Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Korean auto journalists name Genesis G90 car of the year
Korean journalists covering the auto industry on Tuesday chose Genesis G90 as the car of the year, saying the vehicle pioneers a new direction for luxury sedans. The fully revamped G90 launched in January scored 84.07 out of 100 for its sophisticated designs as well as its advanced driver-assistance technologies that add value to the driving experience, according to the Korea Automobile Journalists Association. The G90 was among 21 vehicles competing for the annual event that assessed 10 feat
Feb. 16, 2022
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Korea Forest Service ready to restore forests in Central and South America
The Korea Forest Service is taking steps to help restore forests in Central and South America as it seeks to expand its global outreach. A team of Korea Forest Service officials led by Minister Choi Byeong-am visited El Salvador, Guatemala, Honduras and Peru in late January, and agreed to cooperate more closely to restore forests in those countries, the KFS said. The KFS delegation’s visit comes as a follow-up to the summit talks between President Moon Jae-in and US President Joe Biden i
Feb. 16, 2022
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[Contribution] Korea‘s forestry cooperation to expand to Central America
Central America is a biodiversity hotspot thanks to its vertically stretched land mass. Yet at the same time, the region is highly vulnerable to climate change, where it derives its label the “dry corridor.“ For this reason, countries in the region are collectively contending with the challenges of deforestation. Disasters like wildfires and forest pests are increasing, and humans are destroying forests in favor of logging and land clearing. On top of all this are the impacts of cl
Feb. 16, 2022
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Growth in number of employed hits 21-year high
SEJONG -- The number of employed in South Korea surged by more than 1 million in January, compared to a year earlier, on the back of both a base effect and economic recovery, state data showed Wednesday. According to Statistics Korea, the number of employed increased by 1.13 million in January on-year to 26.95 million. This marked the highest growth in more than 21 years since the tally shot up 1.21 million in March 2000. Women outnumbered men by about 24,000 -- 579,000 vs. 555,000 -- in the g
Feb. 16, 2022
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GM to restart Bolt production in trust of LG Energy Solution
General Motors will resume the production of Chevrolet Bolt models and power them with LG Energy Solution batteries, signaling its restoration of trust with the South Korean battery giant. According to GM Wednesday, the production of Bolt electric vehicles will commence on April 4 after a months-long shutdown due to recall. GM in August recalled some 143,000 Bolts after defective LG Energy Solution batteries caused fires. Of the total recall cost of $1.8 billion, LG Electronics and LG Energy S
Feb. 16, 2022
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SK hynix unveils new memory chips that are 16 times faster, 80% more efficient
SK hynix on Wednesday introduced a next-generation memory chip that processes data 16 times faster and consumes 80 percent less electricity. The process-in-memory or PIM chips developed by the South Korean chipmaker can both store and process data, while ordinary memory chips can only store data. As PIM chips can do two tasks at the same time and provide extra computing power, they have emerged as the key components in the artificial intelligence and big data sectors. “Computers mounte
Feb. 16, 2022
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Orion Choco Pie logs W500b in global sales
Global sales of Orion’s signature snack Choco Pie reached 500 billion won ($417 million) in 2021, logging an 8.8 percent growth year-on-year, according to the Korean confectionery maker on Wednesday. This means around 3,400 million individual packets of Choco Pie were sold worldwide, which would cover more than five laps around the Earth when lined up, said the company. Choco Pie’s success overseas is thanks to the company’s efforts to tailor the product to suit each specifi
Feb. 16, 2022
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Samsung Electronics labor union threatens to stage first-ever walkout
Labor unions of South Korean tech titan Samsung Electronics said they could go on strike for the first time in over 50 years, after their demands for a pay raise and special summer leave in a first-ever wage negotiation fell on deaf ears. Protesters representing four labor unions comprising over 5,000 employees said Wednesday they will work to salvage its wage negotiation with Samsung’s management, with a walkout -- possibly with other trade unions under Samsung affiliates -- being their
Feb. 16, 2022
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Hana signals start of HQ transfer to Incheon
South Korea’s Hana Financial Group marked the transfer of its headquarters from Seoul to Incheon with a groundbreaking ceremony, the firm said Wednesday. The groundbreaking ceremony for the planned 22-level building with seven underground floors was held Tuesday at Cheongna International City, which is part of the Incheon Free Economic Zone. Hana Financial and five of its affiliates –- flagship commercial bank Hana Bank, brokerage Hana Financial Investment, credit card issuer Hana
Feb. 16, 2022
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Philip Morris Korea’s new parental leave policy 'respects all forms of families'
Philip Morris Korea has implemented a new parental leave policy to support all forms of families raising children including adoptive parents and legal guardians, the company said Wednesday. Under the company’s parental policy, which became effective last month, employees can take up to 126 days of paid parental leave if they are primary caregivers. The company allows up to 56 days of paid parental leave for secondary caregivers. According to the company, a primary caregiver is the perso
