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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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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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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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KT launches new mobile plans for foreign residents
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Korea faces another compensation claim over 2015 Samsung merger
The South Korean government faced another compensation claim for its alleged role in the 2015 merger of two Samsung companies. The Hague-based Permanent Court of Arbitration ruled Thursday that the Korean government should compensate some $32.03 million to Mason Capital, a New York-based hedge fund, for its investment losses from the high-profile merger deal. Mason had originally demanded to be compensated with $200 million. The latest arbitrative ruling is the second of its kind made against
IndustryApril 12, 2024
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BOK holds rate, wary of inflation's ‘last mile’
Nearing the “last mile” of its fight against rising prices, the Bank of Korea held the base rate at 3.5 percent for the 10th consecutive time Friday. The monetary policy board of the central bank decided to maintain the rate through a unanimous vote, keeping the rate steady for more than a year since February 2023, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “While the headline and core inflation moved in a nearly synchroniz
EconomyApril 12, 2024
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Hyundai to start hydrogen vehicle trials in Guangzhou this year
Hyundai Motor Group plans to expand operations at its HTWO Guangzhou facility -- its first overseas hydrogen fuel cell system production plant -- by initiating pilot projects for commercial hydrogen fuel cell vehicles this year. Lee Hyuk-joon, executive vice president of Hyundai Motor Group China, detailed the initiative Tuesday at the 10th Annual Guangzhou International Investment Conference. Hyundai HTWO is a dedicated brand created by the Hyundai Motor Group to represent their hydrogen fuel c
MobilityApril 12, 2024
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Korean auto exports hit record $17.5 billion in Q1
Korean automobile exports reached a record $17.5 billion in the first quarter of this year, marking a 2.7 percent increase from the same period last year, according to the Ministry of Trade, Industry and Energy on Thursday. Automobile exports surged to $6.2 billion in March alone, following a slight dip to $5.2 billion the previous month. This boost was largely driven by the robust performance of hybrid vehicles, which did not include plug-in hybrids. Hybrid vehicle exports in March soared to a
MobilityApril 12, 2024
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Kakao joins AI Alliance, promotes safe, responsible AI
Korean IT giant Kakao joined AI Alliance, the global open-source community dedicated to the responsible development of artificial intelligence, becoming the first Korean firm to do so, the company said Friday. “We will work together with the AI Alliance to establish an open AI ecosystem meeting the global standard for the open, responsible and safe development of AI technology,” Kakao AI Safety Leader Kim Kyung-hoon said. “We will take on the social responsibility as a digital
IndustryApril 12, 2024
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Uneven pace of economic recovery among sectors continues in S. Korea: finance ministry
The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. "Our economy has seen an economic recovery centering on manufacturing output and exports while reporting a high level of employment," the Ministry of Economy and Finance said in the Green Book, its monthly economic assessment
EconomyApril 12, 2024
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Seoul shares open lower despite US gains
South Korean stocks started lower Friday despite overnight US gains as investors await the Bank of Korea's rate decision later in the day. The benchmark Korea Composite Stock Price Index dropped 16.61 points, or 0.61 percent, to 2,690.35 in the first 15 minutes of trading. Overnight, the Nasdaq Composite jumped 1.7 percent and the S&P 500 rose 0.7 percent on a tech rally, while the Dow Jones Industrial Average was almost flat. Apple soared 4.3 percent, Nvidia surged 4.1 percent, and Amazon c
MarketApril 12, 2024
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S. Korea ordered to pay Mason Capital W43.8b in investor-state suit
An international tribunal ordered South Korea on Thursday to pay 43.8 billion won ($32 million) in compensation to US-based hedge fund Mason Capital in an investor-state suit the company filed over a controversial 2015 merger of two Samsung affiliates, the justice ministry said. The Permanent Court of Arbitration (PCA) in the Netherlands issued the decision nearly six years after the New York-based fund brought the investor-state dispute settlement process against the South Korean government, de
IndustryApril 11, 2024
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[Herald Interview] Weak consumption, property risk could delay Korea’s recovery: ADB economist
While recent figures indicate the Korean economy is on the path of recovery, weak household consumption and a fragile property market could remain challenges for the country, an economist from the Asian Development Bank projected. In its Asian Development Outlook report released Thursday, the international organization based in Manila forecast Korea's gross domestic product to grow by 2.2 percent in 2024 and 2.3 percent in 2025, signaling a turn from the 1.4 percent increase observed last y
EconomyApril 11, 2024
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Amid deepening apple crisis, S. Korea eyes long-term measures
This year’s spikes in apple prices have prompted South Korean officials to explore long-term strategies to stabilize fruit harvests. While the latest price trends are influenced by various factors, including short-term weather events, officials are concerned about a troubling underlying trend: Declining harvests due to shrinking cultivation areas in the country attributed to climate change, a decreasing and aging farming population, among other reasons. Data released Thursday by the Korea
