Most Popular
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Korea added to key bond index
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South Korean author Han Kang wins 2024 Nobel Prize in literature
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North Korea notifies UN Command of plans to fortify border with South
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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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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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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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North Korea already cut off inter-Korean roads in Aug.: JCS chief
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Kakao's new tech chief faces backlash over stock sales
Jung Gue-don, the former chief technology officer of Kakao Bank, has recently been nominated as the tech chief of Kakao, the Internet giant and the online-only lender's largest shareholder, according to industry sources on Tuesday. The new appointment, however, is facing a backlash, as Jung had come under fire for selling off some 7.6 billion won ($5.7 million) of stocks in Kakao Bank for a quick profit. He dumped 90 percent of his shares just three days after the lender’s market debu
March 5, 2024
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[Investor] Korean startups suffer setback as Chinese e-commerce titans pounce
In a whirlwind of fierce competition, Chinese e-commerce powerhouses AliExpress and TEMU have been dampening the once-vibrant spirit of retail business startups in Korea. The surge of Chinese e-commerce companies has delivered a significant blow to Korea's startup scene. Their mega-scale, low-cost strategies have left local businesses struggling to keep up, ultimately stifling the creation of new ventures in the retail business, according to a report from local daily Herald Business. Recent
March 5, 2024
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Hugel receives FDA approval for botulinum toxin Letybo
Hugel, a South Korean botulinum toxin company, announced Monday that the US Food and Drug Administration has granted marketing approval for the company’s botulinum toxin, Letybo. Hugel expects to launch Letybo in the US in mid-2024. "The Canada launch of Letybo last year laid a solid foundation for our entry into the North American market, setting the stage for the planned US launch," an official from Hugel said. With the latest approval, Hugel has become the first and only Korea
March 4, 2024
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World Battery Forum kicks off in Seoul
The battery associations of South Korea, the US, the EU and Japan announced the launch of the World Battery Forum in Seoul on Monday. The WBF has been established to accelerate the battery industry's net-zero energy transition, analyze worldwide battery regulations to push for an eco-friendly energy policy environment and make joint efforts to secure fair and free trade and investment as well as stable global battery supply chains. The WBF will meet every year and change location in the ord
March 4, 2024
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LG Display to issue W1.29tr of shares in renewed OLED push
LG Display confirmed Monday that it is issuing new shares to raise 1.29 trillion won ($970 million) to bolster investments in OLED displays for smartphones and other mobile gadgets while improving its financial stability. The move comes as the display maker has recently recovered from operating losses. In a regulatory filing earlier in the day, the company said it is issuing new shares at 9,090 won apiece, which is lower than the 10,070 won fixed in the previous capital increase in January. The
March 4, 2024
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Kuala Lumpur subway station renamed ‘Samsung Galaxy Station'
A subway station in Kuala Lumpur, Malaysia, was renamed “Samsung Galaxy Station“ on Feb. 29 as part of the tech giant’s big push into the Southeast Asian market. Samsung said Monday that Tun Razak Exchange Station, the nation’s largest interchange station, was renamed TRX Samsung Galaxy Station. The new station name comes as the Korean tech giant has partnered with the city‘s metro company, MRT and follows a similar deal signed with Bangkok’s Siam Station last
March 4, 2024
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Kumho Tire inks technology deal with Saudi's Blatco
South Korea's Kumho Tire announced Monday a technology licensing agreement with Blatco, a tire company based in Saudi Arabia, the largest automobile consumer and import country in the Middle East. Under the deal, Kumho will provide its tire production technology to Blatco for the next two decades, focusing on tires for passenger vehicles. In alignment with Saudi Arabia's Vision 2030, Blatco is set to expand its factory in Saudi Arabia's western industrial complex to 281,000 square
March 4, 2024
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Hana Bank upgrades digital certificates for foreign users
Hana Bank, a leading commercial bank in South Korea, unveiled Monday the latest upgrade to its tailored banking app for foreign exchanges, Hana EZ, with a focus on delivering an enriched and user-friendly mobile banking experience for foreign residents in the country. A key improvement lies in the integration of translation services during the registration stages of a lender’s digital certificate, called the Hana Certificate, which is now available in 16 different languages. This feature s
March 4, 2024
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Tequila may be next big thing in Korean liquor market
South Korea's alcoholic beverage industry has been embracing quickly changing trend cycles -- from wine to whiskey cocktails and cognac -- with rising demand from young consumers to try new types of drinks. The next type of alcohol that is expected to boom here is tequila, according to industry sources. According to Samjeong KPMG’s report, South Korea’s wine consumption decreased significantly last year. The value of wine imports dropped 9.6 percent from $560 million in 2021 to
March 3, 2024
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Finance giants boost female board numbers amid government initiative
Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eun-ju, a media expert from Seoul National University, and Park Sun-young, an economics professor from Dongguk University, will replace the company's first and only female outside director, Song Soo-
March 3, 2024
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[KH Explains] Korea’s next-generation space rocket project off to bumpy start
Korea’s 2 trillion won ($1.5 billion) next-generation space launch vehicle project got off to a bumpy start, as the bidding process to select a private entity to lead the large-scale task is likely to be a one-man show. Officially named the Korea Space Launch Vehicle-III, the goal of the next-generation rocket project is to assemble a launch vehicle capable of sending a lunar lander to the moon in 2032. The improved rocket will have a mission capacity some three times stronger than the hom
March 3, 2024
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Hana Financial Group targets baby boomers with Lim Young-woong
In just nine days of its release, a 16-second video featuring trot singer Lim Young-woong posted on YouTube by Hana Bank has garnered over 6.8 million views as of Sunday. The video introduces the 32-year-old singer as the new face of Hana Financial Group, one of Korea's top five financial conglomerates. The YouTube channel of the group's banking subsidiary Hana Bank has also seen a substantial increase in subscribers, jumping from 188,000 to 218,000 within the same period. Hana's
March 3, 2024
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Korean crypto exchanges ride on bitcoin rally
Local crypto exchanges are enjoying a boom in their returns amid the snowballing bitcoin rally. Upbit, the largest crypto exchange here, saw its transaction volume in the past 24 hours surpass 12 trillion won ($8.9 billion) as of Thursday at 3 p.m. It was the first time for the figure to go over 10 trillion won since 2021. As of Friday 2:15 p.m., its transaction volume in the past 24 hours stood at 9.96 trillion won. The volume is similar in size to the average daily transaction volume for Kospi
March 1, 2024
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Korean stocks benefit from Zuckerberg's Seoul visit
Following the high-profile visit of Meta CEO Mark Zuckerberg this week, stocks related to advanced technologies including artificial intelligence, augmented reality and display panels are gaining attention. In a report on Friday, Korea Investment and Securities suggested eight stocks, including Samsung Electronics and LG Electronics, that would benefit from Zuckerberg's visit to Seoul. Traveling to Korea for the first time in about a decade, Zuckerberg met with President Yoon Suk Yeol and b
March 1, 2024
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Will Samsung introduce Galaxy AI to budget phones?
As Samsung Electronics is expected to roll out its new Galaxy A series this month, anticipation is growing on whether the mid-range smartphone models will feature the tech giant’s latest artificial intelligence features. According to industry sources on Friday, the leading smartphone maker is expected to roll out the Galaxy A35 and A55 smartphones that support 5G connection. Amid growing attention, tipsters are even predicting the launch date as March 11. SamMobile, a leading source for Sa
March 1, 2024
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SK chief to lead KCCI for 2nd term
SK Group Chair Chey Tae-won is set to serve as chairperson of the country’s business organization Korea Chamber of Commerce and Industry for another term. On Thursday, members of the Seoul Chamber of Commerce and Industry unanimously agreed to tap Chey as chair of the regional chamber under the KCCI for a three-year term that ends in February 2027 during a general meeting of members held in Seoul. With Seoul members’ backing, Chey, whose first term expires in March, is on the course
March 1, 2024
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SK Ecoplant, China's CSCEC to carry out W2.6tr hydrogen project in Egypt
Korean energy and environmental solutions provider SK Ecoplant said Thursday that the company will work together with the China State Construction Engineering Corp. on a 2.6 trillion won ($1.9 billion) green hydrogen project in Egypt. SK Ecoplant, CSCEC and the Egyptian government signed a memorandum of understanding in Cairo on Wednesday, the company added. Under the project, SK Ecoplant and China’s largest construction company will establish solar panels and wind turbines in Egypt, which
Feb. 29, 2024
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[KH Explains] What does Apple's dead car project mean for Samsung, Hyundai?
Earlier this week, Apple announced that it will ditch its decade-long car project, saying more resources will be poured into artificial intelligence in the future. An Apple-made car had long been a buzzword across industries. Carmakers had braced for a direct threat, while tech rivals had started working on their own car projects. But Tuesday’s surprise announcement was a reality check moment not just for the iPhone maker but also for the whole tech industry: Making a car proved too diffic
Feb. 29, 2024
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Ramyeon exports soar to record high in January
Shortly after achieving record-breaking ramyeon export sales last year, Korean instant noodle exports surged significantly by 39.4 percent again in January compared to the same month last year, reaching a total of $86 million. According to the Korea Customs Service on Thursday, January's performance marks the fifth-largest figure ever, with the highest monthly total to date reaching $91 million, achieved last November. In 2023, ramyeon exports reached a total of $952 million, increasing a d
Feb. 29, 2024
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Starbucks Korea donates W100m to mark March 1st Movement Day
Starbucks Korea said Thursday it has donated 100 million won ($76,150) to the National Trust for Cultural Heritage in commemoration of the 105th anniversary of the March 1 Independence Movement Day. During the donation ceremony at Deoksugung Palace on Wednesday, the coffee chain demonstrated its dedication to preserving cultural legacy and enhancing corporate social responsibility. In anticipation of the forthcoming Liberation Day on Aug. 15, Starbucks Korea has pledged to donate an additional c
Feb. 29, 2024