Seoul shares dip over 1% on tech losses

South Korean stocks tumbled more than 1 percent Monday led by sharp losses in semiconductor and tech shares ahead of a US rate-setting meeting. The local currency gained ground against the dollar. The benchmark Korea Composite Stock Price Index lost 26.56 points, or 1.02 percent, to finish at 2,574.72, erasing the previous session's 1.1 percent jump. Trading volume was moderate at 408.4 million shares worth 8.6 trillion won ($6.5 billion), with decliners outpacing winners 548 to 330. Offsho

MarketSept. 18, 2023

Railroad strike over, but second strike may follow

The Korean Railroad Workers' Union ended its four-day general strike Monday morning, but announced the possibility of a second general strike without specifying when. “The second general strike plan has been set internally, but we will decide whether or not to go on a second strike and the exact schedule based on the Land Ministry's response,” Baek Nam-hee, the media communication chief of the railway union, said to The Korea Herald. “There are many concerns regarding

Social AffairsSept. 18, 2023

Korea stacks up 15m doses of COVID-19 vaccine for winter

The first batch of Pfizer's vaccine for XBB.1.5, an omicron subvarient of COVID-19, has arrived at Incheon Airport on Monday, according to the quarantine authorities. The Korea Disease Control and Prevention Agency (KDCA) said that 4.04 million doses of the latest Pfizer vaccine arrived in the afternoon, out of a total 15 million doses set aside for this year's winter vaccination program. "A lot of research has shown that those who have taken this updated COVID-19 vaccine, which i

Social AffairsSept. 18, 2023

ACE Engineering gains foothold in US

ACE Engineering, the nation's energy storage system supplier, said Monday it has successfully participated in RE+ 2023, celebrating the launch of “Big Rock 1” project with key players of the renewable energy industry. Held from Sept. 11-14 in Las Vegas, RE+ 2023 is North America's largest renewable energy convention. ACE Engineering showcased its exhibition booth there along with 1,300 global companies and 30,000 attendees. Having more than 30 meetings with renewable ener

IndustrySept. 18, 2023

SK, Netflix settle yearslong legal battle over net usage fees, vow to work together

SK Broadband Co., a major South Korean internet service provider, said Monday that it will end a yearslong legal battle over network usage fees against US streaming giant Netflix. “We agreed to withdraw all disputes in the interests of the greater success of both companies, reflecting the common intention of putting values on customers first,” an SK Broadband official said without giving details of the agreement. “But our position on the necessity of network usage fees remains

IndustrySept. 18, 2023

S-Oil donates to dedicated firefighters

South Korean oil refiner S-Oil said Monday it has donated 470 million won ($354,000) to dedicated firefighters, under a partnership with the National Fire Agency and Korea National Council on Social Welfare. This year’s donation will be used for the treatment of injured firefighters as well as scholarship funds for the children of firefighters who died on duty, the company said. Grants will also be given as awards for selected "Hero Firefighters." The donation ceremony was held a

IndustrySept. 18, 2023

[Test Drive] Volvo C40 Recharge introduces one-pedal driving

GANGNEUNG -- Manual cars, typically older models, have three pedals: an accelerator, a brake and a clutch. Automatic vehicles have two pedals: an accelerator and a brake. Battery electric vehicles still come with the same two pedals. The C40 Recharge, Volvo’s EV crossover, however, has taken it a step further, presenting an opportunity to essentially drive with only one pedal. The Korea Herald had the chance to test the C40 Recharge from Gangeung to Goseong in Gangwon Province as part of a

MobilitySept. 18, 2023

Kolon’s spunbond nonwoven fabrics earn EPD certification

Korean chemical and textile company Kolon Industries said Monday that its two spunbond nonwoven fabric products, Finon and Finon Eco, were certified by the international standard for Environmental Product Declaration, a first within the industry here. The company said it also received endorsements from two European certification bodies -- the EPD International AB in Sweden and the DP Norge in Norway. The EPD system provides a comprehensive assessment of a product's environmental impact. It

IndustrySept. 18, 2023

[Korea Beyond Korea] 'Funding drought jeopardizes interest in ancient Korea studies in US'

While a growing number of college students abroad want to learn about Korea thanks to the country’s popular culture, most universities around the world still lack faculty, courses and textbooks for key areas of Korean studies such as pre-modern Korean history. Virtually all the Korean history professors that teach at universities such as Harvard and UCLA specialize in Joseon Dynasty (1392-1910) or post-Joseon Korea. There are no faculty specializing in ancient or medieval Korean history, w

hashtag KoaeaSept. 18, 2023

A third of Korean households made up of single people

The landscape of Korean families has changed quite significantly over the last 30 years, with one-third of households in the country made up of single people and a fertility rate that has halved in the last two decades, government data showed Monday. According to the “Social Security in Statistics 2022” report released by the Ministry of Health and Welfare, the number of people living alone has more than doubled in the past 20 years. The number of single-person homes was 2.25 million

