Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Posco partners with China’s HBIS Group to product automotive steel sheets
South Korean steelmaker Posco is working with Chinese steel producer HBIS Group Co. to produce and sell automotive galvanized steel sheets, the company said Friday. Through an online signing ceremony, the two companies inked an agreement to establish an equally invested joint company, Posco said. Posco Chief Executive Officer Choi Jeong-woo and Kim Hag-dong, the head of steel business unit, attended the event. “From our collaboration with HBIS Group we plan to reinforce our position a
June 25, 2021
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Shinsegae Department Store to build new landmark in Suseo
Shinsegae Department Store will build a new department store in the envisioned Suseo Station Transit Center Complex, the company said Friday. According to the retail giant, a consortium led by Hanwha Engineering and Construction and participated in by Shinsegae has been chosen as the preferred candidate for the Suseo Station Transit Center Complex Development Project, which is worth about 1.2 trillion won. The Suseo Station Transit Center Complex Development Project aims to develop a 115,927
June 25, 2021
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Banks’ dividend cap to be lifted from July
South Korea’s top financial regulator said Friday it will lift the current 20 percent dividend cap imposed on local lenders and financial holding firms on July 1, raising the possibility of interim dividends in the second quarter. The decision came as most of Korea’s major banks and financial holding companies were found to have maintained financial soundness amid the prolonged COVID-19 pandemic. They passed the authority’s latest stress test, conducted between May and
June 25, 2021
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Samsung Electronics and affiliates to vaccinate workers from July
Samsung Electronics and its affiliates will start vaccinating its workers at their in-house clinics starting next month, according to industry sources on Friday. The flagship electronics unit and affiliates, including Samsung Display, Samsung SDI and Samsung Electro-Mechanics, will run an in-house vaccination program as part of efforts to beef up antivirus measures amid the COVID-19 pandemic. Samsung Electronics notified its employees on Friday the company will start the vaccination progra
June 25, 2021
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KH Group to acquire Alpensia Resort for W710bn
KH Gangwon Development, a special purpose company of KH Group, will acquire the Alpensia Resort in PyeongChang, which was used as a venue for the 2018 Winter Olympics, the company announced Friday. The company signed an agreement with Gangwong Province on Thursday to purchase the resort, some 180 kilometers east of Seoul, for 710 billion won ($629.65 million). The deal is expected to be finalized by Aug. 23, after due diligence. The Alpensia Resort served as the main location of the firs
June 25, 2021
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‘Ride the global tide through innovation procurement’
Amid a constant influx of new technologies that has changed the way we live, work and communicate, COVID-19 has drastically accelerated digital transformation. The expedited digitalization has prompted to expand the industrial scope of future markets where national borders and the boundaries between the online and offline world are becoming ever more blurred. Thus, at present, major economies across the globe fiercely compete with one another to get ahead in future promising industries. Agains
June 25, 2021
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Insects may be used to produce eco-friendly biodiesel: researchers
A group of South Korean researchers on Friday announced a method to produce environment-friendly fuels utilizing remains of high-fat infects, which is expected to lend support to the country's efforts to go carbon neutral by 2050. "Black soldier flies have great potential to be used to produce biodiesel, considering they feed on food waste and have a high fat content," the Korea Petroleum Quality & Distribution Authority (K-Petro) said in a statement. It added the method is signi
June 25, 2021
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Samsung Electronics to vaccinate its workers from next month
Samsung Electronics Co. on Friday said it will begin running an in-house vaccination program for its workers next month to beef up antivirus measures amid the pandemic. The tech giant will inoculate employees aged 18-59 working at its plants in South Korea, as well as those dispatched from its partner companies, in cooperation with local health authorities. They will begin administering Moderna's COVID-19 vaccine at Samsung's in-house medical clinics July 27. Its affiliate Samsung Display Co.
