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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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[Weekender] How DDP emerged as an icon of Seoul
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Samsung chief bolsters ties with Germany’s Zeiss
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Seoul stocks fall sharply on economic slowdown woes; Korean won hits over 2-yr low
South Korean stocks closed lower Wednesday, as investor sentiment was dampened by deepening concerns over a global economic slowdown amid high inflation and the continued antivirus lockdown in China. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (Kospi) lost 1.10 percent, or 29.25 points, to close at 2,639.06. Trading volume was moderate at 1.06 billion shares worth 12.40 trillion won ($9.81 billion) with decliners outstripping gainers 695 to 193. F
April 27, 2022
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[Photo news] In Memory of Yun Bong-gil
Starbucks Korea CEO Song ho-seob (third from right), Rep. Yun Ju-kyung (second from right) and Myung No-seung, chairman of the Patriot Maeheon Yun Bong-gil Memorial Association (third from left) and Yun Yeo-du, president of Maeheon Yun Bong-gil Woljinhoe (second from left) pose for a photo after Starbucks Korea donated 20 million won ($15,800) and 1,932 tumblers to the two associations to mark the 90th anniversary of Yun’s death. Yun, Korea’s independence activist, died after killing
April 27, 2022
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Ourhome sibling feud reignites over management control
A sibling feud over Ourhome, a Korean food company, has reignited as Koo Bon-sung, Ourhome’s former vice president and the eldest heir, launched a legal challenge against his sister and Vice President Koo Ji-eun. Koo Bon-sung and Koo Mi-hyeon, the eldest sister of the Koo family, released a statement Tuesday saying that they have filed a requisition to Seoul Southern District Court to convene a temporary shareholders meeting. They are seeking to pass a vote to appoint 48 new board of dir
April 27, 2022
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Nexon targets global market with new games
South Korean game maker Nexon looks to expand its position in the global market with a series of new titles set for release this year, the company said Wednesday. The game maker is focusing on developing the console versions of the new titles -- DNF Duel, KartRider: Drift and Project Magnum -- as a core pillar to target more players across the world. DNF Duel, which is scheduled to be available from June 28, is a fighting game with characters from Nexon’s signature franchise Dungeon Fi
April 27, 2022
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Lemonex starts phase 1 clinical trials for gene therapy drug
Korean biotech company Lemonex said Wednesday that it will begin phase one clinical trials for its new siRNA gene therapy drug LEM-S401, following the approval of its investigational new drug application on April 15 by the Ministry of Food and Drug Safety. siRNA drugs inject small-interfering RNA molecules to augment or inhibit disease-related genes. LEM-S401 is a siRNA drug used to treat and prevent thick scars. The new drug is administered through DegradaBall, the company’s proprieta
April 27, 2022
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Mercedes-Benz works for children’s traffic safety
Mercedes-Benz Korea has continued to raise funds and run programs for social contributions through its Corporate Social Responsibility Committee since 2014. In March, the Korean arm of the German automaker raised 1 billion won to help residents in eastern coastal regions affected by forest fires. In 2020, the company raised 1.8 billion won to help medical staff and those vulnerable to COVID-19. Since its launch eight years ago, Mercedes-Benz CSR Committee has raised a total of 35 billion won
April 27, 2022
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LG Energy Solution to invest W7tr this year to ramp up production
LG Energy Solution said Wednesday it plans to invest 7 trillion won ($5.54 billion) this year to boost its production capacity in key markets while improving profitability overall by offsetting the impact from supply chain constraints and rising costs. The South Korean battery giant unveiled its plans during an earnings conference call earlier in the day. The big spending, up more than 10 percent from 6.3 trillion won announced in February, will be poured into the US, a burgeoning EV market w
April 27, 2022
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SK hynix logs best Q1 earnings, sets aside W380b for compensation over chip defects
South Korean memory chipmaker SK hynix saw its best first-quarter revenue in history, while its operating profit jumped more than twofold compared to the previous year, despite weakening demand for consumer electronics and external uncertainties such as lockdowns in parts of China and Russia’s invasion of Ukraine. According to an earnings guidance, SK hynix logged 12.16 trillion won ($9.63 billion) in revenue for the first quarter, up 43 percent on-year. This beat earnings consensus of lo
April 27, 2022
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SK Inc. to buy controlling stake in local EV chip design firm
SK Inc., a holding company of South Korea’s second-largest business group, said Wednesday it would become a controlling shareholder of local electric vehicle semiconductor firm Yes Power Technix in a 120 billion won ($95 million) deal. The strategic investment involving a share sale and a new rights offering means that SK Inc. will control a 95.8 percent stake in the company. Based in Pyeongtaek, Gyeonggi Province, Yes Power Technix is dedicated to silicon carbide power semiconductor desi
April 27, 2022
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ABS issuance down 20.2% in Q1
The issuance of asset-backed securities (ABSs) in South Korea shrank 20.2 percent on-year in the first quarter due to decreased sales of mortgage-backed securities, data showed Wednesday. The ABS issued during the January-March period came to 10.9 trillion won ($8.7 billion), down 2.8 trillion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student loan
