Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Tax revenue up W41tr through August
South Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday. Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry. In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago. Sout
Sept. 29, 2022
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Seoul shares open higher after rout amid recession fears
Seoul stocks opened higher tracking overnight Wall Street gains, after plunging to the lowest level in more than two years the previous session on growing recession fears. The Korean won also rebounded to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 28.66 points, or 1.32 percent, to 2,197.95 in the first 15 minutes of trading. The KOSPI ended at 2,169.29 on Wednesday, the lowest since July 20, 2020, amid combative monetary tightening policies in major economies to
Sept. 29, 2022
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Korean Air involved in minor collision incident at Heathrow airport
Korean Air Lines Co., South Korea's national flag carrier, said Thursday there was a minor collision incident involving its aircraft and an Icelandair plane at London Heathrow airport. No injuries have been reported. The incident occurred during the departure of a Korean Air B777-300ER from the Heathrow airport. "During Korean Air flight KE908's taxiing operation to the runway, the aircraft's left winglet came into contact with Icelandair flight FI454 aircraft's tail rud
Sept. 29, 2022
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Biz sentiment worsens for October amid high prices, economic uncertainites
South Korea's business sentiment worsened for October amid high commodity costs and aggressive policy tightening in major economies, a central bank poll showed Wednesday. The business sentiment index (BSI) came to 79 for October, down three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers points fell seven points on-month to 75 and the index for non-manufacturing firms also decreased 1 point to 81. The fall is largely attributed t
Sept. 29, 2022
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Samsung’s SmartThings devices exceed 10 million units
Samsung Electronics’ smart home platform SmartThings has hit the 10 million mark in connecting devices and home appliances around the world as of Sept. 12, the South Korean tech giant said Wednesday. Launched in 2018, the app aims to connect small and larger appliances from refrigerators and washing machines to air purifier and dishwashers via smartphones. More recently, Samsung is increasingly teaming up with other brands to bolster connectivity. The number of connected devices has double
Sept. 28, 2022
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Amid inflation bill concerns, Korea aims to take 12% in global EV market
SEJONG -- South Korea’s policymakers on Wednesday unveiled their goal of taking up 12 percent of the global auto market and expanding the country's capacity in manufacturing electric vehicles with 3.3 million units a year, expressing its confidence in tackling concerns over US' inflation reduction bill. Setting a target of becoming the world's third-largest automaker, the government will “resolve regulatory barriers” and “offer tax benefits" to help local carmakers
Sept. 28, 2022
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Korea eyes world No. 3 spot in digital competitiveness by 2027
The South Korean government on Wednesday unveiled a blueprint to become a global leader in digital innovation with the goal of becoming the world's third most digitally competitive by 2027. "We will bring up our global (artificial intelligence) competitiveness to No. 3 in the world and double the data market size to 50 trillion won ($34.7 billion) or bigger," said President Yoon Suk-yeol as he chaired the eighth pangovernmental meeting on economy and people's livelihood at the Kimdaej
Sept. 28, 2022
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Seoul stocks sink to over 2-year low on recession woes; Korean won at over 13-yr trough
Seoul stocks dropped to the lowest level in more than two years and the Korean won tumbled to a 13-year low Wednesday on deepening concerns over a global recession in the wake of aggressive monetary tightening in major economies. The benchmark Korea Composite Stock Price Index (KOSPI) fell by 54.57 points, or 2.45 percent, to end at 2,169.29, the lowest since July 20, 2020, when the market closed at 2,198.20. The KOSPI dived more than 3 percent on Monday before inching up 0.13 percent the
Sept. 28, 2022
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Korean businesses show greater appetite for vegan foods
With fast-growing interest in eco-friendly lifestyles, South Korean food companies are expanding plant-based menu items and restaurants to cater to the growing global vegan population of some 180 million. Nongshim, the country’s leading instant noodle maker, said Thursday it has launched eight kinds of plant-based "cup rice" (rice bowl with toppings), and porridge, in partnership with vegan restaurant Doosoogobang. Instead of spicy meat, cup rice comes with toppings such as na
Sept. 28, 2022
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Samsung insurers to invest $650m in Blackstone alternatives portfolio
Samsung Group’s insurance units signed a deal worth $650 million with US-based private equity firm Blackstone to expand its global alternative asset portfolio, the Korean insurers said Wednesday. Samsung Life Insurance and non-life insurer Samsung Fire & Marine Insurance will invest in overseas real estate, infrastructure and private equities managed by Blackstone through the latest deal. The investment will be managed by Samsung’s asset management arms Samsung Asset Management and
Sept. 28, 2022
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Posco, Apporium team up to produce blue hydrogen
