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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Kakao beats Naver in average salary for 3rd year: data
Kakao Corp., a major South Korean tech firm, beat its rival Naver Corp. in terms of average wage for three consecutive years through 2022, data showed Sunday. Kakao, which operates the country's most popular mobile messenger, KakaoTalk, saw its average wage reach 139 million won ($103,422) last year, hovering above the 134.49 million won posted by Naver, according to the data released by the Financial Supervisory Service. The figure includes gains from exercise of stock options. The amount
May 14, 2023
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Mavek, SAP to host global semiconductor webinar on June 8
Investment advisory firm Mavek and multinational software company SAP will jointly host a global semiconductor webinar on June 8, which will shed light on the semiconductor industries in Japan, Korea and Taiwan. Titled “Taiwan, Japan, & South Korea -- Where do they head?” -- the upcoming webinar is the third installment of an ongoing four-part series called “Global Semiconductor Chip Wars & Implications.” The series features speakers from major global institutions
May 12, 2023
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Kepco chief offers to resign amid deficit woes
Korea Electric Power Corp. President and CEO Cheong Seung-il offered to resign Friday, as the state-operated power utility firm announced a 25 trillion won ($18.7 billion) self-rescue measure to overcome swelling deficit. Cheong's resignation came after Kepco announced its self-rehabilitation plan, which includes selling off of property assets and wage freeze to improve financial stability. The CEO was appointed to the post in June 2021, and was set to serve for another year in his term. &q
May 12, 2023
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HMM joins takeover bid to buy Hyundai LNG Shipping
HMM, South Korea’s largest LNG shipping firm, will join a bid to acquire a 100 percent stake in Hyundai LNG Shipping after selling the LNG carrier operator to a local private equity firm nearly 10 years prior. According to industry sources on Friday, HMM delivered its intent to participate in the takeover bid to IMM Private Equity and IMM Investment, which together own a 100 percent stake in Hyundai LNG Shipping. Hyundai LNG Shipping is the largest LNG carrier operator in the country, op
May 12, 2023
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Starbucks Korea delays free gift event after toxic bag debacle
Starbucks Korea is putting off its summer promotional event for 2023 in order to carry out tougher product inspection in the aftermath of the massive recall of a promotional product that contained toxic, carcinogenic chemicals last year. The seasonal promotional event, called the “e-frequency” reward program, has been taking place biannually in South Korea, offering limited-edition goods to its loyal customers since 2013. The coffee chain typically announces the launch of the summer
May 11, 2023
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OLED rivalry of Samsung, BOE expands into patent war
As display panel makers of South Korea and China are vying to win greater global market share, the rivalry appears to be expanding into a patent war. Chinese top display panel manufacturer BOE Technology and two of its subsidiaries recently filed six lawsuits against Samsung Display and its five Chinese entities concerning patent infringement at Chongqing No. 1 Intermediate People’s Court in southwestern China, according to the court. The Beijing-based firm also took two legal proceedings
May 11, 2023
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Speculation over Samsung Pay turning to paid service intensifies
Samsung Electronics' recent decision not to renew its existing contract with local card companies for its mobile payment service Samsung Pay has sparked speculations that the company might start charging fees for the service. Under the previously signed contract with a local card issuer, Samsung Electronics was not entitled to receive separate commissions for Samsung Pay. Since the initial launch of the Korean tech giant’s digital wallet service in Korea in August 2015, there have bee
May 11, 2023
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Posco International to secure LNG carrier to boost value chain
Posco International said Wednesday it is planning to secure a 174,000-cubic-meter liquefied natural gas carrier to boost its LNG business value chain. The company signed a long-term charter contract with H-Line Shipping, a Korean shipping firm specializing in domestic ocean transport and ship management services. Posco noted that a self-operating LNG carrier will help manage production, storage, and generation of gas more efficiently. “By solidifying our infrastructure for the obtainment a
May 10, 2023
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Hana chief aims to double overseas share of profits
Hana Financial Group Chairman Ham Young-joo on Tuesday said that the group aims to increase its profit from overseas operations to around 40 percent of the total in the medium to long term at the "Invest K-finance: Singapore IR 2023" event in Singapore. To reach this goal, Ham said the group will continue to use its current strategy of making strategic investments in minority stakes in overseas financial institutions. “This approach provides the advantage of minimizing financial
May 10, 2023
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KB chief seeks to ease concerns over real estate financing
KB Financial Group Chairman Yoon Jong-kyoo said the banking group has been preparing for potential insolvency risks in project financing in the Korean real estate market by increasing its reserve holdings during a global investor relations event held in Singapore on Tuesday. During the "Invest K-Finance: Singapore IR 2023" event, many global investors voiced concern over the rising risks in the real estate project financing market in Korea. The loan exposure of four major Korean fina
