Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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South Korea unveils W26tr support program for chip industry
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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S. Korea to hold rotating presidency of UN Security Council next month
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Student nabbed for biking naked 'due to stress'
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BOK holds rate at 3.5%, ups growth outlook
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Police arrest mastermind behind last year's palace vandalism
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Yoon rejects Lee's proposal for pension reform talks
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Stock market shows marked polarization in cap
South Korea's bourse has seen both big-cap and small-cap companies rise considerably this year, pointing to a marked polarization in terms of market capitalization, data showed Friday.Companies with a market value of 1 trillion won ($890 million) or more numbered 200 as of Thursday, up 17 from a year earlier, according to the data by the bourse operator Korea Exchange. Of the total, top-cap Samsung Electronics Co. and 34 other companies saw their market capitalization hover above the 10 trillion
MarketAug. 4, 2017
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More German car owners to file lawsuit against manufacturers
A group of South Korean consumers will file a compensation lawsuit next week with a local court against three German automakers accused of lying about diesel emissions and collusion, a local lawyer said Friday.Six people who own Porsches, BMWs and Mercedes Benzes are expected to file their case with the Seoul District Court on Monday, represented by attorney Ha Jong-sun of Barun Law. Ha is also the lawyer for another group of consumers who had filed a similar lawsuit in 2015 against Volkswagen a
IndustryAug. 4, 2017
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[Monitor] Naver dominates online ad sales
Naver maintained the top spot in terms of internet display advertisement sales in the first half of this year, according to data from MezzoMedia, a digital marketing agency under CJ E&M.As for online video advertisements, Google’s YouTube and Facebook took 60 percent of total revenue.Display ads include banner advertisements that pop up on websites and apps.
EconomyAug. 4, 2017
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Korean scientists contribute to first gene repair of human embryos
South Korean scientists from the Daejeon-based Institute for Basic Science have contributed to safely repairing a disease-causing mutation in human embryos via gene-editing technology, marking a major step toward a viable method to prevent inherited diseases. They co-authored a study published Thursday in the scientific journal Nature, showing that a mutation linked with a deadly, hereditary heart disease can be corrected in early stage embryos using the CRISPR-Cas9 “gene editing” tool.The findi
TechnologyAug. 3, 2017
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Hyundai Motor chairman, highest-paid chaebol head
Hyundai Motor Chairman Chung Mong-koo was the top earner among leaders of family-controlled conglomerates last year in South Korea, data showed Thursday.The Economic Reform Research Institute said in its analysis of executives’ annual paychecks that Chung earned 9.3 billion won ($8.25 million) from Hyundai Mobis and Hyundai Motor, two core operating units under Hyundai Motor Group. Chung has topped the list for the third consecutive year, the report said. Hyundai Motor Chairman Chung Mong-koo (Y
IndustryAug. 3, 2017
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Green car market led by EVs, Hybrids
South Korea’s green car market grew 23.7 percent on-year in the first half of the year, led by domestic brands’ electric vehicles and hybrids from Japanese carmakers.According to data compiled by the Korea Automobile Manufacturers Association and Korea Automobile Importers and Distributors Association, 40,978 eco-friendly vehicles were sold here from January to June. (Yonhap)Though still small in number, the growth of green cars was considered fast. In contrast, the number of cars across all ty
IndustryAug. 3, 2017
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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