Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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S. Korea extends temporary removal of import duties on eggs to year-end
South Korea said Tuesday it will extend a temporary removal of tariffs on imported eggs by six months until the end of the year in a bid to stabilize their high prices. The Cabinet approved a revised regulation that will allow local firms to import 36,000 tons of fresh eggs and other egg products without tariffs until Dec. 31. In January, the government removed import tariffs on 50,000 tons of egg products by the end of June in a bid to ease a supply shortage caused by the outbreak of bird flu
June 22, 2021
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Hyundai unveils Avante N performance model
Hyundai Motor Co. on Tuesday unveiled the Avante N high-performance model as it strives to strengthen its high-end product lineup. The Avante N is the first sedan to be launched under the carmaker's high-performance N brand. The sporty sedan comes with side skirts, which minimize the amount of air that goes under the car from the sides and a wing-type spoiler that helps reduce sound and air resistance, Hyundai said in a statement. The latest performance model's prices and other details will
June 22, 2021
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Hanon Systems receives preliminary bids for controlling stake from foreign firms
French automotive parts maker Valeo and three other foreign firms have submitted preliminary bids for a controlling stake in automotive thermal management systems and automotive parts maker Hanon Systems, while local players have decided against the move, sources said Tuesday. Valeo, a key rival of Hanon Systems, and German automotive parts maker Mahle have reportedly submitted a preliminary bid for the 70 percent stake in Hanon Systems worth 6.6 trillion won ($5.8 billion) as of Tuesday, while
June 22, 2021
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S. Korea, Chile hold meeting to improve trade pact
South Korea said Tuesday it has launched the fifth round of talks with Chile to reflect the latest industry trends into their 17-year-old free trade agreement (FTA). During the three-day virtual meeting, the two countries plan to discuss a wide array of issues ranging from labor and the environment to intellectual rights, according to the Ministry of Trade, Industry and Energy. Seoul and Santiago will also share ideas on ways to promote the digital trade. South Korea implemented its first-ev
June 22, 2021
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Producer prices up for 7th month in May
South Korea's producer prices gained 0.4 percent on-month in May due to a modest rise in food and energy prices, extending their monthly gains for the seventh straight month, central bank data showed Tuesday. The producer price index, a barometer of future consumer inflation, stood at 108.50 in May, compared with 108.06 a month earlier, according to the Bank of Korea (BOK). The May index advanced 6.4 percent from the previous year, the BOK data showed. The prices of agricultural goods fell
June 22, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Tuesday, tracking an overnight US stock rebound that stemmed from investors' speculation that the Fed's tapering timeline may be more gradual than expected. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.95 points, or 0.68 percent, to trade at 3,262.74 points in the first 15 minutes of trading. The stock index rebounded after dipping 0.83 percent the previous session over the Fed's hawkish pivot last week that increased market worries about
June 22, 2021
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Hyundai Motor buys US robotics firm from Softbank for $880m
Hyundai Motor Group said Monday its three affiliates and its chief have acquired a controlling stake in US-based robotics firm Boston Dynamics for $880 million. The investment is part of the South Korean automaking group‘s broader plans to strengthen its competitiveness in future mobility solutions. In December, the board of directors at the three affiliates -- Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Glovis Co. -- approved the plan to acquire a combined 80 percent stake in Bosto
June 21, 2021
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Coway aims to go net-zero by 2050
Coway, a South Korean home appliance rental firm, will gradually reduce its greenhouse gas emissions and go net-zero by 2050, the company said Monday. Reiterating its commitment to its environmental, social and corporate governance initiative, the firm said it aimed to cut its emissions in half by 2030. By 2050, the company plans to operate entirely on renewable energy sources. To that end, Coway is using solar power at its three factories and one distribution center, with plans to invest f
June 21, 2021
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S. Korea's exports of cosmetics products ranked third in the world last year
South Korea’s combined exports of cosmetics products increased 16.1 percent to 8.28 trillion won ($7.28 billion) in 2020, ranking third in the world, following France and the US, data showed Monday. According to the data released by the Ministry of Food and Drug Safety, China was the biggest importer of South Korean cosmetic products last year at $3.8 billion, followed by Hong Kong with $714 million, the United States with $640 million and Japan with $639 million. Vietnam’s imports
June 21, 2021
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Celltrion founder's eldest son joins boardroom of Iksuda
Celltrion founder Seo Jung-jin’s eldest son Seo Jin-seok has obtained a seat in the boardroom of Iksuda Therapeutics, a UK-based antibody-drug conjugates developer, according to industry sources Monday. The latest change in Iksuda‘s boardroom came after Celltrion and Mirae Asset Group announced earlier this month a $47 million joint investment in Iksuda to acquire a controlling stake of the British company. According to Celltrion, Iksuda has agreed with the appointment of Seo Jin
