Most Popular
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NewJeans to terminate contract with Ador
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Korean Air gets European nod to become Northeast Asia’s largest airline
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NewJeans terminates contract with Ador, embarks on new journey
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Seoul snowfall now third heaviest on record
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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BOK makes surprise 2nd rate cut to boost growth
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‘VCHA, Katseye and Dear Alice are not K-pop groups,’ industry experts say
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[Graphic News] South Koreans favor Japan for repeat overseas trips
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Japan will pay for failing to honor promises, minister says
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Net profit of Korean banks' overseas branches edges up in 2019
Overseas branches of South Korean banks saw their combined net profit edge up 0.4 percent on-year to $988 million in 2019, data showed Wednesday. The figure accounted for 7.9 percent of the combined net profit of banks operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS). The combined interest income at 195 overseas branches gained 9.4 percent on-year to $2.06 billion, the data showed. Their average non-performing loan ratio stood at 0.63 percen
MarketMarch 25, 2020
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Han Sung Motor partners with esports firm Gen.G
Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Wednesday that it has partnered with global esports company Gen.G, to expand its customer base by promoting the brand. Gen.G is a global esports team that was launched in 2017. It was ranked sixth in the Forbes’ world’s most valuable esports companies last year, with top results at games such as League of Legends. Han Sung Motor’s partnership with Gen.G is the first of its kind between a Korean imported ca
MobilityMarch 25, 2020
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Kakao’s co-CEOs to serve another 2-year term
South Korean internet giant Kakao announced Wednesday that its co-CEOs -- Yeo Min-soo and Joh Su-yong -- will serve another two-year term. The decision was approved at its annual shareholders meeting held in the southern resort island of Jeju. “Kakao’s mission for the next 10 years is to make continuous renovation and evolution to minimize inconvenience of people,” Yeo said in the statement. “The company will also take the lead in resolving various kinds of social iss
TechnologyMarch 25, 2020
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Korean plants, shops around world close on coronavirus spread
Many industrial facilities and retail shops run by South Korean businesses across the globe are suspending operations as governments are ordering weekslong lockdowns amid the growing coronavirus spread, according to industry sources Wednesday. Korea’s biggest steel provider Posco has decided to close its processing centers in Italy, Malaysia and the Philippines following government directives. Posco-ITPC, a stainless steel processing center located near Verona, northeastern Italy -- w
IndustryMarch 25, 2020
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Remote work culture finally takes off in Korea, but will it stick?
Various industries in South Korea have been forced into a mass experiment with the remote work system, intent to flatten the spread of COVID-19 since January. With more people working from home, demand for telecommuting solutions has also been rapidly rising. A number of Korean and multinational information technology companies provide top-notch remote work services, while many large firms already have internal remote systems intact. But it remains to be seen whether the emergency work-from
TechnologyMarch 25, 2020
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Yongsan Garrison apartment complex to open to public in April
An apartment complex located inside the Yongsan Garrison -- US Forces Korea headquarters before its relocation to Pyeongtaek -- will be temporarily open to public from April 28, the Land Ministry said Wednesday. It is the first time the public will have access in 116 years. In 1904, the Japanese military established its headquarters in Yongsan, central Seoul, after the Russo-Japanese War. In 1957, USFK moved in after the end of the 1950-53 Korean War. Since 2017, the US military has be
IndustryMarch 25, 2020
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Korean oil refiners forced to keep plants rolling despite pandemic losses
South Korean oil refiners are facing heavy losses due to the coronavirus pandemic, but are unable to shut down their plants without causing further problems. According to a domestic oil refinery unit SK Innovation, the company is unable to close its facilities despite a mounting operating loss as oil must keep flowing through the pipes. “Car manufacturers can simply halt their assembly lines and resume operation again, but that’s not the case for refineries. When oil heated up in
IndustryMarch 25, 2020
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Posco donates W5b, actively participates in virus relief efforts
South Korea’s largest steelmaker Posco is actively participating in relief efforts for regions affected by the COVID-19 outbreak, the company said Wednesday. Posco, which has its main headquarters and a number of factories in one of the hard-hit region of North Gyeongsang Province, has donated 5 billion won ($4.06 million) for support on Feb. 27, about a month after it delivered relief goods worth 1 billion won to China. According to the company, Posco group delivered 4 billion won, wh
IndustryMarch 25, 2020
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Posco signs with clients to use Innovilt brand
South Korea’s largest steelmaker Posco said Wednesday it has signed agreements with 17 local companies for certification of 23 products of its premium construction steel materials brand Innovilt. Construction steel materials are generally used in buildings, houses, roads and bridges, but are not exposed outside, making it difficult to identify which steel products were used. In November last year, Posco launched the integrated steel bran Innovilt which allows consumers to easily recogn
IndustryMarch 25, 2020
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BOK to begin supplying dollars under US currency swap deal next week: official
