Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Debate rages over ‘overly fatty’ samgyeopsal
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LH scandal adds to skepticism on Moon’s ‘new towns’
While the so-called LH land profiteering scandal has snowballed into an extensive corruption case, there is suspicion that similar confidential information leaks may have occurred among public servants and state-run developer employees in other redevelopment cases. The issue is also seen as a landmark challenge for the Moon Jae-in administration, which has struggled for years to stabilize the real estate market -- to little avail. The city of Gwangmyeong has confirmed that five more of its aff
March 10, 2021
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South Korean mortgages surge in Feb.
South Korean banks’ total outstanding mortgages extended to households gained 6.4 trillion won ($5.6 billion) on-month in February, central bank data showed Wednesday, with the figure marking the second-largest increase for the month. Outstanding mortgages stood at 733.3 trillion won as of end-February, according to the Bank of Korea. The 6.4 trillion-won gain was the second-largest increase in the month of February the BOK has seen since it started compiling such data in 2004. Of the
March 10, 2021
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[Top Bankers] Head of bankers’ club in South Korea calls for stricter regulation on big tech
This is a part of series of interviews and analysis of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the first installment. -- Ed. Banks are facing ever intensifying competition from IT companies as consumers gravitate toward digital financial services tailored to their needs. Korea Federation of Banks Chairman Kim Gwang-soo, however, believes lenders have a distinctive competency that could overcome challenges posed by fintech
March 10, 2021
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Seoul stocks fall for 5th straight session on slump in techs and autos
South Korean stocks fell for the fifth consecutive session Wednesday, led by a decline in techs and autos, as foreigners and institutions attempted to lock in profits amid lingering concerns of inflation. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 18.00 points, or 0.60 percent, to close at 2,958.12, after rising as high as 3,013.95 points. Trading volume was moderate at about 887.07 million shares worth around 1
March 10, 2021
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LG seeks part in Tesla-designed battery rollout: sources
South Korea’s leading battery maker LG Energy Solution is in the race for mass production of a new type of battery cells designed in-house by and under pilot production at Tesla, according to industry sources and media reports. The Korean firm, which currently supplies cylindrical batteries that contain 80 percent nickel to Tesla Model 3 sedans manufactured in China, is making preparations for its major client’s future deployment of larger-format batteries, referred to as 4680 ce
March 10, 2021
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Samsung to hold first Unpacked event for midrange phones
Samsung Electronics is preparing for another event to unveil some of its newest Galaxy devices next week as a likely move to garner attention for products other than its flagship S series. The tech giant has sent out invitations to a new unveiling event for its Galaxy devices, “Galaxy Awesome Unpacked.” The event is a new addition this year to Samsung’s existing Galaxy Unpacked events, which are usually held twice a year to announce flagship phones. The invitation said
March 10, 2021
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Samsung launches first DRAM-less SSD
Samsung Electronics said Wednesday that the company will roll out the first consumer drive without DRAM -- the 980 Non-Volatile Memory express (NVMe) SSD, which delivers the highest performance among DRAM-less SSDs at a faster speed. Previously, DRAM-less designs had a disadvantage in speed as they lacked the short-term memory for fast access to data. To address the issue and overcome any performance drawbacks, Samsung used the Host Memory Buffer technology, which links the drive directly
March 10, 2021
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S. Korea eyes annual exports of $700b by 2025
South Korea said Wednesday it plans to achieve annual exports of $700 billion by 2025 by expanding financial support for exporters while fostering new growth engines, particularly in the health care segment. To meet the goal, the country plans to spend 20 trillion won ($17.4 billion) on trade financing for exporters through 2025, according to the Ministry of Trade, Industry and Energy. "The global trade environment has been facing changes due to the rising awareness of carbon neutrality,
March 10, 2021
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Amorepacific becomes first South Korean cosmetics company to join RE100
Amorepacific said Wednesday it has joined RE100, a global renewable power initiative, becoming the first South Korean cosmetics firm to do so. The company plans to supply electricity in the workplace entirely with renewable energy by 2030 in an effort to help tackle climate change. From production to logistics, energy sourced to run all of its facilities at home and abroad, including the headquarters and its research center, will be affected by the initiative. Launched in 2014 and led by the
March 10, 2021
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Hana Financial declares carbon neutrality vision
Hana Financial Group on Wednesday unveiled its vision to go carbon neutral by 2050 to support the nation’s transition toward a sustainable economy. Under the goal of achieving “coal-free finance,” the banking giant will launch an internal committee in charge of halting financial support -- including project financing and underwriting of bonds -- for businesses that have adverse environmental and social impacts, as early as during the first half of this year, officials said.
