Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Speaker floats dual citizenship as solution to falling births
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FSS chief urges banks to intensify loss-absorbing capabilities, better manage foreign liquidity
A top financial regulator on Monday urged banks to beef up their loss-absorbing capabilities and make efforts for better management of foreign liquidity amid rising uncertainty at home and abroad from global monetary tightening and a possible economic recession. Lee Bok-hyun, chief of the Financial Supervisory Service (FSS), made the remark in his first meeting in Seoul with chiefs of major banks after taking office earlier this month. "Current economic conditions are showing signs of a com
June 20, 2022
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LG Chem to build first hydrogen plant in S. Korea
LG Chem Ltd. said Monday it is building a hydrogen plant in South Korea to produce clean fuel for use in its key petrochemical processing in line with its long-term low carbon emission goals. The hydrogen plant, to be located in its Daesan complex, about 75 kilometers southwest of Seoul, will have an annual capacity of 50,000 tons by the second quarter of 2024, with the construction to start in the first half of 2023, the chemical company said in a release. It will be LG Chem's first plant
June 20, 2022
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Hyundai, Michelin extend partnership for EV tire development
Hyundai Motor Group said Monday it has extended a partnership with French tiremaker Michelin to develop high-end tires dedicated for upcoming electric vehicles. The South Korean automaker will collaborate with Michelin to develop tires for all-electric and environment-friendly vehicles for the next three years, the company said in a statement. In the previous five-year partnership that ended in June, the two companies worked together to develop the tires installed in the Hyundai IONIQ 5 all-elec
June 20, 2022
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Seoul shares open sharply lower on recession woes
Seoul shares opened sharply lower Monday, as investors still were gripped by fears that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) lost 24.44 points, or 1 percent, to 2,416.49 points as of 9:20 a.m. Most local heavyweights dropped, still bracing for the impact of the US Fed's key rate hike last week, the largest increase since 1994. In Seoul, market bellwether Samsung Electronics
June 20, 2022
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S. Korea to expand fuel tax cuts amid soaring energy costs: ministry
South Korea plans to expand fuel tax cuts in July as part of efforts to ease inflationary pressure from surging energy costs, the finance minister said Sunday. The government will expand tax cuts on fuel consumption to a legal cap of 37 percent from the current 30 percent, according to Finance Minister Choo Kyung-ho. The measure will be effective until the end of this year. South Korea is facing mounting inflationary pressure, as the protracted Russia-Ukraine war has jacked up crude oil and comm
June 20, 2022
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S. Korea to extend fuel tax cuts amid inflation woes
The South Korean government on Sunday decided to further extend tax cuts on fuel consumption as part of efforts to ease inflationary pressure from surging energy costs. Starting next month, the legal cap of fuel tax cuts will be increased to 37 percent from the current 30 percent. The tentative measure will be effective until the end of this year. "The government will immediately implement measures to ease the burden from high oil prices,” Finance Minister Choo Kyung-ho told repor
June 19, 2022
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Hyundai, Kia hit 3 million milestone in eco-friendly car sales
South Korean automotive duo Hyundai Motor and Kia have hit a 3 million milestone in sales of eco-friendly cars, 14 years since their first hybrid models debuted back in 2009. Eco-friendly cars include hybrid electric, full-electric and fuel-cell electric vehicles. According to Hyundai Motor Group on Sunday, its two brands sold a total of 3,006,414 units of eco-friendly cars over the past 14 years. The figure makes up 3.2 percent of their total car sales during the same period. Their green
June 19, 2022
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[Test Drive] Smooth and stable: Niro EV shines in the rain
Driving a small electric vehicle in the pouring rain isn’t always pleasant. But the second generation Kia Niro EV has proven that even a small EV can be stable and smooth under slippery conditions. Running on front-wheel drive, the battery-powered compact vehicle seemed to have an edge for driving in extreme weather conditions over rear-wheel drive vehicles. It comes with a 150-kilowatt or 204 horsepower single electric motor, enough for an average electric battery SUV. During a 92-kilom
June 19, 2022
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[Herald Interview] ABL Bio moves up the ranks with $1b Sanofi deal
SAN DIEGO -- Over 250 Korean companies participated in this year’s BIO International Convention, the world’s largest biotechnology industry gathering that took place in person for the first time in three years. Except in the cases of big companies such as Celltrion and Samsung Biologics, most of the small biotech companies were scrapping to present their pipelines and technologies to the global market in hopes that investors and global big pharmaceutical companies will take notice.
