Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Duty-free sales surge to nearly 3-year high in April
Duty-free sales in South Korea jumped more than 50 percent in April to nearly a three-year high, signaling the industry's steady recovery toward the pre-pandemic level, government data showed Tuesday. Combined sales at duty-free shops in Asia's fourth-largest economy increased 51.6 percent in April from a year earlier, according to the data from the Korean Statistical Information Service (KOSIS). The figures mark the steepest monthly growth since 54.6 percent in May 2018. Sales surged 108 per
June 8, 2021
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SK Telecom to launch VR game for Oculus devices
SK Telecom Co., a major South Korean wireless carrier, said Tuesday it will launch a virtual reality (VR) game for Facebook Inc.'s Oculus Quest devices in a move to bolster its presence in the VR sector. "Crazy World VR," playable on Oculus' Quest 1 and 2 devices, features a range of sports games from archery and tennis to bowling in VR and allows users to compete with other players around the world in real time. The game, slated to launch Wednesday, also incorporates characters from
June 8, 2021
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Jeju Air resumes flights to Saipan amid vaccination drive
Jeju Air Co., South Korea's biggest budget carrier by sales, said Tuesday it has resumed flights to Saipan in a preemptive measure to absorb post-coronavirus travel demand. Jeju Air started to provide one flight a week on the Incheon-Saipan route on the day following permission from the transport ministry, a company spokesman said over the phone. "We expect most of the initial passengers to be businessmen, Koreans residing overseas and their family members. But pent-up demand for travel (
June 8, 2021
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Current account surplus sharply narrows in April on higher oil prices
South Korea's current account surplus sharply narrowed in April as higher oil prices increased the country's import bill, the central bank said Tuesday. The current account surplus reached $1.91 billion in April, narrowing from a surplus of $7.82 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering e
June 8, 2021
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Kospi notches record high closing above 3,250
South Korea’s key stock index Kospi set an all-time record high at Monday’s closing, nearly a month after the benchmark logged the previous closing high, backed by institutions and retail investors’ net purchases. The benchmark advanced 0.37 percent to close at 3,252.12 points, breaking its previous record of 3,249.3 points from May 10. It started off at 3,244.59 points and got as high as 3,264.41 in the early morning trade. The index erased some earlier gains to trad
June 7, 2021
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Moderna could produce mRNA vaccine substance in South Korea: report
US pharmaceutical company Moderna may produce the drug substance for its messenger RNA-based COVID-19 vaccine in South Korea, a local media outlet reported Monday. The company is reviewing options for the vaccine substance production here, including building its own production facility in Korea and partnering with a local firm, the report said, quoting Corrine Le Goff, Moderna’s chief commercial officer. The executive did not provide further details. The US-based pioneer in mRNA techno
June 7, 2021
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US Fed’s rate hike could raise Korea’s household debt interest payments
With growing signs of an interest rate hike from the US Federal Reserve as early as this year, a hawkish turn there will increase debt burdens in South Korea if policymakers here fail to take timely steps, a think tank said Monday. Debt interest payments per Korean household could gain as much as 2.5 million won ($2,249.62) on average if the US Fed decides to raise its interest rate from the current near-zero level, a report from the Korea Economic Research Institute showed. The KERI projecte
June 7, 2021
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Hyundai Sonata to give way to Ioniq 6
Once the nation’s most popular sedan and Hyundai Motor’s flagship model, the Sonata is apparently losing out to all-electric vehicles as the automaker moves to convert its Asan plant for the production of Ioniq 6. A number of factors have weighed down the once-bestselling model, including an unsuccessful face-lift and the increasing diversity of alternative models in the market, observers noted. The automaker is planning to suspend its Asan plant for about a month during the Jul
June 7, 2021
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State developer to slash 20% jobs over land purchase scandal
Two thousand employees at South Korea’s troubled state housing developer will be out of jobs as a result of a reform triggered by a massive land speculation scandal, the government said Monday. The Korea Land and Housing Corp. will streamline its organizational structure, cutting 20 percent of the company’s workforce, to focus on its key functions -- housing welfare and home supply. Other noncore administrative functions will be abolished or transferred to other bodies such as the
June 7, 2021
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Jeonse price soars 44 percent since Moon’s presidency: data
Two-year apartment leases, known locally as jeonse, have jumped by some 44 percent in Seoul since the beginning of the current Moon Jae-in administration, data showed Monday. The average price of a two-year refundable lease on a high-rise apartment came in at 426.2 million won ($384,000) when the Moon administration began in May 2017, but the price had risen 44.2 percent to 614.5 million won as of last month. During the same period, the average jeonse price per square meter soared 43 percen
June 7, 2021
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Seoul stocks close at fresh all-time high on eased tapering jitters
