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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Golden chance to liquidate babies’ gold rings?
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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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SK Group's Chey Tae-won elected as vice president of Asian sports governing body
Chey Tae-won, chairman of South Korea's SK Group, has been named vice president of the Olympic Council of Asia (OCA), the top sports governing body on the continent. "The General Assembly elected a new OCA Vice President to serve as coordinator for the 90 sports federations that take part in the five OCA multi-sport games: Chey Tae-won, Vice President of the Asian Handball Federation and President of the Korea Handball Federation," the OCA said on its website after its general asse
Dec. 18, 2020
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KRX names former FSC vice chief as new chief exec
South Korea’s sole bourse operator has named Sohn Byung-doo, former vice chairman of the Financial Services Commission, to take the new chief post of the Korea Exchange, according to the officials Friday. Sohn’s CEO appointment was approved by shareholders of the Korea Exchange, they added. Prior to the shareholders meeting, he was named as the single candidate for the position earlier this month. Sohn, 56, has had a 30-year career in the civil service. He worked at the Ministry
Dec. 18, 2020
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Finance Ministry warns of growing economic uncertainty
With a new wave of coronavirus infections gripping the nation, South Korea’s economy this month faces growing uncertainties, the Ministry of Economy and Finance said Friday. In its monthly economic report, called the “Green Book,” the ministry has upgraded its concerns on Asia’s fourth-largest economy by a notch, saying that the uncertainties are “expanding.” It has previously said that the uncertainties were “continuing” in the reports released i
Dec. 18, 2020
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Hyundai Motor Group unveils AI-based Korean-English translation app
Hyundai Motor Group said Friday it has developed a Korean-English translation app to support smooth communication among its employees in local and overseas offices. Dubbed the H-Translator, the app is based on artificial neural network (ANN) algorithm and is specialized in the automobile industry, the South Korean automaker said. Hyundai explained that it has come to develop the translator to support timely communication and strengthen work efficiency, as the company has been actively recrui
Dec. 18, 2020
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Korea urged to strengthen its own technology amid US-China trade war
South Korea needs to focus on strengthening its technical competence as the trade war between the US and China and tech decoupling continues, an economic researcher warned Friday. Speaking at an online conference entitled “Next Trend,” associate researcher Yeon Won-ho at the Korea Institute for International Economic Policy said it is hard for South Korean businesses to benefit from the sanctions between the US and China as both countries are focusing on building their domestic indu
Dec. 18, 2020
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Coupang holds customer experience story contest
Online retailer Coupang is holding a contest of consumer experience stories, with prize money of 25 million won ($23,000) in total. Coupang users with stories to share should submit their entry to its website or on its mobile platform by Dec. 27. The retailer is best known for its next-day Rocket Delivery service. “We prepared this event to communicate with and express our appreciation to the customers,” said the e-commerce giant in a statement. “While this is a tough tim
Dec. 18, 2020
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KOTRA fills in for Korean SMEs in Vietnam exhibition amid COVID-19 restrictions
The state-run Korea Trade-Investment Promotion Agency is holding a “hybrid” exhibition in Vietnam’s Ho Chi Minh City in an effort to help small- and mid-sized Korean firms, the agency said Friday. KOTRA opened a Korean booth at the Saigon Exhibition and Convention Center, as part of the three-day specialized exhibition that runs from Thursday to Saturday. The event was organized by the city’s Department of Industry and Trade to help businesses boost production, develop
Dec. 18, 2020
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Mercedes-Benz sponsors LOL All-Star Event as exclusive partner
Mercedes-Benz Korea is sponsoring the year-end League of Legends event, in an extended move to promote the prestige automobile brand to the young generation, the company said Friday in a release. The 2020 League of Legends All-Star Event kicked off Friday to run until Sunday, in which the German automaker is to take part as the sole official partner. In September this year, Mercedes-Benz Korea became the first luxury car brand to be named the official partner of LOL publisher Riot Games and s
Dec. 18, 2020
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GM Korea workers OK revised 2020 wage deal
Unionized workers at GM Korea Co. agreed Friday to accept the company's revised wage proposals amid the prolonged COVID-19 pandemic. GM Korea workers voted in favor of the second tentative wage and collective agreement deal in a two-day vote that ended on Friday. The workers rejected the first tentative deal earlier this month. In the second deal, GM Korea agreed to drop a damage suit filed against the union for strike-driven output losses and provide 4 million won ($3,600) per worker in perfo
Dec. 18, 2020
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SK Innovation reiterates Georgia plant benefits US economy
SK Innovation’s aggressive battery investments have trickle-down effects for local businesses in Korea and the US, the Korean firm claimed Friday, as it sought to burnish its contributions to the economy ahead of a lawsuit ruling in the US. The energy firm is currently building two electric battery plants in the US state of Georgia. The first of those, with capacity of 9.8 GWh of production a year, is expected to be finished and start test runs next year. It is due to enter full-fledged o
