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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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Medical reform committee kicks off despite boycott from doctors
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Hard-line FSS chief to retire as fund fiasco remains unresolved
Financial Supervisory Service Gov. Yoon Suk-heun, known as a hard-line reformist of the financial industry, is set to retire next week without resolving a massive misselling scandal involving Korean hedge funds Lime Asset Management and Optimus Asset Management. Blamed for the watchdog’s lax oversight over the now-defunct hedge fund operators, it is unlikely that Yoon will continue to serve after his term ends on May 7, industry sources said. The alleged fraud cases caused investor los
April 30, 2021
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S. Korea's 5G users top 14m since commercialization
The number of 5G users in South Korea stood at over 14 million last month, two years after the networks first went live in the country, data showed Friday, as the country pushes to accelerate adoption of the latest generation networks. As of the end of March, 5G subscriptions stood at 14.48 million, accounting for 20 percent of the total 71.1 million mobile subscriptions in the country, according to data from the Ministry of Science and ICT. South Korea was the first country in the world to co
April 30, 2021
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[From the Scene] At Drone Show Korea 2021, everyone wants a slice in the sky
BUSAN -- Beneath the clear, open sky, hundreds of drones were on display at Drone Show Korea 2021, held Thursday at Bexco in Busan, where companies big and small gathered to suggest their vision for the future drone industry. In the case of national flag carrier Korean Air, the message was clear -- drone business is all about control. “Korean Air’s main focus is the (drone) air traffic control system because we have more than five decades of experience as an aircraft operator,&rdqu
April 30, 2021
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Seoul stocks down for 4th day on virus woes, short selling uncertainties
South Korean stocks slumped for the fourth consecutive day Friday as investors remained concerned over coronavirus situation and the upcoming lifting of a ban on short selling. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 26.21 points, or 0.83 percent, to close at 3,147.86 points. Trading volume was moderate at about 1.3 billion shares worth some 18.7 trillion won ($16.8 billion), with losers outnumbering gainers 534 to 339. Foreigner
April 30, 2021
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LG Electronics to create W100b fund with Mirae Asset Group
LG Electronics will create a 100 billion won ($90.15 million) fund with Mirae Asset Group, the country’s largest nonbank financial institution, to invest in new businesses including electric vehicles, the companies said Friday. The two business units will contribute 50 billion won each to the fund, which will be operated for 10 years. Chief Strategy Officer Cho Ju-wan of LG Electronics, Chief Executive Officer Lee Man-hee of Mirae Asset Capital and other executives held a ceremony on F
April 30, 2021
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Public firms' debt hits record high in 2020
South Korean public firms' liabilities rose for the third straight year last year to hit a record high as they increased investment amid the pandemic, the finance ministry said Friday. Of 350 state-run companies, the combined debt of 347 firms reached 544.8 trillion won ($491.5 billion) at the end of last year, up 17.9 trillion won from the previous year, according to the Ministry of Economy and Finance. It marked the highest total for liabilities since 2005 when the government began compiling
April 30, 2021
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Memory prices up sharply, boding well for S. Korean chipmakers
Memory chip prices are rising sharply amid a global semiconductor shortage, industry data showed Friday, boding well for South Korean chipmakers that dominate the sector. The contract price of 8-gigabit DDR4 DRAM, which is widely used in personal computers, reached $3.80 for this month, up 26.67 percent from the previous month, according to TrendForce. It marks the largest monthly increase since January 2017, when the contract price of the product soared 35.8 percent. The contract price had b
April 30, 2021
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Lotte E&C wins $110m order from Singapore
Lotte Engineering & Construction Co. said Friday that its joint venture has won a $146.9 million ($110.7 million) deal to build a transport hub in Singapore in the first entry into the city state. Under the deal with the Singapore Land Transport Authority, Lotte E&C and its Singaporean partner Bintai Kindenko Pte Ltd. will be responsible for design and installation of mechanical and electrical works for the Jurong East integrated transport hub. The project comprises community and civic
April 30, 2021
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S. Korea allowed to catch over 41,000 tons of fish in Russian EEZ this year
South Korea's oceans ministry said Friday it has secured the right to catch 41,260 tons of fish in Russian waters this year, while fixing the fish fee unchanged for the third consecutive year. Under the agreement, South Korea can catch 28,400 tons of pollack and 5,050 tons of cod in the Russian exclusive economic zone (EEZ) this year, according to the Ministry of Oceans and Fisheries. The volume also includes 3,000 tons of Pacific saury and 4,000 tons of squid, the ministry said. The combined
April 30, 2021
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[Exclusive] Posco to launch new entity to recycle LGES batteries
South Korea’s leading steelmaker Posco has set up a new entity in Europe and will launch another one in Korea to recycle LG Energy Solution’s electric vehicle batteries, according to industry officials. “The new entity has been established in Poland recently and we are in the process of forming another one in Gwangyang, South Jeolla Province, which is currently awaiting approval,” a Posco official said Friday. The new entity in Poland will collect defective batteries f
