Most Popular
-
1
Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
-
2
Seoul bus drivers go on general strike, cause morning rush hour delays
-
3
Korea enters full election mode
-
4
Official campaigning kicks off for April 10 elections
-
5
Dialogue hopes fade as doctors pick hard-liner as new head
-
6
Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
-
7
[Election Battlefield] Political novice to face off star politician in ‘swing district’
-
8
Immigrant woman stabbed to death by Korean husband
-
9
[Kim Seong-kon] The April 2024 election will decide our future
-
10
[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
-
SK chief Chey underscores ESG
SK Group Chairman Chey Tae-won called for an incentive system that compensates for companies’ ESG -- environmental, social and governance -- efforts, according to industry sources Sunday. Speaking at Beijing Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and Peking University, Chey stressed the necessity of an ESG incentive system that provides reasonable compensations for companies to promote ESG value creation in both private and public sectors. Chey s
Dec. 6, 2020
-
[Behind the Wheel] Mercedes-Benz 2021 E-Class gets fresh, modern touch
The Mercedes-Benz E-Class is South Korea‘s most beloved imported sedan. Since its launch in 2016, the 10th generation E-Class models have sold about 160,000 units, making it the best-selling imported car in Korea. Last year, the E-Class was the top-selling luxury car among both Korean and imported cars. Maintaining the highest spot in the luxury sedan market, however, is not an easy job. Hyundai’s luxury sedan Genesis G80 came on fast this year, overtaking the E-Class. By October
Dec. 6, 2020
-
Recovery of private consumption needs more expenditure by high-income group: report
The high-income group should spend more to revive South Korea's public consumption amid the COVID-19 pandemic, a report said Sunday. Public consumption has recovered slightly from the second quarter of the year, but it is still lackluster compared with before the new coronavirus pandemic occurred, said the report by the Korea Institute of Finance (KIF). According to data from the Bank of Korea (BOK), private consumption rose an average 0.7 percent from 2017 to 2019. But the first quarter o
Dec. 6, 2020
-
KT supports partner firms to enter foreign markets
KT, South Korea’s leading telecommunications firm, will provide support to local companies to join a foreign tech fair to help them enter the global market, the company said Sunday. The telecommunications firm recently selected four partner firms that it will provide support in introducing products at KT‘s designated exhibition booth at the Gulf Information Technology Exhibition 2020. The fair, which celebrates its 40th anniversary this year, has been attracting some 4,000 firms
Dec. 6, 2020
-
Samsung Electronics to hold global strategy meeting next week
Samsung Electronics, which completed its annual executive reshuffle Friday, is expected to hold a global strategy meeting next week with the participation of all executives from the global offices to establish business strategies for next year. Samsung’s global strategy meeting, which is held twice a year in June and December, is a venue where executives at local and global units gather to review the business conditions of each sector and discuss new growth engine plans. Convention
Dec. 6, 2020
-
S. Korea's economy forecast to recover in 2nd half of next year: report
South Korea's economy is predicted to recover from the downturn caused by the COVID-19 pandemic in the second half of next year unless the pandemic resurges, a report said Sunday. But the report by the Hyundai Research Institute said the South Korean economy is expected to face another downturn in the first quarter of next year if the pandemic resurges. A resurgence of the pandemic next year would cause the economic recovery of the country to be delayed till the first half of 2022, the repor
Dec. 6, 2020
-
11 logistics firms fined W5.45b over price collusion
South Korea's antitrust regulator said Sunday it has decided to fine 11 logistics firms a combined 5.45 billion won ($4.98 million) for colluding to fix their bidding prices for transportation of imported agricultural products. Leading logistics firms CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 for 60 rounds of bidding over distributions of imported agricultural goods, according to the Korea Fair Trade Commission (KFTC). They
Dec. 6, 2020
-
Q1 exports outlook rosy: poll
A majority of South Korean exporters expect their business conditions to improve in the first quarter of next year on the back of the growing hope over the post-pandemic economic recovery, a survey showed Sunday. The country's export business survey index (EBSI) for the January-March period in 2021 came to 112.1, according to a survey carried out by the Korea International Trade Association (KITA). It marks the first time since 2017 that the EBSI has exceeded 110. A reading above 100 means op
Dec. 6, 2020
-
Poongsan Group Chairman Ryu Jin joins CSIS Board of Trustees
Poongsan Group Chairman and CEO Ryu Roy Jin joined the CSIS Board of Trustees, Friday. The Center for Strategic and International Studies is a Washington-based think tank. “I am delighted to welcome Roy to our Board of Trustees,” said CSIS President and CEO John J. Hamre. “CSIS will benefit tremendously from his global vision and innovative spirit.” Since 1998, Ryu has served as chairman and CEO of Poongsan Group, one of the largest manufacturers of copper products a
Dec. 6, 2020
-
Korea to tighten grip on global internet giants amid service complaints
