Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Moon orders probe of housing officials’ alleged property speculation
President Moon Jae-in on Wednesday ordered an expanded, thorough investigation into allegations that staffers at the public housing development agency used internal information to make speculative property investments. “The comprehensive investigation will be conducted by the Prime Minister’s Office and sufficient manpower will be mobilized with the help of the transport ministry to investigate the allegations thoroughly, leaving no stone unturned,” said presidential secretary
March 3, 2021
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Hyundai Glovis forges tie with China’s Changjiu Logistics
Hyundai Glovis is forging ties with a Chinese logistics company to expand and strengthen its logistics business from China to Europe, the firm said Wednesday. As part of the partnership deal, China’s Changjiu Logistics has bought from Hyundai Glovis a 30 percent stake in Adampol, a Poland-based company that Hyundai Glovis acquired in 2014. Hyundai said the two companies will join forces to launch a new railroad transport brand, dubbed ECT, or Euro China Train. As shipping costs are sp
March 3, 2021
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Leadership challenge intensifies family feud at Kumho Petrochemical
A nephew is challenging the leadership of his uncle, incumbent Chairman Park Chan-koo, at Kumho Petrochemical, launching a campaign to win the support of shareholders Wednesday. Park Chul-whan, the company’s largest shareholder with 10 percent of the shares, opened a website for his shareholder proposal in which he claimed that mismanagement was blocking growth of the company and suggested the direction that the company should go to increase its value. The younger Park is the son
March 3, 2021
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Nearly half of South Korea's startup founders hail from prominent universities: report
A local survey showed around half of local startup founders are from the country’s four most prominent universities, implying that educational background could play an important role in starting a new business here. “Many people easily associate startup founders with their individual talents or abilities rather than their educational backgrounds. (But data underlines) that the startup sector here is skewed towards certain universities,” said Park Ju-gun, industry tracker CEO
March 3, 2021
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KOSPI finishes higher on massive institutional buying
South Korean stocks finished higher Wednesday on strong institutional buying amid mixed prospects of a post-pandemic bond yield hike. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 39.12 points, or 1.29 percent, to close at 3,082.99 points. Trading volume was moderate at about 2.2 billion shares worth some 13.9 trillion won ($12.4 billion), with gainers outnumbering losers 655 to 206. Institutions bought a net 691 billion won, while for
March 3, 2021
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KT and LG U+ invest in homegrown app store
South Korea’s telecommunications firms KT and LG U+ said Wednesday they have invested a total of 26 billion won ($23.1 million) in the homegrown app market ONE store, a subsidiary of SK Telecom. KT has spent 21 billion won to acquire a 3.1 percent stake in ONE store, while LG U+ has acquired a 0.7 percent stake with 5 billion won, according to a joint statement released Wednesday. SK Telecom currently has a 50.1 percent stake, and local tech giant Naver has a 26.3 percent share in the
March 3, 2021
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USITC embarks on probe into allegation involving Samsung’s LTE devices
The United States International Trade Commission has launched an investigation into an allegation that Samsung Electronics violated a patent related to LTE devices. According to the ITC on Tuesday in the US, the commission voted to institute an investigation of certain LTE-compliant cellular communication devices sold by Samsung and Motorola. The complaint was filed by Austin-based communication device company Evolved Wireless last month. The US firm claimed the importation into the US and
March 3, 2021
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Hyundai Heavy joins hands with Saudi Aramco in hydrogen project
Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed a deal with Saudi Arabia's state-run oil firm Saudi Aramco to cooperate on a hydrogen project. Under the deal, Hyundai Oilbank Co., HHIH's refining unit, will import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue hydrogen, which is derived from fossil fuel resources such as natural gas, the holding company said. Carbon captured and stored during the production process will also be provided to Saudi
March 3, 2021
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Major banks shed over 1,500 jobs, 200 branches amid COVID-19
South Korea’s five major banks cut over 1,570 jobs and shut down 238 brick-and-mortar branches last year, as the COVID-19 pandemic pushed them toward digitalization, industry data showed Wednesday. According to data compiled by the Korea Federation of Banks, KB Kookmin, Shinhan, Hana, Woori and NH NongHyup shed a combined 238 offline branches and offices on-year to 3,546 as of end-December. While local lenders have been steadily shutting down their brick-and-mortar operations, the figur
March 3, 2021
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Coupang ready to go public
E-commerce giant Coupang’s initial public offering plan has been picking up momentum as the offering price of the company’s shares will be determined next week. The New York Stock Exchange announced Tuesday (local time) that the expected pricing date for the e-commerce firm’s IPO will be set on March 10. When the offering price is decided as scheduled, Coupang will likely start being traded publicly on the US stock market from March 11. Hours before the NYSE announcement, Th
March 3, 2021
