FSC lays out plan to boost pet insurance enrollment

The Financial Services Commission, Korea's top financial regulator, unveiled plans on Monday to increase the pet insurance enrollment rate, currently at approximately just 1 percent in a country with some 8 million pets. "The pet insurance enrollment rate in the US is approximately 2 percent, while in Japan, it exceeds 12 percent. Our goal is to position ourselves between these two countries,” Shin Sang-hoon, head of the insurance department at the FSC, emphasized during a press

Oct. 16, 2023

[Photo News] LG promoting world food day

LG Electronics said Monday it is displaying a promotional video, spreading the message of water conservation and fighting hunger, at New York's Times Square and London's Piccadilly Circus in celebration of this year's World Food Day on Oct. 16. The video, produced by the Food and Agriculture Organization of the United Nations, will be screened for 13 days until Sunday on LG screens at the two landmarks. (LG Electronics)

Oct. 16, 2023

SK Ecoplant recycles over 6,000 tons of batteries

SK Ecoplant announced Monday that its Singaporean unit TES-AMM has processed and recycled over a cumulative 6,000 metric tons of discarded batteries. Electronic waste recycling company TES has been processing and recycling lithium batteries retrieved from mobile devices including smartphones, tablets, and laptops. Considering that the batteries in such devices weigh about 50 grams, the total processed amount is equivalent to some 120 million units of devices, the company estimated. Rare metals s

Oct. 16, 2023

[Photo News] Up to date

South Korean conglomerate Hanwha Group said Monday that it has crafted next year's braille calendars for the blind and visually impaired, continuing the company's social contribution activity for a 24th consecutive year. According to Hanwha, the group made 40,000 calendars this year, with employees participating in the process last week. With this year's edition, the accumulated number of braille calendars made by Hanwha since 2000 stands at 920,000. (Hanwha Group)

Oct. 16, 2023

FTA with UAE could boost Korean automakers

South Korea signed a bilateral free trade deal with the United Arab Emirates Saturday, hoping to provide a tailwind for Korean automakers' outbound shipments and to help securing stable source for crude oil. The two countries concluded talks towards a Comprehensive Economic Partnership Agreement, a kind of FTA that covers trade in services and investment and regulatory aspects, as well as goods. Under the deal, Korea will remove tariffs on 92.8 percent of all items traded, and the UAE will

Oct. 15, 2023

Over 90% of fines for illegal short selling imposed on foreign firms

More than 90 percent of all fines for illegal short selling of stocks have been issued to foreign financial firms, government data showed, amid calls from Korean retail investors for stricter regulation. According to Financial Services Commission data submitted to Rep. Yun Ju-kyung of the ruling People Power Party, the regulator dealt with 45 cases of illegal short selling in the first eight months of the year, with total fines exceeding 10.7 billion won ($7.9 million). Of the 45 cases, 23 invol

Oct. 15, 2023

Seoul defense exhibition aims to boost arms exports

The Seoul International Aerospace and Defense Exhibition, known as Seoul ADEX, kicks off Tuesday with the public debut of Korea's indigenously developed KF-21 Boramae fighter jet, as the country looks to score record-breaking exports for the defense industry this year. The biannual event, which takes place at at the Seoul Airport in Seongnam, Gyeonggi Province, is expected to draw 550 participating companies -- the largest number since it was first held in 1996 -- from 34 countries, according to

Oct. 15, 2023

HMM sale to face hurdles amid slowdown in shipping industry

The sale of South Korea's No. 1 container shipper HMM, which is anticipated to be one of Korea's largest mergers and acquisitions for the second half of 2023, could hit a snag amid a slowdown in the shipping industry, according to industry sources on Sunday. In November, state-owned Korea Development Bank, the largest shareholder of HMM, is reportedly scheduled to select its preferred bidder for the acquisition. Earlier this month, acquisition candidates for HMM were narrowed down to a

Oct. 15, 2023

SK chief discusses ICT partnerships with Estonia, Carribean Community

SK Group Chairman Chey Tae-won discussed economic cooperation with high-ranking government officials from Estonia and the Caribbean Community (CARICOM) during their official visits to South Korea earlier last week, according to the Korean conglomerate on Sunday. On Friday, Chey hosted a luncheon meeting with Estonian President Alar Karis, and other high-ranking officials at the SK building in Seorin-dong, Jongno-gu in Seoul, where they agreed upon various collaboration opportunities between the

Oct. 15, 2023

LG Innotek wins patents for EV charging technology

LG Innotek, an electronic component manufacturer under LG Group, said Sunday that it had earned three international patents in the field of electric vehicle charging. “To leap forward as a No. 1 global company, it is essential to systematically manage and secure international patents and intellectual property rights for core technology,” said Kim Jin-hyun, head of the intellectual property division of the company. “Through our continuous R&D efforts in the field of IP, we w

