Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Lotte grants W14b to KAIST for R&D
Lotte Group, South Korea’s fifth largest conglomerate, has decided to donate 14 billion won ($10.4 million) to the Korea Advanced Institute of Science and Technology for various research and development efforts, officials said Monday. The announcement came about half a year after Lotte Group Chairman Shin Dong-bin met KAIST President Lee Kwang-hyung at the university in Daejeon, South Chungcheong Province, in February. According to the officials, Lotte Group’s 10 subsidiaries inc
Aug. 29, 2022
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‘An alien working at Samsung,' S. Korean tech giant unveils new avatar
Samsung Electronics revealed Monday a teaser which featured its new virtual alien avatar named G-Nusmas. According to Samsung’s video posted online, the small blue extraterrestrial invader, originally from a planet called Nowus-129, accidentally arrived on Earth through a crash landing. The alien’s name is Samsung spelt backwards, while the name of its home planet is a whimsical wordplay on the address of the company’s headquarters. The alien’s full background story wi
Aug. 29, 2022
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S. Korea's financial regulator inspecting Morgan Stanley for short selling
South Korea's financial watchdog has launched an inspection into Morgan Stanley as part of efforts to intensify monitoring of stock short selling that has been blamed for excessive market swings, industry sources said Monday. The inspection came about two weeks after Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), underlined the need to keep tabs on illegal short selling, saying his agency is preparing to inspect brokerages where such transactions have been concentrated d
Aug. 29, 2022
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Hyundai Rotem wins W499b K2 tank deal in Poland
Hyundai Rotem Co., South Korea's sole tank manufacturer, said Monday it has signed a 499 billion won ($372 million) K2 tank deal in Poland. Hyundai Rotem signed the deal with Poland's state defense procurement agency to build 180 K2 tanks for the Polish military by December 2027, the company said in a statement. "The planned shipment of K2 tanks will be the first of its kind for South Korea and it will help the country emerge as a major player in the defense industry market (in the long ter
Aug. 29, 2022
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Seoul shares open markedly lower on Powell's resolve to continue aggressive monetary tightening
South Korea's stock market opened sharply down Monday, tracking Wall Street's rout last Friday after Federal Reserve Chair Jerome Powell reaffirmed the US central bank would continue its fight against four-decade high inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 57.55 points, or 2.32 percent, to trade at 2,423.48 as of 9:15 a.m. "Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said duri
Aug. 29, 2022
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S. Korea vows policy efforts against herd behavior in market
South Korea plans to take measures to stabilize the financial market if there is excessive herd behavior in the wake of the US central bank's annual Jackson Hole meeting, a senior government official said Monday. First Vice Finance Minister Bang Ki-sun also said the government will closely monitor Korea's currency and bond markets with "extra" caution as the domestic market has moved in tandem with US markets. US stock markets nosedived Friday after Federal Reserve Chair Jerome Powell
Aug. 29, 2022
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BOK cannot stop tightening before Fed, governor says
The Bank of Korea will tighten policy to corral inflation but cannot end it before the US Federal Reserve, BOK Gov. Rhee Chang-yong said Saturday at the annual Jackson Hole meeting in Wyoming -- a three-day global economic retreat of central bankers held in-person this year after a pandemic hiatus in 2020 and 2021. “We are now independent from the government, but we are not independent from the Fed,” Rhee said on the last day of the gathering, in an interview with Reuters, noting th
Aug. 28, 2022
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S. Korean firms pressured by global buyers to use renewable energy
Amid the importance of renewable electricity highlighted in global supply chains, 28.8 percent of large South Korean manufacturers are facing pressure from global buyers to use renewable energy in the production process, a survey from the Korea Chamber of Commerce and Industry showed Sunday. Regarding the requested timeline by the global buyers, the survey showed that 33.3 percent of South Korean manufacturers were asked to use renewable energy by 2025 while 9.5 percent of foreign companies de
Aug. 28, 2022
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Dong-A Pharma releases skin cleansing products
Fation, the cosmetics brand of Dong-A Pharmaceutical, said Friday it has launched its weak acid cleansing products – Nosca9 Cleansing Gel and Nosca9 Cleansing Water – to cater to customer demand for skincare products that counteract skin damage caused by wearing face masks in the summer’s heat and humidity. South Korea’s summers are notorious for being hot and humid. Humidity causes dust particles and other harmful substances to attach to the skin more readily, blocking
Aug. 28, 2022
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Kumho Tire to commercialize smart tire system
South Korean tiremaker Kumho Tire said Friday it has signed a memorandum of understanding with local auto retailer Van Korea on July 29 to accelerate the commercialization of its smart tire system. As part of the business agreement, the tire company will supply its “Majesty X Solus“ tires for the retailer’s Hyundai Carnival lineup, while also providing tire monitoring and sensing technologies. The tire company has been working with local communication firms to develop a smar
Aug. 28, 2022
