Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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Yoon's office denies considering liberal figures for key posts
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Why is Apple Pay struggling to get purchase in Korea?
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Seoul says Fu Bao loan 'not going to happen'
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New visa program aims to attract more tech talent
The South Korean government will introduce a new visa category called E-7-S in October to attract more global professionals into the nation’s high-tech industries. The current E-7 visa is an employment visa for foreign nationals in white collar industries, but complaints have grown because only workers in 92 specified occupations were eligible for the visa. The new E-7-S visa will be issued regardless of job type, as long as the applicants are evaluated as professionals working in high
July 29, 2022
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Krafton’s popular battle-royale game banned in India
South Korean gaming giant Krafton’s popular battle-royale format game Battleground Mobile India, the Indian version of its global smash hit PlayerUnknown’s Battlegrounds, has been slapped with a download ban in India, its Seoul headquarters confirmed Friday. Both Google and Apple removed the gaming app from their respective app stores on Thursday, citing the Indian government’s ban order. “We are still checking on the situation with the local authorities,” a Kr
July 29, 2022
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Seoul shares extend winning streak to 5th day on hope for Fed's less aggressive rake hikes
South Korean stocks advanced for the fifth consecutive session Friday as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 16.23 points, or 0.67 percent, from the previous session to close at 2,451.5 points. The figure is up 2.44 percent from a week ago. T
July 29, 2022
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Posco secures $1b through overseas debt sale
Posco said Friday that it has raised $1 billion by selling debts overseas, the largest corporate bond issuance by a South Korean company this year. According to the South Korean steel giant, the two-tranche debt consists of three-year bonds worth $700 million and five-year bonds worth $300 million. The decision was made a day after the US Federal Reserve on Wednesday raised interest rates by 0.75 percentage point for the second consecutive time to fight inflation fears. It
July 29, 2022
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Yoon to slash payroll at public firms in 2023
SEJONG -- The Yoon Suk-yeol administration on Friday unveiled a policy scaling back payrolls at 350 public firms nationwide next year, as part of its effort to raise overall productivity and eradicate negligent management of some state-run agencies. It also plans to revamp the wage payment structure for workers in the public agency sector, by slashing taxpayer funding injected from the central government for operation of their businesses. This marks the first time that the government has cut p
July 29, 2022
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S. Korea seeks to overhaul public firms to prevent lax management
South Korea on Friday unveiled guidelines to overhaul operations of public firms in a bid to improve their productivity and prevent lax management amid a sharp rise in personnel and debt. The guidelines called for a total of 350 public firms to reduce their non-core business and lower the maximum number of employees for 2023, according to the finance ministry. Public firms should also sell non-essential assets and cut business costs by more than 10 percent in the second half. Large welfare benef
July 29, 2022
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Hyundai Motor names new CEO for US operations
Hyundai Motor Co., South Korea's biggest carmaker, said Friday it has named a new chief executive for its US operations amid the prolonged chip shortage. Hyundai has promoted Randy Parker to be CEO of Hyundai Motor America effective Aug. 1. He will be in charge of Hyundai's commercial automotive operations in the US market, the company said in a statement. Parker will report to Jose Munoz, president and CEO of Hyundai Motor America, it said. "Randy is the perfect person to continu
July 29, 2022
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POSCO raises $1b via overseas debt sale
POSCO, South Korea's top steelmaker, said Friday that it has raised $1 billion by selling debts overseas. The two-tranche debt comprises three-year bonds worth $700 million and five-year bonds worth $300 million, according to the steelmaker. POSCO said the proceeds from the debt sale will help beef up its cash flows down the road amid rising market rates. (Yonhap)
July 29, 2022
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Card spending climbs 15% in Q2 on eased COVID-19 curbs
Credit card spending in South Korea jumped in the second quarter, buoyed by eased antivirus measures, data showed Friday. Spending made with credit, debit and prepaid cards came to 280.7 trillion won ($216.2 billion) in the April-June period, up 14.8 percent from a year earlier, according to the data compiled by the Credit Finance Association (CREFIA). During the cited period, the number of approved card settlements climbed 11.4 percent on-year to 6.61 billion cases. "The eased COVID-19 cur
July 29, 2022
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Samsung SDI logs best-ever results in Q2 on robust EV battery sales
Samsung SDI Co. said Friday it posted record high operating income and sales in the second quarter, driven by strong sales of electric vehicle (EV) batteries. Operating income reached 429 billion won ($330.4 million) in the April-June period, up 45.3 percent from a year earlier, the company said in a regulatory filing. Sales came to 4.74 trillion won, also up 42.2 percent from the previous year. The figures are the highest ever for the South Korean battery maker. Its net income also soared 42 pe
July 29, 2022
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Tax revenue up W36.5tr in H1 amid economic recovery
South Korea's tax revenue increased 36.5 trillion won ($28 billion) in the first half from a year earlier as the economic recovery boosted the collection of corporate and income taxes, the finance ministry said Friday. Tax revenue amounted to 218.3 trillion won in the January-June period, compared with 181.7 trillion won the previous year, according to the ministry. In June alone, tax revenue rose 1.7 trillion won on-year to 21.7 trillion won. South Korea has continued to post a surplus of
July 29, 2022
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Korean Air to resume routes to Rome and Barcelona in Sept.
