Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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LG Group rules out producing its own electric cars
LG Group, which has been aggressively expanding its presence in the vehicle components sector, made clear it is not moving to build electric vehicles (EVs), industry sources said Thursday."We are not even considering manufacturing a complete vehicle," an LG Group official stressed.Industry watchers have been speculating that LG Group may jump into car production as its affiliates recently expanded investment in the vehicle components businesses. (Korea Herald DB)Last month, LG Electronics Inc. s
MobilitySept. 7, 2017
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[News Focus] Labor-friendly government boosts confidence of financial unions
In line with the rise of the liberal Moon Jae-in government and the appointment of a former financial unionist as labor minister, financial labor unions have recently been increasing their leverage with their employers, especially over the issue of leadership appointment.On Wednesday, the labor union of the Financial Supervisory Service issued a statement, lashing out at the government’s purported decision to appoint Seoul Philharmonic Orchestra CEO Choe Heung-sik as the next chief of the
MarketSept. 6, 2017
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[Graphic News] Mobile credit card spending hits record high
Average daily spending of mobile credit cards came to 57.9 billion won ($51.2 million) in the first half of this year, up 41.2 percent, data showed The hike comes as a growing number of Koreans utilize smartphones to buy products ranging from clothes to electronic goods. South Korea is one of the most wired countries in the world, with one of the highest smartphone penetration rates. Eight in 10 South Koreans use a smartphone, according to government data.
BusinessSept. 6, 2017
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SKT, LG develop LTE-based connected car technologies
SK Telecom said Wednesday it had developed vehicle communications technology based on Long Term Evolution in partnership with LG Electronics, completing a performance test Tuesday. LTE V2X, or LTE vehicle-to-everything, is a connected car technology adopted in March as a global standard by the 3rd Generation Partnership Project, which is a global mobile communications industry collaboration. (SK Telecom)“LTE V2X broadly collects and exchanges traffic information such as nearby cars, vehicle cont
IndustrySept. 6, 2017
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SK holdings C&C launches Korean version of IBM’s AI platform Watson
SK holdings C&C, the internet technology solutions unit of South Korea’s SK Group, on Wednesday officially launched Aibril, the Korean language version of IBM’s artificially intelligent cognitive data computing platform Watson.Aibril, developed jointly by SK holdings C&C and IBM under an exclusive partnership, offers Watson’s AI computing capabilities in Korean. Models introduce a smart chatbot developed based on SK holdings C&C’s AI-based cognitive computing platform Aibril during a launch even
TechnologySept. 6, 2017
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[Advertorial] Samsung Display extends lead in OLED market
Samsung Display is extending its lead in the global display market amid exponential growth in demand for organic light-emitting diodes. The Korean display maker recorded 1.7 trillion won ($1.4 billion) in operating profit in the second quarter of this year, the highest revenue among other rivals. According to Meritz Securities, the firm is predicted to post 3.1 trillion won in operating profit in the latter half of the year, further widening the gap with the runner-up company’s estimated 998 bil
IndustrySept. 6, 2017
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Korea’s fiscal soundness on shaky ground
Doubts are rising over the government’s assertion that the country’s fiscal soundness can be maintained even if public spending increases at a faster pace than economic growth during President Moon Jae-in’s five-year presidency, which began in May.Such an optimistic view is based on expectations that tax revenues will continue to rise as the Korean economy is put on a path toward recovery. A draft tax code revision, if passed during the ongoing parliamentary session, would incr
EconomySept. 6, 2017
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Korean banks’ overseas performance jumps nearly 50%, boosted by interest revenue
South Korean banks saw a nearly 50 percent increase on-year in net profit from offshore banking units in the first half of this year on surge in interest revenue, while the reliance on the overseas business dropped to a third over the cited period, data showed Wednesday. The net profit of all 184 offshore banking entities during the first half came to $461.2 million, up 48.7 percent from a year prior, according to data by the Financial Supervisory Service. In the first half of 2016, net revenue
MarketSept. 6, 2017
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[Monitor] Income gap between single-, doouble-income households narrows
The income gap between single-income and double-income households for the second quarter this year decreased to the narrowest level since the fourth quarter of 2015, data from Statistics Korea showed Wednesday.The decline was attributed to lower quality jobs.Double-income households earned an average of 5.47 million won ($4,830) compared to single-income households’ 3.69 million won.While the overall number employed in the second quarter increased by over 300,000 from the previous year, th
EconomySept. 6, 2017
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Financial firms expanding Korean athletes sponsorships ahead of PyeongChang Olympics
South Korean financial firms are expanding sponsorship for athletes competing in the upcoming 2018 PyeongChang Winter Olympics, industry sources said Wednesday, as they seek to improve their brand image while contributing to the better performance of the home team.One of the major financial companies supporting athletes is KB Financial Group, which sponsored now-retired figure skating star Kim Yu-na since 2006. Industry watchers have been citing KB Financial's sponsorship of Kim as one of best e
