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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E-scooter rental service Lime Korea suspends operations amid changing laws
Lime, the world’s leading operator of rented electric scooters and bikes, said in a statement on Wednesday that it will be withdrawing its operations from South Korea on June 30. Constant traffic law revisions and differing local government policies were named by the company as the primary reasons behind this “tentative suspension” of operations. Lime saw a sharp drop in its customers in 2021, when a law that made wearing helmets mandatory for people riding electric scooters
June 16, 2022
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Raw, edgy and…under construction?
On a weekday evening, one cafe in western Seoul is about to close for the day while customers are still chatting away and enjoying their coffee. Repurposed from a shoe factory, this cafe is one of several trendy spots across the city that attract coffee drinkers and cafe enthusiasts alike, as numerous Instagram posts tagging the location show. “Industrial interior designs display the appeal of raw materials. Since it can give off a vintage or clean feel depending on the finish, demand i
June 16, 2022
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W Concept kicks off global campaign for local fashion brands
W Concept, a South Korean online fashion platform under retail giant Shinsegae, said Thursday that it has started its first global campaign to support the overseas business of the country’s fashion brands. From Friday to June 24, the company will release a series of fashion photo shoots featuring Leandra Medine, a global fashion influencer, wearing items from Korean fashion brand Eenk. The items are from Eenk’s Spring/Summer 2022 collection, which includes patterned tops, dresses,
June 16, 2022
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[KH Explains] EV scare building up in Korea over a series of battery fires
Early this month, an electric vehicle caught fire in Busan, sparking safety concerns among drivers of battery-powered cars. It was an Ioniq 5, Hyundai Motor’s all-electric model, that went up in flames just three seconds after crashing into a highway toll gate. The driver and one passenger in the car died in the accident, but investigations are ongoing to figure out whether they died from the crash or whether they were not able to escape from the fire that broke out so quickly. While th
June 16, 2022
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Seoul stocks snap 7-day losing streak on eased Fed policy uncertainty
South Korean stocks rebounded slightly Thursday, ending their seven-day losing streak, as uncertainty over the future course by the US Federal Reserve eased somewhat after its sharpest rate hike in almost three decades. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 4.03 points, or 0.16 percent, to close at 2,451.41, after erasing most of its earlier gains. The index hit an intraday high of 2,500.36. Trading volume was moderate at 567.50 millio
June 16, 2022
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Yoon to carry out deregulations, tax reform to pursue market-oriented economy
SEJONG -- The Yoon Suk-yeol administration on Thursday unveiled a five-year plan to pursue a business-friendly and market-oriented economy by carrying out intensive deregulatory measures and alleviating the corporate tax burden. In a major shift from the previous administration‘s liberal agenda of an income-driven economy, the new government also vowed to minimize state intervention in the market. In addition, the plan includes a series of reforms, such as restructuring the national pensi
June 16, 2022
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Posco International expands eco-friendly energy business in Australia
Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to di
June 16, 2022
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Legal logic takes new twist in SK-Netflix dispute
Litigation in the high court between internet provider SK Broadband and global streaming service Netflix is taking a twist, as Netflix invokes new logic to argue it has no obligation to pay network usage fees to the South Korean company. Legal representatives of Netflix argued in a Seoul High Court trial Wednesday evening that the two companies had consented to the principle that the interconnection of separate internet networks, also known as “peering,” would involve zero payment
June 16, 2022
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Korean retail investors’ fears grow on stock, crypto meltdown
Retail investors who enjoyed record-low borrowing costs and abundant market liquidity during the COVID-19 pandemic have quickly come to face growing risks from plummeting stock and crypto markets hit by 40-year high inflation in the US and the rapid rate hikes that have followed. The benchmark Kospi on Thursday closed at 2,451.41, 0.16 percent higher from the previous close, when it dipped to its lowest closing price in 19 months at 2,447.38. The secondary, tech-heavy Kosdaq closed 0.34 percen
June 16, 2022
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Kepco demands Q3 electricity rate hike
The state-run Korea Electric Power Corp. demanded an electricity rate hike for the three months starting July amid rising fuel costs and record losses. The company on Thursday submitted its rate outline to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance, which will make the decision. Electricity rates consist of a basic fuel cost, a climate environment fee and a fuel cost adjustment fee. Kepco is proposing a fuel cost adjustment fee hike of 3 won (0.2 cent) p
June 16, 2022
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Global startup fair NextRise kicks off in Seoul
