Most Popular
-
1
$200m a year, 700,000 tons of rice, space tech: The deal for North Korea in joining Russia’s war
-
2
Korean battery makers brace for impact of US election
-
3
Who is writer of Hybe's controversial internal report?
-
4
[AtoZ of Korean mind] Ever noticed some Koreans talk to themselves?
-
5
Scandal-hit ex-lawmaker denies corruption claims as pressure on Yoon mounts
-
6
Will South Korea go back to banning phones in classrooms?
-
7
[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'
-
8
After opposition U-turn, Korea to repeal plan for financial capital gains tax
-
9
Gangnam Station ramming suspect to face detention
-
10
Stray Kids' US album sales surpass 1M
-
Porsche Korea expands its CSR program to support artists
Into its fifth year of running the social outreach project Porsche Do Dream, Porsche Korea is expanding the scheme to support artists facing difficulties from the COVID-19 pandemic, the automaker said Monday. The Porsche Do Dream campaign, launched in 2017, has so far focused on children, bent on providing them with learning and playing opportunities. On top of that, this year’s program will include art projects or projects tailored for struggling artists, it said. “Over the pas
April 19, 2021
-
Hyundai Motor Group unveils EV variant of G80 for first time at Shanghai motor show
Hyundai Motor Group’s Genesis brand unveiled the first electric powertrain variant of its luxury sedan G80 at the 2021 Shanghai International Automobile Industry Exhibition on Monday. During the motor show, which is to run until April 28, Hyundai Motor and Kia, the other two affiliates of the automotive group, also presented their latest electric vehicles -- Hyundai’s Ioniq 5 and Kia’s EV6 -- putting emphasis on electric powertrains. Taking part in the Chinese automotive e
April 19, 2021
-
FSC to launch stock lending system for individual short sellers
The nation’s top financial regulator said Monday it will launch a new stock loan system for retail investors to have better access to stock borrowing for short selling. Short selling is a trading technique where investors sell borrowed stocks on the belief that share prices will fall in the near future. Short sellers profit if they buy the stocks back for less than they sold them for. Under the new system, a total of 17 local brokerages, including Korea Investment & Securitie
April 19, 2021
-
Oriental Brewery begins sale of All New Cass nationwide
South Korea’s largest brewer, Oriental Brewery, has begun the sale of its newly revamped flagship beer All New Cass nationwide. Following a ceremony at its Cheongju plant on Sunday, the beer -- bottled in clear glass -- will hit the shelves at convenience stores, supermarkets, restaurants and entertainment venues sometime late this month, the company said. In March, OB unveiled the new Cass, ditching the brand’s famous brown bottle in a dramatic change of appearance, hoping to cont
April 19, 2021
-
Gamevil buys stake in local crypto exchange firm Coinone
Game developer Gamevil said Monday that it has acquired a 13 percent stake in local cryptocurrency exchange Coinone. It spent some 31.19 billion won ($27.9 million) to acquire the 8,474 shares of the crypto exchange. “The acquisition is aimed at finding new business opportunities in the crypto and blockchain sectors,” said the company in a regulatory filing. With the investment, Gamevil will work together with Coinone to develop solutions that prevent hacking attempts and handle a
April 19, 2021
-
Authorities vow to crack down on illegal crypto transactions
The South Korean government said Monday that it will tighten up regulations to trace illegal cryptocurrency transactions and cases of fraud amid growing concerns over a speculative bubble in the virtual coin market. The announcement was made after a meeting among top government officials and economy-related ministers on Friday to discuss issues related to the highly volatile cryptocurrency market and alleged crypto crimes. As part of the government’s efforts, the state watchdog Financ
April 19, 2021
-
S. Korea to raise renewable energy quota
South Korea will be able to require big power generation companies to generate up to 25 percent of electricity from renewable energy sources, starting from October this year, raising the previous maximum threshold of 10 percent. The change is in line with a revision of the renewable energy portfolio, or RPS scheme, introduced in 2012, that mandates 22 power distributors with capacity over 500 megawatts to generate a certain percentage of their electricity with renewables. The minimum quota,
April 19, 2021
-
Hana faces crisis over executives’ alleged sexism
Hana Financial Group has been receiving intense backlash over its credit card unit chief and bank branch manager’s alleged inappropriate and sexist behaviors that were reported only weeks apart. On April 6, Hana Card’s then-CEO Jang Kyung-hoon stepped down after a leaked audio recording of him saying picking a credit card was like “choosing a wife,” went viral last month. He also drew comparisons to female companions in so-called “room salons” here, which are
April 19, 2021
-
Kospi hovers around 3,200 points amid recovery hopes
South Korea’s benchmark Kospi hovered around the 3,200-point threshold Monday amid hopes of a global economic recovery, raising hopes of a bounce back to over 3,200 points at the closing bell for the first time in nearly three months. Local market watchers also presented a positive outlook on the index’s upward moves, with some suggesting that it might touch 3,300 points soon. The Kospi closed at 3,198.84, having inched up 0.22 points, or 0.01 percent, from the previous session&rsq
April 19, 2021
-
Over 70,000 manufacturing jobs moved abroad last year: report
