Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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SsangYong's Oct. sales plunge 53% on lower demand
SsangYong Motor Co. said Monday its sales plunged 53 percent last month from a year earlier on weaker demand for its models and a prolonged chip shortage. SsangYong Motor sold 4,749 vehicles in October, down from 10,197 units a year earlier, the company said in a statement. Domestic sales dropped 57 percent to 3,279 units last month from 7,612 a year ago, while exports declined 42 percent to 1,500 units from 2,585 during the same period, it said. From January to October, sales fell 22 percent
Nov. 1, 2021
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Food maker Daesang gets new 65th anniversary logo
The South Korean food company Daesang has a new logo to mark its 65th anniversary. The new logo “reflects Daesang’s ambition to use the past 65 years as a steppingstone to leap into a global company continuing on for the next 100 years,” said Daesang Holdings CEO Choi Sung-soo. The group’s name now appears in lowercase letters that form a tree branching out into the sky. The changes signify the group’s commitment to sustainability and to the health of its custom
Nov. 1, 2021
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All-out effort to revive spending as ‘living with COVID-19’ begins
As South Korea began “living with COVID-19” on Monday, lifting curfews on restaurants and cafes, major shopping events and discount coupon programs also kicked off in hopes of unleashing pent-up consumer demand. This year’s annual Korea Sale Festa, supported by the central government and 17 local governments, will involve over 2,000 companies -- the largest number since the first event in 2016, according to the Ministry of Trade, Industry and Energy. Tech giants including Sa
Nov. 1, 2021
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[Newsmaker] KT to pay 35-40 billion won in compensation for network fiasco
KT will pay 35 billion-40 billion won ($29 million-$33 million) to subscribers in compensation for the massive network outage last week, the country’s No. 2 telecom operator in terms of revenue said Monday. In a press conference, executives of the firm acknowledged that the Oct. 25 incident was a human-caused disaster caused by lax oversight on its side and pledged to go “back to basics” to regain confidence from users. “We deeply apologize for causing incon
Nov. 1, 2021
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Korea Aerospace named preferred bidder in W877b reconnaissance plane bid
Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday it has been selected as the preferred bidder in the government's 877.5 billion won ($747 million) reconnaissance plane bid. The Defense Acquisition Program Administration is expected to sign the deal with KAI next month to push ahead with the project, a KAI spokesman said by phone. Under the deal, KAI will bring four Falcon 2000LXS business jets from French aircraft manufacturer Dassault Aviation and de
Nov. 1, 2021
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Aekyung Chemical officially launches, Pyo Kyoung-won appointed as CEO
South Korean cosmetics-to-health care conglomerate Aekyung Group said Monday that it has officially launched Aekyung Chemical and appointed Pyo Kyoung-won as the inaugural CEO. Aekyung Chemical was formed by combining the group’s three chemical businesses -- Aekyung Petrochemical, AK ChemTech and the old Aekyung Chemical. In a meeting at Aekyung Tower, the group’s headquarters in Mapo-gu, western Seoul, on Monday morning, the new Aekyung Chemical’s board of directors finali
Nov. 1, 2021
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[Green Paradox] Moon’s hydrogen vision is 'color-blind'
Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into the flaws and shortcomings of Korea’s green policies. – Ed. South Korea is undoubtedly among the frontrunners in the global hydrogen race, with a sweeping and ambitious national strategy to utilize the cleanest fuel to power Asia’s fourth-largest economy. In its push for the hydrogen economy, the Moon Jae-in administration takes pride in having enacted the world&rsq
Nov. 1, 2021
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New LG Energy Solution CEO touts long-term battery vision
Kwon Young-soo, the newly appointed CEO of LG Energy Solution, called for an unrelenting focus on battery technology, urging executives and staff to shake off recall fears in his inaugural speech delivered on Monday. “You must have had a lot of worries due to the recent quality issues, but there is no need to be discouraged. As the saying goes, it’s darkest before the dawn, and this is an inevitable process in the long term,” Kwon said in his first message as chief of LG En
Nov. 1, 2021
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Samsung Heavy raises W1.28t via new share sale
Samsung Heavy Industries Co. said Monday that it has raised 1.28 trillion won ($1.1 billion) through the sale of its new shares. The shipbuilder's 250 million new shares were oversubscribed by existing shareholders and its workers, Samsung Heavy said in an emailed statement. The subscription rate was 103.3 percent, while the common shares oversubscribed by the existing shareholders and the workers numbered 17.82 million shares, Samsung Heavy said. Samsung Heavy will offer to the public 73,317
Nov. 1, 2021
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Vehicle registration gains 1.7% this year
The number of registered vehicles in South Korea grew nearly 2 percent this year to near 25 million, with that of eco-friendly cars topping 1 million units, government data showed Monday. Car registrations came to 24.78 million units as of end-September, up 1.7 percent from the end of last year, according to the data from the Ministry of Land, Infrastructure and Transport. The figure is also up 0.5 percent from three months earlier, with the number expected to exceed 25 million during the firs