The largest fair in South Korea for startups wishing to go abroad kicked off on Thursday in Seoul. The aim is to help the nation‘s budding enterprises attract investment and forge partnerships with big corporations. The annual event titled NextRise is hosted by the Korea International Trade Association and Korea Development Bank. This year’s event will be held for two days, starting on Thursday and ending Friday. The event, taking place at COEX, Samseong-dong, Seoul, features pres
June 16, 2022
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SK Geocentric teams up with French, Canadian firms on plastic waste recycling
SK Geocentric Co., a chemical unit under South Korea's SK Group, said Thursday it has signed an initial deal with France's Suez S.A. and a Canadian partner to build a joint plastic waste recycling plant in the European country. The agreement with the French water management company and Loop Industries, a Quebec-based plastic waste recycling firm, commit the three to work together to build an annual 70,000-ton plastic recycling plant in France, SK Geocentric said in a release, without p
June 16, 2022
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S. Korea's national debt tops W1,000tr for 1st time
South Korea's national debt surpassed the 1,000 trillion won ($781.07 billion) mark for the first time ever amid the government's expansionary fiscal spending to support the economic recovery, data showed Thursday. The total government debt hit an all-time high of 1,001 trillion won as of end-April, up by 19.1 trillion won from a month earlier, according to the data compiled by the finance ministry. The managed fiscal balance, a key gauge of fiscal health, posted a deficit of 37.9 trillion won
June 16, 2022
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[Exclusive] Samsung Biologics to join RE100
SAN DIEGO -- Samsung Biologics, the world’s largest contract development and manufacturing organization by production capacity, will join the global RE100 renewable energy initiative as early as next month, a source familiar with the matter said Wednesday. Led by the Climate Group in partnership with CDP, formerly known as Carbon Disclosure Project, the RE100 initiative commits members to using 100 percent renewable electricity. Among the 372 members of the RE100 as of Wednes
June 16, 2022
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Seoul shares open sharply higher as Fed's rate hike comes within market estimate
Seoul shares got off to a strong start Thursday, tracking overnight rallies on Wall Street, after the US Federal Reserve delivered a rate hike that met market expectations. The Korea Composite Stock Price Index (KOSPI) rose 45.43 points, or 1.86 percent, to 2,492.81 points in the first 15 minutes of trading. Overnight, US shares closed higher after the Fed hiked the key rates by 0.75 percentage point, the largest increase since 1994, to tame high-flying inflation. There had been worries that t
June 16, 2022
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S. Korea to closely monitor market after Fed's aggressive monetary tightening
South Korea will keep close tabs on the financial market following the Federal Reserve's overnight rate hike decision as worries are growing over heightening volatility from the US' aggressive monetary tightening, the country's top financial policymaker said Thursday. On Wednesday (US time), the Fed decided to hike its interest rate by 0.75 percentage point in the latest move to tighten monetary policy and tame soaring inflation. It marked the first such steep rate increase since November 1994.
June 16, 2022
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BMW, Volvo, Maserati to recall over 8,000 vehicles in S. Korea over faulty parts
BMW Group Korea and three other carmakers will voluntarily recall around 8,200 vehicles to fix part defects and software errors, Seoul's transport ministry said Thursday. BMW will recall 6,684 cars of 23 models, including the X4 xDrive20d M Sport Package, after detecting a problem with their fuel filter heater, according to the Ministry of Land, Infrastructure and Transport. Volvo Trucks Korea will also recall a total of 1,295 vehicles from four models, as software errors in their communica
June 16, 2022
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Samsung chief visits ASML HQ as race for high-end chip intensifies
Samsung Electronics top executives on Tuesday held talks with representatives of chip photolithography equipment maker ASML, including its Chief Executive Officer Peter Wennink, the South Korean tech giant said Wednesday. Representatives of Samsung, including Lee Jae-yong, vice chairman and de facto leader; and Kyung Kye-hyun, co-chief executive officer in charge of Samsung’s semiconductor business, visited the headquarters of ASML in Eindhoven, the Netherlands. Samsung said in a state
June 15, 2022
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Rocket Nuri launch indefinitely postponed due to technical glitch
The launch of South Korea's homegrown rocket Nuri has been indefinitely postponed due to technical glitches found during the final round of preparations before its planned launch on Thursday. The Ministry of Science and ICT said Wednesday the Korea Aerospace Research Institute found a problem in one of the sensors in the oxidizer tank that measures the amount of oxidizer there. According to KARI, the sensor was failing to point to the correct level of oxidizer in the tank. “Once we ack
June 15, 2022
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Kospi slumps in 7-day losing streak
South Korea’s benchmark Kospi fell 45.59 points, or 1.83 percent, from a day earlier to 2447.38 Wednesday, marking a seventh straight negative session as investors dramatically raise their bets on a US Fed hike of 75 basis points on Wednesday there, steeper than the 50 basis points it had indicated. The main board slid to an intraday low of 2436.04, a new 52-week low, as foreign investors carried on a sell-off for a ninth session straight, outweighing purchases by institutional and retai
June 15, 2022