Most Popular
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Yoon sorry for shortcomings but insists policies were right
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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1 in 3 Koreans live alone, family types becoming diverse
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Sewol victims commemorated on tragedy's 10th anniversary
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Seoul says will cut power to porn festival planned on Han River
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Chanel, Louis Vuitton see muted growth in Korea
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Conservative bloc divided over Han’s role in election defeat
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Amazon's French warehouses fined over employee surveillance
France's data protection agency said Tuesday that it had fined Amazon's French warehouses unit 32 million euros ($34.9 million) for an "excessively intrusive" surveillance system to keep track of staff performance. Amazon France Logistique monitored the work of employees in particular through data from scanners used by the staff to process packages, according to the agency, known by its initials CNIL. Scanners alerted management of inactivity exceeding 10 minutes or the handl
Jan. 23, 2024
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Beer sees steepest price hikes since 1998 financial crisis
Beer prices at restaurants saw the steepest price hikes last year since the 1998 financial crisis, according to the Korean Statistical Information Service on Tuesday. The consumer price index for beer products at restaurants increased to 114.66 points last year, up 6.9 percent from a year ago. The growth rate was the highest since the 1998 financial crisis when the CPI for beer soared by 9.7 percent. In the meantime, the prices of beer products sold at discount or convenience stores saw 2.9 perc
Jan. 23, 2024
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Kurly turns profit for first time
Kurly, the operator of e-commerce platform Market Kurly, said Tuesday that it posted a profit in earnings before interest, taxes, depreciation and amortization, or EBITDA, in December last year – its first since its establishment in 2015. The company said that EBITDA for December increased by more than 10 billion won ($7.5 million) compared to the previous year. The specific amount of the earnings was not immediately disclosed due to confidentiality issues. The company stressed that the fi
Jan. 23, 2024
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Kakao Bank hits $1b in outbound remittances
South Korean internet-only lender Kakao Bank said Tuesday that the annual international transfers made on its app exceeded $1 billion last year. The figure is the highest annual overseas remittance via Kakao Bank since the company started its service in July 2017, the firm said, adding that the cumulative amount of outbound remittances on the app had reached $5.4 billion. Users of Kakao Bank can make international wire transfers to 22 countries in 12 currencies via the company's own foreign
Jan. 23, 2024
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Korea to expand tax benefits for advanced chips, OLED
The Korean government plans to expand tax incentives for the nation’s strategic technologies such as advanced chips and displays as part of a tax revision that takes effect next month. The Finance Ministry on Tuesday unveiled a set of tax reform plans, including tax cuts worth up to 950 billion won ($711 million) per year, in a bid to attract more investment into new growth drivers and boost the local economy. The chip and display sectors have already been protected as strategic industries
Jan. 23, 2024
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Seoul shares close higher following stellar performance of US stocks
South Korean stocks closed higher Tuesday as investors scooped up undervalued shares after US stock indexes closed at an all-time high overnight. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 14.26 points, or 0.58 percent, to 2,464.35. Trading volume was moderate at 461 million shares worth 7.87 trillion won ($5.89 billion), with gainers outpacing losers 482 to 379. Foreigners bought shares worth 137.9 billion won, while retail investors offload
Jan. 23, 2024
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Korean banks ready to step up their game in India
Local lenders are expanding their presence in India, the world’s fifth-largest economy, as Korea-India economic ties deepen amid the global supply chain reshuffle. KB Kookmin Bank, one of the top five lenders in Korea, will launch two new branches in India this year in Chennai and Pune. The lender has deployed six employees in the country for the setup. “An approval from local authorities came in October. We plan to open the branches in the early third quarter,” an official f
Jan. 23, 2024
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SK becomes No. 2 in market cap
SK Group has reclaimed its title as the nation’s second-largest conglomerate in terms of market capitalization, largely buoyed by its chipmaking unit SK hynix’s strong performance in recent months. According to market tracker Korea CXO Institute on Tuesday, SK Group’s market cap surged to 171.87 trillion won ($128.8 billion) as of Friday’s close, surpassing LG Group’s 167.77 trillion won on the nation’s main bourse Kospi. The figures included the value of pref
Jan. 23, 2024
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Samsung exec touts Galaxy S24 as true phone camera revolution
SAN JOSE, California -- The Galaxy S24 series is the "ultimate collection" of Samsung Electronics' artificial intelligence technology for cameras, allowing users to become "expert photographers" with just a few intuitive taps on the screen, according to the tech giant's visual solutions chief. Samsung Electronics Executive Vice President Cho Sung-dae, who is in charge of the visual solutions team, explained how the latest Galaxy S24 series employs 112 visual AI mode
Jan. 23, 2024
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[Herald Interview] Thoughtful approach keeps winning Korean investments in Indiana
