Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Actor Yoo Ah-in accused of sexual attack
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Man who let his father die due to financial difficulties to be released on parole
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Shinhan Card partners with Canada's Alberta to boost tourism
South Korean card issuer Shinhan Card is collaborating with regional Canadian governments and state-run tourism promotion agencies for local tourist marketing, starting with Alberta. Shinhan Card, the card arm of Korean finance giant Shinhan Financial Group, announced on Tuesday that it has signed a strategic partnership agreement with the Government of Alberta, Canada, to jointly develop services and launch marketing initiatives targeting tourists visiting Alberta. The signing ceremony took pla
June 12, 2024
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SK-backed TerraPower breaks ground for next-gen nuclear plant
TerraPower, Bill Gates’s energy company that SK Group invested in, is starting the construction of a next-generation nuclear power plant at its Wyoming site, SK Group said Tuesday. According to SK Group, TerraPower held its groundbreaking ceremony Monday at Kemmerer, Wyoming, with Chairman Bill Gates, TerraPower CEO Chris Levesque, and government representatives participating. SK On Vice Chairman Yoo Jung-joon and SK Inc. Executive Vice President Kim Moo-hwan also joined the event. Kemmere
June 11, 2024
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Banks to allow staff up to 5 years of child care
More local banks are implementing so-called optional "parental resignation" programs as internal welfare measures, as one attempt to address the nation's notoriously low birth rate problem. According to industry sources, Woori Bank recently received applications for parental resignations with the guarantee of re-employment. A total of 35 employees applied, and they are scheduled to resign at the end of this month to begin a maximum two and a half years of unpaid child care leave.
June 11, 2024
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Korea, Turkmenistan forge stronger ties on gas fields, smart cities
Business leaders and government officials from South Korea and Turkmenistan pledged to further strengthen cooperation in infrastructure and digital development at a bilateral business forum held Tuesday in Turkmenistan's capital, Ashgabat. The forum, hosted by the Korea Chamber of Commerce and Industry and chaired by SK Group Chairman Chey Tae-won, who doubles as chairman of the KCCI, in collaboration with the Turkmenistan Chamber of Commerce, was attended by more than 250 participants. Wit
June 11, 2024
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Does Apple Intelligence have edge over Galaxy AI?
Months after Samsung Electronics launched the world's first artificial intelligence smartphone equipped with its original Galaxy AI, its archrival Apple debuted its own Apple Intelligence, only to show it lacks any kind of overwhelming advantage to differentiate itself. At the Worldwide Developers Conference on Monday, Apple presented Apple Intelligence, its AI system that will be incorporated across products from iPhones to Macbooks. “Our unique approach combines generative AI with a
June 11, 2024
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DP policy chief says 'no budget' for oil exploration project without data
The chief policymaker of the main opposition Democratic Party said Tuesday no extra budget should be allowed for a project for potential offshore oil and gas reserves in the East Sea unless relevant data is submitted. The remark came amid growing controversies surrounding Act-Geo, the US geoscience firm that gave a positive assessment of the potential reserves, including one that the company had signed a contract with state-run Korea National Oil Corp. when it was subject to operational restrict
June 11, 2024
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Ongoing scrutiny plagues Act-Geo's credentials
The proposed deepwater oil and gas field development off the coast of Yeongil Bay in Pohang, South Korea, is under intense scrutiny, with debates surrounding the reliability of the discovery and the credibility of Act-Geo, the US consulting firm behind the survey. The Ministry of Trade, Industry and Energy has been actively addressing these concerns, including allegations of a fake Korean-language website for Act-Geo that was quickly found to be fraudulent on Monday. Doubts about Act-Geo's
June 10, 2024
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S-Oil donates W325m to Korea Coast Guard
South Korean oil refiner S-Oil on Monday delivered a donation of 325 million won ($235,728) to the Korea Coast Guard (KCG), as part of its ongoing program to support the country’s maritime officers. The donation will be used to award honorary maritime officers, support the officers with medical expenses and provide tuition scholarships for children of officers who died while on duty. “Maritime officers, who take risks to save lives despite difficult sea conditions, are the real heroe
June 10, 2024
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GS E&C, Seoul team up for after-school child care
GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd
June 10, 2024
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US poised to replace China as Korea’s top export destination
South Korea's exports to the United States are likely to exceed those to China this year for the first time in 22 years, according to a joint report released Monday by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. From January to May, exports to the US amounted to $53.3 billion, approximately $610 million more than exports to China which stood at $52.69 billion. Large companies have already shifted their export trend since last year, while small and medium-size
June 10, 2024
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KCCI opens office in Germany for AI, energy collaboration