South Korea's stock market closed at an all-time high Monday as weaker-than-expected US jobs data helped ease concerns over the potential rollback of the country's expansive monetary policy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.04 points, or 0.37 percent, to close at 3,252.12 points, marking the highest closing ever. Trading volume was high at about 1.7 billion shares worth some 18.8 trillion won ($16.9 billion), with lo
June 7, 2021
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Signs of hope for air travel as vaccination speeds up in Korea
Hopes for air travel recovery are starting to coalesce around the vaccine rollout in South Korea, as booking sites and airlines prepare for a surge in travel demand. E-commerce platform WeMakePrice said Monday that bookings for international flights jumped 442 percent between May 27 and June 2 – the week when the government’s leftover vaccine appointments began. “With main travel destinations lifting quarantine requirements for vaccinated travelers and South Korean airlines r
June 7, 2021
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Mirae Asset pools W10tr for retirement schemes
South Korean asset management firm Mirae Asset Global Investments said Monday its assets under management for retirement schemes have surpassed the 10 trillion-won ($9 billion) mark for the first time among Korean peers. As of June 1, assets pooled for Mirae Asset’s retirement schemes came to a total of 10.1 trillion won. The asset management unit of Mirae Asset Group pooled nearly 2 trillion won during the first five months of 2021. Since 2011, the figure has jumped more than eightfold
June 7, 2021
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Hanhwa Techwin to install ultrahigh resolution cameras on Dokdo
Hanwha Techwin will deploy a cutting-edge surveilling camera system on South Korea’s easternmost Dokdo islets, the company announced Monday. Two cameras with 8K superhigh resolution from the firm will be installed at the residential accommodation and heliport. Offering a live feed of images, they will help authorities to monitor and prevent any disaster or accident near the islets, the firm explained. Hanwha Techwin, a unit of Hanwha Group specializing in video security solutions, deve
June 7, 2021
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Lotte, Shinsegae submit bids for eBay Korea
South Korean retail giants Shinsegae and Lotte Shopping submitted their bids to take over South Korea's third largest e-commerce retailer, eBay Korea, a deal that will shake up the country's e-commerce retail segment, retail industry sources said Monday. According to the sources, the two retail behemoths submitted their letters of intent (LOIs) for the Korean unit of eBay. SK Telecom, South Korea's No. 1 mobile carrier, and MBK Partners, private equity firm and largest shareholder of discount s
June 7, 2021
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Hanwha Defense eyes first UK export with upgraded version of K9 howitzer
After being selected as the sole preferred bidder for an Australian artillery gun procurement project last year, Hanwha Defense aims for its first export to the UK, as the British Army is looking for new self-propelled artillery. The British Army, which is using AS90 guns that are more than 30 years old, plans to procure 116 units of new self-propelled artillery guns within seven years, as part of the Mobile Fires Platform program worth approximately $1.08 billion. The authority will begin s
June 7, 2021
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S. Korean economy recovering at modest pace on reviving consumption: KDI
The South Korean economy is on a modest recovery track as exports remain robust and a slump in private consumption has eased, a state-run think tank said Monday. The country's exports and facility investment have expanded amid a global economic recovery, while sluggishness in consumption has eased, according to a monthly economic assessment report by the Korea Development Institute (KDI). "The Korean economy is recovering at a modest pace as exports maintain a favorable trend and the slug
June 7, 2021
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Watchdog to beef up probe into unfair biz activity by platform operators
South Korea's antitrust regulator said Monday it has set up a division to better investigate alleged unfair business activity related to digital ads by online platform operators. The Korea Fair Trade Commission (KFTC) said it has established a division in charge of digital advertisements under its ICT team amid growing influence by platform operators, such as Google and Facebook, in the customer-tailored online ads market. Established in November 2019, the ICT team has mainly conducted probes
June 7, 2021
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[Behind the Wheel] Audi’s most powerful vehicles whizz on Inje Speedium
INJE, Gangwon Province -- A line of high-performance vehicles could be seen whizzing around the racing circuit of Inje Speedium in Gangwon Province on Wednesday, the growls from their engines echoing throughout the venue. It was part of the Audi Driving Experience, an annual event Audi Korea organizes to offer car enthusiasts an opportunity to try out its highest-end vehicles and its latest automotive technologies. This year, Audi Korea presented 10 vehicles, including the electric vehicle
June 7, 2021
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S. Korea to release 80,000 tons of rice in June to cope with supply shortages
South Korea's agricultural ministry said Monday it plans to release 80,000 tons of rice into the market this month to cope with supply shortages and stabilize prices. The move will raise the amount of reserved rice released into the market since January this year to 290,000 tons, according to the Ministry of Agriculture, Food and Rural Affairs. The ministry earlier announced it plans to release up to 370,000 tons of reserved rice into the market this year. The combined production of rice came
June 7, 2021