Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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LS Cable unveils world’s thinnest network cable
South Korean cable maker LS Cable & System said Monday that it has released an ultra-slim 10 gigabytes per second local area network cable. Also known as Cat6a LAN cable, the external diameter of this latest cable stands at 6 mm, making it the thinnest LAN cable in the world. It is approximately 20 percent thinner than other widely used LAN cables with an average diameter of 7.2 mm. The latest development comes amid intensifying competition among the industry's leading companies to redu
July 10, 2023
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HD Hyundai spurs innovation through in-house venture program
South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai on Monday said that a total of five teams have been selected to commercialize their business ideas under its in-house venture accelerator program, Dream Cube. Dream Cube aims to support bold-spirited senior-level employees or teams of up to four members for their creative business ideas over the course of one year. Since March, a total of 239 business ideas have been submitted for assessment from all HD Hyundai affilia
July 10, 2023
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Hyundai Elevator sets net-zero goal for 2050
Hyundai Elevator has set the goal of reaching net-zero emissions by 2050, according to its latest 2022-2023 environmental, social and governance report released Monday. The report mainly discusses the company’s ESG vision and strategy to achieve net-zero emissions by 2050 based on the Science Based Target Initiative, which sets carbon reduction targets for companies to meet standards set by the Paris Agreement. The company said it plans to reduce its carbon emissions by 42 percent by 2030
July 10, 2023
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Hyundai Department Store to open 1st official Disney store near Seoul
Hyundai Department Store Co. said Monday it will open the first official Disney store in South Korea near Seoul this week. The 264-square-meter Disney store in Pangyo, just south of Seoul, is set to open Tuesday, offering around 300 types of official Disney products that have never been introduced here, including those related to Mickey Mouse, Disney princesses and characters from the popular animation series "Toy Story." "Starting with the Disney store, Hyundai Department Store p
July 10, 2023
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T'way Air to open Daegu-Mongolia route this month
T'way Air, a South Korean low-cost carrier, said Monday it will open a Daegu-Mongolia route later this month as travel demand rebounds after three years of COVID-19 pandemic restrictions. T'way Air plans to provide two flights a week on the Daegu-Ulaanbaatar route starting from July 28, the company said in a statement. In July last year, the budget carrier opened its Incheon-Ulaanbaatar route to preemptively absorb travel demand amid the pandemic. T'way Air has 29 chartered passen
July 10, 2023
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Coway named one of Korea's top 50 brands
Coway has once again been recognized as one of South Korea’s best brands, marking a ninth consecutive year, by leading global brand consultancy Interbrand. "We are committed to developing innovative products and services to enhance daily convenience by leveraging our technological capabilities and expertise," the company said. "As a global life solutions company with goals to expand beyond Korea, we will continue to enhance our brand value." Every year, Interbrand condu
July 9, 2023
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Tax revenue to plunge on real estate slump
Government revenue from comprehensive real estate holding tax is expected to decrease by 2 trillion won ($1.5 billion) amid a slump in the real estate market, further exacerbating the nation’s potential fiscal deficit this year, according to market estimates Sunday. The comprehensive real estate holding tax is a nationwide tax that is imposed on an annual basis for apartments with a government-assessed value surpassing 1.2 billion won. Aimed at preventing speculative investments, it is s
July 9, 2023
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Posco completes battery materials recycling plant
Posco Holdings said Sunday it has completed the construction of a new secondary battery recycling plant at the Yulchon Industrial Complex in South Jeolla Province. The new plant is operated by Posco HY Clean Metal, a joint venture set up between Posco Holdings, Huayou Cobalt and GS Energy. The facility is capable of processing 12,000 metric tons of black mass and collects 2,500 tons of nickel, 800 tons of cobalt and 2,500 tons of lithium carbonate from it. Black mass -- a powdery faction that co
July 9, 2023
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[Photo News] Future of finance
KB Financial Group Chairman Yoon Jong-kyoo (fourth from right, third row) on Thursday poses for photos with Korean and Indonesian university students who are competing in the 2023 KB Solveathon debate competition, held at the KB Insurance Ingenium Suwon building in Suwon, Gyeonggi Province. During the competition, participants engage in presentations and debates for around 42 hours to discover the best solution for the future of finance. The final round takes place in Seoul on July 13.
July 9, 2023
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K-water CEO named chair of Asia Water Council
Yun Seog-dae, CEO of Korea Water Resources Corp., also known as K-water, has been named the fourth chairman of the Asia Water Council during the council’s general meeting held in Hwaseong, Gyeonggi Province, last week. He will serve his three-year term until 2026. "I am very honored to be elected chairman of AWC, a representative joint water platform in Asia. I understand the great responsibility that comes with being elected at a time when we face the major challenge of solving globa
July 9, 2023
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[KH Explains] Can Daegu Bank shake industry oligopoly?
