Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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Korea enters full election mode
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[KH Explains] ‘Kimchi premium’ returns, but weaker
After the global rally of bitcoin earlier this week, the “kimchi premium,” -- the price discrepancy in cryptocurrency between Korea and international markets -- has soared as well. Shortly after the global price of bitcoin hit a record high, rising above $69,000, the gap had widened to 12 percent as of Wednesday, meaning the bitcoin that traded in Korea was 12 percent more expensive than the global average. It later came down to the 6 percent range as of Thursday. While the bitcoin p
MarketMarch 7, 2024
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Seoul court bans former SK hynix chip researcher from working for US rival
In the wake of heated competition for chip supremacy, a Seoul court has stepped in to block a former chip researcher involved in chip design at SK hynix from working for US-based rival Micron Technology, alleging possible technology leaks. According to industry sources on Thursday, Seoul Central District Court granted permission to an injunction request filed by SK hynix late last month to prevent the former researcher from working for another company, and ordered the executive to pay 10 milli
IndustryMarch 7, 2024
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Hyundai Motor begins trade-in services for EVs
Hyundai Motor has begun a trade-in service for customers looking to buy new electric vehicles by offering incentives to encourage domestic EV sales, the South Korean automaker announced Thursday. The trade-in benefits, which became effective on March 1, apply to those who sell their cars to Hyundai Motor’s certified used vehicles service and buy the automaker's EVs: the Ioniq 5 and 6 as well as the Kona Electric. According to the company, customers who sell their used EVs made by Hyun
MobilityMarch 7, 2024
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HD Hyundai Heavy Industries opens Manila office to foray into Southeast Asia
South Korean shipbuilding giant HD Hyundai Heavy Industries is seeking to continue its expansion into the burgeoning warship market in Southeast Asia as it opens a regional base in the Philippines. The company said Thursday it recently held the opening ceremony of its engineering office in Bonifacio Global City, Manila. The event was attended by HD HHI’s Naval and Special Ship Business unit chief Joo Won-ho and Philippine Deputy Minister of Undersecretary for Acquisition and Resource Manag
IndustryMarch 7, 2024
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Air Premia, Air Incheon strong contenders for Asiana’s cargo arm
Close competition is predicted among the four domestic low-cost carriers vying for the acquisition of Asiana Airlines' cargo division, with Air Premia and Air Incheon emerging as the prime contenders, according to industry sources on Thursday. Financial services firm UBS, which is overseeing the sale of Asiana Airlines' cargo division, recently selected four LCCs -- Jeju Air, Eastar Jet, Air Premia and Air Incheon -- as shortlisted candidates for the acquisition. The decision follows t
IndustryMarch 7, 2024
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AmCham holds policy talks with FTC chief
Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea. “The Fair Trade Commission will strive to establish a fair market economy system that serves as the basis for economic stability and market innovation,” Han said, citing deepening inflation and high interest rates as continued economic difficu
IndustryMarch 7, 2024
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3 Five Guys stores in Seoul rank in global top five for weekly sales
FG Korea, the South Korean operator of the US burger chain Five Guys, said Thursday that its three local stores have ranked in the top five among the burger chain's global branches in terms of weekly sales. At this year’s Five Guys Conference, a biennial event where the US burger chain shares business results with global operators, FG Korea won two awards -- the International Average Weekly Sales Award 2023 and the International Development Award 2023 -- in recognition of their sales
CompaniesMarch 7, 2024
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Eximbank, US energy department join hands on supply chain resilience
The state-run Export-Import Bank of Korea said Thursday that it has inked a memorandum of understanding with the US Department of Energy to bolster their partnership in supporting the Korea-US supply chain and sustainable energy projects between the two nations. This marks the first time Eximbank has entered into such a partnership agreement with a US government agency, underscoring the growing ties and shared interests between the two nations in the realms of sustainable development and clean e
IndustryMarch 7, 2024
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[Investor] Posco mulls LFP joint venture with Chinese firm
A top executive of Posco Holdings has hinted at a potential joint venture with a Chinese company for the production of lithium iron phosphate (LFP). Kim Jun-hyung, head of eco-friendly future materials at Posco, revealed the suggestion during a meeting with reporters at the company's booth at the Interbattery 2024 exhibition in Coex, southern Seoul, on Wednesday. Kim mentioned the strong presence of Chinese companies in the LFP sector, highlighting the historically good relationships that s
CompaniesMarch 7, 2024
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Seoul shares open higher as Fed chair hints at possible rate cut this year
South Korean stocks opened higher Thursday as US Federal Reserve Chair Jerome Powell hinted that the rate cut is likely "at some point this year." The benchmark Korea Composite Stock Price Index added 9.77 points, or 0.37 percent, to 2,651.26 in the first 15 minutes of trading. Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.2 percent and the tech-heavy Nasdaq Composite advancing 0.58 percent. During the testimony delivered before the House o
