Most Popular
-
1
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
2
New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
-
3
Tensions heighten ahead of first president-opposition chief meeting
-
4
[Weekender] How DDP emerged as an icon of Seoul
-
5
Seoul to provide housing subsidy to married couples with newborns
-
6
Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
-
7
Rapper jailed after public street fight with another rapper
-
8
Woman gets suspended term for injuring boyfriend with knife
-
9
[Music in drama] An ode to childhood trauma
-
10
NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
-
S. Korea, Mercosur bloc hold 6th round of FTA talks
South Korea on Tuesday held the sixth round of free trade talks with a group of South American countries, after around a year of hiatus amid the COVID-19 pandemic. The two parties kicked off the four-day meeting virtually to set details on the pending trade agreement, according to the Ministry of Trade, Industry, and Energy. The previous meeting was held in Uruguay in February 2020. South Korea launched its first talks with the four member states of the South American trade block Mercosur -- B
June 1, 2021
-
Several investors submit LOIs for budget carrier Eastar
Financially troubled budget carrier Eastar Jet Co. has received letters of intent (LOIs) from some investors for its stake up for sale and will select a final bidder next month. Easter Jet, currently under a court-led rehabilitation scheme, has received LOIs 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. The budget carrier selected a preli
May 31, 2021
-
OECD upgrades South Korea’s GDP growth forecast to 3.8%
The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household
May 31, 2021
-
Number of locally produced medical devices surpasses imports
The number of medical devices produced by local companies has surpassed those imported from other countries for the first time since 2011, according to a report released by the government, Monday. The number of local companies’ medical devices reported to the government last year reached 4,222, accounting for 51.6 percent in the market, according to the Ministry of Food and Drug Safety. The total number of reported medical devices here, including imports, reached 8,183, slightly down fr
May 31, 2021
-
1st NFT marketplace launches in S. Korea
South Korean cryptocurrency exchange Korbit has launched a nonfungible token trading platform for the first time in the local crypto sector, the company said Monday. An NFT is a unit of data on a blockchain and represents ownership of unique digital items, such as images, sound files or text. An NFT contains data of the ownership history and the original author. As it offers royalty to the original author every time the asset is traded, the NFT technology is being increasingly utilized in the
May 31, 2021
-
Record Q2 forecast puts LG on path to world top spot in home appliances
LG Electronics is on path to take the crown of the world’s No. 1 home appliance maker by sales, as it continues a stellar performance this year, local analysts predicted. According to market reports from securities companies here, the home appliance and air solution unit of LG Electronics is expected to post record high sales of around nearly 7 trillion won ($6.3 billion) in the second quarter, claiming the world’s top spot in terms of quarterly sales for a second consecutive quar
May 31, 2021
-
Hanwha to localize laser beam tech to shoot down drones
Hanwha Group has won a 24.3 billion-won ($21.8 million) deal from the Agency for Defense Development to develop a key device that helps laser beam weapons target drones flying several kilometers away, the company said Monday. Over the next four years, Hanwha will develop a prototype of an amplification device that magnifies the output and travel distance of laser beams. “Laser weapons can shoot down fast-flying objects at the speed of light. Based on 20 years of research into laser t
May 31, 2021
-
Samsung Heavy fights hard despite shipbuilding boom
Fueled by the recovery of global trade volume and increasing demand for advanced eco-friendly vessels, South Korea’s main shipbuilders have seen business boom recently, with benefits spilling over to related sectors such as steel. But Samsung Heavy Industries, the shipbuilder under the nation’s top conglomerate, Samsung Group, continues to reel under troubled finances and weak recovery scenarios. Some critical hits to the company’s accounting books, according to market ob
May 31, 2021
-
Seoul stocks gain for 2nd day on eased tapering jitters
South Korean stocks advanced for a second straight day Monday after a choppy session, as investors lean towards belief that the price hike is likely temporary. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.19 points, or 0.48 percent, to close at 3,203.92 points. Trading volume was moderate at about 1.1 billion shares worth some 13.8 trillion won ($12.4 billion), with gainers outnumbering losers 505 to 342. Foreigners bought a net 52
May 31, 2021
-
Retailers roll out paid vaccine leave as vaccine rollout speeds up
Retail giants such as Shinsegae Group and Lotte Group are rolling out paid vaccine leave for staff as the country’s vaccine rollout gathers speed. Shinsegae Group, the retail giant behind Shinsegae Department Store and Emart, said on Monday it would provide two days off work to those who get vaccinated. The group said one additional day off will be provided to those who have side effects from vaccination. “We are actively providing our employees with an environment where they can
