Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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KT launches new mobile plans for foreign residents
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Samsung Display's low-power OLED panels inside latest foldable phone
Samsung Display’s new power-saving OLED display panels can be found inside Samsung Electronics’ latest smartphone, the Galaxy Z Fold3, according to the display maker on Monday. The new displays, developed with what the company brands as Eco2 OLED technology, cut power consumption by up to 25 percent, it added. The firm has made a number of efforts to debut low-power OLED panels, with a focus on polarizers. Polarizers are key components in a panel that eliminate reflections from e
Aug. 16, 2021
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Korean Air mulls rerouting flights to avoid Afghan airspace
Korean Air Lines Co., South Korea's biggest carrier, said Monday it will consider rerouting flights to avoid Afghanistan's airspace following the Taliban's takeover of Kabul. Korean Air said some of its cargo flights have used the Afghan airspace at high altitudes, though its passenger flights have not. "We are closely monitoring the (political) situation in Afghanistan and may change our routes if necessary," a company spokeswoman said over the phone. The move is in line with majo
Aug. 16, 2021
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[Law Talk] More questions than answers: Who is the ‘responsible executive’ under the Serious Accidents Punishment Act?
Under the highly controversial Serious Accidents Punishment Act, which was codified by the National Assembly in January this year, business owners and responsible executives are required to comply with new health and safety obligations. A failure to comply with such requirements that results in serious bodily harm will subject them to significant civil liability and administrative/criminal penalties. The introduction of the act is seen as a legislative effort by the South Korean government to
Aug. 16, 2021
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Samsung Asset’s hedge fund arm merger falls through
Samsung Asset Management has withdrawn its plan to merge its hedge fund arm following a yearslong delay since the announcement, a filing showed Monday. The proposed merger of Samsung Asset and its wholly owned Samsung Hedge Asset Management was scrapped with the consent of the parties concerned, according to the filing submitted to the Korea Financial Investment Association. The merger plan was announced in April 2020 and was designed to be completed by August the same year. But the plan has
Aug. 16, 2021
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Tesla stocks lose luster among Korean investors
South Korean investors’ appetite for shares in electric vehicle maker Tesla has been on the wane over the past few months, with many turning to vaccine-related stocks, including Moderna, data showed Monday. While Tesla remains a top pick for Korean investors, with combined holdings of $9.7 billion as of Aug. 10 -- the highest here among US-listed stocks -- there were signs that Koreans had begun selling off shares in the world’s largest electric car maker in June, according to data
Aug. 16, 2021
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[Gadget Review] Samsung foldables deserve credit for upgrades
Samsung Electronics’ two latest foldable smartphones, Galaxy Z Fold3 and Z Flip3, didn’t seem to have the “wow” factor when first unveiled, but at a closer look, they do deserve some praise. As a user of Z Flip, with a husband who also owns the Galaxy Z Fold, I personally had expectations for new editions of the foldable devices, hoping they would be “more comfortable” to use in daily life. As I had hoped, Galaxy Z Fold3 became slightly thinner and lighte
Aug. 16, 2021
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Tax revenue linked to asset markets jumps 76% in H1
South Korea’s tax revenue from asset markets surged nearly 76 percent on-year in the first half amid an increase in housing transactions and stock trading, a ruling party lawmaker said Monday. According to data submitted by the Ministry of Economy and Finance to Rep. Yang Kyung-sook of the ruling Democratic Party, the government collected about 36.7 trillion won ($31.5 billion) worth of tax revenue linked to asset markets in the January-June period. The government’s total tax inco
Aug. 16, 2021
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Lotte E&C chosen as preferred bidder to build general hospital in Hanam
Lotte Engineering & Construction has been chosen as the preferred bidder to build a general hospital in Hanam, Gyeonggi Province, as part of the city’s urban development project. According to the construction arm of Lotte Group, a consortium consisting of seven companies, including Lotte E&C, has been chosen for the H2 Project. Other companies participating in the consortium include Kumho Engineering & Construction and the Industrial Bank of Korea. Following the selection,
Aug. 16, 2021
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[Newsmaker] Blame game intensifies over Mergepoint fiasco
The blame game between financial authorities and discount app operator Mergeplus intensified Monday, leaving customers who bought coupons uncertain as to whether they would lose their money. Mergeplus launched Mergepoint, an electronic payment service, in 2018. Consumers can buy Mergepoints for 20 percent less than their face value, and use them in local retail franchises, convenience stores and coffee shops. The substantial discounts on offer have helped the service attract about 1 million u
Aug. 16, 2021
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Kakao opens blockchain units in Singapore, eyes expansion overseas
Kakao Group, which operates messenger app KakaoTalk, has established two new blockchain entities in Singapore in an effort to expand its blockchain platform abroad and chase after its biggest competitor, Naver. According to local media reports Monday, Kakao recently founded the nonprofit Klaytn Foundation and global accelerator unit Krust in the city-state. With the two at the forefront, the South Korean internet giant will pursue the globalization of its public blockchain project, Klaytn,
