Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Medical reform committee kicks off despite boycott from doctors
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Insurers' lending grows 7.8% in 2020
Loans extended by insurance companies in South Korea rose 7.8 percent on-year last year, led by increases in home-backed lending and corporate loans, the financial watchdog said Friday. Insurers' outstanding loans totaled 253 trillion won ($224.4 billion) as of end-December, compared with 234.7 trillion won the previous year, according to the Financial Supervisory Service (FSS). Their loans to households rose 2 trillion won on-year to 123.1 trillion won last year as the extension of home-backe
April 2, 2021
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Hyundai Motor denies partnership with Google
South Korea’s top automaker Hyundai Motor on Friday denied a rumor that it is about to establish a joint venture with US tech giant Google to develop a self-driving service. “The corresponding (rumor) is unfounded,” said an official of the company, denying the reports by a local news outlet. “Hyundai Motor will initially spin off one of its departments, in which Google will invest to establish a joint venture,” the report claimed, adding that the new organization
April 2, 2021
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Court-led restructuring set to begin for SsangYong Motor
A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn't submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor's Indian parent Mahindra & Mahindra Ltd. has been in talks with US vehicle importer HAAH Automotive Holdings Inc. to sell its majority stake in the Korean unit as part of its global reorganization plan amid the COVID-19 pandemic. The talks come
April 2, 2021
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ITC dismisses LG’s request to drop SK’s patent violation suit
The United States International Trade Commission on Friday dismissed a request made by LG Energy Solution to sanction SK Innovation’s lawsuit that accused LG of infringing on patents. The ITC dismissal came just one day after the US government agency ruled in favor of SK in another patent case filed by LG against SK. The latest denial involves SK’s complaint that accused LG of infringing on its patents in September 2019, a separate case from the two archrivals’ dispute abou
April 2, 2021
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Hyundai, Kia US sales jump 76% on SUVs in March
Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Friday their combined US sales jumped 76 percent in March from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 141,926 vehicles in the United States last month from 80,531 units a year ago, according to the companies' sales data. "Strong consumer confidence, stable inventory, a compelling lineup, attention-grabbing advertising and the efforts of our dealer partners all c
April 2, 2021
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Seoul stocks open steeply higher on US stimulus project
South Korean stocks opened higher Friday on the back of a massive infrastructure project by the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.08 points, or 0.97 percent, to 3,117.48 points in the first 15 minutes of trading. Stocks traded bullish due to market optimism over a $2.25 trillion infrastructure proposal in the US, which local investors hailed as a sign of rising global demand. Auto and tech shares got off to a strong start, taking a cue from the ove
April 2, 2021
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LG's rollable TV hits overseas markets
LG Electronics Inc. said Friday it has begun selling its rollable TV in foreign markets as the South Korean tech giant eyes to expand its presence in the high-end TV market. LG started overseas sales of the SIGNATURE OLED R TV through its global website Thursday. The industry's first rollable TV is currently available in 15 countries, including the United States, Russia, Germany and France. Due to the novel coronavirus pandemic, LG said it plans to focus on online sales rather than offline mar
April 2, 2021
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Bank mortgage loans rise at solid pace in March
South Korea's major banks saw their mortgage loans grow at a brisk pace in March despite higher lending rates, industry data showed Friday. The nation's five major lenders -- KB Kookmin, Shinhan, Woori, Hana and Nonghyup -- had 483.2 trillion won ($427 billion) in outstanding home-backed loans as of end-March, up 3.4 trillion won from the previous month. March marks the second consecutive month that their combined mortgage lending has climbed by a number in the 3 trillion-won range. February s
April 2, 2021
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Consumer price growth at 14-month high in March amid economic recovery
South Korea's consumer prices grew at the fastest pace in 14 months in March on higher prices of farm and oil products, data showed Friday, in the latest sign that inflationary pressure is building up amid an accelerating economic recovery. The consumer price index rose 1.5 percent on-year in March, accelerating from a 1.1 percent on-year gain in the previous month, according to the data compiled by Statistics Korea. The index grew 0.1 percent on-month. It marked the fastest on-year rise since
April 2, 2021
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Carmakers' March sales rise 12% on robust overseas demand
South Korean carmakers' sales rose 12 percent last month from a year earlier helped by robust overseas demand for SUVs amid the COVID-19 pandemic, industry data showed Thursday. The five carmakers -- Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor -- sold a combined 672,643 vehicles in March, up from 601,082 units a year ago, according to data from the companies. Their domestic sales fell 6.7 percent to 140,971 units last month from 151,025 a year ago. But overseas sal
April 1, 2021
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Fiscal chief says global economy on track for steep recovery
The global economy is poised to make a strong rebound on the back of a revival in manufacturing and the coronavirus vaccine rollout, said Finance Minister Hong Nam-ki on Thursday. “The upturn in the global economy will be steeper than expected,” he said at a meeting with government officials on innovative growth. His remark came as Asia’s fourth-largest economy showed signs of recovery supported by exports. “Exports are the core driving force of an economic recovery.
