Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Pay gap among companies returns to pre-pandemic level: data
While the pay gap between large conglomerates and small- and medium-sized firms here may have been narrowing during the pandemic years, the disparity appears to have returned to the pre-pandemic level more recently, a report showed Tuesday. According to a report released by the Korea Chamber of Commerce and Industry, the average wage at SMEs with less than 300 employees remained at 60.78 percent that of larger companies with 300 employees or above in 2019. The disparity inched up to 63.29 per
Aug. 30, 2022
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SK, Naver chiefs meet on metaverse cooperation
SK Group Chairman Chey Tae-won recently discussed metaverse cooperation with Naver CEO Choi Soo-yeon in bidding efforts to host the World Expo 2030 in Busan, according to industry sources Tuesday. Chey visited Naver’s recently-built headquarters 1784 in Pangyo, Gyeonggi Province, to meet the IT giant’s leader last month. The exact date of his visit was undisclosed as the visit and the meeting took unexpectedly, SK and Naver officials said. Chey who doubles as chairman of the Korea
Aug. 30, 2022
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Scientists develop world's 1st therapy for Charcot-Marie-Tooth disease
Researchers have developed the world’s first electroceutical technology that can be used to treat the Charcot-Marie-Tooth disease, the Daegu Gyeongbuk Institute of Science and Technology said Tuesday. CMT disease is a group of inherited disorders that cause nerve damage. Its common symptoms are weakness in the legs and feet, loss of muscle bulk and curled toes. Although CMT is one of the most commonly inherited neurological disorders -- found in about one in 3,000 people -- there are no a
Aug. 30, 2022
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LG Chem to expand CNT production on upbeat battery demand
South Korean chemical company LG Chem said Tuesday it is building its fourth carbon nanotube manufacturing plant to bolster its responsiveness to the rapidly growing demand globally, especially for electric vehicle batteries. Carbon nanotube, widely called CNT, is considered a next-generation material that offers equivalent level of electricity and thermal conductivity as copper and diamond, and has 100 times the strength of steel. Demand for the material has surged recently as it is used as con
Aug. 30, 2022
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Daewoo E&C gears up for global expansion
South Korean builder Daewoo E&C is accelerating its overseas operations, gearing up to become a top global developer. To support Daewoo E&C's efforts, Jungheung Group Vice Chairman Jung Won-ju, along with a business delegation, met with newly elected Philippines President Ferdinand Marcos Jr. earlier this month to discuss potential roles the construction company could play in developing the island nation’s infrastructure and real estate. Jungheung Group is the largest shareholder of Daewo
Aug. 30, 2022
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LIG donates W200m for flood relief
South Korean conglomerate LIG Group said Tuesday that it has delivered a 200 million won ($148,228) relief package to the Hope Bridge Korea Disaster Relief Association to aid flood victims. South Korea recently sustained heavy damages from torrential downpours in early August, leaving over 15,600 residential and retail properties flooded and 1,774 hectares of agricultural lands damaged. Twenty people were reported dead or missing, with over 7,850 people being displaced, according to the Central
Aug. 30, 2022
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[Advertorial] Barcelona lures visitors to Europe’s digital and technology capital
[Advertorial] Barcelona is among the most popular cities to live worldwide, and was recently ranked as best place in the world to visit by UK newspaper The Daily Telegraph. The city is also the first destination in the world to obtain Biosphere Platinum certification. Barcelona is ramping up its promotion targeting global visitors after it recently became the permanent home of the Mobile World Congress. The world’s largest mobile tech event has been held in Barcelona every year since 2006.
