Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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OpenAI gives ChatGPT new powers to see, hear
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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[Graphic News] Only 34% of S. Korean elites favor nuclear arms
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S. Korea to set up over W10tr program to support chip industry
South Korea will push to set up a package worth over 10 trillion won ($7.28 billion) to support the chip industry as part of efforts to boost the competitiveness of the critical industry and to prop up economic growth, the finance ministry has said. The planned assistance program of more than 10 trillion won aims at supporting facility investment and research and development programs for all sectors of the chip industry from chip materials to manufacturing equipment and components, Finance Minis
May 13, 2024
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LG Electronics CEO offers to pay $1m salary to top AI talents
LG Electronics Chief Executive Officer Cho Joo-wan traveled to the US to meet with big tech counterparts and discuss collaboration in artificial intelligence, as well as to secure AI talents, the company said Sunday. Hosting a tech conference in Cupertino, California on Saturday, Cho underscored the importance of talents in AI development and said the company is willing to offer large salaries to secure top talents. "Changes such as electrification, servitization and digitalization are occu
May 12, 2024
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[Contribution] Korea should prioritize innovation, not misguided platform regulation
By Hong Dae-sik & D. Daniel Sokol Korea rightly aspires to be a tech leader, but misguided regulation threatens its innovation prowess. Korean officials are considering platform legislation modeled after the European Union’s recently implemented Digital Markets Act. But that untested law has been widely criticized and prior European legislation, the General Data Protection Regulation, has hurt European competition -- leading to less AI investment by venture capitalists and one-third
May 12, 2024
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Battery makers ramp up efforts to diversify graphite supply chain
Korean battery makers are speeding up efforts to diversify their supply chains to source key materials, including graphite, as the US pushes back the deadline for the ban on the use of Chinese minerals by two years. Earlier this month, the US Treasury Department announced an extension to its $7,500 tax credit scheme for electric vehicles containing components from Foreign Entities of Concern, which includes China, until the end of 2026. "There have been concerns that if Korean batteries fai
May 12, 2024
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[Photo News] Empowering jobseekers
Hana Financial Group Chairman Ham Young-joo (front row; second from right) and Vice Minister of Employment and Labor Lee Sung-hee (front row; third from right) pose for a photo during the launch event of the firm's social contribution program, "Hana Power On Innovative Company Internship," held at the group's headquarters in Jung-gu, central Seoul, Thursday. Since 2018, Hana has been supporting innovative companies in hiring socially vulnerable groups, such as the disab
May 12, 2024
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KOSA, Saudi Aramco bolster ties on digital innovation
The Korea Software Industry Association said Sunday it has signed a memorandum of understanding with Saudi Aramco, the kingdom’s oil giant, to bolster ties on digital innovation. The KOSA, representing over 14,000 member companies specializing in digital tech, will support Aramco’s push for artificial intelligence and other digital economies. They also plan to work together to extend their global network and secure funding. The MOU signing event was held Thursday in Goyang, Gyeonggi
May 12, 2024
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Bithumb to pay W40b taxes for crypto airdrop winners
Korea's major cryptocurrency exchange Bithumb said Friday that it will cover all the 40 billion won ($30 million) of taxes imposed on the winners of its crypto airdrop events. According to Bithumb, some 10,700 users were slapped with a combined 20 billion won in taxes last year for their compensations, including virtual assets and paybacks on commission, worth 83 billion won earned after participating in its multiple airdrop events held between 2018 and 2021. In Korea, the tax authorities h
May 10, 2024
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Korean Air in talks to sell five B747 jets to Sierra Nevada
Korean Air is in talks with Sierra Nevada Corporation, the US aerospace and defense firm, to sell its five B747-8i jets in an apparent move to boost its operational efficiency ahead of its planned merger with Asiana Airlines. According to industry sources on Friday, Korean Air held a board meeting Wednesday and decided to sell the planes to Sierra Nevada. The deal, valued at about 918 billion won ($674 million), is expected to be completed by September 2025. Currently, the company owns nine unit
May 10, 2024
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HD Hyundai unveils uncrewed vessel concept at US expo
Korean shipbuilding giant HD Hyundai said Thursday that it has unveiled a prototype for its upcoming uncrewed surface vessel Tenebris at this week’s AI Expo for National Competitiveness in Washington, DC. The recent unveiling, a collaboration with US tech firm Palantir Technologies, comes after the two firms signed a memorandum of understanding in April to jointly develop an USV by 2026. Named after the Latin word for darkness, Tenebris is designed for reconnaissance missions in enemy prox
May 9, 2024
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New Seoul-Zurich route launched after 27 years
