Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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New Kyobo Life CEO urges change, innovation
The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders. Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability." During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and i
IndustryMarch 25, 2024
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Posco International CEO vows to speed up digital transformation
Lee Kye-in, formerly president of Posco International, took office as CEO of the company, having been appointed to his new position during a board meeting at the company’s headquarters in Incheon on Monday. In his inaugural speech, Lee said, "As CEO of Posco Group's second-largest company, as well as a leading trading company, I will fulfill my responsibilities" to align with the company's new vision, "materials opening the future, innovation for the top class,&quo
CompaniesMarch 25, 2024
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Hyundai Motor ranks 2nd in US EV sales
Hyundai Motor Group ranked second behind Tesla in terms of electric vehicle sales in the United States in January, a report showed Monday. Citing statistics from S&P Global Mobility, Automotive News said the Korean auto conglomerate’s three brands -- Hyundai Motor, Kia and Genesis -- combined for 8,262 newly registered EVs in the US in January 2024 to account for 9.3 percent of the total market. According to the report, Tesla registered 48,757 EVs to retain the top spot, while traditio
MobilityMarch 25, 2024
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Hyundai Motor, Saudi Arabia join efforts for future mobility ecosystem
Hyundai Motor Group said Monday that it has joined hands with Red Sea Global to implement eco-friendly future mobility to Saudi Arabia’s development project to open luxurious and pro-nature tourism resorts along the west coast of the Middle Eastern country. According to the announcement, the representatives of the Korean automaker and the Saudi Arabian megaproject signed a memorandum of understanding in Riyadh on Sunday. Red Sea Global, which is entirely owned by the Public Investment Fund
MobilityMarch 25, 2024
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Eximbank to form W1tr fund for chips, battery
The Export-Import Bank of Korea, or Eximbank, announced it will form a 1 trillion won ($745 million) fund to support businesses in high-tech strategic industries, especially semiconductors and batteries. The policy lender will put in 150 billion won toward the fund which will close out at 1 trillion won. The fund will be used to provide preferential interest rates and loan limits to businesses related to chips, battery, bio, future mobility and electric engineering. It is the second fund establi
IndustryMarch 25, 2024
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LX chief calls 2024 'turning point'
LX Holdings Chairman Koo Bon-joon said Monday he would enhance the group’s crisis response system in a bid to enhance its responsiveness to business uncertainties at home and globally. “The year 2024 will be an important inflection point as we prepare for the next three years of LX’s leap,” Koo said during this year’s annual shareholders meeting held at the company’s headquarters in Seoul. Koo’s comments come as LX Group spun off from LG Group in 2021
IndustryMarch 25, 2024
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Antitrust watchdog to launch large-scale survey on e-commerce platforms
With the rapid influx of global e-commerce into the domestic market, the Fair Trade Commission is set to launch an extensive market survey starting Tuesday, to examine the evolving landscape and structure of the e-commerce market in Korea. The survey marks the first step in gathering data to produce a policy report slated for release by the end of this year. The report's objective is to proactively identify and analyze fair trade and consumer issues arising from shifts in e-commerce market
IndustryMarch 25, 2024
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IBK to roll out W100b fund for digital tech
The Industrial Bank of Korea on Monday announced the establishment of a strategic investment fund worth 100 billion won ($75 million) to nurture businesses with innovative digital technologies. The fund will be pooled by the policy lender and its affiliate IBK Capital, with each investing 90 billion won and 10 billion won, respectively. As IBK Capital is more experienced in venture funding, it will manage the fund as a general partner, IBK explained. The fund aims to support platform operators w
IndustryMarch 25, 2024
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65% of Korean firms penalize ChatGPT-crafted resumes
A majority of large companies in South Korea disadvantage applicants who craft their resumes using artificial intelligence services, such as ChatGPT, according to a survey released Sunday. The Labor Ministry and the Korea Employment Information Service unveiled a report on employment trends in the second half of 2023, which was based on a survey of human resource managers at the nation’s top 500 companies by sales. The survey was conducted from Nov. 20 to Dec. 22 last year, with 315 out of
IndustryMarch 25, 2024
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[Photo News] Farewell to the Queen
Asiana Airlines’ Boeing 747-400, the last Boeing 747 aircraft in South Korea, is honored with a grand water salute at Taiwan Taoyuan International Airport on Monday to mark its final flight. Known as the “Queen of the Skies,” the iconic aircraft was first introduced in Korea in 1999. The Asiana aircraft has flown nearly 97,000 hours, completing over 18,000 flights and covering 88 million kilometers. (Asiana Airlines)
IndustryMarch 25, 2024
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EcoPro invests $11m to secure stake in Indonesian nickel smelter
