Most Popular
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BTS, NewJeans fandoms clash over Hybe-Min Hee-jin conflict
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N. Korea launches missiles in latest show of military, nuclear strength
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High temperatures may worsen mental health conditions: study
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Samsung chief travels to France to encourage young talents
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Korean battery makers zero in on global commercial EV market
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Yoon leaves for Prague to cement nuclear energy push
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N. Korea fires multiple short-range ballistic missiles: JCS
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[Off the Pages] German bestseller gets new twist in ‘Snow White Must Die -- Black Out’
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4th case of lumpy skin disease confirmed in S. Korea
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Main opposition to railroad multiple contentious bills after Chuseok
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MBK defends Korea Zinc bid, refutes Chinese capital accusation
Seoul-based private equity house MBK Partners said Thursday it hopes Korea Zinc will be acquired by a Korean conglomerate, not a Chinese one, if its buyout attempt of the world’s biggest zinc refiner turns out to be a successful venture. “MBK Partners is not a foreign fund. We do not have any plan to sell Korea Zinc to Chinese capital,” MBK Partners Vice President Kim Kwang-il said at a press conference held in central Seoul on Thursday. “It would take around 10 years to
Sept. 19, 2024
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Samsung under pressure after Intel's foundry spin-off: analysts
Intel, once the world’s leader in both designing and supplying advanced chips, has decided to spin off its chip manufacturing business in part of the efforts to recover from massive losses. For Samsung Electronics, the rival’s spin-off could pose a threat if successful, according to experts here on Thursday. At the same time, Intel’s decision is raising a strategic question for Samsung on how to stay competitive across all fronts of chip design and manufacturing as an integrate
Sept. 19, 2024
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Samsung CEO introduces ‘bold growth’ as new target
Samsung Electronics Vice Chairman and co-CEO Han Jong-hee has introduced “bold growth” as the new target to overcome the company's multifaceted crisis and take a leap toward a future-oriented business structure. “We have worked hard to lay the foundation for 'One Samsung' and to enhance synergy across different business units,” the CEO said at the tech giant’s Device eXperience division’s internal event recently held in Suwon, Gyeonggi Province,
Sept. 19, 2024
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Hyundai Glovis to gain momentum as global car carrier shortage persists
Hyundai Glovis, South Korea's sole provider of pure car and truck carriers, is expected to increase its global presence as charter rates for automobile-carrying vessels continue to remain high due to a persistent shortage of ships in the global maritime transportation market. According to data from Clarksons Research on Thursday, a UK-based shipping market analysis firm, the average daily charter rate for a 6,500-Car Equivalent Unit (CEU) carrier in the third quarter of this year reached ap
Sept. 19, 2024
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[Photo news] Hana opens foreign customer center
Hana Bank CEO Lee Seung-lyul (fifth from left) and Pyeongtaek B constituency Rep. Kim Hyun-jeong (sixth from left) pose for a photo at the opening ceremony of Pyeongtaek Foreign Customer Center on Thursday. The center aims to improve access to financial services for foreign workers in South Gyeonggi Province, including Pyeongtaek, Hwaseong and Anseong. The new branch will offer customer services like AI-based real-time translation and bank information kiosks. Additionally, Hana Bank’s 16 b
Sept. 19, 2024
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Taihan Cable wins W90b cable system supply deal in California
South Korean electric wire and cable maker Taihan Cable & Solution said Thursday it has secured a 90 billion-won ($67.5 million) cable system supply deal in the US. The company has been selected as supplier to US-based LS Power Grid California for 320-kilovolt voltage source converters used in high-voltage direct-current (HVDC) transmission and a 500-kilovolt heating, ventilation and air conditioning (HVAC) power systems. Making its first foray into North America’s high-capacity, long-
Sept. 19, 2024
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Daewoong to lead homegrown hyperlipidemia therapy
Daewoong Group announced Thursday that three of its subsidiaries will participate in a government-led project aimed at localizing raw materials for hyperlipidemia treatments amid a growing number of patients suffering from the disease here. Daewoong Pharmaceutical, Daewoong Bio and Daewoong Therapeutics were picked as primary organizers for the 2024 Material and Parts Technology Development Project, an over four year-long scheme initiated by the Ministry of Trade, Industry and Energy. Currently,
Sept. 19, 2024
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MBK Partners says no plan to sell Korea Zinc to China
Private equity firm MBK Partners said Wednesday it has no plans to sell Korea Zinc Inc. to China after acquiring a stake in the world's largest zinc smelter. MBK Partners announced last week that it will acquire shares in Korea Zinc through a tender offer, aiming to secure a 15 percent stake in the company with a budget of 2 trillion won ($1.5 billion). The equity firm said the share purchase was agreed upon with Young Poong, the largest shareholder of Korea Zinc, which holds a 33 percent s
Sept. 18, 2024
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W624b spent on corporate cards for 'lavish entertainment' in S.Korea
South Korea’s high-end entertainment industry marked 624 billion won ($469 million) in sales with corporate credit cards last year, with over half spent in hostess clubs. The sales, supposedly generated for entertainment in business dealings, increased by 61 billion won from the previous year’s 563 billion won and accounted for 0.4 percent of total corporate credit card expenditure, according to the South Korean National Tax Service data submitted to Rep. Park Seong-hoon of the rulin
Sept. 18, 2024
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Fintech rivals K bank, Toss gear up for IPOs
