Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Korean, Romanian leaders discuss defense tech, nuclear energy
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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N. Korea sends economic delegation to Iran amid suspected military cooperation
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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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
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Digital health care for seniors blue ocean in S. Korea: report
With the emerging digital health care market sparked by the coronavirus pandemic, demand for digital health care services for seniors is continuing to grow in South Korea, a report showed Tuesday. According to Samjong KPMG, a Seoul-based consulting firm, the digital literacy level of the elderly here has surged by 4.8 percentage points to 69.1 percent last year, compared to 2019. The report said seniors are emerging as key customer base for digital health care, noting that one out of three Ko
July 12, 2022
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Mercedes-Benz CSR donates W530m to support underprivileged kids
The Mercedes-Benz CSR Committee donated 530 million won ($403,000) raised through the ninth Mercedes-Benz Give ’N’ Race to provide medical and education expenses to underprivileged children and teenagers. The donation will be delivered to Gangnam Severance Hospital’s Rare Incurable Disease project, the Kids & Future Foundation’s Children and Youth Welfare project, the SeungIl Hope Foundation’s Lou Gehrig Disease project and Wild Flower Youth Center’s Grou
July 12, 2022
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HanmiGlobal acquires UK consultancy Walker Sime
Korean construction management firm Hanmi Global said Tuesday that it has acquired Manchester, England-based construction consultancy Walker Sime. Walker Sime, established in Manchester in 1999, provides specialist services including quantity surveying, project management, employer agents and commercial consultancy. It also has talented employees with diverse consulting experience in the field of construction. Walker Sime has recently been expanding its portfolio by carrying out projects in
July 12, 2022
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SPC Group chairman attends Choose France event
SPC Group chairman Hur Young-in attended a global business event held by the French government as the only Korean entrepreneur to have participated in the event twice, the food company said Tuesday The one-day event, called Choose France, invites overseas companies to accelerate their investment in the second-largest economy in Europe. The government-led event has been held since 2018. On Monday, French President Emmanuel Macron hosted a banquet to welcome global entrepreneurs from over 250 c
July 12, 2022
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Seoul shares down for 2nd day on earnings, virus concerns
South Korean stocks retreated for a second straight session Tuesday, weighed by concerns about corporate earnings and a surge in new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 22.51 points, or 0.96 percent, to close at 2,317.76 points. Trading volume was relatively small at about 374 million shares worth some 6.3 trillion won ($4.8 billion), with losers outnumbering gainers 772 to 129. Institutions sold a ne
July 12, 2022
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Korea snubs display industry with focus on chips
Flat-panel displays usually come together with semiconductor chips as they are both considered basic elements of the most of the electronic devices in the world. But with the Yoon Suk-yeol administration placing its policy focus on semiconductor chips and as Yoon pivots toward “economic security” based on the Korea-United States alliance, South Korea’s display panel business has largely been sidelined. Experts say such shift could end up endangering Korea’s foothold in
July 12, 2022
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Only 2 Korean firms listed in top 100 ICT companies worldwide: FKI
South Korea has only two companies on the list of the world’s top 100 information and communications technology firms, despite the country’s self-claimed label as an ICT powerhouse, the Federation of Korean Industries said Tuesday. The KFI used the database from company tracker S&P Capital IQ to rank the global top 100 ICT companies by market capitalization. According to the FKI’s analysis, South Korea’s Samsung Electronics ranked ninth and SK hynix came in at 56th.
July 12, 2022
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Construction of nuclear reactors in Korea to resume in 2024
SEJONG -- South Korea will resume construction of new nuclear reactors in the country's eastern industrial city of Uljin in the next two years, speeding up its nuclear energy drive announced earlier this month, the energy minister said in a briefing to President Yoon Suk-yeol on Tuesday. The construction of the Shin-Hanul No. 3 and No. 4 reactors in North Gyeongsang Province is set to begin as early as 2024, said Minister Lee Chang-yang, adding that about 130 billion won ($99 million) worth of
July 12, 2022
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Hyundai Motor to build first local factory in 29 years
Hyundai Motor will build an electric vehicle production factory in South Korea by 2025, making it the carmaker's first investment in expanding its local manufacturing capacity in 29 years. The envisioned factory will be first-ever EV-dedicated manufacturing facility here, the company said. The plan was a part of a labor-management agreement to secure jobs for its workers, according to the union. The carmaker said it aims to break ground next year, while existing facilities that are old and ou
July 12, 2022
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[Contribution] Three requirements for Korea to embrace nuclear power for more sustainable future
The global energy industry is witnessing unprecedented turbulence triggered by supply shocks, inflation and geopolitical issues. In contrast to where we stood a few years ago with the big issues of sustainability, including electrification and decarbonization -- dominating the CEO agenda -- we have now shifted the focus onto diversifying supply security. There have been numerous announcements to pace the speed of energy transition as a way of boosting energy security. For instance, highly devel
July 12, 2022
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Movie tickets likely to be made tax deductible
South Korea’s Finance Ministry is set to announce a legal revision bill next week that includes tax deductions on movie tickets and a raise to the tax exemption for company meal plans for middle-class workers. Under the current tax law, the government offers a 30 percent tax cut on cultural expenses for middle-class workers whose annual salary is less than 70 million won ($53,300). Eligible workers can receive up to 1 million won in tax deductions for book purchases, museum tickets,
July 12, 2022
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Hanwha Solutions to push for 500 MW solar power project in Germany
Hanwha Solutions Corp., a key energy unit of South Korean conglomerate Hanwha Group, said Tuesday it will work with a German renewable energy firm to push for a 500 megawatt (MW) solar power development project in the European country in a bid to tap deeper into the region with its clean energy business. Hanwha Q Energy, Hanwha Solutions' wholly-owned subsidiary in Germany, will co-develop 38 solar power plant projects, with the size in range of 2-70 MW each, with Enviria Energy, a Frankfur
July 12, 2022
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Samsung's DRAM sales drop in Q1 for 2nd quarter
Samsung Electronics Co., the world's top memory chip maker, saw its DRAM sales fall in the first three months of the year for a second quarter on weaker prices and other negatives, but the company retained its top spot in the global market, data showed Tuesday. Samsung's DRAM revenue came to $10.34 billion in the January-March period, down $9 million from three months earlier, according to the data from global market researcher Omdia. It marks the second straight quarter of falls. Sams
July 12, 2022
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Seoul housing prices show signs of slowdown
South Korea’s overheated housing market is showing signs of cooling down, as Seoul housing prices have inched down in recent months with persistent inflation and soaring interest rates squeezing household budgets. According to the Land Ministry on Monday, apartment prices in Apgujeong-dong, a wealthy neighborhood in Gangnam-gu, Seoul, dropped by as much as 300 million won ($230,000) in June from the previous month. A price slowdown was palpable in other affluent Seoul districts like Son
July 11, 2022