Nov. 1, 2021
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LG Vice Chairman Kwon appointed new CEO of LG Energy Solution
Kwon Young-soo, previously the vice chairman of LG Corp., was appointed Monday as the new CEO of LG Energy Solution Ltd. after getting the nod from its shareholders, the company said. Last week, LG Energy's board tapped Kwon as its new CEO, a decision largely seen as a replacement in the wake of the battery recalls in General Motors Co.'s Bolt electric vehicles (EV). LG Energy and LG Electronics have set aside 1.4 trillion won ($1.2 billion) to repay GM for the recalls of Bolt EVs caused by ba
Nov. 1, 2021
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SK Telecom names new CEO following non-telecom spinoff
SK Telecom Co. on Monday named the former head of its mobile network operations division Ryu Young-sang as its new CEO following the launch of its non-telecom spinoff SK Square. Ryu has been working for SK Telecom since 2000 and is known for his expertise in mergers and acquisitions, as well as finding new business sectors, the company said. On Monday, South Korea's largest mobile carrier split into two, spinning off the new investment company SK Square, in the latest move to make aggressive i
Nov. 1, 2021
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SKC expands battery materials biz with investment in British manufacture
SKC Co., a chemical unit of South Korea's No. 3 conglomerate SK Group, said Monday it will invest $33 million in a British battery materials maker with two private equity funds and other investors in a bid to tap into the fast-growing sector. SKC will form a consortium with BNW Investment and SJL Partners to invest a combined 80 million won in Nexeon Ltd, with the rest to be invested by SJL Partners and a pool of other investors, the company said in a statement released after the board's approv
Nov. 1, 2021
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[Graphic News] Exports of seaweed robust amid popularity of Korean culture
South Korean exports of seaweed products moved up 13 percent on-year over the first nine months of 2021, data showed, on the back of the growing popularity of Korean culture abroad. Outbound shipments of seaweed products came to $507 million in the January-September period, compared to the $448 million tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. The amount marked a sharp rise from just $100 million posted for all of 2010, the ministry sa
Nov. 1, 2021
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut
Nov. 1, 2021
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SK Networks CEO Choi steps down amid embezzlement trial
Choi Shin-won, CEO and chairman of SK Networks Co., has stepped down from his post, the company said Monday, amid an ongoing trial against him over embezzlement and other charges. The resignation came six months after Choi, a son of the late founder of South Korea's No. 3 conglomerate SK Group, was indicted, and he has been standing trial for alleged embezzlement of some 223.5 billion won ($190.3 million) and breach of trust and other charges. Choi has denied any wrongdoing. "As of Oct. 2
Nov. 1, 2021
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Largest-ever Korea Sale Festa kicks off amid pandemic
South Korea kicked off its annual nationwide shopping event Monday in the latest effort to boost private spending amid the prolonged pandemic. The Ministry of Trade, Industry and Energy said 2,053 companies will offer big bargains both online and in stores during the Korea Sale Festa -- the Korean equivalent of Black Friday -- that will run through Nov. 15. This year's run is the largest since the event was launched in 2016, according to the ministry. The central and 17 local governments also
Nov. 1, 2021
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October's inflation growth estimated at 3.2%: poll
South Korea's consumer prices are estimated to have grown more than 3 percent for the first time in nearly 10 years in October due to last year's low base and surging oil prices, a poll showed Monday. The country's consumer inflation is projected to have risen 3.2 percent in October from a year earlier, accelerating from a 2.5 percent on-year gain in September, according to the poll on six brokerage houses. If the forecast is right, the inflation rate will stay in the 3 percent range for the f
Nov. 1, 2021
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Exports up 24% on-year in Oct. to second-largest monthly figure of $55.55b
South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure of $55.55 billion on the back of strong global demand for chips and petroproducts, data showed Monday. Outbound shipment is just shy of the record monthly figure of $55.83 billion reported the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the 12th straight month that the country's exports have extended gains. Imports surged
Nov. 1, 2021
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High raw material costs feared to erode corporate earnings
Soaring international raw material costs are feared to eat into South Korean companies' earnings and drive up consumer prices down the road, a report showed Monday. Stung by fast-rising oil and other material prices, the operating margin of local companies is expected to reach 3.4 percent this year, down 1.8 percentage points from the average 5.2 percent between 2015 and 2019, according to the report from the Korea Economic Research Institute (KERI). The operating margin of large businesses is
Nov. 1, 2021