Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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Jay Park returns with quintessential R&B album after 8 years
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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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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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LG sets up $100m global startup investment fund with Clearbrook
LG Electronics said Thursday it has forged a strategic alliance with Clearbrook, a global investment advisory and asset management, to collaborate on a venture capital fund targeting more than $100 million. The venture capital fund, dubbed Nova Prime Fund, is aimed at fostering companies advancing innovations to build a better future, and will be investing in those participating in the Mission for the Future Program sponsored by LG Electronics' North America Center for Innovation, LG said.
Aug. 3, 2023
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Ministry to launch safety inspection into flat-plate apartments
The Ministry of Land, Infrastructure and Transport said Thursday it will launch full-fledged safety checks into buildings constructed using flat slab methods, following revelations that some 16.5 percent of apartment complexes built under the state-run Korea Land and Housing Corp. (LH) are missing critical structural components. The Ministry of Land said it will conduct investigations of 293 apartment complexes built by private companies that used flat slab methods starting next week, through th
Aug. 3, 2023
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Genesis BBQ opens second branch in Panama
Korean fried chicken franchise Genesis BBQ said Thursday that it has recently opened its second restaurant in Panama, in a move to accelerate its expansion into the Central American market. The opening ceremony was held at Albrook Mall, in Panama City on Wednesday, with top executives including Genesis BBQ Group Chairman Yoon Hong-geun in attendance. The Albrook Mall, where BBQ’s Albrook branch is located, is the largest shopping complex in the Central and South American region. Located
Aug. 3, 2023
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KB hopes to turn around loss-making Indonesian unit
Bank KB Bukopin, the Indonesian subsidiary of Korean lender KB Kookmin Bank, has continued its loss-making run in the first half of the year, with its losses reaching over 1.49 trillion rupiah ($98.1 million) as of the end of May, according to data Wednesday. It also showed a notable surge from the loss of 26.82 billion rupiah recorded in the first quarter, indicating a dramatic increase in losses over just the two-month period. The incurred loss holds significance for KB Kookmin Bank, as Indone
Aug. 2, 2023
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Korea sees 3rd-largest GDP per capita fall among major economies in 2022
South Korea saw the third-largest decline in gross domestic product per capita among major economies in 2022 amid a strong US dollar, data released on Wednesday showed. The country's GDP per capita fell 8.2 percent to record $32,142 in 2022 when compared to the year earlier, when it posted $34,998, according to data compiled by the Bank of Korea that was based on information from the Organization for Economic Cooperation and Development and the World Bank. The decline was the third larges
Aug. 2, 2023
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Samsung Bioepis considering takeover of Biogen's unit: reports
Samsung Bioepis is considering acquiring a biosimilar business unit of Biogen for around 1 trillion won ($775.3 million) to improve its presence in the US market, according to local reports on Wednesday. The acquisition will see Samsung Bioepis secure a direct sales network in the US, which could help it boost sales in the world's largest drug market. The reports on Samsung Bioepis’ potential acquisition came as Biogen is in the process of restructuring to cut costs, after the compa
Aug. 2, 2023
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SK hynix expected to offer W1.2m incentives to employees to boost morale
SK hynix, the world's second-largest memory chip maker, is expected to offer financial incentives of 1.2 million won ($926) to each of its employees to boost morale, as the company has been struggling from consecutive losses in quarterly earnings, according to industry sources, Wednesday. SK hynix's labor union held a staff briefing session recently to explain it has come to an agreement with the company management for the company to provide the incentive to employees, according to sou
Aug. 2, 2023
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Osstem Implant to be delisted from Kosdaq
South Korean dental implant maker Osstem Implant will be delisted from Korea's secondary tech-laden bourse Kosdaq starting Aug. 14, according to the company, Wednesday. The final stock trading period for Osstem Implant, which has a market capitalization with 2.93 trillion won ($2.26 billion), takes place from Thursday to Aug. 11. Investors who sell Osstem Implant's shares on the market during the final stock trading period will only have to pay for the securities transaction tax, which
Aug. 2, 2023
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Hyundai, Kia record double-digit growth in US sales amid strong EV demand
Hyundai Motor and its sister company Kia both recorded double-digit growth in US sales in July, increasing by over 10 percent on-year, according to the data from the US units of the Korean carmakers. The combined sales of the two carmakers came to 143,787 units in July, 12.1 percent up from a year earlier, Hyundai Motor Group said. Strong demand for electric vehicles is seen as driving a surge in Hyundai’s sales volume in the US. Hyundai sold a total of 72,857 units, 10.7 percent higher
Aug. 2, 2023
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Kakao Bank Q2 net up 44% on expanded customer base, interest income
South Korean online lender Kakao Bank said Wednesday its second-quarter net profit soared 44 percent from a year earlier on growth in interest revenue and an expanded customer base. Its net profit stood at 81.9 billion won ($63.6 million) in the April-June period, up from a profit of 57 billion won a year earlier, the bank said in a regulatory filing. Revenue jumped 65.4 percent to 613 billion won over the cited period, and operating income surged 50.2 percent to 112 billion won. In the first tw
