Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Hahn & Co. eyes W300b in partial exit from secondhand car retailer IPO
South Korea-based private equity firm Hahn & Co. is poised to cash in on 306.6 billion won ($258.1 million) from an initial public offering of a fully-owned secondhand car retailer K Car on Wednesday, according to a prospectus Tuesday. The deal is aimed at floating Hahn & Co.’s 25.5 percent stake, or 12.3 million shares, in K Car, plus 1.2 million new shares. The IPO price of K Car, which is valued at 1.2 trillion won, has been fixed at 25,000 won apiece. Hahn & Co.’s
Oct. 5, 2021
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Digital transformation drives out bank branches, ATMs: data
Amid the rapid digital transformation brought on by the COVID-19 era, local banks have increasingly turned their backs on brick-and-mortar branches and automated teller machines, data showed Wednesday. The number of physical bank branches stood at 6,326 as of the end of June, down 10.9 percent from the end of 2016, when the figure came in at 7,101, according to data from the market watchdog Financial Supervisory Service submitted to Rep. Yoo Dong-soo of the ruling Democratic Party. Meanwhile,
Oct. 5, 2021
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Samsung heir stays S. Korea's richest stockholder
Lee Jae-yong, the chief of South Korea's top conglomerate Samsung Group, remains the country's richest stockholder despite a fall in the value of his shareholdings, a corporate tracker said Tuesday. Stock holdings of Lee, vice chairman of global tech titan Samsung Electronics Co., were valued at 14.17 trillion won ($11.9 billion) as of end-September, the largest among local conglomerate owners, according to Korea CXO Institute. Yet the value of his stock holdings was down about 1.39 trillion won
Oct. 5, 2021
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Online shopping rises 16.8% in Aug. amid pandemic
Online shopping in South Korea grew 16.8 percent from a year earlier on solid demand for food delivery services and foodstuffs amid the protracted pandemic, data showed Tuesday. The value of online shopping transactions stood at 15.8 trillion won ($13.3 billion) in August, compared with 13.5 trillion won the previous year, according to the data from Statistics Korea. The August reading fell from a record high of 16.2 trillion won in July, but the value of online shopping reached more than 15 tri
Oct. 5, 2021
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Hanjin Heavy bags W311b order for 4 container carriers
South Korean shipbuilder Hanjin Heavy Industries & Construction Co. said Tuesday that it has obtained a 310.5 billion won ($261.4 million) order to build four container carriers. Under the deal with a European shipper, Hanjin Heavy will deliver the vessels by November, 2023, the company said in a regulatory filing. In April, creditors of Hanjin Heavy, led by the state-run Korea Development Bank (KDB), signed a deal with a consortium led by local builder Dongbu Corp. to sell it a 66.85 percen
Oct. 5, 2021
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Daewoo Shipbuilding gets approval for design of cyber safety solutions for ship
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it has won approval for the design of its cyber safety solutions for ships from ABS, a US ship quality assurance and risk management company. The solutions, named DSME Smartship Solutions (DS4), will be used to protect the data and software of ships from outside hacking, the shipbuilder said in an emailed statement. The PDA (product design assessment) approval for the DS4 means the DS4 is designed under the standard for th
Oct. 5, 2021
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Apple Watch 7 to be launched in S. Korea next week
Apple Inc.'s new smartwatch will be launched in South Korea next week, the US tech titan said Tuesday, as it eyes to beef up its presence on the home turf of its archrival Samsung Electronics Co. Apple Watch Series 7 will be available here from Oct. 15, with preorders starting from Friday, according to the company. Its starting price has been set at 499,000 won ($420). Apple's latest smartwatch features a nearly 20-percent-larger screen and 40-percent-thinner bezel than its predecessor at 1.7 mi
Oct. 5, 2021
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LG Electronics' innovation group expanded for future growth
LG Electronics Inc. said Tuesday it has expanded its technology discussion group as the company tries to better explore its future growth engines. LG Electronics said its Innovation Council now involves other LG Group affiliates, including South Korea's No. 1 chemical company LG Chem Ltd., telecommunications giant LG Uplus Corp. and IT service arm LG CNS Co. The Innovation Council, a networking group with industry experts, was launched by LG Electronics in July 2020 to seek new business opportun
Oct. 5, 2021
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Samsung Display continues to dominate smartphone panel market in H1: report
Samsung Display Co., a major display panel maker in South Korea, dominated the global smartphone panel market in the first half of the year, a report showed Tuesday, though its market share declined slightly from a year earlier. Samsung Display, an affiliate of top smartphone maker Samsung Electronics Co., grabbed a 48 percent revenue share in the global smartphone display panel market in the first six months of 2021, down from a 50 percent share a year earlier, according to a report from market
Oct. 5, 2021
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Regulator to complete review of Korean Air's Asiana takeover deal this year
South Korea's antitrust regulator said Tuesday it plans to complete its review within this year of a deal by Korean Air Lines Co., the country's biggest carrier, to buy the debt-ridden Asiana Airlines Inc. In a report to the National Assembly, the Korean Fair Trade Commission (KFTC) said it plans to speed up the review in consideration of the value that the deal has for the country's economy. In November 2020, Korean Air said it will acquire its smaller rival Asiana Airlines in a deal valued at
