Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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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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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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After record earnings, banks feel pressured to lower lending rates
With Woori Bank joining crosstown rivals Shinhan Bank and Hana Bank in lowering lending rates, those hoping to take out loans can breathe a little easier. Woori Bank on Tuesday announced on its website that it is expanding its prime rates --which are applied to credit worthy loyal customers -- for housing mortgage loans from Friday. Currently, a prime rate of 0.10 percentage point per year is applied to those who use the bank's credit cards or those using Woori Bank accounts to receive s
Jan. 11, 2023
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SK hynix raises $1b via industry’s first sustainability bond
SK hynix, a semiconductor manufacturer under SK Group, announced on Wednesday that it has successfully issued a Sustainability-Linked Bond worth $1 billion, making it the first global chipmaker to do so. SLB is a type of bond with interest rates that are adjusted depending on whether a company's environmental, social and corporate governance (ESG) objectives are achieved. For this ESG requirement, the company aims to reduce its greenhouse gas emissions by 57 percent of its 2020 rate by 2026
Jan. 11, 2023
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[From the Scene] Samsung spurring innovation from Silicon Valley
SAN JOSE, California -- At the heart of Silicon Valley, home to world's largest tech giants, stands a landmark 10-story building in the shape of a three-layer stack of NAND flash memory chips. The symbolic building is the headquarters of Samsung Electronics Device Solutions America, which oversees the production of semiconductors in the United States -- a market that takes up more than half of the global chip demand. Opening the US headquarters to Korean media on Saturday, Sue Kim, the he
Jan. 11, 2023
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S. Korea's job additions hit 22-year high in 2022 on pandemic recovery
South Korea reported the largest job additions in more than 20 years in 2022, data showed Wednesday, as the country gradually returned to pre-pandemic normalcy. The number of employed people came to 28.08 million in 2022, up 816,000 from a year earlier, according to the data compiled by Statistics Korea. It marked the largest number since 2000, when the nation reported an on-year increase of 882,000 jobs. Last year's reading also marked a significant rise from the 370,000 growth tallied in
Jan. 11, 2023
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Fila becomes first Korean fashion company to get DJSI listing
South Korean sportswear brand Fila Holdings said Tuesday it has become the first Korean fashion company to be included in the Dow Jones Sustainability Indices, an accredited benchmark of a company’s commitment to environment, social and governance matters. Fila Holdings attributed its DJSI listing to its continuing efforts for sustainable management, from using recycled materials in its products to building a transparent supply chain system. The company has been expanding the proportion of
Jan. 11, 2023
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[Photo News] One team
Poshmark CEO Manish Chandra (second from left), Naver CEO Choi Soo-yeon (third from left) and employees of both companies pose for a photo at the US e-commerce company’s headquarters in San Francisco on Monday. The town hall meeting was the first gathering since Naver recently acquired Poshmark, the largest secondhand marketplace in North America, in a deal worth $1.31 billion.
Jan. 10, 2023
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FSC chief rekindles debate over banks' business hours
Even though the government lifted tough social distancing rules last year, local banks are keeping their adjusted business hours, which were shortened to 9:30 a.m. to 3:30 p.m. in 2021. As this shortened service time has been causing some inconvenience to local banks' clients, South Korea’s top financial regulator urged banks to return to normal business hours of 9 a.m. to 4 p.m. Thursday. “Banks can stay in business only through building trust with the clients by responding to
Jan. 10, 2023
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Ford switches to LG for Turkish battery plant
American carmaker Ford has selected LG Energy Solution as a new partner to build an electric vehicle battery plant in Turkey, scrapping its previous deal with SK On for the battery manufacturing project, according to industry sources here Tuesday. One source on condition of anonymity told The Korea Herald that the reason Ford decided to part ways with SK On was likely due to the battery maker’s relatively low yield rate. “SK On’s battery yield rate is estimated at a maximum of
Jan. 10, 2023
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KSOE to develop large-capacity fuel cell systems for ships
Korea Shipbuilding and Offshore Engineering said Tuesday it has signed a memorandum of understanding with two European partners to develop large-capacity fuel cell systems for ships and other power generation. The two partners include Germany’s Fraunhofer IKTS, the largest applied research institute in Europe, and Elcogen, a leading cell component manufacturer based in Estonia. Under the partnership, KSOE, one of the world’s largest shipbuilders and an HD Hyundai subsidiary, will des
Jan. 10, 2023
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Posco International to build palm oil refining plant in Indonesia
Posco International, a trading and energy unit of Posco Group, said Tuesday it is building a crude palm oil refining plant in Indonesia, pinning high hopes on the huge potential across industries, including food, cosmetics and bioenergy. The decision comes after its board recently approved $200 million worth of funding from AGPA, the company’s Singapore unit, to launch the project. One of the possible plant sites is Kalimantan, the Indonesian portion of the island of Borneo, considering it
