Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Oriental Brewery’s new TV ad roots for get-togethers
Oriental Brewery began a new television advertisement campaign to encourage get-togethers after two years of social distancing. The commercial “Let’s meet now" shows words of greetings and ends with friends and family toasting and having a good time. Major OB brands such as Cass, OB Lager, Hanmac and FiLGood are shown in the ad as something that connects people. OB beer accounted for more than 50 percent of the beer bought from convenience stores and supermarkets in the first
May 19, 2022
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S. Korea's tax revenue up W10.4tr in March
South Korea's tax revenue increased 10.4 trillion won ($8.16 billion) in March from a year earlier, as the collection of corporate and value-added taxes rose amid the economic recovery, the finance ministry said Thursday. The government collected 41.1 trillion won in taxes in March, compared with 30.7 trillion won the previous year, according to the Ministry of Economy and Finance. South Korea has continued to log a surplus of tax revenue, as the economy has been on a recovery track. The co
May 19, 2022
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Seoul shares open steeply lower after US stock plunge
Seoul shares opened steeply lower Thursday, tracking an overnight plunge on Wall Street that stemmed from fears about high-flying inflation pressure. The Korea Composite Stock Price Index (KOSPI) fell 47.02 points, or 1.79 percent, to 2,578.96 points in the first 15 minutes of trading. The S&P 500 sank 4.04 percent Thursday, the sharpest drop since June 2020, as high inflation and lackluster earnings by giant retailers stoked concerns about a possible recession. The Dow Jones Industrial Average
May 19, 2022
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SsangYong signs conditional investment deal with KG consortium
SsangYong Motor Co. said Wednesday it has signed a conditional investment deal with a local consortium ahead of the auction later this month to find a new investor for the carmaker. The Seoul Bankruptcy Court recently selected the consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor. The new auction comes two months after local electric bus maker Edison Motors Co. failed to make a full payment of 304.8 billion won ($249 million) fo
May 18, 2022
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Justice minister revives financial fraud team
The Seoul Southern District Prosecutors Office said Wednesday that it has reinstated the joint team on financial and securities fraud that was disbanded by the previous Moon government, a day after the new justice minister called for it at his inauguration. The joint team, which was set up in 2013 but dissolved in 2020 amid criticisms that prosecutors abused their authority, epitomized the power and influence wielded by the prosecution. The team, dubbed the market’s “angel of death,
May 18, 2022
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Biden picks Samsung chip complex to start his Seoul visit
US President Joe Biden is expected to start his three-day state visit this week with a tour of Samsung Electronics’ chip complex, according to industry sources on Wednesday. Biden will arrive in Seoul on Friday for summit talks with President Yoon Suk-yeol on Saturday. Upon his arrival at the Osan Air Base, he is reportedly heading directly to Samsung’s chip complex in Pyeongtaek, Gyeonggi Province, some 70 kilometers south of Seoul. Seoul’s presidential office also confirm
May 18, 2022
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Yoon likely to cut corporate tax
SEJONG -- The Yoon Suk-yeol administration is expected to slash the maximum rate in corporate tax, which has been set at 25 percent since the previous Moon Jae-in government, remarks from officials including new Finance Minister Choo Kyung-ho suggested. While some claim cutting down corporate tax is inevitable, as such deregulatory moves could improve the business environment, opponents say it would undermine the country’s fiscal soundness. In his recent reply to the National Assembly fo
May 18, 2022
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Experts urge SMEs to build brand identity in platform era
Amid the rise of the platform era where tech giants have a strong foothold based on their abundant resources, small companies must build a solid brand identity through digital branding and target a specific customer base, experts said Wednesday. “Big tech corporations such as Amazon wield enormous power over industries -- especially e-commerce, since they provide a simple but powerful platform with a wide range of purchase choices,” said Kim Byung-gyu, a business professor at Yonse
May 18, 2022
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[Photo News] Flour under pressure
A man looks around a flour section at a discount store in Seoul on Wednesday amid growing concerns over possible grain price hike with India‘s wheat export ban.
