Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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Korea added to key bond index
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Samsung Life buys 20% stake in Meridiam SAS
Samsung Life Insurance announced on Thursday that it has acquired a 20 percent stake in Meridiam SAS, a French private equity firm focused on infrastructure investment. With this investment, Samsung Life has become the second-largest shareholder of the French company. "As Meridiam has diverse investment experience and expert executives in the infrastructure sector, we believe that it is an adequate strategic partner for Samsung Life Insurance's global alternative investment expansion,
April 20, 2023
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Vietnam's Thai Binh province looks to attract investment from Korea
A delegation from Vietnam held a conference in Seoul on Wednesday to promote the Vietnamese province of Thai Binh's potential to rise as an industrial zone, calling for investments from South Korean companies. The event, co-organized by Thai Binh Provincial People's Committee, the Embassy of the Vietnam and The Korea Herald, sought to introduce the province's transition from agriculture-oriented industry to a smart industrial complex. "As of first quarter of 2023, Thai Binh
April 19, 2023
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S. Korea backs down on possible tax hike for heated tobacco products
The South Korean government on Wednesday backed down on a possible tax raise for heated tobacco products, just two days after the nation’s finance minister hinted at the possibility of a parliamentary hearing. “(The government) is not currently considering raising the tobacco tax at the moment,” the Finance Ministry said in a statement after the minister’s comments were met with immediate public backlash. A possible tax hike for heat-not-burn cigarettes first emerged when
April 19, 2023
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EU Chips Act potential boon for Korean parts makers: ministry
South Korea's Industry Ministry said Wednesday the European Union's version of the Chips Act could provide as an "opportunity" for Korean manufacturers. The European Union agreed Tuesday to pass the 43 billion euro ($47 billion) Chips Act aimed at doubling the bloc's share of global chip output, from the current 9 percent to 20 percent by 2030. Countries around the world, such as the United States, China, Taiwan and South Korea, have been introducing state support progra
April 19, 2023
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[Photo News] World IT Show kicks off
The latest home appliances are showcased by Samsung Electronics and LG Electronics at the World IT Show 2023 that kicked off Wednesday in Seoul. The nation’s two top tech giants set up exhibition booths to show off their latest home appliances and mobile devices at the tech trade show running through Friday. Above is LG’s MoodUp color-changing refrigerator, while below is a gaming zone for Samsung’s flagship Galaxy S23 smartphone.
April 19, 2023
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Hanwha’s DSME takeover to be approved next week
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is nearing its end as South Korea’s Fair Trade Commission is expected to approve the takeover next week. The antitrust regulator on Tuesday sent Hanwha and DSME the examination report over the acquisition and decided to include the report on the agenda for the general meeting on April 26. The examination report includes an opinion to impose corrective measures to ban discrimination against competitors under th
April 19, 2023
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Philip Morris names new Korea chief
Philip Morris Korea, the Korean branch of US tobacco giant Philip Morris International, said Wednesday that Hanna Yun, former managing director of Philip Morris Australia, has been named its new chief. An industry veteran who has dedicated 27 years to working at Philip Morris and its numerous international branches, Yun is a leader with extensive experience in business strategy and finance, the company said. After majoring in finance at the University of Technology Sydney in Australia and receiv
April 19, 2023
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[Photo News] Volkswagen to foster tech talent in Korea
Volkswagen Group Korea said Tuesday it has signed a memorandum of understanding with 42 Wolfsburg, a German nonprofit coding school, the German Embassy in Korea and a consortium led by Seoul’s Education Ministry to nurture young tech talent in the automotive software sector. The signing ceremony was held Thursday in commemoration of the 140th anniversary of diplomatic ties between Korea and Germany, with German Ambassador to Korea Michael Reiffenstuel (front, center) and Volkswagen Group K
April 18, 2023
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SC Bank Korea offers savings account with 3.6% interest rate
Standard Chartered Bank Korea announced Tuesday it has launched a promotion for new clients signing up for its “Jaeil EZ account,” promising first-time customers interest rates of up to 3.6 percent per year, even to those who deposit their funds for a single day. Jaeil EZ account is a high-interest money market demand account providing a basic daily interest rate of 2.6 percent. Newcomers can enjoy an additional 1 percent interest rate during the first six months without any addition
April 18, 2023
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[KH Explains] Why Kolon bets big on space startups
Fashion and materials conglomerate Kolon Group is eyeing the aerospace business as its driver of future growth, following its belief that the group’s know-how in producing various composite materials will prove competitive in the space sector. Kolon set in motion its vision to foray into the space business in 2019, starting with its venture capital unit Kolon Investment’s 1 billion won ($757,679) investment in Innospace, a South Korean startup specializing in developing hybrid space
