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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Ministry denies blame for Jamboree debacle
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S. Korea to add more shipping services to North America amid freight cost hike
South Korea said Monday it plans to increase the number of government-supported shipping services to North America starting next month to help local exporters cope with the hike in freight costs. Under the plan, the country will operate four shipping schedules to North America monthly starting July under cooperation with HMM Co., South Korea's largest shipper, according to the Ministry of Trade, Industry and Energy. The figure marks a sharp rise from the previous plan to operate two shipping s
June 7, 2021
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[Graphic News] PC shipments in S. Korea soar to 10-year high in Q1: report
South Korea’s personal computer market expanded to its largest in 10 years in the first quarter of 2021, industry data showed, due to robust demand for online education and remote working amid the pandemic. Domestic PC shipments stood at 1.89 million units in the January-March period, up 30.7 percent from a year earlier, according to the data from market researcher IDC Korea. This was the largest PC shipment volume in Korea since the first quarter of 2012, when it recorded 1.94
June 7, 2021
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SK Telecom denies report on selling stake in e-commerce unit to Amazon
SK Telecom Co., a major mobile carrier, denied a news report Monday that it is planning to sell a stake in its e-commerce unit 11Street to US retail giant Amazon.com Inc. in a bid to bolster its online retail business. Local media had earlier reported that Amazon will exercise its right to acquire a 30 percent stake in 11Street, and that the US retailer could acquire up to a 50 percent stake in the South Korean e-commerce company. SK Telecom and Amazon strengthened ties in November last year t
June 7, 2021
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Seoul stocks open higher on US jobs report
South Korean stocks opened higher Monday as investor sentiment was boosted by slower-than-expected US jobs data that partially eased concerns of early inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.48 points, or 0.54 percent, to reach 3,257.56 points in the first 15 minutes of trading. The KOSPI got off to a bullish start as investors are relieved that the increase in US non-agricultural jobs in May turned out to be slower than the market consensus. The key stock i
June 7, 2021
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Foreign investors turn to net sellers of S. Korean stocks in May
Foreign investors turned to net sellers of South Korean stocks last month, ending their one-month buying spree, data showed Monday. Foreigners sold a net 10.1 trillion won ($9 billion) worth of local stocks in May, according to the data from the Financial Supervisory Service (FSS). Investors from the United States sold 2.9 trillion won of stocks last month, while investors from Singapore purchased a net 654 billion won of stocks, according to the FSS. As of end-May, local stocks held by forei
June 7, 2021
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[Herald Interview] Line Man Wongnai eyes district-level expansion in Thailand this year
Line Man Wongnai, a food delivery service firm distantly affiliated with South Korea’s Naver, has said it will expand its operation nationwide in all 77 provinces in Thailand by the end of this year and hopes to branch out into districts in an effort to continue its growth. CEO Yod Chinsupakul said the company is “well primed” for a fast expansion given its database and local expertise, in a Zoom interview this month with The Korea Herald. “Wongnai already is a restaur
June 6, 2021
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[Herald Interview] AI for stock picking, and beyond
Every financial services company yearns for benefits from artificial intelligence, but oftentimes, the technology itself does not necessarily bring success. Amid the intensifying technology race, a local AI solution provider behind the actively-managed equity exchange-traded funds listed on the New York Stock Exchange is seeking to prove its effectiveness. “AI-enhanced ETFs’ track record is a testament to the thesis that AI can be an efficient tool to the entire financial in
June 6, 2021
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[Newsmaker] Tech firms under fire for toxic work environment
The South Korean IT powerhouses nestled in Pangyo Techno Valley, a tech hub modeled after Silicon Valley in the US, are best known for a progressive workplace culture shaped by young founders and their employees, something rare among traditional big companies. That reputation has drawn the nation’s brightest IT minds south of Seoul to Pangyo in recent years, but the IT and tech startup cluster is now under increasing scrutiny after a series of reports suggested a reality contrary to th
June 6, 2021
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Concerns over real estate speculation rise in S. Korea
In recent years South Korea has seen a surge in real estate investment deals that were thought to be speculative, but some market watchers say the country still lacks effective measures to prevent property speculation and the resulting price hikes. Data compiled by the Ministry of Land, Infrastructure and Transport showed that foreign individuals owned 21.35 million square meters of land in the nation in 2020, up 78 percent from 11.99 million square meters in 2016. Separate data from real es
June 6, 2021
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Korea National Railway gains traction in expanding overseas business
Private companies are facing difficulties expanding business overseas as the trend for global railway markets is shifting in favor of a comprehensive set of investments that combine design, construction, finance and operations. On behalf of the government, Korea National Railway is acting as a platform to avidly engage in international cooperation and sales activities, helping Korea’s railway industry increase business worldwide. First, they established a consortium with private companie
