Most Popular
-
1
Yoon sorry for shortcomings but insists policies were right
-
2
S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
-
3
US 'incredibly concerned' about suspected NK-Iran military ties
-
4
Korean won weakens amid heightened uncertainty
-
5
1 in 3 Koreans live alone, family types becoming diverse
-
6
Sewol victims commemorated on tragedy's 10th anniversary
-
7
Seoul says will cut power to porn festival planned on Han River
-
8
Chanel, Louis Vuitton see muted growth in Korea
-
9
Conservative bloc divided over Han’s role in election defeat
-
10
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
IBM Korea taps Won Sung-shik as new chief
IT solutions provider IBM Korea has appointed Won Sung-shik as its new general manager, the firm said Thursday. Won replaces former CEO Song Ki-hong, who has moved to supervise IBM’s ASEAN operations and IBM Korea’s global business service. Won joined IBM Korea in 1991 and served in various divisions including hardware, marketing, global technology services and finance. He spent four years working for SK Telecom, but returned to IBK Korea to lead its business in technology, co
July 8, 2021
-
Seoul to offer free hydrogen taxi rides for three days
Twenty hydrogen taxis operating in Seoul will offer free ride for three days next week, H2Korea, a private-public think tank for the hydrogen economy, said Thursday. The event, supported by the Ministry of Trade, Industry and Energy and the state-run Korea Automotive Technology Institute, is to promote the sustainable, eco-friendly hydrogen energy as well as the government’s efforts toward carbon neutrality. It will also mark the first-year anniversary of the Korean New Deal, Presiden
July 8, 2021
-
MZ generation's debt surges: data
The bank debt of millennials and Generation Z -- together including those born from the 1980s forward -- spiked as they increased investments in real estate, stocks and cryptocurrencies, data showed Thursday. According to the Financial Supervisory Service data released by Rep. Kim Han-jeong of the Democratic Party of Korea, millennial and Gen Z household debt from local banks surged to 26 trillion won ($22.7 billion) in March, up 4.47 trillion won from a year ago. Home-backed lending increased
July 8, 2021
-
GeneOne Life Science to start phase 2a clinical study of DNA vaccine
South Korean drug firm GeneOne Life Science announced Thursday that the company will begin a phase 2a clinical trial of the company‘s self-developed DNA-based COVID-19 vaccine candidate GLS-5310. The phase 1 clinical trial, conducted at Korea University Guro Hospital with 45 participants, has produced positive results and was reviewed and confirmed by a data safety monitoring board, the firm said. A DSMB is a group of independent experts who monitor patient safety and treatment efficac
July 8, 2021
-
Hyundai Heavy, labor union in dispute over wage deal
Hyundai Heavy Industries Co., a major shipbuilder here, said Thursday it has sought a court order against unionized workers occupying a shipbuilding crane, the latest development in a drawn-out wage dispute with the labor union. The crane occupation by unionized workers at its shipyard in Ulsan started Tuesday after the management did not propose tangible proposals to solve the two-year-long wage dispute. "The workers plan to go on strike until Friday, but how long the situation will go o
July 8, 2021
-
Posco Chemical to build 60,000-ton cathode plant in Pohang
Posco Chemical will establish a new cathode plant with an annual production of 60,000 metric tons in Pohang, North Gyeongsang Province, the company said Thursday. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it will invest 600 billion won ($524.1 million) starting next year to construct the cathode plant on a 120,000-square-meter site inside an industrial complex of the coastal city. Once completed, the Pohang plant will be Posco Chemic
July 8, 2021
-
Class action lawsuit starts against SK Telecom over 5G service quality
A class action lawsuit against SK Telecom, filed by a group of 5G mobile service users in South Korea, formally started Thursday, amid conflicting claims about the quality of the mobile service. In the lawsuit, 237 people who signed up for SK Telecom’s 5G service presented their case at the Seoul Central District Court through local law firm Serim. In February, the law firm recruited Korean 5G users who experienced problems with the service and wanted to join the class action suit. On
July 8, 2021
-
Seoul stocks slump nearly 1% amid virus resurgence
South Korean stocks plunged nearly 1 percent Thursday as investors turned risk-averse amid a surge in new coronavirus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 32.66 points, or 0.99 percent, to close at 3,252.68 points. The figures mark the steepest daily fall since May 13. Trading volume was moderate at about 1.5 billion shares worth some 16.5 trillion won ($14.4 billion), with losers outnumbering gainers 777 to 106. F
July 8, 2021
-
Financial authority puts brake on banks’ co-investing in art
Local lenders have decided to stop providing access to customers looking for fractional art ownership via a mobile application after facing regulatory hurdles, according to sources Thursday. Shinhan Bank recently notified customers that it will terminate its service partnership with Seoul Auction Blue, an online auction house that sells contemporary paintings, art toys and luxury goods, from July 30. Since January, the lender had offered online access to co-investing in art by embedding the
July 8, 2021
-
S. Korea delays launch of comprehensive data service
The scheduled launch of South Korea’s comprehensive data service project next month has been delayed, financial authorities said Thursday, with the COVID-19 pandemic stalling its development. The government-led MyData project, when launched, will allow licensed service providers to collect and analyze personal data scattered across the finance sector. The service providers must collect consumers’ consent before they can access their data, currently held separately by different finan
