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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Samsung Electronics Lee launches activities after pardon
Samsung Electronics vice chairman Lee Jae-yong revived his management activities by participating in the groundbreaking of a new semiconductor research and development complex in Yongin, Gyeonggi Province, on Friday. This marked Lee‘s first official activity after being granted a pardon by President Yoon Suk-yeol earlier this month. In a speech during the groundbreaking ceremony at the company’s Giheung campus, Lee said it is time to “make the future using new technologies.&r
Aug. 19, 2022
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Celltrion clinches W110b drug substance supply deal from Teva
Celltrion Inc., a major South Korean biopharmaceutical firm, said Friday it has secured a 110 billion-won ($83 million) drug substance supply deal from Teva Pharmaceutical Industries Ltd. for use in producing the Israel-based generic drugmaker's migraine medicine. Under the contract manufacturing organization (CMO) deal, Celltrion will provide drug substance material for Ajovy, Teva's prescription medicine used for the preventive treatment of migraine in adults. The deal is approximate
Aug. 19, 2022
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Facebook sees over 25% drop in MAU in S. Korea since 2020: report
Facebook, the US social media network operated by Meta Platforms Inc., has seen an over 25 percent decline in the number of monthly active users (MAU) in South Korea across the past two years, an industry analysis report showed Friday. According to Mobile Index, the big data analysis unit of local data tracker IGAworks, the South Korean MAU tally for Facebook reached 11.09 million as of last month, compared with 14.87 million in May 2020, when the company started compiling related data. Mobile
Aug. 19, 2022
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Law professor named head of antitrust watchdog
President Yoon Seok-yeol has appointed a professor who specializes in insurance law and investor protection to lead the Fair Trade Commission, the presidential office said Thursday in a statement. Han Ki-jeong, who teaches commercial law at Seoul National University and led the private Korea Insurance Research Institute between 2016 and 2019, will help revitalize a free market economy the Yoon government seeks, according to the statement. “Han has long studied what consumers need and kno
Aug. 18, 2022
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Coway’s ice-making water purifier sales jump 30% in July
Coway Co., South Korea’s leading water purifier maker, said it began full operation of its production plant in Gongju, South Chungcheong Province, to meet high demand for its new ice-making water purifier. Sales of Coway’s Icon ice-making water purifier jumped 30 percent on-year in July as frequent heat waves sizzled the nation. The new product’s inventory for August was sold out in the beginning of the month, and orders continue to flood in, according to a Coway official.
Aug. 18, 2022
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Kakao ditches plan for stake sale in ride-hailing arm
South Korean tech giant Kakao Corp. has decided to scrap its plan to sell some 10 percent of its ride-hailing arm to a private equity fund, the firm said Thursday. It currently holds a 57.5 percent stake. The latest decision comes as the result of a monthslong tug-of-war between the company and the firm’s union. The union has repeatedly asked the firm to halt the plan after Kakao in June announced the plan to sell “some 10 percent,” or as much as 19 percent, of Kakao Mobility
Aug. 18, 2022
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Merck to acquire Mecaro’s chemical biz for 110m euros
German electronics technology firm Merck announced Wednesday that it has signed a deal to acquire the semiconductor-grade industrial gas and chemical operation of Korea-based listed company Mecaro for 110 million euros ($111.9 million). The transaction will involve business assets dedicated to chemical precursors used in thin film deposition for semiconductors, as well as some 100 employees. Mecaro is expected to split off the chemical business for the deal. The cash deal is expected to be clo
Aug. 17, 2022
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65% of Korean firms expect exports to drop in H2
A majority of South Korean exporters expect exports to drop in the second half of this year, compared to the first six months, due to declining demand in China and the US, and rising commodity prices, a recent survey by the Korea Chamber of Commerce and Industry showed Wednesday. According to the poll conducted in the last week of July, 65 percent of 300 local exporters said exports will fall in the June-December period, while 23 percent said they won’t change much, and the remaining 12.3
Aug. 17, 2022
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Ex-Kakao CEOs highest paid executives in H1
Yeo Min-soo and Joh Su-yong, who stepped down from top seats of mobile internet giant Kakao Corp. earlier this year, were highest paid executives in South Korea in the first half of this year, filings showed Wednesday. Joh was disclosed to have been compensated 36.15 billion won ($27.59 million), while Yeo was paid 33.22 billion won, by the company dedicated to mobile messengers, gaming and entertainment, during the January-June period in 2022, according to filings submitted with the Financial
Aug. 17, 2022
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Korea Line H1 net hits new high
Korea Line Corp., South Korea's No. 2 bulk carrier, said Wednesday its earnings reached a new all-time high in the first half of the year amid high freight rates. Net income came to 144.2 billion won ($110 million) in the January-June period, the shipping company said. The on-year growth rate was not disclosed. Sales spiked nearly 58 percent on-year to 778.9 billion won, with its operating income shooting up 65 percent to 142.3 billion won. Bolstered by bumper first-half earnings, Korea Lin
