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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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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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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South Korea open to Indonesian proposal to cut KF-21 payments
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Police seek arrest warrant for med student who killed girlfriend
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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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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop's dilemma] Is Hybe-Ador conflict a case of growing pains?
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[Graphic News] Diesel vehicles rapidly lose luster
In the first quarter of this year, the proportion of domestically registered diesel cars fell below 10 percent for the first time. As more consumers in South Korea avoid diesel cars due to decarbonization regulations and the need to import urea for them mainly from China, the decline in sales is expected to accelerate this year. According to data from the Carisyou data research institute, a total of 39,939 diesel vehicles were registered in the domestic market during the first quarter of this
May 7, 2024
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Hanwha Life secures 40% stake in Indonesian lender
Hanwha Life, a major insurer under the Korean conglomerate Hanwha Group, is set to expand its presence in Southeast Asia, having secured a stake in Indonesia's Nobu Bank, according to the insurer on Monday. Hanwha Life acquired a 40 percent stake in Nobu Bank through a deal signed with Indonesia’s Lippo Group, a major conglomerate with businesses spanning Southeast Asia. The deal signing event was held in Jakarta on Friday, with Hanwha Life Vice Chair and CEO Yeo Seung-joo, its Presid
May 6, 2024
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Chip up cycle won’t stay long: SK chief
The chairman of Korea's chip-to-battery conglomerate SK Group said the fate of semiconductor manufacturers will hinge on how smartly they can map out capital expenditure plans, as he believes the recent chip recovery would be short-lived. The earnings surprise that SK hynix, the group’s crown jewel and the world's second-largest memory chipmaker, logged in the first quarter raised hope that the industry has ended its down cycle after months of operating losses. SK Group Chairman
May 6, 2024
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[Herald Interview] Hanatour CEO talks reshaping travel landscape
As the travel landscape undergoes profound transformations postpandemic, the golden era of traditional, large-scale travel agencies may be coming to an end. However, Hanatour, Korea's leading travel agency with more than three decades of experience, aims to defy the growing perception. Leveraging extensive tourism data both inbound and outbound, Hanatour CEO Song Mi-sun said the company is seeking ways to pioneer a new era of travel, defined by enhanced safety, efficiency and tailored trave
May 6, 2024
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Woori to re-enter brokerage business with acquisition of Korea Foss Securities
Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec
May 3, 2024
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Naver will consider company benefits in deciding on selling Line shares: CEO
While the Japanese government is pressuring Naver to shed ownership in Line, the dominating messaging app in Japan, the Korean internet giant said it will make a decision based on the benefit of the company's business, the chief executive officer said Friday. During an earnings call, Naver CEO Choi Soo-yeon said the administrative guidance issued by Japan's Ministry of Internal Affairs and Communications last month, demanding Tokyo-based LY Corp., the operator of Line, to lower its dep
May 3, 2024
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Samsung chief returns from Europe after meeting with Pope, business leaders
Samsung Electronics Chairman Lee Jae-yong returned to Seoul on Friday after his trip to Europe, where he made a surprise visit to Vatican City to meet with Pope Francis, and met with business counterparts for cooperation. During the 10-day trip, Lee traveled to Germany, France and Italy, and checked on the company's business operations there. “The spring has come,” he told reporters without further explanation, upon his arrival at the Seoul Gimpo Business Aviation Center. He did
May 3, 2024
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Samsung Life Science Fund invests in US gene therapy firm
Samsung Life Science Fund, an investment fund created by Samsung affiliates, will invest in Latus Bio, a US gene therapy development company, according to Samsung Bioepis on Friday. It is the sixth investment made by the fund between Samsung Biologics, Samsung C&T and Samsung Bioepis, to explore new business opportunities in the biotechnology sector. The exact amount of investment has not been disclosed. Latus Bio is a US biotech that develops novel gene therapy candidates for disorders of t
May 3, 2024
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Hugel to develop next-generation botulinum toxin product
Hugel has started its development of new botulinum toxin products using a botulinum toxin type that has a faster onset and shorter duration of effect, the aesthetics firm said Friday. According to Hugel, botulinum neurotoxins that are currently used for therapeutic and cosmetic applications have been botulinum neurotoxin type A and B. The onset of action of botulinum toxin A, which is most widely used for cosmetic applications, ranges from three to seven days, while its therapeutic effect usuall
May 3, 2024
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KASA chief vows full support for private-led space missions