EcoPro, a South Korean battery materials holding company, said Monday that it had invested $11 million for a 9 percent share in Green Eco Nickel, an Indonesian nickel smelter operated by Chinese battery materials firm GEM, to expand the supply of nickel, a crucial raw material for lithium-ion battery production. The Green Eco Nickel smelter, situated on Sulawesi Island in Indonesia, boasts annual production of approximately 20,000 tons of nickel. The investment will allow EcoPro to gain addition
IndustryMarch 25, 2024
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Hana Bank, ICE Digital Trade team up for paperless trading
Hana Bank announced Monday that it has inked a memorandum of understanding with global digital solutions provider ICE Digital Trade to innovate trading procedures, especially digitalizing trade-related documents and communications. ICE Digital Trade, part of New York-listed Intercontinental Exchange, connects over 56 global banks and 65,000 member companies through its digital trade transaction solution, called DSUA or Databridge Services & Users Agreement. This partnership aims to streamlin
IndustryMarch 25, 2024
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[Photo News] New electric Mini in Seoul
Mini Korea will hold an exhibition to shed light on the past, present and future of the brand in Seoul from Friday to April 21, the premium small car brand under BMW Group said Monday. Showcasing the new all-electric Mini Cooper and new all-electric Mini Countryman, the "Mini Heritage and Beyond" exhibition will be held at the K Museum of Contemporary Art in Gangnam-gu. The new Mini EVs are to hit the local market later this year. (BMW Group Korea)
MobilityMarch 25, 2024
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Plastic surgery remains top choice for medical tourists
Plastic surgery remains the top choice for medical tourists visiting Korea, with dermatology and dentistry gaining popularity recently, according to data from Creatrip, a Korean tourism platform, Monday. The data is derived from Creatrip’s market analysis of its medical tourism offerings in January and February this year. Plastic surgery emerged as the leading preference among inbound tourists, with reservation rates surging 220 percent from the previous year, accompanied by a 270 percent
IndustryMarch 25, 2024
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Fescaro's 'defense in depth' system allows multi-layered vehicle cybersecurity strategy
With the concept of software-defined vehicles growing more prominent in the automobile industry, so is demand for automative cybersecurity. Fescaro, a leading cybersecurity specialist, has what it calls a "defense-in-depth" system that has a multi-layered strategy to provide security for the security of the car's system. The first layer cuts off the primary risks by filtering the inbound communications through a security gateway. The secondary layer applies security solutions to t
IndustryMarch 25, 2024
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Seoul shares open higher on tech, battery gains
South Korean stocks started a tad higher Monday on gains from tech and battery shares. The benchmark Korea Composite Stock Price Index added 8.46 points, or 0.31 percent, to 2,757.02 in the first 15 minutes of trading. Tech and battery heavyweights led the upbeat start. Samsung Electronics, the world's No. 1 memory chipmaker, rose 0.51 percent and its rival SK hynix increased 1.53 percent. Leading battery maker LG Energy Solution edged up 0.12 percent, and Samsung SDI went up 2.75 percent.
MarketMarch 25, 2024
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Competition heats up in HBM market as Nvidia endorses Samsung chip
The race for leadership in the burgeoning high bandwidth memory chips market is growing fiercer, as Nvidia revealed its plan to secure orders for the cutting-edge component from Samsung Electronics, the Korean chip giant seeking to outsmart crosstown rival SK hynix. At a media briefing last week, Jensen Huang, the co-founder and CEO of Nvidia, openly endorsed Samsung Electronics and unveiled the company's plan to use the Korean chipmaker's HBM chips in the future. US-based Nvidia is the biggest
IndustryMarch 24, 2024
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Bithumb set to spin off non-exchange biz in IPO push
Local crypto exchange operator Bithumb Korea is set to simplify its corporate governance, spinning off its non-exchange business in a move designed to accelerate its stock market debut planned for next year. Bithumb Korea will separate its holdings business under a new name, tentatively coined Bithumb Investment, the company announced through a regulatory filing Friday. While the existing unit will be in charge of operating the country's No. 2 crypto exchange Bithumb, the newly launched uni
IndustryMarch 24, 2024
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Walter Cho charts course for seamless integration with Asiana Airlines
Korean Air Chair and CEO Walter Cho secured his position as a board member of the national flag carrier and pledged to steer the company toward successful integration with Asiana Airlines this year, marking a leap toward establishing a megacarrier. Cho received an 85 percent endorsement from participating shareholders during their annual meeting on Thursday. "Despite the prolonged timeline, the merger between Korean Air and Asiana Airlines will be a substantial driver of long-term growth,
IndustryMarch 24, 2024
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Paris Baguette, Pascucci partner for Italian market entry
SPC Group's bakery chain Paris Baguette is poised to enter the Italian market in collaboration with Italian coffeehouse chain Caffe Pascucci. SPC Group Chair Hur Young-in inked a business agreement with Mario Pascucci, CEO of the Italian coffee brand Caffe Pascucci, during Pascucci’s visit to Korea on Sunday, for the Korean franchise bakery's expansion to Italy. Paris Baguette's entry into Italy will mark its third expansion into Europe, following launches in France and Brit
IndustryMarch 24, 2024