Most Popular
-
1
1 in 3 Koreans live alone, family types becoming diverse
-
2
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
3
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
4
Contentious grain bill put directly to plenary meeting for vote
-
5
Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
-
6
Why is Apple Pay struggling to get purchase in Korea?
-
7
Yoon's office denies considering liberal figures for key posts
-
8
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
9
Will tug-of-war between doctors, government end soon?
-
10
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
Deduction range for gift tax may expand from W50m
SEJONG -- The Yoon Suk-yeol administration is considering easing the burden of gift tax by raising the upper limit of tax-free capital transfers from the current 50 million won ($38,900), documents from relevant ministries showed Monday. Currently, the authority does not levy gift taxes as long as parents or grandparents conduct capital transfer to their children or grandchildren within the limit of 50 million won per child. If the transfer exceeds 50 million won, the parents and grandparents
May 16, 2022
-
Audi, Volvo vie for No. 3 importer in Korea
Volvo is close to catching up to German automaker Audi, which kept its title as the third top selling foreign car brand in South Korea, data showed Monday. According to Korea Automobile Importers & Distributors Association, Volvo Korea sold a total of 1,332 units in April overtaking Audi Korea which sold 1,051 units the same month. Compared to sales in March, Volvo Korea saw a 1.8 percent on-month sales increase in April while Audi Korea’s sales dropped by 9 percent. In April, Volvo
May 16, 2022
-
[Newsmaker] Creator of Korean-made cryptos under siege after $37b wiped out
South Korean entrepreneur Do Kwon was a rising star of the global digital asset market when his company Terraform Labs launched the cryptocurrencies UST and luna with the goal of achieving a decentralized economy three years ago. His stardom reached its peak as the price of luna skyrocketed to over $119 early last month, becoming the first Korean-developed cryptocurrency to crack the top 10 list of cryptocurrencies with the highest market capitalization in the world. Some investors and i
May 16, 2022
-
Meet SKT’s new mobile virtual assistant A.
South Korea’s largest mobile carrier, SK Telecom, unveiled Monday an open beta version of a virtual assistant the company said is aimed at providing an “intimate” and “emotional” experience for Android mobile phone users. Named A., pronounced as “ay-dot,” the Korean-language virtual assistant takes on the appearance of a toddler in a raincoat. Powered by a natural language processing model, users will be able to initiate a conversation with the virtual
May 16, 2022
-
Corporate Korea bracing for Biden’s state visit
More chaebol groups are expected to join a business roundtable meeting held on the sidelines of summit talks between Presidents Yoon Suk-yeol and Joe Biden later this week in reflection of the growing presence of Korean businesses spending big in the US recently. The US president is scheduled to arrive in Seoul on Friday for his three-day state visit. His summit talks with Yoon are set to be held on Saturday. Even though full details of his itinerary still remain under wraps, expectations ar
May 16, 2022
-
Women empowerment, net-zero: Hana Financial bolsters ESG efforts
South Korea‘s Hana Financial Group announced Monday its support for the Women’s Empowerment Principles (WEPs) and said that it has joined the Net-Zero Banking Alliance, as part of its efforts to bolster ESG value in its management. The WEPs is a joint initiative by UN Women and UN Global Compact to promote women’s empowerment in the workplace and community. Hana said it will expand gender equality in its workplace by providing additional promotion and education opportunities f
May 16, 2022
-
BOK chief says ‘big-step’ rate hike still on the table
South Korea has yet to arrive at a stage where the option of a “big step” or half a percentage point rate hike can be completely ruled out, with the possibility of higher inflationary pressure looming over the economy, the nation’s central bank chief said Monday. Following his breakfast meeting with Finance Minister Choo Kyung-ho, Bank of Korea Gov. Rhee Chang-yong told reporters the uncertainties surrounding Korea’s inflation is keeping the central bank from taking the
May 16, 2022
-
[Herald Interview] ‘BTS’ military service will have limited impact on KPOP ETF’
When Psy’s supercharged “Gangnam Style” rose to No. 2 on the Billboard Hot 100 in 2012, nobody expected it to spark K-pop’s long-running, global popularity. Exactly a decade later, an Oklahoma-based exchange-traded fund issuer has decided to bring the idea of investing in K-pop-related businesses to the US. “The K-pop movement is still growing here in the US, and we think it is well known enough now that US investors will find this intriguing,” J. Garrett
May 16, 2022
-
Motorola phones back in Korea after 9-year hiatus
A South Korean budget mobile carrier said on Monday it will introduce two 5G Motorola smartphone models, nine years after the American brand pulled out the mobile business here. Bookings for the new phones, which will be released at the end of this month, can be made at the online mall of LG Hello Mobile. Motorola left the Korean mobile market in December 2012. The new models Edge 20 Lite 5G and Moto G50 5G are priced at 399,000 won and 349,000 won, respectively. The midrange smartphones sup
May 16, 2022
-
Stock market's trading volume dips amid growing uncertainty
