Number of rail passengers above pre-pandemic level in Q1

The number of rail passengers in South Korea shot up 44 percent on-year in the first quarter, data showed Sunday, as the country returned to pre-pandemic normalcy. Around 39.2 million people traveled on railways in the January-March period, rising sharply from 27.2 million tallied a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure excludes passengers of subways or their equivalent. The figure represents a 0.7 percent rise from the fir

EconomyMay 7, 2023

[Eye Interview] Treating patients and R&D go hand in hand

As we exchange business cards at the start of the interview, his card catches my attention. The navy blue card with silver letters and an embossed seal of the school is very distinguished looking. The design clearly intends to command respect. I note the unusual design and Dr. Bae Sang-cheol, distinguished professor at Hanyang University, explains that the school’s distinguished professors are given the special cards. Bae, a former director of Hanyang University Hospital for Rheumatic Dise

PeopleMay 6, 2023

UA Incheon-San Francisco flights to exceed pre-pandemic levels

The number of United Airlines flights from Incheon to San Francisco will exceed pre-pandemic levels starting from June as the Star Alliance member hopes to serve as a connecting bridge among travelers from Korea and the US, according to a top executive at the air carrier. The airline has increased the number of flights from Incheon to San Francisco, from seven flights weekly to 12, since April 24, to reach pre-pandemic levels. Starting June 2, it will expand the flights for the route to 14 per w

CompaniesMay 6, 2023

SK Bioscience shares soar after contract deal with MSD

SK Bioscience’s share price soared over 16 percent on Thursday after the company signed a manufacturing deal with international pharmaceutical firm MSD. According to the Health Ministry and SK Bioscience on Friday, SK Bioscience and MSD inked the contract manufacturing deal to produce a vaccine. Following the signing, SK Bioscience’s stock price increased 16.39 percent to 83,100 won ($64.04) on Thursday, largely on the hopes that the company's sluggish performance will improve i

TechnologyMay 5, 2023

20-somethings feeling the pinch from 'family month': survey

May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining. Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey. The survey, conducted by job seeking site AlbaChunkuk on 615 Koreans in their 20s, showed that 85 percent of the respondents had replied they felt "st

EconomyMay 5, 2023

Samsung CEO hints at supercomputers on the way

Samsung Electronics co-CEO Kyung Kye-hyun, who oversees the tech giant’s chip business, unveiled the company's five-year plan to develop memory chip-centered supercomputers and catch up with its Taiwan-based foundry rival TSMC. Kyung visited the Korea Advanced Institute of Science and Technology in Daejeon, South Chungcheong Province, on Thursday to deliver a special lecture to promising talents. It was the first time Kyung delivered a lecture to students since taking office as co-CEO

TechnologyMay 5, 2023

US could become S. Korea’s top trading partner, replacing China

The United States is expected to become South Korea’s top trading partner for the first time in 20 years, replacing China, Korea’s current top export destination, government data showed Friday. According to the Trade Ministry's latest data, South Korea’s exports to China in April decreased by 26.5 percent on-year to $9.52 billion. The country's exports to the US, on the other hand, reached $9.18 billion. The gap between South Korea’s exports to China and the US

IndustryMay 5, 2023

LowCarbon strikes partnership with Florida for hydrogen energy biz

A South Korean climate tech company LowCarbon said Friday it struck up a partnership with the state of Florida in a bid to ramp up its efforts to construct research hubs for clean hydrogen technology in the United States and expand its presence in the US hydrogen market. Via a memorandum of agreement signed at a hotel in Seoul on April 26, LowCarbon said it is expected to participate in the $8 billion clean hydrogen hub project sought by the US Department of Energy and the Floridian government.

IndustryMay 5, 2023

[Photo News] Samsung’s Neo QLED TVs debut in India

Samsung Electronics said Friday it showcased its new 2023 Neo quantum dot light-emitting diode TV lineup at the Samsung Opera House, a mobile exhibition center for Samsung Electronics products, in Bengaluru, India, on Thursday. The products introduced at the event include the 98-inch and 55-inch Neo QLED 8K TV models and Lifestyle TVs, as well as the tech giant’s newest sound tower and sound bar products, according to Samsung officials. Samsung applied its sustainability management practic

TechnologyMay 5, 2023

Taming inflation still in focus, extra budget not under consideration: Choo

South Korea's finance minister said Thursday taming inflation remains the top priority for the country's economic policy, noting a hasty transition may reignite inflationary pressure. Finance Minister Choo Kyung-ho made the remark during a press conference on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul. "Unstable factors from home and abroad still linger here and there," Choo said.

