Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Hyundai Mipo wins chemicals carrier deal from Europe
Hyundai Mipo Dockyard Co., a mid-sized shipyard here, said Monday that it has won a 80.2 billion won ($73 million) order to build two petrochemical carriers for a European company. The deal calls for the shipyard to deliver the vessels by March next year, the company said in a regulatory filing. Hyundai Mipo Dockyard is a listed unit of Korea Shipbuilding & Offshore Engineering Co., the subholding company of Hyundai Heavy Industries Holdings Co. Korea Shipbuilding, which has three shipbui
Jan. 25, 2021
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[Herald Interview] Microbiome key to personalized health supplements
While the human body is composed of some 30 trillion cells, the number of microorganisms, including bacteria, outnumber the cells to about 38 trillion, and they have tremendous effects on our physical health. Now with advanced technologies, individuals will soon be able to analyze the genetic information of microbials in their guts so they can find personalized health supplements with “optimal” effects, Cho Yang-hee, the vice president of Amway Korea said in an interview with The
Jan. 25, 2021
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Daewoong to start phase 3 trial of COVID-19 preventive
Daewoong Pharmaceutical said Monday that it plans to conduct a clinical phase 3 trial for its drug targeted at preventing COVID-19. The company received an approval from the Ministry of Food and Drug Safety to begin the last stage of clinical trials for the drug, Foistar, on Friday. “Foistar is convenient to administer as oral medication. Its mechanism is expected to work best in the early phase of viral replications. As the drug would hold efficacy against viral mutations, we hope it
Jan. 25, 2021
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Direct purchasing from overseas increases by 71% in 2020 with COVID-19: Malltail
While global travel has come to a virtual standstill due to the COVID-19 pandemic, people have turned to buying goods directly from overseas retailers last year, a delivery service company said Monday. According to Malltail Korea Center, which offers parcel forwarding services for Korean consumers who purchase goods directly from overseas sellers, the number of orders made in 2020 through their platform jumped by about 71 percent from the previous year. Malltail said purchase data also showe
Jan. 25, 2021
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Korean content popularity boosts related stocks
South Korean media content-related stocks have soared at a fast clip, backed by rising demand for streaming services and growing expectations for the local entertainment industry to strengthen its global foothold, data showed Monday. Studio Dragon, a major local TV drama production firm, saw its shares climb 17.17 percent this year, from 92,600 won ($83.85) marked at the closing of Dec. 30 to 108,500 won touched at Monday’s closing. The stock hit its second-highest closing of 109,200 won
Jan. 25, 2021
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Retailers get ready for Lunar New Year
Retailers are anticipating a surge in online shopping in the coming weeks ahead of this year’s Lunar New Year holiday, widely known as Seollal in South Korea. Leading Korean e-commerce business Tmon said Monday that the volume of orders generated from its “contactless gift-giving” service saw a 452 percent increase during the past two weeks. Nearly 7 in 10 shoppers purchased items priced below 30,000 won ($27.20), the data also showed, up 7 percent from last year’s figu
Jan. 25, 2021
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FSS set to order local banks compensate Lime fund customers
South Korea’s market watchdog Financial Supervisory Service is slated to order local banks that sold the problematic funds structured by Lime Asset Management to compensate investors who were victims in the massive fraud, officials said Monday. Lime Asset has been under an FSS probe since July 2019 for having concealed huge losses and inflated investment returns to keep its customer base. It suspended fund redemption worth an estimated 1.6 trillion won ($1.4 billion). The dispute arbit
Jan. 25, 2021
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SsangYong Motor cuts wages by half amid liquidity crisis
Financially troubled SsangYong Motor Co. said Monday it will cut its employee wages in half in January and February as it struggles with mounting costs amid lackluster sales. In a recent message to employees, SsangYong Motor President and CEO Yea Byung-tae said the decision was part of "desperate measures" amid a sharp decline in sales. In 2020, its vehicle sales fell 19 percent to 107,324 units from 132,799 the previous year. SsangYong Motor's lineup consists of the flagship G4 Rex
Jan. 25, 2021
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Galaxy S21 sales tipped to hover around 2.4m units in S. Korea this year: report
Sales of Samsung Electronics Co's new smartphone line, the Galaxy S21, are expected to reach 2.4 million units this year in South Korea, a report showed Monday, as the tech giant tries to expand its presence against Apple Inc.'s iPhone 12. Galaxy S21 sales are estimated to be 40 percent larger than those of the Galaxy S20, which sold about 1.7 million units last year, according to market tracker Counterpoint Research. The Galaxy S20 series had a relatively mediocre performance in its debut yea
Jan. 25, 2021
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No. of fake banknotes dips to record low in 2020 amid pandemic
The number of counterfeit South Korean banknotes fell to a record low in 2020, the Bank of Korea (BOK) said Monday, as the coronavirus pandemic caused a decline in cash usage. Last year, the number of fake banknotes found in South Korea came to 272, down 6.8 percent from a year earlier and marking the lowest since the BOK began releasing such data in 1998. The decline was mainly due to a "drop in in-person cash usage as COVID-19 spreads," the BOK said. By denomination, 5,000-won cou
