Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
9
Job creation lowest on record among under-30s
-
10
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
-
Rate hike inevitable in H2 under current pace of recovery: think tank
South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock stemming from a possible economic slowdown or a capital market crunch,” Park Sung-wook, a researcher at the Korea Institute of Finance, said in a report released Sunday. “Our econo
EconomyMay 31, 2021
-
Gaps in funding, data, economic development hurdles for green economy: FSC chief
Private sectors across the globe should make a concerted effort to narrow the gaps in achieving the philanthropic goal of a green economy, said a top financial regulator of South Korea. “Even if a nation successfully puts an end to COVID-19, the pandemic will not be over until it’s over everywhere,” Financial Services Commission Chairman Eun Sung-soo said in an opening remark of Partnering for Green Growth and the Global Goals 2030‘s special session on Saturday. &ldquo
MarketMay 31, 2021
-
Korean Air wins 2nd approval for Asiana takeover from Thailand
Korean Air Lines Co., South Korea's biggest carrier, said Monday it has obtained its second overseas approval from Thailand for its planned acquisition of smaller local rival Asiana Airlines Inc. Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February. It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana. The seven countries i
IndustryMay 31, 2021
-
Nature Republic’s Myeongdong branch sits on priciest spot for 18 years
A 170-square-meter land in Myeong-dong, central Seoul, where South Korean beauty brand Nature Republic’s flagship store is located, has been named the most expensive real estate property in the country for the eighteenth consecutive year, data showed Monday. The prime plot in the middle of the downtown shopping district was appraised at nearly 200 million won ($179,800) per square-meter, up 3.8 percent from 190 million won estimated a year earlier, according to data released by th
MarketMay 31, 2021
-
S. Korea to rev up space development after lifting of US missile
South Korea's science minister said Monday the country will expand investment and focus on the development of its space program after the United States lifted all restrictions on the country's missiles. During a bilateral summit on May 21, South Korea and the US agreed to scrap the restrictions on South Korean missiles, which was first put in place in 1979 and had limited Seoul's development of even non-military space projectiles. The guidelines, which have undergone revisions over the years,
TechnologyMay 31, 2021
-
Steelmakers, automakers agree to price hike of steel sheets
South Korean steelmakers have raised prices of automotive steel for the first time in four years, people familiar with the matter said Monday, a move that could boost their bottom lines. Posco, the country's largest steelmaker, reached a deal with Hyundai Motor Co. and Kia Corp. to raise the price of a ton of automotive steel to 50,000 won ($45), they said. The move is meant to reflect the increased costs of iron ore, one of the main raw materials used in steel production. The price of iron o
IndustryMay 31, 2021
-
Naver’s voice AI to call vaccine recipients in Jeonju to monitor health
Naver’s voice-powered AI will call up vaccine recipients in Jeonju, North Jeolla Province, to monitor their health status, the company said Monday. The pilot program, dubbed the COVID-19 AI CareCall Service, has already been deployed in Busan, Seongnam and Suwon. Starting from June 1, calls are expected to reach COVID-19 vaccine recipients aged 75 and above residing in select areas of the city four days after inoculation to check if they are experiencing any adverse effects. If a sy
TechnologyMay 31, 2021
-
Seoul city opens bike lanes along Cheonggye Stream
The Seoul metropolitan government opened elevated bicycle lanes Monday along a stream that flows through the heart of the city as part of efforts to encourage the use of the eco-friendly means of transportation among citizens and tourists. The bike lanes were built on a 5.94-kilometer-long section of the existing two-way roads that run along Cheonggye Stream, connecting Cheonggye Plaza near Gwanghwamun to Gosanja Bridge in the eastern ward of Dongdaemun. Raised to the same height as the sidew
IndustryMay 31, 2021
-
April sees 2.1% on-year growth in number of employees
The number of employees at local businesses grew on-year by 2.1 percent in April on the back of an economic recovery, the labor ministry said Monday. As of the last business day of April, there were 18.6 million people employed by companies, up 379,000 from the same month last year, the Ministry of Employment and Labor said in a monthly report. The increase is the largest in 21 months, after 396,000 in July 2019. The coronavirus pandemic caused negative growth in employee numbers starting in
EconomyMay 31, 2021
-
S. Korea to spend W3.6tr for convergence of industries
South Korea plans to invest 3.6 trillion won ($3.2 billion) this year to promote the convergence of different industries and foster new growth engines, the industry ministry said Monday. The budget, which marks a 3.7 percent rise from 3.46 trillion won allocated in 2020, will be spent on 163 projects, according to the Ministry of Trade, Industry and Energy. The projects will center on helping the country's vision to go carbon neutral by 2050 and speed up the development of contact-free econom
EconomyMay 31, 2021
-
S. Korea likely to collect larger tax revenue this year amid economic recovery
