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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Regulator to probe Hyundai Motor execs for alleged insider trading
Financial authorities will launch an investigation into executives of Hyundai Motor on allegations that they used undisclosed information regarding Apple’s electric vehicle project to profit from share trading, industry sources said Sunday. The Korea Exchange has passed on the case to the Financial Services Commission to begin its own probe as early as this month and decide whether to refer the case to prosecutors, industry insiders said. The KRX investigation, launched during the last
April 11, 2021
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More hot IPOs on deck as fundraising returns to pre-pandemic level
More initial public offerings of South Korean companies are on deck, as the IPO landscape here is increasingly becoming a heated battleground for investors searching for an immediate return after their listing on the stock market. Korea’s IPO market appears to have returned to the pre-pandemic level, as liquidity-driven investors are rushing to opportunities and regulators are shaping out rules to give IPO stock investors a fairer chance of allocation. In the first quarter, 14 companies
April 11, 2021
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More Koreans grow ‘superrich,’ with stock assets exceeding W10b
Despite the ravages of the coronavirus pandemic, the number of South Koreans who hold stocks worth 10 billion won ($8.92 million) or more increased last year, data showed Sunday. Data compiled by the state-run Korea Securities Depository showed that the number of these “superrich” Koreans came in at 2,800 -- up 600, or 27 percent on-year, as of the end of December. Their combined stocks reached 241.5 trillion won in value, up 59.9 trillion won or 33 percent. Of all 2,800 people w
April 11, 2021
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[#WeFACE] Beyond EVs, Hyundai Motor ponders true meaning of ‘sustainability’
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their responses to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. For Hyundai Motor Group, South Korea’s second-largest conglomerate by assets and its top automaker, the increasingly popular concept of ESG -- an emphasis on envir
April 11, 2021
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5 makers of sewage pipes fined W890m over price fixing
South Korea's antitrust regulator said Sunday it has decided to fine five manufacturers of sewage pipes a combined 890 million won ($796,000) for colluding to fix prices of industrial products. Dobong Pipe and six other companies colluded to fix their quotations between 2012 and 2017 for 243 rounds of sewage pipe purchasing bids by public institutions, according to the Korea Fair Trade Commission (KFTC). The deal is valued at 27.3 billion won. Of the seven firms, the regulator decided to impo
April 11, 2021
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Korean Air predicted to have turned profit on strong logistics demand
South Korea's flagship carrier Korean Air Lines Co. is expected to have turned a profit in the first quarter of 2021, data showed Sunday, as the company expanded its logistics business after the new coronavirus pandemic virtually suspended passenger travel. The country's top airline operator is expected to post an operating profit of 76.6 billion won ($68.3 million) for the January-March period, compared with a loss of 82.3 billion won posted a year earlier, according to a poll released by Yonh
April 11, 2021
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Mobile carriers tipped for robust Q1 earnings on 5G growth
South Korean wireless carriers are estimated to have logged robust earnings in the first quarter on the back of sharp growth in 5G users and their non-telecom businesses, a poll showed Sunday. The combined operating profits of the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are expected to have reached 966.5 billion won ($863.3 million) in the January-March period, up 6.8 percent from the previous year, according to the poll on six local brokerage hou
April 11, 2021
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SK agrees to pay W2tr to LG to settle EV battery
SK Innovation Co. agreed to pay 2 trillion won ($1.78 billion) to settle an electric vehicle battery dispute with LG Energy Solution Ltd. and withdraw all their other pending litigations to end their two-year legal battle, the two companies said Sunday. The two Korean battery makers announced the results of their agreement, hours before a deadline for an import ban on SK. The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ba
April 11, 2021
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[Weekender] Starting the day with a miracle morning
Hong Ha-hyun, an ad designer in her 30s, has an important Zoom meeting to attend at 5 a.m. every day. The meetings are not about work, but about boosting positivity in her life, she said. With 35 people she met online, Hong reads books, meditates or drinks a cup of tea before dawn. Since September, the online community Dawning Designer has given her a chance to practice “miracle morning” rituals, leaving her feeling empowered and relaxed. “I believe the daily lives o
April 10, 2021
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Seoul stocks expected to gain ground next week on foreign buying
South Korean stocks are likely to continue upward movement next week as expected solid earnings reports for the first quarter are anticipated to boost foreign buying, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,131.88 points Friday, up 0.61 percent from 3,112.8 points a week ago. The index fluctuated in the narrow 3,100-3,260-point band during the week. The KOSPI rose for the sixth consecutive session Thursday, backed by strong foreign buying, bu
April 10, 2021
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Industry experts urge legal embrace of digital assets
