Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Posco International Q3 net up 25.4% on brisk sales
Posco International Corp. said Friday its third-quarter earnings swelled more than 25 percent from a year ago on strong sales stemming from rising material costs. Its consolidated net income came to 69 billion won ($58.5 million) in the July-September period, up 25.4 percent from a year earlier, the trading arm of top steelmaker Posco said in a regulatory filing. Operating profit also soared 38.7 percent on-year to 148.5 billion won in the three-month period, with sales spiking 80.6 percent to 9
Oct. 22, 2021
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Starbucks Korea to stop using disposable cups in Jeju
Starbucks Coffee Korea said Friday it will stop using disposable cups at all of its stores on South Korea's southern resort island of Jeju within this year in the latest move to protect the environment. Starbucks said it eliminated all single-use cups at four of its stores on Jeju in July during a trial run before applying the policy to all of its 23 operations on the island. The four stores only use multiuse cups, both for drinking inside the shops and for take-out. Customers are asked to pay
Oct. 22, 2021
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[Newsmaker] S. Korea to impose temporary fuel tax cut amid gas price hike
South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday. “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex
Oct. 22, 2021
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The silent pandemic of antimicrobial resistance deserves everyone’s attention
It happened back in 2014 when I was in Geneva, Switzerland, serving as a delegate of Permanent Mission of the Republic of Korea. I had a skin rash so I visited a local hospital, where they tested my antimicrobial susceptibility before giving me any treatment. The hospital ran this test to see if there were any antibiotics that my body was resistant to. Little did I know before I got tested that there were not many effective antibiotics left for me. Fewer antibiotic options meant fewer treatm
Oct. 22, 2021
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DLS sales in S. Korea plunge 51.2% in Q3
The issuance of derivatives-linked securities (DLS) in South Korea tumbled more than 50 percent on-year in the third quarter of the year amid the coronavirus pandemic, data showed Friday. The country's DLS sales stood at slightly over 3 trillion won ($2.6 billion) in the July-September period, down 51.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 27.7 percent from the previous quarter. DLS tracks the performance of in
Oct. 22, 2021
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PM says hard-hit businesses, low-risk facilities will be first to benefit from eased virus rules
Prime Minister Kim Boo-kyum said Friday hard-hit businesses and low-risk facilities will be the first to benefit from eased COVID-19 restrictions starting next month. Kim made the remark during a meeting of a government-civilian panel overseeing the transition to life after COVID-19. "The return to normal will proceed in stages and systematically," he said. "We will take drastic and active steps to ease the virus restrictions starting with businesses and neglected groups that ha
Oct. 22, 2021
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Korean Air partners with Boeing for UAV development
Korean Air Lines Co., South Korea's biggest carrier, said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle (UAV) in preparation for future mobility demand. Korean Air signed a memorandum of understanding with Boeing's subsidiary Insitu for technical cooperation to develop a lightweight and modularized tactical vertical take-off and landing (VTOL) UAV at the 2021 Seoul International Aerospace and Defense Exhibition (ADEX), the company said in a statement. "
Oct. 22, 2021
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S. Korea to temporarily cut fuel taxes amid rising oil prices
South Korea plans to temporarily cut fuel taxes in a bid to ease upward pressure on inflation amid surging oil prices, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon also said the government plans to additionally cut import tariffs on liquid natural gas (LNG), currently at 2 percent, as part of efforts to ease people's burdens on a hike in energy costs. "The government will unveil details about fuel tax cuts, including the timing and the scope, next wee
Oct. 22, 2021
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Seoul stocks open tad lower on China's Evergrande risk
South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62
Oct. 22, 2021
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Incheon int'l Airport reports sharp recovery in traveler flow in past 2 mths
Incheon International Airport, the main gateway to South Korea, has seen a sharp recovery in the number of inbound and outbound travelers over the past two months amid the country's push for a "Living with COVID-19" plan. According to Incheon International Airport Corp., the state-run operator of the airport, the number of international travelers departing or landing via Incheon jumped 44 percent, compared with a year earlier, to some 338,000 in August. It was the first monthly figur
Oct. 22, 2021
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Hyundai Construction Equipment to sell industrial vehicle division
