Most Popular
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'Keep IU off the grass': Soccer fans oppose K-pop concerts at World Cup Stadium
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BTS, NewJeans fandoms clash over Hybe-Min Hee-jin conflict
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N. Korea launches missiles in latest show of military, nuclear strength
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North Korea sends top envoy to Russia as it girds for friction with Seoul
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Seoul-bound traffic clogged on 4th day of Chuseok holiday
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Kia makes breakthrough in China sales
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High temperatures may worsen mental health conditions: study
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[Special] Ansan aims to become South Korea's multicultural hub, heart of immigration policy
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Samsung chief travels to France to encourage young talents
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N. Korea fires multiple short-range ballistic missiles: JCS
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Exports of instant noodles surpass $800m in Jan.-Aug.
South Korea's exports of instant noodles, also known as ramyeon, were estimated to have reached $800 million in the first eight months of this year, data showed Wednesday. The figure represents a 31.7 percent hike from the January-August period of last year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By country, outbound shipments to China grew 26.9 percent on-year to $160 million and exports to the United States jumped 61.5 percent to $140 million, m
ConsumerSept. 18, 2024
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W624b spent on corporate cards for 'lavish entertainment' in S.Korea
South Korea’s high-end entertainment industry marked 624 billion won ($469 million) in sales with corporate credit cards last year, with over half spent in hostess clubs. The sales, supposedly generated for entertainment in business dealings, increased by 61 billion won from the previous year’s 563 billion won and accounted for 0.4 percent of total corporate credit card expenditure, according to the South Korean National Tax Service data submitted to Rep. Park Seong-hoon of the rulin
Social AffairsSept. 18, 2024
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Fintech rivals K bank, Toss gear up for IPOs
South Korea’s online banking firm K bank is gearing up for what could be one of the biggest market debuts this year, while its crosstown rival Toss seeks to follow suit in 2025. The country's first internet-only lender K bank is taking the final steps for its listing on the benchmark Kospi at the end of October. K bank said on Sept. 13 it filed a securities registration statement with the Financial Services Commission for review. It plans to offer 82 million new shares, with a target
IndustrySept. 18, 2024
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Samsung chief travels to France to encourage young talents
Samsung Electronics Chairman Lee Jae-yong traveled to France to attend the closing ceremony of WorldSkills Lyon 2024, the world’s largest skill championship, in a bid to show support to young talents, the company said Wednesday. Presenting the medals and meeting with Korean competitors at the closing ceremony on Sunday, Lee reiterated the company's commitment to helping youth in their vocational training. "The sweat of the young talents is the foundation of South Korea, a technol
IndustrySept. 18, 2024
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Woori injects W100b to support restructuring of high-risk PF projects
Woori Financial Group, one of South Korea’s top five financial conglomerates, announced on Wednesday it created a 100 billion won ($75 million) fund to provide liquidity to the struggling real estate project financing (PF) sector. The fund was raised through contributions from the group’s subsidiaries, with flagship Woori Bank contributing the bulk at 90 billion won. Woori Asset Management, Woori Financial Capital and Woori Investment & Securities each contributed 5 billion won,
IndustrySept. 18, 2024
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Hanwha Ocean pledges W1.97tr to strengthen shipyard safety
Hanwha Ocean, a leading Korean shipbuilding and offshore company, announced on Wednesday plans to invest 1.97 trillion won ($1.49 billion) over the next three years to improve safety at its shipyard facilities. "After a thorough review of safety feedback from both internal and external experts, as well as the overall safety conditions at our shipyards, we have determined that a comprehensive overhaul of our current safety management system is needed," said Kim Hee-cheul, CEO of Hanwha
CompaniesSept. 18, 2024
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Korean battery makers zero in on global commercial EV market
Korean battery makers Samsung SDI and LG Energy Solution are putting considerable effort into boasting their latest technologies in the commercial electric vehicle sector at the ongoing IAA Transportation 2024 in Hanover, Germany. The IAA, currently being held from Sept. 17-22, is one of the largest auto exhibitions in the world and alternates its focus between passenger and commercial vehicles each year. This year’s theme is commercial vehicles. Samsung SDI has presented a lineup of nex
MobilitySept. 18, 2024
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[Photo News] Indian honor
Hyundai Motor has earned its first top employer honor in India from Top Employer Institute, a global human resources certifier headquartered in Amsterdam. Kim Un-soo, managing director of Hyundai Motor India, said the accolade is a testament to the automaker's ongoing commitment to creating an inclusive, dynamic, engaging and rewarding workplace, adding that the recognition reflects Hyundai Motor's "People First" philosophy. Top Employer Institute underlined that Hyundai Moto