EconomyMay 4, 2023

Telehealth availability challenged as pandemic wanes

Six major South Korean business lobby groups issued a joint statement Thursday, calling on the National Assembly to amend related laws to keep telehealth platforms running. The groups, including the Korea Chamber of Commerce and Industry and the Federation of Korean Industries, asked lawmakers to legislate the medical law amendment bill to protect the telemedicine industry. Telemedicine services boomed in Korea during the height of the COVID-19 pandemic, but they soon may no longer be available

TechnologyMay 4, 2023

Seoul shares almost flat amid Fed uncertainties; Korean won sharply up

South Korean stocks closed almost flat Thursday, after the US Federal Reserve spurned the possibility of an imminent end to the rate hike cycle and ruled out that a rate cut is unlikely to happen anytime soon. The local currency gained sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.46 points, or 0.02 percent, to 2,500.94. Trading volume was moderate at 797.8 million shares worth 9.85 trillion won ($7.43 billion), with decliners slightly outnumbering gainers

MarketMay 4, 2023

Choo warns of market volatility as Korea-US gap hits record

The rate gap between South Korea and the United States has reached an all-time high, raising concerns over the local financial market due to higher volatility and uncertainty, Finance Minister Choo Kyung-ho said on Thursday. The US Federal Reserve lifted its base rate by 25 basis points on Thursday, widening the rate gap between Korea and the US up to an unprecedented figure of 1.75 percentage points. "In a situation where the interest rate gap is widened, there is a possibility of increasi

EconomyMay 4, 2023

Hamburger prices jump 17% in April

Consumer prices for hamburgers rose at the fastest clip in nearly 20 years, according to Statistics Korea data released on Thursday, after major franchise companies raised their prices on the back of increasing expenses on raw materials. Hamburger prices rose 17.1 percent on-year last month, the highest jump since July 2004 when they increased by 19 percent. In Korea, the inflation rate of hamburgers has been rising fast this year. Consumer prices for hamburgers in February rose by 7.1 percent a

ConsumerMay 4, 2023

[Herald Interview] Fila looks to long-term growth through ESG efforts

The century-old Italian-South Korean sportswear brand Fila is vying for long-term growth by establishing global consistency in its businesses, chiefly by incorporating ESG values into its operations across the world, according to the firm's chairman. Gene Yoon, chairman of Fila Holdings & Acushnet Holdings, said during an online interview Thursday that Fila will be putting in all efforts to prepare a solid foundation for the company's long-term growth by undertaking more concrete E

IndustryMay 4, 2023

Daewoo E&C eyes North American prime real estate market

Daewoo Engineering & Construction is exploring opportunities to enter the North American real estate development market with support from its majority shareholder Jungheung Group. Along with a team from Daewoo E&C's overseas business unit, Jungheung Group Vice Chairman Jung Won-ju visited Toronto and New York from April 27 to Wednesday to assess the local real estate market and discuss potential projects with major developers. "We plan to enter advanced real estate development

IndustryMay 4, 2023

Kakao’s Q1 profit halves due to aggressive investment

Kakao, the operator of South Korea’s No. 1 messenger app, KakaoTalk, said Thursday that its first-quarter operating profit had tumbled by more than half due to increased investment in infrastructure and promising businesses. The IT giant’s operating income came to 71.1 billion won ($53.6 million) in the January-March period, dipping 55.2 percent from 158.7 billion won marked a year ago. Net profit nosedived 93.4 percent on-year to 87.1 billion won, according to Kakao in a regulatory

TechnologyMay 4, 2023

Posco International unveils growth strategy for food business

Posco International said Thursday it has set a detailed growth strategy for further developing its food business and accelerating its transition into an eco-friendly comprehensive company. Posco International first entered the food business in 2015, where it rapidly grew into one of the largest food companies in Korea. Its latest plan aims even higher – becoming one of the top 10 food companies in the world. “We will tackle the challenge of becoming a major global food company by pro

ConsumerMay 4, 2023

[Photo News] Honoring fallen heroes

Hyundai Motor Group officials including Executive Chair Chung Euisun (fourth from left) paid their respects to fallen soldiers at the Korean War Veterans Memorial in Washington on April 26, according to the Korea-US Alliance Thursday. Chung laid a wreath at the memorial on behalf of Hyundai Motor Group. He accompanied President Yoon Suk Yeol’s state visit to the United States last week as a member of the Korean business delegation.

MobilityMay 4, 2023

Seoul shares open lower on Fed uncertainties

South Korean stocks opened marginally lower Thursday after the US Federal Reserve threw cold water on market expectations that the rate hike cycle is soon nearing an end, ruling out the possibility of a rate cut this year. The benchmark Korea Composite Stock Price Index slipped 3.42 points, or 0.14 percent, to 2,497.98 in the first 15 minutes of trading. Fed Chair Jerome Powell said after its policy meeting that it's too soon to say the rate hike cycle is over as the Fed believes the inflat

MarketMay 4, 2023