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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[KH Explains] Why a small non-profit gets funding from Netflix, Google
A South Korean civic group that has advocated for net neutrality for years has recently found itself at the center of controversy, as it is suspected of getting funds from global tech giants like Netflix and Google, according to industry sources on Monday. In February, the non-profit organization, called Open Net, released the results of a survey asking people their opinions about a pending bill that aims to impose fees for network use on streaming service companies -- a thorny issue in the glob
April 3, 2023
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Korea vows all-out efforts to fight trade deficit
Experiencing a trade deficit for more than 13 consecutive months, South Korea will make pangovernmental efforts to lead a turnaround in trade, introducing support programs to foster key industries, the Trade Ministry said Monday. The Ministry of Trade, Industry and Energy said it held a trade inspection meeting in Seoul with related government agencies to find ways to deal with the continuing fall in trade. “While the country logged a massive trade deficit in January, the balance is gradua
April 3, 2023
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LS Materials to push for IPO this year
LS Materials, a secondary battery subsidiary of LS Cable & System under the South Korean conglomerate LS Group, will attempt to go public on Korea’s secondary tech-heavy bourse, the Kosdaq, this year, officials said Monday. According to LS Cable & System, LS Materials signed a representative management contract with KB Securities and Kiwoom Securities for its initial public offering. The secondary battery maker plans to file for a preliminary review with the Korea Exchange before t
April 3, 2023
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No. of unused credit cards exceeds 15m in 2022
The number of unused credit cards in Korea exceeded 15.55 million as of the fourth quarter of last year, according to data from the Credit Finance Association released on Monday. The association regards a credit card not in use for more than a year as a dormant card. Dormant credit cards made up 17.98 percent of the total number of issued credit cards. Compared to the third quarter of 2022, the number of unused credit cards increased by 913,000 from 14.64 million. Dormant credit cards made up 17
April 3, 2023
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OpenAI CEO to visit Seoul as early as next month
The CEO behind the company that created the humanlike chatbot ChatGPT is planning to visit Korea as part of his world tour to meet with users, developers and people interested in artificial intelligence. Sam Altman, co-founder and CEO of California-based startup OpenAI, announced via Twitter Thursday that he has planned to visit 17 major cities around the world in May and June. Altman’s planned stops include Seoul, Toronto, Washington, Rio de Janeiro, Lagos, Madrid, Brussels, Munich, Londo
April 3, 2023
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Samsung Heavy wins W674.5b order for 2 LNG carriers
South Korean shipyard Samsung Heavy Industries Co. said Monday it has bagged a 674.5 billion-won ($517 million) order to build two liquefied natural gas carriers for an Asia-Pacific shipper. Samsung Heavy said in a regulatory filing that it will deliver the vessels to the undisclosed shipping company in stages by November 2026. So far this year, Samsung Heavy has clinched orders worth some $2.5 billion, or 26 percent of its 2023 target of $9.5 billion. In early January, Samsung Heavy obtained a
April 3, 2023
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Hanwha gets nod from EU for Daewoo Shipbuilding takeover
Hanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding & Marine Engineering Co., company officials said Monday. The EU's decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April. Hanwha has obtained the approval from Turkey, Britain, Japan and Vietnam since its takeover announcement in September last year. China and Singapore gave the green light last month. South Korea's Fair Tra
April 3, 2023
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Korean battery makers relieved by latest US subsidy guidance
South Korean battery makers are breathing a sigh of relief as the US Treasury Department’s newly unveiled guidance on battery sourcing does not require them to change their current production process right away to receive the US government’s subsidies provided to electric vehicle buyers under the Inflation Reduction Act. Under the IRA, EV and battery makers have to meet certain requirements for both the critical minerals and battery components contained in the vehicle to be eligible
April 2, 2023
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Paycoin to be delisted from crypto exchanges
A local crypto exchange platform alliance on Friday decided to remove Paycoin tokens issued by PayProtocol, a subsidiary of payment service company Danal, on April 14. The Digital Asset Exchange Alliance consists of five crypto exchanges, and PayProtocol's Paycoin is currently listed on three of them -- Bithumb, Upbit and Coinone. Until recently, Paycoin had been expanding its business in the local market by enabling purchases with its token at over 150,000 merchants. Paycoin’s mech
April 2, 2023
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[KH Explains] Refiners aim for survival amid EV boom
South Korean oil refiners are turning to eco-friendly energy and searching for future growth engines to cope with the rise of electric vehicles threatening the current business model of traditional gas stations. According to the Korea Energy Economics Institute’s report on the oil industry’s countermeasures in regard to electric mobility, the number of gas stations in South Korea is expected to drop to 2,980 in 2040 to maintain the level of operating performance to keep their busines
April 2, 2023
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[Photo News] Towards carbon neutrality
Carbon Free 100 & Renewable Energy 100, a non-profit organization dedicated to achieving carbon neutrality by 2050, gathered at Seoul National University's Faculty Club Convention Hall on Thursday to hold its first general meeting along with a technical seminar. Over 100 attendees including President Yoo Seong-yub shared ideas and opinions about tackling climate change through education and transitioning to renewable energy.