April 18, 2023
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LG chief orders to bolster leadership in batteries
LG Group Chairman Koo Kwang-mo inspected the cathode manufacturing plant of LG Chem, the group's chemical arm, on Tuesday, checking on the company's global supply strategy amid rising demand in the electric vehicle market. During his visit to the chemical firm's cathode manufacturing plant in Cheongju in North Chungcheong Province, Koo was briefed on the production and global supply strategy, LG said. “Cathodes are the foundation for securing a competitive edge in the batter
April 18, 2023
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SKT to enter US market with new broadcast solution
SK Telecom announced Tuesday it would enter the American market by providing a next-generation broadcast solution built with mobile edge computing technology to Sinclair Broadcast Group, a provider of local news and sports coverage in the US. MEC refers to the real-time processing of large amounts of data by devices and applications close to end-user devices, rather than a centralized data hub. Incorporating MEC technology, SKT developed Petasus Media -- a combination of SKT’s MEC solution
April 18, 2023
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Daewoong inks deal with Sygnature Discovery for drug discovery
South Korea’s Daewoong Pharmaceutical said Tuesday it has signed a deal with Sygnature Discovery, a UK-based discovery and preclinical solutions provider, to find potential candidates for autoimmune diseases treatment. Under the agreement, Daewoong Pharmaceutical will use Sygnature Discovery’s drug discovery technology, such as "fragment-based drug discovery," and virtual screening to find effective substances to use in treatments. “We are engaging in collaborations t
April 18, 2023
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[Contribution] Time to push SME-led R&D innovation
By Cho Ju-hyeon Small and midsized enterprises in Korea have shown remarkable progress in innovation in the global markets, pushing the need for systematic support from the government. Of the 20 Innovation Awards winners at the 2023 Consumer Electronics Show held in January, nine were Korean companies. Among them, five were ventures and startups. This result was driven by continuous efforts from small companies, as well as the government’s stable funding in research and development. Bu
April 18, 2023
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Posco Group's market cap up 50% this year
Posco Group has seen an increase of more than 20 trillion won ($15.2 billion) in its market capitalization this year, buoyed by anticipated gains in its battery businesses. According to data released by Korea Exchange on Monday, the combined market capitalization of Posco Group's listed firms came to around 63.5 trillion won as of Sunday, up by around 50 percent -- some 23 trillion won -- from early 2023. Posco Group's market capitalization also surpassed that of Kakao, which came to 4
April 17, 2023
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Woomi Construction invests in Fifth Wall’s proptech fund
Korean construction company Woomi Construction said Monday it has signed a contract to invest in global asset management company Fifth Wall’s Real Estate Technology III for Early Stage Ventures Fund, also called Fund III, on March 31. This decision comes as part of Woomi’s efforts to continue investing in property technology, or proptech, and expand its foothold in the global investment sphere. Property technology refers to the application of information technology tools and the plat
April 17, 2023
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[Photo News] Hyundai sponsors archery
Hyundai Motor Group said Monday it has renewed its sponsorship of the World Archery Federation for three more years until 2026. The carmaker will be sponsoring the archery games for 10 years, with this year’s Hyundai Archery World Cup and Hyundai World Archery Championships slated for Apr. 18 and July, respectively. Hyundai Motor Group Executive Chair Chung Euisun is serving as the head of the Korea Archery Association since 2005.
April 17, 2023
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FSC to ease regulation on Korean investment firms' foreign lending
The Financial Services Commission will revise the net capital ratio regulation to create a more favorable environment for Korean investment firms' overseas lending business, the financial regulator said Monday. At a seminar held at the Korea Exchange Monday, many securities firms here -- including Mirae Asset Securities -- raised the issue on how the current regulation makes it difficult to conduct their business outside of Korea. Currently, all investment firms are obligated to maintain a
April 17, 2023
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Pet spending surges during pandemic
South Korean's annual expenditure per capita on pets, along with the nation's pet-related businesses, is growing steadily, data released Monday showed. Purchase records from 2019 to 2022 compiled by the big data center at major Korean card firm Shinhan Card showed that the average annual spending per person at a slew of pet-related services or products -- such as animal hospitals, dog hotels, dog cafes, and dog salons -- recorded 353,000 won ($268) last year, the highest in four years.
April 17, 2023
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S. Korea to send economic delegation to Hungary, Poland, Slovakia
South Korea will send a delegation to Hungary, Poland and Slovakia this week to discuss ways to boost economic and trade ties with the respective European countries, the industry ministry said Monday. The delegation led by First Vice Industry Minister Jang Young-jin will visit the three European nations from Monday through Friday to meet with senior officials from the nations for talks on enhancing cooperation on steel, batteries and other major industry fields and to hold business forums involv
April 17, 2023