South Korea should create a legal framework to embrace up-and-rising digital assets, protect customers and support the growth of the industry, a group of experts said Friday. Gathering for a seminar on the legalization of digital assets including cryptocurrencies, experts including lawyers, a lawmaker and businessmen voiced concerns over the government’s cautious approach that could hinder the development and soaring activities of digital assets. During the seminar, Park Jong-baek, a l
April 9, 2021
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NPS to widen domestic equity allocation range
South Korea’s National Pension Service has adjusted its rules to raise the strategic asset distribution limit for domestic stock holdings by 1 percentage point, Minister of Health and Welfare Kwon Deok-cheol said Friday. “The proportion of strategic asset allocation limit for domestic equities has been increased from the current 2 percent to 3 percent,” said Kwon, who also heads the state pension’s asset management committee. Under the revision, the portion of its inves
April 9, 2021
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Riiid enters 100 most innovative AI Startups by CB Insights
Riiid, a South Korean artificial intelligence-based education tech startup, was added to a lits of the most innovative AI startups by a global market intelligence platform, the company said on Friday. Riiid, which develops AI technology that analyzes student data and content to help them learn, was included in the CB Insights’ AI 100 list, which is in its fifth year. CB Insights has chosen 100 out of 6,000 companies based on several factors including patent activity, investor quality,
April 9, 2021
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Georgia governor again asks Biden to overturn ITC ruling on SK Innovation
Georgia Gov. Brian Kemp has called upon President Joe Biden to overturn the US International Trade Commission’s ruling against SK Innovation, marking the third such request since the decision made on Feb. 11. In his statement issued on Thursday, local time, Kemp urged that the impact on the $2.6 billion electric vehicle battery production plant in Jackson County will deliver a heavy blow to the regional economy, unless the president takes immediate action. “The jobs of at least 2,
April 9, 2021
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Woori chief faces another penalty for misselling
South Korea’s financial watchdog on Friday imposed a penalty on Woori Financial Group Chairman Sohn Tae-seung, holding him responsible for its commercial banking unit’s misselling of funds tied to the 1.7 trillion-won ($1.52 billion) Lime Asset Management scandal. The penalty puts further pressure on Sohn, who is already in a legal fight against the Financial Supervisory Service over its sanction slapped on him for another misselling issue. Sohn was reprimanded with the third-str
April 9, 2021
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Kakao to suspend trading due to 5-for-1 stock split next week
Trading in shares of Kakao, South Korea’s top mobile messenger operator, is set to be suspended for three days from Monday, following its decision to carry out its first-ever stock split. By lowering the face value of its stocks by 80 percent, the split makes it easier for small investors to purchase shares. It will increase the number of issued shares to 443,523,100 from 88,704,620 shares -- each shareholder will get five new shares for each one they currently hold. The newly split shar
April 9, 2021
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KAI rolls out KF-21 Boramae, first Korean-made fighter jet
At a commencement ceremony of the Korea Air Force Academy on March 20, 2001, late President Kim Dae-jung made a promise to the cadets, “We’ll let you cadets ride fighter jets developed by Korea.” The seed planted by Kim came to fruition two decades later. KF-21 Boramae, the country’s first prototype of a domestically developed fighter jet, was unveiled Friday at a rollout ceremony at Korea Aerospace Industries’ manufacturing facility in Sacheon, South Gyeongsang
April 9, 2021
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Hyundai expands plant suspension on chip shortage
Hyundai Motor Co. said Friday it will temporarily suspend another domestic plant next week due to an electronic parts shortage. Hyundai will halt the operation of the Asan plant, 100 kilometers south of Seoul, which produces the Grandeur and Sonata sedans, from Monday to Tuesday, a company spokesman said over the phone. Previously, the country's biggest carmaker said it would suspend the No. 1 plant in Ulsan, 414 km southeast of Seoul, which produces the IONIQ 5 all-electric car and the Kona s
April 9, 2021
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[Herald Interview] Given choice, AstraZeneca vaccine ‘might not be preferable’ for young people
If vaccines other than AstraZeneca’s are available for young people, South Korean health authorities may want to consider an alternative, said Dr. Jean-Louis Excler, a vaccinologist at the International Vaccine Institute, as more countries limit the use of the vaccine to older people over blood clot concerns. Excler, who is also part of the vaccine safety working group within COVAX, a global body that promotes equitable access to COVID-19 vaccines, said in an interview with The Korea He
April 9, 2021
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Seoul stocks snap weeklong gains on valuation concerns
South Korean stocks snapped their weeklong winning streak Friday as foreigners and institutions took a breather amid increased valuation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.38 points, or 0.36 percent, to close at 3,131.88 points. Trading volume was moderate at about 1.8 billion shares worth some 14.6 trillion won ($13 billion), with gainers outnumbering losers 537 to 305. Foreigners sold a net 325 billion won, whi
April 9, 2021