South Korea is likely to collect larger-than-expected tax revenue this year, potentially securing ammunition to finance another extra budget that could be under review to help underpin an economic recovery. The country may be able to collect more than 300 trillion won ($269 billion) in tax revenue this year, up around 17 trillion won from the government's earlier forecast of 282.7 trillion won, according to government and parliamentary officials. This, if realized, would also mark an increase
EconomyMay 31, 2021
-
Hyundai Oilbank to establish 100,000-ton blue hydrogen ecosystem
Hyundai Oilbank said Monday it will establish a blue hydrogen ecosystem with an annual production capacity of 100,000 metric tons by 2025 and convert carbon generated from the production process into commercial products such as dry ice. According to the South Korean energy company, the ecosystem will extract hydrogen from natural gas and refinery by-products and remove carbon to make the hydrogen “blue.” The hydrogen will be then transported, delivered and supplied to customers to
IndustryMay 31, 2021
-
Samsung Heavy bags W417b order for 2 LNG carriers
Samsung Heavy Industries Co. said Monday that it has signed a 417 billion won ($374 million) deal to build two liquefied natural gas (LNG) carriers. Under the deal with an Oceanian company, Samsung Heavy will deliver the vessels by July 2024, the company said in a regulatory filing. The vessels will be equipped with devices to boost fuel efficiency, the shipbuilder said. With the latest deal, Samsung Heavy has bagged orders worth $5.4 billion for 44 ships so far this year, achieving 59 perc
IndustryMay 31, 2021
-
Hyundai, Kia's eco-friendly car exports up 47% in Jan.-April
Hyundai Motor Group's eco-friendly vehicle exports jumped 46.6 percent in the first four months of this year compared with a year earlier, led by robust demand for its electric vehicle (EVs) and hybrid models, industry data showed Monday. The combined exports of eco-friendly models by the Korean automotive group's two affiliates -- Hyundai Motor Co. and Kia Corp. -- stood at 118,321 units in the January-April period, up from 80,689 units a year ago, according to the data by the Korean Automobi
MobilityMay 31, 2021
-
LG to release new 32-inch gaming monitor in S. Korea
LG Electronics Inc. said Monday its new gaming monitor will be available in South Korea this week as the tech giant aims to expand its sales amid the pandemic-driven stay-at-home trend. LG's latest 32-inch UltraGear monitor, 32GP850, will hit local shelves Tuesday with a price tag of 799,000 won (US$720). The addition of the 32GP850 expands LG's gaming monitor portfolio to 19 models, with their display sizes ranging from 24 inches to 38 inches. The new monitor comes with Nano IPS display s
IndustryMay 31, 2021
-
Samsung ups presence in Europe, Middle East and Africa in Q1: report
Samsung Electronics Co. expanded its presence in the Europe, Middle East and Africa (EMEA) smartphone market in the first quarter of the year, a report showed Monday The South Korean tech giant shipped 30.6 million smartphones in the EMEA market in the January-March period for a 32.8 percent market share, according to the latest report from industry researcher International Data Corp. (IDC). The figures were up from a year earlier when the company shipped 22.7 million smartphones for a 29.5 p
IndustryMay 31, 2021
-
[Graphic News] Local craft beers gain popularity in S. Korea
South Korea’s homegrown craft beer has gained popularity in recent years, industry data showed, as local brewers offer a wider range of flavors at competitive prices. The local craft beer market was valued at 118 billion won ($105.6 million) as of 2020, sharply up from 43.3 billion won in 2017, according to data from the Korea Craft Brewers’ Association. Local craft brewers have expanded their presence in the market as craft beers have become more widely available at conv
BusinessMay 31, 2021
-
Audi Volkswagen Korea promises to go net zero by 2050
Audi Volkswagen Korea is committed to going net zero by 2050 and hopes to set an example for the car industry, the automaker said Friday. In a press conference, Audi Volkswagen Korea Group Managing Director Rene Koneberg said pursuing carbon neutrality is a task that everyone should work together to achieve. To highlight the seriousness of the climate change issue and the importance of reducing our carbon footprint, Audi Volkswagen Korea has also opened an exhibition titled “goTOzero&r
MobilityMay 31, 2021
-
Seoul stocks open lower on inflation worries
South Korean stocks opened lower Monday amid investor concerns of early post-pandemic inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.92 points, or 0.19 percent, to 3,182.81 points in the first 15 minutes of trading. The KOSPI got off to a weak start as accelerating inflation may sap demand for risky assets. The US personal consumption expenditures index picked up 0.6 percent in April, marking the fastest on-year jump since 2008. In Seoul, top cap Samsung Electron
MarketMay 31, 2021
-
Industrial output falls by most in 11 months in April
South Korea's industrial output declined the most in 11 months in April as production in the chipmaking industry slumped due largely to a higher base effect, data showed Monday. But the country's service output and retail sales extended their gains last month as warm weather and eased social distancing rules spurred consumer spending. The industrial output decreased 1.1 percent in April from the previous month, a turnaround from a 0.9 percent on-month increase in March, according to the data c
EconomyMay 31, 2021