Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Samsung under fire for controversial ad of women running at night
Samsung Electronics is under fire for being “tone deaf” over women‘s safety, as the South Korean tech giant issued an apology Friday for an advertisement of a woman running down a street after midnight. The advertisement was meant to promote health and wellness as part of its “Night Owls” campaign, as well as a multidevice experience using Samsung’s wearable devices such as wireless earbuds and a smart watch. The advertisement, created by Ogilvy, had over 15
April 29, 2022
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Genesis GV70 rated above BMW X3, Lexus RX350
The Genesis GV70 3.5T Sport was rated as the best sports utility vehicle by Car and Driver, an American auto magazine, outpacing BMW X3 M40i and the Lexus RX350 F Sport, Hyundai Motor said Friday. Car and Driver evaluated these three cars based on four categories including vehicle, powertrain, chassis, and experience. Genesis GV70 3.5T Sport took the throne with a total score of 213 out of 240, followed by BMW X3 which scored 205, and Lexus RX350 178. The new luxury compact crossover under Ge
April 29, 2022
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NTS hosts in-house video contest to help public understand tax
National Tax Service has hosted an in-house video contest in which contestants submitted short clips designed to help people understand complicated tax procedures, officials said Friday. The contest was held to make the agency’s digital tax service more user-friendly for those unfamiliar with online services. In videos one to five minutes long, NTS officials introduced key services such as, income tax, corporate tax, and year-end tax adjustment. The winning videos can be watched on the
April 29, 2022
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S. Korea ready to take measures to stem won's sharp fall
South Korea plans to take steps to curb the Korean currency's "excessive" fall against the US dollar, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also dismissed the possibility of a sharp outflow of foreign capital, citing the country's strong economic fundamentals. "Volatility in the won-dollar exchange rate has amplified amid fears about the Federal Reserve's aggressive rate hikes and economic growth concerns due to China's COVID-19 lockdow
April 29, 2022
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LNG prices to further rise on surging global prices
Prices of liquefied natural gas (LNG) in South Korea will increase more than 8 percent in May amid rising global energy prices, the industry ministry said Friday. LNG rates for households and commercial users will go up between 8.4 percent to 9.4 percent starting May 1, leading to the users' extra payment of around 2,450 won ($1.93) per month on average, according to the Ministry of Trade, Industry and Energy. The government has frozen LNG prices for households and general purpose since July 202
April 29, 2022
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Seoul shares open higher on Wall Street gains
South Korean stocks got off to a strong start Friday, tracking an overnight rally on Wall Street fueled by upbeat earnings from major technology companies. The Korea Composite Stock Price Index (KOSPI) rose 16.43 points, or 0.62 percent, to trade at 2,683.92 in the first 15 minutes of trading. Estimate-topping results by Apple Inc. and Qualcomm Inc. sent their stocks higher, helping the key US indexes erase recent losses. The Dow Jones Industrial Average rose 1.85 percent and the tech-heavy Nasd
April 29, 2022
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Home transactions sink 47.6% in March on lending curbs
Home transactions in South Korea plunged 47.6 percent on-year in March on the government's tough lending curbs and rising interest rates, data showed Friday. The number of homes changing hands nationwide stood at 43,179 units last month, compared with 102,109 deals made a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. The March figure also marked a 38.2 percent decrease compared with the average transactions logged over the past five years. The number of
April 29, 2022
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Industrial output rebounds, retail sales fall in March amid omicron wave
South Korea's industrial output rebounded in March after two straight months of decline, but retail sales fell on-month amid the fast spread of the omicron variant, data showed Friday. Industrial production increased 1.5 percent in March from the previous month, compared with a 0.3 percent on-month drop in February, according to the data from Statistics Korea. Compared with a year earlier, industrial output rose 3.1 percent. Asia's fourth-largest economy has been on a recovery track on the back
April 29, 2022
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LG reports record quarterly earnings on upbeat TV, appliance sales
LG Electronics on Thursday reported its best quarterly earnings in the first quarter this year, largely driven by the pent-up demand for TVs and home appliances amid the protracted coronavirus pandemic. For the January-March period, the firm posted 21.11 trillion won ($16.6 billion) in sales and 1.88 trillion won in operating profits, up 18.5 percent and 6.4 percent, respectively, from a year ago. Both were the highest quarterly figures for the South Korean tech giant. Its home appliance and
April 28, 2022
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IFA 2022 to bar Russia from joining
Organizers of Europe’s biggest consumer electronics show, Internationale Funkausstellung Berlin, said Thursday it plans to ban companies from Russia and Belarus from the event this year in the German capital, as it pledged to go ahead with in-person exhibitions for the first time in three years. The comment signals IFA’s decision against Russian firms as being similar to that of the Mobile World Congress in 2022 in Barcelona, Spain. GSMA, the organizer of MWC 2022 in early March, al
April 28, 2022
