Most Popular
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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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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Child birth, rearing still key cause for women's career breaks: data
It takes 20 years for the female employment rate to reach the same figure of female workers in their first year of marriage, suggesting that child births and rearing are still the main obstacles they face in continuing their careers, a report showed Tuesday. A survey conducted by the Korea Labor Institute, the employment rate among married women in the first year of marriage was 68.1 percent but the figure plunged to 40.5 percent when they reached the fifth year. The job rate of married women
July 13, 2021
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Logistics investment continues as e-commerce war wages on
More e-commerce platforms are rushing to offer early morning delivery outside of Seoul to win the nation-wide grocery delivery war that has been sparked by Market Kurly and Coupang. Shinsegae Group’s online retail channel SSG.com began expanding dawn delivery in several major cities in North and South Chungcheong Province this week, including Cheongju, Cheonan and Sejoing City. The company has said it plans to expand the service to the rest of the country in the future. Entering the regi
July 13, 2021
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Samsung makes push into automotive image sensor market
Samsung Electronics on Tuesday announced the launch of a new image sensor for automobiles, taking aim at a market segment controlled by Japanese rival Sony. The new Isocell Auto 4AC will be supplied to a global car brand this year, it said. “Starting with the Isocell Auto 4AC, we plan to expand our automotive sensor lineup to areas such as camera monitor systems, autonomous driving and in-cabin monitoring,” said Chang Duck-hyun, the executive vice president of Samsung’s s
July 13, 2021
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S. Korea launches test bed for 5G devices
South Korea's ICT ministry said Tuesday it has opened a testing facility for products that run on 5G networks in a move to support small and mid-sized companies. The country has earmarked a total of 19.8 billion won ($13.8 million) from 2019 to 2023 to develop the testing center in Gumi, about 260 kilometers southeast of Seoul, according to the Ministry of Science and ICT. The facility aims to support local companies in checking whether their connected devices work properly on local and global
July 13, 2021
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[Herald Interview] Scaling legal service with tech touch
More industries are being disrupted by technology, and more companies in South Korea are operating across multiple jurisdictions, often leading to complexities in international legal disputes. This is reshaping the way Korean law firms deliver legal services to domestic clients, by exploring new industrial trends, organizing its lawyers and creating new legal services for clients in response to the trends, a top attorney of a Korean full-service law firm said. “Corporate clients increa
July 13, 2021
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Finance chief reaffirms opposition to universal COVID-19 relief cash handouts
South Korea's top economic policymaker on Tuesday reiterated his opposition to the idea of providing universal COVID-19 relief handouts to all people with another extra budget currently under review at parliament. On Monday, the heads of the ruling and main opposition parties shared the view about the need to provide cash handouts to all people with this year's second extra budget. In late June, the government proposed an extra budget of 33 trillion won ($28.9 billion) to finance the fifth rou
July 13, 2021
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Construction equipment makers enjoying brisk overseas sales
South Korean construction equipment manufacturers are basking in robust overseas sales despite the resurgence of new coronavirus infections, industry data showed Tuesday. South Korea's top construction equipment maker Doosan Infracore Co. said its European subsidiary sold 543 units of excavators and other construction equipment in June, a new monthly high. Its previous monthly record was set in April 2019, when the European subsidiary shipped 504 units. Brisk sales in Britain and Italy led th
July 13, 2021
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Chubb names new head for Korea's general insurance business
Property and casualty insurance firm Chubb said Tuesday it has appointed Edward Kopp as the new country president for its general insurance business in Korea. The announcement marks Kopp‘s return to the position that he had served in from 2013 to 2018. Kopp will replace the incumbent Edward Ler, who has been appointed to Head of Southeast Asia for Chubb. Kopp, currently Chubb‘s Asia Pacific Head for Accident & Health, has more than 25 years of experience in the financial servi
July 13, 2021
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Money supply continues to grow in May
South Korea's money supply continued to grow in May, as loans to households and firms grew amid the COVID-19 pandemic, central bank data showed Tuesday. The country's M2 stood at 3,385 trillion won ($2.95 trillion) as of end-May, up 0.6 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, M2 jumped 11 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply that counts cas
July 13, 2021
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Hyundai, Kia expected to log sharp rebound in Q2 earnings
Hyundai Motor Co. and its affiliate Kia Corp. are set to report a sharp rebound in operating profit for the second quarter on strong demand for their vehicles that offset output disruptions by semiconductor shortages, analysts said Tuesday. Hyundai and Kia, which together form the world's fifth-biggest carmaker by sales, are expected to have posted operating profits of 1.86 trillion won ($1.6 billion) and 1.34 trillion won, respectively, for the quarter ended June 30, according to a median for
