Most Popular
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Suneung for all: Opportunity, redemption and the right to dream
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Korea to take action if currency falls more
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[KH Explains] Why Yoon golfing is so controversial
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Samsung stocks fall to 4-year low
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Govt. cracks down on wedding industry
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Korean model admits drug use, seeks help from embassy in Manila: report
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Suneung retakes hit record amid med school expansion
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Proactive, calm approach needed in response to Trump 2.0
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NewJeans sets 14-day deadline for Ador to meet demands, including return of Min Hee-jin
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Will Samsung team up with foundry rival TSMC?
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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
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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
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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
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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
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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
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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
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SK Telecom launches 5G-based disinfection robot
SK Telecom Co., South Korea's largest mobile carrier, said Monday it has commercialized the world's first 5G-based disinfection robot in a move to automate anti-infection efforts against COVID-19 in health care facilities. The telecom operator said it partnered with Yongin Severance Hospital to deploy the robot, which uses a real-time location system using a 5G network to roam around the hospital on its own and monitor people's temperatures and whether they are wearing masks. The robot is also
April 19, 2021
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Sales of pickup trucks dip 34% in Q1
Sales of pickup trucks in South Korea tumbled more than 34 percent in the first quarter of the year amid sluggish demand, industry data showed Monday. A total of 5,539 pickup trucks were sold in Asia's fourth-largest economy in the January-March period, down 34.4 percent from a year earlier. SsangYong Motor Co. saw sales of its Rexton Sports come to 4,391 units in the three-month period, down a whopping 42.1 percent from the previous year. GM Korea sold 940 units of the midsized Colorado pick
April 19, 2021
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[News Focus] Seoul moves to enact its own ‘chip act’
With a growing sense of crisis amid an unfolding global power struggle involving chips, South Korea is moving to legislate its first special bill on the local semiconductor industry. If enacted, it would mark the first time that the country, home to world’s No. 1 and 2 memory chip producers Samsung Electronics and SK hynix, acts to provide practical support and benefits, including tax credits, to chipmakers and the local chip ecosystem. It would also be a signal that Korea won’
April 18, 2021
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[Herald Interview] Avellino Labs balances focus between COVID tests, gene therapy ahead of IPO
After achieving a strong earnings growth last year, biotech firm Avellino Labs is seeking to refocus on its pipeline with gene editing technology ahead of its planned market debut on South Korea’s secondary Kosdaq market. Unaudited financial results of the firm, born in Korea but now headquartered in the US, showed its sales shot up from $2.6 million in 2019 to $122 million in 2020 with a net income of $56 million, due to the exploding demand for its COVID-19 diagnostic testing se
April 18, 2021
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Locally developed vaccines still far out of reach
South Korea, which is struggling to secure COVID-19 vaccines developed by foreign firms like Pfizer and Moderna, can’t expect local alternatives anytime soon, as Korean drugmakers are not making speedy progress as hoped in their vaccine development, industry sources said Sunday. Even firms that have reached the clinical trial stage are having difficulties in securing volunteers with the vaccination campaign underway, the sources said. South Korean drugmakers Genexine and Cellid are cu
April 18, 2021
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[#WeFACE] How ESG is changing the ratings game for financial giants
Financial soundness, capital size, and business potential have long been the criteria of measuring the value of financial companies here, but a new method, though subjective and somewhat abstract, is changing the assessment game. Since the pandemic, financial firms have been expanding services and products conscious of environmental, social and governance values while investors keep a close eye on whether business decisions of banking firms, stock brokers, card issuers or insurance firms run
April 18, 2021
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[From the Scene] Posco Chemical bets future on battery materials
GWANGYANG, South Jeolla Province -- The moment reporters stepped inside Posco Chemical’s battery materials plant the size of 20 football fields, they were immediately overwhelmed by a howling sound echoing inside the facility every 30 seconds. The mysterious noise emitting from the beige-painted equipment sounded as if whales were crying in pain. “It’s the ultrasound carving cathode particles,” Kim Woo-joong, a safety manager of the plant, shouted over the din, throu
April 18, 2021
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Coway’s ad featuring BTS racks up over 10 million views
South Korean home appliance maker Coway has said its new advertisements featuring K-pop group BTS have racked up over 10 million views on YouTube. In yet another sign of the group’s commercial success in the advertisement industry, the septet’s commercials promoting the company’s products, including a water purifier and a mattress, were met with millions of views and over 25,000 comments within 17 days, Coway said. The ads, which are available on the company’s official
April 18, 2021
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After Coupang Eats’ success, other food delivery apps rush to speed up delivery
South Korean food delivery apps are rushing to offer speedier delivery services by making riders deliver just one order at a time, rather than multiple orders, to ensure the freshness of the food – a move borne out of growing competition in the industry. WeMakePrice O, food delivery app operated by e-commerce platform WeMakePrice, became the latest to adopt the “one order per trip” system this week, as it announced a memorandum of understanding with LK ICT, a company that
April 18, 2021
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What will Citibank’s consumer banking exit strategy be?
Citigroup has yet to announce the details of its retail banking exit strategy from South Korea as of Sunday, but the most probable scenario is that the firm will break up its consumer business here before selling, according to industry watchers. On Friday, Citigroup decided to exit retail banking in Korea and other 12 markets across Asia, Europe, the Middle East and Africa as part of reorganization plans. The move signals a significant downsizing for Citibank Korea, a wholly owned subsidiary o
April 18, 2021
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State pension cashes in W2tr of Samsung Electronics profits
The National Pension Service, South Korea’s largest institutional investor, has gained nearly 2 trillion won ($1.79 billion) worth of profits after selling a 1.2 percent stake in top-cap Samsung Electronics over the past year and a half, data showed Sunday. According to DART, the Financial Supervisory Service’s electronic disclosure board, the NPS’ stake has dropped to 9.99 percent, now owning some 596 million shares, by trading the tech giant’s common shares 738 times f
April 18, 2021
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2 medical device firms ordered to correct unfair biz practice
South Korea's antitrust regulator said Sunday it has decided to order two importers of medical devices to take corrective actions over their unfair business practice. Abbott Korea Co. and Medtronic Korea Co. provided financial support to doctors for their participation in overseas seminars between 2014 and 2019 in a bid to encourage them to use their imported cardiovascular stent, according to the Korea Fair Trade Commission (KFTC). The commission also decided to fine Abbott Korea 16 million w
April 18, 2021
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S. Korea to invest W42b in illegal drone response tech by 2025
South Korea said Sunday it will spend 42 billion won ($37.6 million) by 2025 to develop a response system against illegal drones amid growing security threats from the fast-developing technology. A consortium of 23 companies and research institutes -- which includes the Korea Atomic Energy Research Institute, the Korea Aerospace Research Institute and aerospace and defense firm LIG Nex1 Co. -- will develop a response system that spots and neutralizes the illegal unmanned aircraft, according to
April 18, 2021
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[Newsmaker] S. Korea to allow three more airports to run 'flights to nowhere'
South Korea will allow three more airports to run international "flights to nowhere" to help the pandemic-hit airline and duty-free industry ride out the prolonged crisis, the transport ministry said Sunday. Flights to nowhere start and end at the same airport and offer tax-free sales, while passengers are exempted from mandatory COVID-19 testing and the quarantine process after arrival. Starting from May, airlines will be allowed to operate international flights without destinations
April 18, 2021