Most Popular
-
1
No plan to let doctors with foreign licenses practice here anytime soon: PM
-
2
Science Ministry expresses regret over Japan’s pressure on Naver
-
3
Hostilities get out of hand as YouTuber murders another outside courthouse
-
4
Yoon interacts with public for 1st time since election defeat
-
5
[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
-
6
N. Korea says to deploy new multiple rocket launcher starting this year
-
7
Lee Sun-kyun's posthumuous film to hit theaters in August
-
8
State-led adoption system to be established to ensure adoptees' well-being, minimize overseas adoption
-
9
Seoul transit pass for travelers to be available starting July
-
10
Bithumb to pay W40b taxes for crypto airdrop winners
-
[Herald Interview] For Porsche, synthetic fuel is key for carbon neutrality
Porsche is not ready to let go of combustion engines. Engines are what make a Porsche a Porsche, an executive told The Korea Herald while visiting Seoul for a motor show. And in order to keep that forte while complying with the green agenda, the German carmaker is developing eFuel, a climate-neutral fuel produced with the help of electricity from water and CO2 from the air. “The market is full of combustion cars and they will continue to be made and driven in 2030,” said Thomas F
Dec. 1, 2021
-
Samsung, Ministry of SMEs team up to support smaller tech firms
Samsung Electronics and the Ministry of SMEs and Startups on Wednesday signed a memorandum of understanding to set up a 30 billion won ($25.4 million) fund supporting smaller tech firms here. Samsung and the ministry are contributing 15 billion won each with the aim of supporting research work for locally-developed materials, parts and equipment for the next five years between 2022 and 2026. “In order to respond to changes in this new normal era, innovation should occur not at a compa
Dec. 1, 2021
-
Government-led consumer finance data service kicks off
A government-led program that aims to give consumers more information and control of their personal finance data was officially launched Wednesday, allowing customers to manage their lives more efficiently. The program dubbed “MyData” allows customers of 53 government-approved financial institutions to receive personal, customized and comprehensive finance data of their spending, all bank account balances, loans, insurance and more from the choice of their firm. The services will b
Dec. 1, 2021
-
Hyundai's Nov. sales fall 17% amid chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales fell 17 percent last month from a year earlier amid global chip shortages. Hyundai Motor sold 312,602 vehicles in November, down from 377,193 units a year earlier, the company said in a statement. Domestic sales declined 11 percent to 62,071 units from 70,035, as the lack of semiconductor parts continued to affect vehicle production and sales, it said. Overseas sales dropped 18 percent to 250,531 from 307,158 amid the
Dec. 1, 2021
-
Seoul stocks spike over 2% to snap 6-day slump
South Korean stocks rebounded more than 2 percent Wednesday, after plunging to the year's lowest point in the previous session. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 60.71 points, or 2.14 percent, to close at 2,899.72 points, ending its six-day slide. Trading volume was moderate at about 553 million shares worth some 12.1 trillion won ($10.3 billion), with gainers outnumbering losers 773 to 122. Foreigners bought a net 907
Dec. 1, 2021
-
Naver, SoftBank join forces for metaverse push
South Korean internet giant Naver on Wednesday laid out its strategies to enter the global market with its latest metaverse technology that allows hyperconnection between the real world and virtual reality. “We have recently joined hands with SoftBank to make an HD map of cities in Japan through our ALIKE solution. It will be an important stepping stone for Naver to bring future without borders,” said Seok Sang-ok, CEO of Naver Labs, during a press conference. Seok added that Nave
Dec. 1, 2021
-
[Battery+] 1%: Shocking profitability of EV battery biz
For every dollar Samsung SDI makes by selling electric vehicle batteries, it only pockets 1 cent in profit. In contrast, Samsung Electronics earned 30.4 cents for every dollar in chips it sold from July to September this year. It’s no wonder Samsung doesn’t have its own EV battery factory in the US, but is instead investing a whopping $17 billion to build its second chip plant there. As the numbers show, the EV battery business, despite the market hype, is not as attractive in te
Dec. 1, 2021
-
Renault Samsung's Nov. sales more than doubled on exports
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Wednesday its vehicle sales more than doubled last month from a year earlier on robust exports. Renault Samsung sold 11,743 vehicles in November, sharply up from 867 units a year earlier despite the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 15 percent on-year to 6,129 units from 7,207, but exports soared to 11,743 units from 867 on strong demand for its SUV models, it said. From Ja
Dec. 1, 2021
-
Leasing firm, affiliate fined over illegal support
South Korea's antitrust regulator said Wednesday it has decided to impose a combined 2.37 billion-won ($2 million) fine on SYS Holdings and its affiliate for the parent company's illegal support. SYS Holdings, a leasing company, provided real estate collateral for free to its affiliate SYS Retail, an operator of an electronics goods discount outlet, between December 2009 and November 2021, according to the Fair Trade Commission (FTC). The move helped SYS Retail easily take 195 rounds of low-in
Dec. 1, 2021
-
2nd batch of Chinese urea set to arrive in S. Korea