Feb. 16, 2022
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[Feature] A boom with a view: Prices of riverside apartments soar
Nicknamed “celebrity town,” Seoul Forest Trimage is a luxurious apartment complex in eastern Seoul’s Seongsu-dong, known to be the home of K-pop stars, actors, athletes and other public figures. With a four-room unit measuring 152 square meters last quoted at 5.5 billion won ($4.59 million), the housing complex built in 2017 near Seoul Forest consists of two 47-story buildings that overlook the Han River, which bisects the capital. High-rise apartments with views of Seoul la
Feb. 16, 2022
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Posco’s business principle introduced at Stanford MBA course
Posco Group’s business principle “Corporate Citizenship” has been introduced as a case study example for a course in Stanford University’s MBA program, according to the Korean steelmaker on Wednesday. Four years ago, Posco Group declared its management philosophy “Corporate Citizenship: Building a Better Future Together” as a guiding business principle, vowing to strengthen its commitments to environment, social, and governance issues. Such a concept,
Feb. 16, 2022
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Corporate donations exceed W40b for Korean athletes at Beijing Olympics: FKI
Corporate donations made for Korean athletes competing at the Beijing Winter Olympics have exceeded 40 billion won ($33.4 million) over the past four years, according to industry data collected by the Federation of Korean Industries Wednesday. A total of 91 companies have donated cash and goods worth 41.75 billion won between 2018 and 2021 to support Korean national athletes preparing for this year’s Olympics, the data found. Donations were made mostly through related sports associatio
Feb. 16, 2022
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Blockchain experts band together
An organization of some 5,000 people in the digital asset and blockchain industry and academia has been launched. The idea is to present the government with industrial roadmaps in a systematic manner, as it has been difficult to do so with a number of blockchain-related groups springing up. The Korea Blockchain Enterprise Promotion Association (KBEPA) and the Korea Blockchain Association Organization Federation held a ceremony to launch a “blockchain (digital asset) industry committee&r
Feb. 16, 2022
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Celltrion 2021 net soars 20% on robust overseas sales
Celltrion Inc., a major South Korean biopharmaceutical firm, said Wednesday that its net profit jumped 20.1 percent on-year last year on the back of robust sales of its biosimilar products in overseas markets. Net profit came to 623.7 billion won ($521.1 million) last year on a consolidated basis, compared with a profit of 519.2 billion won a year earlier, the company said in a regulatory filing. Celltrion said its operating profit reached a record high of 753.9 billion won last year, up 5.9 per
Feb. 16, 2022
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Samsung Fire & Marine Insurance set to cut car insurance premiums in April
Samsung Fire & Marine Insurance Co., South Korea's top non-life insurer, said Wednesday it will cut its auto insurance premiums by an average 1.2 percent in April on falling loss rates. It will mark Samsung Fire & Marine Insurance's first premium reduction since 2020, when its car insurance premium increased more than 3 percent amid soaring deficits. Samsung Fire & Marine Insurance, the non-life insurance arm of top conglomerate Samsung Group, said it has made the decision as its aut
Feb. 16, 2022
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S. Korea eyes active push for FTAs with African nations
South Korea said Wednesday it will actively push for free trade agreements with African nations in a move to deepen economic ties with the resource-rich emerging market and to diversify its trade portfolio. Last month, South Korea and Egypt agreed to carry out a joint feasibility study on the bilateral trade and economic partnership, which is a first step for South Korea to have a free trade pact with an African country if the two sign the free trade deal. Trade volume between South Korea and Af
Feb. 16, 2022
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S. Korea reports largest job growth in almost 22 years in Jan.
South Korea reported the largest job growth in nearly 22 years in January as the job market improved to pre-pandemic levels due to a low base effect and the ongoing economic recovery, data showed Wednesday. The number of employed people came to 26.95 million last month, up 1.14 million from a year earlier, according to the data compiled by Statistics Korea. It marked the largest job growth since March 2000, when the number of employed people increased 1.21 million on-year. It also marked the
Feb. 16, 2022
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Instant noodle makers' 2021 operating profits sink on rising costs
South Korea's three major instant noodle makers saw their operating profits tumble in 2021 due largely to increased costs, their regulatory filings showed Wednesday. Nongshim Co., the leading maker of instant noodles, or "ramyeon" in Korean, said that its 2021 operating income plunged 33.8 percent from the previous year. Ottogi Co. and Samyang Foods Co. also saw their operating profits for last year shrink 16.1 percent and 31 percent on-year, respectively. The companies attributed t
Feb. 16, 2022
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Seoul stocks open sharply higher on eased Ukraine tensions
South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street that stemmed from eased Ukraine tensions. The benchmark Korea Composite Stock Price Index (Kospi) rose 40.21 points, or 1.5 percent, to trade at 2,716.75 points in the first 15 minutes of trading. Overnight, US stocks rallied, snapping a three-day losing streak, on the back of overall gains in tech shares amid eased tensions over Russia's possible invasion of Ukraine. The Dow Jones Industrial Average
Feb. 16, 2022