Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Science Ministry expresses regret over Japan’s pressure on Naver
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Haeundae Beach to become sand art museum in late May
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Police officer jumps barefoot into drainage tunnel to save man
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Yoon interacts with public for 1st time since election defeat
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Lee Sun-kyun's posthumuous film to hit theaters in August
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SK Broadband bolsters ESG management
South Korean internet provider SK Broadband has said it will broadcast movies recognized at the 19th Seoul International Eco Film Festival on its internet protocol television platform B tv starting Thursday. The movies screened at the festival will be broadcast exclusively on B tv and Mobile B tv platforms four times a day between June 2 and June 8. SK Broadband has been sponsoring the event for the second year running. SK Broadband has also filmed its own documentary titled “Countdown
May 30, 2022
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Remote work tests S. Korea's corporate hierarchy, culture
Behind South Korea's rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company's success and my family‘s well being. The mantra “your company is your family” propelled the tremendous drive toward economic prosperity but also gave validity to tough corporate culture and hierarchy. The decades-old corporate culture, however, is now being forced to change for a new generation of the workforce who finds daily 9-to-6 office h
May 29, 2022
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Hyundai Motor to lower speed limit of G90 self-driving features
Hyundai Motor Group’s luxury Genesis G90, which is set to hit the market in the fourth quarter this year, will feature level 3 autonomous driving with a maximum speed limit of 60 kilometers per hour. According to industry sources Sunday, the Korean auto giant has recently decided to lower the speed limit of the new system in line with international standards set by the UN Economic Commission for Europe, even though there is no such regulation here. In South Korea, level 3 se
May 29, 2022
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E-book platform Millie’s Library to go public by end of 2022
Millie’s Library, one of South Korea’s largest e-book subscription platform, said Sunday that it is set for a market debut by the end of this year. The company filed a preliminary prospectus on Friday stating that it will offer 2 million common shares out of the total 8,234,901 shares. If the initial public offering process goes as planned, it will be the country’s first e-book platform to go public. Its shares are poised to start trading on the Korea Exchange’s second
May 29, 2022
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S. Korea ramps up action against terraUSD, luna crisis
South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc
May 29, 2022
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BOK rate hike to weigh on self-employed
Self-employed workers will likely bear the brunt of the Bank of Korea’s rate hike on Thursday, the fifth raise since August last year from the central bank’s record low of 0.5 percent amid persistent inflation, a credit ratings agency said Friday in a report. The self-employed in 2020 spent 46 percent of their annual income amid falling earnings to settle debt while households used 34 percent on average to do the same, according to Korea Investors Service.
May 27, 2022
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Fiscal chief signals drastic deregulations in financial sector
SEJONG -- The nation’s fiscal chief has expressed his willingness to enact drastic deregulations and introduce innovations into the financial services sector during the Yoon Suk-yeol administration. Deputy Prime Minister and Finance Minister Choo Kyung-ho said Friday that the government “would eliminate unnecessary and excessive regulations in the financial sector drastically, with the exception of (regulations) for financial soundness and protection of (financial) consumers.”