The Korea Chamber of Commerce and Industry, South Korea’s major business group, said Monday it launched an office in Frankfurt to build a broader network in Germany where the largest number of Korean companies are doing business in Europe. Germany, home to smart factories embedding artificial intelligence and clean energy technology, is Korea's largest trading partner in Europe. Korea is the second-largest export market in the Asia-Pacific region after China. “The office located
June 10, 2024
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[KH Explains] How Hanwha Qcells thwarts China surge in US solar market
In the wake of a generative artificial intelligence-driven energy surge and favorable regulatory shifts, Hanwha Solutions’ Qcells is poised to benefit from massive government subsidies in the US solar market. As many US solar companies have been scaling back investments due to the influx of inexpensive Chinese solar products, the Korean solar panel maker is seizing the opportunity to become the only company with a fully integrated local solar value chain that allows it to benefit from a co
June 10, 2024
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Doubts persist over oil project despite expert briefing
Doubts persist over the potential of newly identified oil and gas reserves off South Korea’s southeastern coast, despite a press briefing on Friday led by the expert behind the discovery to address public concerns about the drilling project's feasibility and the credentials of the company involved. Since the announcement a week ago, the claim has triggered a wave of public attention, expressing both excitement and skepticism, with the government providing multiple clarifications for rumors
June 9, 2024
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Sales of warehouse stores rise amid high dining-out costs
Warehouse stores in Korea have seen a rise in sales, drawn by bulk sizes of fresh ingredients at lower prices as people opt for cooking at home rather than eating out, amid increasing prices. From January through April, sales of Traders Wholesale Club, the warehouse-type discount store owned by E-mart, increased by 8.6 percent, according to the company on Sunday. In contrast, both E-mart’s discount stores and its no-frills No Brand stores experienced a decline in sales, with decreases of
June 9, 2024
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Instagram widens gap with Naver among Korea’s most-used apps
Instagram has significantly widened its lead over domestic top search engine Naver regarding usage hours among Korean smartphone users, data showed Sunday. According to data compiled by industry tracker Wiseapp, Korean users spent 389 million hours on Instagram, making it the third-most used app in the country in May, surpassing Naver by 46.41 million hours. Instagram had already outstripped Naver in April, maintaining the third-most used smartphone app position here for two consecutive months
June 9, 2024
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Samsung Electronics executives buy W1.15b worth treasury stocks
Samsung Electronics executives have been actively purchasing treasury shares to prop up the price, which has struggled to break out of the 70,000 won ($50.70) range. Six executives at the tech giant have collectively acquired 15,490 shares of the company’s stock this month, which amounts to 1.15 billion won, according to DART, the Financial Supervisory Service's electronic disclosure board, on Sunday. Park Hak-kyu, president of management support, purchased 5,500 common shares of Sams
June 9, 2024
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Korea's value-focused coffee chains' enjoy high profits, contrary to low profits of licensed store owners
Value-focused coffee chain operators, such as Mega MGC Coffee and Compose Coffee, have grown rapidly in South Korea, thanks to increasing demand for affordable coffee products. While the number of such stores has been increasing across the country, concerns are mounting as the owners of licensed stores suffer amid low margins from selling cheap beverages, while chain operators enjoy higher operating profit margins. According to earnings reports for 2023, the operating profit margin of Mega MGC C
June 7, 2024
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Oil, gas reserves in East Sea 'highly prospective' says Act-Geo owner
The existence of oil and gas reserve in the East Sea is "highly prospective" as seismic data show the examined wells contain all four key elements of a petroleum system, Vitor Abreu, the owner and adviser of the US geoscience research firm Act-Geo said Friday. Act-Geo is the company that suggested substantial oil and natural gas deposits may be buried in the deep sea near Pohang's Yeongil Bay. "So to summarize ... the basin is highly prospective," Abreu said during a pre
June 7, 2024
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Samsung to introduce real-time AI translation to third-party apps
Samsung Electronics will introduce its real-time translation feature backed with artificial intelligence to third-party messaging apps like KakaoTalk to support voice calls, as part of its efforts to expand the influence of its on-device Galaxy AI, the company's research and development chief said Friday. In an editorial published via the company newsroom, Choi Won-joon, the executive vice president leading Samsung Electronics’ R&D office for mobile devices, also revealed that the
June 7, 2024
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Daewoong confirms safety, efficacy of diabetes drug Envlo for dogs
Daewoong Pharmaceutical’s research that confirmed its diabetes drug Envlo’s safety and efficacy in animals has been published in Veterinary Medicine and Science, a peer-reviewed, open-access journal for research in all areas of veterinary medicine, the company said Friday. Daewoong Pharmaceutical’s Envlo is the 36th new drug developed in South Korea. Launched in May last year, Envlo is an SGLT-2 inhibitor that has efficacy in reducing blood sugar levels in humans. According to
June 7, 2024