Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Korea sighs in relief on US Fed's dovish signal
While the possibility of the US Federal Reserve cutting its base rate three times this year has sent Seoul shares higher, the Bank of Korea is likely to start bringing down its key rate in July, experts viewed. Through a two-day Federal Open Market Committee meeting, the US Fed maintained its benchmark lending rate to stand in the 5.25-5.5 percent range. Though the rate freeze had been expected by the market, the global stock market, including that of Korea, rallied as the Fed stuck to its dovis
March 21, 2024
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HD Hyundai honors late founder
HD Hyundai commemorated the 23rd anniversary of the passing of its founder, Chung Ju-yung, with a dedicated memorial event held Thursday that paid homage to his enduring legacy. The tribute took place at the HD Hyundai Global Research and Development Center in Seongnam, Gyeonggi Province, and was marked by a traditional statue unveiling ceremony in memory of the late founder. HD Hyundai Chairman Kwon Oh-gap, Vice Chairman Chung Ki-sun, and executives from affiliates attended the ceremony. The ce
March 21, 2024
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Hanwha develops extra-high voltage cable compound
South Korean petrochemical firm Hanwha Solutions said Thursday it has developed a proprietary extra-high-quality voltage cable compound to meet the surging global demand for advanced power grid infrastructure. Petrochemicals, derived from petroleum or natural gas, form the basis for advanced polymers used as insulation in extra-high-quality voltage cables. The company’s innovation is Cross-Linked Polyethylene, or XLPE, which enhances the heat resistance and efficiency of power cables throu
March 21, 2024
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SK Bioscience exports cell-cultured flu vaccines to Thailand
South Korean pharmaceuticals firm SK Bioscience said Thursday that it exported its cell-cultured flu vaccine, SKYCellflu, to Thailand, marking its first entry into a market with southern hemisphere requirements. The company shipped out approximately 440,000 doses of SKYCellflu to its Thai partner Biogenetech from its vaccine manufacturing facility in Andong, North Gyeongsang Province. SKYCellflu, the world's first cell-cultured flu vaccine endorsed by the World Health Organization, aligns w
March 21, 2024
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AliExpress to open bidding for logistics partner in Korea
Chinese e-commerce giant AliExpress has chosen to solicit open competitive bids in Korea instead of extending its delivery contract with CJ Logistics, set to expire in April. According to industry sources Thursday, AliExpress recently submitted bid proposals to major logistics firms here to handle customs clearance and parcel delivery services. The new contract period, which reportedly spans one year from May, is seen as AliExpress' cost-saving measure, according to sources. In addition to
March 21, 2024
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[Photo News] All-black Genesis G90
Genesis unveiled the G90 Black on Thursday, refining its flagship sedan with an exclusive all-black design theme known as Genesis Black. The new theme dresses every element, from the grille to the 21-inch wheels, in a deep and consistent shade. Inside, the cabin mirrors this theme with black semi-aniline leather seats, wood trim and aluminum details. The car is on sale now with a starting price of 138 million won ($104,000). (Hyundai Motor Group)
March 21, 2024
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Seoul shares open sharply higher on hopes for US rate cuts
South Korean stocks opened sharply higher Thursday following record-high finishes on Wall Street afforded by hopes for US rate cuts this year. The benchmark Korea Composite Stock Price Index added 37.38 points, or 1.39 percent, to 2,727.52 in the first 15 minutes of trading. The US Federal Reserve kept its policy rate intact for a fifth consecutive session Wednesday at the 5.25 to 5.50 percent range but signaled as many as three rate cuts within the year. The Dow Jones Industrial Average climbed
March 21, 2024
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Yoon vows to improve conditions for family business succession
President Yoon Suk Yeol vowed Wednesday to improve the conditions for family business successions as he lamented local conglomerates' reluctance to grow their value out of fear of having to pay a larger inheritance tax. Yoon made the promise during a special lecture marking the 51st Commerce & Industry Day in front of some 1,000 people, including the chief executives of large family-run conglomerates, such as Samsung Electronics, Hyundai Motor Group and LG Group. "Many companies
March 20, 2024
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Japan's historic rate pivot won't roil Korea: experts
The Bank of Japan's first interest rate hike in almost two decades has rattled the global economy, yet it may not have as much of an impact in South Korea, at least not for a while. The central bank of Japan on Tuesday announced it is lifting its short-term policy rate to a range of 0 to 0.1 percent from minus 0.1 percent, stepping away from the negative interest rate policy it had been applying since 2016 to fight chronic deflation. It also marked the central bank's first interest rat
March 20, 2024
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[Photo News] Commerce & industry day