June 21, 2021
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Hyundai Motor launches car subscription service in Busan
Hyundai Motor is expanding its mobility subscription service Hyundai Selection to Busan, the second largest city here after Seoul, the company said Monday. Similar to a lease contract, Hyundai Selection allows subscribers to choose a car to use from its portfolio of vehicles at their preferred time and pick-up location through an app. The Busan extension will offer two service packages -- regular and special -- for 14 Hyundai Motor vehicles, the firm said. For the regular package, a month
June 21, 2021
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State-led R&D expenditures near W24tr in 2020
South Korea spent nearly 24 trillion won ($21.26 billion) on state-led research and development (R&D) projects last year, up 16 percent from the previous year, the science ministry said Monday. The country's R&D expenditures last year amounted to 23.88 trillion won, up 15.8 percent from the previous year and the fastest rise in 15 years, according to the Ministry of Science and ICT. State-led R&D spending has increased by 7.2 percent on average annually from 2017 to 2020 under the
June 21, 2021
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Korea Shipbuilding wins W1.1tr orders for 10 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed 1.1 trillion won ($1 billion) of deals to build 10 ships. Under the 438 billion won deal with an Oceanian company, KSOE will deliver two 174,000-cubic meter liquefied natural gas (LNG) carriers to be constructed by its unit Hyundai Heavy Industries Co. by the end of 2023, the company said in a regulatory filing. Another deal worth 106 billion won inked with a European company calls for KSOE's unit Hyundai
June 21, 2021
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[Time to Play] Second Country: Cross Worlds offers something extra
In every sport, there is a moment when you must score. Netmarble, whose operating margin fell to single digit -- 9.5 percent -- in the first quarter of this year amid the lackluster performance of its much-anticipated release Seven Knights 2, definitely needed a point to turn things around. Second Country: Cross Worlds, a mobile role-playing game with Studio Ghibli-style graphics, arrives against this backdrop and may just be the one that delivers the much-needed new momentum. Released on
June 21, 2021
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[AUTO & MOBILITY] Who drives electric vehicles in South Korea?
The once-futuristic idea of a car running purely on electricity is no longer a dream. More and more battery-powered electric vehicles are being spotted on the road, as EVs or hybrid cars together form a chunk of new product launches from major automakers these days. . Though their market share is still tiny, battery electric vehicles are widely expected to overtake conventional gas-fueled cars in the foreseeable future as governments and industries seek a transition to cleaner energy to cut ca
June 21, 2021
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Seoul stocks retreat on Fed's early tapering concerns
South Korean stocks retreated Monday as the US Federal Reserve's hawkish tone last week increased market worries about an early tapering of its accommodative monetary policies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 27.14 points, or 0.83 percent, to close at 3,240.79 points after dipping to as low as 3,225.56 points. Trading volume was moderate at about 1.5 billion shares worth some 17.1 trillion won ($15.1 billion), with lose
June 21, 2021
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Construction of S. Korea’s 1st liquid hydrogen plant underway
Construction of South Korea’s first liquid hydrogen plant kicked off on Monday, textile and chemical conglomerate Hyosung Group said. The 300 billion-won ($264.6 million) Ulsan plant will be built by Linde Hydrogen, a joint venture formed in February by Hyosung Group’s machinery affiliate Hyosung Heavy Industries and German chemical firm Linde. Set for commercial operation in May 2023, the envisioned plant would be the world’s single largest liquid hydrogen facility with a
June 21, 2021
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Upbit and PicaProject clash over delisting
Upbit, South Korea’s leading cryptocurrency exchange, said on Monday it would take legal action against PicaProject, which accused the exchange of misusing its coins to prompt a delisting. PicaProject’s digital coin Pica was among 24 digital tokens that Upbit removed from its platform on Friday. In response, PicaProject accused the exchange of misusing the funds to the tune of 5 million Pica coins intended for marketing events when it went public in January this year. According
June 21, 2021
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S. Korea to soften mortgage rules for first-time buyers from July
South Korea will ease mortgage rules for first-time homebuyers starting next month as part of a raft of real estate measures aimed at helping young people move up the property ladder, according to a real estate service provider on Monday. Applying for a mortgage will become easier for both couples and individuals seeking to purchase a home for the first time, the Zigbang report said. From July, couples with a combined annual income of less than 90 million won ($79,141) -- compared with the c
June 21, 2021
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[News Focus] Coupang bets on Olympics to grow streaming service
E-commerce platform operator Coupang has once again surprised the market by winning the exclusive rights to broadcast the Tokyo Olympics online, apparently beating out local tech giants Naver and Kakao. For the deal, which has not yet been officially announced, Coupang may have agreed to pay up to 50 billion won ($44 million), industry observers said Monday, adding that it testifies the Nasdaq-traded firm’s strong intent to expand into the over-the-top content business. Since launching
June 21, 2021