Most Popular
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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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Seoul shares open lower on dashed hopes for early rate cut
Seoul shares opened lower Friday as investors were disappointed with hawkish comments by Federal Reserve officials. The benchmark Korea Composite Stock Price Index fell 23.64 points, or 0.86 percent, to 2,718.36 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 1.35 percent to 38,596.98 points and the tech-heavy Nasdaq declined 1.4 percent to 16,049.08. Fed officials said the US central bank needs time to be confident on inflation before starting to cut rates a
April 5, 2024
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Koglo.com CEO talks on entrepreneurship in uncertain times
Business leaders in the era of growing economic uncertainty and rapid technological change must look for new opportunities and prospects for innovation, according to Lee Keum-ryong, chairman of Koglo.com, an online platform connecting US companies with their Korean partners. “If you notice a change early enough, it can become an opportunity for your business. But if you see the change late, it may jeopardize your business as well,” Lee said at the fifth edition of The Korea Herald&rs
April 4, 2024
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aT honored by New York Festivals for ESG efforts
The Korea Agro-Fisheries & Food Trade Corp. on Thursday said it has been recognized by the US-based New York Festivals Advertising Awards for its environmental, social and governance efforts, marking the first time a Korean government agency has won in the ESG category. The Korea Agro-Fisheries & Food Trade Corp., also known as aT, is a government agency entrusted with promoting the trade, export and marketing of Korean foods and beverages worldwide. The agency said it won the ESG manage
April 4, 2024
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Seoul shares rebound on tech gains, revived rate-cut hopes
Seoul shares rebounded sharply Thursday from the previous session's dip on tech, auto gains and revived optimism for the US Federal Reserve to cut rates this year. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 35.03 points, or 1.29 percent, to close at 2,742.00. Trade volume was moderate at 468.06 million shares worth 11.64 trillion won ($8.6 billion), with decliners outpacing gainers 465 to 416. Foreigners bought a net 588 billion won worth
April 4, 2024
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IBK Venture Investment to inject W500b into startups
IBK Venture Investment, an investment arm of the state-owned Industrial Bank of Korea, pledged to inject 500 billion won ($370 million) into local startups over the next three years at an event in Seoul on Thursday. The investment unit, the ninth subsidiary under the IBK Financial Group, was founded in December with an initial capital of 100 billion won to fund early-stage startups. It was licensed as a new technology venture capital business in March, according to the lender. While IBK Venture
April 4, 2024
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LG Energy Solution breaks ground on $5.5b Arizona battery complex
LG Energy Solution has started construction on its second stand-alone battery manufacturing complex in the United States, located in Arizona, with a groundbreaking ceremony and stakeholder meeting on Wednesday. Announced last year, the $5.5 billion project will stand out as the first of its kind in North America, dedicated entirely to the production of cylindrical batteries for EVs and lithium iron phosphate pouch-type batteries for energy system solution applications. The company aims to comple
April 4, 2024
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[Photo News] Promoting Korea's shipbuilding capabilities
HD Hyundai Heavy Industries on Thursday invited government officials from nine countries to observe its submarine and battleship building technologies as it hosted a delivery signing ceremony of the third Batch-1 3000t submarine Shin Chae-ho at its headquarters in Ulsan. The Korean shipbuilder said the international guests from Australia, Canada, Peru, the Philippines, Poland and the US had a closer look at not only the submarine but also at the Jeongjo the Great Aegis destroyer and the Chungnam
April 4, 2024
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Shinhan Bank secures 10% stake in India’s Credila
Shinhan Bank, a major commercial lender in South Korea, is bolstering its footprint in India through a strategic share acquisition of the local student loan provider, Credila. The bank announced Thursday that it successfully secured an equity investment agreement with Mumbai-based HDFC Credila Financial Services the previous day. As per the agreement, Credila will undergo a capital increase, with Shinhan Bank injecting around $180 million through the acquisition of new shares. This transaction w
April 4, 2024
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[Exclusive] Spelling errors call space agency's foreign talent search into question
Multiple spelling errors have been found in the Korea AeroSpace Administration’s English-language job application, raising questions about the country’s professionalism and sincerity in recruiting professionals from overseas to its soon-to-be-established space body. KASA’s English job application, which can be downloaded from the new space body’s official website, on Wednesday showed that all four documents contained the same spelling mistake in the name of the agency. Th
April 4, 2024
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S-Oil earns certifications for SAF production
