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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Medical reform committee kicks off despite boycott from doctors
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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JB Financial launches intraboard ESG committee
Provincial bank-led financial institution JB Financial Group said Wednesday it had launched an intraboard committee responsible for making business decisions focused on environmental, social and corporate governance values. As the top decision-making body for ESG management, the new committee will develop corporate strategies and policies regarding the incorporation of ESG criteria into the group’s business portfolios, while supervising ESG-related initiatives conducted by its af
April 14, 2021
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Hyundai Motor launches fast EV charging stations in highway rest areas
South Korean auto giant Hyundai Motor Group said Wednesday it will operate high-speed charging stations on major highways to expand the charging infrastructure for its upcoming electric vehicles (EVs). The group said it will open 12 fast EV charging stations equipped with 72 chargers in highway rest areas across the nation on Thursday, and add eight more in major urban areas this year. Hyundai Motor Co. and Kia Motors Corp.'s EVs made on the automotive group's dedicated platform will be able t
April 14, 2021
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Overseas stock transactions hit new high in Q1
South Koreans' overseas stock transactions touched a new high in the first quarter of the year on brisk investment in US tech firms, data showed Wednesday. Local investors' trading of overseas shares was valued at $128.51 billion in the January-March period, up 96.5 percent from three months earlier, according to the data from the Korea Securities Depository (KSD). It represents the largest quarterly amount since data tracking began in 2011. The figure covers overseas stock purchases and sales
April 14, 2021
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KT fined W165m for mobile service activation delay
South Korea's telecommunications regulator said Wednesday it fined local telecom giant KT Corp. 165 million won ($147,000) for delaying activation of its mobile network services for nearly 20,000 users who had preordered Galaxy Note 20 smartphones last year without proper cause. The Korea Communications Commission said KT violated local telecommunications laws by delaying network activation for up to six days for 19,465 users who had preordered the devices from Samsung Electronics Co. from Augu
April 14, 2021
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Banks' household loan growth slows in March
South Korean banks' household loans grew at a slower clip in March, while the growth of mortgage loans remained at a high level, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 1,009.5 trillion won ($898.8 billion) as of end-March, up 6.5 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The February reading compares to a 6.7 trillion-won gain in February. The BOK said the rise in lending was mainly at
April 14, 2021
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GS Retail fined W5.4b for unfair biz practice
South Korea's antitrust regulator said Wednesday it has decided to fine GS Retail Co. 5.4 billion won ($4.8 million), the largest-ever fine on a retail operator, for its unfair business practice. GS Retail, the operator of super supermarket unit GS The Fresh, took profits from multiple suppliers without proper reasons and engaged in other unfair business practices between 2015 and 2018, according to the Korea Fair Trade Commission (KFTC). GS Retail gained a profit of 3.9 billion won between 20
April 14, 2021
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Hyundai Electric to expand electric charging business
Hyundai Electric & Energy Systems Co.(HE) said Wednesday that it has signed initial deals with local operators of charging stations for electric vehicles (EV) to provide electricity. Under the deals, HE will provide electricity collected from operators of renewable energies, such as solar energy, to EV charging station operators, including Mooving, Pumpkin and Charzin. HE is an energy solution unit of global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH). HHIH's oil refin
April 14, 2021
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Hyundai to resume production of IONIQ 5 on Thursday
Hyundai Motor Co. said Wednesday it will resume the plant that produces the IONIQ 5 all-electric model on Thursday following a weeklong suspension due to chip parts shortage. Hyundai Motor halted the No. 1 plant in Ulsan, 414 kilometers southeast of Seoul, which produces the IONIQ 5 and the Kona subcompact SUV, from April 7-14. The suspension at the No. 1 Ulsan plant comes amid a lack of semiconductor parts used in the Kona's front vehicle camera system and a problem in Hyundai Mobis Co.'s pro
April 14, 2021
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Samsung, LG win dozens of awards at int'l design competitions
South Korea's two major electronics firms -- Samsung Electronics Co. and LG Electronics Inc. -- said Wednesday they have won dozens of honors at renowned international design competitions with their products. Samsung, the world's largest smartphone and TV vendor, said it has received a record 71 accolades at the International Forum (iF) Design Award 2021. The company said it won 36 prizes for product design, which include two Gold Award honors for its BESPOKE AX9000N air purifier and BESPOKE C
April 14, 2021
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Hyundai E&C bags $150m order from Singapore
Hyundai Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a $150 million order to build a underground substation in Singapore. Under a letter of award from Singapore's SP Group, Hyundai E&C said it will handle earth retaining stabilizing structure and piling works of a 34-story office tower and the construction of the underground substation along with the operation support center in Pasir Panjang, the southwest region of Singapore. The constructi
