Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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[Music in drama] An ode to childhood trauma
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Rapper jailed after public street fight with another rapper
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New head of doctors' association vows war in case of disadvantage to medical professors
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[Herald Interview] Carving out a place for Korea in new global trade order
When Yeo Han-koo, South Korea’s newly minted trade minister, first joined the officialdom in the early 1990s as a trade relations official, his country was just struggling to catch up with an emerging international trade order that later gave birth to the World Trade Organization. Three decades and 17 free trade deals later, South Korea stands as a shining example of free trade-driven prosperity, ranking among the world’s top 10 exporters. The path ahead, however, looks fraught w
Sept. 14, 2021
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SK, Group14 to establish W850b battery material plant in Korea
SK Materials and Group14 Technologies will jointly establish an 850 billion won ($725.7 million) silicon anode plant in Sangju, North Gyeongsang Province, to gain foothold in the next-generation electric vehicle battery market, SK Materials said Tuesday. The project is to be led by a joint venture set up earlier by the two in a 75:25 ratio, tentatively named SK Materials Group14. The first factory is to break ground in October and kick off commercial operation starting next year. Including f
Sept. 14, 2021
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[Defector’s eye 2] Defector-turned-startup CEO tries his hand at developing social media platform
This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. For someone who came from an isolated and repressive state like North Korea, starting a business of his or her own in a free but competitive market is a mere dream. No matter how great their ideas are, a lack of business network, insufficient funds and im
Sept. 14, 2021
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Volvo Korea, SKT work together for smarter XC60
Volvo Korea unveiled the latest face-lifted version of its flagship sport utility vehicle XC60, equipped with a new smart car system developed in partnership with South Korean mobile carrier, SKT. “Cars no longer only have the function of transportation. It’s a means of one’s lifestyle experience. We hope (the new XC60) becomes a trendsetter in this new wave of change,” said Lee Yoon-mo, CEO of Volvo Cars Korea, during an online meeting with the press on Tuesday. The
Sept. 14, 2021
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Chip sales drive last month’s ICT exports past $20b, the best August result
South Korea’s exports of information and communication technology products in August surpassed $20 billion for the first time in 34 months, on robust sales of semiconductor products, government data showed Tuesday. According to the Ministry of Science and ICT, the country’s outbound shipments of ICT products last month reached $20.27 billion, up 33.2 percent on-year. It was the best results ever recorded for the month of August, and second-best for any month. With that, the ICT e
Sept. 14, 2021
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Google slapped with $177m in fines for abusing market power
South Korea‘s antitrust regulator said Tuesday it has decided to fine US-based tech giant Google 207.4 billion won ($176.8 million) for abusing its market power with the Android mobile operating system. In addition to the fine, the FTC ordered Google to stop forcing device manufacturers to sign an anti-fragmentation agreement, which has prevented the manufacturers from using operating systems developed by Google’s rivals or other variants of Android. The FTC began investigating ac
Sept. 14, 2021
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No. of Korean youths who gave up job seeking surges 35%
South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed Tuesday. As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age range who
Sept. 14, 2021
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Kakao creates W300 billion fund, pledges to work for society
Kakao Group, the largest mobile technology business in South Korea, pledged on Tuesday to spend 300 billion won ($255.4 million) to support small businesses and the self-employed, looking to soothe growing public criticism over its rapid business expansion. Top executives of Kakao Corp. and affiliates met Monday and Tuesday to devise a package of measures for its “co-existence” with small enterprises whom critics said the mammoth platform is driving out of market, which included th
Sept. 14, 2021
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Seoul stocks up for 3rd day ahead of US inflation data release
South Korean stocks advanced for the third straight session Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 20.97 points, or 0.67 percent, to close at 3,148.83 points. Trading volume was moderate at about 700 million shares worth some 15.4 trillion won ($13.2 billion), with gainers outnumbering losers 607 to
Sept. 14, 2021
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Samsung commits to creating 30,000 new youth jobs in 3 years: gov't
Samsung Group on Tuesday promised to create 30,000 new youth jobs in South Korea in three years by expanding its corporate social responsibility initiatives (CSR), the government said. The plan to create 10,000 new youth jobs annually for three consecutive years was revealed during a partnership announcement event between Samsung Group and the prime minister's office (PMO) on the government's youth job and education support program titled Youth Hope ON held in Seoul, according to the PMO. The ev
Sept. 14, 2021
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Rich people from non-Seoul area snapping up Seoul apartments
