Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Questions raised over fair promotion of RM, NewJeans
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Kakao Bank outperforms K bank, addresses liquidity issues
More than 1.5 million bank accounts were created through Kakao Bank in its first week of operation, while the bank Thursday unveiled plans to address questions about its financial liquidity. As of 7 a.m. Thursday, the second branchless bank in South Korea had nearly 1.52 million accounts created, while drawing 653 billion won ($579.2 million) in deposits and savings and extending 497 billion won in loans, according to the bank. It began service at 7 a.m. on July 27. This is far-reaching compared
MarketAug. 3, 2017
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Seoul stocks tumble 2 pct amid uncertainties
South Korean stocks fell nearly 2 percent Thursday to snap a three-day winning streak as foreign investors sold off large-cap shares amid heightened geopolitical uncertainties at both home and abroad, analysts said. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index retreated 40.78 points, or 1.68 percent, to close at 2,368.85.Trade volume was modest at 299.95 million shares worth 6.2 trillion won ($5.9 billion), with losers far outnumbering gainers
MarketAug. 3, 2017
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[Exclusive] China’s Huawei to supply key network equipment for Seoul Metro
China’s biggest network equipment manufacturer Huawei will supply core equipment for the telecommunications systems of Seoul’s major underground railways, sources said Thursday. Hyundai Information Technology, a Korean provider of Huawei-made network equipment, won a bid to supply the telecommunications equipment with a bid price of 6.97 billion won ($6.19 million). The bid was opened by Seoul Metro through the Korea ON-Line E-Procurement System and closed on July 20. (Yonhap)Korea’s major mobi
TechnologyAug. 3, 2017
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Semiconductor market on pace for 16% growth this year: report
The global semiconductor market, of which Korea’s Samsung Electronics and SK hynix currently account for roughly 70 percent, is continuing to expand amid strong international demand, with industry experts forecasting the market size to jump roughly 16 percent on-year in 2017, according to a report released by IC Insights on Thursday. Following higher-than-expected chip sales trends, IC Insights’ 16 percent rise projection has more than tripled from its previous estimate of 5 percent earlier thi
IndustryAug. 3, 2017
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Jeju Air Q2 net soars on strong demand for low-cost travel
Jeju Air Co., one of South Korea's leading budget carriers, said Thursday its net profit more than tripled in the second quarter from a year earlier on higher low-cost travel demand.In the three months that ended on June 30, net profit soared to 15.1 billion won ($14 million) from 4.6 billion won a year earlier, the company said in a statement."In the second and fourth quarters when demand is relatively lower than the other two quarters, we focused on attracting customers with lower ticket price
IndustryAug. 3, 2017
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Sales of eco-friendly cars jump 24 pct in H1
The sale of environment-friendly vehicles surged 24 percent in the first half from a year earlier on improving infrastructure and government subsidies, industry data showed Thursday. (Yonhap)In the January-June period, domestic and foreign carmakers sold a total of 40,978 environment-friendly vehicles, up from 33,123 units an year earlier, according to data from the Korea Automobile Manufacturers Association and the Korea Automobile Importers and Distributors Association.During the same period,
IndustryAug. 3, 2017
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Audi Volkswagen steps up efforts to resume sales in Korea
Audi Volkswagen Korea Ltd., a global sales unit of Audi AG, is speeding up preparations to resume sales in South Korea within this year, Seoul officials said Thursday. On July 25 last year, Audi Volkswagen Korea, which was selling passenger cars under marques such as Audi, Bentley, Lamborghini, Porshe and Volkswagen, voluntarily stopped selling its vehicles in the country. Back then, the Seoul government was about to ban the sale of almost all Audi and Volkswagen cars while imposing heavy fines
IndustryAug. 3, 2017
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Samsung beats Apple in Q2 smartphone shipments in N. America
Samsung Electronics Co. beat its archrival US Apple Inc. in smartphone shipments in the North American market for the second quarter, industry data showed Thursday, returning as the No. 1 player.According to the data compiled by industry tracker Strategy Analytics, the South Korean giant took up 33.3 percent of the North American smartphone market over the cited period by shipping 14 million units.Apple, on the other hand, sold 10.1 million units, which translates into a 24 percent market share
IndustryAug. 3, 2017
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LG to adopt 'OLED Full Vision' on new flagship smartphone
LG Electronics Inc. said Thursday it plans to adopt what it calls organic light-emitting diode Full Vision display for its new flagship smartphone set to be showcased later this month.The latest display marks an update from the 18:9 ratio Full Vision display that was adopted by the G6 smartphone, which boasted a nearly bezel-less design. This photo released by LG Electronics Inc. on Aug. 3, 2017, shows the bottom part of the presumed LG V30 smartphone. (Yonhap)The South Korean consumer tech gian
IndustryAug. 3, 2017
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Tougher mortgage rules to affect some 400,000 borrowers
South Korea's stricter lending rules will likely affect about 400,000 potential mortgage borrowers in "speculative districts" in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts." In particular, 11
EconomyAug. 3, 2017
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Audi, Daimler Trucks, SsangYong Motor ordered to recall 18,000 cars
Audi, Daimler Trucks and SsangYong Motor Co. will recall over 18,000 vehicles in South Korea for faulty parts, the transport ministry said Thursday. (Yonhap)This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers. The carmakers plan to recall nine different models totaling 18,193 units. The models include the Audi Q5 35 TDI Quattro SUV, Daimler Trucks' Actros and SsangYong Motor's Korando Turismo multi-p
IndustryAug. 3, 2017
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Korea's Jecheon to host intl. expo on Korean medicine, biotech industry in Sept.
