Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Korea becomes fifth-biggest cosmetics exporter to Europe
South Korea became the fifth-biggest exporter of cosmetics to Europe last year, supported by natural ingredients and cost effectiveness, a trade organization said Tuesday.According to the Brussels office of the Korea International Trade Association, South Korea ousted Japan for the No. 5 spot by exporting 135.79 million euros ($159.15 million) worth of cosmetics last year. The total marks a twelvefold leap from 11.33 million euros in 2010 and a 46.8 percent increase from 2016.The United States w
IndustryJune 5, 2018
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Korean steel slammed by import restrictions abroad
South Korea's steel exports are the subject of 95 cases of import restrictions by foreign countries, data showed Tuesday, making the industry the hardest hit by protectionist trade. Data compiled by the local steel industry and the Korea International Trade Association indicated that South Korean steel products were penalized with anti-dumping and countervailing duties, as well as import safeguards. The 95 cases account for nearly half of the 202 import restrictions for all South Korean exports.
IndustryJune 5, 2018
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Korea's current account surplus amounts to $1.77b for April
South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday.The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, according to the preliminary data from the Bank of Korea.From a month earlier, the April figure also lost gro
EconomyJune 5, 2018
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AmCham chief appointed as director of Chinese tech firm
James Kim, chairman of the American Chamber of Commerce in Korea, was appointed as an independent director of iClick Interactive, an online marketing technology firm in China, according to the company on Monday.James Kim, chairman of the American Chamber of Commerce in Korea“We are excited and honored to welcome Kim to our board,” said Sammy Hsieh, CEO of iClick, “Mr. Kim brings 30 years of world-class operating experience in both Fortune 500 and entrepreneurial companies in various industries t
IndustryJune 4, 2018
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Korea’s cross-border tech M&A weaker than rivals
While the global cross-border mergers and acquisitions market is heating up, Korean companies are still behind in buying and selling promising tech startups on the global stage and are focused on local deals, according to a nonprofit trade organization on Monday. According to a report released by the Korea International Trade Association, the nation’s total number of cross-border M&As stood at 31 during the period between 2013 and 2017. It accounts for 15 percent of the total 197 deals. The numb
IndustryJune 4, 2018
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[Graphic News] Dokdo's official land price rises 9.17%
A South Korean provincial government put the official land value of Dokdo, a pair of rocky islets in the East Sea, at 5.93 billion won ($5.49 million) as of Jan. 1, 2018, up 9.17 percent from a year ago. The land price of Dokdo, which was 5.43 billion won last year, has steadily risen over the past decade, according to the government of North Gyeongsang Province, which annually updates land values of all public and private properties in its vicinity. In South Korea, the actual market prices of
BusinessJune 4, 2018
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[Eyes On] Chaebol speeds up reform under anti-sentiment, state drive
Surrounded by growing public antagonism and state pressure, Korean Inc. have been speeding up efforts to improve transparency in their corporate governance, long blamed for allowing the owner families to stay in power despite their small shares in companies.Not only Hyundai Motor, top conglomerates like Hanhwa and Hyosung came up with grand plans last week that they believe would improve shareholders’ rights. And believe it or not, they want to complete such complicated and costly restructuring
IndustryJune 4, 2018
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Moon's wage hike plan could dampen employment: think tank
A major state-run think tank on Monday warned that the government’s minimum wage hike plan could hinder employment in the upcoming years, underpinning the uneasiness over drastic changes and the consequent impact on the market. The study also laid bare the recently suspected feud between the nation’s top two economic officials -- presidential chief of staff for policy Jang Ha-sung and Deputy Prime Minister and Finance Minister Kim Dong-yeon.The Korea Development Institute, affil
EconomyJune 4, 2018
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Starbucks Korea launches new in-car pickup service
Coffeehouse chain Starbucks Korea said Monday that it will provide a new in-car pickup service for its drive thru users from Tuesday, which helps drivers to skip the process of making a payment in the lane. (Starbucks Korea)Called “My DT Pass,” the new service will enable drivers whose plate numbers are registered on the Starbucks app or the official website to order and will be automatically charged through a prepaid card or a credit card registered on the Starbucks app. Drivers won’t have to
IndustryJune 4, 2018
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Samsung SDS launches blockchain-powered financial infrastructure
