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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Seoul Metro to seek legal action against malicious complaints
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Golden chance to liquidate babies’ gold rings?
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Researchers introduce new tools for 3D research of cancer genome
A South Korean research team has built the world’s largest dataset and new browsing tools for the study of large-scale genomic rearrangements that could potentially cause cancer, the Korea Advanced Institute of Science and Technology said Monday. Researchers led by KAIST professor Jung In-kyung and Korean Bioinformation Center professor Lee Byung-wook have collected and processed around 230 billion raw reads including 220 Hi-C samples. Based on the data, the team has completed constructi
Dec. 28, 2020
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Solid demand for automobiles in US, semiconductors in China in 2021: report
The US is expected to become the most promising market for local carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to big data analysis released Monday. The state-run Korea Trade-Investment Promotion Agency’s report looks into market prospects of major markets overseas for Korean exporters expected to lead the post-pandemic economic recovery. Markets that would show solid demand for automobiles in 2021 include the US, Germany, the UK and
Dec. 28, 2020
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Samsung Electronics’ record run continues over optimism for foundry biz
The share price of Samsung Electronics on South Korea’s stock market has reached an unprecedented high yet again, surpassing 80,000 won ($73) during intraday trading Monday. Hitting 80,100 won per share in the early morning trade, Samsung Electronics rose 1.2 percent to close at 78,700 won -- the highest closing price since a 50-to-1 stock split in 2018 -- bringing its market cap to a new high of 469.8 trillion won. This accounted for over 24 percent of all 906 constituents of the Kospi,
Dec. 28, 2020
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[Newsmaker] Delivery Hero to sell Yogiyo under watchdog’s antitrust policy
Germany-based Delivery Hero will concede its food delivery services Yogiyo as a cost of acquiring Woowa Brothers, the operator of market champion app Baemin, officials said Monday. The apparently reluctant decision came after South Korea’s antitrust watchdog disapproved the monopolistic merger of the top two apps in the fast-growing food delivery market. “We request that the Fair Trade Commission send the final notice in the first quarter next year,” the company posted on
Dec. 28, 2020
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S-Oil makes 5th investment in new material startup
S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment. The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining
Dec. 28, 2020
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More karaokes close; pharmacies stay strong
The COVID-19 crisis has dealt a severe blow to small businesses as a whole, but the latest data on business closures reveals some have suffered more than others. Karaoke lounges, indoor golf ranges and DVD rooms were hit hardest by the pandemic with the biggest increases in closing rates, according to the report by a state-run Korea Development Institute. The think tank at the request of the government analyzed the second-quarter business closure data to find that closures in the three type
Dec. 28, 2020
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Seoul stocks hit new high on US stimulus deal, eased Brexit uncertainties
South Korean stocks set a new record high Monday, backed by a fresh US stimulus deal and eased uncertainties from Brexit. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.74 points, or 0.06 percent, to close at 2,808.6. Trading volume was high at about 978 million shares worth some 23.6 trillion won ($21.5 billion), with losers outnumbering gainers 530 to 315. The index extended its all-time high for a second straight session on strong
Dec. 28, 2020
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EV defect claims multiply 46 times in 4 years
As environmentally-friendly vehicles grow in popularity, consumer claims of defects in their electric vehicles have multiplied in recent years, latest data shows. According to the Ministry of Land, Infrastructure and Transport and Korea Transportation Safety Authority on Monday, the number of electric vehicles registered in the country is 131,923 as of November, a 12-fold increase from 10,855 at the end of 2016. Complaints of faulty vehicle parts grew even faster during the period. A total o
Dec. 28, 2020
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GS25 rolls out tteokbokki for vegans
Local convenience store chain GS25 is bringing instant vegan tteokbokki to its stores, the company said Monday. Tteokbokki is a popular Korean street food of rice cakes in chili sauces. The products, under the name Veggie Garden, are 100 percent meatless, and have been certified vegan by the Korea Agency of Vegan Certification and Services, a non-profit organization that has been approved by the Ministry of Food and Drug Safety. The company said the products have removed all possible conta
Dec. 28, 2020
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S. Korea to maintain nuclear phaseout scheme, scale back coal power generation
South Korea said Monday it will gradually diversify its energy mix by using more sustainable sources, such as solar power, and scale back the use of coal and nuclear power, in line with the country's goal to achieve zero carbon emissions by 2050. Under the ninth basic plan on the electricity supply, which will run through 2034, sustainable energy sources will take up 8.6 percent of the country's energy mix, soaring from this year's 3.3 percent, according to the Ministry of Trade, Industry and E
