Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Seoul to provide housing subsidy to married couples with newborns
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New head of doctors' association vows war in case of disadvantage to medical professors
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Labor, management circles revise proposals for next year's minimum wage
Representatives of South Korea's labor and management have submitted amendments to their respective proposals for an increase in next year's minimum wage, only to confirm a wide gap, officials said Wednesday. Under the current law, the 27-member Minimum Wage Commission (MWC), a trilateral panel composed of nine representatives each from labor, management and the general public, has to complete its review on the new minimum wage by mid-July for a formal announcement by Aug. 5 every year
June 29, 2022
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S. Korea's trade terms down for 14th straight month in May
South Korea's terms of trade worsened for the 14th straight month in May due to fast-rising import prices of oil and other key commodities, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 85.33 last month, down 10.6 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK). The figure, however, was up 1.3 percent from a month earlier, the first on-month rise in four month
June 29, 2022
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Biz leaders of S. Korea, Japan to hold annual meeting next week after nearly 3-year hiatus
Business leaders of South Korea and Japan will hold their annual meeting early next week, the Federation of Korean Industries (FKI) said Wednesday, after a nearly three-year hiatus caused by the COVID-19 pandemic. The Korea-Japan Business Council, co-hosted by the FKI and the Japan Business Federation, or Keidanren, will take place in Seoul at the FKI headquarters Monday, the FKI said in a release. More than 20 top business leaders, including the chiefs of the FKI and Keidanren -- Huh Chang-soo
June 29, 2022
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Korean Air, Asiana resume Gimpo-Haneda route after 2-year suspension
Korean Air Lines Co. and Asiana Airlines Inc., South Korea's two biggest carriers, on Wednesday resumed the Gimpo-Haneda route after a two-year suspension due to the COVID-19 pandemic. South Korea and Japan agreed to reopen the route last week. Korean Air and Asiana will operate two flights per week on the Haneda route, respectively, while All Nippon Airways Co. and Japan Airlines Co. will provide a total of four flights a week as well, according to the Land, Infrastructure and Transport Mi
June 29, 2022
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BOK likely to weigh more on 'big-step' rate hike should June inflation hit 6 pct: official
Demand for an unprecedented "big-step" rate hike among policymakers of the Bank of Korea (BOK) will likely intensify ahead of an upcoming rate-setting meeting should the country's consumer prices in June rise 6 percent or higher, a high-ranking central bank official has said. The outlook comes amid growing speculation the BOK could lean more toward the possibility of an unprecedented 0.5 percentage-point hike in borrowing costs when monetary policy board members gather on July 13 in th
June 29, 2022
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Inflation expectations in S. Korea hit 10-yr high in June
Inflation expectations in South Korea hit the highest level in about 10 years in June amid worries that prices are fast increasing due to high energy and commodity costs, a central bank report showed Wednesday. Ordinary people expected consumer prices to rise 3.9 percent over the next year, the fastest pace since April 2012, according to the report from the Bank of Korea (BOK). The June figure was also higher than a 3.3 percent rise predicted the previous month. Data on expected inflation is clo
June 29, 2022
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Seoul shares open steeply lower on US stock plunge
South Korean stocks opened sharply lower Wednesday, tracking an overnight Wall Street plunge amid growing fears of economic recession. The benchmark Korea Composite Stock Price Index (KOSPI) fell 32.67 points, or 1.35 percent, to trade at 2,389.42 in the first 15 minutes of trading. Overnight, Wall Street tumbled amid bleaker-than-expected economic indicators that added to investor jitters over a possible recession. The Dow Jones Industrial Average dipped 1.56 percent, while tech-heavy Nasdaq co
June 29, 2022
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Helixmith to announce results of Engensis’ second phase 3 clinical trials next month
Local gene therapy biotech firm Helixmith will announce the results of Engensis’ second phase 3 clinical trials for diabetic peripheral neuropathy next month, officials said Tuesday. “We were hoping to announce the results of Engensis’ second phase 3 clinical trials today, but the (independent Data Monitoring Committee) has requested additional data,” said Kim Sun-young, CEO of Helixmith, in a press conference. According to the CEO, the requested documents included En
June 28, 2022
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4 years in, Koo’s leadership still in making
LG Group Chairman Koo Kwang-mo on Wednesday marks his fourth anniversary at the helm of the nation’s fourth-largest conglomerate, with his leadership taking shape, though not yet completed. Koo, then 40, took office as chairman and CEO of LG Corp., the holding unit, on June 29, 2018, following the death of his father, Chairman Koo Bon-moo. He was the youngest person to lead one of the nation’s top four chaebol groups, which also include Samsung, SK and Hyundai Motor. Pragmatism i
June 28, 2022
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Court greenlights KG Group’s acquisition of SsangYong Motor at W900b
A Seoul bankruptcy court on Tuesday approved a local consortium led by chemical-to-steel firm KG Group to acquire a 58.85 percent stake in SsangYong Motor at a reported 900 billion won ($700 million), ending a two-way race to acquire the debt-ridden South Korean SUV maker. SsangYong has been under court receivership for 14 months after its Indian parent Mahindra & Mahindra failed to attract fresh funding amid worsening financial health during the pandemic. Following the court&rs
June 28, 2022
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Posco opens sample house for Geochang project
Posco Engineering & Construction, a construction unit under steel giant Posco, opened a second sample house of The Sharp Geochang Porsiel as it prepares to start its official sale, the company said Friday. The second Sharp Geochang Porsiel complex comprises six 20-story buildings, and a total of 443 households. Interior designs and sizes vary from medium-sized flats to penthouses, the company said. Residents of Geochang-gun, Gyeongsang Province, Busan, and Ulsan aged 19 or older who hold
June 28, 2022
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Seoul shares rise for 3rd day on bargain hunting, US data eyed
Seoul shares ended higher Tuesday to extend their winning streak to a third day as auto and technology stocks advanced on bargain hunting, with investors keeping an eye on upcoming U.S. economic data and Federal Reserve policy. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.84 percent, to close at 2,422.09. Trading volume was moderate at 555.34 million shares worth 7.03 trillion won ($5.4 billion), with gainers outpacing decli
June 28, 2022
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Korean Air to bring back flights to half of pre-pandemic level by Sept.
