Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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KT launches new mobile plans for foreign residents
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KOTRA fills in for Korean SMEs in Vietnam exhibition amid COVID-19 restrictions
The state-run Korea Trade-Investment Promotion Agency is holding a “hybrid” exhibition in Vietnam’s Ho Chi Minh City in an effort to help small- and mid-sized Korean firms, the agency said Friday. KOTRA opened a Korean booth at the Saigon Exhibition and Convention Center, as part of the three-day specialized exhibition that runs from Thursday to Saturday. The event was organized by the city’s Department of Industry and Trade to help businesses boost production, develop
Dec. 18, 2020
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Mercedes-Benz sponsors LOL All-Star Event as exclusive partner
Mercedes-Benz Korea is sponsoring the year-end League of Legends event, in an extended move to promote the prestige automobile brand to the young generation, the company said Friday in a release. The 2020 League of Legends All-Star Event kicked off Friday to run until Sunday, in which the German automaker is to take part as the sole official partner. In September this year, Mercedes-Benz Korea became the first luxury car brand to be named the official partner of LOL publisher Riot Games and s
Dec. 18, 2020
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GM Korea workers OK revised 2020 wage deal
Unionized workers at GM Korea Co. agreed Friday to accept the company's revised wage proposals amid the prolonged COVID-19 pandemic. GM Korea workers voted in favor of the second tentative wage and collective agreement deal in a two-day vote that ended on Friday. The workers rejected the first tentative deal earlier this month. In the second deal, GM Korea agreed to drop a damage suit filed against the union for strike-driven output losses and provide 4 million won ($3,600) per worker in perfo
Dec. 18, 2020
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SK Innovation reiterates Georgia plant benefits US economy
SK Innovation’s aggressive battery investments have trickle-down effects for local businesses in Korea and the US, the Korean firm claimed Friday, as it sought to burnish its contributions to the economy ahead of a lawsuit ruling in the US. The energy firm is currently building two electric battery plants in the US state of Georgia. The first of those, with capacity of 9.8 GWh of production a year, is expected to be finished and start test runs next year. It is due to enter full-fledged o
Dec. 18, 2020
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Korean Air CEO receives honor from French government for building ties
Korean Air CEO Cho Won-tae has been awarded with a gold medal of honor medal by the French government for his contributions to enhancing relations between Korea and France. During a ceremony in Seoul on Thursday, Franck Rieste, the visiting minister-delegate for Foreign Trade and Economic Attractiveness of France, bestowed the honor on the Korean businessman for continuing direct flights between the two countries despite a sharp decrease in passengers. The medal is given to those who have cont
Dec. 18, 2020
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Seoul stocks hit new high on US stimulus hopes
South Korean stocks rose slightly to reach a record high Friday, buoyed by optimism over US stimulus talks despite a spike in local COVID-19 cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.75 points, or 0.06 percent, to close at 2,772.18. Trading volume was high at about 1.05 billion shares worth some 18.9 trillion won ($17.2 billion), with gainers outnumbering losers 491 to 342. Foreigners sold a net 192.4 billion won, while in
Dec. 18, 2020
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Lemonex wins Innovation Winner 2020 with DegradaBALL
Lemonex, a South Korean biotherapeutics and biotech company, was acknowledged with an Industry and Energy Ministerial prize for technology innovation at the Innovation Winner 2020 awards. The Innovation Winner 2020 was hosted by Herald Corp. in collaboration with monthly magazine PowerKorea on Thursday. Lemonex won for its original drug delivery technology called DegradaBALL. “DegradaBALL enables effective delivery of various new drug candidates into cultured cells or lesions by loading
Dec. 18, 2020
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Most expensive house in Korea: Shinsegae chairwoman’s W30b residence
A Hannam-dong residence in central Seoul owned by Shinsegae Group’s chief retained its top position as the most expensive house in Korea, data showed Friday. The value of Shinsegae chairwoman Lee Myeong-hee’s 2,862-square-meter house, as assessed by the government, was 29.53 billion won ($26.88 million), up 6.6 percent from this year. Lee is the younger sister of late Samsung Group Chairman Lee Kun-hee. Previously, the house’s declared price surged by 59.7 percent on-year fro
Dec. 18, 2020
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S. Korea's exports dip at fastest pace in 2019 on weak chip demand
SEJONG -- South Korea's exports dropped at the fastest clip in 2019 due to sluggish overseas demand for semiconductors, government data showed Friday. The country's overseas shipments stood at $541.2 billion last year, down 10.3 percent from the previous year, according to the data from Statistics Korea and the Korea Customs Service. Large companies in Asia's fourth-largest economy suffered bigger declines than smaller businesses. Combined exports of 857 large corporations sank 13.5 percent
Dec. 18, 2020
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Hyundai Motor seeks to up stake in Turkey plant
Hyundai Motor Co. said Friday it seeks to raise its stake in its plant in Turkey by acquiring a 27 percent stake held by Kibar Holding in preparation for the post-coronavirus recovery. Early this month, Hyundai Motor submitted documents to the Turkish authorities to buy most of Kibar's stake in its local factory, a company spokesman said over the phone. The South Korean carmaker currently holds a 70 percent stake in the 230,000-unit-a-year plant in the northwestern city of Izmit, and Kibar ow
