Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Korean Air flight overruns Cebu runway, no injuries reported
Korean Air Lines Co. said Monday its flight KE631 with 173 people on board overran the runway while landing at Cebu International Airport in the Philippines a day earlier but no injuries were reported. Korean Air expressed its "genuine" regret as it always prioritizes safety in all of its operations. "A thorough investigation will be performed together with the local aviation authorities and Korean authorities to determine the cause of this event," Korean Air President Woo Ke
Oct. 24, 2022
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[Graphic News] Electronic payments jump in H1 amid pandemic
The amount of payments made electronically posted two-digit growth in the first half of this year, central bank data showed, as the COVID-19 pandemic prompted more people to engage in contactless commerce. The daily average amount of electronic financial transactions came to 802 billion won ($575 million) in the January-June period, up 13.5 percent from six months earlier, according to the data from the Bank of Korea. The daily average number of electronic financial transactions rose 4.4 p
Oct. 24, 2022
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Korea readies emergency liquidity to contain ‘Legoland Crisis’
South Korea’s economic policy chiefs, led by Finance Minister Choo Kyung-ho, said Sunday the government would expand liquidity facilities to buy corporate bonds and commercial paper to stop a recent credit default from spilling over into the wider financial market. “The government will earmark 50 trillion won ($34 billion), at the least, to avoid a liquidity crunch,” Choo said, noting the fund will be used starting Monday to calm growing worries over the corporate debt markets.
Oct. 23, 2022
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[Photo News] Joint effort
A Bangkok Skytrain is shown on Sunday advertising Samsung Electronics’ newest Galaxy Z Flip4 smartphone on its exterior. Samsung launched a campaign with Google to put full exterior advertisements created by a Thai designer on four of Bangkok’s Skytrains on its busiest line to promote the two companies. The promotion will run until January 2023, according to Samsung.
Oct. 23, 2022
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[Newsmaker] Another worker injured at SPC bread factory
A worker was injured at one of South Korean bakery giant SPC Group’s bread-making factories on Sunday, just two days after its chief extended a public apology in response to a deadly accident in another factory run by the bakery group. A factory worker in his 40s lost a finger when trying to sort out defective products from a conveyer belt at a Shany bread-making factory operated by SPC Group in Seongnam, Gyeonggi Province, at around 6:10 a.m., police said. Two more workers were reportedly
Oct. 23, 2022
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66% of job seekers end search amid lack of entry-level jobs: survey
Nearly 7 out of 10 four-year college graduates have practically given up searching for jobs, showed a survey result published Sunday by the Federation of Korean Industries. According to the survey of 2,469 job-seeking graduates and undergraduates by the lobby group, 65.8 percent of respondents had just about stopped job searching, with 31.8 percent only habitually looking for employment, 26.7 percent rarely partaking in job searching and 7.3 percent taking a break. Meanwhile, 66.3 percent of res
Oct. 23, 2022
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Digital crisis management body planned in wake of Kakao outage
The South Korean government will set up a digital crisis management headquarters to launch an all-year-round system that inspects and supervises the country’s digital infrastructure and services, the Ministry of Science and ICT said Friday. The government’s plan came in the wake of Kakao’s server outage caused by a fire at SK C&C’s data center building, which led to a breakdown of the country’s most popular messaging app KakaoTalk for over 10 hours on Oct. 15. M
Oct. 23, 2022
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SK chairman calls on CEOs to turn misfortune into gain
SK Group Chairman Chey Tae-won called on chiefs of the group’s affiliates to navigate business uncertainties by setting up case-by-case scenarios in order to turn misfortunes into gains, South Korea's second-largest business conglomerate said Sunday. The implementation of a data-driven action plan and internalization of sustainability factors, under the mantra of "SK Management System 2.0" unveiled in June, will allow the energy-to-biotechnology group to take a leap forwar
Oct. 23, 2022
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Koreans spend more on hotels, less on camping trips as pandemic wanes
South Korean accommodation sales in the third quarter rose 142.5 percent compared to the same period in 2020 when COVID-19 pandemic was at its peak, according data provided Sunday by hospitality tech firm Onda. The results revealed lodging firms' sales have been on a constant rise since the pandemic, with third-quarter sales this year increasing by 75 percent on-year, and 54.4 percent on-quarter. Among business types, hotels and resorts showed the highest increase rate. Hotels showed a 200.
Oct. 23, 2022
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After soaring past W75tr, can ETF market keep growing?
