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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Conscripting women to lead to 'more babies,' claims military think tank
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Korea added to key bond index
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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North Korea notifies UN Command of plans to fortify border with South
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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LG chairman files suit over 'excessive' inheritance tax
LG Group Chairman Koo Kwang-mo is belatedly found to have filed a complaint against the South Korean tax administrative agency, claiming that the inheritance taxes imposed on him were excessively hefty, according to the business circles on Sunday. Koo took legal action against the head of the National Tax Service’s regional office in Yongsan-gu, central Seoul, in the latter half of last year to request the cancellation of inheritance tax overpayment. The chairman jointly filed a suit with
April 16, 2023
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LG Chem, Huayou Cobalt to build W1.2tr battery material plant in Korea
LG Chem, South Korea’s chemical giant, and Huayou Cobalt, China’s leading cobalt refiner, will invest 1.2 trillion won ($918 million) to build a battery material plant in Gunsan, North Jeolla Province, according to reports Sunday. Citing anonymous industry sources, the reports said the two companies will officially sign the partnership Wednesday to jointly establish a production site for precursors. Precursors are core materials of cathode materials, one of the four critical battery
April 16, 2023
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Major crypto exchanges delist paycoin
Paycoin, the cryptocurrency issued by PayProtocol, was delisted from three major virtual asset trading platforms in South Korea after the issuer's petition for a preliminary injunction against the removal was rejected by a Seoul court on Friday. PayProtocol, a subsidiary of payment service company Danal, filed the petition on April 8, after the Digital Asset Exchange Alliance (DAXA) -- consisting of five major crypto exchanges-- announced on March 31 that it would stop trading paycoin on Bi
April 16, 2023
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ReWorld Forum to explore sustainable future
The SDX Foundation, a nonprofit seeking sustainable growth based on digital transformation, said Sunday it will hold the ReWorld Forum in Seoul on April 26 under the themes of net-zero transition as well as environmental, social and corporate governance. The upcoming forum will focus on exploring “transition finance,” which offers financial services to high carbon-emitting industries for their carbon-neutral transition. In Asia alone, the market for transition finance is expected to
April 16, 2023
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[KH Explains] Is US-China rivalry spilling over to displays?
The rare visit of Chinese President Xi Jinping to LG Display’s local manufacturing facility in China last week came as a surprise to South Korea’s display industry, raising both excitement and concerns over the intention behind the visit amid the intensifying Washington-Beijing tech rivalry. In his visit to the LG plant in Guangzhou, Guangdong Province on Wednesday, Xi underscored how China can provide an excellent ground for foreign businesses to thrive, and expressed hopes for fore
April 16, 2023
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[KH Explains] Why Hanwha’s DSME takeover has not yet gained approval at home
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49.3 percent stake in DSME from the state-run Korea Development Bank in December last year, Hanwha, the nation’s seventh-largest conglomerate, has obtained approval from other necessary antitrust authorities o
April 16, 2023
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[Photo News] Samsung wins 80 iF Design Awards
Samsung Electronics said Friday its Bespoke Infinite built-in home appliance lineup has snatched a gold award at the International Forum Design Award 2023. This year, the tech giant has won a total of 80 awards -- a record figure -- at the German design competition. (Samsung Electronics)
April 14, 2023
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Korea’s pet insurance market lukewarm despite growing pet ownership
The South Korean pet insurance market has been expected to gain traction amid a growing pet population in the country. However, it will take more time for the market to mature, according to industry sources. According to the Korea Credit Information Service, the number of pet owners who have pet insurance plans reached around 55,000 as of October last year, accounting for only 0.8 percent of 7.2 million pet owners in the country. The figure is much lower than other foreign countries such as Swed
April 14, 2023
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Top Korean chaebol leaders to accompany Yoon on state visit to US
Top South Korean chaebol leaders are set to join President Yoon Suk Yeol on his state visit to the US later this month, according to industry sources on Friday. Yoon is set to embark on a state visit to the US for a summit with US President Joe Biden on April 26. Upon Yoon’s visit to the US, the Federation of Korean Industries, one of the nation’s major business lobby groups, plans to arrange a business delegation consisting of some 70 business leaders, including chiefs of the nati
April 14, 2023
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Posco International unveils future-driven, eco-friendly vision
Following a merger with Posco Energy, Posco International -- the general trading arm of Posco Group -- said Thursday that it is ready to reestablish itself as a company that will specialize in a slew of emerging business sectors, ranging from eco-friendly energy, steel to food. During a ceremony held in Songdo Convensia in Incheon, Posco International announced its goals to aggressively target emerging business sectors and significantly raise its market value. Specifically, Posco International s