Rich people living outside the Seoul area are rushing to buy apartments in the capital city to secure real estate as a means for stable investment, data showed Tuesday. According to the Korea Real Estate Board, the number of apartments bought by people residing outside of Seoul accounted for 25.3 percent of the total 131,996 apartments purchased in the city as of July. Compared to 19.7 percent in July 2017, the purchasing spree of cash-rich non-Seoul residents has accelerated, market insiders
Sept. 14, 2021
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[From the scene] AMG Seoul offers adrenaline thrill
From the lighting down to the sparkling floor that resembles the asphalt of a racing circuit, AMG Seoul is all about the heart-racing experience it offers high-performance car enthusiasts. Korea's first AMG Brand Center -- a special dealership store for Mercedes-AMG vehicles -- opened Aug. 5, presenting some of the German automaker’s most distinctive high-performance vehicles. The center, located in Seoul’s Gangnam area, is the brand’s sixth dealership store in the wo
Sept. 14, 2021
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GS Caltex dispatches robots into hazardous ops with nitrogen asphyxiation risks
GS Caltex said Tuesday that it has deployed robots to maintenance tasks that entail risks of nitrogen asphyxiation, accelerating its digital transformation drive. According to the South Korean total energy company, its robot has successfully conducted a maintenance operation at the firm’s petrochemicals facility filled with nitrogen. The inert gas reduces fire risks during operation, but puts workers at risk of suffocation. Of 65 cases of workplace nitrogen asphyxiation cases in the la
Sept. 14, 2021
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LG Chem to produce 75,000 tons of corn-based bioplastic in US
LG Chem said Tuesday it will form a joint venture with Archer Daniels Midland, one of the world’s largest corn processors, to produce 75,000 tons of corn-based bioplastic per year starting in 2025. According to an agreement signed Monday between South Korea’s leading chemical firm and the Chicago-based agriculture company, a joint venture will be launched in early 2022 in the US to produce corn-based lactic acid and poly lactic acid, a biodegradable plastic used for food packaging,
Sept. 14, 2021
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Pernod Ricard Korea to inaugurate new CEO
Pernod Ricard Korea said Tuesday that Frantz Hotton has been inaugurated as the new CEO of the Korean subsidiary of global wine and spirits company Pernod Ricard Group. Hotton, who is the current CEO of Pernod Ricard Hong Kong & Macao, was appointed to lead the South Korean unit in July. He joined the company as a marketing manager in 1995 and rose to be a professional C-level executive within the group, having served in various marketing and sales-related roles. Under his leadership, the
Sept. 14, 2021
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Chicken burger chain Mom’s Touch to open 100 stores in US by 2025
South Korean chicken burger chain Mom’s Touch said Tuesday it plans to open 100 stores in the United Sates in the next four years. Though the fast food chain opened a test store in the US in 2017, it struck a master franchise agreement with a local business partner and opened its first location in California earlier this year. Following the success of the first store, the company plans to open a drive-thru store sometime this year in the Long Beach area. The first location in California
Sept. 14, 2021
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Residents' FX deposits rise in Aug. amid brisk exports
Foreign currency deposits at banks in South Korea gained in August from a month earlier as exporters increased dollar holdings, central bank data showed Tuesday. Residents' outstanding foreign currency-denominated deposits stood at $92.6 billion as of end-August, up $470 million from the previous month, according to the Bank of Korea (BOK). The country's foreign exchange deposits swung to an upturn for the first time in five months. In July, they were down $910 million from June. Residents in
Sept. 14, 2021
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Money supply keeps growing in July
South Korea's money supply continued to expand in July on increased corporate fund-raising and household loans amid the COVID-19 pandemic, central bank data showed Tuesday. The country's M2 stood at 3,443.9 trillion won ($2.94 trillion) as of end-July, up 0.9 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, M2 soared 20.5 percent, the central bank said. A key economic indicator closely monitored by authorities, M2 is a measure of
Sept. 14, 2021
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Samsung releases new monitor designed for video conferences
Samsung Electronics Co. on Tuesday released a new monitor suitable for video meetings as the tech giant aims to expand its presence amid the pandemic-driven stay-at-home trend. Samsung's new monitor, S40VA, comes with a pop-up webcam and microphone on the top of its display. It allows consumers to use it only when needed, offering an enhanced design look and security. The 24-inch monitor, which comes with an IPS display panel with a viewing angle of 178 degrees, is also installed with a buil
Sept. 14, 2021
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Samsung Heavy to close one of Chinese plants
South Korean shipbuilder Samsung Heavy Industries Co. said Tuesday it will close one of its Chinese plants due to decreased productivity caused by its superannuated facilities. Samsung Heavy has been in talks with the Chinese government to hand over the land and other assets by Samsung Heavy Industries Ningbo Co. early next year, the company said in an emailed statement. Samsung Heavy has two plants in China -- Samsung Heavy Industries Ningbo with 150,000 ton production capacity and Samsung
Sept. 14, 2021