Most Popular
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Anti-corruption official leading first lady probe found dead
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S. Korea ties own Olympic record of 13 gold medals, aims to beat it
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BTS' Suga's blood alcohol concentration over 0.2 pct in drunk driving incident: police
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Hybe Chairman Bang spotted in LA with livestreamer Seyeon
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Underdog Kim Yu-jin beats odds to climb to top of taekwondo world in Paris
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2 subway workers killed, 2 injured at Guro Station
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New members of Fifty Fifty unveiled
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N. Korea unilaterally applies for taekwondo's inscription as UNESCO Intangible Cultural Heritage
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Software update of Hyundai, Kia cars result in lower theft rates in US
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Old Korean Legation under review for US Register of Historic Places
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Samsung begins mass production of ultraslim DRAM chip for on-device AI
Samsung Electronics, the world’s largest memory chip maker by revenue, announced Tuesday it has begun the mass production of the industry’s thinnest 12-nanometer LPDDR5X DRAM chip that helps better thermal control within mobile devices. The ultraslim DRAM chip, which comes in storage with 12- and 16-gigabytes, would create additional space within mobile devices to facilitate better airflow. This supports easier thermal control, which has become increasingly important, especially for
Aug. 6, 2024
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[Contribution] Conditions for becoming a sustainable company
By Lee Young-suk Head of sustainability management, SK Inc. The ongoing global liquidity tightening, high interest rates causing economic recession and geopolitical tensions are increasing uncertainties in business management. As a result, governments and companies worldwide are relentlessly focusing their resources on reviewing policies and strategies to overcome crises. At this point, as we navigate through significant challenges, I would like to revisit the essence of “sustainabil
Aug. 6, 2024
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Govt. sets deadline for Qoo10 crisis consumer refunds
Some customers who have yet to receive refunds from e-commerce platforms Tmon and WeMakePrice due to a liquidity crisis surrounding the companies will get their money back by the end of this week, officials said Tuesday. Finance Minister and Deputy Prime Minister Choi Sang-mok announced that the refund process for the customers who purchased products other than travel services or gift cards on the two imperiled e-commerce platforms would be completed by “the end of this week,” in a b
Aug. 6, 2024
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[Exclusive] Thailand’s SCBX reaffirms partnership with Kakao Bank
Thailand’s largest financial group SCBX has reaffirmed its commitment to the digital banking partnership with Kakao Bank despite growing legal risks surrounding Kakao Corp., the largest shareholder of the Korean internet-only bank. "We do not foresee any changes to our current business relationship (with Kakao Bank) based on the recent news," SCBX's Chief Customer Officer Sutirapan Sakkawatra told The Korea Herald via email, regarding the impact of Kakao's legal develop
Aug. 6, 2024
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Samsung Biologics joins Pharmaceutical Supply Chain Initiative to enhance ESG practices
Samsung Biologics announced Tuesday that it became Korea's first domestic contract development and manufacturing organization to join the US-based Pharmaceutical Supply Chain Initiative. PSCI, a non-profit organization established in 2013, aims to promote sustainable supply chains in the biopharmaceutical sector. Its members include some 80 biopharmaceutical companies worldwide such as Johnson & Johnson, Pfizer, Novartis and AstraZeneca. To become a member of PSCI, companies must underg
Aug. 6, 2024
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Daewoong debuts Fexuclue in Latin America
South Korean drug maker Daewoong Pharmaceutical said Tuesday that it launched its gastroesophageal reflux disease, or GERD, treatment Fexuclue in Mexico, Ecuador and Chile. According to pharmaceutical market research firm IQVIA, the market for antiulcer drugs in these three countries was valued at $300 million last year. Fexuclue, a potassium-competitive acid blocker developed independently by Daewoong Pharmaceutical over 13 years beginning in 2008, was introduced to the market in July 2022. The
Aug. 6, 2024
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SK chairman to contest court's recognition of slush fund in divorce case
SK Group Chairman Chey Tae-won is expected to contest a court's recognition of former President Roh Tae-woo's slush fund as seed money for the conglomerate in his divorce suit against Roh's daughter, sources said Tuesday. In May, the Seoul High Court ordered Chey to pay 1.38 trillion won ($1 billion) in property division to Roh Soh-yeong in the country's most expensive divorce suit in history. The court recognized that a purported slush fund of 30 billion won from the former
Aug. 6, 2024
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NCSoft Q2 operating profit down 75 pct on weak sales
NCSoft, a major South Korean game developer, said Monday its operating profit decreased 75 percent from a year earlier on sluggish sales. Operating profit for the April-June period came to 8.8 billion won ($6.4 million), compared with 35.3 billion won a year ago, and sales fell 16.2 percent on-year to 368.9 billion won, the company said in a regulatory filing. Net profit for the period, however, jumped 132.8 percent on-year to 71.1 billion won thanks to favorable currency exchange rates, accordi
Aug. 5, 2024
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Woori returns to investment banking after 10-year hiatus
Woori Investment & Securities, a brokerage house under Woori Financial Group, is poised to bolster its presence in investment banking, backing the potential of its group affiliates. The securities firm, formed through the merger of Woori Investment Bank and Korea Foss Securities, officially launched Thursday. The launch comes nearly 10 years after Woori Financial Group sold its securities firm to NongHyup Financial Group in 2014. “Woori Investment & Securities will be a key affilia
