Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Golden chance to liquidate babies’ gold rings?
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Samsung Electronics declares transition to renewables, zero carbon by 2050
Samsung Electronics said Thursday it has joined the RE100 initiative to set net-zero targets by 2050 and ensure the full use of renewable energy, making a major shift in the IT devices manufacturing giant that consumed the largest amount of electricity in the world. By pledging to use less electricity and reuse and recycle resources like plastic and water, the chips-to-consumer electronics giant aims to transition to 100 percent renewables for its operation, and at the same time become carbon ne
Sept. 15, 2022
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S. Korea's national debt on steady rise despite revenue growth
South Korea's national debt has risen further despite an increase in tax revenue, due largely to the growing spending on supporting pandemic-hit small merchants and other vulnerable groups, data showed Thursday. The total debt had stood at 1,022 trillion won ($732.88 billion) as of end-July, up 14.5 trillion won from a month earlier, according to the data by the Finance Ministry. As of end-2021, the national debt had come to 939.1 trillion won but had been on a steady rise to surpass the 1,
Sept. 15, 2022
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Container rates for US west coast jump over 30% in Aug.
SEJONG -- Shipping costs for container cargo bound for the west coast of the United States soared more than 30 percent in August from a year earlier, but their growth rate slowed from the previous month, government data showed Thursday. The average freight rate for a 40-foot container from Asia's fourth-largest economy to the US west coast reached 14.31 million won ($10,300) last month, up 32.3 percent from a year earlier, according to the data from the Korea Customs Service. Yet the on-yea
Sept. 15, 2022
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Seoul shares open marginally higher after US inflation rout
South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p
Sept. 15, 2022
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Relocation to Busan underway: KDB chief
Despite in-house resistance, preparations to relocate the state-run Korea Development Bank to Busan from Seoul are underway, the policy lender’s chief said Wednesday, saying that he would work to persuade employees. “As the man in charge, I do feel for my employees facing potentially a difficult time,” KDB Chairman & CEO Kang Seog-hoon said, referring to workers holding rallies to protest the relocation plan. It is a decision made by the president and the prime minister and is
Sept. 14, 2022
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Cosmetics industry goes vegan but what's vegan beauty in the first place?
Korean cosmetics brands have been churning out “vegan” makeup and skincare products, driven by rising consumer awareness. However, different sets of accreditation standards from certification agencies are causing consumer confusion. Han Sung-hee, a 32-year-old office worker, recently started her own research on vegan cosmetics products to discover what she could do to lessen her impact on the environment and animals. “It freaks me out when I think of rabbits being kept in a lab
Sept. 14, 2022
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Google, Meta fined W100b for illegal collection of personal data
The South Korean government has imposed a total of 100 billion won ($72 million) in fines against Google and Meta for illegally collecting and using personal information for customized advertisements, officials said Wednesday. The Personal Information Protection Commission under the Prime Minister's Office decided to impose fines of 69.2 billion won and 30.8 billion won against Google and Meta, respectively, after it held a plenary session earlier in the day. According to the PIPC’s inve
Sept. 14, 2022
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Ikea Korea's sales fall for 1st time since its entry
Ikea Korea saw its sales falling this fiscal year for the first time since its entry in 2014, the company said Wednesday, citing the lift of social regulations as a key reason for Koreans' reduced spending on home furnishing products. During a media conference, the South Korean branch of the Swedish furniture giant said it had recorded sales of 618 billion won ($444 million) between September 2021 and August 2022, marking a 10 percent decrease from the previous fiscal year. Ikea Korea has shown
Sept. 14, 2022
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Korean won sinks to worst level since 2008 financial crisis
South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins
Sept. 14, 2022
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Seoul shares dip over 1.5% as US inflation data signals more aggressive rate hikes
South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected US inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won ($5.41 billion) with decliners outnumbering gainers 721 to 167. "The stronger-t
Sept. 14, 2022
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SK to invest W67tr to spur provincial economy
SK Group on Wednesday announced new plans to invest 67 trillion won ($48 billion) in provincial areas, including a cutting-edge semiconductor plant, for the next five years as part of efforts to expand production facilities at home and facilitate local economies. Earlier this year, the nation’s second-largest conglomerate had pledged to invest a combined 247 trillion won by 2026, with 179 trillion won of them being poured at home. The new announcement is part of the domestic investment pla