South Korea’s financial authorities are seeking to dismantle the banking industry’s long-held oligopoly by lowering the entry barrier for newcomers. But the outlook remains mixed amid the seemingly impregnable dominance of the nation’s five banks. The Financial Services Commission, Korea’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB
July 9, 2023
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CLROBUR dreams of controlling world's drone traffic
The 1997 sci-fi movie "The Fifth Element" features a futuristic city filled with flying cars zooming in and out of the gaps between buildings hundreds of meters above the ground. Some 26 years later, things have developed enough that it is feasible for people to think the world is approaching such a scene. Many cities have plans to operate urban air mobility systems to use small, highly automated aircraft that carry passengers or cargo at lower altitudes in urban areas. South Korea
July 9, 2023
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LGES inks deal with Chile’s SQM to bolster EV supply chain
LG Energy Solution, the world's second-largest battery maker, said Friday it has inked a long-term deal with Chilean lithium producer SQM for the key electric vehicle battery component. Under the agreement, SQM is set to supply 100,000 metric tons of lithium to LG Energy Solution over the next seven years, beginning this year through 2029. The supply would be able to power 2 million all-electric vehicles, making it the world's largest single purchase agreement in scale. This agreement
July 7, 2023
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FSC chief seeks to reassure KFCC depositors
Korea's top financial regulator on Friday sought to reassure depositors in the Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, that the government would ensure the safety of their assets. “I urge people to refrain from withdrawing their deposits from KFCC simply out of concerns, as it can lead to their financial losses,” Financial Services Commission Chairman Kim Joo-hyun said during a press conference held to commemora
July 7, 2023
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GoldenBlue files complaint against Carlsberg over unilateral contract termination
GoldenBlue, a South Korean whiskey maker and distributor of imported liquor, said Friday it had filed a complaint against its former partner Carlsberg Group for unilaterally ending their distribution contract. In its complaint filed with the Korean Fair Trade Commission on Wednesday, GoldenBlue also argued that Carlsberg Group engaged in unfair trade practices during their contract period. In March, Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsb
July 7, 2023
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Samsung Electronics predicts Q2 profit to plunge 96%, hitting 14-year low
Samsung Electronics has predicted an operating profit of 600 billion won ($458.5 million) for the April-June period, a 96 percent plunge to what would be the lowest quarterly earnings in 14 years, amid a severe global downturn in the chip industry. Releasing its earnings guidance on Friday for the second quarter this year, the tech giant said its consolidated sales is expected to be approximately 60 trillion won, down 22.3 percent on-year. As for the operating profit, the estimate is the worst s
July 7, 2023
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LG Electronics estimates highest Q2 revenue of W19.9tr
LG Electronics reported Friday it expects its second-quarter revenue to increase 2.7 percent to 19.9 trillion won ($15.2 billion) year-on-year, the highest figure for the April-June period in the company’s history. Its operating profit is expected to jump 12.7 percent on-year to 892.7 billion won, which would be the second highest Q2 record for the firm. Releasing its preliminary earnings results for the April-June period, LG attributed its record earnings to its efforts to improve the fun
July 7, 2023
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Twitter threatens to sue Meta over new app Threads
Twitter is threatening to take legal action against Meta, accusing the company of stealing trade secrets, following the launch of its new text-based app Threads. Twitter's legal team sent a letter to Meta CEO Mark Zuckerberg alleging Meta of unlawfully obtaining Twitter's intellectual property to create a "copycat" app, a number of news outlets including CNN reported. Elon Musk, who bought Twitter last year, tweeted, "Competition is fine, cheating is not," after rep
July 7, 2023
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Jin Air to open Incheon-Nagoya route in Sept.
Jin Air Co., the low-cost carrier unit of Korean Air Co., said Friday it will open the Incheon-Nagoya route in September on growing travel demand to Japan. Jin Air plans to provide two flights a day on the Nagoya route from Sept. 15, the company said in a statement. The budget carrier currently offers flights to seven Japanese cities from Incheon and the southeastern port city of Busan. Jin Air swung to a net profit of 60 billion won ($45 million) in the January-March quarter from a net loss of
July 7, 2023
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LG Energy Solution signs lithium supply deal with Chile's SQM
LG Energy Solution Ltd. said Friday it has signed a long-term agreement with Chile's SQM S.A. for the supply of lithium, a key component in electric vehicle batteries, in the latest move to further bolster the sourcing of raw materials. Under the agreement, SQM will supply 100,000 tons of lithium to LGES over the next seven years, starting this year through 2029, the South Korean battery maker said in a release. The amount of supply is equivalent to powering 2 million all-electric vehicles.
July 7, 2023