April 30, 2021
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Daewoo Shipbuilding wins W184.5b order for 2 LPG carriers
Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has signed a 184.5 billion won ($166.5 million) deal to build two liquefied petroleum gas (LPG) carriers. Under the deal with local shipper Hyundai LNG Shipping Co., Daewoo Shipbuilding will deliver the vessels by the fourth quarter of 2023, the shipbuilder said. Hyundai LNG Shipping is a local shipper specialized in liquefied natural gas (LNG) transportation. Daewoo Shipbuilding has won orders of 24 ships, including 11 oil
April 30, 2021
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Samsung ranks 2nd in Q1 smartphone revenue: report
Samsung Electronics Co. was the runner-up in the first-quarter smartphone market in terms of revenue, a report showed Friday, though it was the top vendor by volume. The South Korean tech titan logged a revenue share of 17.5 percent in the January-March period, down from 20.2 percent a year earlier, according to market tracker Counterpoint Research. Samsung was the only brand among the top five to see its revenue share decline as others expanded their presence. Apple Inc. defended its top s
April 30, 2021
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Samsung maintains 2nd spot in tablet market in Q1: report
Samsung Electronics Co. remained the world's second-largest tablet computer vendor in the first quarter of the year, a report showed Friday, amid the market's robust growth driven by the stay-at-home economy. The South Korean giant logged a market share of 20 percent in the January-March period, after shipping 8 million Galaxy Tab tablets, up 60.8 percent from a year ago, according to market researcher International Data Corp. (IDC). Apple Inc. defended its top position with a 31.7 percent sha
April 30, 2021
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Seoul stocks open lower on virus woes
South Korean stocks opened lower Thursday amid concerns of the spreading new coronavirus cases. The benchmark Korea Composite Stock Price Index (Kospi) fell 5.82 points, or 0.18 percent, to 3,168.25 points in the first 15 minutes of trading. Stocks got off to a muted start as the country's social distancing scheme will be extended by three more weeks ahead of holidays next month. South Korea's industrial output increased 0.8 percent in March on-month, slowing from a 2.1 percent growth in F
April 30, 2021
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GM to recall Bolt EVs to update battery software
US automaker General Motors Co. said Friday it will recall Chevrolet Bolt electric vehicles equipped with batteries produced in LG Energy Solution Ltd.'s South Korean factory to update its battery software and ease fire risks. The recall covers about 69,000 Bolt EVs for the 2017-2019 model years, installed with LG's batteries made from its factory in Ochang, 120 kilometers south of Seoul. About 9,500 units were sold in South Korea, the Korean unit of GM said. Dealers will install "advan
April 30, 2021
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Samsung slips to 4th in 5G smartphone market in Q1: report
Samsung Electronics Co. lost its leading position in the global 5G smartphone market to rank fourth in the first quarter of the year, a report showed Friday, as Apple Inc. and Chinese makers expanded their presence with new devices. Samsung's share in the 5G smartphone market stood at 12.7 percent in the January-March period, down from 34.6 percent a year ago, according to market researcher Strategy Analytics. The South Korean tech giant shipped 17 million 5G smartphones in the first three mon
April 30, 2021
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S. Korea's functional food market growing rapidly amid pandemic
The South Korean market of functional foods is growing fast amid greater awareness of health amid the coronavirus pandemic, a report showed Friday. Sales of red ginseng and other health functional foods came to 4.9 trillion won ($4.42 billion) in 2020, up 40 percent from four years earlier, according to the report by MezzoMedia, a local digital marketing solution company. Red ginseng was the top-selling product with sales of 1.43 trillion won, followed by probiotics with 885.6 billion won and
April 30, 2021
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Industrial output grows for 2nd month in March amid recovery hopes
South Korea's industrial output grew for the second straight month in March, data showed Friday, in the latest sign that Asia's fourth-largest economy is on a recovery path. The industrial output increased 0.8 percent in March from the previous month, slowing from a 2.1 percent on-month gain in February, according to the data compiled by Statistics Korea. From a year earlier, it also rose 5.8 percent. But output in the mining, manufacturing, gas and electricity industries declined 0.8 percen
April 30, 2021
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S. Korea calls for free movement of data at G-7 digital ministers meeting
South Korea called for the free movement of data to vitalize the digital economy on Thursday in this year's Group of Seven (G-7) meeting of digital and technology ministers. South Korea took part in the intergovernmental ministerial meeting virtually after being invited to this year's G-7 meeting set to be held in the United Kingdom in June. Minister of Science and ICT Choi Ki-young said at the meeting that the movement of data as well as electronic transferable records and internet security a
April 29, 2021
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Retail investors pump up W81tr into SK unit’s IPO
South Korea’s amateur investors poured out record amounts of cash -- nearly 81 trillion won ($73.1 billion) -- to obtain new shares of SK ie technology, a wholly owned battery materials subsidiary under SK Innovation, in its two-day public subscription for an initial public offering. According to data compiled by underwriters, small domestic traders had placed some 80.9 trillion won in deposits by the deadline of 4 p.m. on Thursday, setting a record in stock market history here. SK Group
April 29, 2021