Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Liberal bloc moves to rewrite student rights ordinance
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Seoul stocks slightly up ahead of Fed chair's speech
South Korean stocks finished higher Friday after a choppy session as investors await the comments from the chief of the US Federal Reserve about its tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.37 points, or 0.17 percent, to close at 3,133.9 points. Trading volume was low at about 512 million shares worth some 10.9 trillion won ($9.3 billion), with gainers outnumbering losers 586 to 259. Foreigners sold a ne
Aug. 27, 2021
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Prosecutors raid Daewoong Pharmaceutical, charges not verified yet
Daewoong Pharmaceutical is under a prosecutors’ investigation, with industry sources suggesting Friday that the subject of the probe is trade secret misappropriation. The Seoul Central District Prosecutor’s Office said it conducted a search and seizure operation at Daewoong’s headquarters in Samsung-dong, Gangnam-gu, Seoul, Thursday. Officials from the prosecutor’s office did not disclose charges against the South Korean pharmaceutical firm. Some industry sources ra
Aug. 27, 2021
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FSC chief nominee hints at tougher measures to curb household debt
Financial Services Commission Chairman nominee Koh Seung-beom said Friday that the financial regulator plans to take additional policy actions to curb a sustained increase in household debt, citing high indebtedness as the main drag on Asia‘s fourth-largest economy. “The government unveiled a set of steps to rein in household debt in April, but the economic fallout from the prolonged COVID-19 pandemic has continued to drive up the debt growth,” Koh said in a parliamentary hear
Aug. 27, 2021
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KB Securities seeks approval to acquire Indonesian brokerage firm
South Korean banking giant KB Financial Group is ramping up its push to venture into the Indonesian financial industry, as its securities brokerage arm awaits a regulatory approval to set foot in the largest economy in Southeast Asia. KB Securities, a Seoul-based investment bank and brokerage house, said Friday it is poised to inject some 50 billion won ($42.8 million) in capital to become a new shareholder of an undisclosed midsized Indonesian firm dedicated to securities underwriting and bro
Aug. 27, 2021
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Samsung's new Galaxy Z series lands in 40 countries worldwide
Samsung’s Galaxy Z Fold 3 and Galaxy Z Flip 3 officially landed in stores worldwide Friday. The company announced Friday, that it was rolling out its latest foldable smartphones series in 40 countries including South Korea, the United States, Canada, the United Kingdom and France. The products will be available in 130 countries by October, Samsung said. Presales were strong around the globe, the company said. Total preorders logged in 70 countries greatly surpassed that of its previou
Aug. 27, 2021
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LG Magna kick-starts plant operation in Korea
LG Magna e-Powertrain, a joint venture between South Korea’s LG Electronics and Canada’s Magna International, has kick-started its operation in Korea. The company revealed the inside of its plant located in Incheon on Friday, showing that its operation is going as planned. At its Incheon plant, the new firm will be dedicated to producing electric motors, inverters, onboard chargers and electric drive systems. The joint venture officially kicked off on July 1 under leadership of
Aug. 27, 2021
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Samsung loses top spot in Indian earwear market in Q2: report
Samsung Electronics Co. lost its top spot in India's ear-worn device market in the second quarter of the year, a report showed Friday, as its rival brands expanded their presence. The South Korean tech giant registered a market share of 7.9 percent in the April-June period, sharply down from their 30.4 percent share a year earlier, settling for the third position in the Indian earwear market, according to industry researcher International Data Corp. (IDC). Samsung's shipment of smart ea
Aug. 27, 2021
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S. Korea, IDB ink loan program for Latin America
South Korea on Friday inked an agreement to expand a joint loan facility program with the Inter-American Development Bank (IDB) in a bid to support infrastructure development in Latin America. Finance Minister Hong Nam-ki and IDB President Mauricio Claver-Carone signed the agreement between the Economic Development Cooperation Fund (EDCF), South Korea's lower-interest loan scheme with emerging countries, and the regional development bank, according to the Ministry of Economy and Finance. The a
Aug. 27, 2021
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Samsung ups tablet market share in Europe, Middle East, Africa in Q2: report
Samsung Electronics Co. expanded its presence in the Europe, Middle East and Africa (EMEA) tablet market in the second quarter of the year, a report showed Friday, despite an overall market decline. The South Korean tech giant shipped 3.55 million tablets in the EMEA market in the April-June period for a 30.1 percent market share, according to the latest report from industry researcher International Data Corp. (IDC). The figures were up from a year earlier when the company shipped 3.42 milli
Aug. 27, 2021
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[Graphic News] Online food market soars 45% in H1 amid pandemic
South Korea's online food market jumped more than 45 percent in the first half of the year from a year earlier, due to the fallout from the coronavirus pandemic, data showed. The value of online food transactions in Asia’s fourth-largest economy stood at 27.8 trillion won ($23.5 billion) in the January-June period, up 45.4 percent from a year earlier, according to data from Statistics Korea and industry sources. It was the largest half-year tally, breaching the previous record of