Samsung SDS on Monday launched a financial platform powered by blockchain and artificial intelligence, designed to help the local banking industry to cut cost, minimize security threats and streamline financial procedures, the firm said.Dubbed “Nexfinance,” the new platform features user applications that would automate a customer’s process of tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and m
MarketJune 4, 2018
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Samsung hires two AI experts to boost machine learning
Samsung Electronics scouted two renowned experts on artificial intelligence from the United States in a move to strengthen its AI capabilities, the tech giant said Monday. The company announced it is adding H. Sebastian Seung, professor at the Neuroscience Institute and Department of Computer Science at Princeton University, and Daniel D. Lee, chair professor at the School of Engineering and Applied Science at the University of Pennsylvania, to its AI Center under Samsung Research. Seung and Lee
TechnologyJune 4, 2018
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SKT provides energy-efficient cookstoves for Myanmar
South Korea’s leading mobile operator SK Telecom said Monday it would start providing cookstoves for Myanmar’s citizens to help improve environmental conditions under a partnership with the country’s government. This year, the company will supply a total of 54,000 energy-efficient cookstoves for households who live in dry areas of the country, helping to decrease the use of firewood and reducing about 106,000 tons of carbon emissions from cooking. The cookstoves will also improve the quality of
IndustryJune 4, 2018
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Korea, Russia to hold economic cooperation meeting this week
SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday.During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as developing infrastructure in the Russian Far Eastern region, as well as a potential trilateral project
EconomyJune 4, 2018
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Korea, Philippines agree on further economic cooperation
SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said.In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructure development project and said Seoul will actively support such projects through extended financial hel
EconomyJune 4, 2018
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Korean markets to close on June 13 for election
South Korea’s financial markets will shut down on June 13 for a designated holiday for local election, according to the Korea Exchange Monday. Markets trading equities, derivatives and commodities here will be closed throughout the day, based on the internal regulations by the KRX. Also, settlement or liquidation of stocks, derivatives and interest rate swaps in Korean won and US dollar will not be conducted during the day.The KRX operates markets for stocks, exchange-traded funds or
MarketJune 4, 2018
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Korean cosmetics firm Nature Republic moves into Saudi Arabia
Nature Republic Co., a South Korean cosmetics firm, said Monday it has opened its first outlet in Saudi Arabia as it moves to its expand presence in overseas markets.Nature Republic said it has signed an agreement with local retailer Fawaz Alhokair to open up to five outlets in the Middle Eastern country within this year, starting with the new store in the capital city of Riyadh.The Middle East's cosmetics market is expected to grow by as much as $36 billion by 2020, the company said, adding tha
IndustryJune 4, 2018
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Lung cancer incidence rate suggests more women smoking than official count
The actual smoking rate among women is likely to be nearly triple the official count of 6.4 percent, due to women's underreporting, a health professor said in a report Monday.The smoking rate was measured at 40.7 percent for men and 6.4 percent for women in 2016.According to Jeong Geum-ji of Yonsei University's graduate school of public health, the difference between men and women in the incidence rate for lung cancer was narrower than the gap in the smoking rate. In 2015, for example, 17,015 me
TechnologyJune 4, 2018
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Many breast cancer patients can skip chemo, big study finds
Most women with the most common form of early-stage breast cancer can safely skip chemotherapy without hurting their chances of beating the disease, doctors are reporting from a landmark study that used genetic testing to gauge each patient's risk.The study is the largest ever done of breast cancer treatment, and the results are expected to spare up to 70,000 patients a year in the United States and many more elsewhere the ordeal and expense of these drugs. "The impact is tremendous,'' said the
TechnologyJune 3, 2018
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Income growth rates for 90 pct of S. Koreans up this year: presidential aide
Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the
EconomyJune 3, 2018
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[Kosdaq Star] Buoyed by bio, genome sequencing pioneer Macrogen seeks stable future
This is the 56th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Only two decades ago, today’s genome sequencing technology sounded like magic. Driven by growing interest in the mysteries of the human body and passion for finding a cure, the market for genome sequencing service market has doubled in eight years. The price of the service also plummeted significantly in the 15 years leading to 2016, giving researchers easier access cost-wise to geno
IndustryJune 3, 2018