Most Popular
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Can Jennie break the K-pop solo artist slump?
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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LG Chem to launch 2nd tech support center in China
LG Chem said Wednesday it will inject 30 billion won ($26.9 million) to add another customer technical support and development center in China. South Korea’s leading chemical firm signed an agreement with the city of Wuxi, China to build a local tech support center. LG Chem will invest about 30 billion won while Wuxi will provide the land and the infrastructure for the center, which will break ground in the first half of this year and begin operations in May next year. “The tech
Feb. 3, 2021
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S-Oil’s Ulsan plant celebrates 6 million man-hours without accident
S-Oil said Wednesday that it has achieved 6 million man-hours without an accident, maintaining a safe operational environment for 471 days from Oct. 22, 2019. “Our Ulsan plant has safely conducted three major maintenance operations during that period despite difficulties caused by the COVID-19 outbreak. This is the third time S-Oil has accomplished 6 million man-hours without a disaster since the company started business,” the company said in a release. To ensure the safety of empl
Feb. 3, 2021
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Posco vows to prioritize safety over productivity
South Korea’s top steel giant Posco is vowing to put safety as its top priority, urging employees to reject unsafe working conditions, following a spate of deaths from industrial accidents in recent years. During recent visits to the company’s steelworks in Pohang and Gwangyang, Chairman Choi Jeong-woo allocated most of his speeches to safety policies, the company said Wednesday. “When workers are tasked with work where safety is not ensured or they feel physically or emot
Feb. 3, 2021
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Online shopping hits new record high in Dec. amid pandemic
Online shopping in South Korea hit a fresh record high in December as more people purchased products via e-commerce platforms amid tougher virus curbs caused by the pandemic, data showed Wednesday. The value of online transactions stood at 15.9 trillion won ($14.2 billion) in December, up 26.1 percent from the previous year, according to the data from Statistics Korea. The use of online shopping sharply rose amid the pandemic as people refrained from visiting stores over concerns about infecti
Feb. 3, 2021
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Imported car sales jump 27% in Jan. despite pandemic
Sales of imported vehicles in South Korea jumped 27 percent in January from a year earlier on robust sales of German cars, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 22,321 units last month from 17,640 a year ago despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were the Mercedes-Benz E 250 sedan, Mercedes-Benz E 350 4MATIC seda
Feb. 3, 2021
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Samsung's foundry capacity in matured nodes to rank 4th in 2021: report
Samsung Electronics Co.'s foundry capacity share in legacy nodes is estimated to rank fourth in 2021, a report showed Wednesday, amid its push to increase its presence in the contract chipmaking sector with advanced fabrication processes. Samsung, the world's largest memory chipmaker, was projected to account for 10 percent of global foundry capacity in matured nodes, which refers to the 40-nanometer and below chipmaking technology process, according to market researcher Counterpoint Research.
Feb. 3, 2021
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S. Korea to invest W23b in building test center for rechargeable battery
South Korea said Wednesday it will allocate 23 billion won ($20.6 million) to build testing infrastructure for local producers of materials and parts for rechargeable batteries in line with its efforts to foster the sector as a new growth engine. The test center will allow small and midsized businesses to run tests on their materials used to produce battery products with high-end infrastructure, according to the Ministry of Trade, Industry and Energy. The ministry said it has decided to establ
Feb. 3, 2021
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Pet food exports up 83.5% in 2020
South Korea's outbound shipments of pet food products soared 83.5 percent in 2020 from a year earlier on strong demand from the Asia region, data showed Wednesday. Exports of pet food products reached $67.4 million last year, jumping from $36.7 million in 2019, according to data by the Ministry of Agriculture, Food and Rural Affairs on the local pet industry. By country, Japan accounted for 36.4 percent of the total, trailed by Thailand with 26.4 percent and Vietnam with 8.4 percent. The coun
Feb. 3, 2021
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Hyundai, Kia's January sales up 8% in US on strong SUV sales
Hyundai Motor Co. and affiliate Kia Corp. said Wednesday their sales in the United States rose 7.9 percent in January from a year earlier on robust SUV sales. Hyundai Motor and Kia sold a combined 91,173 vehicles in the world's most important automobile market last month, up from 84,498 units a year ago, according to sales data from the companies. Hyundai's sales rose 4.7 percent on-year to 46,208 units last month from 44,143, while Kia's jumped 11 percent to 44,965 from 40,355 over the cited
Feb. 3, 2021
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Samsung retains 2nd spot in tablet market in 2020: report
Samsung Electronics Co. maintained its status as the world's second-largest tablet vendor last year, a report showed Wednesday, though the South Korean tech giant saw a significant improvement in sales to catch up with industry leader Apple Inc. Samsung, the world's largest smartphone maker, had a 19.1 percent share in the global tablet market in 2020 after shipping 31.3 million units, up 44.4 percent from a year ago, according to market researcher International Data Corporation (IDC). Apple a
