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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KFS aims to open forest renaissance
The Korea Forest Service has said it will step up efforts to promote the role of forests in improving the environment, economy and quality of people’s lives by pursuing sustainable forest management. Under its slogan “forest renaissance,” the KFS seeks a balance between development and conservation to secure a sustainable future. “In the forest-driven renaissance, we will make good use of forests to tackle climate change, preserve biodiversity and develop them in a sust
July 13, 2022
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[Herald Interview] Korea steps up for sustainable forest management around the world
Having succeeded in reforestation through nationwide tree-planting campaigns in the 1970s, South Korea has been a role model in forest restoration for many developing nations, and is now internationally recognized for sustainable forest management. In a 2020 study by the UN Food and Agriculture Organization’s Committee on Forestry that compared nations’ growth of forest resources per hectare between 1990 and 2015, South Korea showed the highest growth among countries in the Asia-Pa
July 13, 2022
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Mint choco craze going overboard? KFC releases mint chocolate dipping sauce
Ever wondered how fried chicken would pair up with mint and chocolate? For those who have, the South Korean unit of fried chicken chain KFC has released a mint chocolate-flavored dipping sauce. The sauce, which is part of a seasonal collaboration with local food delivery app Baemin, will be available until Aug. 8 at locations across the country, excluding a select few. The mixture of “rich and sweet chocolate” and a “fresh mint flavor” has created the new sauce, the
July 13, 2022
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Seoul shares rebound on eased rate hike uncertainties
South Korean stocks rebounded Wednesday on eased uncertainties about the central bank's rate decision. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.85 points, or 0.47 percent, to close at 2,328.61 points. Trading volume was relatively small at about 303 million shares worth some 5.9 trillion won (US$4.5 billion), with gainers outnumbering losers 550 to 298. Institutions bought a net 357 billion won, while foreigners sold 101 bil
July 13, 2022
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[From the Scene] Type and go: Self-cruising boats for leisure coming October
After the anchor was lifted for a boat test ride off Incheon waters, captain Lee Jun-sik at Avikus, a local autonomous navigation software venture, turns to a tablet PC, not the helm, to steer the boat. Lee simply types in where he wishes to go and then the system automatically comes up with the best and safest route. “The route planning of the system comes after processing obstacles and marine-related data. Once the route planning is done and we touch this play button on the tablet, the
July 13, 2022
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SK Telecom’s ifland to circulate in-metaverse cash
SK Telecom will distribute and circulate in-metaverse cash on its virtual platform ifland to encourage more participation from users starting in the third quarter, the South Korean mobile carrier said Wednesday. Calling it an introduction of internal economic system, ifland users will be given points that can used as cash in the platform, if they take part in continuous activities such as building up attendance and carrying out missions. With such points, users will be able to sponsor others w
July 13, 2022
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Korea to change expiration date labeling system
South Korea’s food expiration labeling system is set to change for the first time in 38 years, starting January, under a new policy measure to reduce food waste. The revised bill on the food labeling and advertising act that passed last August replaces the current “sell-by” dates with “use-by” dates. Sell-by dates denote the time period in which a retailer must get its products off the shelves, while use-by dates tell consumers up to what point a product can be sa
July 13, 2022
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US Treasury Secretary's Seoul visit raises expectation on currency swap
United States Treasury Secretary Janet Yellen is poised to hold talks with South Korea‘s key financial policymakers, raising market expectations of a possible currency swap amid the growing strength of the US dollar against the local currency. Her two-day visit to Korea on July 19-20 will take place immediately after the Group of 20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, scheduled from Friday to Saturday. During her visit, the secretary will also visit L
July 13, 2022
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Over 50s make up 85% of job increases
SEJONG -- The number of employed across the nation increased for the 16th consecutive month, with the tally for June climbing by more than 800,000 on-year, state data showed Wednesday. While brisk hiring continued last month, employment by age indicates that young generations still suffer a tough job market despite the normalization process from the pandemic. According to Statistics Korea, the number of employed people increased by 841,000 in June, compared to the corresponding month of 2021,
July 13, 2022
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LG Chem reaches out to society as ‘Green Connector’
Under a new vision called “Green Connector,” South Korea’s leading chemicals maker LG Chem is expanding activities to help resolve environmental and social problems. To raise awareness of the importance of biodiversity, the company has refurbished the Bamseom Ecological Experience Center on Mapo Bridge over the Han River, which it built with the Seoul city government in December 2018. LG Chem also began an online mentoring program, “Like Green,” with college
July 13, 2022
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SK Innovation invests $20m in Fulcrum BioEnergy