MarketMarch 7, 2024
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[Graphic News] Imports of frozen fruit hit new record in 2023 on higher fresh produce prices
South Korea’s imports of frozen fruit products hit a new record in 2023, data showed Sunday, amid the growing burden on consumers to purchase fresh goods due to lingering inflation. The country’s imports of frozen fruit products came to 64,000 metric tons in 2023, up 6 percent from a year earlier, according to the data compiled by the Korea Rural Economic Institute. In 2023, prices of agricultural, livestock and fishery products climbed 3.1 percent on-year. Of major items, the pric
MarketMarch 7, 2024
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Hyundai E&C seeks to join UK SMR project
Hyundai Engineering & Construction announced Wednesday that the company signed business agreements with US energy equipment supplier Holtec International, and with UK construction firms Balfour Beatty and Mott MacDonald, in a bid to join the UK government’s small modular reactor project. The UK government plans to expand nuclear energy capacity to 24 gigawatts by 2050, through building a fleet of SMRs. Holtec is one of the six developers that have been shortlisted to win the project. Holte
IndustryMarch 7, 2024
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Fitch keeps S. Korea's 'AA-' credit rating, eyes 2.1% growth
Global credit appraiser Fitch Ratings said Wednesday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook. It is the fourth-highest level on the agency's sovereign ratings table, and Fitch has maintained AA- for South Korea since September 2012 when it upgraded the rating by one notch from A+. "(South) Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical ri
EconomyMarch 6, 2024
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NH Bank cracks down on W11b internal failure
A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total amount of the financial products the accused employee had handled at the related department between March 2019 until November last year. According to an official from the bank, a 1.2 billion won d
IndustryMarch 6, 2024
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Seoul shares close lower ahead of Fed chief's testimony
South Korean stocks closed lower Wednesday as investors awaited clues on the US Federal Reserve's future rate direction, with techs and chemicals leading the overall decline. The local currency closed flat against the US dollar. The benchmark Korea Composite Stock Price Index lost 7.91 points, or 0.3 percent, to 2,641.49. Trade volume was low at 364 million shares worth 9.8 trillion won ($7.38 billion), with losers outpacing gainers 606 to 282. Foreigners offloaded 374.4 billion won worth o
MarketMarch 6, 2024
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Korean firms eye chances in net zero, global market: ChatGPT report
The global transition to net zero will be a boon for companies in renewable energy and secondary batteries, while supply chain restructuring will challenge Korean chipmakers, according to data analysis released Wednesday by the Korea Chamber of Commerce and Industry. The business group released a report on opportunities and risk factors that Korean firms expected this year by analyzing 2024 management messages from the top 100 listed companies using ChatGPT. The opportunity factors for Korean
IndustryMarch 6, 2024
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[From the Scene] Korean battery giants showcase new tech amid rivalry with China
South Korean battery makers showcased next-generation battery solutions amid competitive pressure from Chinese counterparts and a decelerating electric vehicle market at Interbattery 2024, Korea's largest gathering for the battery industry. This event, which kicked off at the COEX Convention & Exhibition Center in Seoul on Wednesday, broke records, drawing an audience of 42,872 pre-registered attendees, a 77 percent increase compared to last year. LG Energy Solution took center stage w
MobilityMarch 6, 2024
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[Contribution] The buck stops with all of us, not women
By Judy Hsu This year, for International Women’s Day, the United Nations has called for countries around the world to “Invest in Women: Accelerate Progress”. This crucial call underlines the need to address the deficit in gender equality measures as economies continue to grow. The call also emphasizes the imperative of prioritizing women’s economic empowerment because a stark reality persists: There continues to be a wide economic disparity between men and women in ma
IndustryMarch 6, 2024
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Korea on guard against inflation
Consumer price growth resurged to above 3 percent in February, showing that Korea may be facing stickier-than-expected inflation, data suggested Wednesday. Consumer prices, a key gauge of inflation, advanced 3.1 percent on-year last month, according to data from Statistics Korea. Though price growth fell to 2.8 percent in January, dipping into the 2 percent range for the first time in six months, it rebounded to above 3 percent within a month. The uptick marks the first time in four months that
EconomyMarch 6, 2024
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Samsung may build Google’s next Tensor chip: sources
Samsung Electronics' foundry division is expected to get a boost as Google reportedly plans to build its new Tensor G4 chipset based on Samsung’s latest Exynos 2400 blueprint, according to industry sources on Wednesday. Google's new Pixel 9 smartphone is set to launch in the latter half of this year, and it is highly anticipated to incorporate the upcoming Tensor G4 chipset. SamMobile and other industry sources predict Samsung Foundry to produce Google's new chipset leveragi
IndustryMarch 6, 2024