April 2, 2023
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Samsung SDI opens R&D center in Shanghai
Samsung SDI said Sunday that it opened a new research and development center in Shanghai on Saturday, completing its global network of research facilities around the world. The new center, called SDI Research & Development China, or SDIRC, will collaborate with universities and research institutions to secure localized technologies, analyze industry trends and cultivate local talent. Samsung SDI especially pinned high hopes on the nation’s state-backed battery industry. On top of the g
April 2, 2023
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S. Korean major firms' Q1 earnings outlook grim amid weak global chip demand
The first-quarter earnings outlook for South Korea's major companies, including the world's leading chipmakers Samsung Electronics Co. and SK hynix Inc., remains grim due mainly to sluggish global demand, an analysis of industry data showed Sunday. According to securities firms' forecasts compiled by Yonhap Infomax, Samsung Electronics is projected to have posted an operating profit of 720 billion won ($549.7 million) during the first three months of the year. It marks a 94.9 perc
April 2, 2023
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Daewoo E&C paves way for sustainable growth with financial stability
Daewoo Engineering & Construction said Friday it is accelerating efforts to pave the way for sustainable growth by strengthening its internal management amid uncertain external conditions. Last year, Daewoo E&C achieved an all-time high operating profit of 760 billion won ($583 million), while its consolidated sales reached 10.4 trillion won. Amid the real estate market downturn in 2022, the company exhibited risk management skills by earning 5.2 trillion won from urban maintenance proje
March 31, 2023
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KT plagued by unprecedented leadership vacuum
South Korean telecommunications giant KT Corp. is in shambles due to an unprecedented leadership vacuum, with not only its chief executive, but also almost all of its board members stepping down amid speculations of revolving door appointments. Just before the start of this year's regular shareholders meeting on Friday, KT's three outside board members -- Kang Chung-gu, Pyo Hyun-myung and Yeo Eun-jung -- announced their resignations, leaving the board in almost complete vacancy. Kim
March 31, 2023
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Naver to support Saudi Arabia in building city-scale digital twin, super app
Naver will support Saudi Arabia in creating a city-scale digital twin and developing a “super app” using its advanced technologies, the South Korean internet giant said Thursday. Naver said the company and its artificial intelligence and cloud service affiliates Naver Labs and Naver Cloud signed an agreement with the Saudi Arabian Ministry of Municipal and Rural Affairs and Housing, or MoMRAH, and the Ministry of Investment, or MISA, to cooperate on the Middle Eastern country&rsquo
March 31, 2023
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Chips production sinks 17% in February despite overall industrial output gains
South Korea's semiconductor output sank 17.1 percent on-month in February, the sharpest decline in more than 14 years, though the country reported gains in the overall industrial production, private spending and facility investment for the first time in over a year, data showed Friday. Industrial output grew 0.3 percent from a month earlier in February following a 0.1 percent rise each during the previous two months, according to the data from Statistics Korea. But the combined output in th
March 31, 2023
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Korean chips act aims to extend tax cuts for local chipmakers
South Korea on Thursday passed a revision bill deemed the “Korean chips act” with greater tax breaks for investments in the semiconductor industry to lighten the burden for Korean chipmakers competing in the global chips arms race. The National Assembly passed a revision bill to the Restriction of Special Taxation Act, which raises the corporate tax break for facility investment in the semiconductor and other strategic industries to 15 percent for large corporations such as Samsung E
March 30, 2023
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Six out of 10 foreign firms willing to invest more in Korea: KCCI
More than six out of 10 foreign firms operating in Korea are considering increasing their investments here, a survey conducted by the Korea Chamber of Commerce and Industry showed Thursday. While the Korean government has been working on attracting more foreign capital to boost the economy, many foreign-invested businesses here are positive there would be greater investments in Korea, the survey showed. The poll was conducted by the KCCI, Sookmyung Women’s University professor Oh Joon-seok
March 30, 2023
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Posco boasts supremacy in quake-resistant solutions
South Korea's largest steelmaker Posco said Thursday it aims to make a world free from the destructive effects of earthquakes, with its world-class earthquake-resistant construction materials. According to Posco, the company's lineup of earthquake-resistant steel products has helped a slew of structures around the world to be able to safely withstand tremors since 1995. Posco's Steel New Steel, or SN Steel -- a structural steel product that has been made to comply with strict eart
March 30, 2023