Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Medical profs at top hospitals suspend surgeries, clinics
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Police to open alleged stalking probe over pastor over Dior bag scandal
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Seoul to deploy more military doctors to fill med prof void
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SsangYong Motor graduates from court-led debt rescheduling program
SsangYong Motor Co. said Friday it has graduated from the court-led debt rescheduling program nineteen months after it was placed under court receivership amid the COVID-19 pandemic. SsangYong Motor applied for court receivership on April 15, 2021, after its Indian parent Mahindra & Mahindra Ltd. failed to attract an investor due to its worsening financial status amid the pandemic. The Seoul Bankruptcy Court approved SsangYong's debt payment plans in August after the court picked a loca
Nov. 11, 2022
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Auto exports jump 28% in October on solid demand for eco-friendly cars
South Korea's car exports jumped 28.5 percent on-year last month on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to $4.92 billion last month, the largest ever for any October, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 208,544 vehicles were sold last month, up 30.2 percent from the previous year, the data showed. By region, exports to North America jumped 60.2 percent to $2.3
Nov. 11, 2022
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Daejeon seeks to attract 'largest-ever' investments from European firms
FRANKFURT, Germany -- Daejeon Mayor Lee Jang-woo met Wednesday with officials from bio-to-chip firm Merck, at the company’s headquarters in Germany, to attract semiconductor and bio-related investments in the central Korean city. During the meeting, Lee and Merck officials discussed the company’s potential direct investment in Daejeon to build manufacturing facilities. After his inauguration in July, Lee announced his vision to promote the nano semiconductor industry, which en
Nov. 11, 2022
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BOK chief says continued monetary tightening necessary but worries about 'growing signs of stress'
South Korea's top central banker said Friday that it is a top priority to ensure price stability and reduce inflation pressure through monetary tightening but worried there are "growing signs of stress" in various sectors amid recent steep interest rate hikes. Rhee Chang-yong, governor of the Bank of Korea, also voiced worries over money moving from non-banking sectors to the banking sector due to fast-rising deposit rates, saying that it is an "important issue" to turn
Nov. 11, 2022
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Exports down 2.8 percent during first 10 days of Nov.
South Korea's exports slipped 2.8 percent on-year in the first 10 days of November due mainly to weak shipments of chips and mobile devices, data showed Friday. The country's outbound shipments stood at $17.7 billion in the Nov. 1-10 period, compared with $18.2 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 6.7 percent on-year to $19.8 billion during the cited period, resulting in a trade deficit of $2.05 billion. Outbound shipments
Nov. 11, 2022
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NCSOFT Q3 net profit up 83 pct on stellar sales of 'Lineage' franchise
NCSOFT Corp., a major South Korean online and mobile game developer, said Friday its third-quarter net income soared more than 80 percent from a year earlier, led by strong sales from the latest entry of its popular "Lineage" franchise. It logged a net profit of 182.1 billion won ($132.2 million) on a consolidated basis in the three months ending in September, compared with 99.5 billion won a year earlier, the company said in a regulatory filing. For the quarter, NCSOFT posted an opera
Nov. 11, 2022
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LG Energy Solution secures long-term lithium carbonate supply from US producer
South Korean battery maker LG Energy Solution Ltd. said Friday it has signed a binding agreement with a US minerals provider for a long-term supply of a key lithium product used in electric vehicle lithium-ion batteries. The offtake agreement with Compass Minerals Inc. is for 40 percent of about 11,000 tons of lithium carbonate the US company is estimated to produce for six years starting in 2025, LG Energy Solution said in a release. The two companies also agreed to work on a separate supply de
Nov. 11, 2022
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Seoul shares open sharply higher on US rallies
South Korean stocks opened steeply higher Friday on overnight Wall Street rallies, largely as weaker-than-expected inflation data in the United States raised speculation of the Federal Reserve going easy on a tightening mode. The benchmark Korea Composite Stock Price Index had jumped 69.71 points, or 2.9 percent, to 2,471.94 as of 9:15 a.m. Overnight, the tech-heavy NASDAQ Composite surged a jaw-dropping 7.35 percent. The Dow Jones Industrial Average and the S&P 500 soared 3.7 percent and 5.
