Fila Holdings continues growth in Q2, boosted by US golf unit Acushnet

South Korean sports apparel firm Fila Holdings reported a jump in second-quarter profits, driven by robust performance from its golf equipment subsidiary and strong brand momentum abroad. According to its recent earnings report Friday, its revenue rose 2.5 percent year-on-year to 1.18 trillion won ($887 million) in the April-June period. Its operating profit surged 52.4 percent to 140.15 billion won. Its US subsidiary, Acushnet, in particular, reported 937.77 billion won in sales, driving up the

IndustryAug. 16, 2024

Ex-President Moon's bank accounts probed over son-in-law's hiring

  Prosecutors are reportedly investigating the bank accounts of former President Moon Jae-in and his wife in connection with allegations that his son-in-law received an unfair advantage in being hired by an airline company. According to legal sources Friday, the Jeonju District Prosecutor's Criminal Division 3 recently executed a search warrant to trace the financial accounts of former President Moon Jae-in and his wife Kim Jung-sook. This comes about four years after a complaint was filed

PoliticsAug. 16, 2024

Defense minister nominee says ‘options open’ on Seoul getting nukes

President Yoon Suk Yeol’s defense minister nominee Kim Yong-hyun on Friday said “all options are open” on the possibility of arming South Korea with its own nuclear weapons to keep North Korea in check. He was responding to a press question asking his personal views on South Korea acquiring nuclear weapons on the first day of his work at the Army Club in Seoul’s central Yongsan as nominee. “Under the Yoon administration, our alliance with the US has been elevated to

DefenseAug. 16, 2024

Celltrion scraps merger plan after investor backlash

Celltrion Group on Friday ditched its planned merger of the two units Celltrion and Celltrion Pharm after months of fierce resistance from shareholders. The two companies announced that they would focus on their core operations and work on creating synergy within their respective firms. The decision comes after a series of evaluations conducted by a special review committee set up by their boards of directors, external studies by accounting firms and shareholder surveys. "We established the

IndustryAug. 16, 2024

North Korea threat still overshadows K-culture: Survey

Despite the rapid rise of South Korea's cultural and artistic presence on the global stage -- driven by the growth of K-pop, films, and dramas -- a recent survey reveals that the dominant image foreigners associate with Korea is still the threat from North Korea. The survey, released on Wednesday by the Corea Image Communication Institute, found that 83.9 percent of foreign respondents identified North Korea's security threat as their foremost association with Korea. This starkly contrasts with

CultureAug. 16, 2024

Namyang Dairy vows transparency under new ownership

Namyang Dairy Products, one of South Korea's largest dairy companies, is embarking on a major overhaul under new ownership to shed its scandal-ridden past. On Friday, the company’s newly appointed board of directors announced a series of reform measures aimed at rebuilding the company’s reputation and regaining consumer trust. "We're establishing guidelines for law-abiding business practices to prevent illegal activities," said Lee Sang-wook, Namyang's chief compliance dire

IndustryAug. 16, 2024

Seoul shares extend winning streak to 5th day on eased US recession fears

South Korean stocks ended almost 2 percent higher Friday to extend their winning streak to a fifth day, as a series of US data soothed economic slowdown fears. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 52.73 points, or 1.99 percent, to close at 2,697.23. Trade volume was moderate at 375.9 million shares worth 10.8 trillion won ($7.95 billion), with winners slightly outnumbering losers 473 to 412. Foreigners scooped up a w

MarketAug. 16, 2024

SK hynix's DRAM market share rises, buoyed by HBM growth

SK hynix, the world’s No. 2 memory chipmaker, was the only company that elevated its market share in the soaring global DRAM market in the second quarter of this year, according to market tracker TrendForce Friday. In the April-June period, DRAM sales totaled $22.9 billion, a 24.8 percent jump from the previous quarter. Samsung Electronics, the world’s largest memory chipmaker, retained its No. 1 position with $9.8 billion in sales. But the company’s market share slightly decre

IndustryAug. 16, 2024

Yoon vetoes prolabor, universal cash payment bills

President Yoon Suk Yeol on Friday vetoed two controversial bills designed to strengthen workers' rights and distribute cash payments to the entire population. One of the bills, known as the "Yellow Envelope Bill," aims to restrict companies from seeking damages against workers involved in legitimate labor disputes, as well as requires contracting employers to respond to requests for collective bargaining by subcontractor labor unions. The other bill proposes distributing cash pa

PoliticsAug. 16, 2024

NeuroBo Pharmaceuticals completes patient enrollment for phase 1 trial for antiobesity drug

NeuroBo Pharmaceuticals, the Nasdaq-listed biotech firm affiliated with South Korean drug maker DongA ST, announced Wednesday the company has completed patient enrollment for the first part of the phase 1 clinical trial for its antiobesity drug, dubbed DA-1726. DA-1726, designed to induce weight loss and glycemic control by simultaneously affecting GLP-1 and the glucagon receptor, is a drug candidate for treating obesity developed as an oxyntomodulin analog. In January, NeuroBo Pharmaceuticals

