Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Graphic News] More Koreans say they plan long-distance trips this year
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Yoon's approval rating plunges to all-time low
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Fed: Elevated inflation will likely delay rate cuts this year
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[From the Scene] Yido takes on last 1.1% of construction waste
INCHEON -- Dust flew through the air as three yellow forklifts busily scooped up a huge chunk of torn wallpaper, green plastic safety nets and steel rebar from a mountain of construction waste. The ground was covered in mud as sprinklers misted the area to suppress the dust. Obviously wearing white shoes was a mistake. On Aug. 26, The Korea Herald visited an automatic construction waste recycling facility located in Incheon. Sa Gong-myeong, a director at Yido, a South Korean waste man
Sept. 1, 2021
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Aug. car sales fall 4.5% amid chip shortage
South Korean carmakers' sales fell 4.5 percent last month from a year earlier as an extended global chip shortage and the COVID-19 pandemic continued to weigh on vehicle production and sales, industry data showed Wednesday. The country's five carmakers -- Hyundai Motor Co., Kia Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a combined 544,992 vehicles in August, down from 570,601 units a year ago, according to data from the companies. Their domestic sales dec
Sept. 1, 2021
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Google hits wall in Korea, says will comply with local rule
Hit by an unprecedented law aimed at curbing their app market duopoly in South Korea, the world’s most powerful tech giants Google and Apple are seeking ways to readjust their profit models within the bounds of the new regulation. Immediately after the bill passed Parliament late Tuesday, Google released a statement through its Korea office, saying it will comply with the new rule. “The commissions are used to provide Android for free, while enabling developers to reach customers
Sept. 1, 2021
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Incheon Airport to get new aircraft maintenance facility
Global cargo airliner Atlas Air has agreed to build a freighter aircraft maintenance facility at Incheon Airport. Atlas Air signed a deal in July to set up a joint venture with Sharp Technics K to build the maintenance, repair and overhaul facility slated to open in 2025. Sharp Technics K Chief Executive Paik Soon-suk said the new facility wouldbe able to accommodate multiple wide-body aircraft at the same time and contribute to the growth of airfreight and e-commerce on a global scale as Inch
Sept. 1, 2021
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Renault Samsung's Aug. sales up 17% on exports
Renault Samsung Motors Corp. said Wednesday its sales rose 17 percent last month from a year earlier on strong exports of its SUV models. The South Korean unit of Renault S.A. sold 8,846 vehicles in August, up from 7,570 units a year earlier, the company said in a statement. Domestic sales fell 25 percent to 4,604 units from 6,104 during the same period, while exports jumped to 4,242 units from 1,466 on strong demand for the XM3 and QM6 SUVs, it said. From January to August, its sales decline
Sept. 1, 2021
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Seoul stocks up for 4th day on robust trade data
South Korean stocks rose for the fourth consecutive session Wednesday as strong exports boosted investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.75 points, or 0.24 percent, to close at 3,207.02 points. Trading volume was moderate at about 738.27 million shares, worth some 13.29 trillion won ($11.2 billion), with gainers outnumbering losers 589 to 239. Foreigners purchased a net 119 billion won worth of local s
Sept. 1, 2021
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‘High school economics textbooks biased, lack practical knowledge’
Economics textbooks used in South Korean high schools lack practical knowledge about real-life issues, such as personal finance, and are biased against corporations, a study released by a big business lobby claimed Wednesday. In its report, the Federation of Korean Industries claimed that young adults in Korea were falling behind in terms of economic knowledge compared to older generations, due to a lack of proper education. FKI commissioned Yang Joon-mo, an economics professor at Yonsei Univ
Sept. 1, 2021
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SK E&S bets future on carbon-neutral LNG, blue hydrogen
SK E&S, a natural gas provider under SK Group, said Wednesday that renewables and batteries have limits in fighting climate change and suggested carbon-neutral liquefied natural gas and blue hydrogen as answers. During a press conference held at the Four Seasons Hotel Seoul, CEO Choo Hyung-wook said the firm will ramp up production of carbon-neutral LNG to 1.3 million tons and blue hydrogen to 250,000 tons by 2025 to rise as the No. 1 hydrogen player in the world and achieve a market cap of
Sept. 1, 2021
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[Herald Interview] ‘Empowerment of individuals, solution for fair market,’ says WallStreetBets founder
The way to create a fair market for all is to empower individual investors to keep bureaucratic power in check, the founder of WallStreetBets, a group of US retail investors behind the GameStop saga, told The Korea Herald in a recent interview. Vowing to support an anti-short selling campaign in Korea, WallStreetBets Founder Jaime Rogozinski said he understands the nature of South Korea‘s negative public sentiment toward some foreign institutions. “I agree with negative public sent
Sept. 1, 2021
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S. Korea sees record number of delivery workers amid pandemic
With people preferring delivery services to abide by social distancing rules during the COVID-19 pandemic, South Korea saw a record number of delivery workers last year, data showed Wednesday. The total number of delivery workers here gained 11.8 percent on-year to a record 390,000 as of end-December, Statistics Korea data showed. Those who are classified as delivery workers here are letter carriers, couriers, those who work for food delivery services, newspaper deliverers and more. The nu