S-Oil announced Thursday that it has become the first refinery in South Korea to achieve three International Sustainability & Carbon Certification (ISCC) certificates: ISCC CORSIA, ISCC EU, and ISCC PLUS. This certification, also known as the Carbon Offsetting and Reduction Scheme for International Aviation, formally qualifies the production of sustainable aviation fuel (SAF) in the international aviation sector. The International Civil Aviation Organization (ICAO), a subsidiary body of the
April 4, 2024
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SK hynix to build $3.87b chip packaging plant in Indiana
South Korean semiconductor powerhouse SK hynix said Thursday it will invest about $3.87 billion to build an advanced chip packing fabrication and research and development facility in West Lafayette, Indiana, amid intensifying global competition in the burgeoning artificial intelligence memory semiconductor industry. The announcement was made at an investment agreement ceremony attended by officials from SK hynix, the state government of Indiana and Purdue University at the school on Wednesday. S
April 4, 2024
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CJ Foodville's overseas ventures propel profits to new heights
CJ Foodville, the operator of bakery chain Tous Les Jours and a subsidiary of South Korean food giant CJ Group, achieved its highest-ever operating profit of 45.3 billion won ($33.6 million) last year. Some 60 percent of the profit stemmed from overseas ventures in key markets like the United States, Indonesia and Vietnam, showcasing the firm's commitment to advancing Korean-style baked goods worldwide. CJ Foodville announced its consolidated sales for 2023 on Wednesday, totaling 844.7 bill
April 4, 2024
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LG chairman loses suit filed to recoup part of massive inheritance taxes
LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold
April 4, 2024
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AI technology company Dabeeo wins fund from major defense investors
Spatial information firm Dabeeo has been selected for investment by Defense Innovation Technology Investment Consortium No. 1, South Korean fund for fostering future defense technology. The fund is formed by the Military Mutual Aid Association, IBK Capital, and LIG Nex1, a leading South Korean defense firm. With the investment from the fund, the total amount Dabeeo secured rose to $6 million in its recent Series B bridge round. With its selection as a Defense Innovation Company by the South Kore
April 4, 2024
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S. Korea to spend W710.2b to expand AI in everyday life
South Korea will funnel 710.2 billion won ($526.9 million) into the government's projects to integrate artificial intelligence into everyday life, the science ministry said Thursday. The AI Strategy High-Level Consultative Council, a government-civilian panel for shaping AI policies, convened its inaugural meeting and approved the investment plan to proceed with 69 AI projects aimed at helping the people feel the benefits of AI across all sectors, according to the Ministry of Science and IC
April 4, 2024
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Seoul shares open sharply higher on revived rate-cut hopes
Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year. The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading. The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets. In Seoul, tech, auto and e
April 4, 2024
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S. Korea's beauty exports hit all-time high of $2.3b in Q1
South Korea’s exports of cosmetics jumped around 22 percent on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday. According to the Korea Customs Service, the country’s exports of cosmetic products came to $2.3 billion in the January-March period, up 21.7 percent on-year from the same three-month period last year. The export figure is the highest ever for the first quarter. South
April 3, 2024
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Renault Korea announces rebrand for fresh start
Renault Korea, the Korean branch of the French automotive firm, announced on Wednesday a significant rebranding initiative and the 2025 launch of the Renault Scenic E-Tech, an all-electric compact crossover SUV, in the Korean market. The announcement was made during a press conference at the Renault Seongsu flagship store in eastern Seoul. The rebranding sees Renault Korea shedding its previous moniker, Renault Korea Motors, in favor of a sleeker identity that simply reads "Renault Korea.&q
April 3, 2024
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Hyosung TNC pledges W1tr to build new Vietnam plant
Hyosung TNC, the fiber production unit of South Korean industrial giant Hyosung Group, said Wednesday it will invest 1 trillion won ($740 million) in Vietnam to establish a new spandex material plant. Hyosung TNC secured approval for the investment from the Vietnamese government during a city development conference for Ba Ria-Vung Tau, a local province of the Southeast Asian country, held Saturday. With the approval, the company will commence construction of a facility in Ba Ria-Vung Tau capable
April 3, 2024
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Seoul shares snap 3-day rise as early rate-cut optimism fades
Seoul shares ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the US Federal Reserve will keep interest rates higher for longer. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 46.19 points, or 1.68 percent, to close at 2,706.97. Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246. Insti
April 3, 2024