Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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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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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Shinhan Bank opens Hungary office
Shinhan Bank said Thursday it has opened an office in Hungary, becoming the first South Korean commercial lender to enter the central European country. The flagship lender under the nation’s No. 1 banking group by assets said it was granted the license to operate by the Hungarian National Bank in September and opened the office Tuesday. It also marked Shinhan’s latest overseas market entry since the launch of its subsidiary in Mexico in 2018. The new office is expected to bolste
Oct. 21, 2021
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New law to foster Koreans’ private credit deals
South Korean private fund managers are poised to take advantage of revised rules and dedicate themselves to the domestic nonbank lending business with legal clarity. Starting Thursday, when amendments to the Financial Investment Services and Capital Markets Act went into effect, private funds comprising no more than 100 backers are entitled to carry on private credit strategies in Korea. Under the new rules, any Korea-domiciled private fund may extend nonbank loans to corporations. Direct loan
Oct. 21, 2021
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Samsung Heavy wins approval for storage tank, carrier for hydrogen transport
Samsung Heavy Industries Co. said Thursday it has won an approval in principle (AIP) for the conceptual design of a storage tank and carrier to transport liquefied hydrogen, from Lloyd's Register, a British ship quality assurance and risk management company. AIP for the conceptual design means a certification agency has reviewed it and confirmed it meets the agency's technical requirements and standards for safety. The conceptual design of a membrane-type storage tank and 160,000-cubic meter
Oct. 21, 2021
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Daewoo Shipbuilding grabs W232b order for 1 LNG carrier
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Thursday that it has bagged a 232.2 billion won ($197.6 million) deal to build a LNG carrier. The deal, signed with an Oceanian company, calls for DSME to deliver the vessel by September 2024, the shipbuilder said in a regulatory filing. Not including the latest deal, DSME has won $8.58 billion worth of orders so far this year for 46 ships, one wind turbine installation vessel (WTIV), one submarine and two offshore facilities, alrea
Oct. 21, 2021
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Number of chickens dips 4.2% in Q3 due to bird flu
SEJONG -- The number of layer chickens raised in South Korea dropped 4.2 percent in the third quarter from a year earlier due to the impact of the bird flu outbreak, data showed Thursday. The number of layer chickens came to 70.7 million as of end-September, compared with 73.8 million a year earlier, according to the data from Statistics Korea. Yet it was up from 65.9 million three months earlier and 62.1 million as of end-March, which was the lowest in more than three years. The on-year decr
Oct. 21, 2021
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Doosan Heavy signs maintenance deal for UAE nuclear plant
South Korean power plant builder Doosan Heavy Industries & Construction Co. said Thursday it has signed a maintenance service deal for a reactor at the Barakah nuclear power plant in the United Arab Emirates (UAE). Under the deal with Nawah Energy Co., the operator of the nuclear power plant, Doosan Heavy will conduct maintenance services for turbines, generators and parts related to the nuclear reactor of the nuclear power plant for three months beginning in April 2022, it said in an emai
Oct. 21, 2021
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Posco Chemical Q3 net income up 496.6% to W40.9b
POSCO Chemical Co. on Thursday reported its third-quarter net income of 40.9 billion won ($34.8 million), up 496.6 percent from a year earlier. The company said in a regulatory filing that it posted 31.5 billion won in operating profit for the quarter, compared with 19.4 billion won a year ago. Sales rose 29.9 percent to 505 billion won. The operating profit was 9.4 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency
Oct. 21, 2021
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Investors hope for jackpots from crypto exchanges' official market entry
With four crypto exchanges having nearly passed market authorities’ high bar for official registrations, investors are turning their eyes to the four entities already enjoying soaring profits and making steps for their respective market debuts. The four -- Upbit, Korbit, Coinone and Bithumb -- were able to apply for registration by undertaking the long list of anti-money laundering and security measures required by financial authorities. As of Tuesday, Upbit and Korbit have received appr
Oct. 21, 2021
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Seoul stocks open slightly higher on tech, auto gains
South Korean stocks opened slightly higher Thursday, led by advances in techs and autos. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.82 points, or 0.16 percent, to 3,017.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average gained 0.43 percent to 35,609 points and the tech-heavy Nasdaq composite slipped 0.05 percent to 15,121 points. Market bellwether Samsung Electronics edged up 0.14 percent to 70,400 won, while LG Chem shed 2.62 percent to
Oct. 21, 2021
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Exports rise 36% in first 20 days of Oct.