Jan. 10, 2023
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SK to host San Francisco biopharma networking event
SK Inc., the investment arm of SK Group, said Tuesday it will co-host a networking event with the group’s biopharmaceutical affiliates including SK biopharmaceuticals and SK pharmteco to expand its global partnerships in the US, the world’s largest bio and pharmaceutical market. The event, titled “SK Bio Night,” will take place at the Four Seasons Hotel in San Francisco on Wednesday. About 100 executives from some 50 companies -- including SK’s biopharma firms, the
Jan. 10, 2023
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S. Korea posts current account deficit in November amid dwindling exports
South Korea posted the first current account deficit in three months in November as exports sharply dwindled amid growing worries over a global economic recession, central bank data showed Tuesday. The country's current account shortfall amounted to $620 million in November, swinging back from a surplus of $880 million a month earlier, according to the preliminary data from the Bank of Korea. It marked the first deficit in three months and also represented a setback compared with the same m
Jan. 10, 2023
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Posco raises $2b via overseas debt sale
Posco, South Korea's top steelmaker, said Tuesday it has raised $2 billion by selling debts overseas, its largest-ever overseas debt sale. The three-tranche debt comprises three-year bonds worth $700 million, five-year bonds worth $1 billion and 10-year debts valued at $300 million, according to the steelmaker. Posco's bond sale marks the first time a South Korean firm has sold dollar-denominated debt since Dec. 15, when the US Federal Reserve raised its key rate by 50 basis points. Po
Jan. 10, 2023
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[Herald Interview] ‘There will be always more demand for chips, displays’
LAS VEGAS – The prolonged economic recession and inflation is drawing a grim outlook for semiconductor and display industries, even for top players such as South Korea’s Samsung and LG. But Merck Electronics CEO Kai Beckmann says that companies will persist, as demand for chips and displays will continue to grow, in the long run. “The electronics industry, ever since it developed, has had ups and downs. It is kind of a normal phenomenon in our industry. The good thing is that,
Jan. 9, 2023
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KB Financial chief urges employees to prepare for coming winter
KB Financial Group Chairman Yoon Jong-kyoo on Friday asked employees to prepare to endure the coming winter of the financial market with the group’s core competitiveness during a business strategy meeting for the first half of 2023. More than 270 executives from the holding company and its 12 subsidiaries, including KB Kookmin Bank, attended the meeting at the Grand Walkerhill Seoul. “KB must preemptively respond to new trends such as digital transformation and green transformation
Jan. 9, 2023
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Broadcom pledges W20b corrective measures for abusing market power
US chipmaker Broadcom has voluntarily come up with corrective measures, including a fund of 20 billion won ($16.1 million), to support the local chip industry amid an ongoing antitrust probe into the company's alleged abuse of power against Korean clients, including Samsung Electronics. On Monday, South Korea's Fair Trade Commission unveiled the measures tentatively agreed upon with Broadcom. In August last year, the FTC accepted the US company’s request to submit corrective me
Jan. 9, 2023
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SK geo centric inks deal with Plastic Energy to build plastic waste recycling plant
SK geo centric, a subsidiary of SK Innovation, signed a licensing contract with British company Plastic Energy to jointly build a plastic waste recycling plant in Ulsan. Under the deal inked at the CES tradeshow in Las Vegas, the factory will have an expected capacity of 66,000 metric tons of end-of-life plastic waste input. The pyrolysis plant will be situated in the Ulsan plastic recycling complex, called the Ulsan Advanced Recycling Cluster. Construction of the plant will begin this year and
Jan. 9, 2023
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[CES 2023] S-Oil attends CES seeking new business opportunities
S-Oil President Ryu Yul attended CES 2023 in Las Vegas where the Korean oil refiner announced its transformation into a future clean energy supplier. In the company's booth installed in the world's largest consumer electronics exhibition, S-Oil introduced venture companies that it has directly invested in search of new business opportunities. “By experiencing new future technologies on the ground, participating in CES has been a great opportunity to consider the strategies S-Oil
Jan. 9, 2023
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S. Korea's coffee imports jump 45.1% in 2022
South Korea's imports of coffee soared nearly 45.1 percent in the first 11 months of 2022 from a year earlier on its growing popularity here, data showed Monday. The value of the country's coffee imports came to $1.19 billion in the January-November period, up 45.1 percent from the previous year, according to the data from the Korea Customs Service. It marks the first time that South Korea's yearly coffee imports have exceeded $1 billion. Last year's amount was also up 16.7 t
Jan. 9, 2023
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S. Korea to complete preparations for Level 4 autonomous car by 2024: minister
South Korea will set up safety standards and an insurance system for the launch of Level 4 autonomous vehicles in the country by next year, the transport ministry said Sunday. Land, Infrastructure and Transport Minister Won Hee-ryong also said the government will "dramatically" ease regulations involving autonomous cars during his visit on Jan. 7 (local time) to the booth of Motional at this year's CES 2023 in Las Vegas. Motional is a 50-50 joint venture set up in 2020 between Hyu
Jan. 8, 2023