June 6, 2021
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[Herald Interview] Chief of Korea National Railway maps out innovative future for railways in Korea
With the international community keen to achieve carbon neutrality, every business sector confronts a set of restrictions involving carbon emissions. For South Korea, dependent heavily on exports, such an issue should be approached with more care. Aware of the gravity of the issue, the current government is sparing no effort in supporting eco-friendly businesses as well as drawing up policies to reduce carbon emissions. With railways widely perceived as one of the best transportation networks
June 6, 2021
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Financial workers, employers agree on paid vaccination leave
The Korean Financial Industry Union and the Finance Industry User Council have agreed that workers who get vaccinated for COVID-19 are entitled to up to three days of paid leave, officials said Sunday. Under the agreement, which will take effect Monday, employees of 22 financial institutions registered with the Korea Federation of Banks -- a body that represents commercial banks -- will receive two days off work, the day of the vaccination and the day after. Those who show signs of ad
June 6, 2021
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Virtual golf booms while crowded driving ranges suffer due to COVID-19
Despite the prolonged COVID-19 pandemic and social distancing rules in place, some indoor golf facilities featuring simulators and golf courses have been enjoying increased popularity, thanks largely to their relatively less crowded environments, a report said Sunday. According to the report published by research firm KB Financial Group Research Institute, Golfzon, the nation’s leading virtual golf simulator company, saw its total sales increase more than 20 percent on-year in 202
June 6, 2021
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Samsung develops ‘stretchable displays’ that stick to skin and monitor health
Samsung Electronics has developed stretchable OLED displays that can stick to skin like rubber bands and monitor the wearer’s heartbeat, it said Sunday. According to the South Korean tech giant, researchers at its in-house R&D unit Samsung Advanced Institute of Technology have successfully melded a stretchable organic light-emitting diode display with a photoplethysmography sensor into a single device to measure and display the user’s heart rate in real time. “The str
June 6, 2021
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Retail giants in last-minute preparations on eve of bidding for eBay Korea
Big-name bidders are believed to be carefully weighing how much to offer on the eve of bidding for eBay Korea, South Korea's no. 3 retail behemoth, as the deal is expected to bring a seismic change to the local retail industry, industry sources said Sunday. Most of the preliminary bidders are expected to attend the bidding Monday, including South Korea's No. 1 mobile carrier, SK Telecom Co.; retail giant Lotte Group, discount store franchise E-Mart; and MBK Partners, private equity firm and la
June 6, 2021
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Apartment prices in greater Seoul grow over 1% for 5th month in May: data
Apartment prices in Seoul and its adjacent areas grew more than 1 percent for the fifth straight month in May despite the government's efforts to stabilize skyrocketing home prices, data showed Sunday. Housing prices in greater Seoul grew 1.21 percent in May from the previous month, compared with a 1.33 percent gain in April, according to data from the Korea Real Estate Board. Since January, the growth of apartment prices in Seoul, Gyeonggi Province and Incheon, 40 kilometers west of the capit
June 6, 2021
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S. Korea may collect some W32tr in excess tax revenue this year
South Korea may collect around 32 trillion won ($28.6 billion) in excess tax revenue this year, potentially securing ammunition to finance another round of an extra budget under review, government sources said Sunday. Finance Minister Hong Nam-ki said Friday the government is considering creating this year's second extra budget with a larger-than-expected tax revenue in a bid to underpin an economic recovery and support vulnerable groups hit hard by the pandemic. The country is estimated to co
June 6, 2021
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Seoul stocks likely to maintain upward momentum next week on vaccination, recovery hope
South Korean stocks are likely to extend gains next week on sustained recovery hope and the accelerating inoculation drive here. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,240.08 points Friday, up 1.61 percent from a week ago. Stocks advanced this week as improved economic data at home and abroad further enhanced hopes for a quicker-than-expected recovery. In May, South Korea's exports jumped 45.6 percent on-year to extend their gains to a seventh consecutive month, a
June 5, 2021
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Ourhome proxy battle ends in younger sister’s victory
Ourhome, the catering unit of LG Group, put an end to a yearslong management dispute as younger siblings of the owner family united to remove the elder and only son as CEO. Shareholders and board members of the food service operator on Friday passed the motion to dismiss CEO Koo Bon-sung from his top post in a meeting, after he became involved in a scandal and as the company‘s business took a hit. The board named Koo Ji-eun, the youngest sibling of the four, as the new CEO. Koo was pr
June 4, 2021
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S. Korea tops in chip equipment investment volume: report
South Korea injected the most in investments for purchasing semiconductor equipment during the first quarter this year, market data showed Friday. According to the latest report from Semiconductor Equipment and Materials International, the combined investment for semiconductor equipment across the world during the first quarter reached $23.5 billion, up 51 percent on-year. Under the lead of top market players such as Samsung Electronics and SK hynix, South Korea accounted for around 31 percen
June 4, 2021