JECHEON -- The city of Jecheon, central South Korea, will play host to an international exhibition focused on the Korean medicine and biotech industry in September in a bid to develop the Korean herbal medicine-based biotech industry into a future growth engine, organizers said Thursday. This image, released by the organizing committee of the 2017 World Korean Medicine-Bio Industry Expo on Aug. 3, 2017, shows a structure of the Sept. 22-Oct. 10 fair that the Jecheon municipality will play host
TechnologyAug. 3, 2017
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Korea's current account surplus narrows to $7.01 bln in June
South Korea's current account surplus narrowed in June from a year earlier due to a hike in imports and an increased deficit in the travel balance, central bank data showed Thursday.The country's current account surplus reached $7.01 billion in June, compared with a surplus of $12.09 billion a year earlier, according to the preliminary data from the Bank of Korea. (Yonhap)The figure represents a surplus for 64 months in a row. The current account is the biggest measure of cross-border trade.The
IndustryAug. 3, 2017
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Top earners' monthly business income soars in Q1
High-earning households in South Korea saw their monthly income from business operations gain at the fastest clip in seven years in the first quarter on a brisk property market, government data showed Thursday.The average monthly "business income" of the top 20 percent households in the income bracket stood at 1.43 million won ($1,274) in the January-March period of this year, up 8.4 percent from a year earlier, according to the data by Statistics Korea. It marks the largest on-year ga
EconomyAug. 3, 2017
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Hyundai, Kia show overall downturn in US sales
LOS ANGELES -- Hyundai's Tucson SUV and Kia's Forte compact car were the bright spots in terms of US sales for the two South Korean automakers last month, in an otherwise disappointing period, industry data showed Wednesday. (Yonhap)The US headquarters of Hyundai Motor reported July sales of 54,063 cars, 27.9 percent less than the same month last year. The firm's sister company Kia Motors sold 56,403 vehicles in the same period, down 5.9 percent.Hyundai's compact crossover SUV Tucson, however, m
IndustryAug. 3, 2017
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Seoul stocks open lower on tech losses
South Korean stocks opened lower early Thursdays due to losses by large-cap technology shares.The benchmark Korea Composite Stock Price Index fell 20.74 points, or 0.85 percent, to 2,398.32 in the first 15 minutes of trading. Tech shares mostly lost ground, with market kingpin Samsung Electronics moving down 1.92 percent and the country's No. 2 chipmaker SK hynix shedding 2.5 percent. LG Display also surrendered 2.19 percent. Auto shares also moved in negative terrain, with industry leader Hyund
MarketAug. 3, 2017
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Lotte units suffer earnings setbacks on THAAD fallout
Subsidiaries of South Korean retail giant Lotte Group saw their earnings tumble in the second quarter, data showed Thursday, stung by China's retaliation over Seoul's decision to deploy an advanced US missile defense system.In early March, Lotte agreed with the Seoul government to swap its golf course in the southeastern county of Seongju for a land lot near Seoul in order to allow the deployment of a Terminal High Altitude Area Defense battery, which China suspects could be used to spy on its m
IndustryAug. 3, 2017
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[News Focus] How will Dongbu Group protect its electronics unit?
Including about 50 billion won ($44.5 million) worth of additional investment, Dongbu Group, which was previously one of 20 largest conglomerates in South Korea, is mulling measures to secure new capital to replace financial investors and maintain ownership of its electronics business. Financial investors of Dongbu Daewoo Electronics, on the other hand, are pressing the group to sell the company’s majority stake. According to sources in the financial and electronics industries, the group is stru
IndustryAug. 2, 2017
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Korea moves to hike tax rates for superrich, conglomerates
The government on Wednesday unveiled its plan to impose higher taxes on rich individuals and large businesses, seeking to fund President Moon Jae-in’s plans to boost employment and to support small-sized businesses.“We have decided that an adjustment in tax rates is needed to secure the nation’s tax revenues,” Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said in a ministry-led taxing policy meeting Wednesday.But considering financial circu
EconomyAug. 2, 2017
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Korean firms face 190 import tariffs in 28 countries
South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains
EconomyAug. 2, 2017