Dec. 18, 2020
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Korean Air CEO receives honor from French government for building ties
Korean Air CEO Cho Won-tae has been awarded with a gold medal of honor medal by the French government for his contributions to enhancing relations between Korea and France. During a ceremony in Seoul on Thursday, Franck Rieste, the visiting minister-delegate for Foreign Trade and Economic Attractiveness of France, bestowed the honor on the Korean businessman for continuing direct flights between the two countries despite a sharp decrease in passengers. The medal is given to those who have cont
Dec. 18, 2020
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Seoul stocks hit new high on US stimulus hopes
South Korean stocks rose slightly to reach a record high Friday, buoyed by optimism over US stimulus talks despite a spike in local COVID-19 cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.75 points, or 0.06 percent, to close at 2,772.18. Trading volume was high at about 1.05 billion shares worth some 18.9 trillion won ($17.2 billion), with gainers outnumbering losers 491 to 342. Foreigners sold a net 192.4 billion won, while in
Dec. 18, 2020
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Lemonex wins Innovation Winner 2020 with DegradaBALL
Lemonex, a South Korean biotherapeutics and biotech company, was acknowledged with an Industry and Energy Ministerial prize for technology innovation at the Innovation Winner 2020 awards. The Innovation Winner 2020 was hosted by Herald Corp. in collaboration with monthly magazine PowerKorea on Thursday. Lemonex won for its original drug delivery technology called DegradaBALL. “DegradaBALL enables effective delivery of various new drug candidates into cultured cells or lesions by loading
Dec. 18, 2020
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Most expensive house in Korea: Shinsegae chairwoman’s W30b residence
A Hannam-dong residence in central Seoul owned by Shinsegae Group’s chief retained its top position as the most expensive house in Korea, data showed Friday. The value of Shinsegae chairwoman Lee Myeong-hee’s 2,862-square-meter house, as assessed by the government, was 29.53 billion won ($26.88 million), up 6.6 percent from this year. Lee is the younger sister of late Samsung Group Chairman Lee Kun-hee. Previously, the house’s declared price surged by 59.7 percent on-year fro
Dec. 18, 2020
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S. Korea's exports dip at fastest pace in 2019 on weak chip demand
SEJONG -- South Korea's exports dropped at the fastest clip in 2019 due to sluggish overseas demand for semiconductors, government data showed Friday. The country's overseas shipments stood at $541.2 billion last year, down 10.3 percent from the previous year, according to the data from Statistics Korea and the Korea Customs Service. Large companies in Asia's fourth-largest economy suffered bigger declines than smaller businesses. Combined exports of 857 large corporations sank 13.5 percent
Dec. 18, 2020
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Hyundai Motor seeks to up stake in Turkey plant
Hyundai Motor Co. said Friday it seeks to raise its stake in its plant in Turkey by acquiring a 27 percent stake held by Kibar Holding in preparation for the post-coronavirus recovery. Early this month, Hyundai Motor submitted documents to the Turkish authorities to buy most of Kibar's stake in its local factory, a company spokesman said over the phone. The South Korean carmaker currently holds a 70 percent stake in the 230,000-unit-a-year plant in the northwestern city of Izmit, and Kibar ow
Dec. 18, 2020
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Celltrion inks supply agreement for COVID-19 test kit in US
South Korean biopharmaceutical giant Celltrion Inc. said Friday it has signed an agreement worth 240 billion won ($220 million) to supply a diagnostic kit for the novel coronavirus in the United States. Under the agreement, Celltrion's rapid antibody diagnostic test (RDT) kit for the new coronavirus, named DiaTrust, will be distributed by Prime Healthcare Distributors. The kit was co-developed by the South Korean in-vitro diagnostic company Humasis. The new antibody detection test is most sui
Dec. 18, 2020
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S. Korea, France vow to support multilateralism to overcome pandemic fallout
South Korea and France on Friday agreed to continue to support multilateralism over protectionism to overcome the economic fallout from the virus pandemic, and to expand cooperation in various areas from vaccines to green cars. "This year, the two countries have worked deeply together in multilateral frameworks, such as the Group of 20 and the OECD, to promote the travel of products, services and workforces despite the COVID-19 pandemic," Trade Minister Yoo Myung-hee said during her m
Dec. 18, 2020
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S. Korea inks free trade pact with Indonesia
South Korea formally inked a comprehensive trade deal with Indonesia on Friday, paving the way for local exporters to penetrate deeper into the Southeast Asian market. Industry Minister Sung Yun-mo met his Indonesian counterpart Agus Suparmanto here to sign the comprehensive economic partnership agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The pact now needs a parliamentary approval. The two countries resumed their talks in 2019 after a five-year hiatus. The CEP
Dec. 18, 2020
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S. Korea's Q3 overseas direct investment dips 24% on pandemic
SEJONG -- South Korea's overseas direct investment tumbled 24 percent in the third quarter of the year as the coronavirus pandemic dented global investment flows, government data showed Friday. The value of investments made by South Korean companies came to $10.77 billion in the July-September period, down 23.9 percent from a year earlier, according to the data from the Ministry of Economy and Finance. It marked the third consecutive quarterly decline. Overseas direct investment fell 4 p
Dec. 18, 2020