South Korean chemical firm SK Innovation said Wednesday it has made a $20 million equity investment in US renewable fuels firm Fulcrum BioEnergy. Fulcrum has commercialized a process to produce synthetic oil for transportation by gasifying household waste. With the fresh capital, Fulcrum is expected to reach Asian markets, including Korea, under an exclusive licensing agreement with SK Innovation. Fulcrum began its initial operations of its inaugural biorefinery, the Sierra BioFuels Plant l
July 13, 2022
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Korean students abroad, parents tightening belts as won dives to 13-yr low against dollar
South Korean students studying abroad and their parents are taking the brunt of the weakening Korean won, as the home currency is hovering around the lowest level against the US dollar in 13 years. After hitting a 13-year low of 1,301.8 won against the greenback on June 23, the Korean currency further extended losses to close at 1,312.1 won Tuesday amid growing global recession fears. The sharply weaker won means soaring living costs for Korean students abroad who rely on money transfers from ho
July 13, 2022
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BOK delivers unprecedented 0.5 percentage-point rate hike to combat inflation
South Korea's central bank on Wednesday delivered an unprecedented 0.5 percentage-point rate hike to fight fast-growing inflation pressure pushed up by high energy and commodity prices. The monetary policy board of the Bank of Korea (BOK) held a rate-setting meeting earlier in the day and voted to increase the benchmark seven-day repo rate from 1.75 percent to 2.25 percent, according to the central bank. This marked the BOK's first "big-step" rate hike ever and the sixth rise
July 13, 2022
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[Graphic News] South Korea recaptures No. 1 shipbuilding title in H1
South Korea has captured the No. 1 spot in global shipbuilding orders for the first time in four years on the back of rising demand for high-priced vessels, such as liquefied natural gas carriers and container ships, data showed. The country’s shipbuilders secured a total of 9.79 million compensated gross tons (CGTs) during the January-June period, accounting for 45.5 percent of the orders placed worldwide, the Ministry of Trade, Industry and Energy said, citing data from Clarkson Rese
July 13, 2022
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S. Korea's job growth slows in June amid increased economic uncertainty
South Korea reported job additions for the 16th consecutive month in June, but the pace of job growth slowed amid heightened economic uncertainty, data showed Wednesday. The number of employed people came to 28.49 million last month, up 841,000 from a year earlier, according to the data compiled by Statistics Korea. The June reading marked the largest job addition in 22 years for any June. But the pace of job growth slowed compared with May, when the country added 935,000 jobs. The statistics ag
July 13, 2022
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Seoul shares open higher ahead of BOK's rate decision
South Korean stocks opened higher Wednesday ahead of the central bank's rate decision. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.34 percent, to trade at 2,325.64 in the first 15 minutes of trading. The key stock index rebounded after a two-day loss since Monday, despite an overnight US stock fall. The Bank of Korea (BOK) will announce the results of its monetary policy meeting later in the morning. Investors are wondering if the BOK will take a "big step&qu
July 13, 2022
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Antitrust watchdog probing Naver, Coupang over alleged misleading advertising: sources
South Korea's antitrust regulator has conducted an on-site probe into internet giant Naver and e-commerce firm Coupang over their allegedly exaggerated or deceptive advertising practices, industry sources said Tuesday. The Fair Trade Commission (FTC) recently sent staff to the headquarters of the two companies located in Seongnam, south of Seoul, and Seoul's eastern ward of Songpa, respectively, to investigate the allegations that they engaged in illegal advertising practices. Naver is suspec
July 12, 2022
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Hyundai Motor, labor union reach tentative wage deal
Management and unionized workers of South Korea's top automaker Hyundai Motor Co. reached a tentative wage deal on Tuesday, averting a labor strike for the fourth consecutive year. The two sides agreed to a 98,000 won ($74.80) increase in basic monthly pay, the construction of a new electric vehicle (EV) factory in South Korea and more new hires, among other things, during their 16th round of negotiations held in Ulsan, some 310 kilometers southeast of Seoul. It marked the fourth consecutive
July 12, 2022
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Logistics venture DSF signed MOU to support Ukraine
Korean logistics venture DSF L&I has signed a memorandum of understanding with a non-profit organization Eurasian Business Association to implement relief and restoration projects in Ukraine, the company said Tuesday. The signing ceremony was held last month during a seminar on humanitarian aid and post-war recovery in Ukraine that took place in On General Hospital, Busan, it added. The seminar was co-hosted by the Ukraine Support Joint Task Force, Green Doctors Foundation and Eurasian Bu
July 12, 2022
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Dunamu to invest W500b for 5 years to create 10,000 jobs
Dunamu, the operator of local crypto exchange Upbit, will invest 500 billion won ($380 million) to create 10,000 new jobs for the next five years. The blockchain company plans to nurture 500 promising startups and create around 8,000 new jobs to operate startup counseling programs, according to Dunamu on Tuesday. Startup counseling programs include “UP Start Incubator” to help those working with Web 3.0, a decentralized online system based on blockchain technology, and “UP St
July 12, 2022