MobilitySept. 18, 2024
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Kia makes breakthrough in China sales
Kia is showing signs of recovery in China, recording more than 20,000 units in monthly sales for three consecutive months from June to August. If this momentum continues, the company is on track to reach or surpass its goal of selling over 200,000 units in China by the end of the year. Kia’s recovery is primarily driven by two factors: the introduction of new, market-specific models and an expansion of its export operations. According to Kia’s Chinese joint venture, Jiangsu Yueda Kia
MobilitySept. 17, 2024
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Sales in convenience stores rank 2nd in H1 after department stores
Sales in South Korean convenience store chains ranked second among offline shopping outlets after department stores in the first half, the trade ministry said Tuesday. The ratio of sales in convenience stores came to 16 percent in the January-June period following department stores' 16.8 percent, showed data from the Ministry of Trade, Industry and Energy. Convenience stores exceeded large discount stores in terms of annual sales ratio for the first time in 2021 and have since maintained th
IndustrySept. 17, 2024
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Lime green plates deepen slump in Korea’s luxury car sales
Corporate vehicle sales in South Korea continue to plunge this year, particularly among high-end imported models, due in large part to a new government policy aimed at curbing tax abuses. The introduction of lime green license plates for costly corporate-owned cars, effective January 2024, is seen as a primary factor behind the sharp decline. According to data from the Carisyou Data Research Institute, registrations of corporate vehicles priced over 80 million won (approximately $59,600) fell by
MobilitySept. 16, 2024
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How to navigate September market volatility
The local stock market is likely to remain stuck on growth for the time being, reflecting the woes of the US economy, market analysts said. They also advised investors to build up a defensive portfolio to respond to high volatility. The local bourse has remained sluggish in recent days, coupled with concerns about the recession of the US economy. The benchmark Kospi, which closed at 2,681 points on Sept. 2, has been fluctuating at around 2,500 in recent days, marking an around 100-point drop. Fo
MarketSept. 16, 2024
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Naver Map starts providing natural disaster information
Naver Corp.'s mobile map application has begun providing real-time service on natural disaster information starting this week, the company said Sunday. Naver Map now provides information about earthquakes, typhoons, heavy snow and rain downpours affecting South Korea on its app based on sources from the Korea Meteorological Administration (KMA) and other weather authorities, according to the company. In detail, users can check information about earthquakes with a magnitude of 3.5 or higher
CompaniesSept. 15, 2024
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Only 12 pct of unsafe food imports taken off market for disposal: report
Only about 12 percent of food imports determined to be unsafe have actually been taken off the market, a lawmaker said Sunday, citing related government data. According to the data from the Ministry of Food and Drug Safety, an average of 12.5 percent of 141 import food items that had been ordered to be recalled since 2022 have actually been removed from the local market. Rep. Seo Mi-hwa of the main opposition Democratic Party said some of the recalled food items had a collection rate of over 80
ConsumerSept. 15, 2024
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Over half of Koreans plan to spend same on Chuseok gifts as last year: KCCI survey
Most South Koreans showed positive sentiments about spending more on Chuseok gifts this year, despite the ongoing inflation and economic challenges, a recent survey found. According to the survey conducted by the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, more than half of respondents, or 56.2 percent, planned to spend a similar amount on Chuseok gifts as they did last year, while 29.1 percent said they would increase their spending. The survey polled 1,00
IndustrySept. 14, 2024
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BOK likely to cut key rate in November: analysts
South Korea's central bank is likely to cut its policy rate in November, rather than in October, as it wants to be confident of a slowdown in household debt increase amid moderating inflation, analysts have said. The Bank of Korea has only two rounds of its monetary decision meetings left this year in October and November. Last month, the BOK kept interest rates unchanged at 3.5 percent, the highest level in about 16 years, for the 13th straight time. The central bank delivered seven cons
EconomySept. 14, 2024
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Daewoong unveils new Indonesian stem cell facility with GMP certification
South Korean drug maker Daewoong Pharmaceutical has announced the launch of a new stem cell plant in Indonesia, marking the 20th anniversary of its entry into the Indonesian market. The facility is set to drive large-scale research and development projects in collaboration with local pharmaceutical and biotech industries, according to the firm. The stem cell plant, established by Daewoong Biologics Indonesia -- a subsidiary of Daewoong Pharmaceutical -- will begin full-scale operations following
IndustrySept. 13, 2024