Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Hyundai unveils 2nd dedicated EV model IONIQ 6
South Korea's Hyundai Motor Co. on Thursday unveiled its second dedicated EV model IONIQ 6 at the Busan International Motor Show ahead of its local launch in September. The IONIQ 6 is the second model embedded with Hyundai Motor Group's EV-only electric-global modular platform (E-GMP) following the IONIQ 5, which launched in April last year. Hyundai will begin receiving preorders for the new model on July 28 and aims to sell 12,000 IONIQ 6 models in the domestic market by the end of th
July 14, 2022
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S. Korea's fiscal deficit worsens through May
South Korea's fiscal deficit rose 22.7 trillion won ($17.4 billion) in the first five months of this year from a year ago due largely to increased government spending aimed at tackling the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 71.2 trillion won in the January-May period, larger than a shortfall of 48.5 trillion won a year earlier, according to the finance ministry. The larger deficit came a
July 14, 2022
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SK chief suggests possible changes in investment plans amid rising costs
SK Group Chairman Chey Tae-won has suggested possible changes or a delay in SK's multibillion dollar investment plans for the next few years, citing higher borrowing and raw material costs. Chey made the remarks at a forum in Jeju this week, noting the effect of the global easy-money policy over the past decade, coupled with global supply disruptions, and a surge in energy and commodity prices, triggered by Russia's war in Ukraine, are unraveling. "Costs have risen sharply in mate
July 14, 2022
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BOK chief to join G-20 meeting in Bali, discuss inflation, other global issues
Bank of Korea (BOK) Gov. Rhee Chang-yong will take part in a Group of 20 (G-20) meeting of finance ministers and top central bankers this week in Indonesia, his office said Thursday. Rhee will join the G-20 meeting scheduled to be held from Friday to Saturday in Bali, and discuss key economic and financial issues with his counterparts from advanced and key emerging economies, according to the BOK. During the meeting, Rhee and other participants are expected to discuss global inflation, resilienc
July 14, 2022
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S. Korea to actively deal with herd behavior in financial market: official
South Korea plans to actively tackle herd behavior in the financial market as market volatility has increased amid monetary tightening drives at home and abroad, a senior government official said Thursday. The government plans to step up its monitoring of the market, as the country's financial market has "sensitively" reacted to concerns about high inflation and global recession fears, according to First Vice Finance Minister Bang Ki-sun. "The government plans to actively deal wit
July 14, 2022
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street amid concerns about fast-growing inflation. The benchmark Korea Composite Stock Price Index fell 7.77 points, or 0.33 percent, to trade at 2,320.84 in the first 15 minutes of trading. Overnight, US stocks dropped as the estimate-beating consumer price index for June fanned worries that the Federal Reserve can accelerate its rate hike moves. The Dow Jones Industrial Average declined 0.67 percent, and the tech-heav
July 14, 2022
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Finance minister concerned about recession after inflation comes under control
South Korea's chief economic policymaker said Wednesday that he is gravely concerned about a possible recession after soaring inflation stabilizes. His remarks came after the Bank of Korea raised its policy rate by a half percentage point, the largest-ever increase, earlier in the day to combat high-flying inflation. "(The BOK's rate hike) will help rein in rising expected inflation down the road," Finance Minister Choo Kyung-ho said in a forum held in Jeju. "In October
July 13, 2022
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'Pace yourselves,' Huh tells students
Korean American mathematician June Huh -- winner of the 2022 Fields Medal, the highest award in mathematics -- encouraged young students to stay patient with themselves when trying to figure out what they like. “If you are trying to like something but it’s hard to do so, I think you should support and wait for yourself. If you push yourself too hard, it’s difficult to purely like something. You should know when it’s time to relax, and I think that is how you can have goo
July 13, 2022
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[Market Eye] Short selling ban back in focus as stocks slide
South Korea’s top financial policymaker on Monday hinted at banning short selling again to prevent a jumpy stock market, but some market analysts say the plan should be reexamined since its effect on long-term market stability is still debatable. The ban -- which was temporarily put on the benchmark Kospi and junior Kosdaq in March 2020 over pandemic-induced volatility -- was partially lifted in May 2021, when the bearish investment practice was allowed on the Kospi 200 and the Kosdaq 15
July 13, 2022
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BOK backs historic rate hike amid growing recession fears
The Bank of Korea delivered a half-point interest rate hike Wednesday, the biggest increase since 1999, to tame unruly inflation, despite growing concerns the move could trigger soaring debt burden and an abrupt economic slowdown. The hike, which comes after inflation hit a 24-year high of six percent in June and takes the current policy rate to 2.25 percent, adds strain to the world’s highest household debt that amounts to a little over 104 percent of Korea’s gross domestic product
July 13, 2022
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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