"Breaking bread for some good talks has been super important in building solid relationships with Korean businesses, creating a trust that keeps them coming back to invest more," said Jillian Turner, the senior vice president of global partnerships and investments at the Indiana Economic Development Corp. Turner emphasized the importance of interpersonal dynamics in understanding the nuanced needs of Korean companies during a recent phone interview with the Korea Herald. Her primary re
Jan. 23, 2024
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Kia plant completes upgrade for EV production
Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi
Jan. 23, 2024
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[Photo News] For mutual growth
KB Kookmin Bank CEO Lee Jae-keun (right) and Korea Securities Finance Corporation CEO Yoon Chang-ho pose for a photo at the bank's headquarters in Yeouido, Seoul on Monday after signing an agreement to seek mutual growth with small and medium-sized enterprises. Under the agreement, KB Kookmin Bank will provide both financial and non-financial support to the SMEs, including reductions of loan interests and business consulting. (KB Kookmin Bank)
Jan. 23, 2024
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Seoul shares open higher on record Wall Street performance
South Korean stocks opened higher Tuesday as US shares reached an all-time high overnight on growing optimism over the US economy. The benchmark Korea Composite Stock Price Index rose 9.84 points, or 0.4 percent, to 2,474.19 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.36 percent higher to set an all-time high level. The S&P 500 advanced 0.22 percent, also reaching a fresh high. The tech-heavy Nasdaq added 0.32 percent as well. In Seoul, top tech g
Jan. 23, 2024
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Producer prices rise 0.1% in December on higher agriculture goods, gas costs
South Korea's producer prices moved up 0.1% on-month in December due to the higher cost of agricultural products and gas, the central bank said Tuesday. The producer price index, a major barometer of consumer inflation, came to 121.19 last month, up from 121.02 tallied in November, according to the data from the Bank of Korea. It marked the first rebound in three months, as the index fell 0.1 percent and 0.4 percent on-month in October and November, respectively. From a year earlier, it gai
Jan. 23, 2024
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Seoul court delays ruling on Samsung chief in 2015 merger case
A Seoul district court has postponed its decision on Samsung Electronics Co. Chairman Lee Jae-yong in a case involving a controversial merger of two Samsung affiliates where, if convicted as indicted, the Samsung chief may face a five-year prison term. The Seoul Central District Court was originally set to make its final decision Friday, but has pushed back its final trial date to Feb. 5, according to informed sources. The delay reportedly comes as both Lee and the prosecution submitted addition
Jan. 22, 2024
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JungKwanJang opens first drugstore
JungKwanJang, South Korea’s leading red ginseng brand under Korea Ginseng Corp., said Monday that it has opened its first drugstore, Jung Mall Euljiro Store, in central Seoul. The new store sells not only JungKwanJang's own products, but more than 90 different products from other companies as well, the company said. JungKwanJang's physical stores previously dealt in only the company's own ginseng extract products. The products available at the Jung Mall Euljiro Store include
Jan. 22, 2024
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Merck Korea launches infertility support program for employees
German chemicals giant Merck has launched a fertility benefit program for all employees working at its Korean unit to help address the nation’s severely low birth rate, the company said Monday. Earlier this month, the Korean unit became the tenth to join the program, established in October of last year and designed to to help Merck employees having difficulties in conceiving a pregnancy. The scheme was first applied in eight countries, including Germany, the UK, Switzerland, China and Taiw
Jan. 22, 2024
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S. Korea to abolish mandated holiday breaks for large supermarkets
The South Korean government said on Monday that it has decided to abolish a policy mandating twice-a-month breaks for large discount stores, citing the change as one intended for the convenience of the people. The Office for Government Policy Coordination held a civic-government discussion in Dongdaemun-gu in Seoul, where it narrowed down a number of potential changes to be made. These included allowing large supermarkets to take their two monthly obligatory breaks on weekdays and allowing them
Jan. 22, 2024
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Samsung Bioepis gets Korean approval for Soliris biosimilar
Samsung Bioepis, a biosimilar developer under Samsung Group, said Monday that the company's rare blood disease treatment, Epysqli, has won marketing authorization from South Korea's medicine authorities. Epysqli, a biosimilar close to AstraZeneca's Soliris (eculizumab), is a treatment for patients with paroxysmal nocturnal hemoglobinuria (PNH), a rare disease where red blood cells prematurely break apart. Samsung Bioepis expects that the domestic launch of the biosimilar will impr
Jan. 22, 2024
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One in 10 Korean nationals work in large companies
More people work at large companies in South Korea, with the number of people employed by conglomerates reaching a record high last year. According to recent data from the Korean Statistical Information Service, the number of people working at companies with over 300 employees reached an all-time high of 3,087,000 last year. This is the first time that the figure reached the 3 million milestone since the statistics agency started compiling such data in 2004. The ratio of people working at large
Jan. 22, 2024