Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Celltrion to merge with sales unit to enhance synergy
South Korean pharmaceutical company Celltrion said Thursday it will merge with its sales unit, Celltrion Healthcare, next month to enhance business synergy and operational efficiency. “The boards of both companies have approved the merger proposal,” Celltrion Chairman Seo Jung-jin said during a livestreamed online briefing later in the day. “The merger will be completed by Dec. 28.” According to the company, for every 1 share, Celltrion Healthcare's shareholders will
Aug. 17, 2023
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Swapping apples for mangoes: Korea eyes more tropical fruits
Seasonal fruits in South Korea could become vastly different in the following decades, as warmer temperatures will gradually reduce cultivable areas for popular fruit crops here. Apples, grapes and pears could slowly fade into the background, while tropical fruits such as mangoes and passion fruit take center stage. “We may not be able to see the change immediately. But, fruit crops that we will see at discount stores and traditional markets may change in the future. What we call seasonal
Aug. 17, 2023
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Fila’s Acushnet posts record quarterly sales on upbeat US sales
South Korean fashion company Fila Holdings Corp. said Thursday its US subsidiary Acushnet posted record sales of 906.01 billion won ($675.42 million) in the April-June period this year, up 9.3 percent from a year ago. Acushnet is a golf equipment and apparel company that owns the leading golf brands including Titleist and Footjoy. Currently, Fila controls about 50 percent of stakes in the company. Fila attributed the company’s record earnings to the boosted demand for Titleist golf balls a
Aug. 17, 2023
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Lotte donates $100,000 to Hawaii wildfire victims
South Korea’s fifth-largest conglomerate Lotte Group said Thursday it made donations worth $100,000 in a bid to help Hawaii cope with the aftereffects of devastating wildfires that recently demolished the island of Maui. Lotte said the donation will be sent to Friends of Hawaii Charities -- a public charity organization founded in 1998 with an aim to support Hawaiian women, children, elderly and community groups with essential life needs. Specifically, the donation will be used to repair t
Aug. 17, 2023
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[Photo News] LG’s big push in Europe
LG Electronics said Thursday it will introduce its new built-in kitchen package at this year’s IFA trade show held in Berlin, Germany, Sept. 1-5. With the new built-in kitchens, which boast better energy efficiency and premium style, the tech giant aims to expand its presence in built-in home appliance markets in Europe and North America, which make up more than 70 percent of global sales. (LG Electronics)
Aug. 17, 2023
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FSC vows to tackle overheated themed stocks
Kim So-young, vice chairman of the Financial Services Commission, stressed the agency's commitment to shielding investor trust from volatile themed stocks. “During the second half, we will strengthen our efforts to address the issue of excessive investment concentration in themed stocks,” Kim said during a press conference held at the Central Government Complex in Seoul on Thursday. The FSC's stance on themed stocks follows a recent surge in volatility in Korean seconda
Aug. 17, 2023
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[Photo News] Zero disposables
S-Oil President Ryu Yul joins the “Zero Disposables Challenges,” an environmental initiative launched by Environment Minister Han Hwa-jin in February to reduce the use of disposables in public. A number of key business leaders have participated in the campaign. Ryu named Lotte Data Communication CEO Roh Jun-hyung and Kumho Petrochemical CEO Baek Jong-hoon as the next participants. (S-Oil)
Aug. 17, 2023
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Top container shipper HMM ranks 1st in global ESG rating
HMM Co. said Thursday it has clinched the top spot in a recent environmental, social and corporate governance rating of major shipping firms around the world. South Korea's No. 1 container shipper said it has obtained a "low" grade of 15.4 points in the rating conducted by Sustainalytics, a Dutch ESG and corporate governance research, ratings and analytics company, with the lower the mark, the better the ESG rating. HMM's score is 9.4 points better than the "medium"
Aug. 17, 2023
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S. Korea to speed up development of AI chip, UAM sectors
South Korea's finance ministry unveiled a set of measures Thursday to pave the way for the growth of the country's artificial intelligence chip and urban air mobility industries in line with efforts to foster new growth engines. Under the plan, the country will speed up the establishment of data centers powered by homegrown AI chips and expand financial support for the development of such semiconductor products by fabless firms, according to the Ministry of Economy and Finance. The mov
Aug. 17, 2023
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Samsung’s Taylor fab secures first order from AI startup Groq
Samsung Electronics, the world’s largest memory chip maker, has forged a partnership with Groq, a US-based artificial intelligence inference systems provider, securing the first chip order for its semiconductor fab currently in construction in Texas. Groq revealed in a press release on Monday (US time) that it has established ties with Samsung Foundry to be its “next-gen silicon partner,” saying the collaboration will support the company’s growth to consistently “ou