May 31, 2021
-
FTC orders Ford to correct false marketing claim
Ford Sales and Service Korea received a correction order from the Fair Trade Commission for misrepresenting one of its vehicles as having a rear braking support system, the watchdog agency said Monday. According to the FTC, the importer and seller of the US-based Ford advertised in 2019 that its sport utility vehicle the Ford Explorer Limited was equipped with a reverse braking system, which was not true. In brochures and on its official website, the automaker had said the function helped t
May 31, 2021
-
South Korea’s ETF market likely to expand on eased regulations
The exchange traded fund market in South Korea is soon expected to expand in size along with the government’s move to ease regulations regarding actively managed ETFs, a report showed Monday. As the Korea Exchange has allowed the listing of active ETFs since August, eight new related products were launched on the nation’s main bourse Kospi on Tuesday. Previously, only bond ETFs could be listed on the local stock market, according to Korea Investment & Securities strategist Seo S
May 31, 2021
-
Rate hike inevitable in H2 under current pace of recovery: think tank
South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock stemming from a possible economic slowdown or a capital market crunch,” Park Sung-wook, a researcher at the Korea Institute of Finance, said in a report released Sunday. “Our econo
May 31, 2021
-
Gaps in funding, data, economic development hurdles for green economy: FSC chief
Private sectors across the globe should make a concerted effort to narrow the gaps in achieving the philanthropic goal of a green economy, said a top financial regulator of South Korea. “Even if a nation successfully puts an end to COVID-19, the pandemic will not be over until it’s over everywhere,” Financial Services Commission Chairman Eun Sung-soo said in an opening remark of Partnering for Green Growth and the Global Goals 2030‘s special session on Saturday. &ldquo
May 31, 2021
-
Korean Air wins 2nd approval for Asiana takeover from Thailand
Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc. Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February. It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana. The seven countries i
May 31, 2021
-
Nature Republic’s Myeongdong branch sits on priciest spot for 18 years
A 170-square-meter land in Myeong-dong, central Seoul, where South Korean beauty brand Nature Republic’s flagship store is located, has been named the most expensive real estate property in the country for the eighteenth consecutive year, data showed Monday. The prime plot in the middle of the downtown shopping district was appraised at nearly 200 million won ($179,800) per square-meter, up 3.8 percent from 190 million won estimated a year earlier, according to data released by th
May 31, 2021
-
S. Korea to rev up space development after lifting of US missile
South Korea's science minister said Monday the country will expand investment and focus on the development of its space program after the United States lifted all restrictions on the country's missiles. During a bilateral summit on May 21, South Korea and the US agreed to scrap the restrictions on South Korean missiles, which was first put in place in 1979 and had limited Seoul's development of even non-military space projectiles. The guidelines, which have undergone revisions over the years,
May 31, 2021
-
Steelmakers, automakers agree to price hike of steel sheets
South Korean steelmakers have raised prices of automotive steel for the first time in four years, people familiar with the matter said Monday, a move that could boost their bottom lines. Posco, the country's largest steelmaker, reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of a ton of automotive steel to 50,000 won ($45), they said. The move is meant to reflect the increased costs of iron ore, one of the main raw materials used in steel production. The price of iron o
May 31, 2021
-
Naver’s voice AI to call vaccine recipients in Jeonju to monitor health
Naver’s voice-powered AI will call up vaccine recipients in Jeonju, North Jeolla Province, to monitor their health status, the company said Monday. The pilot program, dubbed the COVID-19 AI CareCall Service, has already been deployed in Busan, Seongnam and Suwon. Starting from June 1, calls are expected to reach COVID-19 vaccine recipients aged 75 and above residing in select areas of the city four days after inoculation to check if they are experiencing any adverse effects. If a sy
May 31, 2021
-
Seoul city opens bike lanes along Cheonggye Stream
The Seoul metropolitan government opened elevated bicycle lanes Monday along a stream that flows through the heart of the city as part of efforts to encourage the use of the eco-friendly means of transportation among citizens and tourists. The bike lanes were built on a 5.94-kilometer-long section of the existing two-way roads that run along Cheonggye Stream, connecting Cheonggye Plaza near Gwanghwamun to Gosanja Bridge in the eastern ward of Dongdaemun. Raised to the same height as the sidew
May 31, 2021