Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Travelers, airport tighten up their guard against omicron variant of COVID-19
Silence prevailed at the departure gates of Incheon Airport on Thursday, a day after the nation reported its first cases of COVID-19’s omicron variant. People waiting to check in for their flights were seated meters apart with masks on. Some were wearing plastic gloves and face shields for extra protection. Cafes at the terminal were open but practically empty. “I mean, it’s the airport. Even my parents think working here makes me vulnerable to omicron. So I understand that
Dec. 3, 2021
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Daewoo Shipbuilding wins W383b order for offshore facility
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Friday it has signed a 383 billion-won ($325 million) deal to build a wind turbine installation vessel (WTIV). Under the deal with Monaco's Eneti Inc., the vessel will be delivered by the first half of 2023, DSME said. The latest deal was made in accordance with the 370 billion-won contract with Eneti in May, under which it has an option to place an order for an additional WTIV. The two WTIVs, which are 148 meters long and 56 meters wi
Dec. 3, 2021
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IBK chief visits corporate clients, OECD headquarters in Europe
State-run Industrial Bank of Korea CEO Yoon Jong-won recently met with corporate clients and the Organization for Economic Cooperation and Development officials in Europe, while inspecting potential markets the bank is eyeing to enter, the firm said Friday. The meetings and site visits took place during his weeklong business trip to Poland, the United Kingdom and France from Nov. 23-30. In Poland, Yoon visited two factories and met with corporate clients to lend an ear to the troubles they ha
Dec. 3, 2021
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Online shopping hits record high in Oct. amid COVID-19 pandemic
Online shopping in South Korea hit a record high in October on the back of solid demand for food delivery services and electronic goods amid the COVID-19 pandemic, data showed Friday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods. The value of online shopping transactions stood at 16.9 trillion won ($14.35 billion) in October, up 21.7 percent from a year earlier, according to the data from Statis
Dec. 3, 2021
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Seoul stocks open lower on tightened virus curbs
South Korean stocks opened lower Friday as health authorities strengthened virus curbs amid spiking cases and the potential spread of the highly contagious omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) had fallen 15.16 points, or 0.51 percent, to trade at 2,930.11 points as of 9:15 a.m. Stocks got off to a lackluster start, as the government has decided to limit private gatherings to six people in the capital area and eight in other regions for fou
Dec. 3, 2021
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S. Korea's foreign reserves down for 1st time in 5 months in November
South Korea's foreign reserves shrank for the first time in five months in November due to a decline in the dollar-converted value of assets denominated in other foreign currencies, central bank data showed Friday. The country's foreign reserves came to $463.91 billion as of end-November, down $5.3 billion from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the first time in five months that the foreign reserves have shrunk. The decline stemmed part
Dec. 3, 2021
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New home permits soar 24.4% in Jan.-Oct.
New home permits in South Korea surged more than 24 percent in the first 10 months of the year amid high housing prices, government data showed Friday. Construction permits issued for new homes came to 405,704 units in the January-October period, up 24.4 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. New construction permits in the South Korean capital of Seoul spiked 54.7 percent to 70,578 over the cited period. New home permits issued
Dec. 3, 2021
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Drug Ministry cancels approval of 6 botulinum products
The licenses of six botulinum drugs will be revoked on Dec. 13, the Ministry of Food and Drug Safety announced Thursday. The Drug Ministry said the drugs were being sold in the country without obtaining the state approval to sell them in the domestic market. The drugs are four of Hugel’s Botulax units and two of Pharma Research Bio’s ReNTox units. The Drug Ministry will also shut down Pharma Research Bio’s production for six months, citing that the biopharmaceutical firm&
Dec. 2, 2021
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SK Group retains CEOs, delays decision on chairman’s brother
SK Group, the nation’s third-largest conglomerate, seems to be opting for stability rather than drastic changes in its year-end executive reshuffle, retaining all the CEOs at its key affiliates. While maintaining the top brass, 133 new executives are receiving promotions, the largest class in the past three years, in an apparent move to add weight to its new growth engine businesses that are still in their nascent phases with the potential to lead the group’s future. “Almos
Dec. 2, 2021
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Incheon Airport’s debt ratio nears 70% over plunging travel demand
Incheon Airport on Thursday forecast its debt ratio to spike to nearly 70 percent this year due to a plunge in flight operations and travelers amid the COVID-19 pandemic. The airport operator said in a press conference that flight operations are likely to have dropped 19 percent from last year, and travelers by 70 percent on-year. The downturn has hurt revenue, as the airport’s sales stood at 490.5 billion won ($416 million), a 55 percent drop from last year. The airport sought to respo