Aug. 5, 2024
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[From the Scene] Woori Bank nurtures global talent in Asian push
Betary Syahlan, a final-year business management student at Kyunghee University in South Korea, said she enrolled in Woori Bank's "Woori Internship, Scholarship & Hiring" program to gain practical experience in global banking. "During the program, we are given various assignments that immerse us in real work, an opportunity often lacking in other internships, especially in Indonesia. Working at a major bank like Woori is challenging, but we are definitely learning a lot i
Aug. 5, 2024
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[Photo News] Hyundai chair welcomes new employees
Hyundai Group Chair Hyun Jeong-eun (center, front row) poses with the company's newest recruits during the 2024 training completion ceremony held last Wednesday at the group’s headquarters in central Seoul. During the event, Hyun distributed employee cards to approximately 50 new employees and delivered a message of support. She emphasized Hyundai’s core value of positivity, encouraging the recruits to embrace their new roles with enthusiasm and dedication. (Hyundai Group)
Aug. 5, 2024
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S. Korea opens anti-dumping probe into hydrocarbon resin imports from China, Taiwan
South Korea has opened an anti-dumping investigation into hydrocarbon resin imports from China and Taiwan after a local company has claimed cheap imports from the countries were damaging the local industry, according to informed sources Sunday. According to the sources, the Korea Trade Commission of the Ministry of Trade, Industry and Energy has recently begun the investigation into four Chinese companies and three Taiwanese companies, following a petition from Kolon Industries Inc. The South Ko
Aug. 4, 2024
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Authorities to tighten control over financial services by e-commerce
The South Korean government is considering stricter regulations on e-commerce platforms' involvement in financial services, aiming to avert another payment failure crisis amid ongoing investigations into cases involving Tmon and WeMakePrice. According to industry sources, local financial regulators are contemplating measures to prevent the platforms from controlling vendor capital by legally separating payment gateway (PG) services from e-commerce platforms. A payment gateway facilitates el
Aug. 4, 2024
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Shinhan Card launches joint venture with Kazakh autodealer Aster
South Korea's leading card firm, Shinhan Card, has strengthened its foothold in Kazakhstan's auto finance market by establishing a joint venture with the nation's top used-car seller Aster Auto. Shinhan Finance, the Kazakh unit of Shinhan Card, announced on Sunday the launch of this joint venture with Aster Auto. This development follows their initial plan, unveiled in December, to set up a collaborative corporation. According to the plan, Aster will invest around 31 billion won (
Aug. 4, 2024
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Tech giants eye growing home appliances subscription market
Subscription services in the home appliances market are fast expanding in South Korea, with the country’s top players targeting younger and smaller households. LG Electronics, the country's leading home appliance giant, has achieved a record sales figure surpassing the 1-trillion-won ($ 736 billion) mark for its subscription service, and Samsung Electronics is also reviewing to launch a similar service for its home appliances in the latter half of the year. For 2023, LG Electronics re
Aug. 4, 2024
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S. Korea's kimchi exports achieve record high in H1
South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-
Aug. 4, 2024
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S-Oil unveils new TV ad to deliver future-forward vision
S-Oil said Sunday that it has begun airing the second season of its “GooDoil Can Do It” television marketing campaign from July 31. The new ad shifts from the previous focus on product quality to highlight the theme of the “power of creative energy,” delivering a futuristic message through a catchy commercial song. The commercial is designed in a question-and-answer format that explores a new world. In the video, S-Oil’s cherished mascot, GooDoil, flies with a hawk,
Aug. 4, 2024
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Court grants troubled Tmon, WeMakePrice 1 month for self-debt restructuring
A court on Friday granted cash-strapped e-commerce platforms Tmon and WeMakePrice one month to seek debt restructuring on their own, after they failed to make payments to their vendors. The decision by the Seoul Bankruptcy Court to allow an autonomous restructuring support program (ARS) for Tmon and WeMakePrice came as the platforms' delayed payments are estimated to reach 274 billion won ($200 million). The total amount is estimated to escalate to nearly 1 trillion won if future payments a
Aug. 2, 2024
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Investors join forces to secure Qxpress management rights: report
Qoo10 Group CEO Ku Young-bae could lose control over the group’s logistics arm Qxpress, as its financial investors are reportedly mulling taking over his management rights. According to a local news report Friday, a group of private equity firms, including Crescendo Equity Partners, Corstone Asia, Metistone Equity Partner, Cactus Private Equity and Korea Development Bank Private Equity, are discussing ways to exchange their rights in the company to common stock. The investors are said to h
Aug. 2, 2024
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Zyx Technology, Vietnam’s CTC1 team up to infuse AI into construction
South Korean design software developer Zyx Technology said Friday that it has recently signed a memorandum of understanding with Vietnam's Construction Technical College No.1 (CTC1) to expand its presence in the Vietnamese market. CTC1, an institution under Vietnam's Ministry of Construction, is tasked with developing and offering education in alignment with the ministry's policies on the construction industry. The latest partnership aims to forge a long-term collaboration on joint research and
Aug. 2, 2024