Feb. 3, 2021
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SK Telecom's 2020 net jumps 74% on mobile biz, equity gains
SK Telecom Co., South Korea's largest mobile carrier, said Wednesday its net income rose 74.3 percent last year on the back of improved performances of its mobile and media businesses, and increased equity gains. For 2020, net income reached 1.5 trillion won ($1.34 billion), compared with 860.7 billion won the previous year, the company said in a regulatory filing. Operating income stood at 1.35 trillion won, up 21.8 percent from the previous year, while sales rose 5 percent to 18.6 trillion w
Feb. 3, 2021
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LG Uplus' 2020 net up 9%
LG Uplus Corp., a major South Korean telecom operator, said Wednesday its net income last year rose 8.9 percent from the previous year amid the pandemic. Net income reached 478.06 billion won ($428.5 million) last year, compared with a profit of 438.8 billion won the previous year. Operating income stood at 886.1 billion won, up 29.1 percent, while sales rose 8.4 percent to 13.4 trillion won over the cited period. (Yonhap)
Feb. 3, 2021
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Renault Samsung union votes for strike amid pandemic
Unionized workers at Renault Samsung Motors Corp. on Tuesday voted to go on strike for a wage increase after the company offered a voluntary retirement program last month. In a vote held from Monday to Tuesday, Renault Samsung workers voted for an industrial action to demand a revised wage offer from the company and defend against the restructuring plan, a union spokesman said. The union has demanded a 70,000 won increase in basic pay. The company did not accept it and announced the voluntary
Feb. 3, 2021
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Korean shipbuilders forecast to suffer decline in 2nd half order backlogs
South Korean shipbuilders, led by top player Hyundai Heavy Industries Co., are expected to undergo a temporary shortage of order backlogs in the second half of the year due to a decline in new orders last year, an industry watcher said Tuesday. "A temporary shortage of work is predicted to take place in the second half of the year, as new orders of ships last year, which are slated to be delivered by 2022, were very deficient, " Yang Jong-seo, a researcher at the Korea Eximbank Overse
Feb. 2, 2021
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Tension lingers among Korean firms in Myanmar in wake of military coup
As Myanmar deals with the aftermath of the latest military coup, South Korean businesses operating there are promptly following through with contingency measures, seeking to ensure the safety of their workers and their families and also to minimize the anticipated disruption to major ongoing projects. Likely to take the most visible impact are players in the energy and trading sectors, especially those that have expanded investments into landmark development projects in recent years. Accordin
Feb. 2, 2021
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[News Focus] From yoga pants to electric cars, Hyosung gets a boost in materials business
South Korean textile and chemical conglomerate Hyosung Group is gaining a double boost from the prolonged pandemic and the global transition to electric and hydrogen vehicles. Hyosung TNC, the fiber production unit of Hyosung Group and the world’s No. 1 spandex producer by capacity, is witnessing a surge in spandex sales as more people choose to work and exercise at home. “Due to the COVID-19 outbreak, people are spending more time at home, for telecommuting for instance, and th
Feb. 2, 2021
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[Feature] Evolving cosmetics: science in facial care
At-home skin care is evolving more than ever as facial creams are getting borderline therapeutic. An increasing number of pharmaceutical firms are branching out into the cosmetics business, aiming to apply therapeutic science, such as stem cell, probiotics and microbiome, to help treat skin trouble and aging. For biotechs, it is a way of making use of their factory production lines that can double as a cosmetics manufacturing site when operation rate is low and to secure cash flows during the
Feb. 2, 2021
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Hyundai Capital floats $600m in green bonds
Hyundai Capital Services Inc., South Korea's leading auto finance company, said Tuesday that its has issued global green bonds worth $600 million. The five-year bonds, which were sold to overseas investors, carry an annual interest rate of 1.25 percent, or the yield on five-year US Treasurys plus a spread of 92.5 basis points. The interest rate is 37.5 basis points lower than the guidance rate and the lowest-ever rate that Hyundai Capital has offered to offshore investors. Hyundai Capital sai
Feb. 2, 2021
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Posco International expands motor core business in full swing
Posco International aims to take 20 percent of the world market for automotive motor cores, kicking off its auto parts business in earnest this year, the company said Monday. In its investor relations presentation Thursday, the general trading company unveiled new plans and targets for its motor core products, produced by its subsidiary Posco SPS (Steel Processing & Service). Motor cores are used in generating electricity within a motor, and have a wide range of applications, from autom
Feb. 1, 2021
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Korean experts say AstraZeneca vaccine 62% effective
AstraZeneca’s viral vector vaccine had 62 percent efficacy against some 8,900 clinical candidates aged 42.2 on average, according to Korea’s Ministry of Food and Drug Safety on Monday. The ministry is running a three-leg review of each COVID-19 therapy or vaccine that has applied for emergency use in Korea. So far, Celltrion’s antibody therapy, AstraZeneca’s viral vector vaccine and Pfizer-BioNTech’s mRNA vaccines have made the applications, in that order. The Dr
Feb. 1, 2021