President Yoon Suk Yeol (center) and business leaders attend this year's Commerce & Industry Day ceremony held in Seoul on Wednesday. From right: LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, Samsung Electronics Chairman Lee Jae-yong, Minister for Trade, Industry and Energy Ahn Duk-geun, Yoon, and K Group Chairman Chey Tae-won who doubles as chairman of the Korea Chamber of Commerce and Industry. (Yonhap)
March 20, 2024
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[Photo News] Samsung president wins top industrial honor
Samsung Electronics Executive President Lee Young-hee, who is in charge of global marketing for mobile devices, poses with South Korean President Yoon Suk Yeol after receiving the Gold Tower Order of Industrial Service Merit in Seoul on Wednesday. Lee is credited for raising the brand value of Samsung. In 2022, she became the first female president at Samsung, apart from members of the founding family. (Yonhap)
March 20, 2024
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Seoul shares soar over 1% on Samsung
South Korean shares closed more than 1 percent higher Wednesday on a rally in top cap Samsung Electronics and before the results of the Federal Reserve's rate-setting meeting. The local currency stayed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index surged 33.97 points, or 1.28 percent, to close at 2,690.14. Trade volume was heavy at 710 million shares worth 12.6 trillion won ($9.3 billion), with gainers outnumbering losers 481 to 380. Foreign investors turn
March 20, 2024
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Samsung vows to seize opportunity of AI
While forecasting high uncertainties in the macroeconomic environment this year, Samsung Electronics Vice Chairman Han Jong-hee vowed to make efforts to expand technological innovation in burgeoning artificial intelligence and new businesses for sustainable growth. “Along with the high economic uncertainties, we expect new opportunities to increase through next-generation technological innovations such as the full-fledged launch of the AI era,” Han said during this year's annu
March 20, 2024
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NCSoft maps out co-CEO scheme to recover profits
NCSoft, a leading South Korean gaming firm traditionally led by its founder, Kim Taek-jin, as the sole CEO, mapped out its historic shift to a co-CEO structure, introducing Park Byung-moo as co-CEO to streamline operational efficiency and diversify its business portfolio amid significant financial difficulties. The two co-CEOs explained the dual-leadership strategy during a media briefing broadcast on NCSoft's official YouTube channel on Wednesday. Under this new arrangement, Kim will focus
March 20, 2024
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[Contribution] Don’t just wait for the lucky dragon
By Marc Van de Walle A New Year is always a time to reflect on the previous year, what we might learn from it and then apply these learnings going forward. What better time for reflection than now, as we usher in the Year of the Dragon, considered one of the most auspicious creatures in the Chinese zodiac. The mythical Dragon symbolizes power, wisdom, strength, and good fortune. From an investment perspective, however, there is more you can do than wait to tap on the Dragon’s luck. Last ye
March 20, 2024
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Myeong-dong bustles again as retail shops fill up
Though plagued by emptied-out stores and quiet streets in the wake of the pandemic, the Myeong-dong area in central Seoul is looking to reclaim its title as a top retail district in Korea, seeing a sharp drop in its vacancy rate. Myeong-dong, a major tourist destination here, was hit severely by the lack of travelers during the COVID-19 pandemic, with its vacancy rate hitting nearly 50 percent at the end of 2021. But with pandemic rules lifted and an increase in face-to-face transactions, the ar
March 20, 2024
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Sephora exits Korea after years of losses
French cosmetics retailer Sephora, owned by LVMH Group, on Tuesday declared its withdrawal from the Korean market, following years of financial losses. "With heavy hearts, we have decided to cease operations in Korea. From May 6, we will gradually wind down our presence across online platforms, mobile applications and physical stores, ultimately withdrawing completely from the market," a social media post by Sephora Korea announced Tuesday. Sephora said that it will fulfill pending ord
March 20, 2024
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Hanwha to lead Korea’s next-gen space rocket project
South Korea’s largest aerospace company Hanwha Aerospace said Wednesday it has been selected as a private entity to lead the nation’s next-generation space rocket project. The Public Procurement Service started the bidding process in December last year and Hanwha competed against Korea Aerospace Industries. After a thorough review of its technical capabilities and project sustainability evaluation on March 12, Hanwha was decided as the preferred bidder. Hanwha plans to sign the final
March 20, 2024
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Hanjin, Mongolia’s Tuushin ink logistics partnership
South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies
March 20, 2024
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Hana pledges W30b for emergency child care
Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Nowon-gu, northern Seoul, on Tuesday, with Chairman Ham Young-joo in attendance. The program is designed to assist parents facing disruptions in their regular child care arrangements throughout the year, catering to their needs on
March 20, 2024