Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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S. Korea's household debt-to-GDP ratio nears 100%: report
South Korea's household debt has been rising faster than that in most major economies to reach nearly 100 percent of its gross domestic product (GDP), a report showed Monday. The country's household debt-to-GDP ratio stood at 98.6 percent as of the end of June last year, according to the report from the Korea Institute of Public Finance. The figure is much higher than the global average of 63.7 percent and 75.3 percent for advanced economies. South Korea's growth pace of household debt has al
April 5, 2021
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S. Korea's FX reserves fall in March on stronger dollar
South Korea's foreign reserves declined in March as the US dollar's strength reduced the value of non-dollar assets, central bank data showed Monday. The nation's foreign reserves came to $446.1 billion as of end-March, down $1.43 billion from the previous month, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion. The FX reserves dec
April 5, 2021
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Bitcoin falls after hitting all-time high, widens gap with global exchanges
Bitcoin, the largest cryptocurrency, fell on Sunday after hitting a fresh record high over the weekend. The price difference between domestic and overseas exchanges, dubbed as the kimchi premium, widened as much as 10 percent, indicating a heated investors’ atmosphere. Bitcoin prices stood at around 73.50 million won ($65,056) in the early afternoon at local exchange Upbit and Bithumb, declining from the fresh record high of 75.30 million won on the previous day. This compares to other
April 4, 2021
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S. Korea and China to build smart agriculture complex in Pocheon
A massive agriculture complex will be developed in Pocheon, Gyeonggi Province as part of a joint project between Korean and Chinese industry players, the Korea-China Private Economic Association announced Sunday. The agriculture complex, which would sit on a 250,000-square-meter parcel of land, has been designed as an eco-friendly town comprising smart farms, hydrogen fuel cell generators, logistics systems and housing with leisure facilities. The private companies from two countries would
April 4, 2021
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KAI sets sights on Asia No. 1 in ‘new space’ era
From flying cars to private satellites, the paradigm of global aerospace industry is shifting faster than ever. After SpaceX ushered in the dawn of the “new space” age, private players are now making an aggressive foray into the space industry, which had been dominated by governmental agencies. At this turbulent time, Korea Aerospace Industries, the nation’s sole aircraft manufacturer, aims to capture new opportunities in order to rise as Asia’s No. 1 aerospace comp
April 4, 2021
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[#WeFACE] ‘Gas stations will disappear, but not their social roles’
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their response to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. One electric vehicle charger installed at a service station in Seoul generates no more than 100,000 won ($88.1) in revenue per month. After electricity bills are paid and
April 4, 2021
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ManpowerGroup expands presence with RPO Solution in Korea
Since its launch last year, Manpower Korea’s recruitment process outsourcing -- or RPO -- service has garnered positive feedback from clients for completing recruitment at a reduced time and cost. According to the Korean unit of ManpowerGroup, a global workforce solutions provider headquartered in Wisconsin, two projects last year exemplified the strength of its Talent Solutions RPO service in the local market. In one of the cases, a US-based health care company was able to achieve its
April 4, 2021
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Krafton earnings soar ahead of IPO
South Korean game developer Krafton’s sales last year jumped 53 percent to around 1.7 trillion won ($1.5 billion), the company said in its annual report. The company behind the hit battle royal game PlayerUnknown’s Battlegrounds is expected to accelerate steps for an initial public offering, on the back of the strong performance. According to Krafton’s business report for 2020, the company’s revenue for the whole of last year amounted to 1.67 trillion won, up 53.6 per
April 4, 2021
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Hybe: Breaking down K-pop giant’s aggressive expansion
Hybe, formerly known as Big Hit Entertainment and home to South Korean pop group BTS, made headlines over the weekend following the announcement that it has bought Ithaca Holdings, a US music firm behind the likes of Justin Bieber and Ariana Grande. The $1 billion deal has been described as “inevitable” by Hybe Chairman and CEO Bang Si-hyuk who said the two firms will work closely together to “transcend borders” and “break down cultural barriers.” Scooter Br
April 4, 2021
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Export-Import bank to offer Hyundai Motor W3tr for future mobility development
The Export-Import Bank of Korea has signed an agreement with Hyundai Motor to provide financial support to the automaker vying with global rivals to take the lead in future vehicle markets. Under the memorandum of understanding inked on Thursday, the state-run policy lender will offer the automaker some 3 trillion won ($2.65 billion) until 2023 for its projects involving its plan to make the transition to become a smart mobility solution provider that manufactures zero-emission and driverless
April 4, 2021
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Nearly one-third of S. Korean investors are overseas stock traders