April 14, 2021
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ICT exports rise for 10th month in March on high demand for chips, displays
South Korea's exports of information and communication technology (ICT) products rose 8.9 percent in March from a year earlier, marking the 10th consecutive month of on-year gains, thanks to healthy global demand for chips and displays, data showed Wednesday. Outbound shipments of ICT goods reached $17.41 billion last month, compared with $15.99 billion the previous year, according to the data compiled by the Ministry of Science and ICT. Last month, imports reached $10.93 billion, up 15.7 perc
April 14, 2021
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Samsung Heavy completes pilot test of LNG regasfication system
The system, named S-REGAS, is the world's first LNG regasification system for LNG floating storage regasification unit (LNG-FSRU) combined with cold power generation technologies, the shipbuilder said. Cold power generation refers to electric power generation using energy produced during the vaporization process of LNG, which is transported in a liquid state by cooling it to minus 162 C, without emitting carbon dioxide. The S-REGAS can generate 16-megawatt electricity, the company said. A LNG
April 14, 2021
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S. Korea ranks 2nd in global chip sales in 2020: report
South Korea, home to major memory chip suppliers like Samsung Electronics Co. and SK hynix Inc., ranked second in global chip sales last year, a report showed Wednesday, although it had extremely weak presence in the fabless segment. Total integrated circuit (IC) sales from South Korea-based firms represented 21 percent of the global market in 2020, according to the latest McClean Report published by market researcher IC Insights. The United States topped the ranking with a share of 55 percent
April 14, 2021
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Samsung Engineering wins $650m plant deal from Saudi Arabia
Samsung Engineering Co., a plant construction unit of Samsung Group, said Wednesday it has clinched a $650 million deal to build a petrochemical plant in Saudi Arabia. Under the deal with Advanced Global Investment Co., a subsidiary of Saudi Arabia's Advanced Petrochemical Co., Samsung Engineering will build a propane dehydrogenation plant and utilities and offsites at Jubail Industrial City II on Saudi Arabia's eastern coast. The plant, which is set to be completed in 2024, will produce 840,0
April 14, 2021
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S. Korea's chip equipment spending soars 61% in 2020: report
South Korean chipmakers' spending on equipment soared 61 percent last year from a year earlier, the largest growth among major chip producing countries, industry data showed Wednesday. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., spent For the first time, China topped the ranking after its chip manufacturing equipment spending grew 39 percent on-year to $18.72 billion. Taiwan, led by the world's No. 1 foundry maker, Taiwan Semiconductor Manufactur
April 14, 2021
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Samsung to introduce new Galaxy laptops this month
Samsung Electronics Co. is expected to introduce new Galaxy laptops later this month as the South Korean tech giant eyes to expand sales of notebooks amid the pandemic-induced stay-at-home trend. Samsung on Wednesday sent media invitations to its Galaxy Unpacked online event scheduled to take place on April 28, saying "Discover the most powerful Galaxy yet." Samsung, the world's largest smartphone producer, did not reveal which products will be unveiled at the event, but industry obs
April 14, 2021
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Chicken franchise sales soar in 2020 amid pandemic
Sales of South Korea's major fried chicken franchises jumped in 2020 as people resorted more to food delivery amid the coronavirus outbreak, industry data showed Wednesday. Kyochon, the biggest franchise, saw its top line surging 17.8 percent on-year to 447.6 billion won ($398 million) last year, and sales of No. 2 BHC shot up 25.7 percent to 400.4 billion won. It marks the first time that sales of local chicken franchises have exceed the 400 billion-won mark. Kyochon's operating income climb
April 14, 2021
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Mobile game transactions hit record W1.66tr in Q1: data
Transactions on mobile games in South Korea reached a record high in the first quarter of this year, data showed Wednesday, amid the pandemic-driven online gaming trend. Mobile game transactions stood at 1.66 trillion won ($1.48 billion) in the January-March period this year, compared with 1.48 trillion won the previous year, according to local mobile app tracker IGAWorks, which reviewed data from 40 million mobile devices running on Apple's iOS and Google's Android. IGAWorks said the endless
April 14, 2021
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Liquor firms fare badly in 2020 on pandemic fallout
Liquor companies in South Korea performed poorly in 2020 as people consumed less alcohol due to the coronavirus outbreak, data showed Wednesday. Lotte Chilsung Beverage Co., a major maker of beer and soju, a Korean distilled liquor, saw its sales shrink 7.7 percent on-year to 2.16 trillion won ($1.92 billion) last year, according to the data from the Financial Supervisory Service. Lotte Chilsung, also the country's leading beverage manufacturer, reported an operating income of 97.2 billion won
April 14, 2021
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Amid pandemic, WeWork Korea tops in revenue growth
Driven by corporate demand for alternative offices amid the pandemic, WeWork Korea’s revenue last year jumped 20 percent, the highest of all branches of the US co-working space firm worldwide, its new chief said. Without providing exact numbers, Patricia Chun, WeWork Korea’s general manager, said the Korean office is the only WeWork branch in the world to see 20 percent revenue growth during the peak of the pandemic last year, while the New York and London locations hemorrhaged mo
April 14, 2021