IndustryAug. 16, 2024

Foreign investors lukewarm on Korea's Corporate Value-up program: Bank of America survey

Nearly 70 percent of foreign investors expect South Korea's government-led Corporate Value-up Program to have minimal or moderate impact on the capital market, according to a recent Bank of America survey. The survey, conducted earlier this month with around 200 Asian fund managers, revealed that 22 percent foresee "no significant impact" from the program, a 6 percent increase from July's results. Meanwhile, 44 percent anticipate a "moderately positive impact," whil

MarketAug. 16, 2024

Top financial regulators of Seoul, Tokyo to meet next month

The top financial regulators of South Korea and Japan are set to meet next month. Korea’s Financial Services Commission Chairman Kim Byoung-hwan is scheduled to meet with Hideki Ito, commissioner of Japan’s Financial Services Agency, in Tokyo in September, according to the FSC on Friday. This marks the first meeting between the newly appointed financial chiefs since both assumed their positions in July. The upcoming bilateral talks follow the revival of the regular meetings between K

EconomyAug. 16, 2024

Korea sees panic selling in used EVs

A mass sell-off of EVs has begun in South Korea, following a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars and sparked proposals to restrict EVs' access to underground parking lots. Since the fire on Aug. 1, the market has been flooded with used EVs. K Car, Korea’s second-largest used car trading platform, reported an 184 percent increase in used EV listings in the first week of August compared to the final week of July. The Mercedes-Benz EQE series, w

MobilityAug. 16, 2024

Lun8 delivers hip, free-spirited ode to youth

K-pop boy band Lun8 has returned with another ode to youth, this time capturing the free spirit of young people. "Our previous song was a warm spring tune, but this one brings a cool summer vibe,” said leader Jinsu during a press conference for their third mini album, “Awakening,” on Wednesday. Since their debut, Lun8 has consistently explored themes of youth in their music. The new album continues that journey, but with a focus on a more rebellious and dynamic image. &ldq

PerformanceAug. 16, 2024

More patients transferred amid unresolved medical standoff

Government data showed Friday that patient transfers at major hospitals from February to May increased 17.2 percent on-year, amid the mass walkout of trainee doctors across the country since February due the government's announcement of its plan to raise the medical school admissions quota. During this period, there were 289,952 cases in which the patient was sent to a tertiary hospital and then transferred to another medical facility, up from 247,465 in the same period the year before, a

Social AffairsAug. 16, 2024

Seoul Metro to increase clinics, pharmacies in subway stations

Seoul Metro, the operator of most of the city's subway lines, said Friday it would increase the number of its Metro Medical Zones in the stations from current eight to 12 within this year. The Metro Medical Zones are sections of the subway that provide medical services between 9:30 a.m. and 8 p.m., 365 days a year, housing both the fully-operational medical clinic and the pharmacy. The service first launched with two medical zones in 2022, and have since expanded to have eight zones in oper

Social AffairsAug. 16, 2024

Unification minister calls on N. Korea to accept S. Korea's offer for dialogue channel

Unification Minister Kim Yung-ho on Friday called on North Korea to respond to South Korea's offer for an official dialogue platform and resume suspended inter-Korean communication channels. Kim made the call a day after President Yoon Suk Yeol proposed to North Korea the establishment of a working-level dialogue channel that can "take up any issue" in an address marking Liberation Day. Yoon unveiled a vision for freedom-based unification with North Korea and pledged to expand the

PoliticsAug. 16, 2024

Seoul records 26 consecutive tropical nights, most on record

  Seoul has endured the longest streak of tropical nights on record, running for 26 consecutive days, and the hot weather is expected to continue. The current streak, from July 21 to Aug. 15, ties the previous record set in 2018 for the most tropical nights observed since modern weather monitoring began in 1907. With the lowest temperature predicted to be 29 degrees Celsius on Saturday, the capital city is expected to surpass this record. Tropical nights are those when the nighttime tempera

Social AffairsAug. 16, 2024

30th Changmu dance festival to connect earth, body and sky

The Changmu International Performing Arts Festival, dedicated to exploring international exchanges with traditional Korean dance, is set to hold its 30th edition this month. Organized by the Changmu Arts Center, the dance festival will be held Aug. 21-31 at various locations, including Sejong Arts Center in Sejong City, Arko Arts Theater in Daehangno and Seoul Namsan Gugakdang. Founded in 1992 by the esteemed choreographer and dancer Kim Mae-ja, affectionately known as the "mother of Korean

PerformanceAug. 16, 2024

Vietnamese women who divorced Koreans suffer financially after returning home: report

Vietnamese divorcees of international marriage with South Koreans face financial difficulties after returning to their home country, a recent report by the Ministry of Gender Equality and Family showed. The ministry conducted a study between September of last year and January of this year, on 161 Vietnamese women who had previously been married to South Korean men, along with their 130 children. The average age of the women was 37. The study showed that 36 women had no regular income while 18 ma

Social AffairsAug. 16, 2024