Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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No. of state-run agencies to be reduced for better efficiency
SEJONG -- The number of state-run agencies are expected to be reduced substantially under a government plan to streamline efficiency and performance. The Ministry of Economy and Finance on Thursday proposed a total of 42 institutions, or 32 percent of the nation’s 130 government-affiliated institutions, to be converted into “a third group” public agencies with more autonomy and responsibility. Currently, those with assets worth 1 billion won ($757,000), a yearly earnin
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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Buyers beware of flooded cars on used market: experts
A Lamborghini Aventador, the Italian supercar whose price tag is more than 500 million won ($400,000) here, was recently put up for sale on Danggeun Market -- a popular online flea market platform -- for just 1 million won. The owner claimed that the car was submerged during the heavy rainfall last week in Seoul, and that he cannot start the car any longer -- but the interior remains clean, and other features like air conditioning and lighting still work. “The car will become a luxurio
Aug. 18, 2022
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Seoul shares down amid Fed rate hike woes; Korean won sharply down
Seoul shares closed lower Thursday as investors digested the Federal Reserve's minutes that hinted at more aggressive interest rate hikes to temper inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.42 points, or 0.33 percent, to close at 2,508.05 points. Trading volume was moderate at about 370.84 million shares worth some 6.98 trillion won ($5.3 billion), with losers outnumbering gainers 542 to 301. Institutions sol
Aug. 18, 2022
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Hyundai Mobis to set up parts, module arms
Hyundai Mobis, an auto parts affiliate of Hyundai Motor Group, said Thursday it will set up two manufacturing subsidiaries -- one in charge of modules and the other for auto parts -- that will be wholly owned by the company. Its current module manufacturing units located in Ulsan, Gwangju and Hwaseong, Gyeonggi Province, will come under the module subsidiary, while the auto parts manufacturing units in charge of air bags, lamps, brakes, steering and electrification will come under the au
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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SK buys $150m stake in US energy solution firm Atom Power
SK Group, South Korea‘s second-largest conglomerate by assets, has completed a $150 million deal to buy a stake in US energy solution firm Atom Power, according to the group Thursday. The group’s affiliates, holding company SK Inc. and oil refinery SK Energy, have purchased the undisclosed amount of the controlling stake. Atom Power, based in Huntersville, North Carolina, is dedicated to semiconductor chip-powered solid-state digital circuit breakers for customized control of ele
Aug. 18, 2022
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Eurocell to build $800m battery plant in Netherlands
A next-generation secondary battery joint venture backed by South Korean manufacturers including Eurocell has been in talks with the Netherlands authorities to pick the nation as the site for its first European gigafactory, according to the company Thursday. The Anglo-Korean joint venture Eurocell EMEA, based in Birmingham, the United Kingdom, is expected to build the new facility in two phases following a total of $800 million investment by 2025. “With rapid expansion plans in Europe,
Aug. 18, 2022
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LX Semicon eyes Kospi listing
South Korean chip design house LX Semicon is seeking shareholder approval for a delisting from the stock market’s Kosdaq development board and a listing on the main board Kospi, filings showed Thursday. LX Semicon, a chipmaker dedicated to display driver integrated circuits for TVs and mobile phones, is scheduled to hold an extraordinary shareholder meeting on Sept. 23 at its headquarters in Daejeon. The listing change earned board approval Wednesday, 13 years after the listing on the Ko
Aug. 18, 2022
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AMCHAM delegation discusses economic partnership, IPEF with Biden officials, lawmakers
An American Chamber of Commerce in Korea (AMCHAM) delegation has discussed economic security and partnerships, including the new US-led Indo-Pacific Economic Framework (IPEF), with US government officials and lawmakers during their recent visit to Washington, AMCHAM said Thursday. The 14-member delegation made the three-day trip to the United States starting July 27 as part of its annual business-promoting program that resumed after a two-year hiatus over COVID-19. They met with senior officials
Aug. 18, 2022
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S. Korea's fiscal deficit widens W22tr in H1
South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a shortfall of 79.7 trillion won a year earlier, according to the finance ministry. The increased defici
Aug. 18, 2022
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Seoul shares open lower on Fed's minutes
Seoul shares opened lower Thursday, tracking losses on Wall Street, as the US Federal Reserve may keep up its aggressive monetary tightening amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.69 points, or 0.98 percent, to trade at 2,491.78 points as of 9:15 a.m. In the Fed's latest minutes, released Wednesday (US time), policymakers expected the economy to expand in the second half of 2022 and made it clear that they intend to continue raising rates
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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Food prices to rise further: report
SEJONG -- Spiraling import prices of grain are expected to bring about further price hikes in local processed food products and food offered at restaurants, with a state-run agency predicting a continuous climb of grain prices in the third quarter of the year. In a recent report, the Korea Rural Economic Institute forecasted that grain import prices would climb 16 percent in the third quarter compared to the previous quarter. A peak in the international prices of grains such as wheat, corn and
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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Regulator launches task force in push for crypto framework
A joint task force launched by the Financial Services Commission on Wednesday kicked off its first monthly meeting on setting up a framework for digital assets like bitcoin, a week after the top financial regulator said it would work to remove regulatory uncertainty facing South Korea’s crypto industry. Introducing a legal framework for cryptocurrencies is part of the larger deregulation initiative the FSC has been pursuing since President Yoon Suk-yeol, who had pledged to make that happe
Aug. 17, 2022
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Seoul shares snap 3-day winning streak ahead of Fed minutes release
Seoul shares snapped their three-day winning streak Wednesday as investors await the latest minutes of the Federal Reserve that will give them an idea of its future rate policy to combat high inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.05 points, or 0.67 percent, to close at 2,516.47 points. Trading volume was moderate at about 410 million shares worth some 7.04 trillion won ($5.4 billion), with losers outnumbering gainers
Aug. 17, 2022
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US bill puts the brakes on Hyundai, Kia’s EV ambitions
Hyundai Motor Group’s ambitious green push has hit a snag in the all-important US market as President Joe Biden on Tuesday signed a new bill that has immediately scrapped subsidies for electric vehicles made outside America. Under the $430 billion Inflation Reduction Act, up to $7,500 of tax credits will be offered to “Made in US” EVs to help lift the portion of eco-friendly vehicles to 50 percent of all car sales in the local market by 2030. Hyundai Motor and its small
Aug. 17, 2022
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Samsung fund invests $15m in US biotech Senda
Samsung Life Science Fund has invested $15 million in US biotech Senda Biosciences in efforts to foster core technology of next-generation biopharmaceuticals, Samsung Biologics said Wednesday. Senda Biosciences is a therapeutics platform company specialized in programming to the cell by using the code from natural nanoparticles. The US biotech’s platform includes a messenger RNA engine and the first-ever atlas of nature-derived programmable systems at the molecular level and across all k
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