June 19, 2022
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SK chairman calls for evaluation system for corporate value
SK Chairman Chey Tae-won called on group executives to revamp a corporate valuation tool to better communicate with shareholders against the backdrop of global supply chain disruptions and monetary tightening, the company said Sunday. In an extended management meeting held Friday, Chey stressed how the new corporate valuation tool -- designed to incorporate nonfinancial elements into financial performance measurement -- can reflect the business status of an SK Group affiliate with higher accura
June 19, 2022
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KT, Hanmi invest in developer of digital therapeutics
KT and Hanmi Pharmaceutical have jointly invested in digital therapeutics developer Digital Pharm, officials said Sunday. With the investment, KT will be in charge of developing platforms for digital therapeutics, drafting business strategies and providing pipelines. Meanwhile, Hanmi plans to maximize synergetic impact through hospital-specialized marketing and supporting the authorization of digital medical devices. Digital Pharm’s first projects are in digital therapeutics and electro
June 19, 2022
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Hyundai, Kia's total sales of eco-friendly cars top 3m units
Hyundai Motor Co. and Kia Corp. saw the total sales of their eco-friendly cars exceed 3 million units, industry data showed Sunday, 13 years after they began rolling out hybrid vehicles. South Korea's top automaker and its affiliate sold 393,509 eco-friendly cars, including plug-in hybrid and all-electric vehicles, in the January-May period of this year, raising their accumulative sales to 3.01 million units, according to the data. Demand for eco-friendly cars remained solid despite global
June 19, 2022
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Govt. considers expanding fuel tax cuts amid surging prices
The government has been considering expanding fuel tax cuts, as part of efforts to ease inflation pressure that has been building up amid surging energy prices, according to officials at the finance ministry Saturday. The government has been mulling expanding fuel tax cuts from the current 30 percent to a legal cap of 37 percent, according to ministry officials. Finance Minister Choo Kyung-ho plans to preside over an emergency meeting with economy-related ministers Sunday, when the expansion
June 18, 2022
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Auto biz in focus as Samsung's Lee returns to Seoul
Samsung Electronics Vice Chairman Lee Jae-yong returned to South Korea Saturday, with a renewed focus on the auto parts business. As the de facto leader of Korea‘s largest conglomerate arrived at Seoul Gimpo Business Aviation Center at around 9:40 a.m., Saturday, he told reporters that he “could feel drastic changes in the auto industry.” The remark came as he met German carmaker BMW, a key battery client of Samsung’s secondary battery arm Samsung SDI, and visited Samsu
June 18, 2022
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[Interactive] Number of executives at major firms rises 4.5% in Q1
The number of executives at South Korea’s major firms expanded 4.5 percent on-year in the first quarter of the year despite the coronavirus pandemic, a corporate tracker said. A total of 353 leading companies in Asia’s fourth-largest economy had a combined 14,418 executives as of end-March this year, up from 13,803 a year earlier, according to the Leaders Index. The figure covers companies out of the country’s top 500 corporations by sales that have disclosed their first-
June 18, 2022
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Repaired rocket Nuri to launch Tuesday
South Korea’s homegrown rocket Nuri is all set for liftoff on Tuesday, six days after a last-minute technical glitch was found. The Ministry of Science and ICT said Friday the Korea Aerospace Research Institute has identified the problem in one of the electric components of the sensor in the oxidizer tank and replaced it with a new one. After changing the 1.2-meter-long core component of the sensor, the KARI carried out a series of tests on the rocket and concluded that it is ready for
June 17, 2022
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Samsung Electronics shares plummet to 52-week low
Samsung Electronics shares, which account for some 18 percent of South Korea’s benchmark Kospi’s market capitalization, closed at a 52-week low on Friday hit by the prolonged global memory chip supply shortage coupled with concerns of an economic slowdown. The market bellwether closed at its lowest price since Nov. 4, 2020 and 1.81 percent lower from the previous day’s trading at 59,800 won ($46.30). This also marks the first time it closed below the 60,000-won threshold sin
June 17, 2022
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Rising ‘lunchflation’ drives Korean workers to look for cheaper options
For Kim Sang-ji, a 28-year-old white-collar employee working at a trading company in Seoul, healthy lunch meals had been her usual choice -- until recently. Now, she heads to a convenience store nearby. When picking up a 5,000 won ($3.80) lunchbox or a 2,000 won gimbap roll, she feels unsatisfied. But when thinking about the cost of eating out these days -- particularly in the business district of Gwanghwamun, where her office is located -- plus the extra cost of coffee, she has decided to go o
June 17, 2022
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Korea far outpaces OECD average in inheritance tax: report
SEJONG -- South Korea far outstripped the average of the Organization for Economic Cooperation and Development in the ratio of inheritance and gift tax revenues to gross domestic product, a local think tank said Friday. In a report, the Korea Economic Research Institute said Korea posted 0.5 percent in the ratio of revenue from inheritance and gift tax to GDP, which placed the nation at No. 3 among the OECD members as of 2020. While the institute said the level was higher by 0.3 percentage poi
June 17, 2022
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Kospi slumps to sub-2,400 points in 19 months on US inflation woes
South Korea’s key stock index plunged below the 2,400-point threshold for the first time in 19 months on Friday, weighed down by risks stemming from the US Federal Reserve’s boldest rate hike in nearly two decades. The benchmark Kospi opened 1.7 percent lower from its previous closing of 2,409.72, but fell to 2,396.47 at one point in early morning trade. This marked the first time the index fell below the 2,400-point threshold since Nov. 5, 2020. Early in the morning, foreign in
June 17, 2022