Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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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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Hana Bank, Kyung Hee Univ. start philanthropic campaign
Hana Bank, one of the five biggest banks in South Korea, and Kyung Hee University launched a philanthropic campaign Wednesday to ask people to bequeath their fortunes to charity, amid growing awareness of charity pledges leaving behind positive social impact. The bank will help those seeking to put money into philanthropic causes draw up a financial plan in advance while the university will look for potential candidates by offering them programs that show how charitable donations have served th
July 6, 2022
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Posco Chemical unveils carbon neutrality roadmap
Posco Chemical on Wednesday unveiled a carbon neutrality roadmap for its battery materials business, aiming to meet RE100 standards by around 2035. It aims to replace 100 percent of the electricity it uses for producing cathode and anode materials with eco-friendly sources. But the company said that does not mean that it will join the RE100 club by 2035. The Korean firm aims to complete its energy goal by transforming its current carbon capture, which is a use-and-storage process, by ad
July 6, 2022
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Coway named among top 50 S. Korean brands
South Korea’s home appliance brand Coway was named one of the “Best Korean Brands 2022” by global management consulting firm Interbrand. Interbrand has announced top 50 Korean brands since 2013. This year’s recognition marks the eighth consecutive year that Coway has been named among 50 best South Korean brands. Coway’s rank, which was placed at 27th last year, jumped up three levels to 24th. Coway’s brand value enjoyed a 5.6 percent year-on-year increase a
July 6, 2022
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S. Korea recaptures No. 1 shipbuilding nation status 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 (LNG) carriers and container ships, data showed Wednesday. 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 Cl
July 6, 2022
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KT invests W30b in S. Korean AI chip startup Rebellions
KT Corp., South Korea's No. 2 mobile carrier, said Wednesday it has invested 30 billion won ($23 million) in Rebellions Inc., a local artificial intelligence (AI) chip startup, to participate in the fast growing field of AI chips. The deal signed Monday marks KT's second strategic investment in the field of AI, following its partnership with Moreh Corp., a South Korean AI infrastructure startup, last year. Founded in 2020, Rebellions has made notable strides within the AI chip market f
July 6, 2022
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KSOE replaces orders for 3 LNG carriers with higher-priced ones
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday it has replaced existing contracts for three liquefied natural gas (LNG) carriers with new ones with a higher price tag amid supply chain disruptions. KSOE, a subholding company of global shipping titan Hyundai Heavy Industries Holdings, said in a regulatory filing that it has inked a 314.1 billion-won ($240 million) contract with an Oceanian-registered shipper to build a LNG carrier, a replacement of the original 198.9 billion-
July 6, 2022
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Industry chief calls for export growth, nuclear energy use over 'multiple crises'
Industry Minister Lee Chang-yang has vowed measures to strengthen export competitiveness and maximize nuclear energy in the face of major economic challenges over surging inflation and fuel costs. "We are now facing multiple crises, as high inflation and surging energy prices have given a shock to our economy. As we are highly dependent on imports for our energy needs, we are fully feeling the pains," Lee told reporters Tuesday. In June, the country's consumer prices soared 6 percent o
July 6, 2022
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Seoul shares open lower on recession fears; Korean won sharply down
South Korean stocks got off to a weak start Wednesday, as downbeat data from Europe, coupled with an energy crisis amid Russia's war in Ukraine, amplified fears over a global economic downturn. The Korea Composite Stock Price Index (KOSPI) retreated 27.89 points, or 1.19 percent, to 2,313.89 in the first 15 minutes of trading. The steep decline in euro, Germany's trade deficit in more than three decades, and a drop in oil prices fueled concerns over a global recession, sending the main
July 6, 2022
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LG Energy Solution to supply EV batteries to Isuzu: report
LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won ($762.4 million), a news report said Wednesday. LGES will produce cylindrical batteries for Isuzu's EV version of its flagship mid-to-large Elf trucks for four years starting in 2023, according to the Korea Economic Daily. The supply deal is part of their joint project for the electrification of Isuzu trucks. I
July 6, 2022
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1st person of Korean descent wins Fields Medal
Korean American mathematician June Huh has won this year’s prestigious Fields Medal to become the first person of Korean descent to receive the prestigious international award. The Fields Medal, widely regarded as the Nobel Prize of mathematics, is given to mathematicians under the age of 40 for significant contributions to the field of mathematics at the International Congress of Mathematicians held every four years. The ICM, organized by the International Mathematical Union, took pla
July 5, 2022
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Ministry to probe Eastar Jet for false data allegation