July 8, 2021
-
Bithumb stops accepting new foreign users
Bithumb, one of South Korean major cryptocurrency exchanges, will stop accepting registrations of overseas users and block access from traders in four more countries that have been added to a money-laundering watch list. The cryptocurrency exchange will no longer receive applications for trading from overseas users starting 3 p.m. on Aug. 13. The same rule will be applied to foreign citizens in South Korea who do not have an alien registration card, it said. Both registrations and t
July 8, 2021
-
DoubleDown Interactive picks new IPO underwriter for Nasdaq listing
South Korean social casino game developer and publisher DoubleDown Interactive has accelerated an initial public offering push to debut on the tech-heavy Nasdaq bourse in the US by picking an additional lead manager, its parent company DoubleU Games said Thursday. According to the officials, DoubleDown Interactive chose B. Riley Securities as its new joint underwriter for the IPO along with the previously selected Macquarie Capital. The update on the underwriting company has been made through
July 8, 2021
-
Homeplus taps ex McDonald’s Korea CEO as new CMO in executive shakeup
South Korean supermarket chain Homeplus has appointed former CEO of McDonald’s Korea Cho Ju-yeon as its new chief marketing officer, in an executive reshuffle announced on Thursday. Cho made headlines in 2016 when she became the first female CEO at the South Korean unit of the fast food restaurant. Hwang Jeong-wook, who formerly served as the chief financial officer at the Korean unit of AstraZeneca, will become the new chief financial officer at Homeplus. The move comes as the company
July 8, 2021
-
Samsung Display workers end strike
Samsung Display Co. on Thursday signed a wage agreement with its labor union as some of its unionized workers have been staging strikes for the first time in the company's history. The union on Monday accepted the company's proposal of a 4.5 percent raise, which was approved by 83 percent of its members in a vote. The agreement came after six union representatives began industrial actions on June 21, demanding a 6.8 percent hike in base pay, in the first-ever walkout at the world's largest mob
July 8, 2021
-
More than 30 firms newly have market value of over W1tr in Q2
The number of South Korea's listed firms with a market capitalization of 1 trillion won ($875 million) or more rose by more than 30 in the second quarter amid a stock market rally, a corporate tracker said Thursday. A total of 274 listed companies were worth 1 trillion won or more as of end-June, up 32 from three months earlier, according to a survey of 2,357 corporations by CXO Institute. The total market capitalization of the companies came to 2,604 trillion won as of the end of June, up 8 p
July 8, 2021
-
Surging apartment prices prompt exodus from Seoul
With apartment prices soaring in the South Korean capital of Seoul, a growing number of residents are leaving the city for its surrounding areas, data showed Thursday. According to data from Statistics Korea, from January to May, an average of 8,823 people moved out of the city each month. The agency forecast that the total net outflow for 2021 would reach 100,000. This contributed to overall changes in population. While Seoul‘s population declined 102,475 in the last six months,
July 8, 2021
-
Households' excess funds fall in Q1 amid pandemic
Excess funds held by South Korean households and nonprofit agencies fell in the first quarter from a year earlier as banks tightened lending rules, the central bank said Thursday. Net financial funds -- the value of financial assets minus financial liabilities -- held by local households and nonprofit organizations serving households amounted to 44 trillion won ($38.5 billion) in the first quarter, down from 65.9 trillion won a year earlier, according to preliminary data from the Bank of Korea
July 8, 2021
-
Tax revenue up W10.8tr in May amid economic recovery
South Korea's tax revenue increased 10.8 trillion won ($9.5 billion) in May from a year earlier amid an accelerating economic recovery and a boom in property and stock markets, the finance ministry said Thursday. The country collected 28.4 trillion won in taxes in May, compared with 17.6 trillion won the previous year, according to the Ministry of Economy and Finance. The government said capital gains tax income rose amid a boom in asset markets and corporate tax income also extended gains. I
July 8, 2021
-
Seoul stocks open higher on easing tapering woes
South Korean stocks opened higher Thursday as the US Federal Reserve's minutes signaled that the world's largest economy would not hurry its timeframe for tapering its asset purchasing program. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.43 points, or 0.23 percent, to trade at 3,292.77 points as of 9:15 a.m. Overnight, the Dow Jones Industrial Average advanced 0.3 percent, with the tech-heavy Nasdaq Composite and the S&P 500 adding 0.01 percent and 0.34 percent, respecti
July 8, 2021
-
Samsung takes nearly half of smartphone memory market in Q1: report
Samsung Electronics Co. accounted for nearly half of the global smartphone memory market in the first quarter of the year, a report showed Thursday, as it tries to boost its presence in 5G devices. The South Korean tech giant, the world's top memory chip producer, dominated the market with a 49 percent share in the January-March period, according to a report from industry tracker Strategy Analytics. Samsung was followed by its South Korean compatriot SK hynix Inc. with a 23 percent share and U
July 8, 2021