Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Allegations surrounding BTS resurface, enraged fans demand apology
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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With Indonesia unable to pay full share, what’s next for KF-21 fighter project?
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20 major S. Korean conglomerates have no female inside directors
A report showed Wednesday that women account for only 3.2 percent of all inside directors at the biggest companies in South Korea. There are 787 inside directors and 850 outside directors on the boards of the 30 largest South Korean conglomerates and their 298 affiliates according to the local market analysis firm Leaders Index. There are 174 female outside directors and 25 female inside directors, each accounting for 20.5 percent and 3.2 percent of the respective totals. All 30 conglomerates ha
May 8, 2024
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Govt. weighs 'appropriate timing' to raise utility prices: industry minister
Industry Minister Ahn Duk-geun has said the government is weighing the "appropriate timing" to raise utility prices, including gas and electricity, amid the volatility in the global market. "As the situations in the Middle East remain unstable, we are monitoring the situation while finding the appropriate timing to raise electricity and gas prices," Ahn said during a meeting with reporters on Tuesday. "We must normalize electricity and gas prices, and the issue is urgent
May 8, 2024
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Korea's logistics firms upscale facilities on Chinese e-commerce rise
Korean logistics companies are boosting their investment in their facilities to cope with the country’s increasing direct purchases from China, industry sources said Tuesday. According to Korea Customs Service, the number of items purchased through Chinese online shopping platforms last year reached 88.8 million, up 70.3 percent on-year. The combined value of those transactions also came to some 3.3 trillion won ($2.43 billion), up 121.2 percent from a year ago. The number of monthly activ
May 7, 2024
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Will China's self-sufficient dream in HBM come true?
With the US imposing strict trade restrictions on China's advanced semiconductors and chipmaking equipment, Beijing has been ramping up efforts to develop home-grown artificial intelligence chips to keep up with the global AI boom. Recently, the Chinese government and chipmakers have been working together to produce high-bandwidth memory chips, a crucial component in graphic processing units. With the backing of the government, the consortium led by Huawei aims to produce HBM2 by 2026. Indu
May 7, 2024
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NPS commits record W1.5tr for alternative investments
South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit
May 7, 2024
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Mirae Asset introduces high dividend yield ETF to China
Mirae Asset Global Investments, a leading asset manager based in Korea, has introduced a high dividend yield exchange-traded fund to the mainland Chinese market through cross-border trading with Hong Kong, the firm announced Tuesday. The Global X Hang Seng High Dividend Yield ETF, operated by the asset manager’s ETF arm in Hong Kong, was set up for trading on China’s Shanghai Stock Exchange and Shenzhen Stock Exchange on Monday. The ETF tracks shares with high dividend yields on the
May 7, 2024
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Hanwha to receive $140m in US tax credits with new solar panel plant
Hanwha Solutions will receive additional tax credits of about $140 million from the United States government this year as it has completed the construction of a solar module production plant in Georgia and recently begun operations there, the Korean company said Tuesday. According to Hanwha Qcells, Hanwha Solutions’ US solar energy subsidiary, the company completed the construction of solar module production lines at the Cartersville plant at the end of April. The site will be capable of p
May 7, 2024
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Posco Future M unveils report on sustainable supply chain
To address increasing global concerns regarding ethical sourcing and environmental responsibility, domestic battery material manufacturer Posco Future M released its third Responsible Minerals Activity Report on Tuesday. The publication is a part of the company’s efforts to establish a sustainable supply chain for materials used in battery production, specifically the cathode and anode segments. It marks the continuation of a commitment initiated in 2021 when Posco Future M first outlined
May 7, 2024
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[Photo News] Family fun
Korean Air hosted a Family Day event at its headquarters in Seoul over the weekend, welcoming employees and their families from Saturday to Monday. After a hiatus due to the pandemic, the firm's annual tradition resumed last year. This year's gathering saw some 13,000 attendees, including Delta Air Lines employees stationed at Korean Air's headquarters as part of their joint venture partnership. The hangar was transformed into a theme park to offer a variety of activities, compa
May 7, 2024
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S. Korea notes industry concerns over US inquiry, proposed rules on connected vehicle supply chains
South Korea has raised its automotive industry's concerns with the United States over Washington's inquiry and envisioned rules to address potential security risks from "connected vehicles" that use technology from China and other countries of concern. On April 30, the South Korean government submitted its comments to the US Department of Commerce as the department has requested public feedback on its rule-making process designed to tackle those risks stemming from supply cha