April 1, 2021
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Brokerages among highest-paying firms in S. Korea
South Korean stock brokerage firms were among highest-paying companies across all industries last year with an average annual salary of more than 120 million won ($106,288), data showed on Thursday. According to data compiled by recruitment firm Job Korea, employees at Korea’s top 100 listed companies were paid an average annual pay of 83.2 million won. Claiming the top spot of the list for the highest-paying workplaces here, stock trading firm Samsung Securities, paid 131 million won
April 1, 2021
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SK didn’t infringe on LG’s battery patents: ITC
The US International Trade Commission on Thursday ruled in favor of SK Innovation in its battery patent case against LG Energy Solution, in an unexpected twist in the legal battle. In its preliminary decision, the ITC said SK had not infringed on any of LGES’ four battery patents in a case that was filed by LGES in September 2019. This is separate from the battery trade theft case, in which the ITC sided with LGES and slapped SKI with a “devastating” 10-year business ban in t
April 1, 2021
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Kia's March sales jump 19% on SUV popularity
Kia Corp., South Korea's second-largest automaker, said Thursday its sales gained 19 percent last month from a year earlier on solid demand for SUVs. Kia sold 251,362 vehicles in March, up from 231,543 units a year ago, the company said in a statement. Domestic sales reached 51,011 units last month, nearly the same level from a year earlier. Overseas sales rose 11 percent on-year to 200,351 units due to the low base effect from last year when the COVID-19 pandemic hit the automotive industry, it
April 1, 2021
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[Herald Interview] Brewery serves up sparkling makgeolli in blend of tradition and modernity
Makgeolli, a centuries-old traditional Korean rice wine, is enjoying its new life as a trendy and premium drink as of late. Easily found at convenience stores and casual dining restaurants in Korea, it was once thought to be an “old man’s drink” over its affordability and stereotypes surrounding it. But one man’s journey to revolutionize makgeolli and give it a more youthful and upscale makeover seems to have paid off in triggering a trend in recent year. The Korea Agro
April 1, 2021
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S. Korean pharmas eye Nasdaq after Coupang success
South Korea’s pharmaceutical and biopharma companies are ramping up efforts to get listed on the Nasdaq market, hoping to follow in the footsteps of Korean e-commerce giant Coupang with their US market debut. According to industry sources Thursday, CoImmune, a joint venture between SCM LifeScience and Genexine, is preparing for an initial public offering on the tech-heavy Nasdaq Composite. CoImmune’s appointment of biotechnology and finance expert Dr. Edgardo Baracchini to the co
April 1, 2021
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Investors flock to unlisted stock markets in search of ‘next Coupang’
On the heels of e-commerce platform Coupang’s listing on the New York Stock Exchange last month, which saw a valuation of over $100 billion, retail investors are seeking out similar opportunities with emerging companies on their way to market debuts. Booming interest in unlisted companies such as Viva Republica, Kurly and Krafton is stimulating support for platforms such as Stockplus Unlisted and Seoul Exchange, which link buyers and sellers of privately held companies’ stocks, ac
April 1, 2021
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Hyundai's March sales rise 22% on SUV demand
Hyundai Motor Co. said Thursday its sales jumped 22 percent last month from a year earlier on robust demand for its SUV models despite the COVID-19 pandemic. The country's biggest carmaker sold 375,924 vehicles in March, up from 307,176 units a year earlier, helped by strong demand for the Palisade SUV, the Nexo hydrogen fuel-cell electric vehicle, the Genesis GV70 and GV80 SUVs, the company said in a statement. Domestic sales climbed 2.3 percent to 73,810 units from 72,180 during the same per
April 1, 2021
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Renault Samsung's March sales tumble 43% on weak domestic demand
Renault Samsung Motors Corp. said Thursday its sales plunged 43.2 percent last month from a year earlier due to weak domestic deman. The South Korean unit of Renault S.A. sold 8,572 vehicles in March, down from 15,100 units a year earlier, the company said in a statement. Domestic sales tumbled 52.7 percent on-year to 5,695 units last month, and exports slid 6.8 percent to 2,877 units over the cited period, the company said. A total of 102 Renault Zoes, its supermini electric car, were sold i
April 1, 2021
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Seoul stocks hit 2-month high on US stimulus plan
South Korea's benchmark stock index closed at the highest in two months Thursday amid hopes for a massive infrastructure project by the United States. The Korean won slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.98 points, or 0.85 percent, to close at 3,087.4 points, the highest since Feb. 4. Trading volume was moderate at about 910 million shares worth some 13.8 trillion won ($12.2 billion), with losers outnumbering gainers 420 to 419. F
April 1, 2021