Oct. 15, 2023

S Korea, UAE agree to increase bilateral flight ceiling to 21 per week

South Korea and the United Arab Emirates have agreed to increase the maximum number of commercial flights connecting the two countries to 21 per week, according to the transportation ministry Saturday. The agreement to raise the current ceiling of 15 flights per week was reached during aviation talks held in Seoul on Thursday and Friday. The UAE has reportedly demanded that South Korea expand the number of allowed bilateral flights, as much as threefold or fourfold, from the current ceiling. The

Oct. 14, 2023

LS Cable inks partnership for Vietnam submarine cable market

South Korea’s top wire and cable maker, LS Cable & System Asia, has secured a partnership with a Vietnamese state-run company as part of its bid to foray into the underwater cable market in Southeast Asia. LS Cable & System Asia announced Thursday that it has signed a memorandum of understanding for a submarine cable business partnership with PetroVietnam Technical Services Corporation, a subsidiary of Vietnam-owned oil and gas group, PetroVietnam. PTSC provides the technical servi

Oct. 13, 2023

S. Korea may decide to increase medical student quota as early as next week

The South Korean government may announce its plan to increase the medical school enrollment quota as early as next week, according to local reports Friday. The government is reportedly reviewing a plan to increase the medical school enrollment quota by 500, from the current quota of 3,058, which has remained unchanged since 2006. If expanded, the new quota will be applied starting in 2025. Minister of Health and Welfare Cho Kyu-hong also said, “We are preparing to reflect it in the 2025 co

Oct. 13, 2023

BOK wins lawsuit on face of Korea's 100 won coin

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

Oct. 13, 2023

Samsung owns largest No. of Israeli subsidiaries among S. Korean conglomerates: report

Leading South Korean conglomerates with affiliates in Israel, including Samsung Electronics, are keeping a close watch on the heightened conflict in the Middle East, a report by corporate tracker Korea CXO Institute showed Thursday. Among the nation’s 82 companies with more than 5 trillion won ($3.7 billion) in assets, four conglomerates, including Samsung, SK, LG and OCI, operate subsidiaries in Israel, owning at least a 50 percent stake in the affiliates. Samsung has the largest number o

Oct. 13, 2023

[Photo News] Apple launches new iPhone models in S. Korea

People line up outside an Apple Store in Myeong-dong, central Seoul, on early Friday morning to be among the first to buy the new iPhone 15 in South Korea. On Friday, Apple launched four different models of the iPhone -- the iPhone 15, Plus, Pro and Pro Max -- along with the Apple Watch Series 9 and Apple Watch Ultra 2. According to the country’s three major telecommunications firms, 3 of 4 people who preordered the new iPhone were young adults in their 20s and 30s. (Yonhap)

Oct. 13, 2023

S. Korea signs consortium deal with Canada, Italy for nuclear reactor refurbishment in Romania

South Korea's state-run energy company said Thursday it is taking a step closer to winning a project worth around 2.5 trillion won ($1.87 billion) to refurbish an aging nuclear reactor in Romania's Cernavoda power plant through a consortium with Canadian and Italian firms. The Korea Hydro & Nuclear Power Co. signed a tripartite consortium agreement with Canada's Candu Energy Inc. and Italy's Ansaldo Nucleare S.p.A. to jointly conduct a project to refurbish Cernavoda'

Oct. 12, 2023

S Korea, UAE to hold aviation talks over potential increase in bilateral flights

South Korea and the United Arab Emirates plan to hold their first bilateral aviation talks in four years this week to discuss whether to increase the number of flights connecting the two countries, according to officials Thursday. During the two-day talks from Thursday in Seoul, the two sides will discuss whether to raise the maximum ceiling of 15 flights per week for each country. The UAE is reportedly demanding South Korea expand the number of allowed bilateral flights, as much as threefold or

Oct. 12, 2023

[Photo News] Remembering Korean war veterans

SK Group Chairman Chey Tae-won (left) attends a memorial stone unveiling event for two US veterans – the late Colonel William E. Weber and late Major General John Kirk Singlaub – held in Paju, Gyeonggi Province, Thursday, with their bereaved family members also in attendance. Lauding the veterans who fought in the 1950-53 Korean War, the SK chief said that they "gave us the seed of liberal democracy." The event was held in in commemoration of the 70th anniversary of the Sou

Oct. 12, 2023

[Herald Interview] Dyson engineer stresses potential of Korean hair care market

South Korean consumers' daily self-grooming routines make Korea an attractive market for Dyson, a hair care engineer from the UK consumer electronics giant told The Korea Herald during an interview held in Seoul, Thursday. "We conduct a lot of user trials and make sure we have Korea, one of our key markets, for those trials -- so that whenever we develop (technical specifications) they are tailored to what was successful during trials held in Korea," said Will Kerr, the director o

Oct. 12, 2023