Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Woori donates $100,000 for COVID relief in India
South Korea’s Woori Financial Group said Wednesday that it was donating $100,000 to India to help the country win its battle to contain the COVID-19 pandemic. Joining forces with the Community Chest of Korea, the financial conglomerate will offer the donation to the United Way, a nonprofit organization. The donation will be used to procure medical supplies, including oxygen ventilators, build temporary hospitals, and provide food and daily necessities for communities in India. Woori Fina
May 12, 2021
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S-Oil launches ESG committee
S-Oil said Wednesday that it has established an environmental, social and governance committee to step up its sustainability management. “The committee will conduct systematic, integrated management of ESG activities,” a company official said. The committee, which will convene a regular meeting every quarter, consists of seven members each in charge of business management strategy, corporate affairs, safety and environment, refinery innovation and coordination, finance, complia
May 12, 2021
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Hanwha lands W5tr from KDB to finance green business
Hanwha Group has clinched a 5 trillion won ($4.4 billion) commitment from the Korea Development Bank to finance its environmental, social and governance efforts over the next five years, the company said Wednesday. According to South Korea’s seventh-largest conglomerate, the money will be used to acquire and operate eco-friendly solar and hydrogen businesses, as well as to invest in facilities. “Hanwha Group will prepare the next decade as the green energy leader by advancing
May 12, 2021
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Seoul stocks tumble on foreign sell-offs amid inflation concerns
South Korean stocks fell over 1 percent for the second straight session Wednesday as foreign investors dumped local shares amid growing worries over inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 47.77 points, or 1.49 percent, to close at 3,161.66 points. Trading volume was high at about 1.4 billion shares worth some 22.2 trillion won ($19.83 billion), with losers outnumbering gainers 705 to 178. Foreigners offloaded a net
May 12, 2021
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Kakaobank lowers rates for mid-credit holders
Kakaobank, the country’s second internet-only bank, has cut interest rates for mid-range credit holders, the lender said on Wednesday, in the latest attempt to provide better services to customers with thin credit files. The banking arm of mobile giant Kakao said it has slashed rates by up to 1.2 percentage points for mid-range credit holders. The bank also expanded a loan limit from 50 million won ($44,518) to 70 million won for them while halving the limit for high creditors to 50 mil
May 12, 2021
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FTC set to revise definition of ‘chaebol owner’
South Korea’s antitrust watchdog will take steps to revise the current regulatory definition of “conglomerate owner,” seeking to expand the range of the term. The move came in the wake of public disputes regarding an earlier decision that e-commerce platform Coupang’s founder and chief Kim Bom-suk could not be seen as the controlling shareholder due to his US citizenship. “(The regulations regarding the definition of controlling shareholder) should be applied t
May 12, 2021
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Hyundai Mobis vows to attain top safety level by 2025
Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, has vowed to raise its safety management capacities to the industry’s top level by 2025, as part of its mid- and long-term vision for sustainability. The company on Wednesday held a proclamation ceremony at its headquarters in Seoul’s Seocho-gu, laying out the road map for safety management system. This latest action reflected the safety-focused policies of Cho Sung-hwang, who was named as the company’s n
May 12, 2021
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Moody’s maintains S. Korea’s credit rating at Aa2
Global ratings firm Moody’s has kept the credit rating of South Korea at Aa2, affirming the outlook at stable, according to the Ministry of Economy and Finance on Wednesday. The US rating firm holds discussions with the ministry and the state-run Bank of Korea on a regular basis before annoucing a credit rating report for the nation The rating agency cited the nation’s strong economic fundamentals, and quick economic recovery from the coronavirus pandemic as some of the reasons
May 12, 2021
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HMM, Hybe, SKC, GC Pharma join MSCI Korea index
Morgan Stanley Capital International announced Wednesday that it has added four South Korean stocks -- HMM, Hybe, SKC and GC Pharma -- to its global and regional equity index, as part of May rebalancing. The US company also removed seven listed firms -- Hyundai Marine & Fire Insurance, Hanwha, GS Retail, Samsung Card, Lotte Corp., Korea Gas Corporation and Ottogi -- from the MSCI Korea Index. As a result, the regional equity index’s constituents of large- and mid-cap stocks fell to
May 12, 2021
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HiteJinro to sell Terra in US, Singapore and Hong Kong
South Korean liquor maker HiteJinro said on Wednesday it will bring popular lager Terra to the US, Singapore and Hong Kong. The move marks the first time the green-bottled beer will be sold outside Korea since its release three years ago, with a batch of 1.2 million 330-milliliter bottles set to hit the shelves in Hong Kong first, before they are made available in the US and Singapore. Terra will be supplied to Korean communities in the countries first, where high demand is expected, before be
May 12, 2021
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[Feature] One year into pandemic, contactless businesses continue to thrive
