Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Opposition chief acquitted of instigating perjury
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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[Exclusive] Hyundai Mobis eyes closer ties with BYD
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Seoul city opens emergency care centers
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[Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
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Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push
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VW poses a dilemma for LGES and SKI
Volkswagen’s latest announcement that it will transition to “prismatic” batteries from “pouch” batteries starting from 2023 poses a dilemma to South Korean battery developers LG Energy Solution and SK Innovation, which have been supplying pouch-type cells to the world’s No. 1 automaker. According to industry experts Wednesday, LGES and SKI are hesitating on moving forward with the development of prismatic batteries even if it means losing VW, because the p
IndustryMarch 17, 2021
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[News Focus] Four-way race for E-bay Korea acquisition
The race to acquire a controlling stake in eBay Korea is shaping up to be a four-way battle, with big-name players in retail all in for a deal valued at 5 trillion won ($4.42 billion). According to industry sources, Lotte Group, Emart Inc., SK Telecom Co. and private equity firm MBK Partners have been chosen as the preliminary bidders to buy the South Korean unit of the e-commerce giant, which operates some of the country’s major online shopping platforms including Gmarket, Auction and G
ConsumerMarch 17, 2021
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S. Korean banks’ average capital adequacy ratio slightly up in 2020
South Korean banks’ average capital adequacy ratio inched up last year from the previous year, indicating improved financial health amid the COVID-19 pandemic, data from the financial watchdog showed Wednesday. The average ratio of 19 commercial and state-run lenders gained 1.08 percentage points to 15 percent on-year as of end-2020, according to the Financial Supervisory Service. The capital adequacy ratio, based on the Switzerland-based Bank of International Settlements’ guidel
MarketMarch 17, 2021
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Fiscal chiefs of S. Korea, US agree on continuing expansionary measures
Finance ministers of South Korea and the US have shared their views on efforts to continue expansionary fiscal policies in reviving virus-battered local economies and supporting underprivileged groups, the ministry said on Wednesday. During a phone call between South Korean Finance Minister Hong Nam-ki and his US counterpart Jane Yellen, the two also agreed to strengthen bilateral economic cooperation in tackling the COVID-19 pandemic and the climate change crisis, officials added. The top e
EconomyMarch 17, 2021
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Samsung to maintain No. 1 smartphone vendor status in 2021: report
Samsung Electronics Co. is expected to defend its top status in the global smartphone market this year despite challenges from Chinese brands, a report showed Wednesday. Worldwide smartphone shipments are forecast to grow 6.5 percent on-year to 1.38 billion units in 2021, and Samsung's market share is estimated at 20 percent, unchanged from a year earlier, according to market researcher Strategy Analytics. US tech titan Apple Inc. is projected to remain second, with its market share also stayi
TechnologyMarch 17, 2021
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Post-pandemic economic recovery depends on progress of vaccinations: BOK chief
South Korea's post-pandemic economic recovery depends on the successful rollout of COVID-19 vaccines, and economic growth is likely to be sluggish before herd immunity is achieved, the head of the Bank of Korea (BOK) said Wednesday. "Many people believe that the distribution of vaccines could get us out of a long tunnel of the new coronavirus," BOK Gov. Lee Ju-yeol said at a forum in Seoul. However, Lee said there are "dangerous factors" that threaten solid economic recover
EconomyMarch 17, 2021
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Local private equity firm to inject W80b in T'way Air
South Korea’s private equity firm JKL Partners is poised to inject 80 billion won ($70.7 million) in Korean low-cost air carrier T‘way Air in April, a filing showed Wednesday. JKL Partners was offered the opportunity to buy some 31.8 million convertible preferred shares in T’way’s capital increase, so that T’way Air can use its proceeds to pay the cost of airplane lease and maintenance. The securities offering plan to the third-party investor gained board approval
MarketMarch 17, 2021
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Samsung's smart TV streaming platform expands presence in 2020: report
Tizen, a Linux-based operating system developed by Samsung Electronics Co., was the top smart TV streaming platform last year, a report showed Wednesday, thanks to its status as the world's largest TV vendor. Tizen accounted for 12.7 percent of global connected TV devices in use in 2020, up from 11.6 percent a year earlier, after the number of Tizen-supporting devices increase 21 percent on-year to 162.3 million, according to industry tracker Strategy Analytics. Samsung's TV platform was follo
TechnologyMarch 17, 2021
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S. Korea to release more rice reserve to cope with supply shortages
South Korea said Wednesday it plans to release 100,000 tons of reserved rice next month as the long rainy season last year coupled with major typhoons reduced output of the grain. The country plans to release the new batch of rice harvested in 2019 into the market in April, according to the Ministry of Agriculture, Food, and Rural Affairs. South Korea already released 170,000 tons of reserved rice into the market over the first two months of 2021. The move comes in line with the government's
EconomyMarch 17, 2021
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Automakers, chipmakers team up to resolve chip supply shortages
