Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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
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Kolon Industries to double production of aramid, key material for 5G, EV
Kolon Industries said Thursday it will inject 236.9 billion won ($208.6 million) to double the annual production capacity of aramid, a key raw material for fifth-generation network cables and electric vehicles, from the current 7,500 metric tons to 15,000 tons by 2023. According to the textile and chemical unit of Kolon Group, this is the second three-year expansion of its aramid plant in Gumi, North Gyeongsang Province. From 2017 to 2020, the company expanded the facility’s capacity 5
June 24, 2021
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LG CNS-RaonSecure to develop Korea’s 1st mobile ID
A consortium of LG CNS and RaonSecure said Thursday that it has won a state-led project to develop South Korea’s first digital identification. The IT solution affiliate of LG Group and the local cybersecurity solutions provider will together develop a digital version of the driver’s license by the end of this year for a project commissioned by the Ministry of the Interior and Safety and the Korea Minting, Security Printing and ID Card Operating Corp. Currently, three major telecom
June 24, 2021
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Rate hike to come this year, BOK chief says
The chief of South Korea’s central bank said Thursday that its “interest rate normalization” will come at an “appropriate time” by the end of the year, setting a solid time frame for a policy shift for the first time. “The current pandemic-era monetary easing is extremely dovish compared with the state of the economy,” Bank of Korea Gov. Lee Ju-yeol said in a press briefing. Asia’s fourth-largest economy has been recovering at a faster-than-exp
June 24, 2021
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SPAO launches daywear hanbok collection
E-Land Group’s fast fashion brand SPAO said Thursday it would launch a casual hanbok collection ranging from robes, pajamas to accessories. Ten items featuring patterns inspired by plum blossoms and bamboo will be released as part of the collection, which will go on sale online on the brand’s official website and fashion e-commerce platform Musinsa on Friday. The collection, which is a collaboration project with hanbok brand Leesle, garnered attention before its official release ov
June 24, 2021
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BAT unveils eco-friendly package for Glo
BAT Korea has unveiled a new “Eco Package” for its tobacco heating product Glo in its latest effort to embrace environmental, social and corporate governance values. To minimize carbon emissions and resources during the product distribution process, the size of the package has been reduced 30 percent, the South Korean unit of the British multinational company said. In addition, the product instructions have been simplified while the charging adapter, which was mainly made of plast
June 24, 2021
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BOK chief flags post-pandemic rate hike 'within this year'
The Bank of Korea (BOK) is ready to conduct its first post-pandemic rate hike "within this year" amid the economy's robust recovery from the COVID-19 pandemic, Gov. Lee Ju-yeol said Thursday. Lee has hinted that the BOK could exit from pandemic-era monetary easing if an economic recovery remains solid, but it is the first time that he mentioned the timing of a rate hike. "There is the need to orderly normalize monetary policy within this year," Lee told reporters. Lee a
June 24, 2021
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Hyundai Motor tops auto sales in Vietnam in Jan.-May period
South Korea's leading carmaker Hyundai Motor Co. emerged as the top auto seller in Vietnam in the first five months of this year, outpacing its Japanese rival Toyota Motor Corp., industry data showed Thursday. Hyundai Motor sold 24,420 units in the Southeast Asian nation in the January-May period, edging out Toyota's 24,112 units, according to the data from the Vietnam Automobile Manufacturers' Association (VAMA). Hyundai's smaller affiliate Kia Corp. sold 23,440 units in Vietnam over the sam
June 24, 2021
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KAIST teams up with SM Entertainment for metaverse research
KAIST, South Korea's top science university, said Thursday it is teaming up with K-pop powerhouse SM Entertainment Co. to conduct joint research on digital avatars for virtual concerts in an effort to boost development in metaverse technology. The metaverse -- a virtual environment where users interact through digital avatars -- has recently grown in popularity as the pandemic limits in-person contact. K-pop artists have been at the forefront in adopting the technology, holding virtual meetups
June 24, 2021
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Consumer sentiment improves for 6th month in June