Dec. 18, 2020
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Celltrion inks supply agreement for COVID-19 test kit in US
South Korean biopharmaceutical giant Celltrion Inc. said Friday it has signed an agreement worth 240 billion won ($220 million) to supply a diagnostic kit for the novel coronavirus in the United States. Under the agreement, Celltrion's rapid antibody diagnostic test (RDT) kit for the new coronavirus, named DiaTrust, will be distributed by Prime Healthcare Distributors. The kit was co-developed by the South Korean in-vitro diagnostic company Humasis. The new antibody detection test is most sui
Dec. 18, 2020
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S. Korea, France vow to support multilateralism to overcome pandemic fallout
South Korea and France on Friday agreed to continue to support multilateralism over protectionism to overcome the economic fallout from the virus pandemic, and to expand cooperation in various areas from vaccines to green cars. "This year, the two countries have worked deeply together in multilateral frameworks, such as the Group of 20 and the OECD, to promote the travel of products, services and workforces despite the COVID-19 pandemic," Trade Minister Yoo Myung-hee said during her m
Dec. 18, 2020
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S. Korea inks free trade pact with Indonesia
South Korea formally inked a comprehensive trade deal with Indonesia on Friday, paving the way for local exporters to penetrate deeper into the Southeast Asian market. Industry Minister Sung Yun-mo met his Indonesian counterpart Agus Suparmanto here to sign the comprehensive economic partnership agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The pact now needs a parliamentary approval. The two countries resumed their talks in 2019 after a five-year hiatus. The CEP
Dec. 18, 2020
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S. Korea's Q3 overseas direct investment dips 24% on pandemic
SEJONG -- South Korea's overseas direct investment tumbled 24 percent in the third quarter of the year as the coronavirus pandemic dented global investment flows, government data showed Friday. The value of investments made by South Korean companies came to $10.77 billion in the July-September period, down 23.9 percent from a year earlier, according to the data from the Ministry of Economy and Finance. It marked the third consecutive quarterly decline. Overseas direct investment fell 4 p
Dec. 18, 2020
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Daewoo Shipbuilding halts Okpo shipyard over virus infections
Daewoo Shipbuilding & Marine Engineering Co. said Friday it has suspended its Okpo shipyard for three days due to COVID-19 infections among its workers. Three workers have tested positive for the coronavirus, the company said. "The work suspension will have a limited impact on the construction of ships as it applies for just the one business day of Friday and the other two days are the weekend," Yoon Yohan, a company spokesman, told Yonhap News Agency. The shipyard is located
Dec. 18, 2020
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Seoul stocks open tad higher on Wall Street gains
South Korean stocks opened slightly higher Friday, tracking overnight gains on Wall Street amid hopes of a new US stimulus deal and the possible rollout of US biotech company Moderna's COVID-19 vaccine in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.65 points, or 0.06 percent, to 2,772.08 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.49 percent to reach a record high of 30,303.37 points, while the Nasdaq composite al
Dec. 18, 2020
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Samsung releases new Galaxy Book laptops
Samsung Electronics Co. on Friday introduced new models of its Galaxy Book laptop series as the South Korean tech aims to boost personal computer (PC) sales amid the stay-at-home trend driven by the pandemic. Samsung said the Galaxy Book Flex2, Galaxy Book Flex2 5G and Galaxy Book Ion2 will be launched on Jan. 1, 2021. Preorders for the latest laptops, all powered by Intel Corp.'s 11th generation processor, will be available from Monday to Dec. 31 in South Korea. The Galaxy Book Flex2 is a 2
Dec. 18, 2020
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Bourse operator grants Kolon TissueGene 1-year period to improve management
South Korea's bourse operator on Thursday decided to grant the scandal-ridden drugmaker Kolon TissueGene Inc. a one-year period to improve its management. In a meeting to decide whether to delist the drugmaker, the KOSDAQ market committee under the Korea Exchange (KRX) decided to give the company, an affiliate of Kolon Life Science, a one-year grace period to enhance its management. Kolon TissueGene was listed on the secondary KOSDAQ market in 2017. The trading of Kolon TissueGene has been sus
Dec. 17, 2020
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LG U+ demonstrates autonomous parking technology
Telecommunications firm LG U+ introduced a 5G network-based autonomous parking solution, during a closed demonstration held in Seoul, Thursday. In an online video demonstration, the carrier tested the self-driving vehicle, which traveled about five minutes on roads and managed to park itself in a public parking lot. The test car, a Genesis GV80 SUV equipped with lidar and radar sensors, started off on a road 800 meters from the parking lot, followed traffic signals on the way and parked i
Dec. 17, 2020
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[Women in Finance 4] Pandemic highlights power of gender diversity to improve decision-making
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, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. The COVID-19 pandemic has been both an opportunity and a crisis for the world of financ
Dec. 17, 2020