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Starlink service may be available in Korea as early as April: sources

US space firm SpaceX's Starlink satellite internet service is expected to become available in South Korea as early as April, industry sources said Tuesday. According to the sources, Seoul's Ministry of Science and ICT plans to devise regulations on Starlink's use of local frequencies later this week, paving the way for approval of its operations by March. Following this, Koreans may be able to use Starlink's service as early as April after the Ministry of Government Legislation and the Office fo
Jan. 14, 2025
Seoul shares end higher amid rate woes

Seoul shares closed higher Tuesday helped by retail buying, with investors trimming bets on the US Federal Reserve's rate cuts amid a resilient US economy. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 7.84 points, or 0.31 percent, to close at 2,497.40, snapping a second-session losing streak. Trade volume was moderate at 406.24 million shares worth 8 trillion won ($5.46 billion), with gainers outnumbering losers 509 to 363. Overnight, US stocks
Jan. 14, 2025
[Herald Interview] Pakistan's population boom beckons Korean businesses: commerce minister

Highlighting Pakistan’s increasing demand for South Korea’s advanced technologies and expertise, Federal Commerce Minister Jam Kamal Khan emphasized vast opportunities for collaboration, supported by Pakistan’s young, tech-savvy workforce. Following the signing of the Economic Partnership Agreement between the two countries with Trade Minister Cheong In-kyo on Thursday, Khan addressed shared challenges, noting that many of Pakistani companies would benefit from trade agreements with Korea that r
Jan. 14, 2025
Jensen Huang sends Korean market on wild ride

Nvidia CEO's comments move share prices for Samsung, SK, Hyundai It is fair to say that the star of recently concluded CES 2025 was none other than Nvidia CEO Jensen Huang, with every word the tycoon uttered moving stock prices up or down. His comments on Nvidia’s partners, semiconductors and quantum computing sent ripples through the market, causing fluctuations in the share prices of major industry players, including Samsung Electronics, SK hynix, Hyundai Motor and firms engaged in quantum com
Jan. 14, 2025
[Photo News] Kolon takes the wheel in Vietnam

Korean chemical and textile manufacturing company Kolon Industries announced Tuesday its plans to invest 30 billion won ($20.5 million) in expanding the company's tire cord production in Vietnam. The investment will boost production capacity to 57,000 metric tons annually by 2027, with the company repurposing idle equipment from its shuttered Nanjing plant in China to cut costs. The initiative supports Kolon's strategy to strengthen its global tire cord market presence and address increasing dem
Jan. 14, 2025
[Photo News] Galaxy ring grows

Samsung Electronics said Tuesday it will release two new sizes of the artificial intelligence-powered Galaxy Ring in Korea on Jan. 24. With the new sizes -- 14 and 15 -- the Galaxy Ring will be available in in sizes 5 to 15 in titanium black, titanium silver and titanium gold. The price is set at 499,400 won ($342). The device helps users manage their health 24/7, while also providing measured health information and wellness tips through the Samsung Health application. It is scheduled to launch
Jan. 14, 2025
Woori-Natixis invests $150m in US data centers

South Korean banking giant Woori Financial Group has invested $150 million in two US data centers in partnership with French investment bank Natixis. The investment marks the first move under the strategic alliance between the two companies, signed in June 2024, to jointly establish a global private debt fund. The funds were directed towards data centers in Arizona and Virginia, with respective capacities of 176 megawatts and 110 megawatts. Both facilities are secured under 15-year lease agreeme
Jan. 14, 2025
S. Korea's ICT exports jump 24% in Dec. on robust chip demand

South Korea's exports of information and communication technology products jumped 24 percent in December from a year earlier, helped by robust sales of semiconductors, government data showed Tuesday. Outbound shipments of ICT products came to $22.66 billion last month, compared with $18.25 billion a year earlier, the Ministry of Science and ICT said in a press release. The country's ICT imports in December stood at $13.32 billion, resulting in a trade surplus of $9.33 billion in the sector. By p
Jan. 14, 2025
Govt. adopts rules for stable supply of key resources

South Korea has approved an enforcement decree to strengthen the country's preparedness for supply disruptions of key resources, the industry ministry said Tuesday. The enforcement decree on the Special Act on National Resources Security was passed during a Cabinet meeting held on the day, according to the Ministry of Trade, Industry and Energy. The decree is designed to provide detailed measures for the act, which aims to enhance stability in the supply of critical commodities, including oil, n
Jan. 14, 2025
Seoul to set up export strategies for all possible scenarios under Trump

South Korea will set up tailored strategies for different scenarios in the wake of potential changes in the US trade policy following the inauguration of President-elect Donald Trump next week, the industry ministry said Tuesday. "If the United States introduces detailed trade protectionism measures, significant impacts on South Korea's exports will be inevitable," the Ministry of Trade, Industry and Energy said in a policy report. "There are also concerns protectionist measures could spread amo
Jan. 14, 2025
Insurers' risk-based capital ratio up in Q3

Insurance firms in South Korea saw their risk-based capital ratio rise in the third quarter of last year, data showed Tuesday. The risk-based capital ratio of local insurance firms stood at 218.3 percent as of end-September, up 1 percentage point from three months earlier, according to the data from the Financial Supervisory Service. The RBC ratio is derived from the actual solvency capital divided by the minimum solvency capital required. It measures an insurer's ability to absorb losses and pa
Jan. 14, 2025
Seoul shares open higher on techs, shipbuilders

Seoul shares opened higher Tuesday after a mixed close on Wall Street, helped by gains in techs and shipbuilders. The benchmark Korea Composite Stock Price Index rose 7.98 points, or 0.32 percent, to 2,497.54 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.86 percent to 42,297.12 points, while the tech-heavy Nasdaq fell 0.38 percent to 19,088.10 points. In Seoul, market bellwether Samsung Electronics rose 0.18 percent, No. 2 chipmaker SK hynix climbed 0.2 p
Jan. 14, 2025
Biden gov't unveils more controls on AI chip exports; no curbs for S. Korea, other allies

The Biden administration on Monday announced new restrictions on artificial intelligence chip exports in its last move to block the flow of advanced technologies into China, Russia and other "countries of concern" on national security grounds. Just a week before its term ends, the administration released an interim final rule, under which no chip sale restrictions will apply to 20 key US allies and partners, including South Korea, while for many other countries, it sets up a cap for the amount o
Jan. 13, 2025
Industry Minister reassures US officials in Washington

US lawmakers see South Korea as serving a critical role in the global supply chain and are willing to provide support, Korean Industry Minister Ahn Duk-geun said Monday, sharing his reflection after his visit to Washington last week. "During the trip, I learned that Korea’s industries play a big role in the global supply chain and the ecosystem. I met with foreign commerce chambers and investors after all the incidents, and they are all willing to help," Ahn said in a press briefing with reporte
Jan. 13, 2025
Concrete installations found near 7 airport runways: Transport Ministry

Seven out of 14 South Korean airports have been found to have installed concrete structures similar to those involved in the recent deadly Jeju Air crash, according to a government inspection released Monday. The Ministry of Land, Infrastructure and Transport’s weeklong review revealed that nine facilities at seven airports have localizer housings that are difficult to break upon aircraft collision and require urgent improvements. On Dec. 29 last year, a Jeju Air flight returning from Bangkok ma
Jan. 13, 2025

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