Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Seoul says Biden’s letter promises more talks on inflation act
US President Joe Biden sent a letter to President Yoon Suk-yeol in which he addressed Seoul’s concerns over the Inflation Reduction Act, the presidential office said Wednesday, adding that it sees Washington as demonstrating a “clear will to be considerate to Korean businesses.” A presidential official said Biden’s letter was written based on the two leaders’ discussions on the IRA during their multiple meetings in New York and London last month. Biden has promised
Oct. 5, 2022
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KSOE bags W2.09tr order for 7 eco-friendly ships
Korea Shipbuilding & Offshore Engineering said Wednesday it has inked a 2.09 trillion won ($1.46 billion) contract to build seven eco-friendly ships. KSOE, the world’s biggest shipbuilder by order backlog, signed contracts with Denmark-based integrated logistics company Maersk and Excelerate Energy, for six 17,000 TEU methanol-powered large container ships and one 170,000 cubic meters of liquefied natural gas-floating and regasification unit (LNG-FSRU) respectively. Under the deal, Hyu
Oct. 5, 2022
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South Korea poised to become No. 4 defense exporter
South Korea’s defense exports are expected to reach $20 billion this year, bringing it a step closer to becoming the world’s fourth-largest defense exporter, according to an industry report Wednesday. But at the same time, calls are growing to strengthen defense cybersecurity amid surging hacking attacks in recent years. The country's defense exports have already reached $10 billion this year, surpassing last year’s annual exports of $7 billion, according to the Korea Institut
Oct. 5, 2022
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KEPCO eyes more coal-fired power generation to cut costs
South Korea's state power utility said Wednesday it plans to increase coal-fired electricity generation temporarily this year in an effort to cut costs and boost financial health. Korea Electric Power Corp. (KEPCO) said it will produce 12.8 terawatt hours (TWh) with coal this year instead of using liquefied natural gas (LNG). The amount accounts for nearly 8 percent of the country's LNG-fired electricity generation at about 160 TWh. The state electricity firm estimated the move would h
Oct. 5, 2022
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Daewoo E&C, Jungheung renovate patriot descendants' residences
South Korean builder Daewoo E&C and its parent company Jungheung Group participated in a campaign to improve the living environment of a descendant of an independence patriot as part of its corporate social responsibility project on Friday, the companies said Tuesday. The campaign hosted by Habitat Korea involves renovating old houses in which descendants of independence patriots experiencing economic difficulties live. Employees of Daewoo E&C and Jungheung Group traveled to the residenc
Oct. 5, 2022
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Hyundai, Kia log 8.5% rise in US sales last month despite chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 8.5 percent last month from a year earlier despite the extended chip shortage. Hyundai and Kia sold 115,735 vehicles in the world's most important automobile market in September, up from 106,706 units a year ago, according to the companies' sales data. Hyundai's sales climbed 11 percent to 59,465 units last month from 53,800 a year ago, while Kia's were up 6.4 percent t
Oct. 5, 2022
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Hyundai Engineering expands CSR projects to help disabled, low-income households
Hyundai Engineering said Tuesday that it is planning on expanding its corporate social responsibility projects to support the disabled and low-income households. Under the plan, the firm, which has been conducting charity drives with the Goodwill Store since 2017, a rehabilitation facility for the disabled, will provide educational services, repair low-income residents’ houses and establish a community center for Koryoin, or ethnic Koreans living in Central Asia. "Hyundai Engineering
Oct. 4, 2022
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Hyundai Steel expands earthquake-proof H Core lineup
South Korea’s second-largest steelmaker Hyundai Steel said Thursday it would expand the product lineup of its earthquake-resistant structural steel, branded as H Core. H Core was launched in 2017 to include materials used for earthquake-proof designs such as rebar and section steel. Through the recent expansion, the steelmaker will incorporate other materials that can be used throughout the construction process such as cold and hot rolled steel, steel plates, and steel pipes. The steelmake
Oct. 4, 2022
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Blockchain company enters ‘token economy’ with STokens
Blockchain-based payment and business development company X-widget said it is entering a “token economy” business where tokens are paid to users when they spend money. Through a blockchain-based discount coupon system that allows users to collect 10 percent of their purchases and gives them a 10 percent discount, X-widget hopes to draw 100 million users worldwide, including 10 million in South Korea, by 2024. X-widget said its blockchain-based mileage project called SToken, de
