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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[KH Explains] No more 'Michael' at Kakao Games
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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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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Exclusive] Hana signals entry to digital payment market
Hana Bank applied for trademark rights to the name “Hana Payments” last month, signaling that it is gearing up to enter the nation’s easy-to-use digital payment market. Industry sources told The Korea Herald on Thursday that the lender applied to register the name with the Korean Intellectual Property Office on March 19. This suggests that the lender may soon join the race to offer online-based easy payment solutions, market watchers said. Major financial groups including K
April 15, 2021
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LG Electronics to invest $20.5m in US washing machine plant expansion
LG Electronics Inc. said Thursday it will invest $20.5 million to expand its washing machine factory in the United States in a move to meet growing demand in the country. The home appliance maker said the investment will create 334 new jobs at the plant in Clarksville, Tennessee, bringing its total workers to 1,000. LG has invested $360 million to build the plant, which has been operational since late 2018 and currently has the capacity to produce more than 1 million front- and top-load washer
April 15, 2021
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Korea witnesses growing co-investment opportunities: Adams Street Partners
The burgeoning co-investment market in South Korea has reached maturity enough to offer attractive opportunities for investors, US-based investment firm Adams Street Partners said Thursday. Institutional investors that carry out co-investment strategies with its private equity fund managers in Korea and abroad are likely to take advantage of the private equity market in the fourth-largest economy in Asia, a trade powerhouse with growth potential in select industries, noted Dave Brett, partner
April 15, 2021
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BTS represents Korean beer Kloud
K-pop juggernaut boy band BTS is the new face of Korean beer brand Kloud, Lotte Chilsung Beverage said Thursday. The South Korean maker of liquor, soft drinks and tea has signed a modeling contract with the septet – RM, Suga, J-Hope, Jin, Jimin, V and Jungkook -- with financials of the deal undisclosed. The first commercial featuring the group will be unveiled Friday, the firm said. The signing of BTS signals a new marketing war among the three major beer makers in Korea – Orient
April 15, 2021
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Venture capital investments hit all-time high: KDB
The amount of venture capital investments made in the South Korean market last year reached a record high of 4.3 trillion won ($3.8 billion), according to state-owned Korea Development Bank on Thursday. The startup industry has seen an increasing inflow of capital in recent years. The amount of venture investment pumped into the startup market came in at 3.4 trillion won in 2018 and 4.2 trillion won in 2019. The startup segment is expected to gain further momentum thanks to the government&rsq
April 15, 2021
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Tesla's sales nearly quadruple in S. Korea last year
US electric vehicle maker Tesla Inc.'s sales in South Korea nearly quadrupled last year from a year earlier on rising popularity of its vehicles, its financial statement showed Thursday. Tesla Korea said in a regulatory filing that it logged 716.2 billion won ($640 million) in sales in the Korean market in 2020, up 295 percent from a year earlier. Its annual operating profit soared 429 percent on-year to 10.7 billion won, and its net income skyrocketed 507.7 percent to 7.9 billion won, the com
April 15, 2021
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S. Korea eyes to set global standards for EV wireless charging
South Korea said Thursday it will ramp up efforts to promote a homegrown charging technology for electric vehicles (EVs) as an international standard, as the country plans to penetrate deeper into the growing sector. The Korean Agency for Technology and Standards held a virtual meeting with experts from home and abroad to further foster the wireless charging technology for EVs with a capacity of 50 kilowatts, according to the Ministry of Trade, Industry, and Energy. South Korea proposed the te
April 15, 2021
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S. Korea launches research on clean energy source for internal combustion cars
South Korea said Thursday it plans to study deeper into electrofuel, a clean energy source that can be used by internal combustion engine cars, in line with its vision to go carbon neutral. Under the plan, local businesses and institutions launched a research team to carry out research and development projects for the alternative resource, according to the Ministry of Trade, Industry and Energy. Electrofuel refers to an environment-friendly energy source that can be used in traditional fossil-
April 15, 2021
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S. Korean telcos to share 5G networks in remote areas
South Korea's three major mobile carriers will share their 5G networks in remote coastal and farm towns in a move to accelerate the rollout of the latest generation networks, the ICT ministry said Thursday. The carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- signed an agreement so that 5G users can have access to the high-speed network regardless of the carrier they are subscribed to in 131 remote locations across the country, according to the Ministry of Science and ICT. Under the
April 15, 2021
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Aero K begins regular flights as S. Korea's 8th budget carrier
