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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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Liberal bloc moves to rewrite student rights ordinance
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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
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Chungho Nice’s iced coffee maker sales triple
Water purifier company Chungho Nice said that sales of its iced coffee machine in the first five months of the year more than tripled from a year prior. The Espre Caffe, which comes in four models, including a countertop version and a large, standing model, is a combination of an ice-dispensing water purifier and a capsule coffee machine that can be used at both home and the office. The taste and aroma of Italian roasted coffee made with clean water filtered through membrane filters as well as
June 28, 2022
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Retail sales up 10.1 pct in May amid eased virus curbs
Retail sales in South Korea rose 10.1 percent on-year in May on the back of growing demand for fashion-related items and other services amid the government's relaxation of COVID-19 curbs and the growth in people's outdoor activities, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers reached 14.45 trillion won ($11.24 billion) last month, up from 13.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Indus
June 28, 2022
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Seoul shares open higher despite US losses
Seoul shares opened higher Tuesday, bucking overnight losses on Wall Street, with investors remaining concerned about higher interest rates and a slowdown in the global economy. The Korea Composite Stock Price Index (KOSPI) rose 6.04 points, or 0.25 percent, to 2,407.96 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.2 percent to 31,438.26 points and the tech-heavy Nasdaq shed 0.7 percent to 11,524.55 points. Auto, airline and refiner stocks were lead gaine
June 28, 2022
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Finance chief calls for corporate restraints on 'excessive' wage increase amid inflation woes
Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, president of Samsung Electronics Co. "We're concerned that some IT companies and large conglomerates have recently jacked up wages, and such a trend ha
June 28, 2022