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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[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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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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Over 2 million jobs disappeared while 710,000 created last year: data
Some 2.63 million jobs have disappeared in the last year, while only 710,000 new jobs have been added, government data showed Tuesday. According to Statistics Korea, over 2 million jobs have been destroyed due to companies downsizing their workforce or shutting down businesses due to the pandemic. In the same period, some 710,000 jobs were created. More than half, or 53.5 percent, of them were for people aged 60 or above, followed by those in their 50s and 40s with 3.2 percent and 1.6
Dec. 7, 2021
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Samsung Electronics CFO tapped to lead Samsung’s battery arm
Choi Yoon-ho, the chief financial officer of South Korean tech giant Samsung Electronics widely known to be close to its de facto leader Lee Jae-yong, was named Tuesday as the new chief executive officer of Samsung SDI, a Samsung affiliate dedicated to manufacturing batteries and display panel parts. The 58-year-old currently heads Samsung Electronics’ corporate management office, which encompasses its corporate finance, corporate strategy, human resources, corporate communications, globa
Dec. 7, 2021
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LG CNS launches service for corporate migration to metaverse
South Korean information technology service firm LG CNS said Tuesday that it had launched a virtual office service by teaming up with Japanese firm oVice, a move to capitalize on metaverse technology to address demand for pandemic-friendly remote work environments. LG CNS will play a role in migrating corporate clients’ work environment online, allowing the clients’ employees to do everyday tasks such as exchanging emails and receiving notifications or checking schedules. Employees
Dec. 7, 2021
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Moody's to closely monitor S. Korean non-banking sector's asset soundness: analyst
Moody's Investors Service will closely monitor the asset soundness of non-banking financial institutions in South Korea amid worries that they could face risks from snowballing corporate and household debt and rising interest rates, an analyst of the global credit appraiser said Tuesday. In a virtual media briefing, Ok Tae-jong, a senior analyst at Moodys' Investors also said that a continued increase in household debt and asset prices could negatively affect the evaluation of the overall banki
Dec. 7, 2021
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Hyundai Bioscience COVID-19 treatment candidate shows efficacy with dexamethasone
South Korean biotechnology firm Hyundai Bioscience Co. said Tuesday that the combination of its oral antiviral candidate and dexamethasone showed high efficacy in treating COVID-19 during animal testings. The company is currently re-purposing niclosamide-based CP-COV03 as a potential treatment for the COVID-19 virus. The investigative drug's indication also includes influenza. Citing the result of the latest animal testing, Hyundai Bioscience said use of both CP-COV03 and dexamethasone resulte
Dec. 7, 2021
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S. Korean shipbuilders rank first in global new orders for 2nd month
South Korean shipbuilders ranked first in global new orders for a second month in November, far outpacing their Chinese rivals, industry data showed Tuesday. Local shipbuilders, led by Hyundai Heavy Industries Co., gained 58 percent, or a combined 770,000 compensated gross tons (CGTs), of 1.32 million CGT global new orders last month, according to data provided by global market researcher Clarkson Research Service. Chinese shipbuilders bagged 460,000 CGTs, taking up 35 percent of the total. I
Dec. 7, 2021
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S. Korea to implement eased capital gain taxes on home sales on Wednesday
South Korea said Tuesday it will implement eased capital gain taxes on property sales for single-home owners this week amid growing public discontent over real estate-related tax burdens ahead of the presidential election. Last week, the National Assembly approved a revision to the income tax act that calls for raising a threshold of capital gains tax exemptions on real estate sales for single-house owners to 1.2 billion won (US$1 million) from the previous 900 million won. The government appr
Dec. 7, 2021
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S. Koreans' spending on Disney+ hits over W17b in Nov.: data
South Koreans are estimated to have spent more than 17 billion won ($14.5 million) in purchasing contents by Disney+ less than a month since its launch here, data showed Tuesday. Payments to Disney+ in the country were estimated at 17.2 billion won for November, according to industry tracker WiseApp, which analyzed credit and debit card data of those aged 20 or over. WiseApp added that the data excludes other payment methods, such as those through telecom operators. Disney+, the flagship stre
Dec. 7, 2021
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Samsung Heavy Industries wins W734b orders for 3 LNG carriers
Samsung Heavy Industries Co. said Tuesday that it has bagged two orders worth a combined 734 billion won ($621 million) to construct three liquefied natural gas (LNG) carriers. With the latest deals, Samsung Heavy Industries has won orders worth a cumulative $11.8 billion so far this year, exceeding 30 percent of its annual order target of $9.1 billion, the shipbuilder said in an emailed statement. By ship, Samsung Heavy Industries bagged orders for 20 LNG carriers, 44 container carriers and
Dec. 7, 2021
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Over 70% of state budget to be frontloaded in first half of next year
