Most Popular
-
1
Korea enters full election mode
-
2
Immigrant woman stabbed to death by Korean husband
-
3
Seoul bus drivers go on general strike, cause morning rush hour delays
-
4
Lee Jong-sup resigns as envoy to Australia
-
5
Yellow dust engulfs S. Korea, advisory alert issued
-
6
Official campaigning kicks off for April 10 elections
-
7
S. Korea to boost support for single-parent families
-
8
Court upholds jail term for man who attempted to murder ex-girlfriend
-
9
Kia EV9 wins world car of year
-
10
Korea misses out on global bond index boost
-
GM Korea union OKs 2nd tentative wage deal
GM Korea Co. and its union have reached a second tentative wage deal after union members rejected the first deal early this month, the company said Friday. In a vote held from Nov. 30 to Dec. 1, GM Korea workers turned down the first tentative wage agreement as they were not satisfied with the company's proposals on wages and collective agreement terms. Under the initial agreement, GM Korea offered to provide 4 million won ($3,600) per worker in performance-based pay and bonuses for the year
Dec. 11, 2020
-
Hyundai Heavy picked as preferred bidder for Doosan Infracore
South Korea's power plant builder Doosan Heavy Industries & Construction said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore. Doosan Heavy Industries & Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame. "We will do our bes
Dec. 10, 2020
-
[Women in Finance 2] Coffee errands, parenting, golf: How Korean women are kept from climbing the ladder
The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, will reflect on changes being made and will explore ways to boost inclusion in the sector. -- Ed. Kim Ji-youn was filled with her own expectations of building a
Dec. 10, 2020
-
Virus-hit Jeju Air to receive state funding for survival
South Korea will inject 32.1 billion won (US$29 million) into the virus-hit budget carrier Jeju Air Co. to help it stay afloat amid the prolonged COVID-19 pandemic, a state lender said Thursday. The Key Industry Stabilization Fund will extend 25.7 billion won in loans to Jeju Air and invest 6.4 billion won in the carrier's convertible bonds, the state-run Korea Development Bank, which operates the fund, said in a statement. Jeju Air, the country's biggest low-cost carrier, is required to tak
Dec. 10, 2020
-
Camper van: Renault Master vs Hyundai Porest
The coronavirus pandemic has upended the world of travel, as people become more reluctant to take public transport or stay at guest lodgings. That has provided a golden opportunity for the local camper van market, which has enjoyed solid growth over the past few years. According to government data, the number of camping vehicles registered in South Korea reached 24,869 in 2019, marking a 20-fold increase from 1,300 in 2011. Industry officials expect the number to further grow, as the govern
Dec. 10, 2020
-
Seoul stocks close lower on foreign selling spree amid volatility
South Korean stocks closed lower Thursday, roiled by an overnight Wall Street tech plunge and vaccine concerns amid uncertainties over the quadruple expiration of key stock derivatives. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.01 points, or 0.33 percent, to close at 2,746.46. Trading volume was high at about 1.2 billion shares worth some 20.3 trillion won ($18.6 billion), with gainers outnumbering losers 65
Dec. 10, 2020
-
Decision on LG-SK battery lawsuit delayed again to February
The final ruling on the battery patent lawsuit between LG Energy Solution and SK Innovation has been postponed to Feb. 10, the third delay in the US court case. The US International Trade Commission announced the delay on Thursday, without providing specific reasons. The court was originally scheduled to rule on Oct. 5, then the decision was delayed to Oct. 26 and then again to Thursday. The two Korean battery makers released official statements regarding the holdup, but with different int
Dec. 10, 2020
-
GS Caltex’s biobutanol sales explode 1,000%
GS Caltex said Thursday its biobutanol sales have jumped more than tenfold on-year in the first 11 months of this year, due to growing demand for eco-friendly raw materials. The 2,3-butanediol chemical compound is a 100 percent natural substance easily found in nature including in soil, animals and fermented food. Thanks to its superb moisturizing and preservation effects, the substance is widely used as a raw material for cosmetics and personal care products. However, as 2,3-butanediol is
Dec. 10, 2020
-
Shinhan wins CDP Leadership A for 7th year
Shinhan Financial Group has won the top grade recognition in climate change leadership from Carbon Disclosure Project, becoming the first South Korean financial institute to maintain the honor for seven years straight. The Korean banking group has received Leadership A, the top notch prize in the CDP Climate Change criteria this year, marking the seventh consecutive year of such achievement, officials said in a release Thursday. Also, based on the CDP report issued in April, the CDP’s
Dec. 10, 2020
-
Korean GDP to grow 3.6%, Kospi to hit 2,850 in 2021: Nomura
Driven by the development of COVID-19 vaccines and their eventual distribution, South Korea’s economy will steadily recover in 2021, growing at 3.6 percent followed by a 0.8 percent contraction this year, according to Japan’s Nomura Securities on Thursday. “Amid the global capex (capital expenditures) recovery, current IT export products and new export products such as electric vehicles and biohealth will play a leading role in driving South Korea’s economic recovery ne