Aero K Airlines Co. on Thursday began regular flights with an A320ceo aircraft as South Korea's eighth low-cost carrier. Aero K began services on a domestic route between Cheongju, 140 kilometers south of Seoul, and Jeju Island, with a plan to expand flights to Asian countries such as China, Taiwan, Japan and Vietnam, the company said in a statement. The budget carrier has leased three A320ceo passenger jets from US-based aviation investment manager Carlyle Aviation Partners Ltd. "We are
April 15, 2021
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Exports hit record high in Q1 amid pandemic
South Korea's exports hit a record high in the first quarter as shipments of chips and autos remained robust amid the pandemic, customs data showed Thursday. Overseas shipments amounted to $146.5 billion in the January-March period, up 12.5 percent from a year earlier, according to the Korea Customs Service. The reading marked the largest volume for any first quarter since the customs agency began compiling related data. The country's exports rose for the fifth straight month in March as ship
April 15, 2021
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SsangYong Motor again under court receivership, creditors aim to find new investor
SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as US vehicle importer HAAH Automotive Holdings Inc. didn't submit a letter of intent (LOI) to acquire the financially troubled carmaker. Mahindra had been in talks wit
April 15, 2021
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BOK stands pat on fragile recovery as 4th wave of infections looms
South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent, as an economic recovery remained patchy and the country is at risk of being hit with another wave of COVID-19 infections. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's third rate-setting meeting. Low inflationary pressure and rising home prices also appeared to prod the BOK board to stand pat, analysts said
April 15, 2021
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LG-GM joint venture to build second US battery plant in Tennessee
A joint venture between South Korean battery maker LG Energy Solution Ltd. and US automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee for their second electric vehicle (EV) battery plant, which will be similar in scope to its $2.3 billion Ohio plant, according to sources familiar with the matter. The two companies will jointly anno
April 15, 2021
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Seoul stocks open nearly flat on virus concerns
South Korean stocks opened nearly flat Thursday amid lingering concerns over the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) rose 1.22 point, or 0.04 percent, to 3,183.6 points in the first 15 minutes of trading. Stocks came off to a muted start after South Korean health authorities said the country may need stronger social distancing measures if daily COVID-19 cases remain high throughout the rest of the week. The country added 731 new cases Wednesday, the highest sinc
April 15, 2021
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GM Korea to halt 2 plants over chip shortage next week
GM Korea Co., the South Korean unit of General Motors Co., said Thursday it will suspend two of its three plants next week due to a lack of semiconductors parts. GM Korea will halt the No. 1 and No. 2 plants in Incheon, 40 kilometers west of Seoul, from April 19-23 as the semiconductor supply continues to remain fluid globally, the company said in a statement. "We will continue to work closely with our supply base to find solutions for our suppliers' semiconductor requirements and to mit
April 15, 2021
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[Newsmaker] Samsung heir Lee returns to prison after surgery
Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group convicted of bribery, returned to prison Thursday, about a month after an appendicitis surgery, sources said. Lee was transferred to Samsung Medical Center in southern Seoul on March 19 to receive an emergency surgery after suffering a ruptured appendix. The 52-year-old tycoon was supposed to return to Seoul Detention Center in Uiwang, Gyeonggi Province, last Friday but was advised
April 15, 2021
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S. Korea's stock market cap hits new high
The value of stocks traded on South Korea's main bourse has reached an all-time high on the back of a recent market rally, data showed Thursday. The market capitalization of listed companies in Asia's fourth-largest economy came to a new high of 2,220.7 trillion won ($1.99 trillion) as of Wednesday, according to the data from the Korea Exchange. The amount was about 8 trillion won more than the previous record posted on Jan. 25. The country's main stock market has been bullish with the benchm
April 15, 2021
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Foreign banks in S. Korea see profits rise 28.6% in 2020
Foreign bank branches in South Korea saw their combined net profit rise 28.6 percent in 2020 from a year earlier on a modest gain in interest income, data showed Thursday. The combined net income of 36 foreign lenders' local branches stood at 1.15 trillion won ($1.03 billion) last year, up 255.7 billion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). The increase was mainly attributable to marked growth in their income from foreign exchange and der
April 15, 2021
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SK Telecom spinoff to carve out holding company for non-mobile affiliates
SK Telecom, South Korea‘s largest mobile carrier, said Wednesday it will set up a new holding company for its non-mobile subsidiaries to boost shareholder value and accelerate growth in its businesses. The telecom operator said in a regulatory filing that it will conduct a spinoff to form the holding company, which will oversee operations of its tech affiliates and subsidiaries, such as memory chip giant SK hynix, e-commerce firm 11Street and ride-hailing company T Map Mobility, among o
April 14, 2021