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KDB commits $126m financing to satellite project
South Korea’s state-run lender Korea Development Bank said Wednesday that it had agreed on a $126 million commitment to finance an artificial satellite project in Indonesia. KDB is the first Korean lender to finance a space satellite project. The bank’s funding is part of the latest batch of a $431 million project financing to the digital infrastructure project called Satellite of Republic of Indonesia (Satria). KDB joins lenders HSBC, Banco Santander and Asia Infrastructure Inve
March 3, 2021
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S. Korea seeks to sell more farm goods overseas amid pandemic
South Korea said Wednesday it plans to keep up brisk overseas sales of agricultural products in 2021, as demand for ready-to-eat products has been growing around the globe with more people dining at home amid the virus pandemic. Outbound shipments of agricultural products expanded 7.7 percent on-year in 2020 to a record high of $7.57 billion, according to the Ministry of Agriculture, Food and Rural Affairs. The country plans to maintain the growth to post exports of $8.1 billion this year as
March 3, 2021
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Exports of fishery goods down 7.4% in 2020 amid pandemic
South Korea's exports of fishery goods moved down 7.4 percent on-year in 2020 amid the new coronavirus pandemic, data showed Wednesday. Outbound shipments of fishery goods reached $2.32 billion in 2020, compared with $2.5 billion tallied the previous year, according to the data compiled by the Ministry of Oceans and Fisheries. By segment, exports of ready-to-eat products, such as seaweed and processed fish products, advanced 3.8 percent and 8.1 percent, respectively, over the cited period. Th
March 3, 2021
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S. Korea unveils additional support to virus-hit airlines
South Korea on Wednesday unveiled another set of measures to support airlines hit hard by the COVID-19 pandemic in the latest move to help airlines stay afloat during the crisis. The government will continue to reduce the airport usage fee for the airlines until June, the Ministry of Land, Infrastructure and Transport said in a statement, adding the fee will be lowered by 45.7 billion won ($40.6 million). The ministry said it will later consider whether to extend the fee reduction again by tak
March 3, 2021
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Corporate loan growth decelerates in Q4 amid pandemic
Loans extended to companies in South Korea grew at a slow pace in the fourth quarter of last year, as manufacturing firms got fewer loans amid the coronavirus pandemic, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,393.6 trillion won ($1.23 trillion) at the end of December last year, up 27.7 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). It compared with a 37.8 trillion-won rise tallied in the third quarter
March 3, 2021
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Internet use jumps in 2020 amid pandemic
The average amount of time South Koreans spent using the internet reached over 20 hours per week last year, 2.7 hours more than the time spent the previous year amid the stay-at-home trend driven by the pandemic, a report showed Wednesday. South Koreans used the internet 20.1 hours a week on average last year, compared with 17.4 hours the previous year and 16.5 hours in 2018, according to the report from the Ministry of Science and ICT that surveyed 60,000 people over the age of 3. The report
March 3, 2021
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S. Korea to extend online religious activity support amid pandemic
South Korea's ICT ministry said Wednesday it will extend support for online religious activities until next month due to continued COVID-19 infections across the country. The Ministry of Science and ICT first introduced support for such activities in April last year, such as providing network data and technical assistance to religious organizations, to discourage in-person meetings to prevent COVID-19 infections. Under the support measures, the ministry also plans to provide 100 gigabytes of d
March 3, 2021
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Actors Jo Jung-suk, Park Min-young named exemplary taxpayers
South Korean actors Jo Jung-suk and Park Min-young have received presidential citations for being good taxpayers, according to tax agency officials Wednesday. The two are among 1,057 exemplary taxpayers picked by the National Tax Service, they said, adding the actors will cooperate with the agency as public relations ambassadors this year. Jo and Park as model taxpayers are free from tax audits for three years as a reward. Other exemplary taxpayers get the same benefits, but for up to two yea
March 3, 2021
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Regulator approves Emart's takeover of pro baseball club
South Korea's antitrust regulator said Wednesday it has approved a deal by Emart Inc., the country's biggest discount store chain, to buy the professional baseball club owned by energy and telecom giant SK Group. Emart, a unit of retail giant Shinsegae Group, agreed in January to buy the SK Wyverns of the Korea Baseball Organization (KBO) from SK Telecom Co., the top mobile carrier, for 135.2 billion won ($122 million). The Korea Fair Trade Commission (KFTC) said it has given the green light t
March 3, 2021
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Samsung tops Latin American smartphone market in 2020: report
Samsung Electronics Co. further expanded its presence in the Latin American smartphone market last year to cement its leading status amid the novel coronavirus pandemic, a report showed Wednesday. The South Korean tech giant accounted for 40.5 percent of smartphone shipments in Latin America in 2020, up from 38 percent from a year earlier, to remain as the region's largest smartphone vendor, according to market researcher Counterpoint Research. Samsung led all Latin American countries during
March 3, 2021