Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Korea projected to outpace Taiwan in chip production by 2032: US report
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Korean drug makers flock to obesity treatment
South Korea’s pharmaceutical companies are accelerating the development of anti-obesity drugs to take share in the rapidly growing market, which is estimated to hit $100 billion by 2030. Hanmi Pharmaceutical is one of a few Korean drug companies that have been pushing ahead with their clinical trials for homegrown anti-obesity drugs. The drug company is currently expected to be the first Korean company that will launch a homegrown anti-obesity drug. “Hanmi Pharmaceutical is the only
IndustryMay 8, 2024
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
South Korea's battery industry has secured a two-year reprieve from the US Inflation Reduction Act restrictions on electric vehicle batteries containing Chinese graphite, giving it time to diversify its supply chain while the Korean government has committed 9.7 trillion won ($7.1 billion) in policy financing to support this transition. Following negotiations and advocacy by the Korean government and related industries, the US government on Friday agreed to suspend specific provisions of the
MobilityMay 8, 2024
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Coupang earnings hit hard by losses from ailing Farfetch
New York-listed e-commerce giant Coupang reported Wednesday that its sales soared to a record high of $7.1 billion in the first quarter of this year, but operating profits were almost cut in half largely due to the losses from Farfetch, the luxury shopping platform it acquired last year. According to its earnings report earlier in the day, its revenue reached $7.1 billion in the January-March period, up 23 percent from a year ago. Its operating profits were $40 million, which compared to $167.
IndustryMay 8, 2024
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Seoul shares up for 2nd day amid US rate cut concerns
Seoul shares ended higher Wednesday as investors remain watchful over whether the US Federal Reserve will slash key rates this year. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.69 points, or 0.39 percent, to close at 2,745.05. Trading volume was moderate at 424.75 million shares worth 10.09 trillion won ($7.4 billion), with winners outpacing losers 575 to 280. Institutions and foreigners bought a combined 434.7 billion won worth of stocks, o
MarketMay 8, 2024
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Over 80,000 millionaires, 20 billionaires in Seoul: report
There are over 80,000 individuals in Seoul with wealth of over $1 million, making it the city in the world with the 19th-highest number of millionaires, a recent study found. Around 82,500 residents in Seoul have wealth over $1 million as of December 2023, according to the “2024 World’s Wealthiest Cities” report issued by investment migration consultant Henry & Partners in collaboration with global data intelligence firm New World Wealth, Tuesday. In the annual report, weal
EconomyMay 8, 2024
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HD Hyundai Marine Solution soars on first day of public trading
HD Hyundai Marine Solution, a ship maintenance unit affiliated with Korean shipbuilding giant HD Hyundai, made its stock debut Wednesday, with the stock price soaring on the first day of trading. Listed on Kospi, the nation’s main bourse, its stock opened at 119,900 won ($88), a 48.8 percent surge from the initial public offering price of 84,300 won. It hit a high of 166,100 won before closing at 163,900 won. During its book-building period earlier in April, the company managed to amass
CompaniesMay 8, 2024
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Kakao Bank hits record high quarterly profit in Q1
South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew
IndustryMay 8, 2024
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Minister pledges support for Naver in Line dispute
Korea will put Naver’s interest in the forefront in coming up with countermeasures to cope with the Korean IT firm’s conundrum of the Japanese government’s pressure on Naver to give up its ownership in Line, a leading messaging app in Japan that Naver has fostered for over a dozen years, the Korean science minister said Wednesday. “Regarding Japan’s administrative guidance of (Line), we have been continuously and closely cooperating with Naver to guarantee the maxim
IndustryMay 8, 2024
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20 major S. Korean conglomerates have no female inside directors
A report showed Wednesday that women account for only 3.2 percent of all inside directors at the biggest companies in South Korea. There are 787 inside directors and 850 outside directors on the boards of the 30 largest South Korean conglomerates and their 298 affiliates according to the local market analysis firm Leaders Index. There are 174 female outside directors and 25 female inside directors, each accounting for 20.5 percent and 3.2 percent of the respective totals. All 30 conglomerates ha
IndustryMay 8, 2024
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Less than 1 in 4 Seoul apartment deals are under W600m
Housing prices keep soaring in Seoul, as a report showed Wednesday that only 23.5 percent of high-rise apartments sold in the first quarter of this year went for less than 600 million won ($440,000). The real estate news platform Gyeongjae Man Lab -- Economy 10,000-Lab -- analyzed the data from the Ministry of Land, Infrastructure and Transport. It found that 2,188 of the 9,314 high-rise apartment transaction deals in the first quarter involved apartments worth less than 600 million won. It was
