Most Popular
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Can Jennie break the K-pop solo artist slump?
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Samsung remains 2nd in Indian smartphone market in 2020: report
Samsung Electronics Co. was the second-largest smartphone vendor in India last year, a report showed Tuesday, as its offline sales declined amid the pandemic. The South Korean tech giant shipped 29.7 million smartphones in India in 2020, down 4 percent from a year earlier, for a 20 percent market share, according to market researcher International Data Corp. (IDC). "Samsung remained in its second spot in the 2020 ranking, with its online-heavy portfolio driven by the Galaxy M series and t
Feb. 16, 2021
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Hospitality industry's headcount dips on coronavirus impact
South Korea's hospitality industry has cut nearly 370,000 jobs over the past year in the wake of the coronavirus pandemic, data showed Tuesday. Local accommodations and restaurants had a combined workforce of 1.965 million as of January, down 367,000 from a year earlier, according to the data from Statistics Korea. January marked the first time since February 2020 that the country's hospitality sector had fewer than 2 million workers. The tumble comes as South Korea has been gripped by the no
Feb. 16, 2021
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Hyundai-Tesla battle looms in EV market
Tension is escalating in the fast-growing all-electric vehicle market this year, as Hyundai Motor unveiled Monday the interior design of its Ioniq 5 model. Market eyes were especially fixed on the South Korean automaker’s pricing strategy as the teaser release came in the wake of US competitor Tesla’s recent product launch and apparent penetration price policy to meet the government’s subsidy requirements. With the Ioniq 5 model set to be unveiled in full via an online wor
Feb. 15, 2021
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Civic group suggests cutting down old trees to tackle climate change
Preserving trees isn’t always the answer to climate change, a local environmental group said Monday. South Korea needs to cut down old trees and plant new ones to help maintain local forests’ carbon-absorbing capacity, the Seoul-based Climate Change Center said. It cited a report written by the Gyeonggi Research Institute that said old forests can’t properly absorb carbon. “South Korea successfully turned barren mountains into forests by planting trees after the Kor
Feb. 15, 2021
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Celltrion’s Humira biosimilar gains European sales approval
Celltrion’s Yuflyma, an adalimumab biosimilar for autoimmune diseases, has been given the green light by the European Commission on Feb. 11, allowing for it to be sold in the European market, Celltrion announced Monday. Yuflyma is the world’s first Humira biosimilar that is high-concentrate and citrate-free, just the way the original drug was updated and where the rest of the market is headed, Celltrion said. The removal of citrate reduces the pain experienced by patients immediate
Feb. 15, 2021
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Xinjiang polysilicon boycott opens window for OCI
Following reports that polysilicon produced in the Chinese region of Xinjiang is linked with forced labor of detained Muslim minorities, solar companies in the US and Europe are seeking to exclude the region from their supply chains, opening a window of opportunity for South Korean firms to gain foothold in the market. A recent report by the consultancy Horizon Advisory suggests that Xinjiang’s production of polysilicon -- an essential raw material used in manufacturing most solar pane
Feb. 15, 2021
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LG Chem raises W820b in ESG bonds
LG Chem has raised 820 billion won ($744.1 million) through sales of environment, social and governance bonds to make aggressive investments into new growth engines -- carbon neutrality, battery materials, new drugs and sustainable growth, the company said Monday. According to South Korea’s leading chemical company, it issued bonds totaling 1.2 trillion won -- 820 billion won in ESG bonds and 380 billion won in general corporate bonds -- breaking records previously held by Hyundai Stee
Feb. 15, 2021
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LG Chem to issue corporate bonds worth W1.2tr
LG Chem Ltd., South Korea's largest chemical firm, said Monday it will issue corporate bonds worth 1.2 trillion won ($1.1 billion) to fund its new growth drivers, including renewable energy and battery businesses. LG Chem said it will issue 820 billion worth ESG (environmental, social and governance) bond and corporate bond worth 380 billion won, the largest amount to be raised by a local company. The parent of LG Energy Solution Ltd., which supplies electric vehicle batteries to Tesla and a n
Feb. 15, 2021
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Hankook Tire to double US production on local demand
Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Monday it plans to expand its US plant to meet demand from local carmakers. Hankook Tire plans to initially inject 100 billion won ($91 million) this year to double the production at its plant in Tennessee by the first half of 2024, a company spokesman said over the phone. The Tennessee plant will have an annual output capacity of 11 million tires, up from the current 5.5 million units, if the expansion is
Feb. 15, 2021
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Samsung Heavy wins W781b order from Asia
Samsung Heavy Industries said Monday that it has signed a 781 billion won ($707 million) deal to build five liquefied natural gas (LNG)-fired container carriers. Under the deal with an Asian company, the 15,000-foot equivalent unit (TEU) container carriers will be delivered by July 2023, Samsung Heavy Industries said in an emailed statement. The shipbuilder did not reveal the name of the buyer. "This year is expected to see a rise in new orders for eco-friendly container carriers thanks
Feb. 15, 2021
