Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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BOK board members call for more time before additional rate hike
Members of the central bank's rate-setting board voiced concerns over heightened uncertainties over economic recovery and called for more time to analyze the effect of an interest rate hike in August before seeking additional measures to tame inflation and household debt, minutes from the latest policy meeting showed Tuesday. On Oct. 12, the seven-member board of the Bank of Korea (BOK) held its key policy rate unchanged at 0.75 percent, but the central bank hinted at an additional rate hike in
Nov. 2, 2021
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GC Pharma’s Hunter syndrome treatment receives orphan drug designation in EU
GC Pharma announced Tuesday that the European Medicines Agency has granted orphan drug designation to its Hunterase ICV, a novel treatment for mucopolysaccharidosis type II, also known as the Hunter syndrome. The designation brings a variety of significant advantages under the EMA’s effort to encourage the development of drugs to treat rare diseases or conditions. GC Pharma said the company will be able to speed up regulatory procedures to market Hunterase ICV in Europe. Hunterase ICV
Nov. 2, 2021
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42dot raises W104b in series A funding
South Korea’s autonomous driving startup 42dot said Tuesday that it has raised 104 billion won ($88.5 million) in a series A funding. That raised the total investment the firm has secured to date to 153 billion won, the company added. The investors include Hyundai Motor, Shinhan Financial Group, Lotte Rental, Lotte Ventures and several local venture capital firms. 42dot plans to use the funding to accelerate its autonomous driving technologies and beef up human resources. The start
Nov. 2, 2021
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Squid Game Coin collapses after scammers vanish with investors’ money
Squid Game Coin, a digital token based on the popular Netflix original Korean drama series of the same name, collapsed to zero on Monday after its creators took off with the approximately 2.5 billion won ($2.13 million) invested in the coin, according to news reports. The crypto coin once surged to as high as 3.4 million won before its unexpected but eventual collapse Monday, according to Coin Market Cap, a global cryptocurrency tracker. Ten minutes after it reached its peak, the cash invested
Nov. 2, 2021
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Seoul stocks spike over 1% amid hope for improving market conditions
South Korean stocks closed higher for the second straight day Tuesday, as investor sentiment was buoyed by positive outlooks on global supply bottlenecks and other key economic issues. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 34.55 points, or 1.16 percent, to close at 3,013.49 points. Trading volume was moderate at about 513 million shares worth some 9.5 trillion won ($8.08 billion), with gainers outnumbering losers 657 to 187. F
Nov. 2, 2021
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Hyundai Motor to share future technologies at conference
Hyundai Motor Group said Tuesday its mobility and software developers and leaders of research and development will speak about the conglomerate’s future technologies at an online conference from Nov. 10-11. Albert Biermann, head of Hyundai-Kia’s R&D division, will talk about where the group stands now in research and development, and where it is headed to, how it is speeding up software development to provide a platform that hyper-connects the user and the vehicle. Cho Kyo-wo
Nov. 2, 2021
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[Feature] ‘Hoesik is back’: After-work dinners return as restaurant curfews end
As South Korea shifts gear toward “living with COVID-19,” after-work dinners, or hoesik, are among the first things to return. After a nearly 1 1/2-year hiatus, the return of office dinners, which often involve binge drinking and are met with mixed reactions from workers, have been welcomed by the hospitality industry and small-business owners hit hard by the pandemic. At Korean barbeque restaurant Blue Roof Town in Seoul’s Mapo district, one of the more popular areas f
Nov. 2, 2021
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JB Financial joins UN initiative of net zero banking
South Korea’s JB Financial Group said Tuesday it has joined a UN-convened alliance of global banks, committed to aligning their portfolios with net-zero emissions by 2050. The holding group of regional Jeonbuk Bank and Kwangju Bank said its latest move to join the Net-Zero Banking Alliance was to uphold its environmental, sustainable and governance goals. The alliance represents more than a third of global banking assets, with a total of 87 members from 36 countries, including investme
Nov. 2, 2021
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‘Living with COVID-19’ fuels rebound in consumption
After almost two years of staying at home, canceling holidays and skipping social gatherings, many South Korean consumers are slowly emerging from their cocoons to embark on post-pandemic shopping sprees -- ready to dress up, travel overseas and dine out again. Industry data on Tuesday showed that retail conglomerates raked in record-high sales from their latest sales events in October, fueled by shoppers’ pent-up demand and a recovery in consumer sentiment in anticipation of the &l
Nov. 2, 2021
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SK Group to invest $26b in EV batteries, hydrogen biz in US
SK Group Chairman Chey Tae-won has vowed to spend about $26 billion on electric vehicle (EV) batteries, hydrogen and other eco-friendly businesses in the United States in a move to join US efforts to reduce greenhouse gas emissions. The figure is part of $52 billion set aside by South Korea's No. 3 conglomerate to invest in the US by 2030. Chey said SK is aiming to cut carbon emissions of 200 million tons, which account for 1 percent of the global target of reducing carbon dioxide emissions of
