Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Will battery subscriptions lower EV prices?
The government‘s new scheme to adopt battery subscription services for electric vehicles is drawing mixed reactions due to the high costs of battery swapping amid falling prices of EV batteries. The government plans to revise related laws to allow double registrations for an EV and its battery pack so carmakers or financial firms can run their own battery rental services for drivers, which is expected to drastically lower the purchasing costs for EVs whose battery pack represents u
Aug. 16, 2022
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S. Korean retail investors rush to overseas ETFs under bear market signals
South Korean retail investors have been bagging up overseas exchange traded-funds in recent weeks as the global stock market has been struggling under bear market signals, data showed Tuesday. Retail investors interested in overseas investments have added more high-return, high-risk ETFs to their portfolios, seeking to profit from the volatile global market. Of the top 10 overseas investments from local investors from July 13 to Friday, seven were ETFs, latest data compiled by the Korea Secur
Aug. 16, 2022
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Full-fledged succession looms after pardon for Samsung's Lee Jae-yong
Samsung is envisioning a change in governance structure as a presidential pardon has virtually normalized de facto leader Lee Jae-yong’s control over the nation’s largest conglomerate. Lee Chan-hee, chief of Samsung’s independent compliance oversight committee, told the press before the committee’s regular meeting Tuesday that it is “working to address the corporate governance issue” of Samsung, while declining to elaborate further on the proceedings. &ldqu
Aug. 16, 2022
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Antitrust regulator to prioritize addressing damage to victims of unfair biz acts
SEJONG -- South Korea's antitrust regulator said Tuesday it plans to focus on how to swiftly address damage to victims of unfair business acts, rather than punishing companies, in an effort to overhaul its law enforcement procedures. The Fair Trade Commission (FTC) also said in a policy briefing to President Yoon Suk-yeol that it plans to take stern actions against tech giants' abuse of their market dominant status or companies' collusion to fix prices. The regulator said it plans
Aug. 16, 2022
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Samsung unveils world’s largest gaming monitor
Samsung Electronics announced Tuesday that it has launched the world’s largest curved gaming monitor -- at 55 inches -- that wraps around users’ field of view to bring their gaming experience to the next level. “A curved monitor gives users a fully immersive experience if viewed from the distance of 80 centimeters, as a flat monitor would cover less of a user‘s peripheral vision,” Chung Kang-il, vice president of visual display at Samsung Electronics, said at a pre
Aug. 16, 2022
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Online lender K-Bank's H1 net hits record
South Korean online lender K-Bank said Tuesday it posted the strongest performance for any first half on increased interest revenue. K-Bank's first-half net income stood at 45.7 billion won ($34.9 million), far beyond the 22.5 billion-won annual net profit of last year and marking the highest first-half earnings since its launch in 2017, the bank's data showed. The online lender attributed the record earnings to more account openings, expansion in loan portfolios and diversified source
Aug. 16, 2022
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LG Chem to build bioplastic plants in Illinois with US food processor
LG Chem Ltd. said Tuesday it will build two production facilities in the US state of Illinois with a US food processing company to produce a biodegradable plastic widely used in food packaging. Under the two joint ventures with Archer Daniels Midland Co. (ADM), an agricultural food processor and biosolution company, they will build a facility to annually produce 75,000 tons of polylactic acid (PLA), in Decatur, the South Korean chemical company said in a release. A separate facility will be buil
Aug. 16, 2022
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Seoul stocks open slightly higher on tech gains
South Korean shares opened a tad higher Tuesday led by tech advances, tracking overnight US gains, despite woes over China's economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) had added 7.57 points, or 0.3 percent, to trade at 2,535.51 points as of 9:15 a.m. Stocks got off to a solid start despite weaker-than-expected economic data from China, the country's top trading partner. In Seoul, Samsung Electronics advanced 0.33 percent as its de facto chief Lee Jae-yon
Aug. 16, 2022
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[From the scene] Seoul’s first Formula E race leaves much to be desired
Seoul hosted the country’s first electric car racing event over the weekend, after the competition was delayed twice due to pandemic, but despite the hype for the motorsports extravaganza, the season finale left a wake of disappointment regarding its management and operation. Seoul E-Prix, the final race of season eight of the ABB FIA Formula E World Championship, was held on Saturday and Sunday. Races took place on a 2.7-kilometer track constructed around and looping through Jamsi
Aug. 16, 2022
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SK invests $250m in Bill Gates' TerraPower
