Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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CJ OliveNetworks to introduce NFT ticketing at BIFF
CJ OliveNetworks will introduce the country’s first “non-fungible token” tickets at the Busan International Film Festival next month, the company said Monday. A type of blockchain technology, NFTs are unique and not interchangeable. NFT-based tickets, therefore, allow ticket issuers to track holders of each ticket and prevent scalping or fraud. The company has named the ticketing service “One Order Ticket.” CJ has partner with domestic blockchain platform firm
Sept. 27, 2021
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Korean chipmakers in quandary over US request
The US government’s strategic interest in chips is putting South Korean chipmakers in a quandary, as Washington adds pressure on chipmakers to share sensitive data on technology, clients and inventory status. With a stated purpose of solving the chip shortage, which is affecting automotive and other industries around the world, US authorities on Thursday held an online meeting with major automakers and chipmakers, which Samsung Electronics attended. Following the meeting, the US Depart
Sept. 27, 2021
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BAT unveils glo pro slim in Korea
BAT Rothmans on Monday launched the new tobacco heating product Glo Pro Slim in South Korea in an online media conference. Glo Pro Slim marks the latest edition of the Glo series, following the launch of Glo Pro early last year. The company said the new product adds to its growing list of Glo products and will appeal to consumers seeking potentially reduced-risk products. “BAT Rothmans will lead the market transformation through product portfolio expansion and innovation in tobacco heati
Sept. 27, 2021
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Small media stocks surge on ‘Squid Game’ bonanza
Small-cap stocks related to the local media and entertainment business are on a bull run, as traders hoped to piggyback on the success of the Netflix megahit “Squid Game.” Content production firm Bucket Studio saw its stock price nearly double over the course of three trading days, since the stock market reopened Thursday following the national Chuseok holiday. Last week, Bucket Studio hit the price ceiling on both Thursday and Friday, and rose 2 percent Monday. Its market cap appr
Sept. 27, 2021
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Samsung to log robust Q3 earnings on chip biz, currency effect: analysts
Samsung Electronics Co. is expected to report strong third-quarter earnings on the back of its semiconductor business and a weak won, analysts said Monday. The South Korean tech giant was projected to log 16.3 trillion-won ($13.8 billion) in operating profit for the July-September period, up 31.9 percent from a year earlier, while its sales were forecast to increase 12.2 percent on-year to 75.1 trillion won over the period, according to the data from nine local brokerage houses compiled by Yonh
Sept. 27, 2021
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UNIST develops world‘s 1st all-in-one VR gloves with heat, vibration, motion controls
Ulsan National Institute of Science and Technology said Monday it has developed the world’s first virtual reality gloves with heat, vibration and motion controls all integrated together. According to UNIST, the VR gloves track angles of two joints on each of the fingers in real-time and reflect the changes on the display. Also, the gloves can feel subtle vibrations and temperatures. “If a user grabs an item inside hot water, a sudden change of temperature will be delivered realis
Sept. 27, 2021
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Doosan Fuel Cell ships first hydrogen fuel cells for power generation
Doosan Fuel Cell on Monday shipped four hydrogen fuel cells worth $13.2 million to China in what was marked as South Korea’s first export of the product. According to the Ministry of Trade, Industry and Trade Monday, the fuel cells with a combined capacity of 1.8 megawatts will be installed at seven apartment buildings of 400 households and one commercial building in Foshan, Guangdong province. The fuel cells will generate heat and electricity. The fuel cells were manufactured almost e
Sept. 27, 2021
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Cash-back rewards for card spending to start next month
South Korea said Monday it will start a cash-back reward program for card spending next month in an effort to boost private spending amid the fourth wave of the pandemic. The two-month scheme will allow people to receive up to 100,000 won ($85) per month if their card spending exceeds 3 percent of their monthly average use in the second quarter, according to the Ministry of Economy and Finance. The government earmarked 700 billion won in its budget to fund the scheme, with an aim of boosting p
Sept. 27, 2021
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S. Korea to unveil additional measures next month to curb household debt
South Korea plans to unveil additional measures next month to curb household debts, the head of the financial regulator said Monday. Financial Services Commission (FSC) Chairman Koh Seung-beom said such measures will focus on improving ways of calculating a household's ability to repay debts. Koh said the government will continue to take stricter measures to rein in household debts, calling such debts the "biggest potential risk" on the nation's economy. Since July, the FSC has a
Sept. 27, 2021
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Hyundai restarts local plant on resumed parts supply
Hyundai Motor Co. said Monday it has restarted production at a local plant on the resumed supply of electronic components. Hyundai Motor halted the Asan plant from Sept. 15-17 due to a lack of chip parts, resulting in production losses of 3,000 vehicles, the company said in a regulatory filing. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. Previously, the Asan plant suspended operations on Sept. 9 and 10 due to the parts problems and from July 13 to Aug.
