Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Hyundai Rotem wins W335.4b deal in Tanzania
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Tuesday it has received a 335.4 billion-won ($297 million) order for electric locomotives and electric multiple units in Tanzania. Hyundai Rotem will supply 80 electric locomotives and 17 electric multiple units to the Tanzanian railway corporation by 2024, the company said in a statement. It is the first time for the company to win an order in Tanzania. Hyundai Rotem expects to win further deals as the local gove
July 6, 2021
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Finance minister, BOK chief to attend G-20 meeting of top financial, economic officials
South Korea's top economic policymaker and the head of the central bank will attend a Group of 20 (G-20) meeting of finance ministers and top central bankers this week, the finance ministry and the Bank of Korea (BOK) said Tuesday. Finance Minister Hong Nam-ki and BOK Gov. Lee Ju-yeol will head to Venice, Italy, on Wednesday to attend the G-20 Finance Ministers and Central Bank Governors' meeting set for Friday and Saturday, according to the ministry and the BOK. The meeting will center on eco
July 6, 2021
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Jungheung looks to advance Daewoo E&C’s property development prowess
Jungheung Group said Tuesday it would advance the real estate development prowess of Daewoo Engineering & Construction, as the conglomerate aims to complete the acquisition of the South Korea‘s sixth-largest construction company within this year. Once the proposed acquisition is complete, the Gwangju-based builder dedicated to housing construction, civil engineering and real estate development, will help Daewoo E&C diversify its business portfolio by strengthening the pillar of r
July 6, 2021
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Imported carmakers to bring 53 all-electric models to S. Korea by 2023
Imported carmakers are planning to introduce 53 all-electric models in South Korea by 2023 as they quickly move toward future vehicle technologies amid toughened regulations, the chief of a trade association of foreign automakers here said Tuesday. They also plan to launch 46 mild hybrid electric vehicles, as well as 32 hybrid and plug-in hybrid electric vehicles, for the next three years, Rene Koneberg, chairman of the Korea Automobile Importers and Distributors Association (KAIDA), said in a
July 6, 2021
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S. Korean shipbuilders' new orders spike over 7 times, achieve over half of order targets in H1
South Korean shipbuilders saw their new orders rise over sevenfold in the first half of the year from a year ago, and they have achieved more than half of their annual order targets for the year, industrial data showed Tuesday. During the January-June period, Korean shipbuilders bagged new orders totaling a combined 10.47 million compensated gross tons (CGTs), up more than seven times compared with 1.35 million CGTs the previous year, according to data provided by global market researcher Clark
July 6, 2021
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S. Korea faces increasing ransomware attacks this year
South Korea's ICT ministry said Tuesday the country reported 78 ransomware attacks in the first half of the year in the latest sign of growing cyberattacks. Ransomware is a type of malware that holds a target's data hostage or locks up its systems until a ransom is paid. It is not immediately clear whether the targeted companies paid ransoms to hackers in return for restoring access to their data. The latest figure represents a rising trend, compared with 22 in 2018, 39 in 2019 and 127 cases
July 6, 2021
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S. Korea set to cut maximum legal lending rate
South Korea will lower the maximum interest rate this week as part of efforts to ease financial burdens on low-income people, the financial regulator said Tuesday. The maximum legal interest rate that private lenders can charge will be cut to 20 percent from the current 24 percent Wednesday, according to the Financial Services Commission. It will mark the second cut in the maximum legal interest rate in three years. In 2018, the government cut the lending rate ceiling to 24 percent from 27.9 p
July 6, 2021
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No. of fake banknotes dips to record low in H1 amid pandemic
The number of counterfeit South Korean banknotes dropped to a new record low in the first half as the COVID-19 pandemic accelerated the decline of cash use, the Bank of Korea (BOK) said Tuesday. In the January-June period, the number of fake banknotes found here came to 38, down from 161 a year earlier and marking the lowest since the BOK began releasing such data in 2000. By denomination, 5,000-won counterfeit bills accounted for more than half of all counterfeit bills found here, with 22 bil
July 6, 2021
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Online shopping hits record high in May amid contactless trend
Online shopping in South Korea hit a record high in May as more people used e-commerce shopping platforms amid the pandemic-induced contactless trend, data showed Tuesday. The value of online shopping transactions stood at 16.1 trillion won ($14 billion) in May, up 26 percent from a year earlier, according to the data from Statistics Korea. The May reading marked the largest since November 2001, when the statistics agency began compiling related data. Amid an economic recovery and a non-conta
July 6, 2021
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80 listed firms change their names in H1
A total of 80 listed companies in South Korea changed names in the first half of the year largely as part of efforts to burnish their corporate image, data showed Tuesday. Twenty-seven companies listed on the main Kospi market renamed themselves in the January-June period, with 53 firms registered with the tech-laden Kosdaq market changing names, according to the data from the Korea Securities Depository. The total number was up 45.5 percent, or 25 corporations, from the same period a year ear