Once fueled by an emphasis on social distancing and hygiene woes, contactless businesses are continuing to thrive in Korea nearly one year into the coronavirus pandemic as companies rush to prepare for the post-pandemic era. Lee Do-shim, a 29-year-old Pilates instructor in Sejong City, is among the many who have become used to meeting basic necessities such as grocery shopping and getting takeout food without human interaction. “After the pandemic began, social distancing became the norm
May 12, 2021
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Foreigners turn net buyers of S. Korean stocks in April
Foreign investors turned net buyers of South Korean equities in April, ending their four-month selling spree, the central bank said Wednesday. Foreigners purchased a net $590 million worth of local stocks last month, compared with net selling of $2.58 billion in March, according to the Bank of Korea (BOK). Offshore investors, however, remained net buyers of Korean bonds worth $2.74 billion last month, the BOK said. Meanwhile, volatility in South Korea's currency slightly fell in April from th
May 12, 2021
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Samsung’s Bespoke appliances make global debut
Samsung Electronics will start rolling out Bespoke home appliances in the United States, Europe and Southeast Asian countries, aiming to duplicate the success of the colorful and customizable brand overseas. The South Korean tech giant unveiled flagship packages of its Bespoke refrigerators, washing machines, dryers, clothes care systems and wireless vacuum cleaners, differently created for each market, considering specific needs of customers in each region. Bespoke comes in over 20 orig
May 12, 2021
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Banks' household loan growth quickens in April
South Korean banks' household loans grew at a faster clip in April, as money chased after initial public offerings, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 1,025.7 trillion won ($912.2 billion) as of end-April, up 16.1 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The April reading represents a hike from a 6.5 trillion-won gain in March. The BOK said the rise in lending was mainly attributa
May 12, 2021
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PC shipments in S. Korea soar to 10-year high in Q1: report
South Korea's personal computer (PC) market expanded to the largest in 10 years in the first quarter of 2021, industry data showed Wednesday, due to robust demand for online education and remote working amid the pandemic. Domestic PC shipments stood at 1.89 million units in the January-March period, up 30.7 percent from a year ago, according to the data from market researcher IDC Korea. This was the largest PC shipment volume in South Korea since the first quarter of 2012, when it recorded 1.9
May 12, 2021
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Samsung researcher to lead largest working group in 3GPP
Samsung Electronics Co. said Wednesday that one of its senior researchers will head the largest working group in a global mobile telecommunication standards organization, boasting of its leadership in the wireless communications sector. Kim Youn-sun, a master at Samsung Research, was elected to the chair of Radio Access Networking Group 1 (RAN WG1) at a 3rd Generation Partnership Project (3GPP) meeting on Tuesday, according to the tech giant. This is the first time that a South Korean has beco
May 12, 2021
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Genesis vehicle sales exceed 500,000 in past 5 years
Hyundai Motor Co. sold more than 500,000 units of vehicles under its independent Genesis brand since its launch five years ago, the company said Wednesday. Hyundai sold 378,999 Genesis vehicles in the domestic market and 121,192 units overseas since November 2015, the company said in a statement. The Genesis brand has advanced to the United States, Canada, the Middle East, Russia, and Australia, with a plan to make inroads into China and Europe this year. The Genesis lineup consists of the G9
May 12, 2021
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Seoul stocks open lower, tracking Wall Street decline
South Korean stocks opened lower Wednesday, tracking overnight losses on Wall Street as concerns of inflation weighed down on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.9 points, or 0.12 percent, to 3,205.53 points in the first 15 minutes of trading. Overnight, the US Dow Jones Industrial Average slumped 1.36 percent as rising commodity prices fueled worries of inflation. In Seoul, market behemoth Samsung Electronics shed 0.25 percent, while No. 2 chipm
May 12, 2021
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Samsung's presence in DRAM market slightly down in Q1: report
Samsung Electronics Co.'s share in the global DRAM market declined slightly in the first quarter of the year, a report showed Wednesday, though it maintained the dominant status amid bullish demand for memory. The South Korean tech giant posted a 42 percent share of the global DRAM flash market in terms of revenue in the January-March period, down only 0.1 percentage point from a quarter earlier, according to market tracker TrendForce. Samsung's revenue came to $8.07 billion in the first three
May 12, 2021
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Samsung Electronics keeps No. 1 spot on S. Korea's top 500 firms' list
Global tech titan Samsung Electronics Co. retained the No. 1 spot on the list of South Korea's top 500 companies in 2020, with 44 companies newly making the list, a corporate tracker said Wednesday. Samsung Electronics, the flagship of South Korea's leading family-controlled conglomerate Samsung Group, remained the biggest company by sales last year, with its top line reaching 236.8 trillion won ($212 billion). Leading automaker Hyundai Motor Co., the marquee unit of automaking behemoth Hyunda
May 12, 2021