Sept. 27, 2021
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Seoul stocks little changed as investors take wait-and-see mode amid spreading virus
South Korean stocks opened nearly flat Monday as investors took a wait-and-see mode amid the country's spiking new coronavirus cases and concerns over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.23 points, or 0.01 percent, to 3,125.01 points in the first 15 minutes of trading. Stocks got off to a muted start amid spikes in South Korea's daily COVID-19 cases. On Monday, South Korea reported 2,383 new COVID-19 cases. Daily cases have
Sept. 27, 2021
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S. Korea to increase support of startups' overseas expansion
South Korea said Monday it plans to increase support for overseas expansion by startups and smaller firms as part of efforts to strengthen its ties with Southeastern Asian countries and nations in Eurasia. The government plans to further promote economic cooperation with the 10-member states of the Association of Southeast Asian Nations (ASEAN) and Europe based on the outcome of summit diplomacy with such nations, according to the Ministry of Economy and Finance. The country will pursue cooper
Sept. 27, 2021
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S. Korea's 5G base stations account for 11% of total in Q2: data
The number of 5G network base stations in South Korea accounted for just 11 percent of the total in the second quarter, data showed Monday, amid continued user complaints against the latest generation networks. As of the April-June period, there were 162,099 5G base stations in the country, compared with a total of 1.47 million mobile network base stations, according to data from the Korea Communications Agency. The number of 5G base stations was far outnumbered by around 1 million 4G base sta
Sept. 27, 2021
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Number of foreign home rental biz operators nears 2,400
Nearly 2,400 foreigners are engaging in the home rental business in South Korea, with Chinese nationals accounting for more than one-third of the total, government data showed Monday. The number of foreign home rental business operators in Asia's fourth-largest economy stood at 2,394 as of the end of June last year, according to the data from the land ministry. There were 885 Chinese housing rental business owners here, taking up 37 percent of the total. Americans came next with 702, followed
Sept. 27, 2021
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Listed firms' dividends soar 23.5% in H1
Dividend payouts by South Korean listed companies jumped nearly 24 percent in the first half of the year amid their strong earnings, a corporate tracker said Monday. The combined amount of dividends paid out by 140 firms, including top-cap Samsung Electronics Co., came to 9.3 trillion won ($7.9 billion) in the January-June period, up 23.5 percent from a year earlier, according to Leaders Index. The firms cover those that have announced dividends out of the country's 2,323 listed corporations.
Sept. 27, 2021
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29 crypto exchanges meet registration deadline, but face challenges
Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s
Sept. 26, 2021
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Surging energy bills spark concerns of inflation
South Korea’s recent decision to raise electricity prices for the first time in nearly a decade and an expected price surge in home gas is likely to increase inflationary pressure, industry watchers said Sunday. Electricity and home gas prices, which are key components of “public utility charges” -- fees related to supply of electricity, gas, power, water and transport – usually help lower inflationary pressure, with their relatively flat price gains. But the COVID-19 pa
Sept. 26, 2021
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SC Bank Korea offers gold, gift certificates for dollar funds, savings accounts
Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner
Sept. 26, 2021
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Parked money in search of new investments hits new high: data
The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr
Sept. 26, 2021
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LCS Group chief sees potential in Korea’s east coast
Luis Chavit Singson, chairman of the Philippines’ LCS Group of Companies, sees a lot of business potential on South Korea’s eastern coast, having recently committed $100 million investment in a residential, commercial and resort development project there, the group said on Sunday. LSG Group recently announced its investment by 2025 in the Mangsang District 1 development project in the East Coast Free Economic Zone (EFEZ), its first such project in Korea. The tycoon, who
Sept. 26, 2021