Korean Air Lines Co., South Korea's biggest carrier, said Friday it will resume flights to Rome and Barcelona next month as travel demand grows amid eased virus curbs. It will operate three flights a week on the Incheon-Rome route starting Sept. 1 and three weekly flights on the Incheon-Barcelona route from Sept. 2, the statement said. Korean Air suspended flights from Incheon to the two European cities in March 2020 due to the COVID-19 pandemic. The national flag carrier resumed flights to
July 29, 2022
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Exports of passenger cars rise 2.5% in H1
Exports of South Korean-made passenger cars expanded 2.5 percent in the first half of the year, thanks mainly to brisk overseas demand for green cars, data showed Friday. Local carmakers shipped passenger cars worth a combined $22.3 billion during the January-June period, up from $21.7 billion a year earlier, according to the data compiled by the Korea Customs Service (KCS). The number of exported units, however, decreased 2.7 percent on-year to 1.07 million. South Korea's imports of passen
July 29, 2022
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Hanwha Life Insurance Q2 net income up 92.8% to W318.6b
Hanwha Life Insurance Co. on Friday reported its second-quarter net profit of 318.6 billion won ($245.5 million), up 92.8 percent from a year earlier. Operating income for the April-June period was 458 billion won, up 90.2 percent from a year ago, the company said in a regulatory filing. Revenue rose 38.5 percent to 8.17 trillion won. (Yonhap)
July 29, 2022
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SK Innovation Q2 net profit up 589.8% to W1.33tr
SK Innovation Co. said Friday its second-quarter profit more than quadrupled from a year earlier, boosted by robust sales of petroleum products amid higher oil prices. Operating profit reached 2.32 trillion won ($1.78 billion) in the April-June period, up 318.9 percent from 556 billion won the previous year, the South Korean refiner said in a regulatory filing. Sales increased 76.9 percent to 19.9 trillion won. Its net profit grew by nearly sevenfold to 1.33 trillion won from a year earlier. For
July 29, 2022
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Seoul shares open higher on expectations over Fed's less aggressive rate hikes
South Korean stocks opened higher Friday, as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The benchmark Korea Composite Stock Price Index added 17.81 points, or 0.73 percent, to trade at 2,453.08 points in the first 15 minutes of trading. Stocks came off to a solid start after a 1.03 percent gain on the Dow Jones Industrial Average and a 1.08 percent adv
July 29, 2022
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S. Korea's consumption falls for 4th month amid high inflation
South Korea's industrial output rose in June from the previous month, but retail sales declined for the fourth straight month as high inflation and rising interest rates weighed on consumption, data showed Friday. Industrial output grew for the second straight month in June as it rose 0.6 percent on-month, following a 0.8 percent increase in May, according to the data from Statistics Korea. The June increase was led by robust production in the manufacturing sector, the backbone of the economy. M
July 29, 2022
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Widodo asks Hyundai Motor to join capital relocation project
Indonesian President Joko Widodo requested the head of South Korean carmaker Hyundai Motor Group to provide clean mobility in the Southeast Asian country’s grand administrative city project during their meeting in Seoul, the company said Thursday. Earlier this year, the Indonesian parliament passed a bill to relocate the country‘s capital city from Jakarta to the East Kalimantan province in the island of Borneo to level out overpopulation. The new capital will be constructed
July 28, 2022
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LG Chem, GS Caltex join hands to build white bio ecosystem
LG Chem and GS Caltex on Thursday held a ground-breaking ceremony at GS Caltex Yeosu plant for its new bio-material demonstration plant, which would contribute to building a white ecosystem, officials said. The demo plant at GS Caltex‘s Yeosu complex will mainly produce 3-Hydroxypropionic acid prototypes, key raw material in the production of biodegradable plastics. The construction is set to be finished by 2023, after which both companies will produce various 3HP prototypes to accelera
July 28, 2022
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[Newsmaker] Starbucks Korea admits giveaway bags had cancer-causing chemicals
Starbucks Korea on Thursday admitted that its summer giveaway bags had cancer-causing chemicals, and vowed to provide compensation to its customers with gift coupons. “We deeply apologize to our customers who are disappointed in us for the recent issue (surrounding the giveaway bags),” Starbucks Korea said in a statement. “On July 22, we have requested state-approved institutions to run tests on six unopened samples and five opened samples of our giveaway bags and detected
July 28, 2022