Aug. 27, 2021
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Seoul stocks open lower on US tapering uncertainties
South Korean stocks opened steeply lower Friday as investors await the results of the meeting in Jackson Hole, Wyoming, for clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.65 points, or 0.31 percent, to trade at 3,118.88 points in the first 15 minutes of trading. The KOSPI and its global stock peers retreated amid concerns that the Fed could start rolling back its accommodative policies as early as later t
Aug. 27, 2021
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Exports expected to jump 34.5% in August on chips, autos: poll
South Korea's outbound shipments are predicted to increase 34.5 percent on-year in August on strong global demand for chips and automobiles despite the protracted COVID-19 pandemic, a poll showed Friday. Exports are expected to reach $53 billion won this month, according to the survey of seven brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency. Imports are estimated to rise 44.8 percent on-year in August to $51.8 billion, resulting in a trade surplus of $1.2 bil
Aug. 27, 2021
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S. Korea produced only 1 unicorn startup this year: report
South Korea has produced only one unicorn startup so far this year, falling far behind the US and China, according to a report from the Federation of Korean Industries. Across the world, a total of 291 startups have attained unicorn status -- reaching a market valuation of over $1 billion -- during the January-July period, according to the FKI report, citing data from tech market research firm CB Insights. Market Kurly, a food delivery and logistics platform here, was the only South Korean e
Aug. 26, 2021
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FTC to look into problems consumers face on e-commerce platforms
South Korea’s Fair Trade Commission will commission a research project to determine the major problems that consumers face when they use e-commerce platforms, in an effort to seek a better understanding of the booming e-commerce sector. According to government sources Thursday, the antitrust watchdog posted a notice on the state-run Korea ON-Line E-Procurement System on Monday, seeking bidders to carry out the project. The FTC saw the need for systemized research on the issue as e-comme
Aug. 26, 2021
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Posco Chemical, OCI invest W74.5b in battery material
P&O Chemical, a joint venture between Posco Chemical and OCI, will produce petroleum pitch material for lithium-ion batteries, to respond to increasing demand for battery cells around the globe, Posco Chemical said Thursday. Petroleum pitch is used as a base material for anodes when producing lithium-ion batteries. According to Posco Chemical, the company and its partner OCI will invest a combined 74.5 billion won ($63.4 million) in the joint venture’s project, with a goal of secu
Aug. 26, 2021
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SMEs, borrowers brace for impact of rate hike
Businesses and individual borrowers in South Korea voiced criticism on Thursday over the central bank’s decision to raise its key interest rate for the first time in 15 months, due to a possible increase in their debt burdens. In an effort to counter growing inflationary pressure and household debt, the Bank of Korea hiked its key rate by 0.25 percentage point to 0.75 percent. The move is likely to exacerbate debt-servicing burdens, particularly for the self-employed and small business
Aug. 26, 2021
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Korea to deliver W11tr in subsidies before Chuseok
South Korea will launch another round of COVID-19 cash handouts for nearly 90 percent of Koreans, as well as other financial support for small merchants, before the Chuseok holiday in September. Authorities plan to provide 11 trillion won ($9.4 billion) to people in the bottom 88 percent income bracket under this year’s second extra budget, worth 34.9 trillion won. The government aims to distribute 90 percent of the subsidies by the end of September. The beneficiaries will be selected
Aug. 26, 2021
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[News Focus] National debt surges W100tr in just 9 months
SEJONG -- South Korea’s national debt is estimated to have surpassed 900 trillion won ($770 billion) this year for the first time, though the government has yet to publicize the updated official figure. According to calculations by the National Assembly Budget Office, the national debt – debt directly held by the central and local governments -- was estimated at 938.9 trillion won as of Thursday. The latest official figure, unveiled by the government, was 898.1 trillion won as of J
Aug. 26, 2021
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Seoul stocks snap 3-day winning streak on BOK's rate hike
South Korean ended its three-day winning streak Thursday as the central bank delivered its first pandemic-era rate hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 18.28 points, or 0.58 percent, to close at 3,128.53 points. Trading volume was moderate at about 719 million shares worth some 13.2 trillion won ($11.3 billion), with losers outnumbering gainers 488 to 349. Foreigners sold a net 363 billion won, while retail investor
Aug. 26, 2021
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Nexon rookies offer tips for internship applicants
Nexon employees hired within the past two years have created seven-minute video clips to share their experiences with new recruits. The company is hiring interns as part of its six-month Nexon Tutorial program. In the clips, five employees from the game firm’s four divisions -- business, new development, live development and intelligence labs -- briefly introduce their work and offer candid thoughts for people hoping to land internships at the company. Nexon Tutorial, launched this ye
Aug. 26, 2021