Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Online shopping hits record high in Nov.
Online shopping in South Korea hit a fresh record high in November, data showed Tuesday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods amid the prolonged COVID-19 pandemic. The value of online shopping transactions stood at 17.5 trillion won ($14.7 billion) in November, up 16.5 percent from the previous year, according to the data from Statistics Korea. The November data marked the highest level
Jan. 4, 2022
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Korea Shipbuilding wins ship orders worth W1.67tr
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has received 1.67 trillion won ($1.39 billion) worth of ship orders. Korea Shipbuilding obtained an order from a Europe-based shipper to build six 15,000 twenty-foot equivalent unit (TEU) liquefied natural gas-powered container ships, the company said in a statement. The container carriers will be gradually delivered to the client from the first half of 2024, it said. In other deals, the company said it will build one LN
Jan. 4, 2022
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[EXCLUSIVE] In Year of Tiger, Samsung lays out 'Tiger' strategy to beat Apple
LAS VEGAS -- In the Year of the Water Tiger, Samsung Electronics has set out its own “Tiger” strategy to seek a more aggressive push in the North American market and narrow its gap with Apple in the cutthroat smartphone market. Two days ahead of the opening of the CES electronics show in Las Vegas, some 40 Samsung executives gathered at a meeting in the US city to discuss this year‘s smartphone strategy with the acronym “Tiger.” The letters individually stand for:
Jan. 4, 2022
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[CES 2022] Samsung’s virtual housekeeper at your service
LAS VEGAS -- Samsung Electronics’ artificial humans unveiled virtually last year might return as a personal assistant and housekeeper at CES 2022. According to the South Korean tech giant Monday, it will unveil an artificial intelligence-based “avatar” at CES 2022. The AI avatar will visualize a home into a digital world like a metaverse, locate users’ location in the real world and connect them with surrounding devices. “The AI avatar is a ‘life assistant
Jan. 4, 2022
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[CES 2022] Samsung Galaxy S21 FE makes debut at CES
LAS VEGAS -- Samsung Electronics on Monday unveiled the latest Galaxy S21 FE 5G, a budget version of its flagship Galaxy S21, at the Consumer Electronics Show 2022 held in Sin City. Coming in four different colors -– olive, lavender, white and graphite -- the mid-range smartphone has a sleek body just 7.9 millimeters thick but is equipped with a generous 4,500 milliampere-hour battery that supports quick charging in 30 minutes. The protruding rectangular camera bump on the back could n
Jan. 4, 2022
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Seoul to open booth at CES 2022 to pitch city's innovative tech firms
The city of Seoul will open a booth at the Consumer Electronics Show (CES) in Las Vegas this week to help pitch innovative technologies by smaller firms based in the city, officials said Tuesday. The Seoul booth will open inside the event's Eureka Park section, an exhibition area for startups, on the first day of the exhibition on Wednesday (US time), according to the Seoul Digital Foundation, a digital arm of the city government. Measuring 310 square meters and covering 25 tech firms from the
Jan. 4, 2022
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BOK chief voices concerns over growing credit risk among households, self-employed
South Korea's central bank chief Tuesday urged local financial institutions to brace for the possibility of growing credit risk from heavily indebted households and self-employed as the country will continue to tighten loose financial and monetary policy put in place to prop up the pandemic-hit economy. Lee Ju-yeol, governor of the Bank of Korea (BOK), made the remarks in his written New Year's greetings for the financial community, adding that such credit risk could get worse amid rising exter
Jan. 4, 2022
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Construction contracts gain 12.2% in Q3
The value of construction contracts in South Korea climbed more than 12 percent in the third quarter of 2021 thanks mainly to increased private projects, government data showed Tuesday. Civilian and public works contracts in Asia's fourth-largest economy were valued at 65.2 trillion won ($54.6 billion) in the July-September period, up 12.2 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals swelled 12.9 percent on-year to 55 tri
Jan. 4, 2022
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Home transactions plunge 42.5% in Nov. on lending curbs
Home transactions in South Korea tumbled nearly 43 percent on-year in November amid lending curbs and rising interest rates, government data showed Tuesday. The number of homes changing hands nationwide stood at 67,159 in November, down 42.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Compared with the previous month, the November tally was down 10.8 percent. The number of home transactions in the greater Seoul area, which includ
Jan. 4, 2022
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Finance minister sees urgent need to stabilize inflation, housing market
Finance Minister Hong Nam-ki said Monday the government needs to mobilize all available policy means to tame inflationary pressure and stabilize the housing market in the new year. Hong also said the country will prioritize supporting small merchants hit hard by the COVID-19 pandemic and vulnerable people and strengthen social safety nets. "The government faces an urgent need to stabilize inflation and the housing market at an early date by mobilizing all available means," Hong said.
