Most Popular
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Samsung under pressure after Intel's foundry spin-off: analysts
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Yoon leaves for Prague to cement nuclear energy push
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Heavy rain to fall nationwide over weekend, but warmer fall expected
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Seoul chastises predatory pricing claims over Czech nuclear export deal
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YouTuber under fire for consoling former singer accused of bullying
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NK newspaper 'unusually' silent on new missile tests: Seoul
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Samsung CEO introduces ‘bold growth’ as new target
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Bank of Korea eyes rate cut after US Fed's historic pivot
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3 suspects apprehended for selling celebrity deepfake porn: police
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Hyundai Motor officially becomes KT’s largest shareholder
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US firms suspend CES events over omicron spread, business as usual for Korean tech industry
South Korean technology giants’ plan to attend CES 2022 remains unperturbed so far, despite a series of announcements by US firms that they are suspending in-person events due to concerns about the spread of the omicron variant of COVID-19. Among notable exhibitors based in Korea -- Samsung, LG, Hyundai Motor, SK and Doosan -- none of them has yet to announce a withdrawal of an earlier plan to attend the world’s biggest consumer electronics show. There was also no talk yet about s
Dec. 24, 2021
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Shinhan taps ex-IBM director as digital chief officer
Shinhan Financial Group, one of the four banking giants in the country, has named a former IBM managing director as its digital chief officer to accelerate a push to expand its digital services. Kim Myoung-hee, who spent the last 23 years developing digital operations at IBM before joining SK telecom to oversee digital efforts at the country’s largest mobile carrier, is considered one of the leading women experts on digital transformation. Kim was the first senior women chief to lead the
Dec. 24, 2021
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Seoul stocks up for 4th session amid eased omicron concerns
The South Korean stock market continued its winning streak to a fourth session Friday amid eased concerns over the impact of the omicron variant on the global economy. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.26 points, or 0.48 percent, to 3,012.43 points. Trading volume was moderate at about 530 million shares worth some 8.4 trillion won ($7.7 billion), with gainers outnumbering losers 602 to 228. Foreigners bough
Dec. 24, 2021
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Air Premia opens cargo flights to Singapore
South Korean budget carrier Air Premia Co. said Friday it has opened its first international cargo flight to Singapore to focus on the cargo business amid the COVID-19 pandemic. Air Premia plans to operate the Incheon-Singapore route every Friday at 8:30 p.m. The company said it will consider starting passenger flights to Singapore depending on the COVID-19 pandemic. It also plans to review whether to operate cargo flights to Vietnam next month. Air Premia's Boeing 787-9 jet is a medium-size
Dec. 24, 2021
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Samsung's Chinese chip plant in emergency mode during citywide anti-virus lockdown
Samsung Electronics Co. said Friday its memory chip complex in the Chinese city of Xi'an went into an emergency mode as the Chinese authorities enforced a lockdown to stem the spread of the coronavirus. The South Korean tech giant said the emergency measure has not affected production, as it has been fully utilizing factory workers living in the company's dormitory. "The factory is currently fully operational," a company's official said, adding "We are closely watching the devel
Dec. 24, 2021
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Who will take the lead? Naver, Kakao to enter digital health care market
The competition is heating up between two South Korean tech giants, Naver and Kakao, to enter the emerging digital health care market worth an estimated 320 trillion won ($270 billion) and growing using artificial intelligence, market insiders said Friday. According to Naver, it plans to build an in-house “smart hospital” supported by AI in its new headquarters next year. Attending to some 4,300 employees, the medical staff will use its AI technology Naver Clova to keep medical re
Dec. 24, 2021
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Amazon Prime Video joins Samsung-led 8K Association
Amazon Prime Video, a subscription-based video streaming service run by Amazon, joined cross-industry group 8K Association earlier in December, Samsung Electronics said Friday. Samsung Electronics, one of the founding members of the 8K Association, said in a statement that Amazon Prime Video’s entry raises the anticipations for the 8K ecosystem’s growth momentum, in addition to Google that joined the group in May this year. 8K refers to a set of high-performance standards that of
Dec. 24, 2021
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Samsung Lions re-sign free agent catcher Kang Min-ho
The Samsung Lions announced Friday they have re-signed their own free agent catcher Kang Min-ho to a new four-year contract. Kang, 36, will make up to 3.6 billion won ($3 million) in his second straight four-year deal with the Lions. Kang will make 2 billion won in total salary and 1.2 billion won in signing bonus, with another 400 million won available in incentives. One of the top offensive catchers in the Korea Baseball Organization (KBO), Kang batted .291 with 18 homers and 67 RBIs in 123
Dec. 24, 2021
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Kyobo Life fined for letting subsidiaries use trademark for free
South Korea's financial watchdog has ordered Kyobo Life Insurance Co. to pay a fine of 350 million won ($295,000) for letting its subsidiaries use its brand for free, the company said Friday. The Financial Supervisory Service (FSS) also issued warnings to five officials, including a retired employee of the insurer, in connection with the matter, according to the company. Kyobo Life Insurance, No. 3 life insurer in South Korea, was accused of providing undue support to the subsidiaries by letti
Dec. 24, 2021
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SK Bioscience extends manufacturing deal with Novavax through 2022
SK Bioscience Co., a vaccine unit of South Korea's SK Group, said Friday it has extended an agreement to manufacture a component of the US-based biotechnology company Novavax Inc.'s COVID-19 vaccine by one more year. Under the extended agreement, SK Bioscience will reserve additional manufacturing capacity to produce antigen, a key component of NVX-CoV2373 -- Novavax's recombinant protein-based COVID-19 vaccine -- through 2022. Last year, the two sides initially signed the agreement to reserve
Dec. 24, 2021
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Sales of imported commercial cars dip 23% in Nov.
