Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Samsung, SK hynix investors dump shares on Nvidia crash
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Suspect in murder of girlfriend's mugshot, name made public
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Big companies increase R&D investment in 2023
Big companies in South Korea increased their investments in research and development activities last year despite decreased earnings, a corporate data tracker said Tuesday. Their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier, according to a recent survey of 224 firms by the data tracker CEO Score. They suffered declines in sales and operating profit due to an economic slowdown but they executed their planned R&
CompaniesApril 9, 2024
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Seoul shares open higher ahead of parliamentary elections, US inflation data
South Korean stocks started higher Tuesday ahead of parliamentary elections and the release of key US inflation data later this week. The benchmark Korea Composite Stock Price Index gained 18.76 points, or 0.69 percent, to 2,736.41 in the first 15 minutes of trading. Overnight, major US indexes were almost flat as investors awaited the March consumer price index report, a key measure of inflation, to be released later this week. Investors' eyes are also on the results of South Korea's
MarketApril 9, 2024
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US unveils some $11.6 b in grants, loans to TSMC
The US government announced a plan Monday to award Taiwan Semiconductor Manufacturing Co. some $11.6 billion in grants and loans to support the chipmaker's investment for three fabrication plants in Arizona, as it strives to boost domestic semiconductor production. The Department of Commerce has signed a preliminary agreement with TSMC Arizona Corporation, a TSMC subsidiary, to provide up to $6.6 billion in grants and about $5 billion in loans under the CHIPS Act to back TSMC's investment of mor
IndustryApril 8, 2024
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Goodbye to Whopper? Burger King’s marketing stunt stirs confusion
The announcement from Burger King's South Korean operator that it would stop selling its popular Whopper lineup has stirred up controversy and mixed opinions over whether it is merely a marketing stunt or not. Early Monday morning, Burger King informed customers through its website and mobile messenger KakaoTalk about the end of Whopper sales. "Whopper sales will end after 40 years," the announcement read. "We thank everyone who has loved the Whopper all this time." Acco
CompaniesApril 8, 2024
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[KH Explains] Banks puzzled by derivatives misselling proposal
South Korean regulators’ push for banks to make up for investors’ losses incurred from equity-linked securities tied to a Hong Kong index has left both Korean and foreign banks baffled. Korea's major lenders accepted compensation guidelines suggested by financial watchdog the Financial Supervisory Service last month, agreeing to partly redress investors for the losses from the ELS products. The payback scheme is expected to cost around 2 trillion won ($1.47 billion) in total for
IndustryApril 8, 2024
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Late Hanjin chairman’s legacy honored in new biography
Hanjin Group, the South Korean aviation conglomerate behind the nation's flag carrier Korean Air, announced Monday the release of a biography honoring the life and accomplishments of its late chairman Cho Yang-ho. The book, titled “Charting New Horizons: the Life and Legacy of Cho Yang-ho”, was unveiled during Cho's memorial ceremony held on the same day in Singal, Yongin, Gyeonnggi Province. After joining Korean Air in 1974, Cho Yang-ho emerged as a visionary figure in the
IndustryApril 8, 2024
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7 in 10 Korean retailers feel threat from Chinese e-commerce rush
Seven out of 10 retailers in Korea say they feel threatened by the rapid expansion of Chinese e-commerce platforms, especially the big three -- AliExpress, Temu and Shein -- an industry-wide survey found Monday. Of the 500 retailers surveyed by the Korean Chamber of Commerce and Industry, the nation’s largest business lobby, 69.4 percent said their businesses are under threat by the Chinese rush, while 74.4 percent expected heightened competition in the market. Almost 60 percent of online
IndustryApril 8, 2024
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Foreigners' stock investment hits record high in Q1
Foreign investors sustained a five-month buying streak in the South Korean stock market, resulting in an unprecedented quarterly volume. The Financial Supervisory Service disclosed Monday that foreign investors amassed a total of 15.8 trillion won ($11.67 billion) worth of local shares in the first quarter of this year, marking the highest recorded amount since the agency started compiling data in 1998. In March, approximately 5.1 trillion won streamed into the domestic stock market from oversea
MarketApril 8, 2024
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Seoul shares end tad higher on auto, battery stocks
South Korean stocks ended slightly higher Monday on the back of autos and batteries following stronger-than-expected US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.44 points, or 0.13 percent, to 2,717.65. Trade volume was moderate at 611.2 million shares worth 10.36 trillion won ($7.6 billion), with decliners outpacing gainers 590 to 277. Foreigners bought 207.6 billion won worth of local shares, while retail investors and instit
MarketApril 8, 2024
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Hanwha’s succession plan picks up pace
Hanwha Group, Korea’s seventh-largest conglomerate by total assets, is poised to solidify its plan for succession, which will move from the current chairman to his three sons, as the company has taken a clearer stance on who will take charge of each business. According to the conglomerate, Hanwha Group Chairman Kim Seung-youn visited the headquarters of Hanwha Robotics in Pangyo, Gyeonggi Province, on Friday, with his youngest and third son Kim Dong-seon, who is the vice president of Hanw