South Korea’s online banking firm K bank is gearing up for what could be one of the biggest market debuts this year, while its crosstown rival Toss seeks to follow suit in 2025. The country's first internet-only lender K bank is taking the final steps for its listing on the benchmark Kospi at the end of October. K bank said on Sept. 13 it filed a securities registration statement with the Financial Services Commission for review. It plans to offer 82 million new shares, with a target
Sept. 18, 2024
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Samsung chief travels to France to encourage young talents
Samsung Electronics Chairman Lee Jae-yong traveled to France to attend the closing ceremony of WorldSkills Lyon 2024, the world’s largest skill championship, in a bid to show support to young talents, the company said Wednesday. Presenting the medals and meeting with Korean competitors at the closing ceremony on Sunday, Lee reiterated the company's commitment to helping youth in their vocational training. "The sweat of the young talents is the foundation of South Korea, a technol
Sept. 18, 2024
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Woori injects W100b to support restructuring of high-risk PF projects
Woori Financial Group, one of South Korea’s top five financial conglomerates, announced on Wednesday it created a 100 billion won ($75 million) fund to provide liquidity to the struggling real estate project financing (PF) sector. The fund was raised through contributions from the group’s subsidiaries, with flagship Woori Bank contributing the bulk at 90 billion won. Woori Asset Management, Woori Financial Capital and Woori Investment & Securities each contributed 5 billion won,
Sept. 18, 2024
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Sales in convenience stores rank 2nd in H1 after department stores
Sales in South Korean convenience store chains ranked second among offline shopping outlets after department stores in the first half, the trade ministry said Tuesday. The ratio of sales in convenience stores came to 16 percent in the January-June period following department stores' 16.8 percent, showed data from the Ministry of Trade, Industry and Energy. Convenience stores exceeded large discount stores in terms of annual sales ratio for the first time in 2021 and have since maintained th
Sept. 17, 2024
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Over half of Koreans plan to spend same on Chuseok gifts as last year: KCCI survey
Most South Koreans showed positive sentiments about spending more on Chuseok gifts this year, despite the ongoing inflation and economic challenges, a recent survey found. According to the survey conducted by the Korea Chamber of Commerce and Industry, the nation’s largest business lobby, more than half of respondents, or 56.2 percent, planned to spend a similar amount on Chuseok gifts as they did last year, while 29.1 percent said they would increase their spending. The survey polled 1,00
Sept. 14, 2024
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Daewoong unveils new Indonesian stem cell facility with GMP certification
South Korean drug maker Daewoong Pharmaceutical has announced the launch of a new stem cell plant in Indonesia, marking the 20th anniversary of its entry into the Indonesian market. The facility is set to drive large-scale research and development projects in collaboration with local pharmaceutical and biotech industries, according to the firm. The stem cell plant, established by Daewoong Biologics Indonesia -- a subsidiary of Daewoong Pharmaceutical -- will begin full-scale operations following
Sept. 13, 2024
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Food conglomerates to refine strategies during Chuseok
During the five-day Chuseok holiday, leaders of food and distribution conglomerates are anticipated to refine their management strategies for the second half of the year, focusing on enhancing profitability in a challenging business environment. With the industry grappling with a downturn intensified by high prices and interest rates, the primary aim will be to devise measures to bolster profitability and navigate the performance crisis in the months ahead. According to industry sources on Frida
Sept. 13, 2024
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MBK spices up yearslong feud over Korea Zinc
MBK Partners, a big-name private equity house based in South Korea, has stepped into the ongoing management dispute involving the country’s leading zinc smelter Korea Zinc, siding with its rival Youngpoong Group. Youngpoong Group’s owning family, the Chang clan, which holds a combined 33.1 percent shares in Korea Zinc, teamed up with MBK Partners by signing a shareholder agreement Thursday, in an agreement to jointly exercise voting rights on the shares. The two also agreed on a ca
Sept. 13, 2024
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SK Bioscience celebrates topping-out of global research center in Songdo
South Korean biotech firm SK Bioscience said Friday it hosted a topping-out ceremony at the construction site of its Global Research and Process Development Center in Songdo, Incheon, Monday. In 2021, SK Bioscience signed a land contract with the Incheon Free Economic Zone authority to acquire part of the Incheon Technopark Expansion Complex. The company has invested 325.7 billion won ($244 million) in building the Global R&PD Center. With the project, SK plans to relocate its headquarters a
Sept. 13, 2024
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Telecom firms compete head-on for AI assistant service
Competition is heating up among major South Korean telecommunication companies to take the lead in the market for artificial intelligence assistants. LG Uplus, the country's smallest telecom company by market share, is set to launch a call-recording service, dubbed, “ixi O,” next month, according to industry sources on Friday. It is expected to offer services such as call recording, summary function and spam call and voice phishing filtering. Currently, AI assistants are evolv
Sept. 13, 2024
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Naver to develop Arabic-based LLM, expand AI cooperation with Saudi Arabia
Naver Corp., the operator of South Korea's largest internet platform, has signed an initial agreement with Saudi Arabia's artificial intelligence (AI) agency to jointly develop an Arabic language-based large language model (LLM), company officials said Friday. During the Global AI Summit hosted by the Saudi Data & AI Authority (SDAIA) in Saudi Arabia's capital of Riyadh earlier this week, Naver and the SDAIA signed the memorandum of understanding (MOU) to cooperate in various
Sept. 13, 2024