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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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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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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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Kishida to meet tech CEOs in renewed chip push
Japanese Prime Minister Fumio Kishida has invited the heads of global chipmakers, including Samsung Electronics, to meet, in an apparent move to boost his nation’s chip industry, according to Japan’s Yomiuri Shimbun newspaper on Wednesday. The media outlet said a total of seven companies -- Samsung, TSMC, Intel, IBM, Micron, Applied Materials and Interuniversity Microelectronics Center -- will join the rare meeting to be held at Kishida’s official residence in Tokyo on Thursday
May 17, 2023
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CJ Logistics signs MOU with Saudi Arabian logistics firm to expand business in Middle East
CJ Logistics Corp., a major South Korean logistics company, said it has signed an initial agreement with Saudi Arabian firm Beez Logistics as part of its efforts to expand its business in the Middle East. With the memorandum of understanding, CJ Logistics will share its logistics experience, technology and network with its Saudi Arabian partner to provide delivery service that suits the country's desert climate, the company said Tuesday. Beez Logistics has a cold-chain system that helps saf
May 17, 2023
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TGS Group, The Korea Herald ink deal to work together on art investment
TGS Group’s art investment business unit ArtFin signed a memorandum of understanding with The Korea Herald on Monday in a pledge to share Korean art with the world. Through the non-binding agreement, the two companies will cooperate to create a new wave of art investment, nurture a better environment and a bigger market for artists and investors. They will also support Korean artists to enter the global market. They plan to do so by exhibiting, planning and selling artworks, discovering an
May 16, 2023
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[Contribution] Korea-US startup cluster cooperation opens new chapter
By Lee Young SMEs and startups minister President Yoon Suk Yeol’s recent state visit to the US, the first such visit by a South Korean president in 12 years, has proven successful. Along with a joint statement, Korea and the US announced six agreements including the Washington Declaration, while securing $5.9 billion worth investments and 50 business deals. The two countries have confirmed the elevated status of Korea, which our people and companies have achieved over the last seven decade
May 16, 2023
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Nongshim's profits soar on upbeat US sales
South Korean food giant Nongshim saw its profits nearly double in the first quarter, primarily led by its booming business in the US, the company's earnings report said Tuesday. According to Nongshim's regulatory filing, the company's sales and operating profits during the January to March period were tallied at 860.4 billion won ($643 million) and 63.8 billion won, respectively, on a consolidated basis. Compared to the same period last year, Nongshim's sales have increased b
May 16, 2023
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Major firms’ profits nearly halved in chip downturn
Major companies in South Korea witnessed their operating profit nearly halve on-year in the first quarter this year, as the country’s key semiconductor industry struggles from its worst downturn, a corporate tracker said Tuesday. According to corporate data research institute CEO Score, the combined operating profits of 309 of the top 500 Korean companies by sales marked 25.8 trillion won ($19.3 billion) in the January-March period this year – a plunge by 48.8 percent from 50.5 trill
May 16, 2023
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Ukraine asks Korean businesses to help rebuild war-torn country
Ukraine’s top governmental officials called for Korea to take part in the reconstruction of the war-torn country following Russia's invasion at a meeting held by the Korea Chamber of Commerce and Industry in Seoul on Tuesday. The KCCI held a meeting under the title of “Korea-Ukraine Partnership for the Future,” in cooperation with the Embassy of Ukraine in Korea as high-ranking Ukrainian governmental officials visited Seoul, to discuss how Korean companies could take par
May 16, 2023
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Thailand's PTT seeks investment, partnerships with Korean tech firms
Thailand's largest conglomerate as well as a state-owned oil and energy company PTT called for investments from South Korean companies, in a bid to forge potential partnerships and scale up its businesses ranging from EVs to semiconductors, during a session organized by the Thai Embassy held in Seoul on Monday. During the session, the chief officer of PTT Buranin Rattanasombat said that PTT will function as an optimal partner for Korea. The group has forayed into a number of key industries
May 16, 2023
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SK hynix's NAND unit Solidigm names new CEOs
Solidigm, an SK hynix subsidiary and NAND flash memory solutions provider, appointed a data center expert along with a mergers and acquisitions strategist as its new co-chief executive officers, the company said Tuesday. The two new CEOs are David Dixon, senior vice president and general manager of Solidigm's data center group, and Noh Jong-won, chief business officer of Solidigm and a president of SK hynix. The company said it selected the two people based on their "proven leadership&
May 16, 2023
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Hotel Lotte's Q1 net profit plunges 61% despite turnaround to operating profit
Hotel Lotte Co., a major hotel and duty-free shop operator in South Korea, has said its net profit sank 61 percent on-year in the first quarter, though it made a turnaround to an operating profit. Net profit came to 18.6 billion won ($13.9 million) in the January-March period, down from 48.6 billion won over the same period last year, according to the company's regulatory filing Monday. Hotel Lotte swung to an operating profit of 35.7 billion in the three months ended in March from an opera
