Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Coupang Eats set to begin alcohol delivery
Coupang Eats, the food delivery service launched by South Korean e-commerce giant Coupang, is getting into delivering drinks. The company said on its webpage earlier this week that it will start allowing restaurants signed up on the platform to sell alcohol, in an effort to help them increase sales. The new service will be rolled out within the first half of this year. Coupang Eats had kept alcohol off the platform since its debut in May 2019. The move was in contrast to its top tw
March 17, 2022
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SK-Netflix battle over network usage fee resumes at high court
Netflix proposed ways to reduce the burden on network providers in the first appellate court hearing over whether the streaming service is liable to pay network usage fees to SK Broadband. The court hearing, held Wednesday evening at the Seoul High Court, is the first since a preliminary hearing took place in December. The case follows a district court ruling in June that gave SK Broadband an upper hand -- the first ruling in the world over which party is obliged to pay network usage fees. Bo
March 17, 2022
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Microfilter products certified for removing microplastics
Microfilter Co., an affiliate of water purifier maker ChungHo Nais Co., said 37 of its products have been certified by NSF International for removing microplastics. Microplastics are tiny pieces of plastic, less than 5 micrometers in length, that are extremely difficult to detect. They are known to cause harmful effects to human body, including cell death and allergic reactions. NSF International is a US product testing, inspection and certification organization approved by the American Natio
March 17, 2022
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Naver halts sales of items suggestive of Japanese colonial rule on Zepeto
South Korean IT giant Naver has become an open target on Thursday for selling fashion items suggestive of Japanese outfits that were popular when Korea was under colonial rule on its metaverse platform Zepeto. Fashion items evidently inspired by styles that were trending during the 1912-26 Taisho era were on sale from Tuesday, according to users. Naver seems to have not considered the cultural and political context of such fashion items for Koreans, some argued. The Taisho era was a time of rel
March 17, 2022
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S. Korea to launch antidumping probe into copper pipes from China, Vietnam
South Korea's trade commission said Thursday it plans to launch an antidumping investigation into seamless copper pipes from China and Vietnam. The Korea Trade Commission under the industry ministry said it has decided to launch the antidumping probe on the judgment that cheap imports of such products caused damage to the related industry in South Korea. Seamless cooper pipes are commonly used in air conditioners, refrigerators, and cooling and heating systems due to their high levels of corrosi
March 17, 2022
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T'way Air targets W3tr in sales by 2027 on expanded fleet
T'way Air, a South Korean low-cost carrier, said Thursday it targets to achieve 3 trillion won ($2.5 billion) in sales by 2027, as it aims to expand its fleet and serve long-haul routes. T'way Air added an A330-300 chartered plane last month for operations on the Gimpo-Jeju route from later this month, with two more A330-300s scheduled to arrive by May. "We are planning to operate 20 large-sized planes and 30 mid- and small-sized ones by 2027 to achieve the (3 trillion won) sales target. To
March 17, 2022
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Jin Air resumes Busan-Guam route amid vaccinations
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Thursday it has resumed flights to Guam to preemptively respond to pent-up travel demand despite the extended COVID-19 pandemic. On Wednesday, Jin Air began operating two flights a week on the Busan-Guam route as South Korea moves to further ease virus curbs amid accelerating vaccinations. Jin Air also offers flights from Incheon to Guam, Fukuoka, Cebu, Indonesia's capital city of Dhaka and China's Xian mainly to meet travel dema
March 17, 2022
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S. Korea's tax revenue up 10.8tr won in Jan.
South Korea's tax revenue increased 10.8 trillion won ($8.8 billion) in January from a year earlier amid the economic recovery and the collection of deferred taxes over the pandemic, the finance ministry said Thursday. The government collected 49.7 trillion won in taxes in January, compared with 38.8 trillion won the previous year, according to the Ministry of Economy and Finance. The higher tax revenue came as the South Korean economy is on a recovery track and the government collected deferred
March 17, 2022
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Seoul stocks open steeply higher on eased woes over Fed's rate hike
South Korean stocks opened sharply higher Thursday, as the US Federal Reserve's monetary meeting results largely fell within expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.5 points, or 1.67 percent, to trade at 2,703.73 points as of 9:15 a.m. Stocks lifted, taking a cue from the overnight stock rallies. The tech-heavy Nasdaq composite surged 3.77 percent, and the Dow Jones Industrial Average advanced 2.55 percent. The Fed raised its key interest rates by a quarter
March 17, 2022
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Fed's rate hike to have limited impact on financial market: official
The US central bank's decision to deliver its first rate hike since 2018 is expected to have a limited impact on South Korea's financial market as the move is in line with market expectations, a senior government official said Thursday. The Federal Reserve on Wednesday (local time) raised the federal funds rates by a quarter percentage point to 0.25-0.5 percent to fight high inflation, after freezing borrowing costs at near zero since March 2020 to cushion the fallout of the COVID-19 pandemic.