South Korea's consumer sentiment increased for the sixth consecutive month in June, as exports showed signs of a strong recovery amid progress in COVID-19 vaccinations, central bank data showed Thursday. The composite consumer sentiment index (CCSI) came in at 110.3 for June, up 5.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. The latest reading marks the sixth on-month gain following a drop in
June 24, 2021
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S. Korea eyes smooth transition of 52-hour workweek scheme for smaller firms
South Korea's top economic policymaker said Thursday the government plans to provide support to smaller firms, including assignments of foreign workers, as it seeks to make a soft landing for such companies implementing the 52-hour workweek. Starting July 1, the country will expand the shortened workweek scheme to companies with five to 49 workers without a grace period. Since July 2018, the country has enforced the 52-hour workweek system in a phase-in manner. The shorter workweek was devised
June 24, 2021
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Kospi hits new intraday high on hopes of fast economic rebound
South Korea's benchmark stock index hit a new intraday high Thursday on hopes of a quick economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading. Tech gains led the KOSPI's advance despite lingering market concerns about how soon the US Federal Reserve would start tapering its accommodative policies. Overnight, the Dow Jones Industrial Average lost 0.21 percent as investors digest th
June 24, 2021
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Mercedes-Benz Korea launches its most luxurious sedan, Maybach S-class
Mercedes-Benz Korea has brought its most luxurious sedan, the Mercedes-Maybach S-Class, to the Korean market, as the automaker marks the 100-year anniversary of the launch of its first Maybach vehicle, the company said Wednesday. The newly-launched Mercedes-Maybach S 580 4Matic has undergone a complete makeover from the model that was first launched in 2015, and will strengthen its leadership in the luxury flagship sedan segment, the automaker said. Since its introduction, more than 60,000
June 24, 2021
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Korea looks to new era as market value nears W3,000tr
Amid continued rallies and a series of blockbuster initial public offerings, the value of South Korea’s stock market is anticipated to reach 3,000 trillion won ($2.65 trillion) soon, raising hope for the market’s advancement on par with other global players. According to Korea Exchange, the combined valuation of the local stock market stood at 2,719 trillion won -- 2,294 trillion won worth of main bourse Kospi market and 425 trillion won worth of tech-heavy Kosdaq market -- as of We
June 23, 2021
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Korea District Heating Corp. pledges to turn plastic waste into hydrogen
The Korea District Heating Corp. said Wednesday that it will launch a circular economy project to turn plastic waste into hydrogen. According to the KDHC -- one of the world’s largest district heating companies that serves over 1.5 million customers here -- it has partnered up with the Korea Energy Agency, SK Ecoplant and GS Power to develop a city model of the circular economy where plastic waste is converted into oil, then finally into hydrogen. The project will heat plastic waste u
June 23, 2021
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[Contribution] Ministers urge green and inclusive future at OECD
Ko Hyoung-kwon is the ambassador and permanent representative of Korea to the OECD. -- Ed. The 2021 OECD Ministerial Council Meeting, chaired by the United States with South Korea and Luxembourg as vice chairs, was held May 31-June 1 under the theme of “Shared Values: Building a Green and Inclusive Future.” The meeting, at which ministers from 38 member countries of the Organization for Economic Cooperation and Development shared their responses to COVID-19 and plans for a better
June 23, 2021
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Winia to launch vaccine refrigerator in S. Korea.
Winia Dimchae, a South Korean home appliance brand specializing in kimchi fridges, announced Wednesday that the company would begin local sales of its ultra-low temperature freezer for COVID-19 vaccines, named Medibox. According to Winia, the Ministry of Food and Drug Safety has recently granted approval for the company’s Medibox, developed by WInia‘s telecommunications apparatus affiliate Dayou Plus. The new vaccine storage system has been categorized as a blood bank refrigerato
June 23, 2021
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Seoul stocks up for 2nd day on Fed chief's soothing comments
South Korean stocks advanced for the second consecutive day Wednesday as investor concerns of fast tapering was partially eased by the US Federal Reserve's comments that support its accommodative policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.31 points, or 0.38 percent, to close at 3,276.19 points. Trading volume was moderate at about 1 billion shares worth some 17.4 trillion won ($15.3 billion), with losers outnumbering gaine
June 23, 2021