As the number of South Koreans investing in the local stock market nears 10 million, about one-third of those investors are also overseas stock traders, according to local securities firms Sunday. The recent data, compiled by 10 major brokerages here including Mirae Asset Securities and Kiwoom Securities, showed that the number of active equity accounts for overseas stock trading was 3.21 million as of March. The number of trading accounts at local investment firms came to 435,000 at the end
April 4, 2021
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S. Korea’s W200b New Deal policy fund sees fast sales
Retail investors have snapped up almost all of a 137 billion-won ($121 million) fund aimed at promoting government-led projects under the Korean New Deal as of Sunday, as individuals seek to take advantage of the state policy fund to use as a financial cushion against losses. The 137 billion won was earmarked for retail investors out of a larger 200 million-won fund. The 137 billion won was parceled and sold via five major commercial banks on Thursday. The ones offered by the commercial lender
April 4, 2021
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South Korea’s stock market cap increases 2.7% in Q1
The valuation of the South Korean stock market has risen 2.7 percent in the first quarter of this year from the end of last year, falling behind other global stock markets that logged an over 4 percent gain, according to Bloomberg data Sunday. Buttressed by ample liquidity, the combined market cap of 86 nations came to some $107.86 trillion as of Wednesday, up 4.5 percent from $103.23 trillion marked at the end of last year. The market size of global stock markets fluctuated widely in the Janu
April 4, 2021
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Listed firms' 2020 net profit jumps nearly 20% despite pandemic: KRX
South Korean listed firms saw their net profit increase nearly 20 percent last year despite the fallout from the pandemic, the bourse operator said Sunday. The combined annual net income of 694 KOSPI-listed companies, excluding financial firms, came to 63.45 trillion won ($56.25 billion) on a consolidated basis, up 18.15 percent from the previous year, according to the Korea Exchange (KRX). Their combined operating profits rose 3.2 percent on-year to 107.4 trillion won, while sales decreased b
April 4, 2021
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Manufacturing sentiment hits over 6-year high amid post-pandemic recovery
South Korean manufacturers' business sentiment has improved sharply, hitting an over 6-year high, amid hopes that the economy may recover from the coronavirus pandemic faster than expected, a poll showed Sunday. A survey of some 2,200 manufacturing firms put the business sentiment index (BSI) at 99 for the April-June period, the Korea Chamber of Commerce and Industry (KCCI) said. The figure is up 24 points from the previous quarter and at the highest level since the third quarter of 2014. A r
April 4, 2021
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Farm goods exports hit record high in Q1
South Korea's exports of agriculture products reached an all-time high in the first quarter of the year on the back of strong demand for kimchi and processed foods, data showed Sunday. The record amount of $1.98 billion represents a 13.7 percent rise from the previous year, according to data compiled by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments of fresh products remained sluggish, but those of processed goods increased 9.3 percent to hit $359 million.
April 4, 2021
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Public firms' planned job additions remain 40% lower than last year
More than 35 public firms in South Korea plan to hire more than 5,000 new employees this year, but the number is still almost 40 percent lower than last year's job additions amid extended pandemic fallout, data showed Sunday. Thirty-six public firms plan to hire 5,089 regular workers this year, compared with 8,350 people hired last year, according to data posted on the state portal All Public Information in One (ALIO). Korea Railroad Corp. (KORAIL), the operator of railway services, plans to h
April 4, 2021
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Korean shipbuilders bask in robust new orders in Q1
South Korean shipbuilders clinched orders in the first quarter worth ten times more than the total orders logged for 2020, as the shipyard industry is recovering from the fallout of the pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders for 126 ships or 5.32 million compensated gross tons (CGTs) in the January-March period, according to the data provided by global market researcher Clarkson Research Service. The tally compared with orders for 5
April 4, 2021
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Petroleum consumption at 5-year low in 2020 amid pandemic
South Korea's consumption of petroleum declined to a five-year low last year amid the pandemic, data showed Sunday. The country's consumption of petroleum reached 878 million barrels last year, down 5.8 percent from the previous year, according to Korea National Oil Corp. The tally marked the lowest since 2015, when the country consumed 856 million barrels. It also marked the first time in five years that such consumption dipped below 900 million barrels. The consumption of jet fuel declined
April 4, 2021
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[Weekender] New era opens for frozen mandu
Dumplings have long been one of the popular staples Koreans have in their daily meals. Served steamed, fried or boiled, the dish, called mandu here, would make for a good snack, or a tasty and filling meal. Yet there was also nothing spectacular about the humble dish of chopped meat, seafood or vegetables wrapped in dough. That is until food companies began to rediscover the potential of frozen mandu, propelling it into a new heyday with growing global recognition. According to data from Ni
April 3, 2021