Seoul shares sharply rebound from worst rout

South Korean stocks rose more than 3 percent Tuesday, rebounding from the previous day's worst market sell-off, sparked by fears over a US recession and the sluggish performance of big tech firms. The local currency slightly fell against the US greenback. The benchmark Korea Composite Stock Price Index gained 80.6 points, or 3.3 percent, to close at 2,522.15. It marked a turnaround from a whopping 8.77 percent crash Monday as investor sentiment was undermined by fears that the US economy is

MarketAug. 6, 2024

Seoul shares remain volatile after market meltdown

The South Korean stock market partially rebounded Tuesday following the previous day's massive rout, as bargain-hunting investors sought to profit. The benchmark Kospi closed at 2,522.15, up 80.6 points, or 3.3 percent, Tuesday. After opening at 2,533.34, the market showed a limited recovery. It fluctuated throughout the trading hours, but eventually lost over 10 points. Shortly after trading began Tuesday, the Korea Exchange, the nation's sole bourse operator, activated a sidecar trad

MarketAug. 6, 2024

[Contribution] Conditions for becoming a sustainable company

By Lee Young-suk Head of sustainability management, SK Inc. The ongoing global liquidity tightening, high interest rates causing economic recession and geopolitical tensions are increasing uncertainties in business management. As a result, governments and companies worldwide are relentlessly focusing their resources on reviewing policies and strategies to overcome crises. At this point, as we navigate through significant challenges, I would like to revisit the essence of “sustainabil

IndustryAug. 6, 2024

KGC taps into Japan's top retail giants

Korea Ginseng Corp., the leading manufacturer of ginseng products in the country, said Tuesday it has signed agreements with Japanese retail giants Welcia and Aeon Mall to introduce its red ginseng brand, JungKwanJang, in their stores. This initiative aims to enhance the presence of JungKwanJang in the Japanese market by entering the largest drugstore chain and the leading comprehensive shopping mall company, the firm said. Welcia is the largest drugstore chain in Japan, boasting over 2,000 offl

CompaniesAug. 6, 2024

[Herald Interview] Jeon lauds color director brings to tale of broken promise

It was the fear of repeating her performance in “The Shameless (2015)” that led veteran star Jeon Do-yeon to think twice before teaming up again with director Oh Seung-uk for her latest noir “Revolver.” The actress had promised him to do the film, so she pressed on, constantly reminding herself of creative ways to play the new character who, Jeon says, is ironically identified by the notion of promise. “So I pushed hard against projecting emotions, being as understa

FilmAug. 6, 2024

Volkswagen keen to revive Korean sales with new Touareg

Volkswagen Group Korea on Tuesday launched the new Touareg, the first release from the German automaker in the local market in about two years, as the German automaker looks to bolster its presence here. “The Touareg has established a unique position, offering exceptional product value at a reasonable price,” said Till Scheer, CEO of Volkswagen Group Korea, during the launch ceremony of the new sport utility vehicle at Grand Hyatt Seoul. “It is an unmatched powerful premium SUV

MobilityAug. 6, 2024

No. of patients with heat-related illnesses at night surge by 900% in past decade: agency

The number of patients admitted to emergency rooms with heat-related illnesses overnight increased by some 900 percent over the past decade, data by the Korea Disease Control and Prevention Agency showed Tuesday, amid growing concerns of an increase in tropical nights in recent years. Since the establishment of the agency’s heat illness surveillance system in 2011, the number of patients admitted to emergency rooms between 12 a.m. -- the start of a new day -- and 10 a.m. jumped 923 percent

Social AffairsAug. 6, 2024

100 Filipina caregivers arrive in Seoul for 6-month pilot program

Brimming with anticipation, 100 Filipina childcare workers landed at Incheon International Airport early Tuesday morning, ready to participate in the new pilot program to support the care needs of participating Seoul families. Dressed in matching blue jackets emblazoned with the Philippine national flag, the workers emerged from the arrivals gate with their luggage. Some paused to make the heart gesture with their fingers toward the assembled reporters, a move reflecting their excitement and cur

Social AffairsAug. 6, 2024

Govt. sets deadline for Qoo10 crisis consumer refunds

Some customers who have yet to receive refunds from e-commerce platforms Tmon and WeMakePrice due to a liquidity crisis surrounding the companies will get their money back by the end of this week, officials said Tuesday. Finance Minister and Deputy Prime Minister Choi Sang-mok announced that the refund process for the customers who purchased products other than travel services or gift cards on the two imperiled e-commerce platforms would be completed by “the end of this week,” in a b

PoliticsAug. 6, 2024

World Bank's digital chief vows to close digital divide

World Bank's new Vice President for Digital Transformation Kim Sang-bu outlined his mission to enhance the impact of digital technologies in accelerating development. "Digital technology has become a critical focus as the World Bank advances initiatives aimed at eradicating poverty," Kim said at a press meeting in Seoul on Tuesday. "A major challenge is ensuring that low-income countries without internet access can benefit from rapid advancements in artificial intelligence.&q