The second batch of urea under export inspection in China was to arrive in South Korea on Wednesday, the oceans ministry said, which is expected to help address supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. The ship carrying 3,000 tons of urea will arrive in the southeastern city of Ulsan around 9 p.m. after leaving from the Longkou port in China's northeastern province of Shandong on Monday, according to the ministry. It is part of the 18,700 tons of urea
Dec. 1, 2021
-
SsangYong's Nov. sales fall 26% on lower demand
SsangYong Motor Co. said Wednesday its sales fell 26 percent last month from a year earlier amid a prolonged chip shortage. SsangYong Motor sold 8,748 vehicles in November, down from 11,859 units a year earlier, the company said in a statement. Domestic sales declined 32 percent to 6,277 units last month from 9,270 a year ago, while exports were down 3.4 percent to 2,501 units from 2,589 during the same period, it said. From January to November, its sales fell 3.4 percent to 75,351 autos from
Dec. 1, 2021
-
Bio firms expand network, gain state project boost
The government’s Innovation-Communication Open Network (i-CON) project has been helping Korea’s small and medium-sized bio companies expand their networks and improve the quality of their products, according to the Korea Biotechnology Industry Organization. The organization is currently running the bio and health program of the i-CON project to support small and medium-sized enterprises to develop technology capabilities by using infrastructure and manpower owned by research instit
Dec. 1, 2021
-
Canadian firm buys virtual land for $2.4m
A Canadian virtual real estate company Metaverse Group, a subsidiary of investment firm Tokens.com, bought a virtual land in a metaverse platform called Decentraland for $2.4 million. Established in 2017, Decentraland is an online platform that deals with virtual assets in the form of non-fungible tokens, or NFTs, based on the Ethereum blockchain. Avatars in the Decentraland can earn money by embarking on speculative investment, hosting exhibitions, and conducting advertisement campai
Dec. 1, 2021
-
Daewoo Shipbuilding wins W1.5t orders for 6 LNG carriers
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has bagged orders worth a combined 1.5 trillion won ($1.3 billion) to build six liquefied natural gas (LNG) carriers. Under the deals with two companies in North America, the 174,000-cubic meter LNG carriers will be delivered by the second half of 2025, DSME said. DSME has won orders worth $10.44 billion so far this year, far exceeding its annual order target of $7.7 billion. With the latest deals, DSME's annual orders
Dec. 1, 2021
-
FTC executive elected as OECD committee’s bureau member
South Korea’s Fair Trade Commission said Wednesday that its secretary general Shin Bong-sam has been elected as a bureau member of the OECD’s Competition Committee. According to OECD, major objective of OECD Competition Committee is to inform and encourage senior regulators and antitrust enforcers to act consistently on enforcement of competition laws. The committee is comprised of representatives from 16 member countries which lead the enforcement of competition laws. A tot
Dec. 1, 2021
-
Samsung Heavy succeeds in reselling drill ship for $245m
Samsung Heavy Industries Co. said Wednesday it has signed a $245 million deal with a European company to sell its drill ship it has failed to deliver due to a botched deal. "The deal will help improve our financial health along with our recent sale of new shares," Samsung Heavy said in an emailed statement. The drill ship sold to the European company is one of two drill ships that Swiss-based offshore driller Transocean Ltd. relinquished without specifying a reason in September 2019.
Dec. 1, 2021
-
S. Korean manufacturing index above par for 14th month in Nov.: IHS Markit
South Korea's manufacturing activity remained in the expansionary phase for 14 months running in November on brisk exports, a global market researcher said Wednesday. The purchasing managers' index (PMI) of the country's manufacturing sector came to 50.9 last month, up 0.7 point from the previous month, according to a survey by IHS Markit. Since October 2020, South Korea's PMI, a key measure of factory activity in a country, has been above the 50-point mark that separates contraction from expa
Dec. 1, 2021
-
WSTS halves growth prediction for memory chip market next year
A semiconductor industry tracker on Wednesday cut in half its growth projection of the global memory chip market next year. World Semiconductor Trade Statistics (WSTS), a nonprofit organization of chipmakers, forecast the memory market to expand 8.5 percent year-on-year to $171.6 billion next year, down from a growth rate of 18.4 percent with $190.7 billion it forecast in its August report. While the agency did not elaborate, falling DRAM prices and an expected slowdown in memory demand are be
Dec. 1, 2021
-
S. Korea's 5G users top 19m in October: data
The number of smartphone users on 5G mobile networks had topped 19 million as of October, data showed Wednesday, as new smartphone launches boosted user growth in the latest generation networks. The total number of 5G users reached 19.38 million in October, accounting for around 27 percent of the total 72.15 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea, which has a population of 52 million, first commercialized 5G networks
Dec. 1, 2021
-
Seoul stocks open slightly higher on tech, bio reboun
South Korean stocks opened higher Wednesday on advances in tech and bio shares despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) inched up 3.57 points, or 0.13 percent, to 2,842.58 points in the first 15 minutes of trading. The Dow Jones Industrial Average retreated 1.86 percent, and the tech-heavy Nasdaq composite declined 1.55 percent amid growing concerns about the omicron coronavirus variant and accelerating inflation in the world's largest eco
Dec. 1, 2021