March 17, 2022
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S. Korean battery makers to present latest technologies, future visions at Seoul exhibition
Major South Korean battery makers are showcasing their latest technologies and visions for future growth during an international battery exhibition in Seoul this week, the companies said Thursday. SK On Co., LG Energy Solution Ltd. and Samsung SDI Co. were among some 250 battery and battery parts manufacturers and automotive companies around the globe participating in the three-day InterBattery 2022, taking place in the Convention and Exhibition Center (COEX) through Saturday. The InterBattery
March 17, 2022
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S. Korea to stabilize FX market if won's fall is excessive: finance minister
Finance Minister Hong Nam-ki said Thursday the government will step up its efforts to stabilize the foreign exchange market if the South Korean currency's slide against the U.S. dollar is deemed excessive. Hong's verbal intervention came as the Korean won has sharply weakened against the dollar because Russia's invasion of Ukraine prompted investors to chase safer assets. The Korean won fell to end at the 1,240 level against the greenback for the first time in nearly two years Monday. "If w
March 17, 2022
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Hyundai to produce IONIQ 5 in Indonesia plant
South Korea's Hyundai Motor Co. said Wednesday it will produce the IONIQ 5 all-electric model in its first manufacturing plant in Southeast Asia. Hyundai Motor completed the 150,000 unit-a-year plant in the Deltamas industrial complex near Cikarang, 40 kilometers east of Jakarta, in December. The Indonesian plant is already producing the compact Creta SUV, a strategic model for the region, and is expected to churn out the Santa Fe SUV in the first half and a small multi-purpose vehicle in the
March 16, 2022
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Renault‘s Korean unit carves out Samsung from its brand name
Renault’s Korean unit announced Wednesday that it has started the process of removing Samsung from its name and rebranding itself as Renault Korea Motors. The carmaker explained that it hopes to enhance its brand image as a domestic carmaker with its new name by replacing Samsung with Korea despite being part of Renault Group and the Renault-Nissan-Mitsubishi Alliance. “Under the new name Renault Korea Motors, we will revise product and service competitiveness to meet the high sta
March 16, 2022
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[Photo News] Ring the bell
(From left) Lee Jane, president of the Korea Women Startup Forum, Kim Sang-kyung, chairperson of the Korea Network of Women in Finance, EU Ambassador to Korea Maria Castillo-Fernandez, Sohn Byung-doo, chairman and CEO of the Korea Exchange, Kwon Choon-taek, secretary-general of the UN Global Compact Network Korea, Lee Bok-sil, president of the Women Corporate Directors Korea, and British Ambassador to Korea Colin Crooks, participate in “Ring the Bell” event designed to raise business
March 16, 2022
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Korea backs US economic framework for Indo-Pacific
South Korea‘s trade minister and businesses on Tuesday voiced their support for the new US economic framework for the Indo-Pacific, saying that the 10-year-old bilateral trade agreement between the two countries should be the foundation for the new economic order. At an occasion held to celebrate the 10th anniversary of the Korea-US FTA on Tuesday in Washington, D.C., Woo Tae-hee, executive vice chairman of the Korea Chamber of Commerce and Industry said the free trade agreement should co
March 16, 2022
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Price of imported grains hits 8-year high
SEJONG -- The price of imported grains reached the highest in more than eight years, fanning hikes in the price tags of processed food and fodder in the nation, state data showed Wednesday. According to the Korea Customs Service, the nation’s monthly grain imports came to 1.96 million metric tons, which is worth $758 million in February. This indicates that the price per ton came to $386, up 26 percent from $306 a year earlier. Compared to $262 in February 2020, the growth posted 47.4 pe
March 16, 2022
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'Samsung's India deal won't affect white goods plants in China'
Samsung Electronics’ latest announcement to invest 15.88 billion rupees ($207.8 million) to set up a new refrigerator parts plant in India will not affect its household appliance factory operation in Jiangsu province, China, according to the consumer electronic goods company Wednesday. Samsung’s plan in conjunction with the provincial government of Tamil Nadu for the plant comes after former chief minister of Tamil Nadu, Edappadi Palaniswami, in 2020 called on global tech giants inc
March 16, 2022
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Seoul stocks snap 3-day losing streak on eased concerns over oil prices, rate hikes
South Korean stocks rebounded Wednesday on the back of a steep fall in oil prices, ending a three-day losing streak. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 37.70 points, or 1.44 percent, at 2,659.23 points. Trading volume was moderate at about 727 million shares worth some 9.2 trillion won ($7.4 billion), with gainers outnumbering losers 734 to 128. Institutions bought a net 365 billion won, while foreigners sold 133 billion won and r
March 16, 2022
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Toss Bank to pay daily deposit interest
Toss Bank, South Korea’s internet only bank, said Wednesday it will pay daily deposit interest to its customers for the first time in the banking industry. Toss Bank account owners can simply click on the “receive now” button to be paid with daily deposit interest, instead of receiving it monthly. With the service, users can withdraw their money including the deposit interest at any time they want. For instance, if customers deposit 1 million won ($805) into the account, the
March 16, 2022