South Korea's exports rose 36.1 percent on-year in the first 20 days of October on the back of robust demand for chips, petroleum products and autos, customs data showed Thursday. The country's outbound shipments stood at $34.2 billion in the Oct. 1-20 period, compared with $25.1 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 48 percent on-year to $36.7 billion, resulting in a trade deficit of $2.49 billion during the cited period, the data show
Oct. 21, 2021
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Naver's Q3 net up nearly 40% on pandemic-driven biz
Naver Corp. said Thursday its net profit jumped 37.1 percent in the third quarter from a year earlier largely due to a stellar performance of its content businesses amid the new coronavirus pandemic. Net profit reached 322.7 billion won ($274.8 million) in the July-September period, compared with a profit of 235.3 billion won a year earlier, South Korea's top internet portal operator said in a press release. Operating income reached a quarterly high of 349.8 billion won during the cited period
Oct. 21, 2021
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5 companies to recall over 19,000 vehicles over faulty parts
Ford Sales & Service Korea, Hyundai Motor Co. and three other companies will voluntarily recall more than 19,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The three other companies are Porsche, Honda Motor Korea and Tera Motors which sells electric two-wheelers, the Ministry of Land, Infrastructure and Transport said in a state
Oct. 21, 2021
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Producer prices up for 11th month in September
South Korea's producer prices gained 0.2 percent on-month in September due to a rise in prices of energy-related products, extending their monthly gains for the 11th straight month, central bank data showed Thursday. The producer price index, a barometer of future consumer inflation, stood at 111.13 in September, compared with 110.86 a month earlier, according to the Bank of Korea (BOK). The September reading was up 7.5 percent from the same month a year earlier, the BOK data showed. The rise
Oct. 21, 2021
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49 new color combinations available for Galaxy Z Flip3
Samsung Electronics on Wednesday unveiled the Bespoke edition of its Galaxy Z Flip3, offering as many as 49 new color choices for the clamshell-type foldable smartphone. Samsung presented the new edition on its YouTube channel at 11 p.m. at an event called Galaxy Unpacked, Part 2. The frames come in two colors, black and silver, and customers can choose from five Bespoke colors for the front and rear of the device: blue, yellow, pink, white and black. A total of 49 new combinations are a
Oct. 20, 2021
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Finance minister says crypto tax plan still on for next year
South Korea’s finance minister once again downplayed the possibility of delaying taxation on cryptocurrency earnings, while emphasizing that his ministry is gearing up to carry out its plan as scheduled. Hong Nam-ki, the minister of Finance and Economy, made such remarks during an Assembly hearing on Wednesday when asked about the preparedness of taxation infrastructure on crypto assets. Hong’s remarks came one day after a lawmaker revealed a survey result in which three crypto e
Oct. 20, 2021
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[Newsmaker] Edison Motors likely preferred bidder for troubled SsangYong Motor
Edison Motors, a little-known electric bus manufacturer, seems likely to emerge as the preferred bidder for SsangYong Motor, South Korea’s longest-running car brand, which has experienced debt troubles in recent years. The Seoul Bankruptcy Court said a consortium led by Edison Motors is the only remaining bidder, effectively making it the preferred buyer. Its competitor, another consortium led by EV firm Electrical Life Business and Technology, was excluded from the list as it failed
Oct. 20, 2021
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Fitch keeps S. Korea’s credit rating at AA-
Global credit appraiser Fitch Ratings said Wednesday that it would maintain South Korea’s stable credit rating and keep its economic growth projection positive, citing the country’s economic resilience. During a webinar hosted by Fitch on assessing regional outlooks, Jeremy Zook, a director at Fitch Ratings, reaffirmed the credit rating for Asia’s fourth-largest economy at AA-, the fourth-highest level in the agency’s system, in line with its July projection. It has rema
Oct. 20, 2021
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BlackRock becomes 3rd-largest shareholder of Hanwha Solutions
US-based investment manager BlackRock has become the third-largest shareholder of energy services company Hanwha Solutions, a filing showed Wednesday. BlackRock’s 11 affiliated entities were holding a combined 5.08 percent stake in Hanwha Solutions -- which is dedicated to petrochemicals, advanced materials and solar energy -- as of Friday, according to the disclosure filed with the Financial Supervisory Service. Solely on Friday, BlackRock had invested 65.4 billion won ($55.6 million)
Oct. 20, 2021
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Nuri rocket’s launch to go ahead as scheduled Thursday
South Korea’s first domestically developed satellite launch vehicle has been moved to the launch pad for liftoff as scheduled on Thursday, the Ministry of Science and ICT said Wednesday. As favorable weather is forecast for Thursday, the launch will go on as scheduled at the Naro Space Center in Goheung, South Jeolla Province, the ministry added. The three-stage liquid fuel rocket, also known as Korean Space Launch Vehicle II or Nuri, will blast off at 4 p.m., with the moment to be live
Oct. 20, 2021
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Kumho Group looked into most times by antitrust watchdog for violation
Among major Korean conglomerates, Kumho Group has been under the microscope of Korea’s Fair Trade Commission the most, a lawmaker revealed Wednesday. According to data submitted by the FTC to Rep. Kim Hee-gon of the main opposition People Power Party, the state-run antitrust watchdog’s Business Group Bureau in charge of overseeing company irregularities has conducted 10 investigations into Kumho over the past four years. Since September of 2017 when the bureau was established up
Oct. 20, 2021