EconomyAug. 6, 2024

SK-II joins Coupang's Rocket Luxury one-day delivery service

South Korean e-commerce giant Coupang announced Tuesday that it has started offering products from the global premium skincare brand SK-II through Rocket Luxury, the company's one-day delivery service dedicated to premium beauty products. “We are excited to offer a greater variety of luxury skincare brands popular with customers through the inclusion of SK-II,” a Coupang official said. “We will continue to introduce global premium brands that meet the needs of our customer

CompaniesAug. 6, 2024

[Exclusive] Thailand’s SCBX reaffirms partnership with Kakao Bank

Thailand’s largest financial group SCBX has reaffirmed its commitment to the digital banking partnership with Kakao Bank despite growing legal risks surrounding Kakao Corp., the largest shareholder of the Korean internet-only bank. "We do not foresee any changes to our current business relationship (with Kakao Bank) based on the recent news," SCBX's Chief Customer Officer Sutirapan Sakkawatra told The Korea Herald via email, regarding the impact of Kakao's legal develop

IndustryAug. 6, 2024

Yoon advised to veto bills over broadcast governance

Prime Minister Han Duck-soo on Tuesday advised President Yoon Suk Yeol to strike down four bills sponsored by the main opposition that are designed to curtail Yoon's influence over the boardroom reshuffle of South Korea's public broadcasters or their highest direct authorities. This comes as the latest in a prolonged tit-for-tat in South Korea's political landscape, where Yoon's political opponents continue to ram bills -- including ones similar to those already vetoed -- thr

PoliticsAug. 6, 2024

Krafton hires ex-Riot exec as publishing chief

Krafton, the South Korean game developer behind PUBG: Battlegrounds, said Tuesday it had appointed Oh Jin-ho, a seasoned executive with experience at Riot Games and Blizzard Entertainment, as its new chief global publishing officer. Oh's extensive background includes major roles such as general manager of Riot Games and president of Blizzard Entertainment Korea and Southeast Asia, where he was instrumental in localizing and launching blockbuster games like World of Warcraft and StarCraft. O

CompaniesAug. 6, 2024

Samsung Biologics joins Pharmaceutical Supply Chain Initiative to enhance ESG practices

Samsung Biologics announced Tuesday that it became Korea's first domestic contract development and manufacturing organization to join the US-based Pharmaceutical Supply Chain Initiative. PSCI, a non-profit organization established in 2013, aims to promote sustainable supply chains in the biopharmaceutical sector. Its members include some 80 biopharmaceutical companies worldwide such as Johnson & Johnson, Pfizer, Novartis and AstraZeneca. To become a member of PSCI, companies must underg

IndustryAug. 6, 2024

Daewoong debuts Fexuclue in Latin America

South Korean drug maker Daewoong Pharmaceutical said Tuesday that it launched its gastroesophageal reflux disease, or GERD, treatment Fexuclue in Mexico, Ecuador and Chile. According to pharmaceutical market research firm IQVIA, the market for antiulcer drugs in these three countries was valued at $300 million last year. Fexuclue, a potassium-competitive acid blocker developed independently by Daewoong Pharmaceutical over 13 years beginning in 2008, was introduced to the market in July 2022. The

IndustryAug. 6, 2024

Seoul Metro to screen free public films for commuters

Screens in the Seoul Metro, primarily used for providing information, will play short films starting at the end of this month. According to Seoul Metro on Tuesday, this year's Seoul Metro International Subway Film Festival, an annual event that transforms the everyday commute into a free public film festival, will showcase 50 short films 210 seconds or less in length to commuters from Aug. 29 through Sept. 25. During this period, the films will be displayed on screens inside subway cars a

Social AffairsAug. 6, 2024

Get teleported to authentic Vietnamese food stand at Seoul’s Nampark

Hidden in a back alley of Namyeong-dong in Seoul's Yongsan-gu or near subway line No. 4 Sookmyung Women’s University station, Nampark truly stands out from other restaurants down the road – a street filled with trendy restaurants that open and also close down without fanfare. Nampark, which takes its name from the family names of married head chefs Nam Joon-young and Park Ji-eun, sells Vietnamese pho and other Vietnamese food that locals enjoy during the day, something light and

FoodAug. 6, 2024

Olympic Badminton champion An criticizes federation, denies retirement rumors

A day after she shocked South Koreans with candid criticism of the country's badminton authorities, An Se-young said Tuesday that her words do not necessarily imply that she will retire and that she simply wants the national team to manage its players better. "Please do not twist my words with the phrase ‘retirement.’ I just hope there are people who can contemplate what I have to say and set out to solve these issues," the 22-year-old said via her Instagram account,

More SportsAug. 6, 2024

[Pressure points] Should priority seating for pregnant women be kept empty?

Seoul Metro's trains have had priority seats reserved for pregnant women since 2013. These pink seats, located at the ends of some rows, however, have been a source of continuous controversy. Recently, debate erupted online and in local media when one individual proposed that the city install a sensor system to prevent ineligible passengers from sitting in them, so they remain readily available in the event that a pregnant woman might need one. Apart from practical issues associated with in

Hashtag KoreaAug. 6, 2024