Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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Hanwha Life Insurance unveils ‘virtual human’ in digital push
Hanwha Life Insurance said Tuesday that Hannah -- the insurer’s latest ‘virtual human’ that will engage customers from now on -- will be the face of the company’s digital efforts to make the metaverse a reality. The latest 3D graphics technology and artificial intelligence played a crucial role behind the debut of the character, the company said, describing it as a virtual financial planner that will help out not only customers seeking a more tailored service but workers
Nov. 8, 2022
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Twitter Korea sacks 25% of staff, with layoffs expected at Meta
Tech sector employment took a hit this week, with Twitter firing roughly half of its employees last week and Meta Platforms, operator of Facebook and Instagram, reportedly planning widespread layoffs. About a quarter of the 30 employees at the Twitter Korea have received notifications that they will be laid off, Donga Ilbo and others reported, while Facebook Korea said they not been alerted of any related measures as of Wednesday. The Wall Street Journal on Sunday reported that the parent compan
Nov. 8, 2022
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58 more firms added to antitrust watch list
SEJONG -- South Korea's antitrust regulator said Tuesday it has added 58 new businesses to the list of companies affiliated with large business groups under tight supervision. The total number of affiliates on the Fair Trade Commission watch list reached 2,887 as of end-October, compared with 2,886 tallied three months earlier. Over the period, 57 companies were removed from the list following a merger, separation and other issues. SK Group added 11 additional companies under its wing, foll
Nov. 8, 2022
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Biz groups step up pressure for corporate tax breaks
Major business lobby groups on Monday urged the National Assembly to swiftly approve a corporate tax reduction bill that the Yoon Suk-yeol administration introduced in July to help local businesses better respond to widespread fears of an economic recession on time. The nation’s six business groups, led by the Korea Chamber of Commerce and Industry, released a joint statement contending that the new measure should be implemented within this year for it to be effective by the second half of
Nov. 7, 2022
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Hyundai Glovis to enter EV battery recycling market
Hyundai Glovis is entering the fast-growing recycling market for used electric vehicle batteries by developing a renewable energy complex and power grid models in Shinan-gun, South Jeolla Province, the company said Monday. Joining hands with Korea Hydro & Nuclear Power, Sinan County Office and LS Electric, the company will set up energy storage systems using used batteries next year to help the eco-friendly transition of the county’s fuel-based power plant. Glovis said its ESS technolo
Nov. 7, 2022
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Hanwha to complete on-site inspection on DSME this month
South Korea's defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha began inspection on DSME last month, but had extended the original four-week long period to six weeks, citing its need to thoroughly analyze DSME’s status and competitiveness in the market. The shipbuilder has
Nov. 7, 2022
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Daesang to launch JV in Poland for kimchi production
South Korea's leading kimchi maker Daesang said Monday it signed an agreement with a Polish food company to establish a joint venture to sell kimchi in Europe. Named "Daesang ChPN Europe," the joint venture will be 76 percent owned by Daesang and 24 percent owned by Charsznickie Pola Natury (ChPN), a Polish food product distributor. The new entity will be launched in January, next year. With this joint effort, Daesang said its popular kimchi brand Jongga will be able to enter the
Nov. 7, 2022
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Naver Q3 net income down 28.2% to W231.6b
Naver Corp. on Monday reported its third-quarter net income of 231.6 billion won ($163.2 million), down 28.2 percent from a year earlier. The company said in a regulatory filing that it posted 330.2 billion won in operating profit for the quarter, compared with 349.8 billion won a year ago. Sales rose 19.1 percent to 2.05 trillion won. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 298.8 billion won, according to a survey by Yonhap Infomax,
Nov. 7, 2022
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[Exclusive] Legoland Korea operator confident on future investment
Legoland Korea Resort, a theme park in Chuncheon, Gangwon Province that opened in May in partnership with a local developer, does not plan to cut back on its operations and will fund any further expansion itself, regardless of the developer’s recent default, the UK-based attractions operator Merlin Entertainments told The Korea Herald last week. “Any plans Merlin has for future investment are wholly financed by itself,” a spokesperson for Merlin said in an email. But whether th
Nov. 6, 2022
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LS Electric seeks to bolster cooperation with Thailand
South Korean power solutions producer LS Electric said Friday that a Thai delegation, led by Ambassador to Korea Witchu Vejajiva, recently visited its smart factory in Cheongju, North Chungcheong Province, and discussed ways to bolster business cooperation. During the visit on Thursday, the ambassador was accompanied by Nithi Patarachoke, president of Siam Cement Group, Thailand’s second-largest business group specializing in construction, chemistry and packaging. The Cheongju factory prod
Nov. 6, 2022
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'Like the iPhone did, robots will open a new market'