MarketSept. 6, 2017
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Complaints soar after release of info on sanitary pads
Complaints about unexpected side effects from using sanitary pads have spiked since mid-August when information regarding the materials used in these products were released, according to the Food and Drug Safety Ministry on Wednesday.Since Aug. 21, a total of 74 complaints have been lodged with the Korea Institute of Drug Safety and Risk Management concerning the use of menstrual care products. There were no complaints regarding menstrual care products reported before Aug. 20. The complaints mos
IndustrySept. 6, 2017
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Decline in Japanese tourists to continue after nuke test
The decrease in number of Japanese tourists visiting South Korea is expected to continue on the back of North Korea‘s latest nuclear test, clouding the outlook of the nation‘s tourism industry, according to Korea Tourism Organization Wednesday.The number of Japanese tourists to Korea have shown a tendency to fall upon North Korea-bound provocation in the past. According to data compiled by the KTO, the number of Japanese visitors decreased by 5.4 percent on-year to reach 165,748 in April this ye
IndustrySept. 6, 2017
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Tax-to-GDP ratio needs to top 35% by 2060 to meet growing welfare programs: report
South Korea's tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government's social welfare-related spending plan, a local think tank said Wednesday.The report by the Korea Economic Research Institute comes as the ruling Democratic Party proposed hiking up tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimated to cost 178 trillion won ($156 billion) over the next five years.It s
EconomySept. 6, 2017
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Kyobo holds commemorative concert for late founder Shin Yong-ho
In honor of the late Shin Yong-ho, the founder of Kyobo Life, the company announced it is holding a commemorative concert and a memorial photo exhibition this month to celebrate 100 years since its founder’s birth. Regarded as one of the most respected Korean entrepreneurs of the 20th century, Shin’s dedication to learning and national education made him a pioneer in the country’s insurance and publication industry, the company said. Shin Yong-ho, the late founder of Kyobo Life (Kyobo Life)The
IndustrySept. 6, 2017
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Corporate promotion system favors seniority over ability: survey
Promotion systems at more than 35 percent of Korean companies still largely prioritize employee seniority over job skills, according to data released by career portal site Job Korea on Wednesday. Job Korea surveyed 1,057 employees regarding their companies’ promotion systems and found the top result of 35.5 percent of respondents said their companies base promotions on years of service. Of the total respondents, 29.3 percent answered their companies promoted personnel under the criteria of empl
IndustrySept. 6, 2017
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Seoul shares down for 5th day on US losses, geopolitical tension
South Korean stocks closed lower Wednesday as a decline in US stocks, coupled with concerns over North Korean provocations, continued to sour investor sentiment, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 6.80 points, or 0.29 percent, to 2,319.82, extending its losing streak to a fifth day. Trade volume was low at 249 million shares worth 5.25 trillion won ($4.62 billion), with losers outnumbering gainers at 569 to 239.Analyst
MarketSept. 6, 2017
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ILO chief urges ‘quick’ resolution on outlawed teachers and civil servants unions
The chief of the International Labor Organization said Wednesday that there is a need to "quickly" address the legal status of South Korea's outlawed teachers and public servants unions, urging the government to work hard to resolve the issue.In a meeting with labor union leaders, Guy Ryder, director-general of the ILO, said South Korea should resolve the legal spat over the progressive unions regardless of the ratification of the ILO's key rights convention by the country.In 2013, the
EconomySept. 6, 2017
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GM Korea steps up moves to quell rumors of withdrawal from Korea
Clay models of GM vehicles and the interior made using 3-D augmented reality technology at the Design Center in Bupyeong, Gyeonggi Province (GM Korea)BUPYEONG, Incheon -- Stepping up efforts to quell unrelenting rumors of its potential pullout from South Korea, GM Korea on Wednesday arranged a press tour of its design center, with the newly appointed CEO emphasizing the importance of the market here.“Firstly, I have heard the many rumors of media regarding our operation in GM Korea. I can assure
MobilitySept. 6, 2017
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Hyundai signs on with Israeli tech institute on self-driving, AI
Hyundai Motor has signed a memorandum of understanding with Technion, an Israeli institute of technology, to jointly develop artificial intelligence and technologies for autonomous driving, the company said Thursday.The joint project also includes a plan to support budding enterprises in Israel and use their ideas to devise new market platform aimed at realizing innovative mobility. South Korea’s Korea Advanced Institute of Science and Technology also joins the project, the company said. Officia
MobilitySept. 6, 2017
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Korea to give rice aid to developing nations
South Korea plans to give rice to developing nations after it joins an international food assistance convention as part of its ambition to stabilize the local rice supply and help the needy around the world, the farm ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs said it is preparing steps to join the Food Assistance Convention, expecting parliamentary approval for the membership by the end of this year. If approved, the ministry plans to ship about 50,000 tons
EconomySept. 6, 2017