Hyundai Construction Equipment Co. said Thursday it has signed a deal with its holding company Hyundai Genuine Co. to sell its industrial vehicle division for 136 billion won ($115.8 million). The deal set to go into effect on Jan. 1, 2022, is intended to focus on the construction equipment sector by purchasing stakes in construction equipment affiliates in China and Brazil, Hyundai Construction Equipment said in a regulatory filing. The industrial vehicles refer to forklifts and
Oct. 21, 2021
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Korea sees silver lining in Nuri launch
South Korea’s first homegrown satellite launch vehicle has failed to put its payload into the targeted orbit after what appeared to be a successful liftoff, the government said Thursday. The satellite launcher, dubbed the Nuri, or Korean Space Launch Vehicle-II, lifted off from the Naro Space Center in Goheung, South Jeolla Province, Thursday at 5 p.m. According to the Korea Aerospace Research Institute, it successfully traveled into a low orbit 700 kilometers above the Earth. The liqui
Oct. 21, 2021
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KB Financial‘s Q3 profit hits record high
South Korea’s KB Financial Group said Thursday its net profit in the January-September period came to 3.7 trillion won ($3.14 billion), eclipsing last year’s annual net profit. KB’s net profit in the first nine months of the year jumped 31.1 percent on-year and surpassed last year’s annual net profit of 3.4 trillion won, hitting a record high for the cited period. Onlookers said that the banking group is likely to see a record high for fiscal 2021 as well, likely surpas
Oct. 21, 2021
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Blackstone-backed Simone Acc Collection pulls IPO plan
Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm. According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Securities and Mirae Asset Securities. The news came after its two-day book building targeting in
Oct. 21, 2021
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LG CNS completes Korean Air’s digital transformation
LG CNS said Thursday the company has completed the transformation of Korean Air’s corporate information technology system into a public cloud service. The LG affiliate embarked on the project three years ago in partnership with Amazon Web Service. Turning a company’s IT system into a public cloud is a newly growing business for IT solution providers like LG CNS as companies start to accelerate their digital transformations. Korean Air’s cloud project marked a first in the
Oct. 21, 2021
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LG pledges to create 39,000 jobs for young people
LG Group, the fourth-largest conglomerate in South Korea, on Thursday pledged to create a total of 39,000 new jobs over the next three years. The group’s Chairman and CEO Koo Kwang-mo unveiled the plan during a meeting with Prime Minister Kim Boo-kyum at LG Science Park in Magok, western Seoul. The meeting was attended by the top brass of LG Group, including Vice Chairman Kwon Young-soo and President Lee Bang-soo. The meeting was part of the Korean government’s youth employment p
Oct. 21, 2021
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Bitcoin inches closer to record high amid ETF launches
The world’s largest and best-known cryptocurrency, Bitcoin hit 80 million won ($67,900) on Thursday in Korea, inching closer to a historical high, following the much-anticipated listing of a Bitcoin exchange-traded fund in the US. Bitcoin briefly touched 81.2 million won at around midnight, according to the largest crypto exchange Upbit on Thursday. On April 14, Bitcoin’s price reached its record high of 81.48 million won. As of 1:50 p.m, Bitcoin was trading at 79 million won
Oct. 21, 2021
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Nuri rocket blasts off
Nuri, South Korea’s first domestically made satellite launch vehicle, lifted off from the Naro Space Center in Goheung, South Jeolla Province, at 5 p.m. Thursday. The launch vehicle, weighing 200 metric tons, is now on its maiden flight to put a 1.5-ton dummy into low orbit some 600-800 kilometers above the Earth. Korea Aerospace Research Institute says it will know if the launch is a success around 30 minutes after liftoff. Designed and built entirely using Korean technology and
Oct. 21, 2021
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Samsung, world's global brand value ranks 5th two years in a row
Samsung Electronics Co., the world’s leading maker of smartphones and memory chips, was ranked fifth among the world’s top 100 corporate brands for the second year in a row, according to a consulting firm Thursday. The brand value of South Korea’s IT giant was estimated at $74.6 billion this year, increasing 20 percent from $62.3 billion last year, according to the list of 100 Best Global Brands announced by US-based Interbrand. This is the highest gain observed since 2013 an
Oct. 21, 2021
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Lawmaker questions official housing price projection
Despite policymakers’ assurance of home prices having reached their peak, the government appears to have set tax revenue on a scenario of housing values rising further next year. Rep. Yoo Gyeong-joon of the main opposition People Power Party on Thursday, quoting a state-funded study, said that the government’s tax revenue next year has been drafted based on its own estimation of housing prices in Seoul and the surrounding area growing 5.1 percent, According to the study conducted
Oct. 21, 2021