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S. Korea ranks 9th among nations with trade surpluses with US in H1: data
South Korea was ranked ninth among countries with trade surpluses with the United States in the first half of the year, as Asia's fourth-largest economy recorded strong on-year growth in shipments to the US during the period, US government data showed Sunday. According to the Department of Commerce, South Korea's trade surplus with the US during the January-June period amounted to $21.67 billion, up 86.9 percent from a year ago. The trade surplus grew as South Korean shipments to the U
Aug. 28, 2022
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Brand-name apartment builders lose face over flood damage
South Korea’s largest builders have lost face after Seoul’s worst storm in a century earlier this month caused flood damage at luxury apartments and exposed other construction mishaps at residential buildings. The record-breaking torrential rain on the night of Aug. 8 flooded the basement parking lots of several large apartment complexes in southern Seoul and Seongnam, a city just southeast of Seoul, not to mention hundreds of smaller dwellings, farms, barns and shops across s
Aug. 28, 2022
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[Weekender] Sleep-deprived Korea
Whether chasing a lifestyle of low sleep and high output or due to the sleep deprivation synonymous with parenthood, many South Koreans are sleep-deprived. For Kim Yu-ri, a nurse in her 30s with two children, sleep has long been a luxury. Raising a 3-year-old and 1-year-old while commuting two hours daily from home in Yongin, Gyeonggi Province, to Jamsil in Seoul, her days are already overpacked. “I think seven hours of sleep at night is what I really need, but it never seems to be a po
Aug. 27, 2022
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Samsung heir opens up about his first vacation with mom
Samsung Electronics Vice Chairman Lee Jae-yong revealed that he recently went on a summer vacation with his mother for the first time in his life, local reports said Friday. The notoriously private Samsung heir told his employees that his six-day trip with his mother involved watching a lot of TV shows. The 54-year-old added that he watched dramas she recommended and once stayed in for the entire day. Lee was responding to questions from millennial and Generation Z staffers working at Samsun
Aug. 26, 2022
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Korea kick-starts bid to host Busan Expo 2030
SEJONG -- South Korea on Friday finalized its bid to host the World Expo 2030 in its second-largest city of Busan, and announced it would send in the formal bid to the Bureau International des Expositions on Sept. 7. The bidding committee, led by the co-chairs Prime Minister Han Duck-soo and Korea Chamber of Commerce and Industry chairman Chey Tae-won, hammered out the last details of the bidding plan at a meeting in Seoul, according to the Ministry of Trade, Industry and Energy. A task force
Aug. 26, 2022
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Korea to abolish some corporate punishment laws
SEJONG -- South Korea will push for the abolishment of law provisions, which stipulate criminal punishment on businesses despite meager rule-violations, as part of effort to promote wider scale corporate activities and vitalize foreign investments. Before seeking criminal punishment, the government will issue administrative sanctions in the first stage, the Finance Ministry and the Justice Ministry said during a meeting for revamping regulations in Daegu on Friday. According to the two ministr
Aug. 26, 2022
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AMCHAM forum urges sustainable regulation for Korea‘s digital growth
While touting South Korea’s unrivaled position as a digital hub in the Asia-Pacific region, foreign executives and experts called for a need to create sustainable regulatory environment to foster the country‘s digital prowess at a forum hosted by the American Chamber of Commerce on Friday. “Korea is a optimal place for digital transformation, and will rise as a regional digital hub for Asia Pacific,“ said James Kim AMCHAM Chairman & CEO, at the Digital Innovation For
Aug. 26, 2022
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Busan city hosts Global Healthcare Week to promote health industry
A global healthcare exhibition kicked off in Busan on Thursday to test the southeastern port city’s potential of becoming a healthcare hub in Northeast Asia, organizers said. The three-day 2022 Global Healthcare Week, which is taking place at BEXCO, brings experts, companies and hospitals specializing in senior care, beauty, bio, food and fitness together to provide the latest information, products and services on how to live well and happy, they said. A total of 145 organizations are par
Aug. 26, 2022
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Hyundai Motor Group brands score top in satisfaction survey by JD Power
Hyundai Motor Group’s Hyundai, Kia and Genesis received top scores in a major product satisfaction survey, beating out global competitors, according to the US consumer research firm JD Power on Friday. According to the JD Power’s US Tech Experience Index (TEI), Hyundai Motor Group’s luxury brand Genesis scored 643 points, outpacing Cadillac (584), Mercedes-Benz (539) and Volvo (526), topping the luxury brand list. Genesis has topped the list for two consecutive years.
Aug. 26, 2022
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FSC deputy chairman is S. Korea's wealthiest civil servant
South Korea’s deputy finance policymaker was identified as the civil servant with the highest-value personal assets in the country, including shares worth some 20 billion won ($15 million) in a family business, a government ethics committee said Friday. Financial Services Commission Vice Chairman Kim So-young’s net assets – including real estate, stocks and savings -- amounted to a total of 29.2 billion won, making him the “richest” civil servant in the Yoon Suk
Aug. 26, 2022