EconomyMay 8, 2024
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Czech envoy visits S. Korea's latest nuclear plant ahead of bid result
A Czech envoy visited a South Korean nuclear power plant last week amid the ongoing process to select the winner for the European nation's construction project estimated at around 30 trillion won ($22 billion), industry sources said Wednesday. Ivan Jancarek, the Czech Republic's ambassador to South Korea, visited the Saeul Nuclear Power Plant in Ulsan, 299 kilometers south of Seoul, on Friday, and was briefed on the overall operations of the facility, according to the sources. The visi
TechnologyMay 8, 2024
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Seoul shares open higher on institutional buying
Seoul shares opened higher Wednesday on institutional buying, with investors staying watchful on whether the US Federal Reserve will slash key rates this year. The benchmark Korea Composite Stock Price Index rose 3.65 points, or 0.13 percent, to 2,738.01 in the first 15 minutes of trading. Overnight, US stocks ended nearly flat. The Dow Jones Industrial Average inched up 0.08 percent at 38,884.26, and the tech-heavy Nasdaq fell 0.1 percent to 16,332.56. Institutions and individuals bought a comb
MarketMay 8, 2024
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Korea's logistics firms upscale facilities on Chinese e-commerce rise
Korean logistics companies are boosting their investment in their facilities to cope with the country’s increasing direct purchases from China, industry sources said Tuesday. According to Korea Customs Service, the number of items purchased through Chinese online shopping platforms last year reached 88.8 million, up 70.3 percent on-year. The combined value of those transactions also came to some 3.3 trillion won ($2.43 billion), up 121.2 percent from a year ago. The number of monthly activ
IndustryMay 7, 2024
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Seoul shares soar over 2% on looming hopes for US rate cuts
South Korean shares shot up over 2 percent Tuesday as investors were buoyed by growing hopes that the U.S. Federal Reserve may carry out rate cuts this year. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index jumped 57.73 points, or 2.16 percent, to close at 2,734.36. Trading volume was moderate at 523 million shares worth 10.9 trillion won ($8 billion), with winners outpacing losers 582 to 285. Investor sentiment was boosted by growing hope that t
MarketMay 7, 2024
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Will China's self-sufficient dream in HBM come true?
With the US imposing strict trade restrictions on China's advanced semiconductors and chipmaking equipment, Beijing has been ramping up efforts to develop home-grown artificial intelligence chips to keep up with the global AI boom. Recently, the Chinese government and chipmakers have been working together to produce high-bandwidth memory chips, a crucial component in graphic processing units. With the backing of the government, the consortium led by Huawei aims to produce HBM2 by 2026. Indu
IndustryMay 7, 2024
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NPS commits record W1.5tr for alternative investments
South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit
IndustryMay 7, 2024
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Mirae Asset introduces high dividend yield ETF to China
Mirae Asset Global Investments, a leading asset manager based in Korea, has introduced a high dividend yield exchange-traded fund to the mainland Chinese market through cross-border trading with Hong Kong, the firm announced Tuesday. The Global X Hang Seng High Dividend Yield ETF, operated by the asset manager’s ETF arm in Hong Kong, was set up for trading on China’s Shanghai Stock Exchange and Shenzhen Stock Exchange on Monday. The ETF tracks shares with high dividend yields on the
IndustryMay 7, 2024
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Hanwha to receive $140m in US tax credits with new solar panel plant
Hanwha Solutions will receive additional tax credits of about $140 million from the United States government this year as it has completed the construction of a solar module production plant in Georgia and recently begun operations there, the Korean company said Tuesday. According to Hanwha Qcells, Hanwha Solutions’ US solar energy subsidiary, the company completed the construction of solar module production lines at the Cartersville plant at the end of April. The site will be capable of p
IndustryMay 7, 2024
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
Tech firms have joined forces both domestically and globally to take on US chip giant Nvidia in the AI chip sector, which has enjoyed a near monopoly in the burgeoning market. An increasing number of global Big Tech companies are building their own AI ecosystems amid expectations for continuous growth in the sector, according to experts on Tuesday. While Nvidia has teamed up with SK hynix and TSMC to further strengthen its technical leadership in high-bandwidth memory chips, other tech firms are
TechnologyMay 7, 2024
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LG CNS hosts contest for math optimization talents
LG CNS said Tuesday it will host a contest that targets talented individuals in the field of mathematical optimization for bundle deliveries. Co-organized with the Korean Institute of Industrial Engineers, Optimization Grand Challenge 2024 aims to nurture exceptional talents in mathematical optimization and foster broader social interest in the field. Mathematical optimization involves finding the most efficient solution by considering all possible scenarios under current resources and condition
TechnologyMay 7, 2024