Aug. 30, 2022
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Retail sales up 9.7% in July amid eased virus curbs
Retail sales in South Korea rose 9.7 percent on-year in July amid eased COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 14.17 trillion won ($10.48 billion) last month, compared with 12.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the fifth consecutive month of on-year growth. Sales from offline stores
Aug. 30, 2022
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BOK chief sees no change in Seoul's monetary policy despite Powell's hawkish remarks
The Bank of Korea (BOK) will not change its current monetary policy of pushing for "piecemeal" rate increases to combat inflation despite US Fed Chair Jerome Powell's hawkish remarks at the recent Jackson Hole meeting, its top official said Tuesday. At the annual conference held over the weekend in Wyoming, Powell hinted at continuing the Federal Reserve's rate hikes for some time to rein in runaway inflation, a comment interpreted in the market as raising the possibility of
Aug. 30, 2022
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Industry ministry seeks W10.7t in 2023 budget for chip, nuclear sectors
The industry ministry said Tuesday it has requested 10.74 trillion won ($7.95 billion) in its budget for next year to spur semiconductors, nuclear energy and other advanced industry sectors, and to strengthen supply chains. The budget for 2023 marked a 3.7 percent drop from this year's 11.16 trillion won, as the ministry has been focusing on the development of key future strategic technologies while ensuring financial soundness, according to the Ministry of Trade, Industry and Energy. The p
Aug. 30, 2022
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S. Korea seeks slowest growth of budget spending in 6 years for next year
South Korea on Tuesday proposed a budget of 639 trillion won ($473.5 billion) for next year in the slowest spending growth in six years as it seeks to implement a belt-tightening policy to improve fiscal health. The proposal represents a 5.2 percent hike from this year's budget of 607.7 trillion won and compares with an 8.9 percent on-year increase for the 2022 state budget. But it marks the slowest growth since a 3.7 percent rise for the 2017 budget and a 6 percent on-year fall from this year's
Aug. 30, 2022
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Tax revenue up W37.3t in first seven months of this year
South Korea's tax revenue grew 37.3 trillion won ($27.8 billion) in the first seven month of this year from a year ago as the collection of corporate and income taxes amid the economic recovery, the finance ministry said Tuesday. Tax revenue amounted to 261 trillion won in the January-July period, compared with 223.7 trillion won the previous year, according to the ministry. In July alone, tax revenue increased 800 billion won on-year to 42.7 trillion won. South Korea has posted a surplus o
Aug. 30, 2022
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Seoul shares open higher amid persistent rate hike woes
South Korea's stock market opened higher Tuesday, as investors digested the possibility of the US Federal Reserve continuing its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.05 points, or 0.66 percent, to trade at 2,442.94 as of 9:15 a.m. The market has faced renewed fears about aggressive rate hikes since last Friday when Fed Chair Jerome Powell said at the annual Jackson Hole meeting that the US central bank will keep rates at an elevated
Aug. 30, 2022
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LG Energy Solution, Honda to build $4.4b battery plant in US
LG Energy Solution said Monday it is building a new 5.1 trillion won ($4.4 billion) electric vehicle battery plant in the US in a joint venture partnership with Japanese auto giant Honda -- the first of its kind signed between a Korean battery maker and a Japanese carmaker. The world’s second-largest EV battery maker held a signing ceremony of the new deal in Seoul later in the day, with LG Energy Solution CEO Kwon Young-soo and Honda CEO Toshihiro Mibe in attendance. The plant, with an
Aug. 29, 2022
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TV war looms as Samsung, LG head to IFA this week
South Korean tech rivals Samsung Electronics and LG Electronics are heading to Berlin this week to show off their latest home appliances, including flagship TVs, during the IFA trade show that kicks off Friday (local time). Keen interest is being paid to whether Samsung will showcase its latest OLED TVs during the annual gathering. After a nearly nine-year hiatus, Samsung started rolling out OLED TVs early this year, but no high-profile promotional event has been held, raising speculation abou
Aug. 29, 2022
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More self-employed work alone in Korea
SEJONG -- The number of self-employed people without employees came to the highest in 14 years in South Korea amid the surge in food deliverymen and business startups among retirees, state data showed Monday. The nation’s self-employed is split into two groups: those who hire several workers as micro-business owners, and those who do not hire any employees. The latter are also called own-account workers. According to Statistics Korea, the number of own-account workers, who work alone, re
Aug. 29, 2022
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Seoul stocks slump, snapping 3-day winning streak; Korean won falls to lowest level against US dollar in 13 years
South Korean stocks tumbled Monday as investors grappled with renewed concerns over the US central bank's aggressive monetary tightening. The Korean won dropped to its lowest level against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 54.14 points, or 2.18 percent, to close at 2,426.89, ending its three-day rise. Trading volume was moderate at 441.63 million shares worth 7.79 trillion won ($5.77 billion), with losers far outnumbering winners 822 to 86. Ins
Aug. 29, 2022
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Financial firm workers embezzled W170b over 6 years: lawmaker
Executives from financial firms were reaping astronomical salaries and bonuses amid increasing embezzlement, a lawmaker said Monday, quoting data. Data submitted by the Financial Supervisory Service to Rep. Yang Jung-suk showed that a total of 327 embezzlement cases worth a total of 170 billion won ($126 million) had occurred at 78 financial firms from 2017 to August this year. According to the data, the amount of damage caused by embezzlements in the financial sector was increasing every yea
Aug. 29, 2022
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Korea hit by market volatility after Powell’s hawkish speech
South Korea’s financial authorities and brokerages on Monday warned of volatilities stemming from US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole last week, with the private sector expressing more skepticism towards the associated risks. Powell on Friday delivered a hawkish remark saying that the rising interest rates will cause “some pain” to the US economy and that the US Fed will use their “tools forcefully” to combat the nation’s
Aug. 29, 2022
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KT&G to build new packaging factory in Sejong
South Korean tobacco company KT&G said Monday it plans to build a new eco-friendly tobacco packaging factory in the central administrative hub of Sejong City. Under the 180 billion won ($133.5 million) project, the factory will be constructed at Sejong Mirae Industrial Estate, a government-developed area for local manufacturing companies, by 2025. KT&G said the factory will produce tobacco packaging such as cigarette papers and boxes, based on a cutting-edge logistics automation syste
Aug. 29, 2022