May 7, 2024
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[Graphic News] Diesel vehicles rapidly lose luster
In the first quarter of this year, the proportion of domestically registered diesel cars fell below 10 percent for the first time. As more consumers in South Korea avoid diesel cars due to decarbonization regulations and the need to import urea for them mainly from China, the decline in sales is expected to accelerate this year. According to data from the Carisyou data research institute, a total of 39,939 diesel vehicles were registered in the domestic market during the first quarter of this
May 7, 2024
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Hanwha Life secures 40% stake in Indonesian lender
Hanwha Life, a major insurer under the Korean conglomerate Hanwha Group, is set to expand its presence in Southeast Asia, having secured a stake in Indonesia's Nobu Bank, according to the insurer on Monday. Hanwha Life acquired a 40 percent stake in Nobu Bank through a deal signed with Indonesia’s Lippo Group, a major conglomerate with businesses spanning Southeast Asia. The deal signing event was held in Jakarta on Friday, with Hanwha Life Vice Chair and CEO Yeo Seung-joo, its Presid
May 6, 2024
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Chip up cycle won’t stay long: SK chief
The chairman of Korea's chip-to-battery conglomerate SK Group said the fate of semiconductor manufacturers will hinge on how smartly they can map out capital expenditure plans, as he believes the recent chip recovery would be short-lived. The earnings surprise that SK hynix, the group’s crown jewel and the world's second-largest memory chipmaker, logged in the first quarter raised hope that the industry has ended its down cycle after months of operating losses. SK Group Chairman
May 6, 2024
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[Herald Interview] Hanatour CEO talks reshaping travel landscape
As the travel landscape undergoes profound transformations postpandemic, the golden era of traditional, large-scale travel agencies may be coming to an end. However, Hanatour, Korea's leading travel agency with more than three decades of experience, aims to defy the growing perception. Leveraging extensive tourism data both inbound and outbound, Hanatour CEO Song Mi-sun said the company is seeking ways to pioneer a new era of travel, defined by enhanced safety, efficiency and tailored trave
May 6, 2024
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Woori to re-enter brokerage business with acquisition of Korea Foss Securities
Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec
May 3, 2024
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Naver will consider company benefits in deciding on selling Line shares: CEO
While the Japanese government is pressuring Naver to shed ownership in Line, the dominating messaging app in Japan, the Korean internet giant said it will make a decision based on the benefit of the company's business, the chief executive officer said Friday. During an earnings call, Naver CEO Choi Soo-yeon said the administrative guidance issued by Japan's Ministry of Internal Affairs and Communications last month, demanding Tokyo-based LY Corp., the operator of Line, to lower its dep
May 3, 2024
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Samsung chief returns from Europe after meeting with Pope, business leaders
Samsung Electronics Chairman Lee Jae-yong returned to Seoul on Friday after his trip to Europe, where he made a surprise visit to Vatican City to meet with Pope Francis, and met with business counterparts for cooperation. During the 10-day trip, Lee traveled to Germany, France and Italy, and checked on the company's business operations there. “The spring has come,” he told reporters without further explanation, upon his arrival at the Seoul Gimpo Business Aviation Center. He did
May 3, 2024
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Samsung Life Science Fund invests in US gene therapy firm
Samsung Life Science Fund, an investment fund created by Samsung affiliates, will invest in Latus Bio, a US gene therapy development company, according to Samsung Bioepis on Friday. It is the sixth investment made by the fund between Samsung Biologics, Samsung C&T and Samsung Bioepis, to explore new business opportunities in the biotechnology sector. The exact amount of investment has not been disclosed. Latus Bio is a US biotech that develops novel gene therapy candidates for disorders of t
May 3, 2024
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Hugel to develop next-generation botulinum toxin product
Hugel has started its development of new botulinum toxin products using a botulinum toxin type that has a faster onset and shorter duration of effect, the aesthetics firm said Friday. According to Hugel, botulinum neurotoxins that are currently used for therapeutic and cosmetic applications have been botulinum neurotoxin type A and B. The onset of action of botulinum toxin A, which is most widely used for cosmetic applications, ranges from three to seven days, while its therapeutic effect usuall
May 3, 2024
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KASA chief vows full support for private-led space missions
Korea’s new state space agency, the Korea AeroSpace Administration, or KASA, will focus on rearranging roles with the private sector to support companies to lead commercial space developments while the government concentrates on long-term space projects, the nominee for the top leadership position at KASA said Thursday. “So far, Korea’s space sector has been led by the government out-sourcing projects to the industry,” said Yoon Young-bin, an aerospace engineering profess
May 2, 2024