Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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FSC set to decide fate of Toss Bank, Kakao’s insurance unit
South Korea’s market regulator, the Financial Services Commission, is set to decide on Wednesday whether to approve the operations of banking and insurance units developed by financial technology companies, amid mixed expectations for their impact on a market long dominated by traditional institutions. At its monthly meeting, FSC will decide whether to approve Toss Bank and Kakao Pay’s digital-only insurance subsidiary. If approved, Toss Bank will become Korea’s third mobile
June 8, 2021
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SK hynix denies rumor over defective products
SK hynix Inc., South Korea's No. 2 chipmaker, on Tuesday denied a rumor that it is facing damage worth 2 trillion won ($1.7 billion) over defective DRAMs, saying that it has requested a police probe into such a cyber libel. The rumor over SK hynix's possible loss has been circulating here from Monday night, claiming that the company is dealing with DRAM defects amounting to 240,000 wafers following its clients' complaints. In a statement, SK hynix emphasized that the rumor is not t
June 8, 2021
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Prosecution seeks life imprisonment for Optimus CEO in fund scam case
The prosecution sought a life sentence on Tuesday for the CEO of Optimus Asset Management, who is at the center of a massive financial fraud. At the sentencing hearing at the Seoul Central District Court, prosecutors demanded Kim Jae-hyun, head of the scandal-ridden private equity investment firm, be put behind bars for the rest of his life on charges of fraud and embezzlement. They also asked the court to assess him a fine of 4.057 trillion won ($3.6 billion) and a forfeiture of 1.43 trillion
June 8, 2021
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AMC, Doosan Heavy, HMM: Meme stocks rise in Korea
Retail investors in South Korea who are seeking short-term profit are increasingly investing in so-called meme stocks, those that see a spike in trading volume based on social media hype rather than the company’s performance. Data compiled by securities information portal SEIBro, operated by the Korea Securities Depository, showed Tuesday that small domestic investors traded US movie theater chain AMC shares the most in the overseas stock market last week. The value of AMC stock traded
June 8, 2021
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[Herald Interview] LG automates vacuum cleaner dust removal
Cordless stick vacuum cleaners have made hoovering a lot more convenient, but they have a drawback: the need to empty dustbins frequently due to their small capacity. A team of engineers at LG Electronics worked to solve this problem for years and recently came up with an answer -- a new charging system integrated with automatic dustbin removal technology. Every time a user docks the vacuum cleaner in its stand to charge, the dustbin is automatically emptied. “Regardless of nationali
June 8, 2021
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[#WeFACE] Right investment can save ocean: IFC
Asia has been the epicenter of the plastic crisis, as the source of the bulk of the plastic waste in the oceans. But the right investments can help reduce plastic waste -- and South Korea, Asia’s fourth-largest economy, can take a leading role, according to Alfonso Garcia Mora, the International Finance Corp.’s regional vice president, Asia & Pacific. “Korea’s shift to a net-zero economy is likely to generate a range of innovative ideas and technologies,” Gar
June 8, 2021
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Posco International installs ‘green curtains’ at school
As part of its corporate social responsibility efforts, Posco International has installed “green curtains” made of perennial vines on the façade of a middle school in Incheon, the company said Tuesday. Posco International, the trade arm of the country’s leading steelmaker Posco, said it donated 30 million won ($27,000) to put up the perennial vines on the outer walls of the cafeteria and library of Neungheodae Middle School in Incheon. For the project, the company j
June 8, 2021
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LIG Nex1 heads to MADEX 2021 to win Navy’s CIWS-II project
LIG Nex1 will participate in the International Maritime Defense Industry Exhibition 2021 to showcase its advanced close-in weapons system, or CIWS, specialized to the South Korean Navy. Currently, the Navy is using a Dutch CIWS called Goalkeeper, which automatically shoots thousands of bullets per minute to offer short-range defense for ships against fast-moving missiles, aircraft and surface vessels. Through its CIWS-II program, the Navy aims to develop a more advanced CIWS that has the same
June 8, 2021
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Hyundai Motor under fire for worker’s death from COVID-19 caught in Kazakhstan
Anxiety is growing among employees of Hyundai Motor Group after an employee recently died, failing to recover from a COVID-19 infection contracted during a business trip to Kazakhstan. While staffers complained over a lack of protection from the company, management claimed that overseas business trips have been kept to a minimum in compliance with safety guidelines. According to Hyundai Motor, an employee of the overseas production technology team died of COVID-19 complications Saturday morn
June 8, 2021
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LG CNS provides AI solution for public English education
LG CNS, an IT solution affiliate of LG Group, said Tuesday the company will provide artificial intelligence tutor services to support public English education at elementary through high schools in Seoul. The LG affiliate said it signed a memorandum of understanding with the Seoul Metropolitan Office of Education on Monday to cooperate on an English teaching service dubbed “AI Tutor,” which will run based on the firm’s artificial intelligence program. The memorandum will