A new analysis has suggested that over 70,000 manufacturing jobs in South Korea moved abroad last year, which accounted for 0.3 percentage point of the country’s unemployment rate. The loss of 72,000 manufacturing jobs came against the backdrop of a tough job market that exacerbated the employment situation, the Korea Economic Research Institute, an organization under the Federation of Korean Industries, said on Monday. “If the 72,000 manufacturing jobs were prevented from moving a
April 19, 2021
-
ELS sales in S. Korea sink 32% in Q1 amid pandemic
Sales of equity-linked securities (ELS) in South Korea plunged more than 30 percent in the first quarter of the year amid the coronavirus pandemic, data showed Monday. The value of ELS issues came to 18.8 trillion won ($16.8 billion) in the January-March period, down 31.9 percent from three months earlier, according to the data from the Korea Securities Depository (KSD). The figure was also down 10.3 percent from the 20.9 billion won floated during the same period a year earlier. ELS refers t
April 19, 2021
-
Residents' FX deposits rise for 2nd month in March amid brisk exports
Foreign currency deposits at banks in South Korea rose for the second straight month in March as exporters increased dollar holdings amid robust overseas shipments, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents amounted to $92.7 billion as of end-March, up $2.67 billion from the previous month, according to the Bank of Korea (BOK). The FX deposits rose for the second consecutive month in March after they declined for the first time in four
April 19, 2021
-
Banks to extend loans worth W3.5tr to vulnerable people this year
South Korean banks plan to extend loans worth 3.5 trillion won ($3.1 billion) this year to low-income people with lower creditworthiness to help them cope with the fallout of the pandemic, the financial watchdog said Monday. The 2021 plan represents a rise of 100 billion won compared with 3.4 trillion won initially planned for last year, according to the Financial Supervisory Service (FSS). Last year, local banks extended a larger-than-expected 3.7 trillion won in such loans to 210,000 borrowe
April 19, 2021
-
Korea Shipbuilding bags W208b order for 2 oil tankers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed a 208 billion won ($185.8 million) deal to build two crude-oil carriers. Under the deal signed with a European company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will build and deliver the 300,000-ton ships from the fourth quarter of 2022, the company said. The deal has an option to construct one more same-sized crude-oil ship, KSOE said. KSOE has won 11, or 42 percent, of 26 crude-oil carriers o
April 19, 2021
-
Nokia to tap S. Korea's indoor 5G equipment market with LG Uplus
Nokia Corp., a Finnish telecom equipment giant, said Monday it has signed an agreement with South Korean mobile carrier LG Uplus Corp. to install its next-generation indoor 5G equipment here. Nokia said it will deploy its small cell AirScale Indoor systems in indoor locations across the country, including shopping malls and office buildings, for LG Uplus' 5G network. The system allows seamless 5G connectivity between indoor and outdoor locations and can be easily upgraded to accommodate future
April 19, 2021
-
Power companies asked to use more renewable sources from October
South Korea said Monday it has revised the renewable portfolio standards (RPS) system to have power companies utilize more sustainable resources, in line with the country's green energy drive. Under the new rules, power companies are requested to produce up to 25 percent of all their power output from renewable sources, up from the previous 10 percent, according to the Ministry of Trade, Industry and Energy. The policy will be implemented in October. It marked the first time for the ceiling to
April 19, 2021
-
LG Electronics teams up with Bvlgari for rollable TV marketing
LG Electronics Inc. on Monday said it has joined hands with Italian jewelry and luxury goods brand Bvlgari to promote its rollable TV to European customers. The world's second-largest TV maker said it recently held events for high-end customers at Bvlgari shops in Switzerland to introduce the SIGNATURE OLED R TV. "As the target customers for the SIGNATURE OLED R and Bvlgari are those who buy products based on their value, not their price, we believe the joint marketing events will create
April 19, 2021
-
Doosan Infracore wins order for 15,000 forklift engines in China
South Korea's construction equipment maker Doosan Infracore Co. said Monday that it has signed a deal to provide 15,000 forklift engines to Linde China Forklift Truck Corp., a Chinese forklift maker. Doosan Infracore will offer small-sized diesel engines and liquefied petroleum gas (LPG) G2 engines from 2023 to 2027, which will be mounted on Linde China Forklift Truck's forklifts under 3.5 tons to be exported to Europe and North America, the company said. Doosan Infracore did not reveal the va
April 19, 2021
-
S. Korea's Q1 growth estimated to have recovered to pre-pandemic level
South Korea's first-quarter economic growth is widely estimated to have recovered to pre-pandemic levels on a rapid rebound in exports and investment, experts said Monday. South Korea's gross domestic product came to 468.8 trillion won ($419 billion) in the fourth quarter of 2019, about a month before the new coronavirus hit Asia's fourth-largest economy. As the economy shrank 1 percent on-year in 2020 in the wake of the COVID-19 pandemic, however, the country's GDP dwindled to 463.4 trillion
April 19, 2021
-
Seoul stocks nearly flat on valuation pressure
South Korean stocks opened nearly flat Monday as investors took to the sidelines amid increased valuation pressure. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.16 points, or 0.01 percent, to 3,198.78 points. Stocks got off to a muted start after the Kospi gained in the past five sessions, closing Friday just shy of the 3,200-point mark on expectations of a global economic rebound and better earnings reports in the January-March season. In Seoul, market kingpin Samsung Elec
April 19, 2021