Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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FSS to appeal against court decision favoring Woori chairman
The Financial Supervisory Service said Friday it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, Sohn
Sept. 17, 2021
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[Newsmaker] More than 30 crypto exchanges expected to announce shutdown on Friday
Time ran out Friday for cryptocurrency exchanges to announce the closure of their services if they would not be operable after Sept. 24, marking a critical time that will decide the fate of many cryptocurrency exchanges in the country. More than 30 cryptocurrency exchanges were expected to give notice for a service shutdown by the end of Friday, as 24 exchanges have not applied for the Information Security Management System and 10 failed to acquire a certificate, according to industry source
Sept. 17, 2021
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Shinhan acquires stake in ICT solutions provider for online corporate banking platform
Shinhan Bank said Friday that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform. Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data. Shinhan and Douzone Bizon ha
Sept. 17, 2021
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Seoul stocks rebound ahead of Chuseok holiday
South Korean stocks closed higher Friday ahead of a three-day holiday as investors weighed the pace of the economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.42 points, or 0.33 percent, to close at 3,140.51 points. Trading volume was moderate at about 575 million shares worth some 14.6 trillion won ($12.4 billion), with losers outnumbering gainers 491 to 380. Foreigners bought a net 46 billion won, while
Sept. 17, 2021
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Hyundai, Boston Dynamics unveil factory safety robot
Hyundai Motor Group has begun test operating a robot to inspect safety at its automotive plant, in collaboration with robotics startup Boston Dynamics, the group said Friday. Hyundai Motor Group, which operates two leading automotive companies Hyundai Motor and Kia, said it has deployed Spot, Boston Dynamics’ quadruped robot, to inspect safety at Kia AutoLand Gwangmyeong, Kia’s automotive plant facility in Gyeonggi Province. It is the first joint project between Hyundai and Bosto
Sept. 17, 2021
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SKC forges ties with Kuwait to expand eco-friendly plastic business
SKC, the chemical affiliate of SK Group, will cooperate with Kuwait’s state-operated petrochemical giant Petrochemical Industries Company to expand its environment-friendly plastic business in Kuwait, the company said on Friday. PIC is the world’s fifth petrochemical firm by production volume. SKC and PIC established the joint venture SK picglobal in March 2020. SKC said the company inked a memorandum of understanding with PIC and SK picglobal in Los Angeles on Thursday there to
Sept. 17, 2021
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KT creates investment arm for digital transformation
KT, one of South Korea’s leading telecom companies, said Friday it has created an organization dedicated to new investments and external partnerships in a bid to speed up the firm’s transformation into a digital platform business. The new organization is called “Group Transformation” and has been established under the CEO’s office. KT has appointed Yoon Kyung-lim, who had led KT’s media, future convergence and global businesses, as president of the new
Sept. 17, 2021
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S. Korea has larger classes, lower employment rates among college graduates than OECD averages: education ministry
South Korea has larger class sizes and lower employment rates among the highly educated than Organization for Economic Cooperation and Development (OECD) averages, the education ministry said Friday. According to the latest edition of the OECD's "Education at a Glance," released by the Ministry of Education, elementary and middle school classes had an average of 23 and 26.1 students, respectively, in 2019. The figures were lower than 23.1 and 26.7 from 2018 but still higher than the OE
Sept. 17, 2021
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BOK provides less money ahead of Chuseok
The Bank of Korea (BOK) said Friday it has injected a smaller amount of bank notes into circulation this year than a year earlier ahead of the Chuseok fall harvest holiday as private consumption has slumped amid the COVID-19 pandemic. The BOK provided a net 4.8 trillion won ($4.08 billion) worth of bills to financial institutions during the 10 working days before the holiday, down 4.8 percent compared with the same period last year. This year's Chuseok holiday, the Korean equivalent of Thanksgiv
Sept. 17, 2021
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Stock trading soars 70.5% in 2020 amid investment craze
Stock transactions in South Korea spiked more than 70 percent in 2020 amid an investment craze among retail investors, data showed Friday. The value of stock trading in Asia's fourth-largest economy stood at 35,397.3 trillion won ($30.2 trillion) last year, up 70.5 percent from a year earlier, according to the data from the Financial Supervisory Service. The on-year growth rate is much higher than the 6 percent increase recorded the previous year. In the first six months of the year alone, stock
Sept. 17, 2021
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Chip, display sectors among primary victims of technology theft