June 25, 2021
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Kospi hits 3,300 points on US infrastructure plan
South Korea‘s first-tier stock bourse index Kospi hit an all-time high Friday to close at over 3,300 points, maintaining a winning streak for the fourth consecutive day. This is the first time the composite benchmark index representing the Korea Exchange’s main board exceeded 3,300 points since its birth in 1980. The Kospi closed at 3,302.84 points on Friday, up 0.5 percent from the previous day. Its 808 listed companies‘ combined market cap stood at 2,311.6 trillion won ($2
June 25, 2021
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Overseas direct investment dips 21.6% in Q1 amid pandemic
South Korea's overseas direct investment declined 21.6 percent on-year in the first quarter amid the fallout of the COVID-19 pandemic, data showed Friday. The value of investments made by South Korean companies reached $11.2 billion in the January-March period, compared with $14.3 billion the previous year, according to the data by the Ministry of Economy and Finance. Such investments declined after a 4.7 percent on-year increase in the fourth quarter of last year. The country's overseas direc
June 25, 2021
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Manufacturers' biz sentiment improves for July
South Korean manufacturers' business sentiment rose for July mainly due to growing demand for semiconductors and electronic parts, central bank data showed Friday. The business sentiment index (BSI) for local manufacturers came to 99 for July, up from 97 for June, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber optimists. A modest recovery in exports and
June 25, 2021
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Posco, partner firms forge pact on shared growth
South Korean steelmaker Posco on Thursday vowed to pursue shared growth with its approximately 90 partners and suppliers. Posco Chairman Choi Jeong-woo proclaimed the new doctrine at a ceremony attended by representatives of labor unions at local firms tied to the steelmaker, as well as dignitaries such as Moon Sung-hyun, chairperson of the Economic, Social, and Labor Council under the presidential office, North Gyeongsang Province Gov. Lee Cheol-woo, Pohang Mayor Lee Kang-deok and lawmakers f
June 24, 2021
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Online hair salon bookings up 365%: Gmarket
Gmarket reported sharp increases in sales of vouchers for hairdressing salons, restaurant meals and cinema seats, the e-commerce giant said Thursday, calling it a sign that consumption is recovering. Sales of restaurant vouchers between May 21 and June 20 rose 67 percent on-year at Gmarket, while sales of movie tickets and vouchers for hairdressing salons respectively soared 183 percent and 365 percent on-year, the firm added. Auction, another one of the country’s major online shopping
June 24, 2021
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Constitutional Court rules in favor of Tada ban
An amendment to a law that effectively suspended the operations of Tada, a homegrown ride-hailing service, was ruled constitutional by the Constitutional Court on Thursday, putting an end to a yearlong dispute in the transportation industry. In its judgment, the court said Tada’s service based on rented vans had “greatly increased social conflicts because it practically offered a taxi service without being subject to regulations affecting the taxi industry.” The law was ame
June 24, 2021
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DataStreams suggests blockchain-based trading of big data
South Korean big data firm DataStreams said Thursday that it has presented a system for brokerless trading and circulation of big data using a blockchain solution. Ahn Hyun-joo, head of the firm’s product services department, and his two co-authors presented the research paper at a conference organized by the Korea Society of Management Information Systems on June 18. In their study, the trio offered a way to use blockchain technology to build an exchange platform for big data, enabling
June 24, 2021
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Kospi hits record high on hopes of economic recovery
Fueled by hopes of a fast economic recovery, South Korea’s benchmark Kospi topped the 3,280-point mark for the first time at Thursday’s closing. It also hit a new high during intraday trading, attempting to touch the 3,300-point threshold. Extending its winning streak to a third consecutive session, the Kospi gained 0.3 percent to close at 3,286.10, replacing the previous closing high of 3,278.68 set June 16. The key stock index once touched as high as 3,292.27 in the morning trade
June 24, 2021
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FSC allows provincial banks to start MyData business
South Korea’s top financial regulator said Thursday that it had granted approval to two regional banks -- Jeonbuk Bank and Daegu Bank -- to offer MyData services. It was a move to foster the burgeoning data-driven business segment, whereby the country’s major commercial banks have already begun procedures to launch related services. The policymaking Financial Services Commission granted preliminary MyData licenses to six financial firms, officials said. The others are KB Cap
June 24, 2021
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Medytox to start phase 3 clinical study of new botulinum toxin treatment
Medytox will begin a phase three clinical trial of its next-generation botulinum toxin treatment MBA-P01, according to an announcement from the company Thursday. The firm’s investigational new drug application for the new botulinum toxin treatment gained approval the previous day from the Ministry of Food and Drug Safety. Medytox will carry out the study at four local medical institutes on a total of 318 people with moderate to severe glabellar frown lines. The firm has been developi
June 24, 2021
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[Newsmaker] LG’s iPhone plan faces controversy
LG Electronics’ plan to start selling Apple’s iPhones at its stores is facing backlash from local phone distributors and a private consensus-based panel on shared growth on Thursday threw weight behind opponents, saying LG would be breaking its word if it pushes ahead with the plan. The Korea Commission for Corporate Partnership cited the firm’s pact with the commission signed in 2018 in which LG pledged to strive for co-prosperity with small players in the industry. LG,
June 24, 2021
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Hanon Systems acquisition talks offset overvaluation concern: analyst
South Korean auto parts maker Hanon Systems’ overvaluation concern due to foreign clients‘ delay in production is being offset by acquisition talks, analysts said Thursday. This comes as a major shareholder of Hanon Systems, private equity firm Hahn & Co., is considering selling a controlling stake in the thermal management automotive supplier. Hahn & Co. has named Morgan Stanley and Evercore as the deal manager, six years after it took over control of the company with Hank
June 24, 2021