Oct. 4, 2022
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Infant grandchildren inherited W99b last year
South Korean grandparents gifted their grandchildren aged one or under around 99.1 billion won ($68.8 million) last year, a recent report showed Monday. According to a report based on data from the National Tax Service, the total amount of financial gifts transferred to children up to a year old from their grandparents last year jumped approximately threefold compared to 2020. The case where grandparents who gift financial assets to grandchildren, those who are more than one generation below tha
Oct. 3, 2022
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Hyundai Mobis completes 5G tech essential for autonomous driving
South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing. According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology. The company will apply this 5G comm
Oct. 3, 2022
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GS25 opens 100th convenience store outlet in Mongolia
GS Group's convenience store chain GS25 said Monday it has opened its 100th outlet in Mongolia since its entry into the East Asian country 16 months ago. GS25 aims to expand the number of outlets in Mongolia to more than 500 by 2025 by launching more customized food products. For its expansion in Asia, the company entered Vietnam in 2018 and currently operates 186 outlets in the Southeast Asian country. BGF Retail's CU was quick to enter the Mongolian convenience store market. CU opene
Oct. 3, 2022
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US, Britain may announce review outcome of Korean Air-Asiana deal in Nov.
Antitrust regulators in the United States and Britain may decide next month whether to approve a deal by South Korea's largest carrier Korean Air Lines Co. to buy its smaller rival Asiana Airlines Inc., industry sources said Sunday. Currently, antitrust regulators of five nations, including the European Union, China and Japan, are reviewing Korean Air's combination with Asiana. The company has received approval from nine other countries, including South Korea. Seoul's regulator gave conditiona
Oct. 2, 2022
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Trade deficit likely to hit record high of $48b this year: report
South Korea is expected to post a record high trade deficit of nearly $50 billion this year due to high global energy costs, a report by a private think tank showed Sunday. The country's trade deficit is likely to reach around $48 billion for this year, the largest-ever shortfall since related trade data was compiled in 1964, according to the report by the Korea Economic Research Institute (KERI). The estimated deficit would more than double the $20.6 billion in trade deficit logged in 1996,
Oct. 2, 2022
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Korea-China trade ties on key party agenda, Chinese ambassador says
Expanding economic ties between South Korea and China is one of top priorities the Chinese Communist Party will discuss at its October congress, Chinese Ambassador to South Korea Xing Haiming said Thursday. “The economic ties bringing the two countries closer than ever should be a stepping stone to enhanced cooperation on supply chains,” Xing told a forum hosted by the Korea International Trade Association to celebrate 30 years of the Korea-China diplomatic ties. Steps China plans to
Sept. 30, 2022
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LG chairman urges execs to define future of customer experience
LG Group Chairman and Chief Executive Officer Koo Kwang-mo called on some 30 executives across Korea's fourth-largest business group to define the future of customer experience, and the start of it could be identifying who their future customers will be. "LG's key to having an upper hand in the future lies in our unique customer experience, products, solutions and brand value," Koo told executives at a workshop with executives on Thursday in Gwangju, Gyeonggi Province. "Thi
Sept. 30, 2022
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Korean Air to purchase sustainable aviation fuel from Shell
Korean Air Lines Co. said Friday it has signed a five-year deal with Royal Dutch Shell plc. to purchase sustainable aviation fuel (SAF) from the British firm beginning in 2026 to help combat climate change. SAF is non-conventional aviation fuel derived from alternative raw materials, such as cooking oil waste, household waste and industrial waste gas. SAF has emerged as a key carbon reduction tool in the aviation industry to cope with global climate change as it may reduce carbon emissions by up
Sept. 30, 2022
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[Herald Interview] Volvo CE bets big on potential of electric excavators
Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup
Sept. 29, 2022
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Balanced approach urged for blockchain industry
Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech
Sept. 29, 2022
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[Photo News] The duck returns
A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.
Sept. 29, 2022