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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Tesla slapped with W2.85b in fines for misleading ads
South Korea’s antitrust regulator said Tuesday it is imposing a fine of over 2.85 billion won ($2.23 million) on US electric vehicle maker Tesla and Tesla Korea for deceiving local consumers with false and exaggerated advertisements. The penalty on Tesla is assessed for advertising its battery performance on its official website here dating to August 2019 for exaggerating that its electric vehicles can drive more than its driving range on a single charge, the Fair Trade Commission said. Ci
Jan. 3, 2023
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[Photo News] Promoting Busan's Expo bid at CES 2023
A giant banner promoting South Korea’s bid for the 2030 World Expo is hung on the exhibition floor for the 2023 CES in Las Vegas on Monday. South Korea’s refinery-to-battery company SK Innovation, along with other SK companies, said it will promote the southern port city of Busan’s bid to host the World Expo during the world’s largest tech trade show that kicks off Thursday.
Jan. 3, 2023
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FDI pledges to S. Korea hit all-time high in 2022: data
Foreign direct investment pledges to South Korea hit an all-time high last year, surpassing $30 billion for the first time, data showed Tuesday. Foreigners pledged to invest $30.45 billion here last year, up 3.2 percent from a year earlier, according to the data by the Ministry of Trade, Industry and Energy. The previous record high was $29.51 billion in 2021. The amount of investment that actually arrived in South Korea, however, fell 3.1 percent on-year to $18.03 billion. The number of FDI ple
Jan. 3, 2023
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LG Display to focus on automotive panels at CES 2023
LAS VEGAS-- LG Display Co., a major South Korean display maker, said Monday it will present its latest display technologies tailored to specific customer needs and environments at CES 2023, slated to open in Las Vegas later this week. The firm will set up a booth wholly dedicated to automotive display panels, and another booth for small and midsized foldable organic light-emitting diode panels at the world's largest consumer electronics show that runs from Thursday to Sunday. Under the duel
Jan. 3, 2023
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LG unveils vision for more personalized, smarter TV ahead of CES 2023
LAS VEGAS-- LG Electronics Inc. unveiled a vision for its TV business on Monday ahead of the opening of CES 2023, emphasizing connectivity and customization. The consumer electronics giant will dedicate itself to fulfilling the vision of Sync to You, Open to All, it said, based on its advanced organic light-emitting diode display technologies and webOS, its own smart TV operating system. At the world's most influential tech trade show, set to open on Thursday, LG will unveil the new OLED
Jan. 3, 2023
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Rainbow Robotics to raise W59b via stock offering
Rainbow Robotics on Tuesday announced that it will sell stock to raise 59 billion won The proceeds from the stock sale will be used mainly to finance its operations. According to a regulatory filing, the company will issue some 1.94 million common shares at a price of 30,400 won per share. The stock will be sold to the investors that the firm designated. (Yonhap)
Jan. 3, 2023
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‘Seize chances to thrive in times of crisis’
By Business Desk New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dragging on business activities, uncovering their own path to thrive for growth has become more important than ever as traditional approaches and paradigms have been challenged. In
Jan. 2, 2023
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New Hana Bank CEO Lee Seung-lyul vows to make bank stronger in time of crisis
The new CEO of Hana Bank, one of South Korea's top four commercial banks, vowed that the bank will become a leading lender that is stronger in times of crisis. To reach this goal, new CEO Lee Seung-lyul, 60, stressed that he will “enable honest communication and build solid trust within the organization” during an inauguration ceremony held at Hana Bank’s headquarters in Seoul on Monday. Lee also said the bank only exists because there are clients and asked employees to co
Jan. 2, 2023
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Posco International restarts as merged entity
A merged entity of Posco Group’s trading arm Posco International and power generation unit Posco Energy has been launched with the former Posco President Jeong Tak as its new CEO, Posco International announced Monday. With the latest merger, the country’s largest trading company has scaled up, with annual sales surpassing 40 trillion won ($31 billion) and its annual operating profit reaching around 1 trillion won. In terms of sales, Posco International, the second-largest company wit
Jan. 2, 2023
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Hyundai Oilbank offers 1,000% bonuses on upbeat earnings
Hyundai Oilbank, one of South Korea’s leading refiners, said Monday that it handed out 1,000 percent of base salaries as bonuses to its staffers. The company declined to disclose the specific amount of the salaries given. In 2021, its employees received an average of 121 million won ($94,800) per person including bonuses at a 600 percent rate. The refiner’s lump-sum bonuses came in line with the refining industry’ stellar performance last year. In the third quarter alone, Hyu
Jan. 2, 2023
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Korean Air to focus on completing Asiana acquisition this year