Social AffairsSept. 18, 2023

STX Green Logis unveils vision for ‘Korean DHL’

STX Green Logis, the South Korean shipping and logistics company that made its stock debut on Friday, renewed its vision on Monday to become the Korean version of German logistics giant DHL. In August, the company spun off from Korean trading company STX to maximize its specialty in the logistics sector and increase operational efficiency overall. On its first day of trading, shares closed at 32,600 won ($24), a 29.8 percent surge from the initial public offering price. For its plans going forwa

IndustrySept. 18, 2023

[Photo News] Hana concert tints weekend in green

K-pop girl band IVE performs during the Hana Playlist Concert held at Yonsei University in Seoul, Sunday. Other singers in the lineup included singer and producer Psy, folk duo MeloMance, ballad singer Sung Si-kyung and K-pop boy band Zerobaseone. The two-day event was hosted by Hana Financial Group as part of its ongoing cultural projects aimed at raising its brand awareness. (Hana Financial Group)

IndustrySept. 18, 2023

Yoon seeks global backing against NK after Kim-Putin talks

South Korean President Yoon Suk Yeol left for the 78th United Nations General Assembly on Monday to seek international support against North Korea's recent summit with Russia and promote Busan's 2030 World Expo bid. In his second attendance to the UN General Assembly since taking office last year, Yoon was expected to deliver a strong message condemning the military cooperation between North Korea and Russia during his keynote speech on Wednesday, Eastern Standard Time. Earlier last we

PoliticsSept. 18, 2023

Toss Bank unveils foreigner-friendly ID verification service

In a bid to attract more foreign clients, Toss Bank, a Korean internet-only bank, introduced a new service on Monday to make it easier for foreigners to verify their identity. The new service extracts facial features from the photo on foreign resident registration cards and compares them to photographs in a database of the Ministry of Justice to verify the authenticity of the foreign resident registration. “When we tried to verify the authenticity of foreign resident registration cards usi

IndustrySept. 18, 2023

Art Token joins hands with Anicube for K-art's global expansion

Non-fungible token platform company Art Token said Monday that it recently joined hands with Anicube Entertainment, a music metaverse platform company, in a move to drive the global expansion of Korean digital art content. The latest partnership was inked at Art Token's headquarters in Gangnam, southern Seoul earlier last week, with top executives including Art Token CEO Hong Ji-sook and Anicube Content Market Business Head Lee Cheol-jae in attendance. Under the agreement, Art Token aims

IndustrySept. 18, 2023

[Photo News] EVs in NYC to promote Busan Expo bid

Hyundai Motor Group’s latest electric vehicles – the Ioniq 5, Ioniq 6 and Genesis G80 EV – reading “Busan is Ready” are displayed in downtown New York City on Sunday. With graphics designed by graffiti artist Jay Flow, the cars are scheduled to drive around the city’s landmarks during this week’s UN General Assembly to promote Busan’s bid to host the 2030 World Expo. (Hyundai Motor Group)

MobilitySept. 18, 2023

[Korea Beyond Korea] Early Korean history remains virtually unknown abroad

Over 70 million Koreans in both South and North Korea learn in school that Gojoseon, founded in 2,333 BC by Dangun, was the first kingdom on the Korean Peninsula. They are taught that from this point on, various early states like Buyeo, Okjeo, Dongye, Goguryeo, Baekje, Silla, Balhae and Goryeo flourished on the peninsula and in the now-Chinese territory of Manchuria, collectively shaping the early part of Korea’s five-millennia-long history. But virtually no universities outside Korea offe

hashtag KoaeaSept. 18, 2023

[Photo News] New Mercedes-Benz Korea CEO

Mercedes-Benz Korea CEO Mattias Vaitl, whose official term as CEO started earlier this month, speaks at the awards ceremony for the “Korea TechMasters” technical skills competition held at the Mercedes-Benz Korea Training Academy in Yongin, Gyeonggi Province, Friday. The German carmaker’s two separate automotive training programs, Ausbildung and Automotive Mechatronic Traineeship, also kicked off this year’s sessions a day prior. (Mercedes-Benz Korea)

IndustrySept. 18, 2023

[KH Explain] KB's chair candidate hopes to break out of pod

KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further strengthening KB's Cambodian unit, KB Prasac Bank, which is already doing

IndustrySept. 18, 2023

[Herald review] ‘Road to Boston’: uplifting tale of Korea’s heroic marathoners

“Road to Boston” begins with South Korean marathoner Sohn Kee-chung (Ha Jung-woo) standing on the highest podium with a gold medal around his neck at the 1936 Berlin Olympics. While Japan's national anthem plays in the background, Sohn covers the Japanese flag attached on his shirt with a flower pot in his hand. For this, Sohn is told never to run again by the Japanese. Eleven years later, Korea is liberated from Japanese colonial rule. An up-and-coming runner named Suh Yun-bok

FilmSept. 18, 2023