Dec. 10, 2020
-
Hyundai to invest W60tr by 2025
Hyundai Motor unveiled Thursday its new “2025 Strategy” for innovative mobility solutions and core business strategies such as electric vehicles, urban air mobility, autonomous driving, fuel cells and the hydrogen ecosystem. The nation’s largest automaker announced the plan during its CEO Investor Day forum held online for shareholders, analysts and credit rating agency officials. During the event, the company vowed to invest 60.1 trillion won ($55 billion) in future busines
Dec. 10, 2020
-
[News Focus] Revised laws may have big ramifications for major conglomerates
South Korean businesses on Thursday cried foul over the passage of what they called anti-business bills, saying the revisions could threaten management controls and put pressure on them at a time of unseen hardships stemming from the pandemic. Among the bills that passed the National Assembly on Wednesday, a revision to the Commercial Act regarding the “3 percent rule” has been met with the most criticism. The amendment requires listed companies to elect at least one auditor fro
Dec. 10, 2020
-
[Herald Interview] Procurement system revamp to spur growth of innovative SMEs
South Korea‘s central government procurement agency has been putting efforts into bridging innovation-oriented small and medium-sized enterprises and aspiring buyers of their prototypes and goods, its chief said in a recent interview with The Korea Herald. As the state-run Public Procurement Service is looking to strengthen a separate web-based procurement platform created in February, in addition to its flagship Korea Online E-Procurement System, the agency will stay committed to the ro
Dec. 10, 2020
-
LG Electronics CEO vows to improve mobile biz next year
The CEO of LG Electronics Inc. vowed Thursday to improve the company's mobile communications business next year amid the pandemic. Kwon Bong-seok said South Korea's No. 2 tech firm is "working hard" to create a turnaround in its struggling mobile business. "We are improving by reinforcing our cost competitiveness, and we plan to make quality improvements next year with growth in the premium sector," Kwon told reporters after the 15th Electronics and IT Day event in Seoul.
Dec. 10, 2020
-
Samsung unveils MicroLED TV
Samsung Electronics on Thursday unveiled the first MicroLED screen for home use, announcing its push for a whole new category of home entertainment. In an online press conference, the South Korean TV manufacturer showcased the new 110-inch MicroLED model, with a retail price tag of 170 million won ($156,612) for the domestic market. It refuses to call the new display a TV, preferring “screen” or “display solution,” it said. “As demand is rising for better home
Dec. 10, 2020
-
LG Innotek’s substrate developer wins presidential award
Son Kil-dong, senior vice president at LG Innotek, won a presidential award in recognition of his contribution for development of the electronic material industry. Son, who joined LG Electronics as an engineer in 1995, moved to LG Innotek, the parts making affiliate in 2008. He has led a variety of new technologies and manufacturing processes in the field of semiconductor substrate. His works include development of radio frequency-system in package substrate for telecommunications, and a
Dec. 10, 2020
-
CU rolls out drive-thru shopping service
Convenience store CU said Thursday it will roll out a drive-thru order pickup service sometime this month, in the latest in a series of moves by the retail industry to reduce human-to-human contact amid the pandemic. Using a mobile app, customers can browse through products and place their orders at the location they choose. As they drive to the store, staff will prepare the order then step out of the store to hand over the merchandise to shoppers in their vehicle. The move comes as retailers
Dec. 10, 2020
-
Foreigners remain net buyers of S. Korean stocks in November
Foreign investors extended a net purchase of South Korean equities for the second consecutive month in November, supported by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $5.52 billion worth of local stocks last month, compared with a net purchase of $1.38 billion in October, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $450 million last month, the BOK said. Meanw
Dec. 10, 2020
-
Winter virus wave likely to derail consumption recovery: BOK
The Bank of Korea (BOK) warned Thursday that a winter wave of coronavirus outbreaks is likely to hurt the fragile recovery of private consumption. The BOK also took a cautious tone on progress in the global coronavirus vaccine campaign, saying it will take more time to speed up the distribution of vaccines worldwide. South Korea, which has largely brought outbreaks under control, has been facing a resurgence of virus cases in recent weeks, with the nation reporting more than 600 daily new ca
Dec. 10, 2020
-
S. Korea to send chartered flights to Singapore with strawberry shipments
South Korea's agricultural ministry said Thursday it will send chartered flights to Singapore to support exports of strawberries, as local farmers have been facing troubles in shipping their produce amid the new coronavirus pandemic. Under the plan, South Korea plans to send Korean Air Lines Co.'s planes weekly through April to promote the exports of strawberries, according to the Ministry of Agriculture, Food and Rural Affairs. The move came as the COVID-19 pandemic has virtually suspended gl
Dec. 10, 2020