May 27, 2022
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Collaboration new marketing strategy in Korea’s alcohol industry
Food companies are seeking to cooperate together within the industry to appeal to the younger generation who have become an important consumer demographic. Lotte Chilsung Beverage, the beverage unit of South Korean conglomerate Lotte Group, said Friday it would launch a makgeolli-flavored soft drink product in collaboration with Korean traditional liquor company Kooksoondang Brewery, starting Wednesday. Makgeolli cider, or “maksa” for short, is a cocktail of Korean rice wine calle
May 27, 2022
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Hyundai Motor’s N brand cars set for Nurburgring race
Three cars under Hyundai Motor’s high-performance N brand will participate in the 50th 2022 ADAC 24h Nurburgring race from May 28 to 29, the company said on Friday. This year, Hyundai Motor is entering Elantra N TCR, i30 N TCR and i30 Fastback N cup race cars into the VT2 class to further demonstrate the performance and durability of its N brand models. The 24-hour Nurburgring race is a racing event in which more than 100 cars take to the starting grid and drive through a 25-kilometer ci
May 27, 2022
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[Newsmaker] Kakao's Kim Beom-su steps down from last chairman position
Kakao founder Kim Beom-su has stepped down as chairman at the Brian Impact foundation he established last year for philanthropic projects, the nonprofit said Friday. With the announcement, Kim has resigned from all chairman posts including his resignation as Kakao chairman of the board in March. Kim will keep his position as the head of the Kakao Future Initiative Center. The founder and former CEO of the South Korean IT giant will remain as a registered director on the board and continue to t
May 27, 2022
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Posco Chemical to build $327m cathode material plant with GM in Quebec
Posco Chemical said Friday it has signed a deal to create a joint venture with US auto maker General Motors to launch a $327 million cathode materials plant for batteries that can power 220,000 electric vehicles annually in Quebec, Canada. The material firm, based in Pohang, North Gyeongsang Province, will invest $278 million in an 85:15 joint venture between Posco Chemical and GM, called Ultium CAM. The deal is preceded by Posco Chemical‘s plan to launch an operation there under Posco Ch
May 27, 2022
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Air Busan opens new flight route from Incheon to Osaka
Air Busan opened up a new international flight route from Incheon to Osaka on Friday. The budget carrier offers a weekly flight every Friday from Incheon to Osaka at 9 a.m. and one return flight departing from Osaka at 12:30 p.m. Air Busan will be using the 220-seater A321LR aircraft for the one hour and 50-minute-long flight. Starting from June 26, Air Busan will increase the number of flights to twice a week. “As the immigration procedure in Japan has eased up and as the two countrie
May 27, 2022
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Seoul shares open higher on Wall Street gains
South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou
May 27, 2022
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Manufacturing, retail giants unload 5-year plan to spur future growth
South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f
May 26, 2022
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Convenience stores frequented by men more than women: data
South Korean men shop at a convenience store more often than women, with men in their 20s visiting most often among all age groups of both men and women, at nine times a month on average, according to data released by Samsung Card on Thursday. In the first quarter this year, men using the firm’s card visited a convenience store 6.3 times a month on average, while women shopped there 3.9 times a month on average. How many users were surveyed were not known but as of September last year,
May 26, 2022
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Seoul shares down on inflation, rate hike woes
The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore
May 26, 2022
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SK to spend W247tr on chips, battery, biopharma over next five years
SK Group said Thursday it is investing a total of 247 trillion won ($195 billion) over the next five years to shore up its three growth pillars of semiconductors, batteries and biopharmaceuticals to create some 50,000 new jobs for the local economy. Amid lingering uncertainty over economic slowdown and geopolitical risks, the nation’s second-largest conglomerate, whose key units include SK hynix, SK Telecom and SK On, called new investment and talent acquisition are crucial for it to see
May 26, 2022
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Hyundai Motor Group presents future role as mobility solution provider at Davos forum
Hyundai Motor Group on Thursday unveiled its vision for a human-focused future mobility ecosystem and related platforms at the World Economic Forum in Davos, Switzerland. The Korean carmaker said its president and Chief Innovation Officer Chi Young-cho presented the necessity of global collaboration for the future of the automotive industry as well as the need to establish a human-focused mobility ecosystem. According to Chi, companies in the vehicle manufacturing, auto parts making and
May 26, 2022
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Hyundai Steel deploys electric furnace as low-carbon strategy
Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030. Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc. With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u
May 26, 2022
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Korean Air-Asiana merger faces two biggest hurdles: EU and China
Korean Air is facing hurdles in acquiring the cash-strapped air carrier Asiana Airlines as it awaits clearance from at least four regions the EU, the US, Japan, and China. The EU’s regulatory body, considered one of the biggest obstacles in the airline’s bid as it has been getting tougher over business mergers, recently asked Korean low-cost carriers Tway Air and Air Premia for their opinion on the merger between South Korea’s two biggest air carriers, according to the aviatio
May 26, 2022