SK Group, South Korea’s second-largest conglomerate, has invested $250 million in Bill Gates’ small nuclear power reactor developer TerraPower in an effort to cut down global carbon emissions and build up the group’s green energy portfolio, officials said Monday. According to the group’s announcement, SK Inc. and SK Innovation became co-lead investors of TerraPower’s investment attraction plan worth $750 million along with Gates. The Korean companies’ i
Aug. 15, 2022
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Korean bank turning away foreigner due to long name ‘discriminatory,’ says rights watchdog
A South Korean bank’s rejection of a foreign customer’s request to open a new bank account due to the person’s full name being deemed “too long” is “discriminatory,” the state rights watchdog said Monday. A foreign resident here, whose name was withheld, filed a petition with the National Human Rights Commission of Korea after a request to open a personal business account was rejected at a local bank branch in July last year, a document released by the
Aug. 15, 2022
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Galaxy Watch5 adopts most advanced sleep tracking: Samsung exec
Samsung Electronics executive vice president Yang Tae-jong said the IT giant’s newest smart wearable device -- Galaxy Watch5 series -- offers the world’s most advanced sleep-tracking technology in a press conference held Thursday in New York, a day after the Galaxy Unpacked August 2022 event. “Galaxy Watch5 is loaded with various technologies including an innovative bioactive sensor that can measure biometrics to help (users) stay healthy. Galaxy Watch5 will be the best partn
Aug. 15, 2022
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Volkswagen’s R-Line Arteon makes Korean debut
Volkswagen’s R-Line Arteon, a sportier version of the flagship sedan, made its debut in South Korea in July. The new Arteon R-Line 4MOTION has been revamped with a bold front bumper that creates a balanced look of the chassis. The car also comes with a 20-inch Nashville Alloy wheel, a black rear tailgate spoiler, and a quad muffler to enhance the design of the sports sedan. Inside the car, black titanium nappa leather applied on the seats not only gives the car a sophisticated look bu
Aug. 15, 2022
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Hyundai Motor among big three carmakers for first time
Hyundai Motor Group said Monday it ranked third globally in car sales in the first half of this year -- a first feat for the nation’s largest carmaker. According to its sales data, Hyundai Motor Co., its luxury Genesis brand and its smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period. The sales figure is the third largest following Toyota Motor Group’s 5.138 million units and Volkswagen Group’s 4.006 million units.
Aug. 15, 2022
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Foreign holdings of Korean stocks hit 13-year low
Foreign holdings of South Koreans stocks on the benchmark Kospi dipped to 606.2 trillion won ($464.1 billion), or 30.51 percent of the total, Thursday -- the lowest level since August 2009 as fears over US Federal Reserve rate hikes and a possible recession have dampened investor optimism. Data from the Korea Exchange showed Sunday heavy net selling by foreign investors this year. They had offloaded 10.6 trillion won in shares as of Friday. The Kospi closed at 2,527.94 that day, a 15 percent dr
Aug. 15, 2022
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Free battery choice needed for Formula E, says Porsche team
Every Formula E works as a giant laboratory to test the latest electric vehicle technology. But the competition rule that forbids carmakers from altering auto components, particularly batteries, should be lifted to bring electric mobility to the next level, Porsche Motorsports said in Seoul Friday. “Battery is one of the most important parts of electric vehicles -- or the most important -- as it has huge impact to the weight and performance,“ said Porsche Motorsport Vice President
Aug. 15, 2022
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Hyundai ranks 3rd in H1 global vehicle sales
South Korea's Hyundai Motor Group said Monday it ranked third in first-half global vehicle sales on increased high-end model sales despite the lack of automotive chips. Hyundai Motor Co., its independent Genesis brand and Hyundai's smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period, following Toyota Motor Group's 5.138 million units and Volkswagen Group's 4.006 million units, according to their sales data. In the fi
Aug. 15, 2022
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From fast chasers to drivers of national brand
The first Samsung product that Richard Craig, a 37-year-old American living in Tianjin, China, owned was a 42-inch flat screen TV he bought in 2009 in the US. Ten years later, the longtime iPhone user switched to a Galaxy smartphone, saying “phones made by Samsung were some of the best Android phones available.” For Lim Eun-soo, a 63-year-old Korea-born US resident, a Samsung TV in 2000 was her first electronic device that was made by a company from her home country. “Back th
Aug. 14, 2022
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On presidential pardon, Lotte chief vows investment in biotech, hydrogen
Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy,” Lotte Group said. “The company will accelerate biotech, hydrogen energy
Aug. 12, 2022
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For Seoul‘s first Formula E, DHL Korea delivers 415 tons of cargo
For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green
Aug. 12, 2022