Aug. 16, 2021
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HHI to complete payment for Doosan Infracore this week
Hyundai Heavy Industries Group is to complete payment for the acquisition of Doosan Infracore this week, in a deal that would put the ship-focused group atop of the country’s construction equipment industry, according to industry officials Monday. In February, the group’s holdings company formed a consortium with KDB Investment and signed a contract to buy a controlling 34 percent stake in Doosan Infracore, held by Doosan Heavy Industries. It agreed to pay 850 billion won ($730 mi
Aug. 16, 2021
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Doosan Heavy consortium wins W180b British deal
The consortium formed by Doosan Heavy Industries's British unit and a British firm has received a 180 billion-won ($155 million) water treatment deal, Doosan said Monday. Doosan Heavy's wholly owned Doosan Enpure joined hands with BAM Nuttall to obtain the deal for the relocation of the Guildford sewage treatment facility from Thames Water, Britain's largest water and wastewater services company, the company said in a statement. "We will complete the construction of a new sewage treatme
Aug. 16, 2021
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LG Energy Solution signs battery materials deal in Australia
LG Energy Solution Ltd., South Korea's leading battery company, said Monday it has signed a six-year deal with Australian Mines Ltd. for a stable supply of key battery materials. In the deal that will begin at the end of 2024, LG Energy Solution will receive 71,000 tons of nickel and 7,000 tons of cobalt from the Australian company over six years, the South Korean firm said in a statement. "Securing key raw materials and a responsible battery supply chain has become a critical element i
Aug. 16, 2021
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Korean exporters targeted in 225 trade-restrictive measures in H1
South Korean exporters faced a total of 225 trade-restrictive measures in 28 countries as of June this year, amid a continued hold of protectionism, the state-run trade promotion agency said Sunday. In its report assessing global trade environments for local firms in the first six months of this year, the Korea Trade-Investment Promotion Agency counted 225 measures in place at 28 countries around the world that target imports of Korean goods. The measures include anti-dumping, countervailin
Aug. 15, 2021
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Tesla Korea sales up 300 percent in 2020
Foreign companies doing business in South Korea fared well amid the pandemic last year, with electric carmaker Tesla reporting a whopping 300 percent increase in sales, a report showed Sunday. According to data compiled and released by CEO Score, a local market researcher, the aggregate sales of the top 50 foreign-owned companies in Korea reached 21.8 trillion won ($18.76 billion) in 2020, up 15 percent from the previous year. Operating profits rose 42.2 percent to 1.2 trillion won. The data
Aug. 15, 2021
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[Battery+] Batteries will emit 1 percent of world’s carbon. What should be done?
Mix melted butter with minced garlic and parsley, and spread the paste over bread. Heat in the oven and there you have crispy garlic bread. Lithium-ion batteries follow the exact same recipe. Mix toxic liquid called solvent with active materials and spread the slurry over thin metal plates 1.5 meters wide. Put the plates inside a giant, 100-meter-long oven so the solvent evaporates. The coated metal plates are punched into the right shapes and sizes and then stacked like a sandwich or roll
Aug. 15, 2021
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What’s Samsung chief’s next move?
All eyes are on Lee Jae-yong’s next move after the vice chairman of Samsung Electronics, released from jail on parole on Friday, set about saving the nation’s pandemic-hit economy. Straight from the Seoul Detention Center in Uiwang, Gyeonggi Province, where he served 60 percent of his 2 1/2-year sentence, Lee went to the Samsung headquarters in Seocho, southern Seoul, and stayed there until night. He was reported to have received a briefing from Samsung Electronics Vice Chairman
Aug. 15, 2021
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Meet market winners and losers in times of pandemic
By The Investor team The South Korean financial and investment market has been going through probably the biggest and fastest change in its modern history under the COVID-19 pandemic, which still shows no sign of abating. It may not be the case just for Asia’s fourth-largest economy, as global markets as a whole have also been greatly touched by the spread of the virus and a series of expansionary fiscal measures, as well as the lockdowns that followed. What appears to have made the
Aug. 15, 2021
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FTC to conclude on price rigging allegation of shippers next month
The Fair Trade Commission is expected to decide next month on punitive actions against major shippers following allegations that shipping lines from both home and abroad have rigged freight charges. According to government sources on Sunday, the FTC plans to hold a full-member meeting to discuss whether the accused 23 companies colluded to raise shipping costs for service on a Southeast Asian sea route. The allegation was first reported to the FTC by importers in the timber industry in 2018.
Aug. 15, 2021
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Samsung Electronics' market presence at lowest in 23 months
Giant chipmaker Samsung Electronics Co. saw its presence on the main bourse drop to the lowest in 23 months in terms of market capitalization amid a sharp drop, data showed Sunday. The tech behemoth's value stood at some 444 trillion won ($400 billion) as of Friday, or 19.43 percent of the KOSPI's total market value of 2,285 trillion won. It is the first time that the bellwether's weighting against the total market cap fell below the 20-percent mark since September, 2019. The figure marks a s
Aug. 15, 2021