The head of South Korea's leading airline, Korean Air Co., said Monday he will focus on completing the acquisition of its smaller local rival, Asiana Airlines Inc., and preparing for pent-up post-pandemic travel demand. In November 2020, Korean Air signed a deal to acquire the controlling stake in Asiana in a deal valued at 1.8 trillion won ($1.42 billion) that would create the world's 10th-biggest airline by fleet. The national flag carrier has said it aims to launch a merged entity w
Jan. 2, 2023
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S. Korea logs record high exports, largest ever trade deficit in 2022
South Korea's exports rose 6.1 percent in 2022 from a year earlier to reach an all-time high, but it suffered the largest ever trade deficit on high global energy prices, the industry ministry said Sunday. Outbound shipments stood at $683.9 billion last year, the largest annual figure since 1956, when the country began compiling trade related data, according to data compiled by the Ministry of Trade, Industry and Energy. The previous record was set a year earlier with $644.4 billion, the ministr
Jan. 1, 2023
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Korea to see steep hike in power bills in Q1
The government on Friday decided to raise the electricity rate in the first quarter of 2023 by 13.1 won per kilowatt hour, the largest on-quarter hike ever carried out. This means that four people household that uses around 307 kilowatt hours will have to pay around 4,022 won more per month on average. “From the second quarter on, we plan to decide whether or not to increase rates further by comprehensively reviewing global energy prices, inflation, domestic economic s
Dec. 30, 2022
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Oasis Market passes preliminary IPO screening
Online grocery delivery platform Oasis Market passed the preliminary approval for its planned initial public offering on the Korean stock exchange. In September, Oasis Market applied for a preliminary review for its IPO with lead managers Korea Investment & Securities and NH Investment & Securities. The Korean e-commerce company is planning to debut on the secondary tech-heavy KOSDAQ markets during the first half of 2023. Established in 2011, Oasis Market entered the online delivery mark
Dec. 30, 2022
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[KH Explains] Why is Boryung assailed by investors over space vision?
Amid global pharmaceutical companies' efforts to foray into the space health care industry, major South Korean health care company Boryung has likewise released an adventurous vision to establish its footing in the nascent sector. However, the company's business acumen is being questioned by stockholders, as experts say the hefty investment in the space business may still be risky. Since being anointed with the title of CEO for Boryung in January, Jay Kim, grandson of Boryung founder
Dec. 29, 2022
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Major banks offer voluntary redundancies
As the end of the year approached, local commercial banks have started accepting voluntary retirement applications from employees. In the past, voluntary retirement has been considered a bitter pill banks had to swallow during times of financial stress. However, over the last few years, many banks here have started regularly accepting voluntary retirement applications mainly due to a digitalized environment which led to a decline in clients visiting its branches. Despite record earnings fr
Dec. 29, 2022
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Seoul looks to make the best of US Inflation Reduction Act
South Korea will look to make the most of the US Inflation Reduction Act for domestic battery and energy companies while trying to prevent drawbacks for the country’s carmakers, Minister of Industry, Trade and Energy Lee Chang-yang said Wednesday. “Regarding the IRA, it’s a situation where we have to reduce damages and maximize benefits from the law. We are one of the fastest and strongest responding countries,” Lee said in a meeting with reporters. The IRA, which was sig
Dec. 29, 2022
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Samsung to offer hefty bonuses to workers at chip business division
Samsung Electronics will provide a maximum of 50 percent of their annual salaries as bonuses to the employees of its chip business unit at the end of January, industry sources said Thursday. The world's biggest memory chipmaker has reportedly informed its executives and employees about the detailed plan for annual incentives, dubbed the overall performance incentive (OPI), a day earlier. Samsung rewards its executives and employees every January with up to 50 percent of their salaries withi
Dec. 29, 2022
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KITA vows full-scale support as tough year for export looms
Korea International Trade Association Chairman Koo Ja-yeol on Thursday vowed to make all-out efforts to support export companies in finding new growth opportunities next year, as industries seek to transition toward a digital and carbon-neutral economy. “We will actively strengthen our export foothold in response to the changed trade structure and green and digital transitions that have been accelerated since the COVID-19 pandemic,” Koo said in his New Year's message. Diffic
Dec. 29, 2022
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Switzerland's MSC Air Cargo to open Incheon-Indianapolis route
Switzerland's cargo carrier MSC Air Cargo will launch an Incheon-Indianapolis route next year as a complementary service to its container shipping solutions, the operator of the Incheon airport said Thursday. MSC Air Cargo is the cargo airline launched by global shipping firm Mediterranean Shipping Company. MSC followed its rivals French shipping firm CMA CGM and Denmark's A.P. Moller-Maersk in launching the air cargo operations. The cargo carrier plans to begin operating two flights a
Dec. 29, 2022