May 10, 2023
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Coupang extends winning streak with record earnings
South Korea’s e-commerce giant Coupang said Wednesday it clocked in record quarterly earnings despite a general slowdown in the retail market, continuing its winning streak for three consecutive quarters since turning to black for the first time in 2022. In its first-quarter earnings call, the US-listed company said it logged record quarterly sales of $5.8 billion in the first three months of this year, seeing on-year growth of 13 percent. Operating profits and net income were tallied at $
May 10, 2023
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S. Korea expands funding, support for local shipbuilders
South Korea will expand financial support measures and invest 180 billion won ($135.9 million) in technological development for autonomous vessels and eco-friendly ships to cement local shipbuilders' top position in the global market, the Trade Ministry said Wednesday. Marking the first anniversary of the Yoon Suk Yeol administration, Trade Minister Lee Chang-yang traveled to Ulsan to inspect the shipyards there and go over past achievements. In addition to announcing financial support plan
May 10, 2023
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Hanwha Q Cells retains No. 1 spot in US solar panel market
Korean solar energy company Hanwha Q Cells said Wednesday it secured the top position in the US solar module market both for residential and commercial uses last year. The company took up 33.7 percent of the residential module market, cementing its No. 1 ranking for five consecutive years, according to market tracker Wood Mackenzie. Its share in the commercial module market was 17.7 percent, topping the list for four years in a row. Hanwha Q Cells' flagship solar panel series, "Q.peak
May 10, 2023
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[Photo News] Reinventing LG brand
LG Electronics’ promotional videos, featuring the company’s refurbished “Life’s Good” slogan, are displayed on billboards in the bustling Hongdae district in western Seoul on Tuesday. The tech giant is starting a two-month campaign to promote its renewed brand identity across 17 key areas in the city.
May 10, 2023
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[Photo News] LX Hausys' Europe push
LX Hausys’ exhibition booth is set up at the Interzum 2023, the world’s largest gathering of the building materials industry that kicked off in Cologne, Germany, Tuesday. In its renewed push for expansion in Europe, the company plans to showcase some 70 types of eco-friendly and high-performance furniture films during the four-day trade show.
May 10, 2023
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S-Oil names new CEO
South Korean oil refiner S-Oil, wholly owned by Saudi Arabia’s state-run Aramco, said Tuesday it has appointed Anwar A. Al-Hejazi as the company’s new CEO. “Al-Hejazi’s expertise in the global energy industry as an officer of Aramco will contribute to boosting S-Oil’s business and growth in global markets,” S-Oil’s board of directors said in a statement about the appointment during a shareholders meeting. S-Oil said Al-Hejazi has shown leadership in dive
May 9, 2023
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Posco donates ‘sea forest’ to mark Ocean Arbor Day
Posco Group said Tuesday the company transferred the ownership of its completed “sea forest” -- an artificial reef constructed underwater off the coast of Ulleungdo, an island east of mainland Korea -- to Ulleung County, in a bid to celebrate Ocean Arbor Day, which is recognized on May 10 every year in Korea. Built three years ago in Ulleung County, the sea forest is one of Posco’s corporate citizenship activities aimed at restoring the marine ecosystem and reviving the fishery
May 9, 2023
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Celltrion chairman apologizes over out-of-wedlock children controversy
Seo Jung-jin, the founder and chairman of South Korean biopharmaceutical firm Celltrion, made an official apology to its shareholders regarding the controversy over his children born out of wedlock via a statement posted on Celltrion’s official website on Monday. “Though my personal issues released through the media may not all be true, I sincerely apologize for causing an irreparable disappointment to our shareholders with my past follies and reckless behavior,” the statement
May 9, 2023
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Hyundai Motor pledges W2tr to boost EV production at home
Hyundai Motor Group will spend some 2 trillion won ($1.59 billion) to build a plant dedicated to manufacturing electric vehicles in the southeastern coastal city of Ulsan, in a move to strengthen its footing as a "first mover" in the EV sector, it said on Tuesday. The new plant, located on a 230,000-square-meter site, will be Hyundai Motor’s new car plant set up at home in 29 years. With construction starting in the fourth quarter of this year, the plant is expected to become ope
May 9, 2023
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[KH Explains] Behind Hana Financial’s birth rate boosting mission
Hana Financial Group Chairman Ham Young-joo has made it his mission this year to position the financial group as a leader in addressing the issue of a declining birth rate in the country. "The declining birth rate is a social issue that finance firms should be paying attention to. It is one of the primary areas where financial firms should be taking a leading role," Ham said in a statement. This move came after Korea's fertility rate, or the average number of children a woman bear
May 9, 2023