More than 110 trade secrets from South Korean businesses and institutions have been leaked to overseas rivals over the past five years, data showed Friday, with the semiconductor and display industries being the primary targets. The number of trade secrets stolen from South Korean firms from January 2016 to August this year came to 112, according to the data released by Rep. Kim Kyung-man of the ruling Democratic Party, compiled by the Ministry of Trade, Industry and Energy. By sector, those lin
Sept. 17, 2021
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Hyundai Motor deploys Boston Dynamics' Spot robot at factory
South Korean automaker Hyundai Motor Group said Friday it has launched a pilot project to deploy a robot to inspect safety at its factory, the first collaboration with US-based startup Boston Dynamics. The automotive group said the factory safety service robot based on Boston Dynamic's four-legged robot Spot went into pilot operation at its subsidiary Kia Corp.'s plant in Gwangmyeong, southwest of Seoul. It is the first project launched between the two companies after the automotive group in Jun
Sept. 17, 2021
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Uncertainty lingers over private spending recovery: ministry
The South Korean economy is facing continued uncertainty about the recovery of domestic demand as the latest resurgence in COVID-19 cases is denting person-to-person service sectors, the finance ministry said Friday. In its monthly economic assessment report, the ministry said the country's exports have extended solid growth momentum and the job market has improved despite the fourth wave of the pandemic. "But uncertainty over domestic demand has continued, centering on face-to-face service
Sept. 17, 2021
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Gmarket‘s global shop sales jump during Chuseok promotion
Gmarket said on Thursday its global shop sales during this year’s Chuseok promotion, which ended on Tuesday, increased compared to last year’s thanks to a wider selection of items on sale and more discount coupons. Gmarket’s global shop, which sells to about 80 countries through its English and Chinese websites, said its sales of household items jumped 110 percent from the previous Mega G-Festival, and sales of books and records climbed more than 30 percent. Sales of beauty p
Sept. 17, 2021
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LG Energy Solution invests W35b in Chinese battery material supplier
South Korea’s leading battery maker LG Energy Solution will acquire a 4.8 percent stake in a Chinese battery material supplier for 35 billion won ($29.7 million), the company said Friday. The subsidiary of LG Chem said it has signed a deal with China’s Greatpower Nickel & Cobalt Materials for a stable supply of battery materials. Shanghai-based Greatpower has been building a plant in China for nickel sulfate, a major ingredient for lithium-ion batteries used in electric vehi
Sept. 17, 2021
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Seoul stocks open lower as investors test waters
South Korean stocks opened lower Friday ahead of the holiday as investors weigh the pace of an economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) fell 14.08 points, or 0.45 percent, to 3,116.01 points in the first 15 minutes of trading. Stocks retreated as investors took to the sidelines to digest mixed US economic indicators, such as weak price and strong retail sales in August, and their impact on the global economy. Overnight, the Dow Jones Industrial
Sept. 17, 2021
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OK Savings Bank’s ‘Pak Se-ri tournament’ to kick-off Friday
Female golfers will gather Friday to play in a Korea Ladies Professional Golf Association tournament hosted by OK Savings Bank, which returned this year after being canceled in 2020 due to the COVID-19 pandemic. The KLPGA’s OK Savings Bank Pak Se-ri Invitational – which takes its name after the legendary South Korean golfer – is scheduled from Friday to Sunday at Sejong Silkriver Country Club & Gallery in the city of Cheongju, North Chungcheong Province. Some 120 playe
Sept. 16, 2021
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Samsung Display’s 90Hz OLED panel featured in ASUS’ new laptops
Samsung Display on Thursday said it began supplying the 90-hertz organic light-emitting diode panels for laptops of Taiwanese brand ASUS, as demand for higher-end laptop screens grow amid the pandemic. The display panels are to be featured on ASUS’ 14-inch Zenbook and Vivobook Pro series, it said. The supply marks a successful commercialization of laptop-sized OLED displays with a refresh rate of 90 hertz, which makes moving images on laptop screens look more natural. It is ideal for u
Sept. 16, 2021
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[Herald Interview] Design at heart of Samsung’s evolution to better satisfy consumers: exec
In the field of consumer electronics, Samsung Electronics has taken strides design-wise. Following the success of the trendy and ingenious Bespoke home appliance lineup, its latest smartphone releases, Galaxy Z Fold3 and Flip3, became a hit among design-conscious consumers, heralding a new era of foldable devices. Behind the feats is the company’s dual focus on technology and design, or its strenuous effort to mingle the two worlds, with the aim of bringing real benefits to consumers
Sept. 16, 2021
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SK Innovation wins shareholder approval for battery unit split-off
Shareholders of SK Innovation on Thursday approved a plan to split off the battery business, the company said With the endorsement, which was made at a general shareholders’ meeting held earlier in the day, SK Innovation, a refinery-to-battery subsidiary of South Korea‘s No. 3 conglomerate, will split into two entities, which will be respectively in charge of battery and petrochemical businesses. The new entities will be officially launched Oct. 1, according to the company. SK
Sept. 16, 2021