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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[Weekender] How DDP emerged as an icon of Seoul
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Samsung chief bolsters ties with Germany’s Zeiss
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Korean airports to expand operation of biometric check-in system
South Korean nationals traveling through South Korea’s airports are expected to enjoy wider access to a new check-in system that works with biometric information obtained through palm vein recognition technology. The Korea Financial Telecommunications and Clearings Institute (KFTC) said Friday it had signed a business agreement with the Korea Airports Corporation and nine major financial corporations to operate the new biometric check-in system at 14 gateways across the country. Incheon Ai
Sept. 30, 2022
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Yoon says govt. will take necessary steps against financial volatility
President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility. Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the US Federal Open Market Committee's decision last week to raise the interest rate. "The level of shock from the crisis that began from external factors will depend on how we
Sept. 30, 2022
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Korean Air to purchase sustainable aviation fuel from Shell
Korean Air Lines Co. said Friday it has signed a five-year deal with Royal Dutch Shell plc. to purchase sustainable aviation fuel (SAF) from the British firm beginning in 2026 to help combat climate change. SAF is non-conventional aviation fuel derived from alternative raw materials, such as cooking oil waste, household waste and industrial waste gas. SAF has emerged as a key carbon reduction tool in the aviation industry to cope with global climate change as it may reduce carbon emissions by up
Sept. 30, 2022
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Seoul shares open lower on Wall Street plunge
Seoul stocks opened lower Friday, taking a cue from overnight losses on Wall Street that stemmed from growing recession fears. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.64 points, or 0.35 percent, to 2,163.29 points in the first 15 minutes of trading. The market has been in the doldrums, as the key stock index closed at the lowest since July 2020 this week. In Seoul, market bellwether Samsung Electronics slid 0.962 percent, while chip giant SK hynix jumped 2.35 percent.
Sept. 30, 2022
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Chip wafer maker SK Siltron to invest W2.3tr by 2026
South Korean semiconductor chip wafer supplier SK Siltron announced Thursday that it plans to invest a combined 2.3 trillion won ($1.6 billion) over the course of five years until 2026. The capital will be used to increase the production capacity for its wafer plants in Gumi, North Gyeongsang Province. SK Siltron will also create 1,000 new jobs for its wafer plants. As part of the plan, SK Siltron's board on Thursday approved a 855 billion won spending plan to expand the production capacity fo
Sept. 29, 2022
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Lose your shoes on red dirt trails
On Baebongsan, a low-lying hill in Seoul’s eastern district of Dongdaemun, there’s a section of a trail that draws a particular type of visitors -- the barefoot walkers. Around lunchtime on a recent Thursday, people were traversing on the 350-meter-long path covered with a soft and fine reddish-yellow soil called loess, commonly referred to as "hwangto" here. Surrounded by leafy trees on both sides, the trail looked as if somebody had rolled out an orange-yellow carpet. Fam
Sept. 29, 2022
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[Herald Interview] Volvo CE bets big on potential of electric excavators
Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup
Sept. 29, 2022
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Balanced approach urged for blockchain industry
Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech
Sept. 29, 2022
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Korea's top 100 property owners have 20,000 homes: data
SEJONG -- South Korea's top 100 multiple home owners hold more than 20,000 housing units collectively, worth more than 2.5 trillion won ($1.7 billion) combined, an opposition party lawmaker said Thursday, citing state data. This indicates that an individual was owning 206 units, worth 25.2 billion won, on the average, according to Rep. Kim Hoi-jae of the Democratic Party of Korea, quoting Statistics Korea data. The number of homes owned by the top 100 individuals increased by 20 percent in fou
Sept. 29, 2022
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SC Bank, Toss mull compensation for won-dollar rate error
Standard Chartered Bank Korea and Toss Securities are discussing ways to compensate customers who suffered losses due to a faulty won-dollar exchange rate posted on their mobile trading apps, officials said Thursday. The won-dollar exchange rate on Toss Securities’ mobile trading system was frozen at 1,298 won per US dollar from 1:50 p.m. to 2:15 p.m. on Wednesday, when the actual rate hovered around 1,440 won. SC Bank Korea, the London-based financial giant’s Korean unit, which pr
Sept. 29, 2022
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[Photo News] The duck returns
A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.
