Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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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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Medical reform committee kicks off despite boycott from doctors
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Upbit warning on digital coins sends prices diving
Digital coins that were flagged for delisting and given warnings by South Korea’s largest digital asset exchange Upbit plunged over the weekend as financial regulators tightened its grip on the cryptocurrency market. The double-digit plunge in prices came after Upbit on Friday announced that it planned to halt the trading of five digital tokens while issuing “investment warning” on 25 cryptocurrencies. Maro, Paycoin, Observer, Solve.Care and Quiztok will be delisted from th
June 13, 2021
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‘Ban on multiple IPO subscriptions to have limited market impact’
A new rule banning investors from placing multiple subscriptions for popular initial public offerings is unlikely to cool off the heated market with a slew of conglomerate-affiliated firms and tech companies planning their market debut in the second half of this year, market watchers said. “A total of 37 companies submitted preliminary applications for IPOs in between April and May. Since they are highly likely to try making market debuts within this year, the latter half is expecte
June 13, 2021
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GS25 to expand AI robot delivery service
South Korean convenience store GS25 said Sunday that it has recently launched a delivery service using an artificial intelligence-based robot at a second location in southern Seoul. The second AI-powered robot dispatched at its GS Tower branch in Yeoksam-dong in the Gangnam area comes after the company first unveiled the service last year. Customers can place an order via KakaoTalk to have staff load the items onto the robot, which then brings it to the customer’s doorstep using wireles
June 13, 2021
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Race to take over eBay nears end, as delivery app Yogiyo seeks buyer
The new owner of eBay Korea, the third-largest e-commerce operator in the country, is expected to be announced this week after a monthslong bidding process draws to a close, industry sources said. The race is between two retail giants Shinsegae and Lotte Shopping. Both operate a wide range of businesses in the retail sector, including supermarkets and department stores, and have submitted their letters of intent for the Korean unit of eBay during the final round of bidding on June 7. Whoever w
June 13, 2021
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Will BOK hike rate before US Fed?
With South Korea’s central bank chief continuing to adopt a more hawkish tone on monetary policy, anticipation is growing for an earlier-than-expected interest rate hike. The US Federal Reserve, meanwhile, has officially expressed its commitment to maintaining its interest rate near zero, with experts projecting no rate hikes until after the first half of next year. This could mean that the Bank of Korea raises its key rate ahead of the US Fed, a rare occurrence that hasn’t happene
June 13, 2021
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[Contribution] Innovative financing mechanisms to drive a circular economy
PET, or polyethylene terephthalate, is the inexpensive, versatile plastic used to make bottles, food containers and other modern conveniences. Even though PET is a highly valuable and readily recyclable material, there is not enough waste collection and recycling capacity in many countries in South and Southeast Asia. PET and other plastics stay in the environment for hundreds of years, and when exposed to sunlight and seawater, they fragment into microplastics that are consumed by marine life a
June 13, 2021
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Auto exports up 58% in May on EVs, premium models
South Korea's exports of automobiles jumped nearly 58 percent in May on the back of strong demand for eco-friendly cars and SUVs, data showed Sunday. Outbound shipments of automobiles reached 150,894 units in May, according to the Ministry of Trade, Industry and Energy. In terms of value, exports nearly doubled to reach $3.49 billion. The ministry attributed the growth to the strong performance of electric cars, along with Hyundai Motor Co.'s independent Genesis brand. The rebound also came o
June 13, 2021
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S. Korean insects industry grows 2% in 2020
South Korea's insects industry grew 2 percent in 2020 from a year earlier, data showed Sunday, amid growing popularity of insects-based foodstuffs. The combined sales of local insect-related companies reached 41.4 billion won ($37.1 million) in 2020, up from 40.5 billion won a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Around half of them were used to produce insects-based foodstuffs for people, and 10 percent of them were raised as pet
June 13, 2021
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Race to buy eBay Korea tipped to finalize this week
The race to take over eBay Korea, the third-largest e-commerce operator, is expected to come to an end this week, in a deal that will shake up the country's e-commerce retail segment, retail industry sources said Sunday. According to the sources, two retail behemoths -- Shinsegae and Lotte Shopping -- submitted their letters of intent (LOIs) for the Korean unit of eBay. EBay may decide to pick a preferred bidder this week. The bidding marks the second attempt by eBay to sell off its Korean uni
June 13, 2021
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Eastar may pick preferred bidder next week
Budget carrier Eastar Jet Co. may pick a preferred bidder next week after reviewing plans from several investors to take over the financially troubled company, industry sources said Sunday. Easter Jet, currently under a court-led rehabilitation scheme, has received letters of intent from several companies, including a consortium led by Kanglim, a local equipment maker under underwear company Ssang Bang Wool, and other private equity funds, according to industry sources. Several companies have