Aug. 16, 2023
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STX to spin off shipping unit
South Korean trading company STX announced Wednesday that the company's board has approved a spinoff of its new shipping and logistics firm, which is tentatively named STX Green Logis, ahead of its stock listing next month. STX said its shares will be divided in an 80:20 ratio between STX and STX Green Logis. For every 100 shares, shareholders will receive around 23 shares of STX Green Logics and 77 shares of STX. The price of STX Green Logis shares will be decided after the company makes i
Aug. 16, 2023
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Samsung sells ASML stakes to secure W3tr
Samsung Electronics sold a portion of its stakes in Dutch chip equipment maker ASML and secured 3 trillion won ($2.24 billion) in cash, the company reported in its semi-annual report Monday. In the report, the world’s No. 1 memory chipmaker reported that it held 2.75 million shares in ASML stocks, equivalent to 0.7 percent, at the end of June, down from the 1.6 percent or 6.29 million shares from the end of March this year. In selling its shares, Samsung appears to have secured significant
Aug. 16, 2023
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Government to boost exports with W23tr financial support plan
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face
Aug. 16, 2023
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SK On pledges W1.5tr to ramp up Korean production
SK On announced Wednesday a 1.5 trillion won ($1.1 billion) investment in expanding the battery production capacity by adding a third plant in Seosan, South Chungcheong Province. Marking the South Korean battery maker’s largest investment in the country, the expansion will bring up the Seosan site’s total annual production capacity to about 20 gigawatt-hours by 2028, enough to be supplied to 280,000 electric vehicles. The company will break ground for the third plant this year, aimin
Aug. 16, 2023
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Mirae Asset acquires Australia's No. 1 robo-adviser
Mirae Asset Global Investments announced Wednesday that it has acquired Australia’s No. 1 robo-adviser Stockspot. The Korean assets management firm said it will secure a 53 percent stake in the company in a deal worth 28 million Australian dollars ($18 million), with plans to increase the stake in the future in phases. Founded in Sydney in 2013, Stockspot is the leading online investment adviser, ranking atop the robo-adviser sector in Australia with a base of 13,000 clients and some 650
Aug. 16, 2023
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[Photo News] Catering for Jamboree Scouts
Ourhome CEO Koo Ji-eun (center) greets World Scout Jamboree participants at the food company’s headquarters in Seoul, Monday. Ourhome, the official sponsor of food services during the youth event, said Wednesday some 500 UK Scouts were invited to participate in diverse events, including Korean food cooking classes and playing traditional games. "We fully prepared ourselves so that the Scouts who visited Korea can leave the country with good memories, and I am proud to see that the Sco
Aug. 16, 2023
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[Photo News] Batik-themed Ioniq 5
Indonesian Ambassador to Korea Gandi Sulistiyanto (second from left) poses with Hyundai Motor’s Ioniq 5 Batik edition during the Gaikindo Indonesia International Auto Show held in Jakarta on Thursday. The car is a special edition of Hyundai’s flagship electric compact inspired by Indonesia’s traditional dyeing technique, commemorating the 50th anniversary of bilateral ties between South Korea and Indonesia. The South Korean carmaker is the largest EV producer in Indonesia. (Cou
Aug. 16, 2023
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ECCK picks ex-Beiersdorf executive as new president
The European Chamber of Commerce in Korea said Wednesday it has appointed Stefan Ernst, a former executive of global skin care company Beiersdorf A.G., as its next president. Ernst will succeed Christoph Heider, who has led the chamber for the last 10 years, the ECCK said. Ernst will officially take office on Oct. 1. Ernst, a German, is known for his decadeslong experience in marketing and general management at global companies, including Beiersdorf and Accenture Song. Ernst spent a considerable
Aug. 16, 2023
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Samsung to manufacture AI chips for Groq at Taylor fab
Samsung Electronics Co. will supply next-generation artificial intelligence semiconductors to US AI solutions firm Groq, the US company has said. The California-based fabless said Sunday it contracted with Samsung Foundry to "solidify Groq's product roadmap with a US-based foundry services provider." Groq's new chips will "be designed in partnership with Samsung's Foundry Design Service team and manufactured by Samsung on its SF4X process (4nm)," referring to S
Aug. 16, 2023
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[KH Explains] Samsung, LG to make motor show debuts next month
Samsung Electronics and LG Electronics will attend IAA Mobility 2023, a major global automotive fair, for the first time next month, signifying the South Korean electronics giants’ emphasis on the automotive electronic components market. IAA Mobility, which is set to take place in Munich, Germany, from Sept. 5 to 10, will draw not only some of the top global automakers such as BMW and Mercedes-Benz but also IT and chip giants like Amazon, Meta and Qualcomm. Hyundai Motor Group said it is n
Aug. 15, 2023