Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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Bithumb to pay W40b taxes for crypto airdrop winners
Korea's major cryptocurrency exchange Bithumb said Friday that it will cover all the 40 billion won ($30 million) of taxes imposed on the winners of its crypto airdrop events. According to Bithumb, some 10,700 users were slapped with a combined 20 billion won in taxes last year for their compensations, including virtual assets and paybacks on commission, worth 83 billion won earned after participating in its multiple airdrop events held between 2018 and 2021. In Korea, the tax authorities h
May 10, 2024
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Korean Air in talks to sell five B747 jets to Sierra Nevada
Korean Air is in talks with Sierra Nevada Corporation, the US aerospace and defense firm, to sell its five B747-8i jets in an apparent move to boost its operational efficiency ahead of its planned merger with Asiana Airlines. According to industry sources on Friday, Korean Air held a board meeting Wednesday and decided to sell the planes to Sierra Nevada. The deal, valued at about 918 billion won ($674 million), is expected to be completed by September 2025. Currently, the company owns nine unit
May 10, 2024
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HD Hyundai unveils uncrewed vessel concept at US expo
Korean shipbuilding giant HD Hyundai said Thursday that it has unveiled a prototype for its upcoming uncrewed surface vessel Tenebris at this week’s AI Expo for National Competitiveness in Washington, DC. The recent unveiling, a collaboration with US tech firm Palantir Technologies, comes after the two firms signed a memorandum of understanding in April to jointly develop an USV by 2026. Named after the Latin word for darkness, Tenebris is designed for reconnaissance missions in enemy prox
May 9, 2024
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New Seoul-Zurich route launched after 27 years
Switzerland's flag carrier Swiss International Air Lines inaugurated its direct flight from Zurich to Incheon on Wednesday, marking its entry into the Korean market. This marks the first time in 27 years that the airline has introduced flights to Korea since the suspension of the Gimpo-Zurich route in 1998. "The Zurich-Seoul route was a missing piece of our extensive global network," Markus Binkert, chief financial officer of Swiss International Air Lines said during a press confe
May 9, 2024
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LG Display starts sell-off talks for China plant
LG Display has started talks to sell off its last liquid crystal display manufacturing plant in China in an apparent move to focus on consolidating its leadership in the more advanced organic light-emitting diode display market. According to industry sources on Thursday, LG Display is discussing the issue with Korea’s Ministry of Trade, Industry and Energy as a pricey display plant is considered the nation’s strategic asset whose sales should be approved by the government. In a regul
May 9, 2024
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Posco’s furnace No. 4 ready to resume operation
Posco Group said Thursday that it was ready to resume the operation of its blast furnace No. 4 in Pohang, North Gyeongsang Province, at the end of June after months of refurbishment work. A blast furnace usually undergoes maintenance every 15 years, during which its operation is suspended to undergo thorough performance and safety checkups and facility upgrades. The No. 4 furnace, completed in 1981, underwent refurbishments in 1994 and 2010. The current third refurbishment started on Feb. 23 to
May 9, 2024
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Korean Air sells five jets to US aerospace firm Sierra Nevada
Korean Air will sell five of its planes to US aerospace firm Sierra Nevada Corporation, the airline said in an exchange filing on Wednesday. Sierra Nevada recently won a $13 billion US Air Force contract to develop a successor to the E-4B Nightwatch, known as the Doomsday plane due to its ability to survive a nuclear war and act as a command and control centre during emergencies. Sierra Nevada did not immediately respond to a request for comment. The Korean Air planes being sold are four-engined
May 8, 2024
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Pressure mounts on Naver to shed stake in Line
Takeshi Idezawa, CEO of the Tokyo-based LY Corp., the operator of the messaging app Line, said Wednesday that the company has requested its key shareholder Naver to sell stakes in an apparent move to cut the Korean firm’s control over its management. The decision comes as Naver is under growing pressure from the Japanese government to shed its ownership in Line, the popular app the Korean firm has nurtured over the past 13 years. Currently, almost 70 percent of the Japanese population is k
May 8, 2024
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Minister says chip subsidy a ‘tall order’
Countries have been rolling out competitive subsidy programs to boost their edge in the critical semiconductor industry. For South Korea, it is difficult to come up with such direct support programs, but the government is working to create an environment to benefit long-term investment in the sector, Industry Minister Ahn Duk-geun said in a press briefing Tuesday. Ahn also explained that the ministry, along with other government entities will set up a public fund to support strategic industries,
May 8, 2024
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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
May 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.
May 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
May 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
May 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
May 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
May 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
May 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
May 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
May 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
May 7, 2024
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Posco Future M unveils report on sustainable supply chain
To address increasing global concerns regarding ethical sourcing and environmental responsibility, domestic battery material manufacturer Posco Future M released its third Responsible Minerals Activity Report on Tuesday. The publication is a part of the company’s efforts to establish a sustainable supply chain for materials used in battery production, specifically the cathode and anode segments. It marks the continuation of a commitment initiated in 2021 when Posco Future M first outlined
May 7, 2024