Oct. 5, 2021
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Samsung Electronics, union to have 1st wage talks
Samsung Electronics Co. and its union will have their first wage talks Tuesday as the tech giant is moving to create a healthy labor-management culture following its leader's commitment to scrap the conglomerate's "no labor union" policy. Representatives from Samsung's management and the union will hold the first round of wage talks at its plant in Yongin, 49 kilometers south of Seoul. It will be the first wage negotiations since Lee Jae-yong, the leader of Samsung Group, in May 2020 v
Oct. 5, 2021
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Seoul stocks open lower on US stock losses
South Korean stocks opened lower Tuesday, as investor sentiment was hurt by overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) slumped 29.05 points, or 0.96 percent, to 2,990.13 points in the first 15 minutes of trading. Seoul stocks got off to a weak start, falling below the 3,000-point level for the first time in about six months. The Korean stock market closed Monday due to an extended holiday tied to the Oct. 3 National Foundation Day. An impasse over th
Oct. 5, 2021
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Top 4 take up bulk of major conglomerates' 2020 earnings
Earnings by South Korea's top four conglomerates accounted for more than 80 percent of the 30 leading business groups' total net profit in 2020 in a show of their dominance in Asia's fourth-largest economy, government data showed Tuesday. Samsung, Hyundai Motor, SK and LG groups posted a combined net income of 37.6 trillion won ($31.7 billion) last year, up 2.2 trillion won from a year earlier, according to the data that the Fair Trade Commission presented for an annual parliamentary audition. T
Oct. 5, 2021
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Retailer confidence worsens for Q4 amid coronavirus resurgence
South Korean retailers' confidence fell below par for the fourth quarter of the year due to strict social distancing measures to stem the spread of the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) came to 99 for the October-December period, down 7 points from three months earlier. It marks the first on-quarter drop in three quarters. The RBSI stood at 106 in the third quarter and 103 in the first quarter. The fig
Oct. 5, 2021
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IATA sees sharp fall in airline losses in 2022
Global airlines on Monday projected a sharp reduction in industry losses next year as a multispeed recovery from the coronavirus crisis gets under way, but revised up the financial toll inflicted by the pandemic in 2020 and 2021. The International Air Transport Association, the industry's main trade body, predicted that net losses at airlines would narrow to $11.6 billion in 2022 from $51.8 billion this year.The losses for 2021 were revised up from $47.7 billion estimated in April. IATA also r
Oct. 4, 2021
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[Feature] AI job interviews are booming, but doubts linger
Interviews are a crucial part of the job search process. But what if you were to be evaluated by a machine, rather than human interviewers? As digital transformation changes the way businesses get done, accelerated by the contactless trend of the pandemic era, artificial intelligence programs that screen or evaluate job candidates are booming in Korea, as well as elsewhere in the world. A typical AI-operated interview usually requires candidates to sit through a set of online games and video
Oct. 4, 2021
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IPOs highlight imminent successions at Korean chaebol
South Korean business magnates are gearing up for initial public offerings of conglomerates’ affiliates, in an apparent bid to allow their siblings to cash in on their stock holdings from the proposed exit under the respective business succession plans. Market watchers perceive the moves as the chance to give cash-hungry siblings options to solidify legitimate control over the family-owned conglomerates here, which include buying shares in the group’s key affiliate that stands on t
Oct. 4, 2021
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Convenience stores continue to see higher sales in pandemic
Sales at local convenience stores continued to increase despite economic setbacks from COVID-19, government data showed Monday. The convenience store sector was the only retail sector that continued to post growth during the first eight months of this year, the Ministry of Trade, Industry and Energy added. During the January-August period, sales at convenience stores increased by 6 percent on average from a year earlier. The trend was especially strong in March and April, when the respective
Oct. 4, 2021
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Top food delivery app Baemin is the least senior-friendly: report
The country‘s largest food delivery firm Baedal Minjok has been selected as the least accessible and friendly application for older people and those with disabilities, a local lawmaker said Monday. According to lawmaker Yang Jeong-suk, who quoted the Ministry of Science and ICT’s report, Baemin ranked at the bottom among the top 300 most-downloaded apps that the ministry reviewed. The 300 apps were evenly split -- with a half available for Apple and the other half for Android. The
Oct. 4, 2021
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Starbucks workers plan rally over excessive workload
Baristas and employees of Starbucks Korea are fuming over excessive workload, after a recent marketing event drew customers lining up for hours. Saying the company has no consideration for the working conditions of its already-overworked staff, the employees said they may stage their first-ever collection action this week. A staffer at the US-based coffee chain, who requested anonymity, confirmed to The Korea Herald on Monday that workers are planning a rally this week. The
Oct. 4, 2021