The country’s largest air carrier, Korean Air, is gearing up to restore international flights that had plunged during the last three years due to the outbreak of the COVID-19 pandemic. “We plan to restore international flights to 50 percent of pre-pandemic levels by September,” the company said Tuesday. Currently, Korean Air’s international flights are only one-third of the pre-pandemic level, but it plans to gradually increase flights starting in July, when the summer
June 28, 2022
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KAI to build test version of UAM aircraft in 2 years
Korea Aerospace Industries is venturing into the air taxi business with an aim to develop a small-sized Urban Air Mobility aircraft by 2024 so it can be used as a test model. KAI said it will later develop a full-scale UAM aircraft that can be used as a standardized model for the air taxi business in Korea amid the government’s push to commercialize air taxis by 2025. According to industry sources, KAI is building a small-sized UAM aircraft that will be 25 percent to 40 percent sma
June 28, 2022
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Hyundai Steel applies AI, big data for advanced production management
Hyundai Steel has built a so-called Smart Enterprise system, an advanced management program that oversees from production to sales and infrastructure management through AI technology, officials said Tuesday. The new system features AI technology and big data to advance the entire process from manufacturing to sales at steel mills, Hyundai Steel said. “The company will complete the Smart Enterprise system by forming the most optimized decision-making process centered in customers b
June 28, 2022
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[Photo News] Lone Diner
A diner is seen eating alone at a university cafeteria in Seoul on Tuesday. The cost of eating out at a restaurant for a four-person household in the first quarter of this year jumped 17 percent from the previous year, while the sharp rise in the cost of dining out has driven a 3.8 percent surge in the Consumer Price Index on-year, according to recent data by Statistics Korea.
June 28, 2022
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LG Innotek’s high-performance radar module detects life in cars
LG Innotek said on Tuesday it has developed an in-cabin radar module for cars that detects living things and movements with electromagnetic waves. Used to avoid leaving small children in cars or to prevent theft, in-cabin radar modules are made by combining radar chips, antennas and communication chips on substrates, and are usually installed in the ceiling above the rear seats or around the rearview mirror. The global demand for interior sensing devices, including radar modules, has been risi
June 28, 2022
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Fiscal chief urges businesses to restrain drastic wage hikes
SEJONG -- The nation’s fiscal chief on Tuesday called for employers to refrain from excessively raising wages, stressing that a sharp pay raise could possibly fan consumer prices growth. Deputy Prime Minister and Finance Minister Choo Kyung-ho expressed the worries during his meeting with business leaders, including Korea Enterprises Federation and CJ Group Chairman Sohn Kyung-shik, in Seoul. “There have been drastic pay raises in the information technology-oriented firms and some
June 28, 2022
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Korea to invest W24.7tr in science R&D next year
The South Korean government will invest 24.7 trillion won ($19.2 billion) into the country’s research and development efforts in 2023, a 1.7 percent increase on year, the Ministry of Science and ICT said Tuesday. According to the ministry, the R&D budget is focused on the three pillars of strengthening strategic investment for developing core technologies, working towards carbon neutrality and achieving digital transformation. The ministry said it plans to invest a total of 1.1 tri
June 28, 2022
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ViBac 2022 organizers, ASOK sign deal for cooperation
Organizers of an international expo on the virus and bacteria industry said Tuesday that they signed a memorandum of understanding with the Association of American State Offices in Korea to host the 2022 International Virus and Bacteria Industry Expo, or ViBac. Under the memorandum, which was signed June 16, ASOK will encourage companies in the US to participate in ViBac, which will kick off July 18 at Coex in Samseong-dong, Gangnam-gu, Seoul, for a two-day run. Founded in 1989, ASOK is a non
June 28, 2022