Latest News

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  CJ Olive Young captures young Middle Eastern consumers with color cosmetics brand Wakemake SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has expanded its sales channels for a color cosmetics brand called "Wakemake" to the United Arab Emirates targeting young female Middle Eastern consumers. The South Korean company said Wakemake's eyeliner products are gaining explosive popularity, especially among Emirati female consumers who cover their faces with head coverings and only expose their eyes. According to data r 2023-02-13
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  [Weekly Stock Market] Markets to focus on macroeconomic data, China's reopening SEOUL -- The KOSPI, South Korea’s benchmark stock price index, experienced another volatile week closing slightly lower at 2,469.73 (-0.4 percent). As investors remained focused on overall inflationary trends, the much bette 2023-02-12
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  SK Telecom to provide virtual effects-related educational program for film production experts SEOUL -- South Korea's top mobile carrier SK Telecom (SKT) have teamed up with the Korean Film Council and a domestic virtual production company called XON Studio to provide virtual film production-related educational programs. Film producers can learn how to create films through virtual effects technology. Virtual effects (VFX), which incorporates computer graphics (CG) elements, is often used by filmmakers to produce imagery that is difficult to be filmed or doesn't exist 2023-02-10
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  [OPINION] Beijing's balloon and practical Asia realities KENOSHA, Wisconsin -- The large balloon launched by China, which drifted at a leisurely pace over North America until shot down by a U.S. F-22 fighter, is definite 2023-02-10
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  South Korea to resume issuing short-term visas for travelers from China SEOUL -- The South Korean government said February 10 that it has decided to resume issuing short-term visas in its diplomatic missions in China for those wanting to travel to Korea starting February 11. In a positive response to Seoul's decision, China said that it will actively consider lifting its visa restrictions against South Koreans. Chinese foreign ministry spokesperson Mao Ning told reporters that South Korea's lifting of visa restrictions on China is a step in the 2023-02-10
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  BTS agency Hybe to emerge as largest shareholder in SM Entertainment SEOUL -- Hybe, the agency of BTS, is expected to become the largest shareholder in entertainment powerhouse SM Entertainment, by purchasing a 14.8 percent stake. The decision was made while SM's founder Lee Soo-man embarked on a legal battle with SM's executive boards for issuing new shares to sell them to Kakao Corp., the domestic internet giant. Through SM, Lee has played a crucial role in popularizing K-pop through talented artists such as Girls' Generation, Super Ju 2023-02-10
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  4 German automakers engage in collusion on emission reduction device: regulator SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to issue an order on four German automakers to correct its collusive scheme that caused their diesel cars to emit more nitrogen oxide (NOx). It has also decided to impose a combined fine of 42.3 billion won ($33.5 million) on three of the carmakers operating here. On February 9, the KFTC said it has found that the German brands -- BMW, Mercedes-Benz, Audi and Volkswagen -- were engaged in the collusive scheme in which they 2023-02-10
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  Woowahan Youths to launch electric motorcycle rental business for delivery workers SEOUL -- Woowahan Yooths, a logistics service provider affiliated with Woowa Brothers, the operator of South Korea's top food delivery service Baedal Minjok, has partnered with A Rental & Service, a domestic motorcycle rental service provider, to make a foray into an electric delivery motorcycle rental business. Motorbikes capable of traveling up to 24 to 31 miles with a fully charged battery will be provided for consumers. As of 2022, some 30,000 food delivery workers rode 2023-02-10
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  Red Velvet to represent K-pop bands at Primavera Sound 2023 SEOUL -- Girl band Red Velvet will interact with global fans at Primavera Sound, an annual music festival held in Spain, as the only K-pop group. The five-member band will perform along with global stars such as rapper Kendrick Lamar and Halsey. According to SM Entertainment, the group's agency, Red velvet will participate in the festival on June 1 in Barcelona and Madrid on June 8. This year, the event will take place between June 1 and 3 in Barcelona and in Madrid from June 2023-02-10
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  South Korean rescue workers save surviving quake victims in Turkey SEOUL -- The South Korean disaster relief team rescued five people, including a baby girl, from under the debris of collapsed buildings in earthquake-stricken Turkey on February 9, according to the Ministry of Foreign Affairs. The team began its rescue operation at the site of a high school in Antakya, the capital of Turkey's southeastern Hatay province, at around 5 a.m. Then it managed to save a man in his 70s after searching through debris. The ministry said the man did not l 2023-02-09
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  S. ​Korean companies join efforts to help earthquake victims in Turkey, Syria SEOUL -- Major South Korean companies and banks have committed to helping earthquake victims in Turkey and Syria by offering rescue equipment and relief supplies as well as cash donations. Hyundai Motor's Turkish subsidiary said on February 8 that it will provide $450,000 worth of equipment and daily necessities for quake-hit people. The firm already delivered emergency rescue equipment worth $50,000 to help save people trapped under the debris of collapsed buildings. Kim S 2023-02-09
