Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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Doctor gets suspended term for administering propofol to Yoo Ah-in
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Celltrion inks supply agreement for COVID-19 test kit in US
South Korean biopharmaceutical giant Celltrion Inc. said Friday it has signed an agreement worth 240 billion won ($220 million) to supply a diagnostic kit for the novel coronavirus in the United States. Under the agreement, Celltrion's rapid antibody diagnostic test (RDT) kit for the new coronavirus, named DiaTrust, will be distributed by Prime Healthcare Distributors. The kit was co-developed by the South Korean in-vitro diagnostic company Humasis. The new antibody detection test is most sui
Dec. 18, 2020
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S. Korea, France vow to support multilateralism to overcome pandemic fallout
South Korea and France on Friday agreed to continue to support multilateralism over protectionism to overcome the economic fallout from the virus pandemic, and to expand cooperation in various areas from vaccines to green cars. "This year, the two countries have worked deeply together in multilateral frameworks, such as the Group of 20 and the OECD, to promote the travel of products, services and workforces despite the COVID-19 pandemic," Trade Minister Yoo Myung-hee said during her m
Dec. 18, 2020
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S. Korea inks free trade pact with Indonesia
South Korea formally inked a comprehensive trade deal with Indonesia on Friday, paving the way for local exporters to penetrate deeper into the Southeast Asian market. Industry Minister Sung Yun-mo met his Indonesian counterpart Agus Suparmanto here to sign the comprehensive economic partnership agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The pact now needs a parliamentary approval. The two countries resumed their talks in 2019 after a five-year hiatus. The CEP
Dec. 18, 2020
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S. Korea's Q3 overseas direct investment dips 24% on pandemic
SEJONG -- South Korea's overseas direct investment tumbled 24 percent in the third quarter of the year as the coronavirus pandemic dented global investment flows, government data showed Friday. The value of investments made by South Korean companies came to $10.77 billion in the July-September period, down 23.9 percent from a year earlier, according to the data from the Ministry of Economy and Finance. It marked the third consecutive quarterly decline. Overseas direct investment fell 4 p
Dec. 18, 2020
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Daewoo Shipbuilding halts Okpo shipyard over virus infections
Daewoo Shipbuilding & Marine Engineering Co. said Friday it has suspended its Okpo shipyard for three days due to COVID-19 infections among its workers. Three workers have tested positive for the coronavirus, the company said. "The work suspension will have a limited impact on the construction of ships as it applies for just the one business day of Friday and the other two days are the weekend," Yoon Yohan, a company spokesman, told Yonhap News Agency. The shipyard is located
Dec. 18, 2020
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Seoul stocks open tad higher on Wall Street gains
South Korean stocks opened slightly higher Friday, tracking overnight gains on Wall Street amid hopes of a new US stimulus deal and the possible rollout of US biotech company Moderna's COVID-19 vaccine in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.65 points, or 0.06 percent, to 2,772.08 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.49 percent to reach a record high of 30,303.37 points, while the Nasdaq composite al
Dec. 18, 2020
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Samsung releases new Galaxy Book laptops
Samsung Electronics Co. on Friday introduced new models of its Galaxy Book laptop series as the South Korean tech aims to boost personal computer (PC) sales amid the stay-at-home trend driven by the pandemic. Samsung said the Galaxy Book Flex2, Galaxy Book Flex2 5G and Galaxy Book Ion2 will be launched on Jan. 1, 2021. Preorders for the latest laptops, all powered by Intel Corp.'s 11th generation processor, will be available from Monday to Dec. 31 in South Korea. The Galaxy Book Flex2 is a 2
Dec. 18, 2020
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Bourse operator grants Kolon TissueGene 1-year period to improve management
South Korea's bourse operator on Thursday decided to grant the scandal-ridden drugmaker Kolon TissueGene Inc. a one-year period to improve its management. In a meeting to decide whether to delist the drugmaker, the KOSDAQ market committee under the Korea Exchange (KRX) decided to give the company, an affiliate of Kolon Life Science, a one-year grace period to enhance its management. Kolon TissueGene was listed on the secondary KOSDAQ market in 2017. The trading of Kolon TissueGene has been sus
Dec. 17, 2020
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LG U+ demonstrates autonomous parking technology
Telecommunications firm LG U+ introduced a 5G network-based autonomous parking solution, during a closed demonstration held in Seoul, Thursday. In an online video demonstration, the carrier tested the self-driving vehicle, which traveled about five minutes on roads and managed to park itself in a public parking lot. The test car, a Genesis GV80 SUV equipped with lidar and radar sensors, started off on a road 800 meters from the parking lot, followed traffic signals on the way and parked i
Dec. 17, 2020
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[Women in Finance 4] Pandemic highlights power of gender diversity to improve decision-making
The Korea Herald is publishing a series of special reports on the glass ceiling in the financial industry, focusing on South Korea’s market compared to other major economies. Funded by The Korea Press Foundation, the series will evaluate where Asia’s fourth-largest economy stands in terms of gender equality, reflect on changes being made, and explore ways to boost inclusion in the sector. -- Ed. The COVID-19 pandemic has been both an opportunity and a crisis for the world of financ