Dec. 28, 2020
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Number of corporate credit rating cut hits highest level in 4 years
The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur
Dec. 28, 2020
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China greenlights Daewoo Shipbuilding-KSOE merger
China's antitrust watchdog has approved the merger between two South Korean shipbuilding giants, sources said Monday, possibly paving the way for the creation of the world's largest shipyard. China's State Administration for Market Regulation has recently sent Korea Shipbuilding & Offshore Engineering Co. (KSOE) a notice that its planned merger with Daewoo Shipbuilding & Marine Engineering Co. (DSME) doesn't violate any antitrust rules or hurt fair competition in the world's second-larg
Dec. 28, 2020
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11 lenders tapped for won-yuan FX trading in 2021
South Korea selected a total of 11 banks –- six South Korean and five foreign banks –- as institutions responsible for setting prices for direct won-yuan transactions next year, financial authorities said Monday. The banks will be responsible for determining the prices for the transactions and funneling liquidity into the market, the Ministry of Economy and Finance and the Bank of Korea said in a joint statement. The South Korean banks are major commercial lenders KB Kookmin, Shi
Dec. 28, 2020
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[Photo News] BTS stars in KB Kookmin's ad for Indonesia
K-pop boy band BTS stars in KB Kookmin Bank’s advertisement for Indonesia, with its megahit song “Dynamite” playing in the background, in this screen capture of the commercial released by the lender on Monday. BTS has been KB Kookmin's global ambassador since 2018. KB Kookmin has been expanding its presence in Indonesia in recent years and has so far acquired a 67 percent stake in Bank Bukopin, making it the largest shareholder. By Jung Min-kyung (mkjung@heraldcorp.com)
Dec. 28, 2020
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Asian shares, credit bonds to outperform in 2021: SC Bank
Asian stocks and credit bonds are forecast to remain bullish next year amid a recovering global economy due to the COVID-19 vaccine progress, according to a Standard Chartered Bank Korea report Monday. “Global economic activity, which has been halted by the COVID-19 pandemic, will normalize next year thanks to the vaccine distribution,” the bank‘s report said in regards to 2021 financial market prospects. “As the global economy is expected to rebound, risky
Dec. 28, 2020
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Hanwha Solutions acquires US hydrogen tank maker
Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy. Hanwha Solutions plans to complete the process to take over an entire stake in the US industrial tank equipment maker by April, the company said in a statement. "The company will invest $100 million, including the acquisition capital, in Cimarron by 2025," the statement said. The acquisition
Dec. 28, 2020
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Investment advisory firms swing to profit in H1 on stock rally
Investment advisory firms in South Korea swung to a profit in the first half of fiscal 2020 as the local stock market remained bullish, data showed Monday. The 215 investment advisers reported a combined net profit of 128.3 billion won ($117 million) in the April-September period, according to the data from the Financial Supervisory Service (FSS). It marks a sharp turnaround from a total net loss of 22.7 billion won recorded during the previous six months. The financial watchdog attributed th
Dec. 28, 2020
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Naver's V Live streaming platform logs 100m global downloads
South Korea's top internet portal operator, Naver Corp., said Monday its live streaming platform, V Live, has surpassed an accumulated 100 million downloads globally. Launched in August 2015, V Live allows K-pop celebrities to broadcast live videos on the internet and chat live with fans from around the globe. Naver said the service has 85 percent of visitors from overseas and is available online, as well as on Google's Android and Apple's iOS platforms.Naver said the number of live concert sh
Dec. 28, 2020
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Seoul stocks open higher on chip gains
South Korean stocks opened higher Monday, backed by strong advances by major tech firms. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.87 points, or 0.6 percent, to 2,823.73 in the first 15 minutes of trading. Stocks traded bullish after finishing at an all-time high the previous session, led by chip and bio advances. The gain came amid investors' optimism over whether the United States, one of South Korea's largest trading partners, would finalize a coronavirus stimulus pac
Dec. 28, 2020
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Number of corporate rating downgrades hits 4-year high
South Korean companies have suffered the most credit rating downgrades in 2020 in four years in the wake of the coronavirus pandemic, data showed Monday. Three major credit appraisers here -- NICE Investors Service Inc., Korea Ratings Corp. and Korea Investors Service Inc. (KIS) -- have downgraded credit ratings of 41 firms in separate evaluations, according to the data from Yonhap Infomax, the financial news arm of Yonhap News. It represents the highest number of rating cuts since 2016, when
Dec. 28, 2020