Sept. 29, 2022
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Hyundai Motor to bring 1,700 hydrogen cars to Jeju by 2030
Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has
Sept. 29, 2022
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Corporate card spending on golf reaches W1.9tr
Corporations spent 1.9 trillion won ($1.3 billion) at golf clubs across the country last year, according to a study on company credit card spending released Thursday by the Golf Consumer Agency of Korea. The study, which was conducted based on data provided by Rep. Yun Chang-hyun’s office, revealed that 27.5 percent of all golf course sales in 2021, or 1.9 trillion won out of 6.9 trillion won, came from company credit cards. The proportion of company card payments among golf course sales h
Sept. 29, 2022
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Lotte’s overseas spending exceeds W7tr this year
South Korean retail-to-chemical giant Lotte Group said Thursday its overseas investment has exceeded 7 trillion won ($4.9 billion) this year. So far, the largest overseas project is Lotte Chemical’s Line Project, a $3.9 billion megasized petrochemicals production complex in Banten, Indonesia. It aims to produce 1 million metric tons of ethylene, 520,000 tons of propylene, 250,000 tons of polypropylene and other petrochemical products by 2025. The chemicals unit also plans to build its f
Sept. 29, 2022
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SK On, Global Lithium join forces for battery material supply
South Korean lithium-ion battery cell maker SK On and Australian mining company Global Lithium Resources have signed a two-year nonbinding agreement over the supply of critical materials for batteries used in electric cars. The two companies agreed to explore future business opportunities including the potential development of downstream battery-grade lithium assets for at least two years in western Australia. Under the agreement, SK On also pledged to support Global Lithium's capital rai
Sept. 29, 2022
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KEF holds annual meeting with Chinese ambassador
The Korea Enterprises Federation held a meeting with Chinese Ambassador to Korea Xing Haiming at a Seoul hotel on Thursday to discuss ways to further bolster economic ties between the two countries. KEF Chairman Sohn Kyung-shik and other business leaders representing major companies, including Hanwha, Doosan and Hyundai Motor, took part in the annual meeting that was launched in 2020. “Celebrating the 30th anniversary of their bilateral ties this year, South Korea and China are crucial par
Sept. 29, 2022
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Tax revenue up W41tr through August
South Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday. Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry. In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago. Sout
Sept. 29, 2022
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Seoul shares open higher after rout amid recession fears
Seoul stocks opened higher tracking overnight Wall Street gains, after plunging to the lowest level in more than two years the previous session on growing recession fears. The Korean won also rebounded to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 28.66 points, or 1.32 percent, to 2,197.95 in the first 15 minutes of trading. The KOSPI ended at 2,169.29 on Wednesday, the lowest since July 20, 2020, amid combative monetary tightening policies in major economies to
Sept. 29, 2022
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Korean Air involved in minor collision incident at Heathrow airport
Korean Air Lines Co., South Korea's national flag carrier, said Thursday there was a minor collision incident involving its aircraft and an Icelandair plane at London Heathrow airport. No injuries have been reported. The incident occurred during the departure of a Korean Air B777-300ER from the Heathrow airport. "During Korean Air flight KE908's taxiing operation to the runway, the aircraft's left winglet came into contact with Icelandair flight FI454 aircraft's tail rud
Sept. 29, 2022
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Biz sentiment worsens for October amid high prices, economic uncertainites
South Korea's business sentiment worsened for October amid high commodity costs and aggressive policy tightening in major economies, a central bank poll showed Wednesday. The business sentiment index (BSI) came to 79 for October, down three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers points fell seven points on-month to 75 and the index for non-manufacturing firms also decreased 1 point to 81. The fall is largely attributed t
Sept. 29, 2022