The first iPhone, introduced in 2007, wowed markets around the world because it had everything that people wanted. The very first smartphone combined everyday features in one single palm-sized device, opening a new era for humanity to pursue technology-driven lives. The next revolutionary technology will be led by robots, according to the Korea Institute for Robot Industry Advancement (KIRIA) President Shon Woong-hee, if they provide breakthrough services that cater to "human desires"
Nov. 6, 2022
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Korea to expand funding for venture capitals to invest in startups
The Ministry of SMEs and Startups said Friday that it will expand its funding for venture capitals’ investment in startups to a total of 8 trillion won ($5.6 billion) by 2026 to spur startups’ growth. “Battered by inflation, high interest rates and a strong US dollar, investments into Korean startups are slowing down,” said SMEs and Startups Minister Lee Young. “The country needs a more dynamic ecosystem to boost the startup industry led by the private sector and su
Nov. 4, 2022
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Millie’s Library pushes ahead with IPO despite lukewarm market
Millie’s Library, one of South Korea’s largest e-book subscription platforms, said Friday it will make its stock debut on the tech-heavy secondary bourse Kosdaq later this month, despite the unfavorable market sentiment. “This is the time to invest in growth. We aim to grow into a multicontent platform based on reading,” Seo Young-taek, CEO of Millie’s Library, said during a press conference held the same day. "The company no longer requires marketing tactics t
Nov. 4, 2022
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Finance minister vows to support shipping firms, startups amid recession woes
South Korea plans to provide a wide array of support to local shippers and venture companies to add vitality to the weak investment sentiment amid the looming global recession, the finance minister said Friday. "Recently, external and internal uncertainties have been rising due to the growing concerns over a global slump and expanding volatility in the financial market," Finance Minister Choo Kyung-ho said during an emergency meeting with economy-related ministers. "The South Kore
Nov. 4, 2022
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[From the Scene] Korean firms' presence at CPhI triples this year
FRANKFURT, Germany -- The Convention on Pharmaceutical Ingredients (CPhI) Worldwide connected thousands within its community from Tuesday to Thursday in Frankfurt, Germany. Included on this global stage were 62 South Korean pharmaceutical and biopharmaceutical companies, tripling the country’s presence from the event last year. Based on the number of exhibitors by country, Korea ranked ninth of the 72 countries. Korea was also the only country that had two pavilions for exhibiting each nat
Nov. 3, 2022
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Seoul to inject W2tr fund to incubate 1,000 tech-focused startups by 2027
The Ministry of SMEs and Startups said Thursday it plans to inject more than 2 trillion won ($1.4 billion) of investment comprised of state and private fund to incubate around 1,000 advanced technology-based startups for the next five years. Categorized as the “deep-tech” sector, the ministry selected 10 industries of growth including system semiconductors, biologics and health care, future mobility, next generation nuclear power plants and quantum technology. It is the largest su
Nov. 3, 2022
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4 out of 10 CEOs at 500 largest firms from 3 top universities
Four out of 10 chief executive officers at South Korea’s 500 largest companies graduated from the nation’s top three universities -- Seoul National University, Korea University and Yonsei University -- and only 1.7 percent of the CEOs were women. According to a report by corporate data research institute CEO Score, 265 of the 659 CEOs, or 44.6 percent, went to the top three universities, which decreased by 2.5 percentage points from 47.1 percent 10 years ago. Seoul National Universit
Nov. 2, 2022
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Posco Int'l signs partnership with Dutch hyperloop firm Hardt
Posco International said Tuesday that it clinched a partnership with Dutch hyperloop technology provider Hardt, with an aim to seek business opportunities in the global market for ultra high-speed, eco-friendly transportation system. Under the agreement, Posco International will work on securing a smooth supply of Posco-manufactured steel materials for hyperloop facilities in Europe, and work further with Hardt on marketing the transportation. It is also considering a minor stake investment in
Nov. 1, 2022
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[Herald Interview] Can electric, self-operating machines become the future of agriculture?
South Korea's agricultural sector has faced a labor shortage for decades, with aging farmers and a shrinking population. To keep the rural economy sustainable, one solution might be to deploy autonomous machines that are operated through smart connectivity. Gam Byoung-woo, chief of product development division of Daedong Corporation, said his company, the largest agricultural machine manufacturer in Korea, has been offering solutions to precision farming, calling it AgTech. “If tradit
Nov. 1, 2022
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Korea’s monthly exports decline for 1st time in 2 years
SEJONG -- South Korea suffered a negative growth in exports for the first time in two years in the wake of sharply contracted demand for semiconductors around the globe and China’s economic slowdown, state data showed Tuesday. According to the Ministry of Trade, Industry and Energy, the nation’s exports posted $52.4 billion in October, falling by 5.7 percent compared to a year earlier. This monthly tally marked the first decline in two years since its outbound shipments fell by 3.9
Nov. 1, 2022