Aug. 2, 2023
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Osstem Implant set to be delisted from Kosdaq in mid-August
Dental implant maker Osstem Implant said Tuesday the company is set to be delisted from the tech-heavy Kosdaq stock exchange on Aug. 14. The bourse operator, the Korea Exchange, approved the delisting earlier in the day, Osstem said in a regulatory filing. The company applied for voluntary delisting in late June following approval at a stockholders' meeting. The firm's biggest shareholder -- a consortium of two private equity firms -- has been buying up Osstem shares through a tender o
Aug. 1, 2023
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Kakao founder Kim Beom-su named chief of Korea National Opera's board of directors
Kim Beom-su, founder of South Korean internet giant Kakao, was named Tuesday the new chief of the Korea National Opera's board of directors, the Culture Ministry said. Kim, currently the head of Kakao's Future Initiative Center, will start his three-year term Wednesday as the directors' board chief of the national opera company, according to the ministry. The non-executive seat in charge of sponsorship of performances has been served by high-profile corporate heads. Seo Jeong-jin,
Aug. 1, 2023
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[Herald Interview] Korea-UK FTA talks to foster business opportunities
Northern Ireland may not have always been a priority market for South Korean firms seeking overseas expansion, but the country has great potential to become an attractive investment destination in the near future, taking advantage of upcoming new free trade talks between Korea and the UK. “We will be starting to renegotiate the UK-Korea Free Trade Agreement this autumn. We already have a free trade agreement that we inherited from the (European Union) but will now be renegotiating that, to
Aug. 1, 2023
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LG Chem to develop homegrown 6-in-1 vaccine for babies
LG Chem, a Korean chemicals manufacturer and drug developer, said Tuesday that the company is developing the country's first homegrown hexavalent vaccine for babies. A hexavalent vaccine, in which the country is entirely dependent on imports, is a combination vaccine that allows fewer injections for babies. It also provides more protection against six deadly diseases, including diphtheria, tetanus, pertussis, poliomyelitis, Haemophilus influenza type B and hepatitis B. LG Chem said the comp
Aug. 1, 2023
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[KH explains] Japan’s reviving chip industry unlikely to pose direct threat to Korea – for now
Japan, which supplied more than half of semiconductors in the global market in the 1980s, is now seen revamping its strategy to reclaim past glory, introducing state subsidies and setting an ambitious goal to mass produce the most cutting-edge chips. As geopolitics is playing out to reshape the global semiconductors industry -- mainly the intense rivalry between the US and China -- eyes are on whether Japan will come to take a meaningful share in the market, where competition is already fierce.
Aug. 1, 2023
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Hanmi Global names North America chief
Korean construction management firm Hanmi Global said Tuesday that Kim Yong-sik, a former senior vice president of Hyundai Engineering & Construction, had been appointed as its new head of North America to be tasked with accelerating its overseas expansion. Born in 1964, Kim studied architectural engineering at Seoul National University and earned a master’s degree in real estate at the National University of Singapore. An industry veteran in the field of overseas construction projects
Aug. 1, 2023
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[Photo News] Galaxy Drone Show in Busan
Drones create images to promote Samsung Electronics' latest Galaxy Z Flip5 smartphone over the Gwangan Bridge, an iconic Busan landmark, on Monday night. Samsung said Tuesday that the show used 600 drones for 15 minutes to celebrate the opening of its Galaxy Studio in the city. The tech giant also showed its support for Busan's bid to host the 2030 World Expo during the show. There are six Galaxy Studio locations in Seoul and Busan, where visitors can experience Samsung's latest d
Aug. 1, 2023
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NCSoft vows to boost support for emerging creative talent
One of South Korea's top game developers and publishers, NCSoft, is ramping up its efforts to boost the development of intellectual property by supporting emerging artists. The company has been carrying out a number of sponsorship campaigns, especially in the character industry, which can generate various derivative content including games, comics and merchandise other than characters themselves. Under its flagship sponsorship program, Rookie Project, since 2021, the company has been discov
Aug. 1, 2023
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[Graphic News] S. Korea’s overseas plant orders jump 40.2% in H1
Overseas orders for industrial plants won by South Korean builders spiked more than 40 percent on-year in the first half of 2023, on brisk demand from the Middle East and Africa, data showed. Local builders clinched $13.05 billion worth of plant orders from abroad in the January-June period, up 40.2 percent from a year earlier, according to the Commerce Ministry data. The first-half jump came as orders from Middle Eastern and African countries shot up from a year earlier. Plant orders from the M
Aug. 1, 2023
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FSS orders Morgan Stanley, Merrill Lynch to enhance internal accounting practices
Korea's Financial Supervisory Service has requested the Seoul branch offices of two securities firms -- Morgan Stanley and Merrill Lynch -- to enhance their internal management in response to identified deficiencies in their books. Morgan Stanley had two instances of such management caution cases, while Merrill Lynch had one case identified during the inspections conducted by the financial regulator. Although these deficiencies do not involve legal violations, both securities firms are obli
July 31, 2023