South Korea's automobile and semiconductor business groups on Wednesday said they will join forces in developing key automotive chips domestically, as the global supply shortages of key automotive chips are anticipated to disturb the production of cars. The Korea Semiconductor Industry Association and the Korea Automobile Manufacturers Association inked a memorandum of understanding to roll out joint research projects and seek ways to produce automotive chips domestically. South Korea is the w
IndustryMarch 17, 2021
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S. Korea to bolster monitoring on safety of pet food
South Korea said Wednesday it plans to expand monitoring on the safety of pet food products as the size of the market has been growing sharply in sync with the rising number of pet owners. Under the plan, South Korea plans to carry out an investigation of 650 pet food products available in the market and ban sales of those with high residue of 73 designated hazardous elements, according to the Ministry of Agriculture, Food and Rural Affairs. The country also plans to revamp its check list of c
EconomyMarch 17, 2021
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S. Korea hosts online health care trade fair, seeks to expand exports
South Korea kicked off a virtual trade exhibition for health care businesses Wednesday to beef up the exports of biohealth products amid the new coronavirus pandemic. Around 500 overseas buyers plan to participate in the Global Medical Equipment Plaza Online (GMEP) 2021, which doubled from the previous year's event, according to the Korea Trade-Investment Promotion Agency (KOTRA). The virtual trade meeting will run through March 26. Some 200 South Korean health care companies will join the eve
EconomyMarch 17, 2021
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Samsung SDI to introduce new, larger battery form factor
Samsung SDI President and CEO Jun Young-hyun on Wednesday confirmed that the company was developing a new and larger form factor for its cylindrical battery cells for electric vehicles. After the Korean battery giant’s 51st shareholders meeting held in Seocho-gu, Seoul, Jun was asked by The Korea Herald on the progress of the company’s development of “4680” cells, which Jun answered, “We are doing our best.” Samsung SDI later explained that Jun’s an
IndustryMarch 17, 2021
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Hyundai, Kia's plant utilization rate below 80% in 2020
Hyundai Motor Co. and affiliate Kia Corp. said Wednesday their combined global plant utilization rate stayed below 80 percent due to an extended coronavirus pandemic. Hyundai Motor's overall plant utilization rate stood at 84.1 percent and Kia's stood at 74.5 percent in 2020 as the pandemic affected vehicle production and sales, according to their 2020 business reports. Hyundai's and Kia's rates fell from 99.7 percent and 89.2 percent, respectively, in 2019, the annual data showed. In particu
MobilityMarch 17, 2021
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S. Korea to limit excessive payments to livestreamers
South Korea's telecommunications regulator said Wednesday it will push for a law revision to set limits on user payments to livestream broadcasters amid reports of financial damage to users that splurge on the platforms. Many video streaming platforms, including YouTube and local rival Afreeca TV, operate live payments, in which viewers can tip broadcasters in real time, serving as a form of monetization. The Korea Communications Commission (KCC) said it will pursue legal revisions to prevent
TechnologyMarch 17, 2021
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Monthlong shutdown of Samsung's Texas chip plant may cost big: analysts
Samsung Electronics Co. may suffer around 400 billion won ($353 million) in production losses due to a monthlong shutdown of its chip plant in the United States, analysts said Wednesday, amid growing concerns that the production halt could also undermine global smartphone production. Samsung's plant in Austin, Texas, has not been fully operating since Feb. 16 after a severe winter storm caused power outage in the region. The facility reportedly recovered power and water supply, but due to inspe
IndustryMarch 17, 2021
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SK Bioscience set to go public this week
South Korean vaccine maker SK Bioscience Co. is set to go public on the local bourse this week and will probably emerge as the top bio pick by investors amid the coronavirus pandemic, according to brokerage houses. The offering price of SK Bioscience, the pharmaceutical unit of major conglomerate SK Group, was set at 65,000 won ($57.47) per share for its market debut Thursday. Brokerage houses predicted that the maker of AstraZeneca's COVID-19 vaccines will jump upon its market debut, probably
MarketMarch 17, 2021
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Seoul stocks open lower ahead of FOMC results
South Korean stocks opened lower Wednesday amid rising uncertainties ahead of the US Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.09 points, or 0.33 percent, to 3,057.08 points in the first 15 minutes of trading. Stocks fell as investors continued to wonder if the Federal Reserve would step up to sooth market concerns of the earlier-than-expected post-pandemic inflation. Top cap Samsung Electronics lost 0.24 percent, and No. 2 c
MarketMarch 17, 2021
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EV sales in S. Korea tumble 45% in Jan.-Feb.
Sales of electric vehicles in South Korea nose-dived more than 45 percent in the first two months of the year amid a lack of subsidy policies and customer expectations for rollouts of new models, data showed Wednesday. A total of 2,444 EVs were sold in Asia's fourth-largest economy in the January-February period, down 45.3 percent from a year earlier, according to the data from the industry ministry and carmakers. Sales of Hyundai Motor Co.'s Kona EV sank more than 29 percent on-year to 175 un
EconomyMarch 17, 2021
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S. Korea's energy consumption dips 4% in 2020 amid pandemic
South Korea's energy consumption dropped for the second consecutive year in 2020 due to an economic slowdown sparked by the coronavirus outbreak, a report showed Wednesday. The country's overall energy consumption stood at 222.1 million tons of oil equivalent (TOEs) last year, down 4 percent from a year earlier according to the report from the Korea Energy Economics Institute. The decrease follows a 0.6 percent on-year decline in 2019, which was the first annual drop in 10 years. Last year's
EconomyMarch 17, 2021