June 8, 2021
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Seoul stocks close lower under valuation pressure
South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points. Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376. Foreigners sold a net 206 billion won, while institutions bo
June 8, 2021
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Korea's exports of computer, display panels feared to weaken later this year: FKI
South Korea’s exports of computers, display panels and home appliances could weaken later this year as a result of declining global demand and growing tensions between the US and China, a new report has warned. But other sectors -- secondary cell, automobile, semiconductor and shipbuilding industries -- would fare better and expect to enjoy an upward trend at least until next year, according to the according to the report released on Tuesday by the Federation of Korean Industries. The r
June 8, 2021
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S. Korea faces dilemma between carbon neutrality, anti-nuclear policy
Minister of Trade, Industry and Energy Moon Sung-wook said Tuesday that the ministry will lead South Korea’s carbon neutrality plan, but remained vague on whether the plan includes nuclear energy. At his first press conference since taking office early last month, Moon stressed that the industrial sector emits 37 percent of the nation’s total carbon output and therefore the Industry Ministry should step up its efforts to help the country go carbon neutral by 2050. Asked whether
June 8, 2021
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Duty-free sales surge by 50% on-year in April
South Korea’s duty-free industry in April marked its steepest expansion in three years, signaling a gradual recovery toward pre-coronavirus levels, government data showed Tuesday. According to Korean Statistical Information Service, the duty-free sales index climbed 51.6 percent on-year in April, marking the steepest growth since the 54.6 percent observed in May 2018. The given indicator comprises the combined monthly sales of all duty-free shops here. Sales for shoes and bags skyrocket
June 8, 2021
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[News Focus] Gasoline prices rise to 16-month high in Korea
SEJONG -- Gasoline prices in South Korea have almost reached pre-pandemic levels, in the wake of a spiral in international crude prices and weak US dollar. According to the Korea National Oil Corp., gasoline prices climbed to 1,562.7 won ($1.40) per liter as of Monday, which marked the highest in 16 months since it recorded 1,563.3 won on Feb. 4, 2020. At the current pace of increase, there is a high possibility that prices will exceed 1,571.26 won -- the level recorded on Jan. 20, 2020, when
June 8, 2021
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S. Korean asset managers log record net profit in Q1
South Korean asset management companies collectively earned record net profit in the first three months, according to data released by the state watchdog Financial Supervisory Service on Tuesday. The combined net profit of the 328 domestic asset management firms came in at 615 billion won ($551.74 million), up 424.7 percent from the same period last year. The growth is partly attributable to reduced operational costs, the FSS said. The figure broke the previous record of 457.5 billion won p
June 8, 2021
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SK Telecom to wrap up testing of 5G-powered traffic system in Seoul
SK Telecom Co., a major South Korean telecom operator, said Tuesday it will wrap up the testing of a next-generation traffic system in Seoul by the end of this month as it seeks to accelerate efforts to develop self-driving technology based on its high-speed 5G network. The telecom operator has been testing the traffic system, named the Cooperative-Intelligent Transport System (C-ITS), with the Seoul metropolitan government since early 2019 and has installed 1,735 5G sensors across the city's m
June 8, 2021
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Indonesian shareholder drops $1.5b charge against KB Kookmin over Bank Bukopin acquisition
Seoul-based KB Kookmin Bank has steered clear of litigation in controlling Indonesian subsidiary Bank Bukopin, as its minority shareholder in Indonesia dropped all charges against South Korea‘s largest commercial bank, a filing showed Tuesday. Bosowa Corporindo, which was holding a 11.6 percent stake in the Indonesian midsized bank, has reached an out-of-court settlement for the 20.8 trillion-Indonesian-rupiah ($1.5 billion) charges against the bank‘s new controlling shareholder an
June 8, 2021
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Number of registered employees rises 2.2% in 2019: data
The number of registered employees, who are eligible for state insurance programs, in South Korea rose 2.2 percent on-year in 2019, data showed Tuesday. There were 24.35 million registered employees in 2019, compared with 23.38 million in 2018, according to the data released by Statistics Korea. About 20.48 million people worked the same job in 2019, while some 3.87 million people changed jobs, the data showed. Of the people who changed jobs in 2019, people aged between 15 and 29 accounted fo
June 8, 2021
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Samsung looking to expand 7th generation V-NAND solutions: exec
Samsung Electronics Co. aims to expand the use of its seventh generation V-NAND chip solutions, a senior executive said Tuesday, as the South Korean tech giant eyes to bolster its technology prowess in the memory sector. In the second half of the year, the world's leading memory chip maker will introduce a new consumer solid state drive (SSD) product based on its seventh generation V-NAND chip that boasts the smallest cell size yet in the industry, according to Song Jai-hyuk, head of Samsung's
June 8, 2021