Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Korea projected to outpace Taiwan in chip production by 2032: US report
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Why femicide and dating violence are growing issues in S. Korea
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Single-person households spend most on housing, utilities
Housing-related expenditures such as rent, water, electricity and gas accounted for the largest part of a single-person households’ spending in South Korea, government data showed Wednesday. For the first three months of this year, single-person households spent a monthly average of 300,000 won ($241.74) on housing-related expenditures, accounting for 20.5 percent of their total average monthly spending, a Statistics Korea data showed. Their total average monthly spending came to 1.46 mil
June 1, 2022
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Exports up 21.3% in May; trade deficit extended on high energy prices
South Korea's exports rose 21.3 percent in May from a year earlier on solid demand for chips and petroleum products, but they suffered a trade deficit due to high global energy prices, data showed Wednesday. Outbound shipments stood at $61.52 billion last month, up from $50.73 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest tally for any May since the ministry began compiling related data in 1956. The previous record wa
June 1, 2022
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Hyundai Oilbank to transition into eco-friendly energy company through new projects
Hyundai Oilbank seeks to become an eco-friendly energy company through two new projects on emission reduction technology that can be applied across the energy system. The Korean oil company said Tuesday it has been working with DL E&C on two carbon capture and utilization projects to produce construction materials such as cement and concrete with desulfurized gypsum and carbon. Hyundai Oilbank is also working with Taekyung Industry, a company responsible for 30 percent of the high purity
May 31, 2022
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Seoul shares end higher on foreign buying amid eased recession, China woes
South Korean stocks closed higher for a third consecutive day Tuesday as foreigners scooped up local equities amid eased concerns over a global recession and China's economic slowdown, analysts said. The local currency inched up against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 16.24 points, or 0.61 percent, to close at 2,685.90. Trading volume was moderate at 649.8 million shares worth 13.64 trillion won ($11 billion) with gainers outpacing decliners 544 to 291. &
May 31, 2022
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Businesses step up push for hydrogen support
The South Korean government should help companies build a hydrogen economy because using the renewable energy ensures growth as businesses race to reduce their carbon footprint, Woo Tae-hee, vice chairman of the Korea Chamber of Commerce and Industry, said Tuesday at a forum on green hydrogen. “I believe it is time for us to turn the climate crisis into an opportunity to secure the hydrogen market and improve our economy with strong commitment and collective wisdom,” Woo said at the
May 31, 2022
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Amid escalating uncertainty, output, spending, investment drop in April
SEJONG -- South Korea suffered a “triple” decline in industrial output, consumption and investment in April amid expanded economic uncertainty from global inflationary pressure and a glitch in supply, state data showed Tuesday. According to Statistics Korea, industrial output decreased by 0.7 percent in April on-month, private consumption (also called retail sales) by 0.2 percent and facilities investment by 7.5 percent. This marked the first simultaneous decline in the three secto
May 31, 2022
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Companies join forces for Busan’s World Expo bid
A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron
May 31, 2022
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Three-way race set for Korea's flying car commercialization
The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies. SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w
May 31, 2022
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‘Jeonse’ no more? More Koreans opt for monthly rentals under debt burden
Monthly lease contracts exceeded half of South Korea’s home rentals and surpassed “jeonse” transactions for the first time in April, government data showed Tuesday, mostly due to greater debt burden sparked by soaring interest rates on loans. Of the total 258,313 lease transactions for apartments and houses, 50.4 percent of them were for monthly rentals in April, according to the Ministry of Land, Infrastructure and Transport. Jeonse contracts -- a lump-sum returnable deposit
May 31, 2022
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S. Korea has best EV infrastructure per unit in world: report
South Korea has the most established electric vehicle charging infrastructure per unit in the world, a report by an autonomous intergovernmental organization said Tuesday. The latest findings released in the Global EV Outlook 2022 by the Paris-based International Energy Agency showed that South Korea had 2.6 EVs per charging point last year. A charging point refers to the number of sockets that can charge vehicles at the same time. Among the 20 countries included in the report, South Korea h
May 31, 2022
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[Photo News] Hello Japan
Passengers get ready to depart to Fukuoka, Japan, from Gimhae International Airport near Busan on Tuesday, as the airport opened the route to the Japanese city for the first time since its pandemic closure two years ago. Gimhae became the first regional base gateway in South Korea, outside of Incheon International Airport, to resume passenger flight services to Japan.