Nov. 11, 2022
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KT invests $2m in US voice biomarker tech startup Sonde Health
KT Corp. said Thursday it is making a strategic investment worth $2 million in Sonde Health, a US voice biomarker tech startup that analyzes people’s voice to recognize depression, anxiety and respiratory problems. The Boston-based firm, equipped with the world’s largest amount of data on voice health, has already secured partnerships with global tech companies like Qualcomm and GN Group. Vocal biomarkers are gaining renewed attention recently, with voice-related services from smartp
Nov. 10, 2022
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STX donates W130m to Itaewon foreign victims' families
Korean general trading firm STX said Thursday it has donated 130 million won ($95,000) to the families of foreign victims of the Itaewon Halloween tragedy, as it seeks to offer comfort for their losses. The company said it donated money to the family and multiculturalism division of the Seoul Metropolitan Government for them to then deliver to the bereaved families. "We would like to convey our condolences to the foreigners who lost family members on foreign soil due to a sudden accident,&q
Nov. 10, 2022
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Dairy company Purmil reverses course on business termination
South Korean dairy company Purmil's announcement of its business termination, which stirred nationwide controversy for unilaterally firing its employees, had been upended as of Thursday. According to a statement from Purmil, the company will be normalizing its business operations but will still downsize 30 percent of its workforce to increase management efficiency. The announcement was made after an agreement was reached between management and labor, it added. The company intends to continu
Nov. 10, 2022
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Mortgage rules to be loosened as slowing market threatens economy
South Korea will ease lending rules for those looking to buy their first home in the capital and in the greater Seoul area starting Dec. 1 to prevent a property market slowdown prompted by higher interest rates from hurting economic growth. According to an interagency government meeting led by the Finance Ministry on Thursday, such home buyers will be able to borrow up to 50 percent of the property value, up from as low as 20 percent currently approved, and take out mortgage loans on properties
Nov. 10, 2022
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Doosan Enerbility wins W1.6tr construction order for El Dabaa
South Korean plant builder Doosan Enerbility said Thursday it won an order worth 1.6 trillion won ($1.1 billion) for a construction job at the El Dabaa plant, the first nuclear power plant project in Egypt. Doosan Enerbility will be responsible for the supply of 82 pieces of equipment including turbine generators, key components for nuclear power plants that extract thermal energy from pressurized steam and convert it into electrical energy. Doosan Enerbility is scheduled to construct cooling fa
Nov. 10, 2022
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Coupang turns profitable 8 years after launch of Rocket Delivery
South Korean e-commerce giant Coupang Inc. turned a profit in the third quarter this year – a first after years of losing money since the launch of its ultrafast Rocket Delivery service in 2014. The company logged $90.7 million in net income during the July-September period in a dramatic turnaround from last year’s net loss of $324 million, Coupang founder and CEO Kim Bom said in a conference call early Thursday. Its revenue increased 10 percent to $5.1 billion during the same period
Nov. 10, 2022
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FTX’s acquisition of Bithumb seen killed by liquidity crisis
FTX’s plan to buy South Korean crypto exchange Bithumb appears to have gone up in smoke, with billionaire Sam Bankman-Fried’s empire being rocked by a liquidity crisis, industry watchers said Thursday. Crypto exchange giant Binance’s announcement on Wednesday to back out of its plans to acquire FTX is likely to halt the ongoing deal between the Bahamian crypto exchange platform and Bithumb, according to experts. “Investors have been wary of the crypto market because of
Nov. 10, 2022
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[Photo News] Flying car concept
A concept model of Hyundai Motor's personal air vehicle S-A1 is displayed Thursday at the 2022 K-UAM Confex exhibition, an urban air mobility event, held at a hotel in Yeongjong Island, near Incheon. It runs through Friday.
Nov. 10, 2022
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Prices of food, daily necessities soar
Prices of major food items such as flour, cheese, tofu and chicken have risen over 20 percent in the past year, while prices of daily necessities such as detergents and shampoo have also jumped. Milk prices will surge again next week, which means the prices of bread, ice cream and coffee will also climb. According to the Korea Price Research Center on Thursday, the price of a 1-kilogram pack of flour (CJ Beksul all purpose flour) surged 37.7 percent from a year ago to 1,900 won in the second wee
Nov. 10, 2022
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Twitter Korea likely to lose legal battle against dismissed employees
Twitter Korea Ltd., the US social media giant’s Korean office, is highly likely to lose a potential legal battle against its abruptly laid-off employees under the local labor law if they decide to file a class action lawsuit against their employer, according to labor experts here. “Regardless of whether (Twitter Korea) had urgent managerial reasons behind the layoffs, there seems to have been no efforts to overcome them. The employer should have talked to a representative of laborers
Nov. 10, 2022
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Homeplus to expand home meal replacement products
South Korean discount chain Homeplus said Thursday it will combine its home meal replacement and meal kit product lines for the launch of a new brand called “Homeplus Signature Home Meal” to satisfy consumers’ demand for easy-to-prepare, nutritious meals. The new brand will offer high-quality products at reasonable prices, according to the retailer. The product lineup offers hansik, or Korean food, meal kits for at-home diners, as well as meals suitable for camping and as drink
Nov. 10, 2022
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Regulator proposes opening information-sharing channel with financial firms on overseas markets
South Korea's financial regulator on Thursday proposed opening an "information-sharing channel" with local financial institutions on overseas market conditions to better respond to offshore developments and minimize their impact on domestic markets. Lee Bok-hyun, head of the Financial Supervisory Service, made the proposal during a meeting in Seoul with officials of financial holding groups, banks, brokerages and insurers handling global businesses. "I propose building an inf
Nov. 10, 2022