Dec. 2, 2021
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'Political blessing' needed to launch EARC
The biggest obstacles in implementing the East Asia Railway Community are stalled inter-Korean relations and geopolitical confrontation between China and the US, a former presidential adviser told a Transport Ministry forum Thursday. “The EARC is needed to overcome the continental-maritime divide along the Korean Peninsula, which is the old relic of the Cold War system, to open a new horizon of prosperity by tapping into the northern frontier to facilitate functional spillover effects on
Dec. 2, 2021
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NIPA holds IoT Korea Online Business Meeting
The 2021 IoT Korea Online Business Meeting held by National IT Industry Promotion Agency from Nov. 2-4 wrapped up with several agreements reached by participating firms. Nearly 370 business meetings were arranged over the three days at the Pangyo 2nd Techno Valley Corporate Support Hubs. Small and medium-sized IoT companies in Korea have been seeking routes into overseas markets and have been doing so at large global trade shows every year. However, due to the pandemic, online export confere
Dec. 2, 2021
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New book offers tips for businesses on metaverse
Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world. Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEOs of Meta Factory, co-authored “The Metaverse Management,” based on their discussions as
Dec. 2, 2021
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Consumer price growth hits decade high
SEJONG -- The growth in consumer prices posted the highest in almost a decade last month with prices of daily necessities such as diesel and agricultural products surging, sparking concerns over its impact on households. Statistics Korea said Thursday that consumer prices climbed 3.7 percent on-year in November, which marked the highest increase since the 4.2 percent growth in December 2011. Consumer prices increased over 3 percent for the second consecutive month, following a 3.2 percent gro
Dec. 2, 2021
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SK hynix sets up new US business unit
SK hynix, the chip-making affiliate of SK Group, said Thursday that it has set up a new business unit solely dedicated to the US market where the memory chip giant has made a renewed push to secure a firm footing and expand partnership with local tech firms. The new unit, called American Business Team, is one of the three new units established under the direct influence of CEO Lee Seok-hee, as part of the company’s year-end executive reshuffle and organizational overhaul. The other two u
Dec. 2, 2021
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[Herald Interview] Do you have a best friend at office? Human connection crucial for work efficiency, says behavioral scientist
After COVID-19 forced many aspects of our lives to become more isolated, the world is making a gradual move to return to how we used to be. Commuting to work has resumed and team lunches have been revived, although people still wear their masks and transparent acrylic panels have been erected between people at the tables. Although South Korea kicked off its “living with COVID-19” scheme with eased social distancing rules on Nov. 1, still today many are suffering from soc
Dec. 2, 2021
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Seoul stocks rally for 2nd day on strong foreign buying
South Korean stocks rallied for second straight session Thursday on the back of strong foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 45.55 points, or 1.57 percent, to close at 2,945.27 points. Trading volume was moderate at about 523 million shares worth some 11.8 trillion won ($10 billion), with gainers outnumbering losers 756 to 139. Foreigners bought a net 886 billion won, while retail investors sold 915 billion
Dec. 2, 2021
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[Battery+] 2nd urea crisis? Four metals China can weaponize to sink S. Korean EV battery firms
The ongoing urea solution shortage in South Korea is just a trailer. The real movie hasn’t even started yet. China can always send another wave of supply chain crises to Korea, and next time, the electric vehicle battery industry could be the target. According to Hana Financial Investment Thursday, electric vehicle batteries manufactured in South Korea by LG Energy Solution, Samsung SDI and SK On are heavily dependent on Chinese metals. “The three companies source 71 percent
Dec. 2, 2021
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Korea to foster 89,000 more software talents by 2025
South Korea will foster 89,000 more people specialized in software technology by 2025 to cope with a shortage of digital talent in the future, the Ministry of Science and ICT said Thursday. Unveiling the government’s plan to support younger generations in times of digital transformation, the ministry said a total of 413,000 software professionals will be supplied over the next five years. The government’s original plan was to raise 324,000 software talents, but the expected demand
Dec. 2, 2021
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More listed units of biz groups adopt e-voting for small shareholders
More listed units of South Korea's major business groups have adopted electronic voting and other types of voting this year than a year earlier in a bid to promote small shareholders' rights, the country's antitrust regulator said Thursday. As of May, 78.8 percent of 274 listed affiliates of the country's 62 major conglomerates, or 216 firms, had introduced at least one out of cumulative, written or e-voting systems, the Fair Trade Commission said in a report on large business groups' governanc
Dec. 2, 2021