Sales of imported commercial vehicles in South Korea fell 23 percent in November from a year earlier amid the extended COVID-19 pandemic, an industry association said Friday. The number of newly registered imported commercial vehicles declined to 360 units last month from 468 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Decreased sales of MAN, Scania, and Mercedes-Benz trucks weighed on the monthly result, KAIDA said. From January to Nov
Dec. 24, 2021
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Seoul shares open higher on US gains
Seoul shares opened higher Friday, tracking overnight gains on Wall Street amid eased concerns over global economic growth next year despite the outbreak of omicron virus strain. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.46 points, or 0.88 percent, to 3,024.63 points in the first 15 minutes of trading. Investor sentiment was buoyed as the omicron variant is highly infectious but less likely to lead to hospitalization. Most stocks advanced across the board. Market bellwe
Dec. 24, 2021
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Korean Air to secure W557.8b in property sale
Korean Air Lines Co., South Korea's national flag carrier, said Thursday it will secure 557.8 billion won ($470 million) through a property sale as part of its efforts to improve its financial status amid a prolonged COVID-19 pandemic. On Friday, Korean Air will sign a deal to sell its land and building at Songhyeon-dong in central Seoul to the public housing developer Korea Land & Housing Corp., the company said in a regulatory filing. LH will exchange the Songhyeon-dong site with
Dec. 23, 2021
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Despite resistance, carmakers push ahead with used car market entry
The head of a local carmakers’ association said Thursday that the country’s finished carmakers would enter the certified used car market here starting next month, despite resistance from small businesses. Jung Man-ki, chairman of the Korea Automobile Manufacturers Association, said that local carmakers will no longer wait and will prepare to register for business licenses and establish physical spaces to launch their B2C secondhand car businesses. “Although there is no
Dec. 23, 2021
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Investment banks slash Kospi targets amid slow trade
South Korea’s benchmark Kospi faces a long transition to a bullish rally, during which investors will have to navigate uncertainties complicated by supply bottlenecks, a rate hike and a presidential election, according to Goldman Sachs and Morgan Stanley. Goldman Sachs cut the Kospi target to 3,350 from 3,700, changing its view on Korean shares from “overweight” to “marketweight,” saying it would be hard to expect market-beating corporate earnings again next year.
Dec. 23, 2021
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[Photo News] Fostering women leaders
Ham Young-joo (left), vice chairman of Hana Financial Group, congratulates Hong Hwa-jin, leader of the data & investment division at Hana Bank, who led the first 33 participants for the last six months in the group’s program designed to nurture women leaders.
Dec. 23, 2021
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Doosan to showcase hydrogen, robot innovations at CES 2022
South Korean conglomerate Doosan Group said Thursday it will unveil innovations centered on hydrogen and robotics technologies at the 2022 Consumer Electronics Show. Under the theme “delightful life,” Doosan Group and its major affiliates will showcase their latest innovations at a 450-square-meter booth at the West Hall of the Las Vegas Convention Center from Jan. 5-8, local time. The West Hall is where mobility, auto and self-driving companies are grouped. Doosan Group Chairm
Dec. 23, 2021
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Seoul stocks up for 3rd session amid tech, auto gains
The South Korean stock market extended its winning streak to a third session Thursday, buoyed by advances by tech and auto issues. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 13.69 points, or 0.46 percent, to close at 2,998.17 points. Trading volume was moderate at about 476 million shares worth some 9.2 trillion won ($7.7 billion), with gainers outnumbering losers 477 to 358. Foreigners bought a net 224 billion won and instituti
Dec. 23, 2021
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Posco sets new vision with holding company scheme
Aiming to more than triple its corporate value by 2030, Posco Group plans to have its steel business focus on eco-friendliness and global growth, while fostering new growth engines such as materials for rechargeable batteries and hydrogen. The holding company will be llisted, while the steelmaking unit Posco, as well as other corporations to be set up under the holding company will remain unlisted to allow quick decision-making. This is to prevent undermining existing shareholder value and a
Dec. 23, 2021
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AMAXG aims to become global top-tier
Blockchain company AMAXG plans to build a more competitive and convergent blockchain platform next year, declaring it “the year of global culture, environment and technological innovation via evolution into hyperconnected, hyperconverged and hyperintelligent society.” The new platform will unite blockchain-based big data, artificial intelligence, metaverse and non-fungible tokens to preemptively tackle socioeconomic uncertainties. Last month, AMAXG Group chief executive Choi Jeo
Dec. 23, 2021