Korea’s new state space agency, the Korea AeroSpace Administration, or KASA, will focus on rearranging roles with the private sector to support companies to lead commercial space developments while the government concentrates on long-term space projects, the nominee for the top leadership position at KASA said Thursday. “So far, Korea’s space sector has been led by the government out-sourcing projects to the industry,” said Yoon Young-bin, an aerospace engineering profess
May 2, 2024
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Celltrion seeks bigger footing in South America
Celltrion announced Thursday that the company has won public tenders in Peru to provide its autoimmune disease treatment Remsima (infliximab) and anticancer product Herzuma (trastuzumab) to the South American country. According to Celltrion, Remsima has won a tender held by the Peruvian Workers' Insurance System (EsSalud), which is the largest of its kind, accounting for 81 percent of the total infliximab volume in Peru. The company will supply Remsima for a year starting this month. Celltr
May 2, 2024
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LG CNS enters steel scrap market
LG CNS said Thursday that the company has entered the steel scrap market by setting up a joint venture with local steel firm Daehan Steel. The new entity, called Aimos, will develop a cloud and artificial intelligence-based solution that can sort out scrap steel from metallic waste. “The demand for steel scrap is increasing along with the wider adoption of environment-friendly electric arc furnaces that use steel scrap as its raw material,” an official from LG CNS said. Its new sol
May 2, 2024
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[Herald Interview] Former IEA chief calls for strong global governance to achieve net zero
The Paris Agreement, an international treaty on climate change, calls for limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels, stressing that emissions need to be reduced by 45 percent by 2030 and reach net zero by 2050. Nobuo Tanaka, former executive director of the International Energy Agency, says that the world needs to do a lot more to countermeasure global warming and achieve these goals. “The IEA’s net zero by 2050 scenario tells us th
May 2, 2024
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Kakao’s SM takeover gets conditional green light
Korea’s antitrust regulator has approved IT giant Kakao’s acquisition of a 39.87 percent stake in SM Entertainment, the K-pop agency behind EXO, aespa and NCT, contingent upon the implementation of corrective measures. The Fair Trade Commission said Thursday that it imposed two forms of corrective measures to address concerns that the merger of Kakao, a major IT company that owns both the music streaming service Melon and SM Entertainment, may pose a threat to competition in the loca
May 2, 2024
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'Our HBM chips are sold out until 2025': SK hynix CEO
SK hynix on Thursday said that its high-bandwidth memory chips have already sold out until 2025, boasting its leadership in the advanced memory chip market for artificial intelligence. "Demand for ultra-fast, high-capacity and low-power memory products for AI applications is expected to see explosive growth,” said SK hynix CEO Kwak Noh-jung during a press conference held at the company’s headquarters in Icheon, Gyeonggi Province. “Our HBM chips from the 2024 output have al
May 2, 2024
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[Photo News] Kim Whan-ki's art reborn
In commemoration of the 50th anniversary of Kim Whan-ki’s death, LG Electronics’ latest OLED evo TV will showcase his masterpieces reborn as media art in New York. The high-end TV serves as a digital canvas, upgrading the original quality of Kim’s works with artificial intelligence. (LG Electronics)
May 2, 2024
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[Photo News] For future entrepreneurs
Hana Financial Group Chairman Ham Young-joo (right) and Inha University President Cho Myeong-woo pose for a photo after signing a partnership agreement at the university in Incheon on Tuesday. This partnership supports youth entrepreneurship through the "Hana Social Venture University" outreach program by the financial group aimed at assisting and nurturing young students who aspire to start their own businesses. Now in its third year, the program has engaged 30 colleges nationwide, of
May 1, 2024
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[Photo News] KB premium banking center
KB Financial Group Chairman Yang Jong-hee (front row, fourth from left), KB Kookmin Bank CEO Lee Jae-keun (second row, second from left), KB Securities co-CEOs Kim Seong-hyun (front row; seventh from left) and Lee Hong-ku (second row; fifth from left), along with actress Lee Young-ae (front row; third from left), pose for a photo during the inauguration ceremony for the second branch of "KB Gold&Wise the First," KB’s premium banking and asset management brand, in Banpo, south
May 1, 2024
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[Herald Interview] Asia’s first Master of Wine empowers Shinsegae’s wine push
Jeannie Cho Lee, the first Asian Master of Wine, has joined hands with Shinsegae Group, the Korean retail giant that is recently making a big push to lead the nation’s soaring luxury wine market. Lee earned the wine industry’s top honor in 2008. Being a member of the exclusive community of 417 Masters of Wine globally, she has built an extensive network within the industry and collaborated with numerous companies such as Watson’s Wine, Ficofi and Berry Brothers & Rudd. Curr
May 1, 2024
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GS chief visits Microsoft headquarters
GS Group Chairman Huh Tae-soo has reiterated the significance of digital transformation as the Korean energy, retail and construction conglomerate continues to seek out business innovation opportunities. According to GS Group on Wednesday, Huh and several CEOs of the conglomerate’s major affiliates such as GS Retail, GS Energy, GS Caltex and GS Engineering & Construction, held an annual overseas CEO meeting in Seattle from Monday to Tuesday and visited Microsoft's headquarters a
May 1, 2024