Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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S. Korea’s tax chief seeks cooperation with Denmark, Hungary
South Korea‘s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies, and discuss future of electronic tax administration system in the post-pandemic era, officials said Wednesday. National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of Danish tax agency in Copenhagen and a separate meeting in Budapest with his Hungarian counterpart Vagujhelyi Ferenc during his trip earlier this month. Meet
Sept. 15, 2021
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Apple to launch iPhone 13 in S. Korea on Oct. 8
Apple Inc. said Wednesday it will launch its new smartphone, the iPhone 13, in South Korea next month as the US tech giant aims to solidify its leadership in the premium segment. Apple on Tuesday (local time) unveiled four models of the iPhone 13 series -- the 5.4-inch iPhone 13 mini, the 6.1-inch iPhone 13, the 6.1-inch iPhone 13 Pro and the 6.7-inch iPhone 13 Pro Max. Apple said its new iPhone family, featuring upgraded camera system and enhanced battery life, will go on sale in South Korea on
Sept. 15, 2021
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LG to launch new notebook dedicated to Naver's online learning system
LG Electronics Inc. on Wednesday said it will launch a new online education-dedicated notebook next month in partnership with South Korea's internet portal giant Naver Corp. LG will release "Whalebook," a cloud-optimized laptop powered by Naver's Whale operating system (OS), suitable for its online education platform Whale Space. The product will be first sold in the B2B market in South Korea in October and will be available to consumers later with a price tag of 550,000 won ($470). LG
Sept. 15, 2021
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Corporate sales improve, profit margin grows in Q2 amid pandemic
South Korean companies saw their profitability grow in the second quarter, with their sales improving despite the fallout of the COVID-19 pandemic, central bank data showed Wednesday. The ratio of operating profit to sales of firms in the country reached 7.4 percent in the second quarter, up from 5.2 percent tallied a year ago, according to the data from the Bank of Korea (BOK). At the same time, the pretax net profit margin of South Korean companies rose on-year to 8.2 percent from 4.6 percent.
Sept. 15, 2021
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Google says it offers W12tr in consumer benefits in S. Korea annually
Google said Wednesday it offers around 12 trillion won ($10.25 billion) in economic benefits for South Korean consumers annually through its services, highlighting its presence in the country amid growing scrutiny from local regulators and politicians over allegations of unfair business practices. During an online recorded event, the tech giant said it provides 5.1 trillion won per year in benefits for South Koreans through its Play store, 4.2 trillion won through its search service, and 2.5 tri
Sept. 15, 2021
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Hyundai Heavy to unveil its newly developed gas carriers in Gastech 2021
Hyundai Heavy Industries Group said Wednesday it will push to win approval of its newly developed gas carriers from global ship quality assurance and risk management companies, such as Lloyd's Register from Britain, and flag states in an upcoming exhibition. The world's biggest shipbuilder plans to unveil gas carriers at Gastech 2021, the world's largest exhibition and conference supporting the gas, LNG, hydrogen and energy industry, slated for Sept. 21-23 in Dubai. The group's newly developed v
Sept. 15, 2021
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Wednesday as bargain hunters sought oversold stocks on expectations of future price hikes. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.09 points, or 0.13 percent, to 3,152.92 points in the first 15 minutes of trading. Bio and bank gains led the Kospi's rise, while chemical and auto shares got off to a weak start. Market kingpin Samsung Electronics added 0.26 percent, but No. 2 chipmaker SK hynix retreated 1.4 percent. Internet portal operator
Sept. 15, 2021
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Most S. Korean exporters eye rising freight rates: poll
A majority of South Korean exporting companies expect international freight rates to continue their uptrend till the first half of 2022, a poll showed Wednesday. The survey of 1,000 exporters, taken by the Federation of Korean Industries, showed 7 out of 10 firms forecasting freight rates to keep rising at least until June next year. The companies also expect freight rates to surge 23.8 percent on-year in the second half of this year following a 30.9 percent on-year jump in the first half. Some
Sept. 15, 2021
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[Exclusive] Hyundai Card says it has 'no plan' for IPO
Fubon-backed Hyundai Card said Wednesday that it has “no plan” to carry out an initial public offering, despite heated market anticipation for the firm’s market debut over the last two years. “We do not have a plan to carry out an IPO,” a Hyundai Card official told The Korea Herald. "Regarding the Fubon-Affinity deal, it was made without an IPO in mind, it was a different alternative." The credit card firm was under an IPO mandate stipulated in a contra
Sept. 15, 2021
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[Graphic News] Samsung ranks 3rd in Q2 global smartwatch market: report
Samsung Electronics was the world’s third-largest smartwatch vendor in the second quarter of the year, a report showed, after its shipments posted robust 43 percent on-year growth. The South Korean tech giant logged a market share of 7.6 percent in the April-June period, up from 6.8 percent a year earlier, and edged China’s BBK Electronics for third place, according to market researcher Counterpoint Research. Apple maintained its lead in the second quarter, but its market s
Sept. 15, 2021
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Who is Yeo Han-koo?
