Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Carbon neutrality costs astronomical for petrochemical, steel industries
South Korea’s aggressive goal of carbon neutrality by 2050 would cost the nation’s petrochemical and steel industries enormous amounts of money, data showed Wednesday. According to an internal document from the Korea Petrochemical Industry Association disclosed by Rep. Yang Kum-hee from the main opposition People Power Party, the domestic petrochemical industry will emit 110 million metric tons of carbon in 2050 and it would require 270 trillion won ($233.9 billion) to curb those
Aug. 11, 2021
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Korea recalls 28,946 vehicles from 6 major automakers
South Korea on Wednesday ordered a recall of 28,946 vehicles of 35 types either manufactured, imported or sold by six automakers -- Hyundai Motor, BMW Korea, Mercedes-Benz Korea, Jaguar Land Rover Korea, Toyota Motor Korea and Honda Korea. According to the Ministry of Land, Infrastructure and Transport, 10,407 units of nine-seater van Grand Starex manufactured or sold by Hyundai Motor will be recalled after defects were found in the model’s propeller shaft. “Damages were found
Aug. 11, 2021
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Job growth slows for 3rd month on toughest social distancing
The pace of recovery in South Korea’s job market has slowed down for the third consecutive month in July due to the kickoff of the toughest social distancing rules adopted to combat the fourth wave of the COVID-19 pandemic, data showed Wednesday. While employers added 542,000 more jobs on-year last month, extending gains for the fifth consecutive month, its growth momentum has been slowing since May, data compiled by Statistics Korea showed. The overall number of those employed amounted
Aug. 11, 2021
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Banks' H1 net jumps 59% on KDB's one-off gains
South Korean banks saw their first-half earnings jump 59 percent from a year earlier due largely to a one-off gain by state policy lender Korea Development Bank (KDB), data showed Wednesday. The combined net profit stood at 10.8 trillion won ($9.35 billion) in the January-June period, compared with a profit of 6.8 trillion won the previous year, according to the data from the Financial Supervisory Service (FSS). The gains came as KDB reported a jump in valuation of its stock holdings and logge
Aug. 11, 2021
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Banks' household loans jump in July
South Korean banks' household loans jumped in July, fueled by demand for home-backed lending and overdrafts for stock investments, central bank data showed Wednesday. Outstanding bank loans to local households came to 1,040.2 trillion won (US$902 billion) as of end-July, up 9.7 trillion won from a month earlier, according to the data from the Bank of Korea (BOK). It marked the largest on-month gain for any July since 2004 when the central bank began compiling related data. The BOK said July's
Aug. 11, 2021
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S. Korea's 10th budget carrier begins services
South Korea's 10th budget carrier Air Premia Co. on Wednesday began services on the Gimpo-Jeju route to meet local travel demand amid the extended COVID-19 pandemic. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet, the co
Aug. 11, 2021
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Samyang Ramen gets facelift in taste, packaging design
Confectionary maker Samyang Foods is revamping its flagship instant noodle product Samyang Ramen to celebrate the firm’s 60th anniversary. According to the company Wednesday, various recipe changes were made to Samyang’s signature ramen to enhance flavor and texture. It increased vegetable contents by 30 percent in the seasoning powder, added beef flakes to enhance the product’s signature flavor, as well as renewed the dried noodles for a chewier texture. The spicier versio
Aug. 11, 2021
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SK Telecom's Q2 net nearly doubles on equity gain, 5G growth
SK Telecom Co., South Korea's top wireless carrier, said Wednesday its second-quarter net income rose 84 percent on-year thanks to gains in its equity ties with its chip-making affiliate SK hynix Inc. and growth in 5G users. Net income stood at 795.7 billion won ($689.2 million) in the April-June period on a consolidated basis, compared with 432.3 billion won a year earlier, according to a regulatory filing. Operating income rose 10.8 percent to 396.6 billion won over the same period, while sa
Aug. 11, 2021
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S. Korea's fishery output up 5% in H1
South Korea's fisheries output rose 5.2 percent on-year in the first half of this year on the back of improved production from the aquaculture sector, data showed Wednesday. The total fisheries output amounted to 2.3 million tons in the January-June period, compared with 2.2 million tons tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. In terms of value, the output came to 4.45 trillion won ($3.86 billion), up 8.7 percent on-year. The aquaculture
Aug. 11, 2021
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Netmarble cashes in W430b upon KakaoBank listing
South Korea‘s gaming giant Netmarble has divested a 1.3 percent stake in KakaoBank to cash in 430.2 billion won ($372.8 million), a filing showed Wednesday. The disclosure came on the heels of the mobile-only lender’s blockbuster debut on the Korea Exchange on Friday, opening the doors for the early-stage investor in the lender to carry out a partial exit from its investment target. According to the filing submitted to the Financial Supervisory Service, Netmarble unloaded its 6 mi
Aug. 11, 2021
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Budget carrier Air Premia begins services on Jeju route