Aug. 17, 2022
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Lotte chairman highest paid among chaebol leaders in H1
Lotte Group Chairman Shin Dong-bin was the highest paid among leaders of top conglomerates during the first half of the year, data showed Tuesday. Shin topped the list by receiving 10.28 billion won ($7.84 million) from six Lotte affiliates during the January-June period, up more than 2 billion won from a year ago, securities filings showed. He was followed by LG Group Chairman Koo Kwang-mo with 7.1 billion won, including 4.85 billion won in incentives. Hanwha Chairman Kim Seung-yeon earned m
Aug. 16, 2022
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SK chairman discusses global health commitments with Gates
SK Group Chairman Chey Tae-won discussed shared commitments to global health with Bill Gates, co-chair of the Bill and Melinda Foundation, SK Bioscience said Wednesday. According to officials, SK Discovery Executive Vice Chairman Chey Chang-won and SK Bioscience CEO Ahn Jae-yong also attended the meeting in Yeouido, western Seoul. The SK leaders and Gates talked about how they can cooperate to improve global health. SK Bioscience said the company and the Bill and Melinda Gates Foundation hav
Aug. 16, 2022
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6 out of 10 Korean businesses urge Seoul, Tokyo to reset ties
More than half the companies surveyed by the Korea Enterprises Federation, one of the five major business lobby groups here, said Korea and Japan should settle their disputes and improve economic ties, especially in trade, the data showed Tuesday. Conducted from July 27 to Aug. 2, the survey polled 207 companies employing at least 30 workers and 57 percent of them backed the idea, saying efforts to take advantage of new trade deals like the RCEP and IPEF should take place once the two countries
Aug. 16, 2022
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Samsung SDI sets up first R&D center in US
Samsung SDI said Tuesday it had set up its first research and development center in the US in an effort to secure technological competitiveness in the burgeoning market for electric vehicles. The Boston center, called SDI R&D America, will focus on developing new battery-related technologies in cooperation with local universities and startups that have been actively working on lithium-ion battery technology and other next-generation developments. The new US center follows the establishme
Aug. 16, 2022
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LG Energy Solution raises growth target on upbeat demand
South Korea’s top electric vehicle battery maker LG Energy Solution has elevated its sales target for this year, largely buoyed by an upbeat outlook for the second half. In its second-quarter earnings report in July, the company announced an upgraded growth plan, raising sales target this year to 22 trillion won ($16.8 billion), an almost 10 percent jump from the previous target of 19.2 trillion won. The company offered a rosy outlook for the coming months, citing new car launches by i
Aug. 16, 2022
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Online lender K-Bank's H1 net hits record
South Korean online lender K-Bank said Tuesday it posted the strongest performance for any first half on increased interest revenue. K-Bank's first-half net income stood at 45.7 billion won ($34.9 million), far beyond the 22.5 billion-won annual net profit of last year and marking the highest first-half earnings since its launch in 2017, the bank's data showed. The online lender attributed the record earnings to more account openings, expansion in loan portfolios and diversified source
Aug. 16, 2022
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LG Chem to build bioplastic plants in Illinois with US food processor
LG Chem Ltd. said Tuesday it will build two production facilities in the US state of Illinois with a US food processing company to produce a biodegradable plastic widely used in food packaging. Under the two joint ventures with Archer Daniels Midland Co. (ADM), an agricultural food processor and biosolution company, they will build a facility to annually produce 75,000 tons of polylactic acid (PLA), in Decatur, the South Korean chemical company said in a release. A separate facility will be buil
Aug. 16, 2022
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SK invests $250m in Bill Gates' TerraPower
SK Group, South Korea’s second-largest conglomerate, has invested $250 million in Bill Gates’ small nuclear power reactor developer TerraPower in an effort to cut down global carbon emissions and build up the group’s green energy portfolio, officials said Monday. According to the group’s announcement, SK Inc. and SK Innovation became co-lead investors of TerraPower’s investment attraction plan worth $750 million along with Gates. The Korean companies’ i
Aug. 15, 2022
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Hyundai ranks 3rd in H1 global vehicle sales
South Korea's Hyundai Motor Group said Monday it ranked third in first-half global vehicle sales on increased high-end model sales despite the lack of automotive chips. Hyundai Motor Co., its independent Genesis brand and Hyundai's smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period, following Toyota Motor Group's 5.138 million units and Volkswagen Group's 4.006 million units, according to their sales data. In the fi
Aug. 15, 2022
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From fast chasers to drivers of national brand
The first Samsung product that Richard Craig, a 37-year-old American living in Tianjin, China, owned was a 42-inch flat screen TV he bought in 2009 in the US. Ten years later, the longtime iPhone user switched to a Galaxy smartphone, saying “phones made by Samsung were some of the best Android phones available.” For Lim Eun-soo, a 63-year-old Korea-born US resident, a Samsung TV in 2000 was her first electronic device that was made by a company from her home country. “Back th
Aug. 14, 2022