Jan. 25, 2021
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KT hires new advisors for AI, robotics push
KT Corp., a major South Korean telecom operator, said Monday global robotics expert Dennis Hong will join the company in an advisory role to help boost its efforts to integrate new technology into their services. Hong, a professor and the founding director of the Robotics & Mechanisms Laboratory at UCLA, will advise the company on its broader robotics business, according to KT. The move comes as the telecom operator has recently shifted focus to AI and robotics, and last year acquired a 10
Jan. 25, 2021
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Samsung heir Lee, prosecutors won't appeal ruling in bribery case
Samsung heir Lee Jae-yong and the prosecution said Monday that they will not appeal last week's appeals court ruling that sentenced him to 2 1/2 years in prison in a retrial of a high-profile bribery case. Last Monday, the Seoul High Court handed down the verdict to the vice chairman of Samsung Electronics Co. for bribing former President Park Geun-hye and her longtime friend, Choi Soon-sil, to win government support for a smooth father-to-son transfer of managerial power at Samsung. Lee was se
Jan. 25, 2021
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[Graphic News] Overseas construction deals reach $35b in 2020
South Korea's overseas construction orders rose to the highest level in five years in 2020 on major projects won in the Middle East and South America. The value of overseas construction deals stood at $35.1 billion last year, up 57.3 percent from a year earlier, the Ministry of Land, Infrastructure and Transport said in a statement. A total of 359 Korean companies won 567 orders from 98 nations last year, it said. Local builders’ overseas deals rose for three years from $28.2
Jan. 25, 2021
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Seoul stocks open higher on vaccine, earnings hope
South Korean stocks opened higher Monday on strong individual buying ahead of the fourth-quarter corporate earnings season this week and hopes for vaccines against the new coronavirus. The benchmark Korea Composite Stock Price Index added 15.05 points, or 0.48 percent, to 3,155.68 points in the first 15 minutes of trading. Airline, chemical and bio large caps did well, while auto and insurance shares traded bearish. Top cap Samsung Electronics rose 0.23 percent, and No. 2 chipmaker SK hynix a
Jan. 25, 2021
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Exports of red pepper paste surge 35.2% in 2020 on Korean Wave
South Korean exports of red pepper paste jumped more than 35 percent in 2020 from a year earlier thanks to the global popularity of Korean pop culture, known as the Korean Wave, data showed Monday. Overseas shipments of red pepper paste, called "gochujang" in Korean, came to $50.93 million last year, up 35.2 percent from a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. South Korean exports had been on the rise since 2016, when the figure stood
Jan. 25, 2021
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S. Korean retail investors' Tesla holdings top $10b
South Korean retail investors' holdings of shares in electric vehicle leader Tesla Motors Inc. soared nearly 32 percent this year to cross the $10 billion mark, data showed Monday. Local individual investors owned $10.33 billion worth of Tesla shares as of Friday, up 31.9 percent from the end of last year, according to the data from the Korea Securities Depository. The figure also represents a 73 times increase from the end of 2019 and South Korean retail investors' most-bought issue among for
Jan. 25, 2021
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Hyundai Capital launches AI-powered platform to suggest quality second-hand cars
Contactless services have also gone mainstream in the second-hand car market with used car dealers increasingly adopting mobile technology to offer credible information on used cars. Joining in on the trend, auto financing firm Hyundai Capital launched an artificial intelligence-powered mobile platform in September last year, which helps consumers avoid low-quality used cars -- often called lemons and picked peaches -- in their recommendations. The used car mobile platform, named Check, has
Jan. 24, 2021
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[Herald Interview] Meet ant investors' YouTube guru
Kim Dong-hwan, the founder of a market and economic YouTube show “Three Pros” had never imagined that his channel would have 1 million subscribers, a tenfold increase, just within a year. “Three Pros: With Economic God” provides daily market updates and analysis of industries and economy and is hosted by three “pros” in the field: Kim, Lee Jin-woo and Jung Young-jin. The channel has recorded more than 200 million views so far and attracts as many as 60,000
Jan. 24, 2021
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AI, robotics: New keywords for LG
LG Electronics, a household name in home appliances, is preparing for the future of homes by investing in robotics and artificial intelligence technology. The company, which has so far launched more than 10 kinds of robots, is seeking more innovation opportunities with global partners and experts to raise competitiveness in the field. CLOi robots At the 2021 CES, LG Electronics garnered attention with its CLOi UV-C robot, which can move around and sanitize indoor spaces with ultraviolet
Jan. 24, 2021
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LG charges ahead for tomorrow’s business
Under its fourth-generation leader, LG Group, South Korea’s fourth-biggest conglomerate, is undergoing a major transformation: From a manufacturer of fridges and washing machines to one of future cars, robots and artificial intelligence-based solutions. Since rising to the helm of the group in 2018, Chairman and CEO Koo Kwang-mo has put forward the “digital transformation” driver across all LG affiliates, and is spearheading a group-level restructuring of its business portfol
Jan. 24, 2021