South Korea's exchange-traded funds combined market cap amounted to 75.5 trillion won ($52.6 billion) as of September, some 220 times larger than 344.4 billion won in October 2002, the latest data from the Korea Exchange showed. ETFs -- a type of pooled investment security that tracks a particular index, sector, commodity, or other assets, which can be traded on a stock exchange -- have managed to capture the attention of Korean investors in recent years. Twenty years ago, ETFs first landed in
Oct. 23, 2022
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Policymakers to hold emergency meeting on money market jitters
South Korean Finance Minister Choo Kyung-ho plans to hold an emergency meeting with the country's central bank chief and top financial regulators on Sunday to discuss ways to rein in market jitters stemming from a default on debt linked to the construction of the Legoland theme park. The session will be held amid increased volatility in the money market following a default on municipal government-guaranteed debt worth 205 billion won ($143 million) raised to fund the construction of Legoland Kor
Oct. 23, 2022
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[Herald Interview] High-end Champagne RSRV lands in Korea
Global wine and spirits company Pernod Ricard’s luxury wine collection Maison Mumm RSRV made its South Korean debut recently to cater to an ever-evolving, pandemic-fueled drinking culture here: drinking less, but better. “During at-home drinking occasions with a small group of people, you don’t have the social pressure of picking alcohol that is suitable for the moment. It was very interesting to see how people switch from drinking soju and beer -- the rule you must follow when
Oct. 21, 2022
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Turning 25, International Vaccine Institute launches new expert advisory group
The International Vaccine Institute, which marked 25 years since its founding on Thursday, launched an advisory group of outside experts to complement its scientific advisory group and help advise on diplomatic matters. The IVI said the Global Advisory Group of Experts, will be chaired by Dr. Deborah Birx, who was formerly the US special representative for global health diplomacy and the White House COVID-19 response coordinator. “The IVI is an international organization, a part of the
Oct. 21, 2022
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KakaoTalk raises W2.6tr in ad revenue over 1 1/2 years
KakaoTalk, South Korea’s immensely popular messaging app, has raised nearly 2.6 trillion won ($1.8 billion) in advertising revenue over the past 1 1/2 years, antitrust data showed Friday. According to data submitted by the Fair Trade Commission to Rep. Kang Min-guk of the People Power Party, KakaoTalk’s revenue from its ad platform Talk Biz amounted to 2.558 trillion won until the second quarter this year from January 2021. Talk Biz has two revenue sources -- KakaoTalk Biz Board
Oct. 21, 2022
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Public firms to sell assets worth W20tr by 2027: lawmaker
SEJONG -- South Korea’s public firms are poised to sell off assets, including real estate and stocks -- worth more than 20 trillion won ($14 billion) -- over the next five years, state data showed Friday. According to the combined innovation plan, which was handed over to Rep. Koh Yong-jin of the Democratic Party of Korea by the Ministry of Economy and Finance, the nation’s 350 state-run firms were planning to dispose of assets worth 22.5 trillion won by 2027. Assets to go up for s
Oct. 21, 2022
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Miracell announces psoriasis case cured with stem cell therapy
South Korean stem cell research company Miracell said Friday it had published the clinical trial results of a new regenerative skin stem cell therapy at a recent conference hosted by the IMCAS held in Bangkok. The clinical trial was conducted on a patient with psoriasis, a skin disease that is generally treated with steroids, but has a tendency to recur over time. The patent was found to have completed recovered after receiving intravenous injections with bone marrow stem cells and cells extract
Oct. 21, 2022
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Korean Air named world's 9th best air carrier by Skytrax
Korean Air, the country’s largest air carrier, said Friday it had been named the world’s ninth best air carrier by UK-based airline and airport consultancy Skytrax. The company climbed 13 slots this year to enter the world’s top 10, from 22nd last year. This year’s World’s Best Airline award went to Qatar Airways, followed by Singapore Airlines and Emirates in the second and third, respectively. Skytrax evaluates 390 full-service and 180 budget carriers each year
Oct. 21, 2022
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Hyundai Motor wins first MotorTrend award with Ioniq 5
Hyundai Motor’s flagship electric vehicle Ioniq 5 has been picked as MotorTrend’s 2023 SUV of the Year, the first award for the Korean automaker from the renowned US auto magazine with 74 years of history. The Ioniq 5 beat out 44 other models, of which 24 were electric. MotorTrend said the Ioniq 5 stood out for its luxurious exterior, outstanding driving performance, spacious interior and efficient battery pack, along with the fast-charging system. The award for SUV of the year is ev
Oct. 21, 2022
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SPC chairman apologizes over death of young factory worker
Heo Young-in, CEO of South Korean bakery giant SPC Group, bowed deep in apology Friday over a young factory worker killed in an accident at one of the company's bread-making factories last week. “I feel strongly responsible for this accident and accept criticism from the public without any excuses. I also send my deepest apology for not caring for the grief and shock of the employees who worked with the deceased,” Heo said during a press conference. As part of prevention measures, He
Oct. 21, 2022
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Exports down 5.5% in first 20 days of October
South Korea's exports slipped 5.5 percent from the previous year in the first 20 days of October, data showed Friday, hinting that monthly outbound shipments could decrease on-year for the first time in two years. The country's outbound shipments stood at $32.4 billion in the Oct. 1-20 period, compared with $34.29 billion a year earlier, according to the data from the Korea Customs Service. Imports, on the other hand, moved up 1.9 percent on-year to $37.35 billion during the cited peri
Oct. 21, 2022