Sept. 14, 2022
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Naver Z joins global alliance to fight online child abuse
Naver Z, the metaverse affiliate of South Korean IT giant Naver, has joined the Tech Coalition to fight online sexual abuse and exploitation of children, the company said Wednesday. Established as a voluntary working group in 2006, the Tech Coalition is a global alliance of technology companies that have come together to better detect, report, remove and prevent online child sexual abuse. With Naver Z becoming the newest member of the alliance, there are now 28 companies including Amazon, Appl
Sept. 14, 2022
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SKT-led consortium to commercialize Jeju UAM route for tourism
By 2025, tourists visiting Jeju Island will be able to hop on Urban Air Mobility or air taxis to head to major tourism spots, a consortium comprising Hanwha Systems, SK Telecom and Korea Airports Corp. said Wednesday. At an agreement signing ceremony with Jeju Special Self-Governing Province Wednesday, the firms announced that they would work together to make the resort island the country’s first municipality to have commercial routes for flying cars. The news confirms a report by&n
Sept. 14, 2022
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Lee Jae-yong heads for Panama, first importer of Samsung's color TV
Samsung Electronics Vice Chairman Lee Jae-yong has visited Panama to hold talks with Panamanian President Laurentino Cortizo and meet Samsung executives there, the tech giant said Wednesday. The isthmus country, which connects Central and South America, was the first importer of Samsung Electronics' color TVs in 1977, and is home to Samsung's oldest overseas office. Lee, heir to South Korea's largest conglomerate dedicated to electronics, construction and finance, met President Cortizo at Heron'
Sept. 14, 2022
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World's largest OLED TV set for local release on Sept. 21
LG Electronics said Wednesday it plans to release the world's largest 97-inch premium television using the flat-panel organic light-emitting diode display for home cinema experience in South Korea on Sept. 21. Dubbed the LG OLED evo Gallery Edition, the massive TV measures more than 2.4 meters across. The ultralarge TV will feature a 4K resolution and Dolby's cutting-edge vivid video format Dolby Vision IQ and surround sound technology Dolby Atmos. LG’s alpha 9 Gen 5 intelligent processors
Sept. 14, 2022
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Shipyard KSOE bags W331.8w order for 2 vehicle carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE), a major South Korean shipyard, said Wednesday it has clinched a 331.8 billion-won ($239 million) order to build two vehicle carriers for a Middle East-based shipper. Hyundai Samho Heavy Industries Co., a KSOE affiliate, will construct the pure car & truck carriers powered by liquefied natural gas at its shipyard in Yeongam on the southwest coast, KSOE said in a regulatory filing. The vehicle carriers will be delivered to the undisclosed shipp
Sept. 14, 2022
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Hyundai Glovis wins W2.2t vehicle delivery deal
Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Wednesday it has received a record 2.2 trillion-won ($1.6 billion) vehicle delivery deal from a global carmaker. Under the deal, Hyundai Glovis will deliver the unidentified carmaker's vehicles to Europe, the United States and Asia for three years from 2023, the company said in a statement. In 2020, the company signed a five-year vehicle delivery deal with Volkswagen Group and has strengthened its status in the vehicle ship
Sept. 14, 2022
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Apple to open 4th retail store in S. Korea this month
US tech giant Apple Inc. said Wednesday it plans to open its fourth retail store in South Korea later this month, expanding its presence in the country to compete with local rival Samsung Electronics Co. Named "Apple Jamsil," the store will open at Lotte World Mall in Seoul's southeastern neighborhood of Jamsil on Sept. 24, the company said. Apple's Korean website opened a special menu announcing the store's opening. Apple opened its first South Korean store in Seoul
Sept. 14, 2022
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S. Korea sets up task force to support typhoon-hit steel industry
The industry ministry said Wednesday it will run a task force to support steelmakers with post-typhoon recovery work and to check the supply situation of steel products to minimize damage by Typhoon Hinnamnor. Last week, Typhoon Hinnamnor hit the southern part of South Korea and affected steelmaking facilities run by major companies, including POSCO and Hyundai Steel. POSCO had halted blast furnaces at its main steel mill in Pohang for the first time in its half-century history. The task force w
Sept. 14, 2022
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SK Telecom, Hanwha consortium partners with Jeju Province for air taxi project
An urban air mobility consortium led by SK Telecom and Hanwha Systems said Wednesday it has partnered with the Jeju Special Self-Governing Province to launch an air taxi pilot program on South Korea's southern resort island. The K-UAM Dream Team Consortium, comprising the two companies and the Korea Airports Corp., the Korea Meteorological Institute and LX, a state-run land information provider, signed an agreement to launch the commercial pilot project on Jeju Island in 2025. A signing cer
Sept. 14, 2022