April 27, 2022
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Consumer sentiment up in April amid lifting of most pandemic restrictions
South Korea's consumer sentiment improved for the third straight month in April as the country lifted most social distancing rules as part of efforts to return to normal from the pandemic, central bank data showed Wednesday. The composite consumer sentiment index came to 103.8 in April, up 0.6 point from the previous month, according to data from the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The April figure marked the third straight on-month rise of the index. Las
April 27, 2022
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Seoul shares open steeply lower on global recession woes; Korean won dips
South Korean stocks opened sharply lower Wednesday, tracking overnight losses on Wall Street, as investors worried about a global economic slowdown over the continued lockdown in China and inflation woes. The Korea Composite Stock Price Index (Kospi) lost 49.43 points, or 1.85 percent, to 2,618.88 in the first 15 minutes of trading. Overnight, US stocks tumbled amid fears of an economic slowdown as China continued to enforce an antivirus lockdown in major cities and the war in Ukraine has shown
April 27, 2022
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[Herald Interview] Seoul to act as bridge between beauty biz and world: agency
Seoul aims to become a global hub for beauty and cosmetic businesses by providing full support to small- and medium-sized companies eyeing opportunities to enter overseas markets, a business support organization run by the municipal government said. The Seoul Business Agency, run by the Seoul city government, plans to hold a weeklong event this year with a focus on the beauty and cosmetic industries, according to Han Dong-yeol, the organization's chairman of the board. “Especially this
April 26, 2022
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GS E&C’s Elements Europe to build 23-story hotel in London
GS Engineering & Construction’s UK-based modular building pod manufacturing affiliate Elements Europe has clinched a deal to construct a 23-story hotel in London, the Korean builder said Tuesday. As the main contractor and pods and modules supplier, Elements Europe said it will start the construction within this year, targeting for the completion by second half of 2024. The building comprises of two basement floors, five floors for an office area and seven floors for a hotel.
April 26, 2022
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Palm oil incident adds uncertainty over Korea’s GDP
SEJONG -- A possible glitch in imports of palm oil is expected to further fan inflationary pressure in South Korea and constrain household consumption, which could hamper the growth of the gross domestic product. Palm oil is used for producing Korean instant noodles and snacks. Its largest producer Indonesia said it would issue a ban on exports of palm oil later this week. The Indonesian government made it clear that the decision was aimed at maintaining a stable domestic supply. As products
April 26, 2022
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Seoul stocks end higher on earnings hope amid lingering rate hike woes
South Korean stocks closed higher Tuesday, snapping a two-day losing streak, on optimism over corporate earnings amid lingering concerns about the potential economic impact from the widely expected US monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) climbed 0.42 percent, or 11.18 points, to close at 2,668.31. Trading volume was heavy at 873 million shares worth 10.64 trillion won ($8.49 billion) with gainers outstripping decliners
April 26, 2022
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McDonald’s Korea posts record-high W1tr sales
McDonald’s Korea logged a combined record high in sales of 1 trillion won ($801 million) from its directly managed stores and franchisees last year, the largest annual figure since its first store opened in the country in 1988, the global fast-food giant said Tuesday. The directly managed stores that take up about 70 percent of the total number of McDonald’s in the country posted 867.9 billion won in sales, up 9.7 percent on year, according to the company’s regulatory report.
April 26, 2022
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All-new Range Rover nears market launch
Jaguar Land Rover Korea said it has received more than 2,000 advance orders for the all-new Range Rover luxury SUV slated to hit showrooms in the first half of this year. Available in five trims, the all-new Range Rover is priced between 196.87 million won ($157,800) for the Standard Wheelbase D350 Autobiography and 222.47 million won for the Long Wheelbase P530 Autobiography. The prices include a five-year service plan. Demand is especially high for the all-new Range Rover P530, fitted with a
April 26, 2022
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Yoon eyes plan to raise more unicorns
The government will provide funds to help startups grow into unicorns, President-elect Yoon Suk-yeol’s transition team said Tuesday. Unicorns are privately-held startups worth at least $1 billion. In South Korea, they have long relied on foreign capital in their late-stage funding to raise their market value “This is part of broader efforts to nurture a new ecosystem for startups, where jobs are created and economic growth is guaranteed, all without interruption,” said K
April 26, 2022
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Lam Research opens $100m R&D center in Korea
US chip equipment maker Lam Research on Tuesday opened a new technology center in South Korea, extending its global research network connecting the United States and Europe. The new center, called Lam Research Technology Center, is located on a 30,000 square-meter site within an industrial complex in Yongin, some 50 kilometers southeast of Seoul. The company has spent about $100 million for the new facility. With the completion of the new center, Lam Research said its responsivenes
April 26, 2022