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LS launches EV charging biz unit
South Korean electric cable manufacturer LS Group has launched a subsidiary to run electric vehicle charging business, officials said Thursday. The new unit, LS E-Link, was jointly established by LS, the holding company, and E1, an LPG importer unit under the group. “As EV transition accelerates, power usage will grow in EV charging stations which means that power engineering will become more important for stable and efficient power supply,” said an LS Group official. LS‘ st
April 28, 2022
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Kia joins Dutch campaign on plastic wastes from sea
Kia has partnered up with The Ocean Cleanup, a Netherlands-based nonprofit engineering environmental organization, to remove plastic wastes from the sea for a sustainable Earth, according to Kia on Thursday. The Ocean Cleanup develops cleanup systems to remove floating pieces of plastic caught in what is known as the Great Pacific Garbage Patch -- a collection of marine debris in the North Pacific Ocean -- and also scalable solutions to efficiently intercept plastic in rivers before it reaches
April 28, 2022
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Hanwha chief, Heritage Foundation chairman discuss geopolitics, bilateral ties
Hanwha Group Chairman Kim Seung-youn on Wednesday met with Edwin Feulner, the founder of the Heritage Foundation, a Washington-based policy think tank, in Seoul and exchanged views on ongoing geopolitical issues affecting the global economy. The latest meeting between Kim and Feulner took place as the American scholar visited Seoul for a conference. The two have maintained their friendship for over 40 years, according to officials. The two discussed a wide range of issues from price hikes o
April 28, 2022
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Amorepacific Q1 profit drops on weak duty-free, overseas sales
South Korea’s cosmetics giant Amorepacific Group said Thursday its first-quarter net profit plummeted on-year by 13.4 percent to 171.2 billion won ($134.6 million), as sales dropped in duty-free business and in the Asian market due to the coronavirus pandemic. The group’s sales revenue decreased to 1.3 trillion won, down 9 percent in the cited period. Amorepacific Group’s domestic sales, accounting for approximately 60 percent of the total sales, decreased by 9.9 percent to
April 28, 2022
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Samsung SDI posts earnings surprise in Q1
South Korean battery maker Samsung SDI on Thursday reported its best-ever quarterly earnings for the January-March period, with sales exceeding 4 trillion won ($3.1 billion) for the first time. In the first three months of this year, revenue surged 36.7 percent from a year prior to 4.04 trillion won, while operating profits more than doubled to 322.3 billion won. Despite supply chain disruptions and rising materials costs, the company said it could offset the impact by selling more value-add
April 28, 2022
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Outgoing fiscal chief hints at FX intervention over weakening won
SEJONG -- Deputy Prime Minister and Finance Minister Hong Nam-ki on Thursday sent a signal that the financial authority would move to intervene in the foreign exchange market as the Korean currency sharply lost value against the US dollar recently. During a meeting to map out countermeasures against the current economic situation in Seoul, Hong said the won lost ground against the dollar at a fast pace this week. The rising dollar prices were attributed to the possibility of faster-than-expect
April 28, 2022
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Kumho Tire to participate in global tire exhibitions
South Korean tire maker Kumho Tire said Thursday that it will participate in two international tire exhibitions that will kick off in Europe. Kumho Tire will showcase its products at the Tire Cologne 2022 set to be held in Cologne, Germany between May 24 and 26, and at the Autopromotec 2022, slated to take place in Bologna, Italy, between May 25 and 28. Kumho Tire will display its high-performing, summer, winter, all season, truck and bus, electric vehicle and future concept tires, according t
April 28, 2022
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Retail sales up 7% in March amid worst COVID-19 wave
Retail sales in South Korea rose 7.1 percent in March from a year earlier on the back of growing demand for foodstuff, daily items and luxury goods amid the worst wave of the COVID-19 pandemic, the industry ministry said Thursday. The combined sales of 25 major offline and online retailers reached 13.69 trillion won ($10.81 billion) last month, up from 12.8 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores rose 6.
April 28, 2022
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S. Korea's auto exports edge down in Q1
South Korea's exports of autos declined for the first time in seven quarters in the January-March period amid global supply chain disruptions and Russia's war with Ukraine, customs data showed Thursday. The country's outbound shipments of cars came to $10.93 billion in the first quarter, down 0.6 percent from the previous year, according to the data from the Korea Customs Service. Autos accounted for some 7 percent of South Korea's exports. It marked the first on-year fall since the second qu
April 28, 2022
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Samsung Electronics profit jumps 51% on strong server chip demand, S22 Ultra sales
South Korean chip-to-consumer electronics giant Samsung Electronics posted a record quarterly revenue for three quarters in a row and logged a 51 percent increase in operating profit in the first quarter, its earnings guidance showed Thursday. Samsung Electronics said the solid chip demand for servers and high-end applications, as well as strong sales of the Galaxy S22 Ultra, which started replacing its Note lineup this year, dwarfed macroeconomic uncertainties and supply chain issues due to Ru
April 28, 2022