South Korea is seeking to begin supplying US dollars under its bilateral currency swap arrangement with the United States next week, a Bank of Korea (BOK) official said Wednesday, a move that is widely expected to help ease dollar shortage caused by the new coronavirus pandemic. Negotiations are underway to finalize the currency swap deal, BOK Dep. Gov. Ryoo Sang-dai told reporters. "There are many issues that need to be discussed, but (the talks) are moving forward without any major diff
MarketMarch 25, 2020
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Major banks seen to shoulder bulk of bond fund
Five major banks in South Korea are expected to contribute to nearly two-thirds of an envisioned bond market stabilization fund, sources said Wednesday. Seoul unveiled an emergency financial aid package Tuesday, which calls for a 10 trillion-won bond market stabilization fund in early April to help coronavirus-wracked businesses raise money. Several dozens of local financial companies will contribute an additional 10 trillion won to the fund later. More than 20 major financial firms will also
MarketMarch 25, 2020
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Samsung begins shipment of EUV-based DRAM modules
Samsung Electronics Co., the world's largest memory chip producer, said Wednesday it has started shipping the industry's first DRAM modules made using extreme ultraviolet (EUV) technology. Samsung said it has shipped one million units of 10nm-class (D1x) DDR4 (Double Date Rate 4) DRAM modules that were produced with the technology. "The new EUV-based DRAM modules have completed global customer evaluations," the company said in a release. "EUV technology reduces repetitive step
TechnologyMarch 25, 2020
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S. Korea to loosen FX liquidity guidelines to boost dollar liquidity
South Korea will ease foreign exchange liquidity rules temporarily to prod local financial firms to provide more dollars in the currency market currently roiled by the market turbulence, the country's chief economic policymaker said Wednesday. Local financial institutions have been required to hold an adequate amount of foreign currency assets on hand to get over short-term liquidity disruptions. Currently, the foreign exchange liquidity coverage ratio (LCR) for banks is set at least 80 percent.
EconomyMarch 25, 2020
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Seoul stocks open sharply higher tracking Wall Street gains
South Korean stocks opened sharply higher Wednesday tracking a record rally on Wall Street as investors bet on stimulus measures around the globe amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index had risen 64.16 points, or 3.99 percent, to 1,674.13 as of 9:15 a.m. The Dow Jones Industrial Average on Tuesday skyrocketed 11.4 percent to close at 20,704.91, its biggest one-day gain since 1933, after US lawmakers said they are close to passing a $2.5 trillion stim
MarketMarch 25, 2020
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[Monitor] Korea’s employment quality deteriorates
South Korea’s employment quality has deteriorated compared to advanced countries since the 2008 global financial crisis, with the number of part-time workers increasing 49 percent. The Korea Economic Research Institute -- a think tank of Federation of Korean Industries -- analyzed the employment trend of workers working less than 30 hours per week in seven major countries by using statistics from the Organization for Economic Cooperation and Development. Most workers are categorized as
IndustryMarch 25, 2020
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Airports to bolster screening measures for domestic flights
South Korea‘s state-run airport operator said Tuesday it will beef up screening measures on all domestic flights to prevent the spread of the new coronavirus. Korea Airports Corp., which operates 14 airports, not including Incheon International Airport, said it plans to check body temperatures of all passengers boarding domestic flights. Passengers with symptoms of viral infection will be requested to refrain from boarding their flights and will be referred to public health authorities
MobilityMarch 24, 2020
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Forex pressure looms over Korea's outbound investments
Facing a weakening local currency amid the escalating novel coronavirus crisis, companies are hedging their cross-border investment plans, including mergers and acquisitions, filings showed Tuesday. The deals denominated in foreign currency are facing increasing exchange rate pressure. as some of the investment decisions were made before the coronavirus outbreak. Over the past three weeks, South Korea’s local currency has weakened 4.6 percent against the greenback and fell 2.4 percent a
MarketMarch 24, 2020
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Hanwha chief’s eldest son appointed Hanwha Solutions’ board director
Hanwha Solutions pledged a shift to an eco-friendly business and named Vice President Kim Dong-kwan as executive director of the company’s board. The decisions were made at the firm’s general shareholders meeting at a hotel in Jung-gu, central Seoul, Tuesday. Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, entered the group in 2010. Having been promoted to vice president of Hanwha Solutions last year, Kim this year has taken the reins of Hanwha Group&rsquo
IndustryMarch 24, 2020
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S. Korea calls on G-20 to work on alleviating excessive travel, logistics bans
South Korea has urged advanced nations to refrain from excessive restrictions on human activities and material resources amid the global novel coronavirus spread, citing the economic repercussions, according to the Ministry of Economy and Finance on Tuesday. Finance ministers and central bank governors from the Group of 20 member nations on Monday met virtually to discuss the impact of the COVID-19 outbreak. The meeting was also attended by representatives from the International Monetary F
EconomyMarch 24, 2020
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Seoul stocks rebound amid US Fed, Korean financial market easing plans
South Korean stocks rebounded sharply Tuesday, as investors were buoyed by the US Federal Reserve’s overnight announcement of unlimited bond-buying and the government’s bold emergency financial aid package to tackle the economic slowdown due to novel coronavirus spread. The benchmark Kospi soared 127.51 points, or 8.6 percent, from the previous session, to close at 1,609.97. The market began strong at 1,523.69 and continued to move upward through the day, marking the biggest incr
MarketMarch 24, 2020