July 6, 2021
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Joseon-era govt. office, palace rituals to be reborn through AR, VR technology
The Seoul metropolitan government said Tuesday it is developing augmented reality (AR) and virtual reality (VR) platforms to enable the public to virtually experience a government office and historical palace rituals from the Joseon Dynasty (1392-1910). The city government will develop the platforms in partnership with the Cultural Heritage Administration, Woomi Construction Corp. and Cheil Worldwide Inc. under an agreement signed Tuesday, and unveil them to the public next year. The project w
July 6, 2021
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Exports of farm goods hit all-time high in H1
SEJONG -- South Korea's exports of agricultural products shot up to set a new record in the first six months of 2021, data showed Tuesday, on the back of stronger global demand for healthier foodstuffs amid the new coronavirus pandemic. Outbound shipments of such goods in the January-June period came to $4.15 billion, up 15.4 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food, and Rural Affairs. Exports of fresh products advanced 11.4 percent over
July 6, 2021
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LG Electronics to expand cloud-based call centers
LG Electronics Inc. said Tuesday it will expand cloud-based call centers to offer better customer care services and protect its workers from the novel coronavirus outbreak. With its recently launch of cloud-based call centers in the United States, LG said they will be also available in 10 more countries, including Brazil, France, Vietnam and South Korea, by the end of this year. Cloud-based call centers allow employees to work wherever internet is connected, which will promote a work-from-home
July 6, 2021
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[Graphic News] Nearly 80% of S. Korean consumers increase online shopping amid pandemic
Nearly 8 out of 10 South Korean consumers have increased their online shopping during the coronavirus pandemic, a poll showed. The survey of 1,000 local consumers, taken by the Korea Chamber of Commerce and Industry, showed 78.4 percent of the respondents saying their online purchases have risen since the outbreak of COVID-19. About 71 percent of them said they have purchased more foodstuffs and beverages online, followed by dining out and other food services, kitchen and daily goods an
July 6, 2021
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Hyundai's Genesis vehicle sales jump 33% in H1
Hyundai Motor Co. said Tuesday its independent brand Genesis' domestic vehicle sales jumped 33 percent in the first half compared to a year earlier amid tougher competition with imported brands and the COVID-19 pandemic. Hyundai sold 72,710 Genesis vehicles from January to June, up from 48,886 units a year earlier, the company's sales data showed. Genesis models accounted for 19 percent of Hyundai's domestic sales of 386,095 units in the first six months of this year. On the overseas front, t
July 6, 2021
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Tuesday amid strong advances by large tech and auto caps. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.06 points, or 0.34 percent, to trade at 3,304.22 in the first 15 minutes of trading. Stocks got off to a solid start on expectations of improved corporate earnings. Samsung Electronics and LG Electronics are scheduled to report their quarterly earnings guidance Wednesday. Market kingpin Samsung Electronics rose 0.5 percent, and LG Electro
July 6, 2021
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LG looking to beef up relationship with Apple after mobile biz exit
LG Group, South Korea's fourth-largest conglomerate, is apparently looking to beef up its business relationship with Apple Inc., industry insiders said Tuesday, amid rumors that its electronics affiliate may sell the US tech titan's products at its retail shops. LG recently held a special promotion for iPhones, iPads and other Apple products on Lifecare, its online shopping mall for group employees, according to the sources. This was reportedly the first time that the group offered mobile devic
July 6, 2021
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S. Korean retailer confidence improves for Q3
A majority of South Korean retailers expect their business conditions to improve further in the third quarter of 2021 than three months earlier as more people get vaccinated against the new coronavirus, a poll showed Tuesday. The Korean Chamber of Commerce and Industry said its retail business survey index (RBSI) stood at 106 for the July-September period, up from 103 three months earlier. It marks the second consecutive quarter that the country's RBSI has remained above par. In the second qua
July 6, 2021
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Samsung Display, union reach wage agreement
The labor union of Samsung Display has reached a wage agreement with management and will end its two-week partial strike soon, union officials said Monday. Six union representatives went on strike on June 21, demanding a 6.8 percent hike in base pay, in the first-ever walkout at the world's largest mobile display maker. In the latest negotiation, the union withdrew its demand and accepted the company's proposal of a 4.5 percent raise, and the agreement was approved by 83 percent of its members
July 5, 2021
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S. Korea, Israel to speed up joint R&D projects
South Korea and Israel said Monday they plan to speed up joint research and development projects to cope with the changing business environment amid the COVID-19 pandemic. The announcement came after the two countries announced earlier this year that they will increase contributions to the Korea-Israel Industrial R&D Foundation. The foundation kicked off in 2001 to promote bilateral technology exchanges. In May, South Korea and Israel vowed to each disburse $4 million annually for the foun
July 5, 2021