IndustryApril 8, 2024
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Hyundai, Kia expand role in India’s EV localization
Hyundai Motor and Kia announced Monday that they have signed a strategic partnership with Exide Energy, a leading battery company in India, to speed up India’s transition into electric vehicles and expand the Korean automakers’ presence there. Under the partnership, Exide Energy will develop lithium-iron-phosphate, or LFP, battery cells and supply them to the automakers’ manufacturing footholds in India. The LFP battery cells will be loaded onto the carmakers’ India-speci
MobilityApril 8, 2024
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Samsung, SK boost investment to secure hefty chip subsidies in US
South Korean chipmakers Samsung Electronics and SK hynix have been boosting investment in the US to secure federal subsidies and get ahead in the intensifying competition in the advanced chip packaging and artificial intelligence chip sectors. Samsung Electronics, the world's top memory chipmaker that also runs chip design and foundry businesses, is reportedly planning to increase its investment in its semiconductor fabrication plant currently under construction in Taylor, Texas. According
IndustryApril 8, 2024
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CJ's Tous Les Jours to set up franchisee training center in US
CJ Foodville, the operator of the South Korean bakery chain Tous Les Jours, said Monday it plans to establish a training center in the US aimed at enhancing the service and operational expertise of its local franchisees there. This initiative comes as CJ Foodville has recently experienced an increasing number of inquiries from Americans interested in operating Tous Les Jours franchise outlets in the US, the company added. According to CJ Foodville, contracts for new franchise openings have alrea
CompaniesApril 8, 2024
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[Photo News] SK founder's legacy lives on
SK Group said Monday that it was opening the birthplace of its founder Choi Jong-gun and the second-generation Chairman Chey Jong-hyun to the public in celebration of its 71st anniversary. The "Ancient Residence of SK," located on a 1,111 square-meter site in Suwon, Gyeonggi Province, has been refurbished as a memorial hall exploring the history of South Korea’s economic growth and entrepreneurship. The current Chairman Chey Tae-won is the third-generation leader of the nation&rs
IndustryApril 8, 2024
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Mercedes-Benz charity run raises record donations
Mercedes-Benz’s Corporate Social Responsibility Committee said Monday that the Give ‘N Race charity event, held in Busan on Sunday, raised an unprecedented 1.017 billion won ($751,500), with the engagement of 20,000 participants. Initiated in 2017 as part of its commitment to social responsibility, Mercedes-Benz has consistently organized the Give ‘N Race to support vulnerable children and youth in Korea by merging philanthropy and running. This year’s event, the 11th, br
MobilityApril 8, 2024
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[Photo News] Mobility for dogs
Innocean, a global marketing and communications affiliate under Korean auto giant Hyundai Motor Group, said Monday that it has drafted a virtual mobility campaign for dogs by using generative artificial intelligence. Launched on April Fools' Day, the so-called "Dogbility" campaign uses images drawn by generative AI, including vehicles specifically built for dogs. Innocean said the images reflect Hyundai Motor's vision -- "Progress for Humanity" -- for not only human
MobilityApril 8, 2024
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S. Korean economy to grow 2.3% in 2024: AMRO
An economic surveillance organization in Asia has expected the South Korean economy to expand 2.3 percent this year on rising exports, Seoul's finance ministry said Monday. The ASEAN+3 Macroeconomic Research Office made the assessment in its regional report, noting that the recovery of the semiconductor sector will boost exports and lead the overall economic growth, according to the Ministry of Economy and Finance. Last year, the Korean economy expanded 1.4 percent amid a global economic sl
EconomyApril 8, 2024
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Seoul shares open lower despite US gains
South Korean stocks opened lower Monday despite Wall Street gains backed by stronger-than-expected US jobs data. The benchmark Korea Composite Stock Price Index dropped 6.29 points, or 0.23 percent, to 2,707.92 in the first 15 minutes of trading. On Friday, data showed that the US posted the biggest job growth in almost a year in March, indicating a strong economy. Even though the strong labor market may mean interest rates may stay elevated for longer, Wall Street closed higher on the belief th
MarketApril 8, 2024
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[Graphic News] Most Chinese e-commerce platform users in S. Korea dissatisfied: poll
Most South Korean users of recently burgeoning Chinese e-commerce platforms were dissatisfied with various aspects of their services despite their competitive pricing, a poll showed. In the poll conducted by the Korea Chamber of Commerce and Industry recently on 800 consumers with experience using either AliExpress, Temu or Shein in the past year, 80.9 percent said they have experienced dissatisfaction with the services. Delayed delivery was cited as the biggest reason for dissatisfaction, at
MarketApril 8, 2024
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2 S. Korean banks compensate retailers for HK-tied ELS losses
Two South Korean banks have compensated retail investors for their losses involving troubled Hong Kong-tied equity-linked securities (ELS) after financial authorities' probe into possible illegal activities related to the sale of the high-risk notes, industry sources said Sunday. Shinhan Bank and Hana Bank provided the compensation to some of the individual retailers who invested in Chinese shares listed on the Hong Kong bourse through ELS products sold in their outlets, they said. Other ba
IndustryApril 7, 2024