Dec. 17, 2020
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SK Bioscience receives positive results from phase 3 trial of typhoid vaccine
SK Bioscience announced Thursday that the typhoid conjugate vaccine it is developing jointly with the International Vaccine Institute has garnered positive results from phase 3 clinical trials. The phase 3 clinical trials of vaccine material NBP618 were conducted on 1,350 people aged between 6 months and 45 years old. The company said the test subject group has shown immune responses as effective as existing typhoid vaccines. There was no side effect found, the company added. SK Bioscience n
Dec. 17, 2020
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FSS orders Kakao Bank to improve contingency plan
Financial regulator Financial Supervisory Service said Thursday that it has ordered online-only bank Kakao Bank to beef up its plans to deal with emergent situations, such as shortage of capital. The watchdog regularly assesses financial companies’ capital adequacy and risk management schemes, and it orders them to fix inefficient emergency measures if there is any. It was the first time for the online bank to be reviewed by the financial authority over its contingency plan. The nation&
Dec. 17, 2020
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Daewoong Pharmaceutical’s Nabota banned in US for 21 months
A US trade court ruled Wednesday in favor of Medytox in its 5-year-old legal battle with Daewoong Pharmaceutical over botulinum toxin products. In its final decision, the US International Trade Commission slapped Daewoong with a 21-month ban on the sale of its botulinum toxin product, Nabota, in the US. Daewoong’s US partner, Evolus, issued an investors’ notice saying the company “plans to fund a bond to allow for the continued sales and marketing of Jeuveau in the United S
Dec. 17, 2020
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New mobile processors to draw attention in 2021
What determines a fair portion of success of new smartphones is the brain of the devices: the mobile application processor. With the news of an upcoming January launch of the Samsung Galaxy S21 series, attention is moving to what will be the core AP of the upcoming gadgets. According to various industry sources on Thursday, Samsung is highly likely to adopt the latest edition of its in-house chipset, supposedly called Exynos 2100, for the highest-end model of the Galaxy S21 series. Throu
Dec. 17, 2020
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S. Korea's consumer prices tipped to rise faster down the road: BOK
South Korea's consumer prices are expected to grow at a faster pace in the next two years due to an economic recovery and rising rent, a central bank report said Thursday. South Korea's consumer inflation is forecast to reach 1 percent in 2021 and 1.5 percent the next year, according to the report from the Bank of Korea (BOK). The country's core inflation, excluding volatile food and energy prices, is projected to come to 1 percent and 1.3 percent in 2021 and 2022, respectively. The BOK said
Dec. 17, 2020
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Ikea Korea workers to strike over ‘discriminatory’ treatment
Ikea Korea’s labor union plans to launch a three-day strike next week, accusing the Swedish furniture brand of discriminatory treatment toward local staff. About 800 of the workers at the company’s outlets in Gwangmyeong, Goyang and Yongin in Gyeonggi Province and its service call centers will join the walkout from Dec. 24-27, said the union affiliated with the Korean Confederation of Trade Unions on Thursday. That constitutes one-third of Ikea Korea’s 2,500 employees. &
Dec. 17, 2020
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Conglomerates mobilize coporate facilities to ease sickbed shortage
While South Korea reels under the third wave of COVID-19 infections and its consequences, leading conglomerates here are making gestures to alleviate the top priority dilemma for health authorities -- the shortage of sickbeds and medical facilities. SK Group, the country’s third-largest conglomerate in assets, said Thursday that its decision-making body SUPEX Council has donated 12 billion won ($11 million) to the Community Chest of Korea. The latest contribution not only came as part w
Dec. 17, 2020
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LS C&S wins extensive submarine cable deal worth W200b
LS Cable & System, the world’s third-largest wire and cable maker by sales, said Thursday that it has won a submarine cable supply deal worth around 200 billion won ($183 million), marking the largest deal of the kind in more than 10 years. Slated to be completed by end-2023, the given project aims at connecting South Jeolla Province’s Wando to Jeju Island by installing some 90 kilometers of high voltage, direct current -- or HVDC -- submarine cable. LS C&S will be undert
Dec. 17, 2020
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Seoul stocks close nearly flat amid virus woes
South Korean stocks closed nearly flat Thursday as investors remained wary of spiking COVID-19 cases and looming virus restrictions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.36 points, or 0.05 percent, to 2,770.43 points. Trading volume was moderate at about 998.4 million shares worth some 15.8 trillion won ($14.5 billion), with losers outnumbering gainers 493 to 352. Foreigners sold a net 301.1 billion won, and institutions off
Dec. 17, 2020
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Doosan Heavy teams up with local govt. to build offshore wind farm
South Korea's top power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has joined forces with a local government to build an offshore wind farm in seas off the coast of the southwestern part of the country. Doosan Heavy signed a deal with the government of North Jeolla Province to cooperate on the construction of a 2.4-gigawatt offshore wind farm to be completed by 2028, a 14 trillion-won ($12.8 billion) project, the company said in an emailed statement. Und
Dec. 17, 2020