Nov. 2, 2021
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SK Chemicals mass-produces chemically recycled plastic in world first
In a world first, SK Chemicals has begun mass-producing chemically recycled copolyester, a synthetic plastic widely used in packaging, the firm said Tuesday. According to the South Korean chemical company, it will produce more than 10,000 metric tons of chemically recycled plastic and supply it to cosmetics brands at home and abroad. “Not a single company in the world has ever mass-produced plastic via chemical recycling because it requires a secure supply chain of plastic waste as wel
Nov. 2, 2021
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SK Innovation to capture, sell 300,000 tons of carbon starting 2022
SK Innovation said Tuesday it will capture 300,000 metric tons of carbon emitted at its petrochemical plant in Ulsan and sell it as industrial gas starting next year. According to the South Korean battery-to-petrochemical giant, it is already capturing carbon generated at factory No. 1 inside its Ulsan facility and making a profit by selling it. After the carbon is collected, it is purified and then used as industrial gas for the etching process of semiconductors, welding, dry ice and plant cul
Nov. 2, 2021
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Hanwha Solutions aims to go carbon neutral by 2050
Hanwha Solutions said Tuesday it will go carbon neutral by 2050 by utilizing its renewable and hydrogen technologies. According to the South Korean solar-to-hydrogen energy company, it will curb carbon emissions totaling 3.58 million tons by 2050. The firm emitted 2.46 million tons last year and is expected to generate an additional 1.12 million tons in the future. “All of Hanwha Solutions’ businesses will join a Korean version of Renewable Energy 100 and use electricity genera
Nov. 2, 2021
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S. Korea to buy back W2tr of state bonds to rein in yield hikes
South Korea plans to buy back 2 trillion won ($1.7 billion) worth of government bonds in a bid to tackle a sharp hike in bond yields, a senior government official said Tuesday. Second Vice Finance Minister Ahn Do-geol said the government will actively seek policy coordination with the Bank of Korea (BOK), when needed, to stabilize the bond market. "The stable management of the government bond market has become more important than at any time to support the fiscal policy's role and the smo
Nov. 2, 2021
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K bank Q3 net profit doubles
K bank, South Korea’s first internet-only bank, saw its third-quarter earnings surge 115 percent from the previous quarter on the growing number of customers and amount of money deposited, officials said Tuesday. It was the first time the bank posted a net profit for two quarters in a row since its inception in 2017. It posted its first quarterly profit of 3.9 billion won ($3.32 million) three months ago, marking a sharp turnaround from a deficit of 12.3 billion won in the first quarter.
Nov. 2, 2021
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Money moving to savings as ultralow rate era nears end
South Korean banks’ lending rates neared 5 percent following the central bank’s first pandemic-era rate hike in August, which ramped up cash flows into bank deposits, data showed Tuesday. The adjustable rate charged on mortgage loans extended by the nation’s four major banks -- KB Kookmin Bank, Shinhan, Hana and Woori -- remained between 3.31 and 4.8 percent, as of Monday. Both the bottom and upper ends of the range rose nearly 0.6 percentage point from 2.62 to 4.2 perce
Nov. 2, 2021
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Baobab Partners to launch NFT marketplace this week
Blockchain and information technology consulting firm Baobab Partners will launch a nonfungible token marketplace on Thursday, the firm said Tuesday. The platform, named Baobab NFT, can be accessed through the firm’s blockchain portal and website at bao-bab.co.kr. Through the marketplace, Ethereum- and Klaytn-based NFTs can be issued, sold and purchased with crypto and NFT wallets MetaMask and Kaikas. Klaytn is Korea’s No. 1 mobile messenger operator Kakao Corp.’s global bloc
Nov. 2, 2021
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Samsung SDI Q3 net income jumps 74.7% on robust EV battery sales
Samsung SDI Co., a South Korean battery maker, said Tuesday its third-quarter net profit jumped 74.7 percent from a year earlier backed by robust sales in electric vehicle (EV) batteries. Net income reached 420.4 billion won ($357.6 million) in the July-September period, compared with 240.6 billion won from a year earlier, the company said in a regulatory filing. Operating profit hit a record high of 373.5 billion won, up 39.7 percent from a year earlier. Sales also hit a record high of 3.43
Nov. 2, 2021
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Hyundai Construction Equipment sells 42 excavators in Russia, Indonesia
Construction machinery maker Hyundai Construction Equipment Co. said Tuesday that it has sold 42 large-scale excavators in Russia and Indonesia on the back of growing demand in the two countries. Hyundai Construction Equipment has signed a deal with two Russian mining companies to provide two 85-ton excavators and 19 125-ton excavators specialized in developing mines, respectively, by June next year, the company said in an emailed statement. Under another deal with an Indonesian mining compa
Nov. 2, 2021
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LG Innotek recycles all industrial waste at Gumi plant
LG Innotek said on Tuesday its Gumi factory in North Gyeongsang Province has earned international certification for having zero waste go to landfill, a first in the materials and components industry here. The electronic parts supplier said its Gumi plant received platinum grade “Zero Waste to Landfill” certification from the international institution Underwriters Laboratories for its resource circulation efforts. ZWTL grants different grades based on how much industrial waste is re
Nov. 2, 2021