Jan. 3, 2022
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Marking best year, Korean tech giants set sight on quality beyond compare
Top executives of South Korean technology giants stressed on Monday their need to push relentlessly for unmatched quality in a long-term approach, as their electronics and semiconductor chip businesses are projected to yield the highest revenue for 2021, in their respective New Year’s addresses. Fierce competition on a global scale still leaves Samsung Electronics, one of the world’s leading electronics goods makers and chipmakers, with a long road ahead to secure a technology leade
Jan. 3, 2022
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Rise or fall? All eyes on 2022 Seoul home prices
SEJONG -- The average trading price of homes in Seoul posted 39.99 million won ($33,500) per 3.3 square meters, which is equivalent to 1 “pyeong,” at the end of 2021, data from KB Kookmin Bank and Naver showed. This indicates that the price for an 84-square-meter unit, a popular size in Korea, in the capital has surpassed 1 billion won on average. In the capital’s priciest district of Gangnam-gu, the average price peaked at an all-time high of 70 million won per 3.3 square m
Jan. 3, 2022
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Hyundai's Dec. sales fall 11% amid chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Monday its sales fell 11 percent last month from a year earlier amid global chip shortages. Hyundai Motor sold 334,242 vehicles in December, down from 375,193 units a year earlier, the company said in a statement. Domestic sales declined 3.5 percent to 66,112 units from 68,486 during the mentioned period, as the lack of semiconductor parts continued to affect vehicle production and sales, it said. Overseas sales also dropped 13 percent t
Jan. 3, 2022
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SsangYong's Dec. sales fall 17% amid chip shortage
SsangYong Motor Co. said Monday its sales fell 17 percent last month from a year earlier as a prolonged chip shortage continued to affect its vehicle production. SsangYong Motor sold 8,755 vehicles in December, down from 10,561 units a year earlier, the company said in a statement. Domestic sales declined 31 percent to 5,810 units last month from 8,449 a year ago, while exports climbed 39 percent to 2,975 units from 2,142 during the same period, it said. For the whole of 2021, its sales dippe
Jan. 3, 2022
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Banking chiefs say digital transformation key to survival
Heads of South Korea’s top five traditional banking groups on Monday pointed to swift digital transformation and bolstering competitiveness of diverse business units as the main requirements for their survival in the new year. KB Financial Group, the nation’s No. 1 banking group in terms of total assets, must become the nation’s top financial platform and provide customers with the best digital services, its Chairman Yoon Jong-kyoo said in his New Year’s speech. Yoon h
Jan. 3, 2022
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Seoul shares kick off 2022 with investor optimism
The key benchmark Kospi and junior Kosdaq opened higher on Monday after their last trading session on Thursday, amid strong retail demand and foreign buying betting on a pandemic recovery. The Kospi, which ended at 2,977.65 for its final trading session in 2021, closed at 2,988.77, while the Kosdaq ended at 1,037.83, slightly up from 1,033.98 from the previous session. The rebound was backed by retail investors and foreigners, who snatched up a net 519 billion won ($435 million) and 266 billi
Jan. 3, 2022
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Manufacturers, retailers, service providers gear up for full recovery from pandemic
South Korea’s key manufacturers, retailers and service providers on Monday vowed to prepare for a full business recovery from the prolonged pandemic crisis by initiating both technological and organizational innovation to tap into markets that had already gone through tremendous changes for last two years. “The paradigm shift that was brought by the COVID-19 crisis and challenges to overcome it lie ahead of us,” Cho Won-tae, the chairman of Hanjin Group and Korean Air CEO, sa
Jan. 3, 2022
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China seems to be Samsung chief’s next destination
Speculation is growing that Samsung Electronics Vice Chairman Lee Jae-yong may go on a work trip later this month possibly to China where the Korean tech giant is struggling to elevate smartphone and home appliance sales. According to industry sources on Monday, the de facto Samsung chief is expected to make another business trip during the court’s holiday recess that begins later this month. Lee has been appearing in court hearings every Thursday regarding the controversial merger deal
Jan. 3, 2022
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[CES 2022] LG unveils self-driving car cabin concept turning into living spaces
LG Electronics said Monday it would introduce a new in-vehicle infotainment concept tailored to autonomous vehicles at CES 2022, indicating that its car cabins can turn into a space where passengers work, watch TV, exercise or experience camping virtually. Called LG Omnipod, the new mobility concept solution gives a glimpse of an on-the-road extension of one’s personal living space which is designed to function as a home office, entertainment center or lounge, LG Electronics said in a st
Jan. 3, 2022
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Regulator warns of stern actions against online platforms' unfair biz activities
South Korea's antitrust regulator plans to take stern actions against unfair business activities by online platform operators in a bid to protect small merchants and consumers, its chief said Monday. Concerns have mounted that powerful online platform operators, such as Naver Corp. and Kakao Corp., have abused their dominant market status and engaged in unfair business practices against contractors, posing a threat to the survival of small merchants. "The Fair Trade Commission (FTC) will
Jan. 3, 2022