South Korean budget carrier Air Premia Co. has begun services on the Gimpo-Jeju route to meet travel demand amid the extended COVID-19 pandemic, the company said Wednesday. Last month, the Ministry of Land, Infrastructure and Transport issued an air operator certificate to Air Premia to allow the carrier to use aircraft for commercial purposes. On Wednesday, Air Premia started daily flights connecting Gimpo to the country's southern resort island of Jeju with the 309-seat B787-9 passenger jet,
Aug. 11, 2021
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Exports up 46.4% in first 10 days of August
South Korea's exports rose 46.4 percent on-year in the first 10 days of August on the back of robust demand for chips and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $12.7 billion in the Aug. 1-10 period, compared with $8.69 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 63.1 percent on-year to $17.4 billion, resulting in a trade deficit of $4.69 billion during the cited period, the data showed. By
Aug. 11, 2021
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Job growth slows in July amid 4th wave of pandemic
South Korea reported job additions for the fifth straight month in July, but the growth pace slowed as employment in face-to-face service segments was hit hard by the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.65 million last month, 542,000 more than a year earlier, according to the data compiled by Statistics Korea. The July additions were lower than an on-year increase of 582,000 the previous month. Amid an economic recovery, the country has
Aug. 11, 2021
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Seoul stocks open lower on virus concerns
South Korean stocks opened lower Wednesday as a spike in new coronavirus cases weighed on investor sentiment. The benchmark Korea Composite Stock Price Index (Kospi) fell 7.24 points, or 0.22 percent, to 3,235.95 points in the first 15 minutes of trading. Stocks got off to a weak start as South Korea reported a record number of daily coronavirus cases above 2,200, stoking concerns of a growing nationwide outbreak despite toughened restrictions. Market bellwether Samsung Electronics fell 0.87
Aug. 11, 2021
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[News Focus] Samsung’s nonmemory plans needs renewed push from Lee
It was Samsung Group’s de facto chief Lee Jae-yong who in 2019 unveiled Samsung Electronics’ whopping 133 trillion won ($155.77 billion) investment plan, in front of President Moon Jae-in, with a vision to grow the presence of the world’s No. 1 memory chip maker in nonmemory fields. Two years have passed and the Korean chipmaker appears to have made little process on the quest. With its chief busy fighting criminal charges, including bribery and embezzlement, and being plac
Aug. 10, 2021
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Banks' crypto transaction fee revenues rise 140%
South Korea‘s banks saw a sharp increase in transaction fees from cryptocurrency exchanges in the second quarter, despite heavy fluctuation in the cryptocurrency market. The three banks in partnership with cryptocurrency exchanges -- K bank, NH Nonghyup Bank, and Shinban Bank -- made a total of 16.9 billion won ($14.71 million) from the transaction fees of the four cryptocurrency exchanges they provide real name accounts for -- Upbit, Bithumb, Coinone and Korbit -- according to data co
Aug. 10, 2021
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SK Bioscience‘s COVID-19 vaccine to begin phase 3 trial
SK Bioscience has been given the green light to proceed with a late stage clinical trial of its COVID-19 vaccine candidate, heightening expectations for a homegrown vaccine becoming available next year. The Ministry of Food and Drug Safety announced Tuesday that it has given approval to the SK Group company’s plan for the final-stage Phase 3 study of GBP510, based on interim data from the company’s phase 1clinical trial. Developed in collaboration with the University of Washingt
Aug. 10, 2021
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Krafton market debut disappoints
Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, suffered a disappointing market debut upon its landing on the country’s benchmark Kospi Tuesday, although it drew wide attention at home and abroad as the second largest in value in initial public offering market history here. Shares of Krafton closed at 454,000 won ($395.10), up 1.23 percent from its opening of 448,500 won determined between 8:30 a.m. and 9 a.m. in its first trading session.
Aug. 10, 2021
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Seoul stocks down for 4th session amid virus concerns, profit-taking
South Korean stocks retreated for the fourth straight session Tuesday, as concerns over the spread of the new coronavirus turned investors risk-averse. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 17.23 points, or 0.53 percent, to close at 3,243.19 points. Trading volume was high at about 719 million shares worth some 21.4 trillion won ($18.6 billion), with gainers outnumbering losers 647 to 214. Foreigners sold a net 638 billion w
Aug. 10, 2021
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Naver to acquire 15% stake in Cafe24 in e-commerce push
South Korean internet giant Naver is poised to acquire a 15 percent stake in e-commerce solutions provider Cafe24 for 137.2 billion won ($119.4 million), filings showed Tuesday. Cafe24 plans to issue 3.3 million ordinary shares for the third-party rights offering to invite Naver as its new shareholder, according to filings submitted to the Financial Supervisory Service. In turn, Naver looks to acquire the stake by contributing its 310,300 treasury shares in kind, whose valuation matches newl
Aug. 10, 2021