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Samsung Engineering wins $120m deal from Thailand
Samsung Engineering Co. said Monday it has clinched a $120 million order to build facilities meant to boost propylene production in Thailand. Under a deal with PTT Global Chemical Public Co., Samsung Engineering will be responsible for the engineering, procurement and construction for an olefins 2 modification for propane feedstock project (OMP). The project calls for the construction of new facilities to change the main composition of existing feedstock from ethane to propane to increase prop
Feb. 15, 2021
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S-Oil expected to continue recovery this year
S-Oil, South Korea’s No. 3 refiner, is expected to see an improvement in profits this year, continuing a recovery momentum from the final quarter of 2020, according to the industry sources Sunday. S-Oil said the company expects a recovery based on the increasing profitability of the company’s petrochemical products, including propylene oxide and polypropylene. S-Oil noted the company plans to increase production capacity for propylene oxide through which the company managed to off
Feb. 14, 2021
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S. Korea's steel output dips below 70m tons on pandemic
South Korea's steel production fell below 70 million metric tons for the first time in four years in 2020 as demand from carmakers, shipbuilders and construction firms plunged amid the COVID-19 pandemic, industry data showed Sunday. The country produced a total of 60.71 million metric tons of steel in 2020, ranking sixth in terms of steel output, following China, India, Japan, Russia and the United States, according to data from the Korea Iron & Steel Association. It was the first time for
Feb. 14, 2021
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SK Group has most affiliates among conglomerates
Energy-to-telecom conglomerate SK Group has the largest number of affiliated companies, data showed Sunday. SK Group, the country's 4th largest business group, had 144 affiliates as of Jan. 31, the most among 64 conglomerates subject to tighter curbs, such as limited inter-affiliate trading. Kakao Corp., the country's top mobile messenger and platform operator, came next in line with a total of 105 affiliates, including 99 non-financials and six financials. Private equity fund IMM Investment
Feb. 14, 2021
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Hyundai, Kia target 13% rise in US sales this year
Hyundai Motor Co. and affiliate Kia Corp. aim for a 13 percent increase in US sales this year by selling more SUV and high-end models. Hyundai and Kia are targeting to sell a combined 1,360,000 vehicles in the US market in 2021, up from 1,208,374 units they sold a year earlier, the companies said. Their US sales stood at 1,304,109 units in 2019. The two South Korean carmakers expect to achieve the sales target despite the COVID-19 pandemic as demand for Hyundai's Palisade, Kona and Venue SUVs
Feb. 14, 2021
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S. Korean companies join global race for shift toward clean energy
South Korean companies are accelerating their shift toward renewable energy to meet tighter emission goals and get ahead in the clean technology development. Major companies have committed to use 100 percent renewable energy by 2050 to join the global clean energy RE 100 initiative led by the international nonprofit organization Climate Group to reduce carbon emissions. The Ministry of Industry, Energy and Trade has launched a domestic campaign of RE 100 to encourage more industry players to e
Feb. 14, 2021
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[Herald Interview] San Francisco recycling company aims to tackle 1/3 of Korea’s plastic waste
The world recycles only 9 percent of its plastic waste. Around 12 percent is incinerated. The remaining 79 percent piles up in landfills or is thrown into the natural environment as litter. At this pace, there will be more plastics than fish in the ocean by 2050, according to the World Economic Forum. Brightmark, a waste solutions company based in San Francisco, aims to tackle the 79 percent with its patented recycling technology that can turn 93 percent of plastic wastes into reusable reso
Feb. 13, 2021
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[Herald Interview] GenEdit to hone in on nervous system disorders in 2021 blueprint
It was Christmas Eve in 2015. The seasonal festive vibe was blocked out from the science lab in UC Berkley, California, where bioengineering doctoral candidate Lee Gun-woo, then 27, was immersed in his research. Lee’s heart quickened as he watched the results of his experiment unravel before his eyes. A polymer nanoparticle traveled straight to his intended target genome in a test rat and changed its DNA. A jolt ran down his spine. “This could make CRISPR DNA scissors work in the h
Feb. 13, 2021
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S. Korea expects 3 more homegrown COVID-19 treatments in H1
Three homegrown treatments for the novel coronavirus are expected to receive approval as early as the first half of this year as the country speeds up the approval process amid the pandemic. Last week, the country's drug safety agency approved pharmaceutical giant Celltrion Inc.'s CT-P59, an anti-COVID-19 monoclonal antibody treatment, marking the country's first homegrown treatment. The treatment will be provided to medical institutions starting in mid-February. It can only be ad
Feb. 13, 2021
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How Korean food is rising to capture the world’s palate
Tangy, salty, sweet and spicy -- Korean food is all of that. Often using fermented condiments like the traditional “jang” and a diversity of spices, such as garlic, onion and pepper, Korean cuisine is notable for creating a harmony of flavors. Despite the rich and diverse tastes that come from the mastery of balancing these strong spices, Korean food long had a relatively short list of globally promoted dishes, especially compared to neighboring China and Japan. The list include
Feb. 12, 2021