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  Lunit provides AI-based breast cancer diagnosis solution to Dubai's public health facility SEOUL -- An artificial intelligence-based image analysis solution jointly developed by South Korea's medical AI-based solution developer Lunit and Belgium-based medical imaging company Agfa HealthCare will be used at Dubai's public health center to boost human radiologists' work performance. Lunit aims to make a foray into other regions in the Middle East. According to market research firm Data Bridge Market Research, the medical imaging market in the Middle East is exp 2023-02-09
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  Northeastern county to offer hefty subsidies for agricultural drones for adoption of efficient farming method SEOUL -- The northeastern county of Cheorwon will offer hefty subsidies for farmers and private drone operators who wish to buy agricultural drones used for spraying pesticides and fertilizer pallets. The county government will provide up to 50 percent of the drone price which normally costs about 30 million won ($23,775). South Korea's farming population is rapidly decreasing to stand at 2.3 million in 2022, down 42.6 percent from four million in 2002. More than 42 percent of 2023-02-09
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  NCSoft's operating profit jumps 49% to $442 million in 2022, driven by soaring mobile game sales SEOUL -- South Korea's top game publisher NCSoft Corp. enjoyed an operating profit of 559 billion won ($442 million) last year, up 49 percent from a year earlier on the back of soaring sales of mobile games, the company said February 9. NCSoft's sales rose 11.4 percent year-on-year to 2.57 trillion won in 2022 from 2021. Sales of mobile games surged 20 percent to 1.93 trillion won, accounting for 76.8 percent of the company's total sales. Its net profit jumped 14.4 perc 2023-02-09
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  About 70% of S. Korean teenage moviegoers visit theaters twice every month: survey SEOUL -- About 70 percent of teenage moviegoers visit theaters at least twice a month, a survey showed. Young movie enthusiasts also said that their favorite media channel they use to watch films is cinemas. Over-the-top services like Netflix and Disney Plus were their second-favorite media. South Korea's cinema industry was devastated in early 2020 when the first wave of the COVID-19 pandemic hit the country with a monthly average number of moviegoers of about 9.6 million in 2 2023-02-09
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  Girl band TWICE's unit MiSaMo to release first Japanese album SEOUL -- TWICE, a nine-member K-pop girl band especially popular in Japan, will consolidate its position in the island country through its first unit consisting of three Japanese members -- Mina, Sana, and Momo. The new group called "MiSaMo" will roll out its first Japanese language-based mini album on July 26 to start its new journey. JYP Entertainment, the group's agency, disclosed an official trailer and photos of Misamo through its official website. "So happy 2023-02-09
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  South Korea to invest $41.6 million in developing technologies for materials, parts, equipment SEOUL -- The South Korean Ministry of Trade, Industry and Energy has decided to invest 52.5 billion won ($41.6 million) in developing technologies in key materials, parts and equipment. The ministry said on February 7 that companies can apply for 96 technology development projects between February 8 and March 9 to get state R&D money. The planned investment is part of this year's state budget worth 937.6 billion won set aside for the technology development of materials, 2023-02-08
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  Kakao to emerge as second largest shareholder in SM Entertainment SEOUL -- South Korea's internet giant Kakao Corp. is expected to become the second largest shareholder in SM Entertainment, a domestic entertainment powerhouse, by purchasing a 9.05 percent stake in the agency, to secure a foothold in the music and content market. Lee Soo-man, the founder of SM credited with pioneering K-pop, heralded a legal battle against SM's executive boards for issuing new shares to sell them to Kakao. Kakao said in a statement on February 7 that the c 2023-02-08
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  S. Korea sends 118-member rescue team to quake-hit Turkey, offering $5 million in aid SEOUL -- South Korea's 118-member search and rescue team arrived at an airport in Turkey's south-central province of Gaziantep on February 8 to help save people trapped under the debris of collapsed buildings in the earthquake-devastated country. The arrival came after the team left for Turkey aboard a KC-330 military transport airplane on February 7, a day after the country was hit by a 7.8 magnitude earthquake. The rescue workers are soon to be deployed to hard-hit urban 2023-02-08
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  ​Apple to release long-awaited digital payment service in S. Korea SEOUL -- American tech company Apple, famous for its iPhone and iPad models, will release its digital payment service in South Korea, about eight years after it was first released in the United States in October 2014. Apple is the last mover in South Korea where digital payment services including Samsung Pay have become part of people's everyday lives. The rumor about Apple Pay coming to South Korea has been around for years and the unproven story became real in early February 2023-02-08