May 31, 2022
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Fake crypto exchange operators arrested for duping victims out of W1.7b
Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday. The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. More than 20 investors saw losses after the scammers told them they were unable to return their investments due to the coins&rsquo
May 31, 2022
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LG Chem, China’s Huayou Cobalt set up JV for cathode production
LG Chem said Tuesday it has set up a joint venture with Tianjin B&M Science and Technology, a materials subsidiary of Chinese miner Huayou Cobalt, to secure a stable supply of key materials for high-nickel cathodes in its latest push for electric vehicle batteries. Under the deal signed on Monday in Seoul, B&M is securing a 49 percent stake in LG Chem’s existing cathode-making unit in Gumi, North Gyeongsang Province, supplying essential materials for nickel, cobalt, manganese, an
May 31, 2022
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Hyundai E&C showcases new Hillstate apartment complex in Yangju
Local builder Hyundai Engineering & Construction opened a model house for its new Hillstate Yangju Okjeong Patio Foret housing complex on May 13. Customers can tour the model house until June 12 after making a reservation through Hillstate Patio Foret’s official website. A virtual tour is also available. The new building can accommodate up to 809 households in 84-square-meter block houses. Each three story house was designed to include two parking spaces and an electric vehicle charg
May 31, 2022
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Hyundai Engineering expands nuclear power plant business
Hyundai Engineering (HEC) set up a new division for nuclear power projects as it seeks to develop its own small modular reactors (SMR). What was previously a team has been expanded and elevated to a division, and more nuclear power specialists will join, the company said. In addition to SMRs, Hyundai Engineering plans to produce micro modular reactors and hydrogen; enter new fields such as decommissioning of aging nuclear power plants, nuclear fuel cycle, reactors for research purposes and nuc
May 31, 2022
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[Graphic News] Chinese nationals purchase nearly 7,000 buildings in S. Korea in 2021
Chinese people purchased nearly 7,000 buildings in South Korea last year, with more than half of the properties being in the Greater Seoul area, a ruling party lawmaker said. A total of 6,640 buildings, including apartments, were purchased by Chinese nationals last year, and 2,659 of them are located in Gyeonggi Province, which surrounds the capital city of Seoul, Chung Woo-taik, a lawmaker of the ruling People Power Party, said in a report, citing the National Assembly Research Service. C
May 31, 2022
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Seoul shares open tad lower amid continued recession woes
South Korean stocks opened slightly lower Tuesday, as worries over a possible recession induced by the US Federal Reserve's pledge to hike rates continued to overshadow the markets despite optimism from China's easing of COVID-19 lockdowns. The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading. Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent.
May 31, 2022
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S. Korea suffers falls in production, consumption, investment in April
South Korea's industrial output, consumption and investment declined together for the first time in over two years in April in the latest sign that economic recovery momentum remains fragile, data showed Tuesday. Industrial production fell 0.7 percent in April from the previous month, compared with a 1.6 percent on-month rise in March, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 4.5 percent. Retail sales, a gauge of private spending, fel
May 31, 2022
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Kakao to implement 'metaverse work'
All Kakao employees will be required to work remotely for at least four days a week from July as part of a new "metaverse work" system, the IT giant said Monday. During the testing period of the new working system, which will begin from July 1, employees are to work from outside the office for four days a week. For the remaining day, employees will have to meet offline but the meeting does not have to take place at the company office, a Kakao official said. All work-related items wil
May 30, 2022
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Samsung, Intel chiefs meet in Seoul for chip collaboration
Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong met Intel CEO Pat Gelsinger, the company said Monday, raising expectations over a possible collaboration amid an intensifying race for next-generation chip technology. The heads of the world’s No. 1 and No. 2 companies in the chip industry by revenue held a meeting during Gelsinger‘s visit to Seoul. He flew to Korea after attending the 2022 World Economic Forum in Davos, Switzerland. Samsung’s $82.3 billion rev
May 30, 2022