rate of 324 percent on-year. That pushe
April 19, 2021
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Porsche Korea expands its CSR program to support artists
Into its fifth year of running the social outreach project Porsche Do Dream, Porsche Korea is expanding the scheme to support artists facing difficulties from the COVID-19 pandemic, the automaker said Monday. The Porsche Do Dream campaign, launched in 2017, has so far focused on children, bent on providing them with learning and playing opportunities. On top of that, this year’s program will include art projects or projects tailored for struggling artists, it said. “Over the pas
April 19, 2021
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Hyundai Motor Group unveils EV variant of G80 for first time at Shanghai motor show
Hyundai Motor Group’s Genesis brand unveiled the first electric powertrain variant of its luxury sedan G80 at the 2021 Shanghai International Automobile Industry Exhibition on Monday. During the motor show, which is to run until April 28, Hyundai Motor and Kia, the other two affiliates of the automotive group, also presented their latest electric vehicles -- Hyundai’s Ioniq 5 and Kia’s EV6 -- putting emphasis on electric powertrains. Taking part in the Chinese automotive e
April 19, 2021
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FSC to launch stock lending system for individual short sellers
The nation’s top financial regulator said Monday it will launch a new stock loan system for retail investors to have better access to stock borrowing for short selling. Short selling is a trading technique where investors sell borrowed stocks on the belief that share prices will fall in the near future. Short sellers profit if they buy the stocks back for less than they sold them for. Under the new system, a total of 17 local brokerages, including Korea Investment & Securitie
April 19, 2021
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Oriental Brewery begins sale of All New Cass nationwide
South Korea’s largest brewer, Oriental Brewery, has begun the sale of its newly revamped flagship beer All New Cass nationwide. Following a ceremony at its Cheongju plant on Sunday, the beer -- bottled in clear glass -- will hit the shelves at convenience stores, supermarkets, restaurants and entertainment venues sometime late this month, the company said. In March, OB unveiled the new Cass, ditching the brand’s famous brown bottle in a dramatic change of appearance, hoping to cont
April 19, 2021
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Gamevil buys stake in local crypto exchange firm Coinone
Game developer Gamevil said Monday that it has acquired a 13 percent stake in local cryptocurrency exchange Coinone. It spent some 31.19 billion won ($27.9 million) to acquire the 8,474 shares of the crypto exchange. “The acquisition is aimed at finding new business opportunities in the crypto and blockchain sectors,” said the company in a regulatory filing. With the investment, Gamevil will work together with Coinone to develop solutions that prevent hacking attempts and handle a
April 19, 2021
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Authorities vow to crack down on illegal crypto transactions
The South Korean government said Monday that it will tighten up regulations to trace illegal cryptocurrency transactions and cases of fraud amid growing concerns over a speculative bubble in the virtual coin market. The announcement was made after a meeting among top government officials and economy-related ministers on Friday to discuss issues related to the highly volatile cryptocurrency market and alleged crypto crimes. As part of the government’s efforts, the state watchdog Financ
April 19, 2021
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S. Korea to raise renewable energy quota
South Korea will be able to require big power generation companies to generate up to 25 percent of electricity from renewable energy sources, starting from October this year, raising the previous maximum threshold of 10 percent. The change is in line with a revision of the renewable energy portfolio, or RPS scheme, introduced in 2012, that mandates 22 power distributors with capacity over 500 megawatts to generate a certain percentage of their electricity with renewables. The minimum quota,
April 19, 2021
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Hana faces crisis over executives’ alleged sexism
Hana Financial Group has been receiving intense backlash over its credit card unit chief and bank branch manager’s alleged inappropriate and sexist behaviors that were reported only weeks apart. On April 6, Hana Card’s then-CEO Jang Kyung-hoon stepped down after a leaked audio recording of him saying picking a credit card was like “choosing a wife,” went viral last month. He also drew comparisons to female companions in so-called “room salons” here, which are
April 19, 2021
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Kospi hovers around 3,200 points amid recovery hopes
South Korea’s benchmark Kospi hovered around the 3,200-point threshold Monday amid hopes of a global economic recovery, raising hopes of a bounce back to over 3,200 points at the closing bell for the first time in nearly three months. Local market watchers also presented a positive outlook on the index’s upward moves, with some suggesting that it might touch 3,300 points soon. The Kospi closed at 3,198.84, having inched up 0.22 points, or 0.01 percent, from the previous session&rsq
April 19, 2021
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Over 70,000 manufacturing jobs moved abroad last year: report
A new analysis has suggested that over 70,000 manufacturing jobs in South Korea moved abroad last year, which accounted for 0.3 percentage point of the country’s unemployment rate. The loss of 72,000 manufacturing jobs came against the backdrop of a tough job market that exacerbated the employment situation, the Korea Economic Research Institute, an organization under the Federation of Korean Industries, said on Monday. “If the 72,000 manufacturing jobs were prevented from moving a
April 19, 2021
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ELS sales in S. Korea sink 32% in Q1 amid pandemic
Sales of equity-linked securities (ELS) in South Korea plunged more than 30 percent in the first quarter of the year amid the coronavirus pandemic, data showed Monday. The value of ELS issues came to 18.8 trillion won ($16.8 billion) in the January-March period, down 31.9 percent from three months earlier, according to the data from the Korea Securities Depository (KSD). The figure was also down 10.3 percent from the 20.9 billion won floated during the same period a year earlier. ELS refers t
April 19, 2021
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Residents' FX deposits rise for 2nd month in March amid brisk exports
Foreign currency deposits at banks in South Korea rose for the second straight month in March as exporters increased dollar holdings amid robust overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $92.7 billion as of end-March, up $2.67 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the second consecutive month in March after they declined for the first time in four
April 19, 2021
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Banks to extend loans worth W3.5tr to vulnerable people this year
South Korean banks plan to extend loans worth 3.5 trillion won ($3.1 billion) this year to low-income people with lower creditworthiness to help them cope with the fallout of the pandemic, the financial watchdog said Monday. The 2021 plan represents a rise of 100 billion won compared with 3.4 trillion won initially planned for last year, according to the Financial Supervisory Service (FSS). Last year, local banks extended a larger-than-expected 3.7 trillion won in such loans to 210,000 borrowe
April 19, 2021
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Korea Shipbuilding bags W208b order for 2 oil tankers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed a 208 billion won ($185.8 million) deal to build two crude-oil carriers. Under the deal signed with a European company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will build and deliver the 300,000-ton ships from the fourth quarter of 2022, the company said. The deal has an option to construct one more same-sized crude-oil ship, KSOE said. KSOE has won 11, or 42 percent, of 26 crude-oil carriers o
April 19, 2021