South Korea said Tuesday it has allocated 73 percent of fiscal spending for implementation in the first half of next year in a bid to help the country's economic recovery gain traction. The government plans to front-load 363.5 trillion won ($307.7 billion) of next year's budget spending of 497.7 trillion won in the January-June period, according to the Ministry of Economy and Finance. The 2022 proposition is higher than 72.4 percent of the budget spending allocated in the first half of this ye
Dec. 7, 2021
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Seoul stocks open lower amid inflation concerns
South Korean stocks opened lower Tuesday, largely as the estimate-beating jobs data in the United States raised investors' concerns that the Federal Reserve could hasten its key rate hike to reign in the inflation pressure. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 8.49 points, or 0.29 percent, to 2,964.76 in the first 15 minutes of trading. In Seoul, market bellwether Samsung Electronics lost 0.66 percent, and No. 2 chipmaker SK hynix traded flat. Pharmaceutical gi
Dec. 7, 2021
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Celltrion's COVID-19 antibody treatment wins emergency approval in Australia
South Korean pharmaceutical giant Celltrion Inc. said Tuesday its COVID-19 antibody treatment has won emergency approval from Australian authorities. The Therapeutic Goods Administration (TGA) granted provisional approval of Rekirona for the intravenous treatment of mild-to-moderate COVID-19 in adult patients. It is the fifth COVID-19 treatment to receive regulatory approval in Australia. Rekirona is a monoclonal antibody with activity against COVID-19. A monoclonal antibody is a type of prot
Dec. 7, 2021
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S. Korea logs current account surplus for 18th straight month in October
South Korea logged a current account surplus for the 18th straight month in October, though the surplus was smaller than the previous month due to increased imports amid high energy and raw material prices, the central bank said Tuesday. The current account surplus came to $6.95 billion in October, down from $10.07 billion a month earlier, according to preliminary data by the Bank of Korea. The October figure marked the 18th straight month that the current account has been in the black since
Dec. 7, 2021
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Future K2 tanks could run on homegrown transmission
The next batch of South Korea’s K2 Black Panther main battle tanks are expected to run on an locally-made transmission system instead of a German one, sources said Monday. “We have solved technical issues of our transmission system and it will go inside the fourth batch of K2 tanks,” a high-ranking official at SNT Dynamics told The Korea Herald. “A government quality test is scheduled in the first half of next year” Inside K2 tanks, there is a key component ca
Dec. 6, 2021
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Mirae Asset names first non-family chairman
Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities. Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehe
Dec. 6, 2021
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Samsung's Lee Jae-yong leaves for Middle East
Samsung’s de facto leader Lee Jae-yong left for the United Arab Emirates on Monday at around 10 p.m. ahead of scheduled meetings in the Middle East region. Lee told reporters he would be returning to South Korea on Thursday, and did not elaborate on details about the trip. Lee’s visit to the Middle East comes more than two years after the vice chairman of Samsung Electronics’ February 2019 meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. A few months
Dec. 6, 2021
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'Metaverse is about seeing things in more integrated way'
Metaverse, a shared virtual world where people can interact with others through avatars, has been the talk of the town in the second half of this year. While some doubt metaverse will be able to take off or see it as just another marketing strategy, others seem to believe it is the next giant leap in information technology. Regardless of the perceptual divide, Kim Beom-joo, head of evangelism at graphics developer Unity Korea, says the coming of the virtual platform was inevitable and its ar
Dec. 6, 2021
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S. Korea, ASEAN to ease customs checks amid pandemic
South Korea and the Association of Southeast Asian Nations have agreed to cut red tape in customs checks to boost trade, until they see the coronavirus pandemic subside, Korea’s Finance Ministry said Monday. Copies of a product’s certificate of origin will now be accepted for tariff cuts guaranteed under their free trade agreement that took effect in June 2007. The original certificates had been shipped late because of the pandemic. “Nearly 40,000 Korean firms exporting to AS
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Citibank Korea seeks real change with contributions beyond charity
Citibank Korea runs a number of programs that contribute to Korean society based on three principles -- employee participation, long-term commitment and leading activity. The bank does not simply deliver donations but also makes contributions to drive real change by partnering with nonprofit organizations to plan programs and giving them long-term support. It also encourages employees to voluntarily participate in these programs. On of the programs is “Citi Global Community Day” wh
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Kyobo Life Insurance accelerates digital transformation drive
Kyobo Life Insurance, one of Korea’s biggest life insurers, has picked up speed in its digital transformation efforts this year by innovating its traditional businesses and securing future growth engines. According to Kyobo Life Insurance, the company reorganized its structure with a digital transformation, opening departments on digital strategy, digital new businesses and IT support. The life insurer also implemented Amazon’s Public Cloud services in order to cope with the para
Dec. 6, 2021