March 10, 2021
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S-Oil chief says ‘digital transition is matter of survival’
S-Oil said Wednesday it will deploy drones and smart helmets at all business sites by 2023 to accelerate its digital transformation. According to the South Korean refinery, drones will fly above 100 meters at its plants and check the safety of flare stacks, a gas combustion device in the shape of a chimney designed to burn unwanted or excess gases. The drones will provide video feeds and analysis of the facilities. “Digital transformation is not a matter of choice, but a must to comp
March 10, 2021
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NPS to remain neutral over embroiled Posco chief’s second term
The National Pension Service said Wednesday it would engage in voting for Posco Chairman and CEO Choi Jeong-woo’s new term as a Posco board member in a way that does not affect the result of the shareholders’ vote on Friday. The decision not to vote against Choi comes as a series of workplace accidents, the company‘s involvement in a coal-fired project and alleged ties to Myanmar‘s military coup piled pressure on Choi, who served as chief of the steel-to-chemicals congl
March 10, 2021
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Hyundai Motor’s Kona N teased, appears to have sharper look
Hyundai Motor released teaser images of Kona N, its first performance-oriented sports utility model, on Wednesday. Kona N, the second variation of the automaker’s high-performance N brand to be launched in South Korea, is based on Hyundai’s Kona, which launched in September 2020. It is the second model in the N series in South Korea, after the Veloster N. Hyundai’s i30 hatchback also has an N variant, but it has not been released in the Korean market. In the teaser, Kona
March 10, 2021
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Kia to recall 380,000 Sportage, K7 models in US for fire risk
Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will recall nearly 380,000 Sportage SUVs and K7 sedans in the United States due to the risks of an engine compartment fire. In documents sent to the National Highway Traffic Safety Administration (NHTSA), Kia said it will recall 372,251 Sportage SUVs for the 2017 through 2021 model years and 7,680 K7s from 2017-2019 to fix a potential short circuit problem in the vehicles' hydraulic electronic brake control unit. The K7 is sol
March 10, 2021
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KCCI welcomes new chief of US business chamber
The Korea Chamber of Commerce and Industry, a leading business representative group here, announced Wednesday that it has sent a congratulatory message to the new CEO of the US Chamber of Commerce Suzanne Clark. Clark, who is to assume her position on Thursday to fill the post of predecessor Thomas Donohue, is the first female figure to lead the USCC throughout its 109-year history. “Korea and the US have been trusted allies and close economic partners for almost 70 years,” wrote
March 10, 2021
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Banks' loan delinquency rate inches up in January
The delinquency rate for South Korean banks' won-denominated loans edged up in January from the previous month, the financial regulator said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.31 percent at the end of January, up 0.03 percentage point from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.1 percentage point. Banks' loan delinquency rate remains stable mainly bec
March 10, 2021
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Coupang raises target price range ahead of NYSE listing
Coupang Inc., parent company of South Korean e-commerce giant Coupang Corp., has raised its initial public offering target price range of $32 to $34 apiece, according to a regulatory filing submitted to the US Securities and Exchange Commission on Tuesday. With the revised range, Coupang looks to raise its proceeds by 16 percent more than previously anticipated. The earlier prospectus submitted on March 1 showed the shares were marketed at $27 to $30. As it has planned to offer 120 million sh
March 10, 2021
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Samsung relegated to 2nd in connected TV devices market in Q4: report
Samsung Electronics Co. was relegated to the runner-up spot in the market for connected TV devices, which includes smart TVs, streamers and gaming consoles, in the fourth quarter of 2020, a report showed Wednesday. Samsung, the world's largest TV maker, shipped 11.9 million units of connected TV devices in the October-December period, up 2 percent from a quarter earlier, to account for a 10.9 percent market share, according to industry researcher Strategy Analytics. Despite increase in sales,
March 10, 2021
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S. Korean shipbuilders take up more than half of new orders in Feb.
South Korean shipbuilders accounted for more than half of new orders in the global shipbuilding market in February, surpassing their Chinese rivals for the eighth consecutive month, industry data showed Wednesday. South Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders of 43 ships or 1.56 million compensated gross tons (CGTs), which represented 56 percent of 92 ships or 2.82 million CGTs ordered globally in February, according to the data provided by global market researche
March 10, 2021
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S. Korea to invest W200b in developing automotive chip technology
South Korea plans to invest more than 200 billion won ($176 million) in developing automotive chip-making technology by 2022 in an effort to nurture the next-generation vehicle sector, the finance minister said Wednesday. Finance Minister Hong Nam-ki said the government plans to cooperate with local automakers to find ways to ease a current supply shortage of automotive chips that may last until the third quarter. "As automotive chips are key parts of the car industry and demand for futur
March 10, 2021