Switzerland's flag carrier Swiss International Air Lines inaugurated its direct flight from Zurich to Incheon on Wednesday, marking its entry into the Korean market. This marks the first time in 27 years that the airline has introduced flights to Korea since the suspension of the Gimpo-Zurich route in 1998. "The Zurich-Seoul route was a missing piece of our extensive global network," Markus Binkert, chief financial officer of Swiss International Air Lines said during a press confe
May 9, 2024
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LG Display starts sell-off talks for China plant
LG Display has started talks to sell off its last liquid crystal display manufacturing plant in China in an apparent move to focus on consolidating its leadership in the more advanced organic light-emitting diode display market. According to industry sources on Thursday, LG Display is discussing the issue with Korea’s Ministry of Trade, Industry and Energy as a pricey display plant is considered the nation’s strategic asset whose sales should be approved by the government. In a regul
May 9, 2024
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Posco’s furnace No. 4 ready to resume operation
Posco Group said Thursday that it was ready to resume the operation of its blast furnace No. 4 in Pohang, North Gyeongsang Province, at the end of June after months of refurbishment work. A blast furnace usually undergoes maintenance every 15 years, during which its operation is suspended to undergo thorough performance and safety checkups and facility upgrades. The No. 4 furnace, completed in 1981, underwent refurbishments in 1994 and 2010. The current third refurbishment started on Feb. 23 to
May 9, 2024
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Korean Air sells five jets to US aerospace firm Sierra Nevada
Korean Air will sell five of its planes to US aerospace firm Sierra Nevada Corporation, the airline said in an exchange filing on Wednesday. Sierra Nevada recently won a $13 billion US Air Force contract to develop a successor to the E-4B Nightwatch, known as the Doomsday plane due to its ability to survive a nuclear war and act as a command and control centre during emergencies. Sierra Nevada did not immediately respond to a request for comment. The Korean Air planes being sold are four-engined
May 8, 2024
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Pressure mounts on Naver to shed stake in Line
Takeshi Idezawa, CEO of the Tokyo-based LY Corp., the operator of the messaging app Line, said Wednesday that the company has requested its key shareholder Naver to sell stakes in an apparent move to cut the Korean firm’s control over its management. The decision comes as Naver is under growing pressure from the Japanese government to shed its ownership in Line, the popular app the Korean firm has nurtured over the past 13 years. Currently, almost 70 percent of the Japanese population is k
May 8, 2024
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Minister says chip subsidy a ‘tall order’
Countries have been rolling out competitive subsidy programs to boost their edge in the critical semiconductor industry. For South Korea, it is difficult to come up with such direct support programs, but the government is working to create an environment to benefit long-term investment in the sector, Industry Minister Ahn Duk-geun said in a press briefing Tuesday. Ahn also explained that the ministry, along with other government entities will set up a public fund to support strategic industries,
May 8, 2024
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Korean drug makers flock to obesity treatment
South Korea’s pharmaceutical companies are accelerating the development of anti-obesity drugs to take share in the rapidly growing market, which is estimated to hit $100 billion by 2030. Hanmi Pharmaceutical is one of a few Korean drug companies that have been pushing ahead with their clinical trials for homegrown anti-obesity drugs. The drug company is currently expected to be the first Korean company that will launch a homegrown anti-obesity drug. “Hanmi Pharmaceutical is the only
May 8, 2024
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Coupang earnings hit hard by losses from ailing Farfetch
New York-listed e-commerce giant Coupang reported Wednesday that its sales soared to a record high of $7.1 billion in the first quarter of this year, but operating profits were almost cut in half largely due to the losses from Farfetch, the luxury shopping platform it acquired last year. According to its earnings report earlier in the day, its revenue reached $7.1 billion in the January-March period, up 23 percent from a year ago. Its operating profits were $40 million, which compared to $167.
May 8, 2024
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Kakao Bank hits record high quarterly profit in Q1
South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew
May 8, 2024
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Minister pledges support for Naver in Line dispute
Korea will put Naver’s interest in the forefront in coming up with countermeasures to cope with the Korean IT firm’s conundrum of the Japanese government’s pressure on Naver to give up its ownership in Line, a leading messaging app in Japan that Naver has fostered for over a dozen years, the Korean science minister said Wednesday. “Regarding Japan’s administrative guidance of (Line), we have been continuously and closely cooperating with Naver to guarantee the maxim
May 8, 2024
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20 major S. Korean conglomerates have no female inside directors
A report showed Wednesday that women account for only 3.2 percent of all inside directors at the biggest companies in South Korea. There are 787 inside directors and 850 outside directors on the boards of the 30 largest South Korean conglomerates and their 298 affiliates according to the local market analysis firm Leaders Index. There are 174 female outside directors and 25 female inside directors, each accounting for 20.5 percent and 3.2 percent of the respective totals. All 30 conglomerates ha
May 8, 2024