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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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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‘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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[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
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New FSC chief vows to stabilize markets, ease rules
Kim Joo-hyun, the new chief of the Financial Services Commission, said Monday that he would use all resources and cooperate with authorities for market stability at his inauguration, which took place after a divided National Assembly failed to hold a confirmation hearing. Kim underscored mounting concerns that aggressive rate hikes by the US Federal Reserve would further dampen investor optimism here. “Rapid inflation is eating into the economy. Economic and political factors,
July 11, 2022
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[Photo News] 2022 Genesis scottish open
Hyundai Motor Group Executive Chair Chung Euisun (left) and Hyundai Motor Group CEO Chang Jae-hoon (right) pose with 2022 Genesis Scottish Open winner Xander Schauffele (center) at the Renaissance Club in East Lothian, Scotland, on Thursday. Genesis became a new title sponsor of one of Europe’s top-tier Rolex Series tournaments last year and renamed the tournament the Genesis Scottish Open this year. Schauffele finished at 7-under 273, one shot ahead of Kurt Kitayama, taki
July 11, 2022
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Eco-friendly vehicles make up 30.3% of Korea’s automotive exports
Eco-friendly vehicles were responsible for 30.3 percent of South Korea’s total car exports in the first five months of this year, according to the Korea International Trade Association on Monday. South Korea exported $20.45 billion worth of cars from January to May, and 30.3 percent of them were eco-friendly, showing an 8.7 percentage points increase on-year. According to KITA, such an increase comes from growing global demand for carbon-neutral vehicles and the launch of all-electric m
July 11, 2022
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S. Korean convenience stores make forays into Malaysia
South Korean convenience stores are actively making forays into Malaysia, a lucrative market based on growing local demand for consumer goods and convenience stores, along with the Malaysian public’s great interest in Korean food. Korean convenience store chain GS25 said Monday it has partnered with Malaysian retail giant KK Group to open the first GS25 store in Malaysia next year. The two agreed to expand to 500 locations in five years. According to a report from GS25, Malaysia’s
July 11, 2022
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Seoul stocks snap 2-day winning streak on recession, corporate earnings woes
South Korean shares snapped a two-day winning streak Monday as investors took to the sidelines amid woes about a recession and possibly lackluster corporate earnings. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 10.34 points, or 0.44 percent, to close at 2,340.27 points. Trading volume was relatively small at about 369 million shares worth some 6.1 trillion won ($4.7 billion), with losers outnumbering gainers 569 to 295. Institution
July 11, 2022
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6 in 10 Koreans believe house prices will fall
Six in 10 South Koreans planning to buy homes believe house prices will start to fall in the second half of this year, as rising interest rates will worsen repayment burdens, according to a survey by local property technology firm and listing platform Zigbang. In a survey conducted on 1,727 Zigbang app users from June 20 to July 4, 1,069 respondents (61.9 percent) said they expect the prices of houses in their neighborhood to fall, amid speculation over a sharper-than-expected rate hike the cen
July 11, 2022
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[Herald Interview] All-in-one diagnosis of diseases possible, proteomics expert says
More research into proteomics -- the study of the collection of proteins in the human body -- could infinitely upgrade the diagnosis sector so that all types of diseases can be easily detected in the early stages, a proteomics expert said. “There are diseases that have limited relations with DNA and genomics, such as depression and cardiovascular diseases. On the other hand, protein is involved in most biological activities so there is a wide range of areas that can be dealt with proteom
July 11, 2022
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Banks to maintain mitigated lending stance on households with credit risks likely to rise in Q3: survey
Banks in South Korea will likely maintain a mitigated lending stance for households in the third quarter but credit risks for them were expected to rise amid increasing borrowing costs, a survey showed Monday. According to the poll of officials handling credit affairs at financial institutions, including 18 banks, conducted by the Bank of Korea (BOK), the index gauging bank's attitude toward home-backed loans and unsecured household lending stood at 14 and 19, respectively, for the July-Sep
July 11, 2022
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Total card spending increases in May amid eased COVID-19 restrictions
Card spending surged more than 20 percent in May compared to the same month last year, according to data from the Credit Finance Association of Korea (CREFIA). CREFIA said Monday in a report that total card spending, including credit, debit and corporate cards, amounted to 99.3 trillion won ($76.3 billion) in May, when COVID-19 restrictions were lifted. This is a 20.7 percent increase from the 82.3 trillion won spent in May 2021. During the same period, the value of personal card spending so
July 11, 2022
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Bond sales in S. Korea fall in June amid high interest rates
Bond issuance in South Korea dipped in June from the previous month amid increasing interest rates at home and abroad, industry data showed Monday. The value of bonds sold in Asia's fourth-largest economy came to 71.4 trillion won ($54.9 billion) last month, down 4.4 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Sales of corporate bonds were similar to the previous month's level, but those of state, special and financial bonds
July 11, 2022
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S. Korea, Ecuador to resume official talks for trade deal in 6 years
South Korea and Ecuador will resume official talks on the formation of a bilateral free trade deal Monday after a six-year hiatus, Seoul's trade ministry said. The two nations launched negotiations for the strategic economic cooperation agreement, a type of free trade pact, in 2016 and held five rounds of talks that year. The sixth round will begin on the day and continue through July 21, and will be held both in in-person meetings and via teleconferencing, according to the Ministry of Trad
July 11, 2022
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S. Korea, Central American development bank to expand joint loan facility
South Korea's finance ministry and the Central American Bank for Economic Integration (CABEI), a regional development bank, agreed Monday to expand their joint loan program in a bid to bolster cooperation. The agreement calls for raising the ceiling of the joint loan facility by $200 million to $340 million, and extending its operation by three years until January 2025, according to the finance ministry. The deal was reached as CABEI opened its office in Seoul in an effort to bolster ties w
July 11, 2022
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Seoul stocks open slightly higher on tech, auto gains
South Korean shares opened a tad higher Monday, buoyed by strong advances in tech and auto heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) had added 4.92 points, or 0.21 percent, to trade at 2,355.53 points as of 9:15 a.m. KOSPI's top cap Samsung Electronics moved up 1.02 percent, and No. 2 chipmaker SK hynix increased 0.53 percent. The country's largest automaker Hyundai Motor advanced 1.69 percent, with its smaller affiliate Kia jumping 3.52 percent. The local c
July 11, 2022
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Exports up 4.7% during first 10 days of July
South Korea's exports rose 4.7 percent on-year in the first 10 days of July on demand for chips and petroleum products, but the country suffered a trade deficit on soaring fuel costs, data showed Monday. The country's outbound shipments stood at $15.8 billion in the July 1-10 period, compared with $15.1 billion a year earlier, according to the data from the Korea Customs Service. Imports grew 14.1 percent on-year to $21.3 billion during the cited period, resulting in a trade deficit of
July 11, 2022
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Ratio of green car exports tops 30% for 1st time
Eco-friendly vehicles accounted for more than 30 percent of South Korea's total car exports in the first five months of the year on strong overseas demand and the debut of two major electric vehicles made by local automakers in the US market, data showed Monday. The value of exported green cars amounted to $20.45 billion in the January-May period of this year, taking up 30.3 percent of the country's total auto exports, according to the data from the Korea International Trade Associatio
July 11, 2022