Posco Group said Wednesday its two affiliates – Posco Holdings and Posco E&C – have signed a memorandum of understanding with the nation’s largest hydrogen production and sales company Approtium in a fresh push for hydrogen business. Under the agreement, the three companies will invest a combined 200 billion won ($139 million) by 2026 into establishing facilities for hydrogen production. The annual production capacity is expected to reach 40,000 tons. Approtium, based in the
Sept. 28, 2022
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LG publishes 1st groupwide ESG report
South Korea's consumer electronics-to-battery conglomerate LG Group has published its first annual report that revolves around its groupwide efforts to tackle environmental, social and governance issues, a holding company LG Corp. announced Wednesday. This is in line with the group's push to disclose nonfinancial performance such as actions to fight climate change, reduce and recycle waste, offer financial supports to vendors and local communities, as well as ensure boardroom diversity
Sept. 28, 2022
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Samsung Biologics earns gold status in EcoVadis' CSR rating
Samsung Biologics has scored a “Gold Sustainability Rating” from global business evaluator EcoVadis for its sustainability efforts, the South Korean contract development and manufacturing organization company said Wednesday. According to Samsung Biologics, the CDMO giant received a score of 71 out of 100, up 14 points from the silver rating it earned last year. The company was among the top 5 percent of more than 100,000 firms in 200 industries across 175 countries assessed by EcoVad
Sept. 28, 2022
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[Herald Interview] Why Korean chip engineers should watch next-gen standard
More servers require faster semiconductor speeds in high performance computing technologies, to meet the growing demand for big data analytics and autonomous mobility. But a disparity in transfer speed between processors and memory chips have long been an obstacle for further computing system performance improvement, often creating a network bottleneck within a chipset. This is why memory chip engineers should get a load of the next-generation interconnect standard blueprints, although they are
Sept. 28, 2022
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KT, AMC Networks ink content partnership deal
South Korean telecommunications giant KT is looking to expand the content provided on its streaming service Olleh TV through a partnership with US cable channel operator AMC Networks. KT said Wednesday it had signed a partnership with AMC Network’s content production arm AMC Studios on Tuesday to launch the producer’s original series on its platform and to participate in joint productions. With the new agreement, Olleh TV subscribers will gain access to AMC originals including popula
Sept. 28, 2022
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Samsung insurers to expand global alternative investment via Blackstone
Samsung Group's insurance affiliates said Wednesday they have signed a deal with US asset management behemoth Blackstone Inc. to invest some $650 million in alternative assets, such as real estate and infrastructure facilities. The two -- Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. -- will chip in the amount in the alternative fund managed by Blackstone. In recent years, Samsung's financial firms have been aggressively pushing for global investment. Samsung Life
Sept. 28, 2022
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Hyundai IONIQ 5 named one of Wards 10 best engine systems
The EV-only powertrain on Hyundai Motor Co.'s all-electric IONIQ 5 was named one of the Wards 10 Best Engines & Propulsion systems, the company said Wednesday. The IONIQ 5 was selected for its performance, charging capability, range and price, Hyundai Motor said in a statement. The South Korean carmaker has won 15 Wards 10 Best Engines & Propulsion systems recognitions since the annual awards were established in 1995. "The IONIQ 5 redefines the modern vehicle, not only from the propuls
Sept. 28, 2022
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European biz advocacy group calls for clarity, flexibility in S. Korea's EV regulations
The European Chamber of Commerce in Korea (ECCK) on Wednesday called for South Korea to consider revising regulations on electric vehicles and several other key sectors to provide more procedural clarity and flexibility in line with international standards. The ECCK made the recommendations to the South Korean government in its latest annual white paper for this year, which contains a total of 96 comments on the regulatory issues across 18 industries, including automotive, energy and environment
Sept. 28, 2022
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S. Korea's global digital competitiveness ranking climbs to 8th spot: IMD
South Korea's global ranking in terms of digital technology competitiveness climbed to No. 8 this year, the science ministry said Wednesday, citing the International Institute for Management Development (IMD). According to the ministry, South Korea climbed four notches from last year's 12th spot in the 2022 IMD World Digital Competitiveness Ranking report. The country ranked 19th in 2017 and later reached the 14th and 10th spots in 2018 and 2019, respectively. The IMD, a Switzerland-ba
Sept. 28, 2022
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Seoul shares open lower on recession woes
South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street, amid lingering concerns over the impact of aggressive monetary tightening in major economies on growth momentum. The benchmark Korea Composite Stock Price Index (KOSPI) shed 11.98 points, or 0.54 percent, to 2,211.88 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average shed 0.43 percent, while the tech-heavy Nasdaq Composite inched up 0.25 percent. The market has been in disarray, wit
Sept. 28, 2022