Sept. 1, 2021
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CJ OliveNetworks opens AI lab in Gwangju
CJ OliveNetworks, an ICT solutions provider of CJ Group, has established a research center on artificial intelligence in the southeastern city of Gwangju, the company said Wednesday. Named as “CJ Lucidus AI Lab,” it is the second research body of the CJ affiliate, and is located within the premises of Gwangju Institute of Science and Technology. The company has partnered with the institute to establish the lab for a shared goal of contributing to the advancement of the local AI
Sept. 1, 2021
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Namyang Dairy deal trapped in quagmire as chief holds Hahn & Co. accountable
Scandal-ridden Namyang Dairy Products Chairman Hong Won-sik said Wednesday he and other shareholders scrapped a stake sales and purchase deal with Seoul-based private equity firm Hahn & Co., citing unfulfilled requests from their end. Hong added that the shareholders are considering holding Hahn & Co. legally accountable for the collapse of the 310.7 billion won ($270.2 million) deal. “I regret to say that our plan to normalize Namyang Dairy’s business did not bear fruit,
Sept. 1, 2021
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Ex-Samsung CEO appointed as chairman of board at SNU Holdings
Kwon Oh-hyun, who led Samsung Electronics’ semiconductor business until 2017, will chair the board of directors at SNU Holdings, a holding company of his alma mater Seoul National University, the university said on Wednesday. Nicknamed Mr. Chip, he previously served a chief executive officer of Samsung Electronics in charge of its flagship chip and display business from 2012-2017, before stepping aside from management. He was then promoted to the chairman, more of an honorary post at Sams
Sept. 1, 2021
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Korean food catering company Our Home expands to the United States
South Korean food catering service provider Our Home will run a cafeteria for the United States Postal Service, becoming the first Korean firm to clinch a deal from a US public institution. The company said Wednesday that its US branch won a bid to operate a cafeteria in the institution’s processing and distribution center in Los Angeles. The 1,421 square meter facility will open by the end of this month and operate for 24 hours every day. The USPS is a public institution that oversee
Sept. 1, 2021
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Exports continue record streak in August; growth in all major sectors
South Korea continued to report record-shattering export results in August, data showed Wednesday, reinforcing an economic recovery almost single-handedly driven by overseas sales as domestic spending remains weighed down by the pandemic. According to the Ministry of Trade, Industry and Energy, outbound shipments jumped 34.9 percent from a year earlier to $53.2 billion last month, the best performance that the Asia’s fourth-largest economy has ever pulled off in August. The previ
Sept. 1, 2021
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Amateur investors demand tougher penalties for illegal short selling
In an attempt to deter massive short selling of shares of anti-cancer drugmaker HLB, an army of some 2,200 retail investors flocked to the tech-heavy Kosdaq, 30 minutes before market closing on July 15. Dubbed the “K-stop movement,” the campaign mimicked a surprising case of retail investors in the US that thwarted hedge funds’ sophisticated plan of betting on the price fall of video game retailer GameStop. But the Korean version of the GameStop buying frenzy ended in
Sept. 1, 2021
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Corporate loan growth slightly accelerates in Q2
Corporate loan growth in South Korea slightly picked up in the second quarter from three months earlier, central bank data showed Wednesday, mainly due to a modest gain in loans for the service sector. The outstanding loans extended to local companies came to 1,478.5 trillion won ($1.27 trillion) as of end-June, up 42.7 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). By industrial sector, loans to manufacturing firms rose 4.9 trillion won on-quarter
Sept. 1, 2021
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Banks' average capital adequacy ratio rises in Q2
South Korean banks saw their financial health improve in the second quarter from three months earlier as they reported high net profits and raised capital amid the COVID-19 pandemic, data showed Wednesday. The average capital adequacy ratio of 16 commercial and state-run banks stood at 15.65 percent as of end-June, up 0.29 percentage point from the end of March, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measures the pr
Sept. 1, 2021
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Conglomerates' insider stock ownership up in 2021
Insider stock ownership at South Korea's family-run conglomerates rose this year as more founding members and their families sought to tighten their grip on management, the antitrust regulator said Wednesday. The insider stock ownership rate of 60 conglomerates having group owners reached 58 percent his year, up 1 percentage point from a year earlier, according to the Korea Fair Trade Commission (KFTC). Insider stock ownership refers to the stocks held by the founding members and his or her im
Sept. 1, 2021
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Doosan unveils industry’s most efficient fuel cells for homes, buildings
Doosan Corp. said Wednesday it has developed the industry’s most efficient solid oxide fuel cell for homes and buildings, with plans to offer the new product to the market next year. According to the holding firm of Doosan Group, the 10-kilowatt SOFCs can turn hydrogen into electricity 40 percent more efficiently than polymer electrolyte membrane fuel cells now available in the market. Also, the 10-kW SOFCs exhibit the same efficiency as 5-kW SOFCs, but require 50 percent less space to
Sept. 1, 2021