May 16, 2023
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Samsung eyes chip facility in Japan amid thaw in Seoul-Tokyo relations
Samsung Electronics, the world’s top chipmaker by revenue, is reportedly considering building an additional research and development facility in Japan amid a thaw in Seoul-Tokyo relations. Japanese media outlet Nikkei reported on Sunday that the Korean chipmaker will build a chip development facility estimated to cost some 30 billion yen ($220 million) in Yokohama, where it already has Samsung R&D Institution Japan. There, Samsung will build a prototype chip production line with the fa
May 15, 2023
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AmCham forum discusses generative AI and its impacts
The American Chamber of Commerce in Korea held a digital innovation forum on Monday, aiming to foster dialogue and exchange ideas about the rapidly expanding generative artificial intelligence industry with its stakeholders. The AmCham Digital Innovation Forum 2023, which was held for the second time this year at the Grand InterContinental Parnas, focused on the theme “The Industry Application and Popularization of Generative AI,” in response to the recent surge of interest in Micros
May 15, 2023
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Kolon invests W24b to target EV tire market
Kolon Industries will invest 24 billion won ($18 million) to increase the production of pure monomer resin, or PMR, to cope with the expanding electric vehicle market and the increasing demand for EV tires, the company said Monday. The South Korean chemical and industrial materials maker plans to boost its annual production capacity at the PMR manufacturing plant in Yeosu, South Jeolla Province, by 10,000 metric tons to 21,000 tons. The expansion is projected to be completed in the first half of
May 15, 2023
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Kakao Pay to tap deeper into global market with Siebert: CEO
Kakao Pay, the online payment unit of South Korean tech giant Kakao Corp., will step up its stock trading service and expand global footing by launching a solution jointly with US brokerage firm Siebert Financial, the firm's CEO Shin Won-keun said Monday. “We are considering making a solution that combines Siebert's stock trading solution with Kakao Pay Securities' mobile trading service,” Shin said at the press conference held at Conrad Seoul in Yeouido, Seoul. In A
May 15, 2023
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Govt., ruling party to meet Monday over hike in electricity, gas rates for Q2
The government and the ruling People Power Party will hold a consultative meeting this week to decide on a hike in electricity and gas rates for the second quarter, officials said Sunday. The meeting will be held Monday to decide on the extent of an increase in electricity rates, which has been postponed for more than a month, according to officials from the ruling party. The government and the ruling party "tentatively" decided to raise the electricity rates by 8 won ($0.01) per kilow
May 14, 2023
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Capital Group becomes Hana’s 3rd-biggest shareholder at 5.5%
US investment firm Capital Group has increased its stake in Hana Financial Group from the previous 5.08 percent to 5.55 percent, becoming the Korean financial giant’s third-largest shareholder. Following the 5.08 percent stake purchase in February, the US firm announced its additional stake purchase of 0.47 percent last week. With the latest purchase, Capital Group becomes the third-largest shareholder after the National Pension Service with 8.78 percent and BlackRock with 6.19 percent. Ca
May 14, 2023
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[Photo News] Hana chief tests Line Bank
Hana Financial Group Chairman Ham Young-joo (front left) tests a loan-linked payment service on the Line Bank app using a Samsung Electronics smartphone during the “Line Bank X Samsung” event held at a shopping mall in Jakarta, Indonesia on Thursday. Line Bank is a digital banking service jointly launched by Hana Bank and Line, the messenger platform, in Indonesia in 2021.
May 14, 2023
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KT forays into health care in Vietnam
South Korean telecommunications giant KT announced Sunday that it will push forward a non-face-to-face health care project in Vietnam involving health examination centers and artificial intelligence in medical fields. The company plans to conduct a pilot service for cancer and chronic disease patients using a remote care platform with KT Healthcare Vina, a Vietnamese medical corporation established earlier this year. Post-discharge management of gastric cancer surgery patients and health care ma
May 14, 2023
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Pulmuone to expand Asian noodle biz in US
South Korean food giant Pulmuone said Sunday it is planning on expanding the production line of its Asian noodle products in the United States by the end of this year, following its burgeoning Asian noodle business there. According to Pulmuone, the company said its sales of Asian noodles in the US were tallied at $72.2 million last year, seeing an on-year growth of 65 percent. Over the course of the last three years, the company's Asian noodle products in the US had seen a 119 percent growt
May 14, 2023
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[KH Explains] Hanwha’s youngest heir targets new biz opportunities
Kim Dong-sun, head of strategic management at Hanwha Galleria and the youngest son of Hanwha Group Chairman Kim Seung-youn, is ramping up efforts to amplify his presence as a succession scheme at the nation’s seventh-largest conglomerate is taking shape centering on the chairman’s three sons. While his elder brothers -- Dong-kwan, president of Hanwha Solutions; and Dong-won, president of Hanwha Life Insurance -- are taking over the group’s key defense and energy and financial b
May 14, 2023