June 13, 2021
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EU still not resuming review of Hyundai Heavy-Daewoo Shipbuilding merger
The European Union's (EU) antitrust regulator has not yet resumed its review of the proposed merger between South Korea's two leading shipbuilders, putting its decision on hold for nearly a year. The EU Competition Commission has stopped the clock in its in-depth investigation into the $1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020. "The clock is still stopped," Maria Tsoni, a spo
June 13, 2021
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P&G Korea publishes two children’s books on environment
Procter and Gamble Korea published two children’s books about the importance of protecting the environment, as part of its efforts to raise consumer awareness on the idea of sustainability, the company said Sunday. P&G Korea said the two books, titled “My House is Flooded” and “I’m not Buying Things That I Already Have,” had been written so that children can easily understand the importance of the environment and take actions with their families to benef
June 13, 2021
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Naver Labs unveils Alike, a step toward the digitalization of cities
Naver Labs, the research arm of the largest internet company in South Korea, unveiled a solution on Friday at the Seoul Smart Mobility Expo that could support the digitalization of large cities. Dubbed “Alike,” the solution can be used to create “digital twins” of cities, complete with roads and buildings. A digital twin is a virtual representation of a physical object or process that serves as its real-time digital counterpart. By using aerial photography and artifi
June 11, 2021
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SK Telecom to unveil 4 video games at global exhibition
SK Telecom, South Korea’s top-tier telecom operator, will showcase four new video games at a world-class gaming conference, in a bid to expand into the global console game industry, the company said Friday. The company will participate in “E3 2021,” the largest electronic game exhibition in the US that is set to kick off Saturday, serving as publisher for local medium-sized game companies. Hosted by Entertainment Software Association, E3 2021 will be held online to run from J
June 11, 2021
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Hana Financial, LINE launches internet-only bank in Indonesia
Hana Financial Group said Friday it had launched an internet-only bank in Indonesia through a partnership with Line, Naver-affiliated Japanese messaging app provider. Hana Financial became the first banking group to operate internet-only banking services in Southeast Asia. Branded Line Bank, it offers contactless banking, including savings account opening, subscription to deposit savings products, utility bill payment and cash withdrawals. The newly launched digital lender will expand
June 11, 2021
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Investing in office buildings: How Korean celebs make their fortunes grow
After tasting fame and money, actors and singers in South Korea often take a similar path when it comes to asset management. Investing in office buildings in Seoul is a typical strategy for them in this ultralow interest environment, according to market watchers. Many celebrities have beefed up their real estate portfolios -- acquiring expensive residential properties to rent out, but also increasingly turning to commercial properties -- to boost their already substantial income and secure lo
June 11, 2021
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Seoul stocks up for 2nd day as investors disregard US inflation
South Korean stocks advanced for the second straight session Friday despite the steep hike in the US price gauge, as investors believed the price pressure is still short of triggering talks of tapering by the Federal Reserve. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 24.68 points, or 0.77 percent, to close at 3,249.32 points. Trading volume was moderate at about 1.6 billion shares worth some 17.6 trillion won ($15.8 billion), w
June 11, 2021
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Audi rolls out RS Q8, high-performance SUV
Audi Korea is launching the new RS Q8, a high-performance sports utility vehicle that combines both dynamic driving and practicality, the automaker said Friday. According to Audi Korea, it will start receiving orders for the new RS Q8 here on Tuesday. The RS Q8 is the first large SUV to be launched under the RS category, the auto brand’s high-performance lineup which stands for Racing Sport. The SUV has twin-turbocharged 4.0-liter V-8 gasoline engine and an eight-speed automatic transm
June 11, 2021
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BOK chief hints at rate hike this year
Bank of Korea Gov. Lee Ju-yeol said Friday that a key interest rate hike is plausible by the end of this year in step with economic recovery. “If our economy is expected to stage a modest recovery, (the BOK) will normalize the current easing of monetary policy in an orderly way at an appropriate time,” Lee said in a statement to mark the 71st anniversary of the BOK’s foundation. Earlier in April, the BOK froze its key interest rate at a record low of 0.5 percent amid concer
June 11, 2021
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[Herald Interview] Samsung’s ShoeDresser to replace shoe closet at home
One day, Koreans might bid adieu to bulky wooden shoe closets at the entrances of their apartments. Samsung ShoeDresser, a brand new category of home appliance, could replace old closets, changing entirely the way people store and care for their shoes, and also reflecting the importance of the fashion item to millennials. After launching clothing care system AirDresser in 2018, Samsung’s engineers at the consumer electronics unit caught the growing trend of shoe-lovers, which led to t
June 11, 2021