The government will investigate Eastar Jet Co. for false accounting data which the local budget carrier submitted to obtain approval to be an international air operator on Dec. 15, said the Ministry of Land, Infrastructure and Transport on Tuesday. Data previously submitted by Eastar Jet showed the company had 236.1 billion won ($181.6 million) in total capital, not reflecting its state of capital erosion. The company was in a state of complete capital erosion in 2021, according to financial s
July 5, 2022
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Labor strike imminent at Hyundai Motor Group
A union labor’s first walkout in four years is imminent at Hyundai Motor Group, as unionized workers are setting the stage for a strike, while the Korean carmaker came under greenwashing accusations in Germany for manipulating exhaust emissions, escalating the strain on the beleaguered carmaker amid dwindling sales. According to the industry, a 40,958-member labor union at the Hyundai Motor branch of the Korean Metal Workers’ Union under the Korean Confederation of Trade Union held
July 5, 2022
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Seoul shares snap 4-day losing streak on dip buying ahead of earnings season
South Korean stocks bounced back Tuesday, snapping a four-day losing streak, as investors scooped up oversold stocks ahead of the quarterly earnings season. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) closed up 41.44 points, or 1.8 percent, to 2,341.78. The KOSPI slid to a 20-month low Monday. Trading volume was light at 315.7 million shares worth 6.74 trillion won (US$5.18 billion), with advancing stocks far outpacing declining ones 802 to 92. &q
July 5, 2022
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In fresh restart, SsangYong Motor launches new SUV Torres
South Korean sports utility vehicle maker SsangYong Motor officially unveiled its new Torres mid-size SUV at a media showcase on Tuesday, declaring a fresh start for the debt-ridden carmarker supported by a record-high number of preorders. Kwak Jea-sun, who heads KG Group, which is set to take a majority stake in the carmaker, attended the launch event and said he wouldn‘t go through with a restructuring of the SUV maker. “I haven’t thought about restructuring the company (af
July 5, 2022
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Yoon nullifies nuclear energy phaseout
SEJONG -- The Cabinet on Tuesday approved the administration’s energy policy direction, which is aimed at raising the share of nuclear energy out of the nation’s total power generation from the current level of 27.4 percent. According to the Ministry of Trade, Industry and Energy, the administration has set the goal of raising the share of nuclear power generation to 30 percent or more by 2030. The Yoon Suk-yeol administration’s energy policy direction invalidates that of the
July 5, 2022
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BOK eyes bumper rate hike as inflation hits 24-year high
The Bank of Korea is emboldened to raise its benchmark rate by 50 basis points for the first time next week, as consumer prices in June increased 6 percent from a year earlier, the highest level since November 1998, when they jumped 6.8 percent on-year amid the Asian financial crisis. Data from Statistics Korea released Tuesday found the June consumer price index topped the 5.4 percent marked in May, in line with the central bank chief’s earlier warning that prices would rise faster in Ju
July 5, 2022
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Foreign reserves see sharpest fall since financial crisis
South Korea’s central bank said Tuesday that foreign reserves in June saw the sharpest decline since November 2008, when the country was dealing with the global financial crisis, feeding concerns of the weakening value of the Korean won against the US dollar. “Korea’s official foreign reserves as of end of June 2022 amounted to $438.3 billion,” the BOK said in a statement. It was down $9.43 billion on-month, data tied to the statement showed. Foreign reserves include
July 5, 2022
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[Herald Interview] Metaverse offices are future of work, say Zigbang execs
Local property technology firm Zigbang made a bold decision last year to relocate its Seoul headquarters -- not to New York or Tokyo, but to a virtual world. For its 400 workers, instead of a hellish commute in the mornings and evenings, they log in to a new interface the company has created. Workers’ avatars hop on elevators to get to their office in the metaverse to chat and have meetings with their colleagues. Meanwhile, their physical bodies stay wherever they choose to be -- at home
July 5, 2022
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Samsung chief meets Japanese business leaders
Samsung Electronics Vice Chairman Lee Jae-yong held meetings with Japanese business leaders who were staying in Seoul this week to attend the annual gathering of the Korea-Japan Business Council, according to the tech giant on Tuesday. Lee, the de facto leader of Samsung, on Monday had dinner with Masakazu Tokura, chairman of Sumitomo Chemical who doubles as chairman of Keidanren, or the Japan Business Federation. He also held a luncheon meeting on Tuesday with Toshiaki Higashihara, chairman o
July 5, 2022
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LG secures W8tr in automotive parts orders in H1
LG Electronics said Tuesday its automotive parts business has secured new orders worth 8 trillion won ($6.16 billion) in the first half of this year, with the total cumulative orders set to exceed 65 trillion won by the end of this year. The company said its Vehicle Component Solution unit has recently signed a series of new deals with global carmakers to supply its in-vehicle infotainment systems and 5G telematics solutions. The Korean tech giant is looking to beef up its competitiveness in
July 5, 2022