ConsumerApril 11, 2024
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Kakao Healthcare boosts partnership with Google
Kakao Healthcare, the digital health care unit under platform giant Kakao, announced Thursday that the company would boost its collaboration with Google to improve its cloud-based data platform. The announcement came after Kakao Healthcare CEO Hwang Hee shared the company's recent progress with Healthcare Data Research Suite (HRS), the company’s cloud-based data platform service, during Google's Cloud Next conference in Las Vegas this week. According to Hwang, Korea has a significant amoun
IndustryApril 11, 2024
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Yoon's plans to boost stock market likely to fizzle
With the liberal opposition clinching a landslide victory in Wednesday's general election, expectations over President Yoon Suk Yeol’s economic policies that favor stock market investment falter. Yoon’s People Power Party faced a major defeat in the parliamentary elections, as the main opposition Democratic Party of Korea and its satellite party won 175 seats in the 300-member National Assembly. The election results sent a signal to the market that Yoon and his party’s drive to
EconomyApril 11, 2024
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Seoul shares close almost flat despite higher US inflation; won sharply down
South Korean stocks ended almost flat Thursday thanks to gains in techs and autos despite higher-than-expected US inflation that dimmed hopes for the Federal Reserve's early rate cuts. The Korean won sharply fell to the lowest point in 17 months against the US dollar. After starting 1.45 percent lower, the benchmark Korea Composite Stock Price Index pared earlier losses by rising 1.8 points, or 0.07 percent, to close at 2,706.96. Trade volume was moderate at 522.4 million shares worth 12.5
MarketApril 11, 2024
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Korea's national debt hits record high in 2023
South Korea's national debt surged by nearly 60 trillion won ($44 billion) last year, reaching a record high. According to a report on the 2023 national settlement of accounts approved at a Cabinet meeting, the country's national debt stood at 1,126.7 trillion won, up by 59.4 trillion won from 2022. The total includes 1,092.5 trillion won owed by the central government and 34.2 trillion won owed by provincial governments, increasing by 59.1 trillion won and 300 billion won, respectively, from th
EconomyApril 11, 2024
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AXA CEO makes first Korea visit
French insurance giant AXA's Chief Executive Officer Thomas Buberl made his inaugural visit to South Korea, engaging with the local workforce and meeting with the nation's top financial regulator, according to the Korean unit on Thursday. Buberl visited the local office in Yongsan-gu, Seoul, on Tuesday and held discussions with employees and executives. This marked the CEO's first visit to Korea since assuming the top position in 2016. During his meeting, he commended employees for their contrib
IndustryApril 11, 2024
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Kia unveils new pickup brand Tasman
Korean automaker Kia on Thursday officially unveiled its first-ever pickup truck, the Kia Tasman, setting its sights primarily on the Australian market with a diesel-powered model planned for 2025. The Tasman, whose name pays homage to the Tasman Sea that lies between Australia and New Zealand, represents Kia's most direct nod to Australian culture. It is the first Kia product to bear an Aussie-inspired name. The name also reflects the country’s deep affinity for pickup trucks, colloquiall
MobilityApril 11, 2024
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SK hynix exec pins high hopes on new US packaging plant
With the advances in artificial intelligence, there is a growing demand for cutting-edge memory chips. As the technology environment has evolved, SK hynix vice president expressed his ambition to contribute to the development of the highest-performance memory products through advanced packaging technologies. “Package and test (P&T) technology is turning into a crucial factor in the battle for semiconductor leadership,” Choi Woo-jin, vice president in charge of SK hynix’s pa
TechnologyApril 11, 2024
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Korea aligned with US export curbs on chips to China: minister
South Korea is largely aligned with the US government’s export curbs on chips to China, but it is also making efforts to maintain trade ties with Beijing, Korea’s trade minister said in the US on Wednesday. Minister of Trade, Industry and Energy Ahn Duk-geun, who is visiting the US for the first time after he was inaugurated in January this year, added that the government is working to ensure the US trade curbs do not hurt the interests of Korean chipmakers. "Our basic stance is
IndustryApril 11, 2024
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Seoul shares open sharply lower on higher US inflation
South Korean stocks started sharply lower Thursday as higher-than-expected US inflation data poured cold water on investors' hopes for early rate cuts. The benchmark Korea Composite Stock Price Index plunged 39.34 points, or 1.45 percent, to 2,665.82 in the first 15 minutes of trading. Overnight, major US indexes lost ground as the release of a key measure of inflation dashed investors' hopes that the Federal Reserve may start cutting its rates soon. The US' consumer price index f
MarketApril 11, 2024
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Exports rise 21.6% in first 10 days of April on solid chip sales
South Korea's exports rose 21.6 percent on-year in the first 10 days of April on robust global demand for semiconductors, data showed Thursday. Outbound shipments reached $16.44 billion in the April 1-10 period, compared with $13.52 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports advanced 13.5 percent on-year to $2.19 billion. Imports grew 5.8 percent on-year to $18.4 billion during the period, resulting in a trade deficit of $2 billion.
EconomyApril 11, 2024