South Korea’s new Trade Minister Yeo Han-koo is a veteran negotiator who sat at the bargaining table for many of the free trade deals South Korea has inked over the past two decades, including the one with the European Union. Before assuming his current position on Aug. 9, the 51-year-old bureaucrat served as presidential secretary for the New Southern and New Northern policies -- President Moon Jae-in’s signature foreign policy initiatives to expand the nation’s economic and
Sept. 14, 2021
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Foreign investors prefer Korean stocks with high growth potential: data
Foreign investors put more value on high growth potential rather than stability when choosing which domestic stocks to purchase, a report showed Tuesday. According to a report from Korea Economic Research Institute, foreigners tended to buy more shares when the firm showed an improvement in business growth. On the contrary, they reduced the volume of net purchases when the firm stabilized its business. The report also showed that offshore investors’ net purchase trends had a strong tie
Sept. 14, 2021
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[Herald Interview] Carving out a place for Korea in new global trade order
When Yeo Han-koo, South Korea’s newly minted trade minister, first joined the officialdom in the early 1990s as a trade relations official, his country was just struggling to catch up with an emerging international trade order that later gave birth to the World Trade Organization. Three decades and 17 free trade deals later, South Korea stands as a shining example of free trade-driven prosperity, ranking among the world’s top 10 exporters. The path ahead, however, looks fraught w
Sept. 14, 2021
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SK, Group14 to establish W850b battery material plant in Korea
SK Materials and Group14 Technologies will jointly establish an 850 billion won ($725.7 million) silicon anode plant in Sangju, North Gyeongsang Province, to gain foothold in the next-generation electric vehicle battery market, SK Materials said Tuesday. The project is to be led by a joint venture set up earlier by the two in a 75:25 ratio, tentatively named SK Materials Group14. The first factory is to break ground in October and kick off commercial operation starting next year. Including f
Sept. 14, 2021
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[Defector’s eye 2] Defector-turned-startup CEO tries his hand at developing social media platform
This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. For someone who came from an isolated and repressive state like North Korea, starting a business of his or her own in a free but competitive market is a mere dream. No matter how great their ideas are, a lack of business network, insufficient funds and im
Sept. 14, 2021
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Volvo Korea, SKT work together for smarter XC60
Volvo Korea unveiled the latest face-lifted version of its flagship sport utility vehicle XC60, equipped with a new smart car system developed in partnership with South Korean mobile carrier, SKT. “Cars no longer only have the function of transportation. It’s a means of one’s lifestyle experience. We hope (the new XC60) becomes a trendsetter in this new wave of change,” said Lee Yoon-mo, CEO of Volvo Cars Korea, during an online meeting with the press on Tuesday. The
Sept. 14, 2021
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Chip sales drive last month’s ICT exports past $20b, the best August result
South Korea’s exports of information and communication technology products in August surpassed $20 billion for the first time in 34 months, on robust sales of semiconductor products, government data showed Tuesday. According to the Ministry of Science and ICT, the country’s outbound shipments of ICT products last month reached $20.27 billion, up 33.2 percent on-year. It was the best results ever recorded for the month of August, and second-best for any month. With that, the ICT e
Sept. 14, 2021
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Google slapped with $177m in fines for abusing market power
South Korea‘s antitrust regulator said Tuesday it has decided to fine US-based tech giant Google 207.4 billion won ($176.8 million) for abusing its market power with the Android mobile operating system. In addition to the fine, the FTC ordered Google to stop forcing device manufacturers to sign an anti-fragmentation agreement, which has prevented the manufacturers from using operating systems developed by Google’s rivals or other variants of Android. The FTC began investigating ac
Sept. 14, 2021
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No. of Korean youths who gave up job seeking surges 35%
South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed Tuesday. As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age range who
Sept. 14, 2021
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Kakao creates W300 billion fund, pledges to work for society
Kakao Group, the largest mobile technology business in South Korea, pledged on Tuesday to spend 300 billion won ($255.4 million) to support small businesses and the self-employed, looking to soothe growing public criticism over its rapid business expansion. Top executives of Kakao Corp. and affiliates met Monday and Tuesday to devise a package of measures for its “co-existence” with small enterprises whom critics said the mammoth platform is driving out of market, which included th
Sept. 14, 2021