April 13, 2023
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Korean businesses remain wary of China’s reopening: survey
Many Korean businesses are unsure about the actual profits that will come from the reopening of the Chinese economy and are maintaining a conservative stance in business expansion, a recent survey by Korea’s top business lobbying organization showed Thursday. In a survey of 440 export-focused manufacturers conducted by the Korea Chamber of Commerce and Industry, 54.4 percent of the respondents said the reopening will not have much effect on their businesses, while 38.2 percent said it wi
April 13, 2023
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Top court finalizes W1tr fine for Qualcomm
The Supreme Court on Thursday finalized a ruling in favor of the South Korean antitrust regulator’s record fine of 1.03 trillion won ($784 million) imposed on US chip giant Qualcomm Inc. for unfair business practices. The top court turned down the appeal by the San Diego-based firm and its two affiliates. Back in December 2016, the Fair Trade Commission slapped a fine on Qualcomm for abusing its dominant market position against smartphone makers. “Under the Fair Trade Act, we reaffir
April 13, 2023
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KB to offer upgraded legal consulting for wealthy clients
KB Financial Group said Thursday that it has signed a memorandum of understanding with the nation’s two leading law firms, Sejong and Taepyeongyang, to offer upgraded legal consulting services to customers for its premium private banking and asset management brand KB Gold&Wise the First. The signing ceremony was held at KB Securities’ headquarters in Yeouido, western Seoul, on Wednesday, with top executives including KB Financial Group’s senior managing director in wealth m
April 13, 2023
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LG Chem, Gevo team up to commercialize biopropylene
LG Chem said Thursday it has entered into a joint development agreement with US renewable chemicals and biofuels company Gevo to commercialize biopropylene, a raw material for bioplastics, by 2026. Under the agreement, the two companies will develop bioprorylene using Gevo’s patented technologies. Gevo’s Ethanol-to-Olefins, or ETO, conversion technology facilitates the production of low-carbon ethanol to renewable olefins, which can replace traditional olefins – petroleum-based
April 13, 2023
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FSS chief reaffirms will to revamp financial systems
Lee Bok-hyun, chief of the Financial Supervisory Service, on Thursday renewed his commitment to establishing a financial ecosystem that meets global standards. "The supervisory authorities have already decided to repeal the registration requirement for foreign investors and also are revamping the system to meet the demands of overseas financial institutions and investors, including establishing a dedicated system for screening foreign funds,” Lee said during the FSS Speaks conference
April 13, 2023
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Posco chairman, ex-US top envoy discuss global supply chain strategies
Posco Group Chairman Choi Jeong-woo and former US Deputy Secretary of State Stephen Biegun met on Wednesday in Seoul to discuss global supply chain strategies. Biegun currently works as an adviser for Posco America since his appointment in 2021. “(Choi and Biegun) are expected to discuss Posco Group’s global strategies for the future and measures to overcome the ongoing global supply chain crisis,” an official from Posco Holdings said. Their meeting on Wednesday drew attention
April 12, 2023
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Samsung Biologics secures stake in Swiss biotech firm
Korean contract manufacturer Samsung Biologics said Wednesday it will be participating in the series A funding round held for Araris, a Swiss biotech company that develops antibody-drug conjugate technologies. ADC refers to a class of drugs mainly designed as a targeted therapy for treating cancer. According to the company, Samsung Biologics will be making its investments in the Swiss biotech company with Samsung Life Science Fund -- a fund co-managed by Samsung Biologics and tradings company Sa
April 12, 2023
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How Samsung, Hyundai tackle the China dilemma
Amid the escalating US-China rivalry in recent years, South Korea’s conglomerates have struggled to strike a balance in their Chinese business. Even though no immediate breakthrough is seen in geopolitical tensions, Samsung Electronics and Hyundai Motor Group -- the nation’s top makers of smartphones and cars -- are seeking a turnaround in their reduced market shares in China, an all-important market that is too big to ditch. Samsung In its earnings guidance last week, Samsung pred
April 12, 2023
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South Korea’s on-year job additions bounce back sharply in March
South Korea's labor market bounced back strongly in March after lackluster growth over the past 10 months as in-person activities have become more widespread. The total number of employed people came to 28.22 million in March, increasing by 469,000 on-year, according to the data compiled by Statistics Korea on Wednesday. After reaching a peak in June last year -- seeing an on-year increase of 841,000 employed people, the number had been weakening before rebounding last month. "Althou
April 12, 2023
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Posco, Honda bolster ties in EV business
Posco Group said Wednesday it has signed a memorandum of understanding with Japanese carmaker Honda to shore up comprehensive cooperation in the field of electric vehicles. The signing took place at Posco’s Seoul headquarters on Tuesday, with top executives, including Posco Chairman Choi Jeong-woo and Honda CEO Toshihiro Mibe, in attendance. The two companies agreed to bolster their existing ties in steelmaking and extend the partnership to cover batteries for EVs, especially the developme
April 12, 2023