Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Doggy patrol team on the move to protect their cities
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Allegations surrounding BTS resurface, enraged fans demand apology
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Consumer inflation recovers to 1% in September
South Korea’s consumer prices increased 1 percent on-year in September, marking the sharpest rise in six months, data showed Tuesday. This was driven largely by the impact of the record-long rainy season, which caused prices of agricultural, livestock and fisheries goods to rise at the steepest rate in almost a decade. The Consumer Price Index for September stood at 106.20, up 1 percent from a year earlier and returning to the 1 percent level for the first time since March, according
Oct. 6, 2020
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Doosan to expand presence in unmanned forklift market
Doosan Corp., the holding company of South Korea's Doosan Group, said Tuesday that it will increase sales of unmanned forklifts in the country. Industrial Vehicle, a business division of Doosan, has been discussing ways to provide its automated guided forklifts to about 20 companies, Doosan said. Last year, Doosan launched its first-ever unmanned forklifts in the local market. "To meet growing demand for automated forklifts, we plan to expand our product lineup to pallet trucks known
Oct. 6, 2020
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Naver faces 26.7b-won fine, accused of manipulating algorithms
SEJONG -- South Korea's antitrust regulator on Tuesday accused Naver Corp., the nation's biggest search engine, of manipulating search algorithms in favor of the company's online shopping site and imposed a 26.7 billion-won ($22.9 million) fine. The fine, announced by the Korea Fair Trade Commission (KFTC), is the nation's first that the regulator has levied on a technology platform operator for making algorithmic changes that favor a certain business. The accusation is also expected to unde
Oct. 6, 2020
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S. Korean shipyards take No.1 spot in new orders in Q3
South Korean shipbuilders took the top spot in new global shipbuilding orders in the third quarter of the year, beating their Chinese rivals, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, Korean shipbuilders' new orders came to 1.42 million compensated gross tons (CGTs), taking up 45 percent of the total orders amounting to 3.19 million CGTs in the July-September period. The South Korean shipbuilders were followed by Russi
Oct. 6, 2020
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S. Korea's exports of agricultural goods up 6.5% through Sept.
South Korea's exports of agricultural products rose 6.5 percent on-year in the January-September period, data showed Tuesday, on the back of strong overseas demand for kimchi and other traditional fermented products. Outbound shipments of agricultural goods reached $5.51 billion over the first nine months of 2020, up $5.18 billion posted over the same period a year earlier, according to the data released by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments o
Oct. 6, 2020
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Daewoo wins approval for ammonia-fired ship from LIoyd's Register
South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has gotten the nod for its ammonia-powered ship from Lloyd's Register, a British quality assurance and risk management company. Daewoo Shipbuilding plans to commercialize the ammonia-fueled 23,000 TEU container carrier by 2025, the company said in an emailed statement. TEU stands for twenty-foot equivalent unit, a measurement of a ship's cargo capacity. In a bid to develop the ammonia-propelled container car
Oct. 6, 2020
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Hyundai Glovis wins delivery deal in Kazakhstan
Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Tuesday it has signed a seven-year delivery deal with a Kazakhstan beverage company as part of its expansion strategy. Hyundai Glovis will deliver RG Brands JSC's beverage products from the Kazakhstan firm's warehouses to wholesale and retail stores in the central Asian country, the company said in a statement. The company did not reveal the value of the contract. RG Brands is the second-biggest beverage producer in Kazakh
Oct. 6, 2020
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Growth of bank credit loans slows in September
South Korean banks' credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities' tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- totaled 126.4 trillion won ($109 billion) as of end-September, up 2.1 trillion won from August. The on-month increase was down sharply from the 4.1 trillion won gain in August from the prior mon
Oct. 6, 2020
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S. Korea's Sept. inflation rises by most in 6 months
SEJONG -- South Korea's consumer prices rose 1 percent on-year in September due to a rise in prices of agricultural goods, marking the sharpest gain in six months amid the coronavirus pandemic, data showed Tuesday. The September tally accelerated from a 0.7 percent on-year gain in August, according to the data released by Statistics Korea. The nation's inflation also climbed 0.7 percent on-month in September, the data showed. Core inflation, which excludes agricultural and petroleum produc
Oct. 6, 2020
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S. Korea’s debt nears W5,000tr
South Korea’s debt -- national, household and corporate -- surged to nearly 5,000 trillion won ($4.3 trillion) last year, hitting a record high, data showed Monday, fueling concerns of the heavier weight it would gain this year due to the coronavirus risks. The nation’s per capita national, household and corporate debt came to 2,200 trillion won, 1,600 trillion won and 1,100 trillion won in 2019, respectively, data compiled by a lawmaker serving on the National Assembly’s stra
Oct. 5, 2020
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Kia's Sept. sales up 10.3% on strong domestic sales