July 13, 2021
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Most bond experts eye rate freeze in July: poll
A majority of bond mavens in South Korea predict the central bank to hold its key interest steady for July amid the prolonged coronavirus fallout, a poll showed Tuesday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 89 percent of the 100 respondents said the Bank of Korea (BOK) will likely freeze its policy rate at a rate-setting meeting slated for Thursday. The number of standpatters was down nine from the previous month. In contrast, 11 experts, u
July 13, 2021
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[Exclusive] Samsung SDI, LG Energy Solution complete development of 4680 cell samples, eye Tesla orders
Samsung SDI and LG Energy Solution have finished developing samples of larger and more powerful “4680” battery cells, a type first presented by Tesla last year, in an apparent effort to win contracts from the global electric vehicle leader, a source said Tuesday. “Samsung SDI and LG Energy Solution have developed samples of cylindrical 4680 cells and are currently conducting various tests at their facilities to verify their structural integrity. Also, they have provided spe
July 13, 2021
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DH asks regulator to extend deadline for Yogiyo sale
South Korea's antitrust regulator said Tuesday that Delivery Hero (DH) has asked it to extend the deadline for the sale of its food delivery affiliate here, Yogiyo, as the German company is facing difficulty in finding a potential investor. In December, the Korea Fair Trade Commission (KFTC) ordered DH to sell Yogiyo, South Korea's No. 2 food delivery app, if it wants to buy the country's top food delivery app operator, Woowa Brothers. DH has to sell Yogiyo by Aug. 3. Details on DH's request a
July 13, 2021
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Samsung releases new automotive image sensor
Samsung Electronics Co. on Tuesday released a new automotive image sensor as the tech giant eyes to expand its presence beyond the mobile sector. The ISOCELL Auto 4AC will be used for rear-view cameras and surround-view monitors of a vehicle and offer high-definition resolution images. Samsung's latest image sensor comes in an optical format of 1/3.7-inch with 1.2 million 3.0-micrometer pixels. Samsung said it applied CornerPixel technology for the first time, which will help reduce blind ar
July 13, 2021
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S. Korea expands shipping service for farms goods
South Korea said Tuesday it has agreed with HMM Co., the country's largest shipper, to provide shipping services to North America for agricultural exporters amid rising demand for cargo services that stemmed from the global economic recovery. Under the agreement, HMM will offer 265 TEUs of cargo space for agricultural and fishery products every month, according to the Ministry of Agriculture, Food and Rural Affairs. TEU, or twenty-foot equivalent unit, refers to the unit of the capacity of a c
July 13, 2021
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Lotte Chemical to invest W4.4tr in hydrogen business by 2030
Lotte Chemical Co., a major South Korean petrochemical company, said Tuesday it will invest 4.4 trillion won ($3.8 billion) in the hydrogen business by 2030 to cut its carbon emissions and foster the new growth driver. The petrochemical unit of Lotte Group said it aims to generate 3 trillion won in annual sales and achieve 10 percent of its operating profits from the hydrogen business over the next decade. Lotte Chemical said it will pump out about 600,000 tons of clean hydrogen using its eco
July 13, 2021
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KT to unveil mmWave 5G services at baseball stadium
KT Corp., a South Korean telecom giant, said Tuesday it will make millimeter wave (mmWave) 5G services available at a baseball stadium in a move to step up efforts to commercialize the technology. Although local mobile carriers offer 5G networks on the mid-band spectrum, they have yet to commercialize services on the high-band spectrum, also known as mmWave, which unlocks the fastest speeds on 5G. KT said it will showcase a range of 5G services that use the technology at KT Wiz Park in Suwon,
July 13, 2021
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LG Electronics unveils indoor-outdoor delivery robot
LG Electronics Inc. on Tuesday unveiled a new delivery robot that can serve both indoor and outdoor environments as the South Korean tech giant tries to expand its competitiveness in the robotics sector. LG introduced its indoor-outdoor delivery robot at the 18th International Conference on Ubiquitous Robots in Gangneung, some 240 kilometers east of Seoul. The four-wheel robot boasts enhanced mobility as it can self-adapt to terrain changes. The company plans to test run the latest robot at
July 13, 2021
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Seoul stocks open higher on US rallies
South Korean stocks opened higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism for strong corporate earnings in the second quarter. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.14 points, or 0.62 percent, to trade at 3,266.61 points in the first 15 minutes of trading. The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area. Strong earnings reports by US financial giant
July 13, 2021
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LG Electronics' TV factory in South Africa burns down after riots
LG Electronics Inc. said Tuesday its TV factory in South Africa has burned down as rioters turned violent there. LG said its TV manufacturing and distribution facilities in Durban, eastern South Africa, were plundered Monday (local time) by protestors who are against the imprisonment of former President Jacob Zuma. "We've notified the South Korean Embassy and requested local authorities to mobilize their forces to extinguish the fire," a LG official said. "But we were told it is
July 13, 2021