South Korea's main stock market saw its trading volume shrink more than 16 percent this month from a year earlier, data showed Monday, as investors remained on the sidelines amid inflation worries and other negatives. The daily trading volume of the country's main bourse averaged 940 million shares during 10 sessions between May 2 and Friday, down 16.4 percent from a year ago, according to the data from the Korea Exchange. In particular, the average daily trading volume of the top 10 caps, exclu
May 16, 2022
-
Seoul shares open higher amid woes over sharp rate hikes
Seoul shares opened higher Monday amid woes over high inflation, rake hikes and an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 13.52 points, or 0.52 percent, to 2,617.76 in the first 15 minutes of trading. On Friday, Seoul shares bounced back to snap an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting. US stocks also closed higher after Federal Reserve Chair Jerome Powell reiterated the Fed was not "actively considering"
May 16, 2022
-
Govt. to prioritize stabilization of rising product prices
Finance Minister Choo Kyung-ho said Sunday the government will make it a top priority to stabilize rising product prices fueled by the Russia-Ukraine war and other external uncertainties. The government will set up measures for price stabilization through consultations with related ministries as quickly as possible, the finance minister said in a meeting in Seoul. “South Korea stands at a serious and urgent stage as the prolonged Russia-Ukraine war, major economies‘ monetary ti
May 15, 2022
-
After 100 days, 7 out of 10 firms not yet ready for safety law
Even 100 days after South Korea’s new industrial safety law has come into effect, almost 7 out of 10 companies here say they still cannot fully understand the law and face difficulty complying with it, a survey showed Sunday. According to a survey on 930 local companies by the Korea Chamber of Commerce and Industry, 68.7 percent said they still have a hard time coming up with countermeasures to respond to the new law aimed at better protecting workers from fatal industrial accidents. On
May 15, 2022
-
Hyundai Motor unveils Korean ‘ondol’-inspired mobility concept
Hyundai Motor Group on Sunday unveiled its latest mobility concept inspired by the Korean traditional floor heating system “ondol” that allows passengers to take rest inside or even sleep with a specially designed multifunctional blanket. According to the carmaker, its new mobility concept, Mobility Ondol, has no driver’s seat, since it was designed based on the fully autonomous driving system. The seats are arranged to face each other, putting the communication of the
May 15, 2022
-
Air carriers resuming outbound routes ahead of holiday season
Following the government’s eased rules on COVID-19 testing for travelers, air carriers are bracing for the summer holiday season as they reopen suspended international routes and refurbish cargo planes to carry passengers. On Sunday, the country’s largest flag carrier Korean Air announced that it is adding more than 30 flights per week to Europe and US routes from next month. The number of flights to popular destinations such as San Francisco, Vancouver, London, Amster
May 15, 2022
-
Samsung Electronics to roll out Muziktiger edition for Galaxy Z Fold3
South Korean tech giant Samsung Electronics Co. said Sunday it will launch a limited edition of the Galaxy Z Fold3 handset in collaboration with homegrown design brand Muziktiger. The Muziktiger edition, to go on sale from Monday, is priced at 1,280,400 won (US$997). The new edition comes with the handset device, a clear cover and Muziktiger accessories, including a key ring and a pop socket. The Muziktiger edition will be available on Samsung Electronic's website, Galaxy Campus Store, and local
May 15, 2022
-
[Weekender] Planting for peace of mind
For Kim Yoo-jun, a 31-year-old firefighter, farming is a newfound hobby -- not necessarily to put fresh vegetables on his table, but to regain strength to continue his mission of saving lives. Looking back at the last three years, Kim realized that he was under a lot of stress at his high-risk job. He realized that he desperately needed to do something other than taking pills or counseling to manage his stress. “I run my own little farm near my mother’s house. It’s as small
May 14, 2022
-
Court picks KG consortium as preliminary bidder for SsangYong Motor
A Seoul court on Friday selected a local consortium led by chemical-to-steel firm KG Group as the preliminary bidder for SsangYong Motor ahead of the auction beginning later this month to find a new investor for the carmaker. The new auction comes two months after local electric bus maker Edison Motors Co. failed to make a full payment of 304.8 billion won (US$249 million) for the debt-laden SsangYong Motor by the March 25 deadline. SsangYong and its lead manager EY Hanyoung accounting firm ac
May 13, 2022
-
Samsung considers raising chip prices by 20%: report
Samsung Electronics Co. is considering raising chipmaking prices by up to 20 percent, a news report said Friday. Bloomberg reported the South Korean chipmaker is in talks with foundry clients to hike the contract chipmaking prices. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and second largest contract chip manufacturers after Taiwan's TSMC. Samsung's foundry business achieved its highest q
May 13, 2022
-
KG Group picked as preferred bidder for SsangYong Motor
A Seoul court said Friday that it picked chemical conglomerate KG Group as the preferred bidder to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric automaker fell apart. “We’ve looked at whether the bidder could really deliver the cash promised, given the fiasco months ago when the deal fell apart because of that,” SsangYong Motor said. The KG Group-led consortium, which includes Pavilion Private Equity, has enough cash to make the pur
May 13, 2022