A law revision set to take effect next week will tighten rules for data-hungry internet giants, such as Netflix Inc., amid growing calls for stable services. Earlier this week, the Cabinet passed an amendment to the ordinance of the Telecommunication Business Act, stipulating that online content service providers are responsible for providing stable services to users. The new rules set to take effect Dec. 10 apply to large online service companies, which account for 1 percent or more of the co
Dec. 5, 2020
-
Seoul shares likely to move in tight range next week
South Korean stocks are likely to move in a tight range next week after a continued rally this week as investors take a breather. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index (KOSPI) closed at an all-time high of 2,633.45 points Friday, up 3.72 percent from a week ago. The KOSPI exceed the 2,700-point mark for the first time Friday on extended foreign buying, buoyed by vaccine hopes and expectations of better earnings for exporters, particularly the chipma
Dec. 5, 2020
-
Japan's Uniqlo to close main outlet in S. Korea amid pandemic
Japanese fashion retailer Uniqlo will close its outlet in Seoul's popular shopping district next month, after a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo. Uniqlo said on its website recently in Korean that its global flagship store in Myeongdong, central Seoul, will stop operating Jan. 31. The outlet is the second biggest in the world after one in New York. The closure came as online shopping has gained tra
Dec. 5, 2020
-
Court rules in favor of late Lotte chairman in gift tax case
A Seoul court ruled Friday in favor of Shin Kyuk-ho, the late founder of retail giant Lotte Group, in a lawsuit he filed against the tax authority over hundreds of billions of won of gift taxes. The Seoul Administrative Court ordered a district tax office to revoke 212.6 billion won (US$196 million) of gift taxes imposed on the honorary chairman of the nation's fifth-largest conglomerate, who died in January at the age of 99. The taxes were levied after the prosecution charged Shin with tax e
Dec. 4, 2020
-
Hyundai Card’s Dive culture app bags top mobile award
South Korean credit card issuer Hyundai Card announced Friday that Dive, Hyundai Card’s culture app, had won a high-profile app award two years in a row. Hosted by the Korea Internet Professionals Association, a nonprofit body that supports the local internet industry, the Smart App Award is one of the most prestigious contests for apps developed by local companies and government agencies. Its annual awards go to the best smartphone apps in six categories -- visual design, user interfa
Dec. 4, 2020
-
Current account surplus rises to three-year high in Oct.
South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion for two consecutive months and hit a three-year high in October, the central bank said Friday. The surplus increased 48.9 percent on-year to $11.6 billion in October on the back of recovering exports, despite the coronavirus pandemic, according to the Bank of Korea. It marked the largest surplus since September 2017, when the corresponding figure stood at $12.3 billion, and the t
Dec. 4, 2020
-
Kospi tops 2,700-point mark for the first time on foreign buying
South Korea’s main bourse, Kospi, topped the 2,700-point mark for the first time on Friday with a continued rally by giant chipmakers. The local currency’s value against the US greenback also rose further after reaching its highest point in 30 months a day earlier. As soon as trading began, the Kospi surpassed its previous record of 2,696.22 set a day earlier and soared to 2,705.34, up 9.12 points or 0.34 percent. Buoyed by foreign investors’ buying binge to the tune of 766.6
Dec. 4, 2020
-
Popeyes to pack up after 26 years
Popeyes, a US-based fried chicken franchise, said Friday that it would cease to operate in South Korea, 26 years after it opened its first outlet in 1994. The Korean operator, TS Food & System, said its franchise contract with the US headquarters is set to end at the end of this year. Popeyes, which at one time owned over 200 outlets here, has been struggling against poor sales. With the COVID-19 pandemic the business faced even more difficulties, and the number of stores was reduced t
Dec. 4, 2020
-
SK Chairman says ESG governance will help overcome environmental crisis
SK Group Chairman Chey Tae-won said Thursday that it was important to embrace environmental, social and corporate governance and nurture empathy to overcome the current environmental crisis. Speaking at Tokyo Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and the University of Tokyo, he said people are now living in the Anthropocene Epoch, a time when human activity has begun having a major impact on the environment. Chey said the “world is in urgent need&r
Dec. 4, 2020
-
Korea Ginseng teams up with International Vaccine Institute to develop immune booster
South Korea’s leading ginseng manufacturer, Korea Ginseng, has signed a memorandum of understanding with the International Vaccine Institute to develop an adjuvant -- an agent that can improve the performance of a vaccine. The two will work together to develop an adjuvant using Korea Ginseng’s popular red ginseng brand CheongKwanJang, the company said Friday. Korea Ginseng will provide 12 types of ginsenosides while the institute, a nonprofit organization that is working with vacci
Dec. 4, 2020
-
Samsung conducts biggest personnel reshuffle in 3 years
Samsung Electronics on Friday announced a large-scale personnel reshuffle, the biggest in three years, owing to a strong performance this year despite the COVID-19 impact. The tech giant promoted a total of 214 executives, the largest number since 2017. “In spite of difficulty amid the global spread of COVID-19, the company timely responded to demand and raised efficiency in operations, which led to improved earnings from last year,” the company said in a statement. In the thir
Dec. 4, 2020