Kia Motors Corp. said Monday its sales rose 10.3 percent last month from a year earlier on robust domestic sales. Kia Motors sold 260,023 vehicles in September, up from 235,810 units a year ago, helped by strong sales of the Sportage SUV, the company said in a statement. Domestic sales jumped 21.9 percent on-year to 51,211 units last month from 42,005. Overseas sales climbed 7.7 percent to 208,812 from 193,805 during the same period, it said. Its sales fell 8.8 percent to 1,863,966 autos from
Oct. 5, 2020
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SsangYong's Sept. sales fall 4.4% on weak overseas sales
SsangYong Motor Co. said Monday its sales fell 4.4 percent last month from a year earlier due mainly to an extended slump in overseas sales. SsangYong Motor sold 9,834 vehicles in September, down from 10,285 units a year ago due to weak demand for its models amid the COVID-19 pandemic, the company said in a statement. Domestic sales rose 13.4 percent to 8,208 units from 7,235 during the same period, while exports plunged 46.7 percent to 1,626 from 3,050, the statement said. The carmaker said
Oct. 5, 2020
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GM Korea's Sept. sales rise 89.5% on increased exports
GM Korea Co. said Monday its sales rose 89.5 percent last month from a year earlier, helped by robust exports despite the coronavirus pandemic. The South Korean unit of General Motors Co. sold 40,544 vehicles in September, up from 21,393 units the previous year, the company said in a statement. Domestic sales rose 17.9 percent to 6,097 units last month from 5,171 a year ago. The Chevrolet Spark led domestic sales, selling 2,689 units. Exports more than doubled to 34,447 from 16,222 during the
Oct. 5, 2020
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Renault Samsung's Sept. sales halve amid pandemic
Renault Samsung Motors Corp. said Monday its sales fell 51.4 percent last month from a year earlier amid the new coronavirus' impact on the automobile industry. The South Korean unit of Renault SA sold 7,386 vehicles in September, down from 15,208 units a year ago, as the COVID-19 pandemic continued to affect demand for autos, the company said in a statement. Domestic sales declined 24.1 percent to 5,934 units last month from 7,817 units a year ago, while exports plunged 80.4 percent to 1,452
Oct. 5, 2020
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S. Korea to introduce rules for fiscal soundness in 2025
SEJONG -- South Korea plans to introduce rules to ensure fiscal soundness in 2025 as the nation is facing calls for more spending to counter slowing growth and an aging population. The rules, which are subject to parliamentary approval, aim to keep the growth rate of government spending at a level of nominal growth of gross domestic product (GDP), the Ministry of Economy and Finance said in a statement. Under the rules, the government plans to keep the nation's debt-to-GDP ratio to 60 percen
Oct. 5, 2020
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Online shopping soars 27.5% in Aug. as virus-wary shoppers stay home
Online shopping soared 27.5 percent from a year earlier in August, data showed Monday, as the coronavirus pandemic prompted more shoppers to buy goods via e-commerce platforms. The value of online transactions came to a record high of 14.38 trillion won ($12.29 billion) in the month, up 3.1 trillion won from the same month last year, according to the data from Statistics Korea. The sharp increase in August was largely attributed to the pandemic that forced citizens to use online shops. The c
Oct. 5, 2020
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LG Chem tops global EV battery sales this year
LG Chem Ltd., South Korea's leading chemical company, topped global electric vehicle (EV) battery sales from January to August, a local market research firm said Monday. LG Chem accounted for a 25 percent share of the global EV battery market, in which a total of 64.7 gigawatt-hours (GWh) of batteries were supplied during the January-August period, according to SNE Research. In the first eight months, global automakers used 15.9 GWh of LG Chem batteries. Chinese battery maker CATL came second
Oct. 5, 2020
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S. Korea, Cambodia to hold 3rd round of FTA talks
South Korea said Monday it plans to start its third round of free trade talks with Cambodia this week to outline details, in line with Seoul's efforts to diversify its export portfolio in Southeast Asia. The three-day virtual meetings, with a goal to come up with a finalized draft of the deal by the end of this year, will start Tuesday, according to the Ministry of Trade, Industry and Energy. The two countries held their first round of negotiations in July, which was followed by another gather
Oct. 5, 2020
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S. Korean manufacturing stays below par amid virus impact: IHS Markit
South Korea's manufacturing activity gathered ground for the fourth straight month in September but remained below par amid the economic fallout from the coronavirus pandemic, a global market researcher said Monday. The purchasing managers' index (PMI) of the country's manufacturing sector stood at 49.8 last month, up 1.3 points from the previous month, according to a survey by IHS Markit. Yet the September figure was below the 50-point mark that separates contraction from expansion. PMI is a
Oct. 5, 2020
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S. Korean carmakers' US market share rises above pre-COVID levels
South Korean carmakers' market share in the United States rose above pre-coronavirus levels in the March-August period, helped by new models, an industry association said Monday. Local carmakers accounted for 8.9 percent of the US passenger car market during the cited period, up from the 7.7 percent during the December-February period, the Korea Automobile Manufacturers Association (KAMA) said in a statement. South Korea reported its first confirmed coronavirus case on Jan. 20, with its tota
Oct. 5, 2020