May 18, 2022
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Researchers develop biosensor that can test blood for cancer
Researchers at the Institute for Basic Science have developed a biosensor that can detect cancer with a drop of blood, the IBS said Wednesday. A group of researchers led by Cho Yoon-kyoung developed nanoporous gold electrodes to construct a biosensor with high sensitivity and accuracy, according to the IBS. The researchers named the development process SEEDING, which stands for surfactant-based electrochemical etch-deposit interplay for nanostructure and nanopore growth. The study confirme
May 18, 2022
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3 more Paris Baguette stores open in Indonesia
SPC has opened three more Paris Baguette stores in Indonesia, the South Korean food and bakery company said Wednesday. According to SPC, two of the new stores are located at shopping malls in the country‘s capital Jakarta and the other is in South Tangerang. The latest opening of the bakery cafe came two months after the company’s fourth Paris Baquette store began operation in Bekasi in March. The first Paris Baguette in the Southeast Asian country opened in November 2021, shor
May 18, 2022
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Hyundai Motor Group unveils W21tr plan to quadruple EV production in Korea
Amid looming reports that Hyundai Motor is set to announce a $7 billion investment in US, the South Korean carmaker unveiled a whopping 21 trillion-won ($16 billion) plan on Wednesday to quadruple its domestic electric vehicle production capacity by 2030. The plan is aimed at digesting about half of its target goal of producing 3.23 million units of EVs globally, the company said. It came two days prior to US President Joe Biden’s official visit to Korea of which the company report
May 18, 2022
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Siita, dubbed 'the Apple of cosmetics,' aims to lead sustainable cosmetics with plastics decomposition tech
South Korean skincare brand Siita said it has developed a new technology to speed up plastic decomposition, becoming the only zero-waste enterprise globally to treat its own plastic waste. Siita’s technology, unveiled in September, accelerates the decomposition process of plastic from 500 years to just 3 months, according to the skincare company. Celebrities such as Hollywood actor Jeremy Renner and K-pop singer CL voiced their support for the skincare company’s sustainable and ec
May 18, 2022
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Posco Energy, CIP to cooperate on offshore wind power, green hydrogen
Posco Energy said it signed a deal with a Danish fund management firm focused on renewable energy infrastructure to work together on offshore wind power and green hydrogen business. The largest private energy producer in South Korea said it will cooperate with Copenhagen Infrastructure Partners on the offshore wind power business; supply chain including steel products for offshore wind power; green hydrogen business; and run a joint working group. Posco Energy President Chung Ki-sup, CIP Manag
May 18, 2022
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Hyundai to launch upgraded Palisade SUV this week
South Korean automaker Hyundai Motor Co. said Wednesday it will launch the upgraded Palisade SUV in the domestic market this week amid the prolonged global chip shortage. The face-lifted Palisade comes with a 3.8-liter gasoline engine or a 2.2-liter diesel engine, and is priced at 39 million won-52 million won ($30,700-$41,000), the company said in a statement. Hyundai plans to ship the flagship SUV to the United States and other markets within this year. Carmakers have been struggling with the
May 18, 2022
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Samsung Electronics reigns as best-run firm in S. Korea in 2021
Global tech behemoth Samsung Electronics Co. was ranked as the best-managed company among South Korea's top 500 businesses in 2021 to retain the top spot for three years running, a corporate tracker said Wednesday. Samsung, the world's top memory chip and smartphone maker, obtained 766.9 out of 800 points in an assessment of high growth, investment, global competitiveness, job creation and four other categories, the highest among the leading firms by sales, according to CEO Score. Sams
May 18, 2022
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Seoul shares open higher on US tech rally
South Korean shares opened higher Wednesday, tracking overnight rallies on Wall Street amid lingering uncertainty over higher inflation and combative monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 23.55 points, or 0.90 percent, to 2,643.99 in the first 15 minutes of trading. Overnight, US stocks closed higher, boosted by a rally in tech stocks, in the face of Federal Reserve Chair Jerome Powell's hawkish comments. Powell said the Fed was ready to act a
May 18, 2022
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[Newsmaker] Surge in embezzlement fuels calls for tougher oversight
A recent report that three employees had stolen 3 billion won ($2.3 million) from South Korea’s biggest cosmetics maker Amorepacific in the wake of other huge embezzlements at the country’s major banks is fueling calls for tougher oversight. The employees at the cosmetics maker had allegedly used the money to buy stocks, cryptocurrencies and gamble by falsifying company documents such as tax records, a local report said Tuesday. Amorepacific said the employees were facing disciplina
May 17, 2022
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Level 4 self-driving IONIQ 5 starts delivering food in California
Hyundai Motor’s IONIQ 5 loaded with Level 4 self-driving technology has started delivering food in California. Motional, a US autonomous vehicle company that Hyundai Motor Group and US mobility startup Aptiv formed, and Uber Eats began operating their pilot program of automated delivery service in Santa Monica, California, on Tuesday. The partnership was announced in December. At Level 4, a vehicle can drive itself under limited conditions and will not operate if all required conditions
May 17, 2022
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Amid buyout talks, SsangYong to launch new SUV Torres
South Korean sports utility vehicle maker SsangYong Motor unveiled its new mid-size SUV called Torres on Tuesday, scheduled to be launched next month. The launch of the new vehicle came amid growing financial pressure on the SUV maker, which has been struggling to find a new suitable buyer. The new vehicle was named after the Torres del Paine National Park located in Chile’s Patagonia region, a place often known as “the end of the world.” “We adopted the name Torres bec
May 17, 2022