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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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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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Hyundai to launch 1st all-electric high-performance IONIQ 5 N in 2023
South Korea's Hyundai Motor Co. said Friday it will launch its first all-electric high-performance IONIQ 5 N model in the domestic market next year. Hyundai has strengthened the high-performance N brand and the N Line brand to compete with its bigger rivals in terms of performance cars. The N models bring full performance capability to daily driving, while the N Line brings performance-inspired elements to base model vehicles. The N Line models sit between Hyundai's high-performance N
July 15, 2022
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KT, CJ ENM join forces to set up Korea’s largest streaming platform
KT and CJ ENM have decided to merge their over-the-top video streaming platforms -- Seezn and Tving -- to create the largest Korean-made video streaming platform. The merger could accelerate the growth of Korean video content, officials said Thursday. The two companies each held board of directors meetings and decided that KT’s Seezn will be absorbed by CJ ENM’s Tving. KT Studio Genie, which holds a 100 percent stake in Seezn, will become the third-largest shareholder of the newly
July 14, 2022
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HMM to invest W15tr to become worldwide leader in shipping
The country‘s top shipping company HMM is aiming to become a global industry leader by investing 15 trillion won ($11.4 billion) over the next five years. “We consider this investment the least that we can do to make our company a sustainable and stable company amid growing uncertainties in the global shipping market due to environmental regulations and digitalization,” Kim Kyung-bae, CEO of HMM, told reporters on Thursday. HMM will be using 10 trillion won of that investment
July 14, 2022
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Owner family of Hankook Tire loses lawsuit on hiding assets overseas
The ownership family of Hankook Tire and Technology, the world’s sixth-largest tiremaker, has lost a lawsuit against the local tax agency concerning a fine of 4.59 billion won ($3.5 million) for allegedly hiding assets overseas. The Seoul Administrative Court recently ruled against the suit brought by Cho Yang-rae, honorary chairman of Hankook & Co., the parent company of Hankook Tire, and his eldest son Cho Hyun-sik, a Hankook & Co. adviser. Cho and his son have argued that op
July 14, 2022
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‘Wage hike pressure due to inflation will be hardest’
An upward pressure on wages caused by inflation will be the biggest ordeal for businesses in the long run, said Chey Tae-won, who is chairman of both SK Group and the Korean Chamber of Commerce and Industry, the nation’s largest business lobby. “Dealing with inflation was expected,” Chey told reporters at the KCCI Jeju Forum which opened Wednesday on Jeju Island. “I think it will be much more difficult especially for small- and medium-sized companies which hire a lot of
July 14, 2022
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Hyundai unveils 2nd dedicated EV model IONIQ 6
South Korea's Hyundai Motor Co. on Thursday unveiled its second dedicated EV model IONIQ 6 at the Busan International Motor Show ahead of its local launch in September. The IONIQ 6 is the second model embedded with Hyundai Motor Group's EV-only electric-global modular platform (E-GMP) following the IONIQ 5, which launched in April last year. Hyundai will begin receiving preorders for the new model on July 28 and aims to sell 12,000 IONIQ 6 models in the domestic market by the end of th
July 14, 2022
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SK chief suggests possible changes in investment plans amid rising costs
SK Group Chairman Chey Tae-won has suggested possible changes or a delay in SK's multibillion dollar investment plans for the next few years, citing higher borrowing and raw material costs. Chey made the remarks at a forum in Jeju this week, noting the effect of the global easy-money policy over the past decade, coupled with global supply disruptions, and a surge in energy and commodity prices, triggered by Russia's war in Ukraine, are unraveling. "Costs have risen sharply in mate
July 14, 2022
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KFS aims to open forest renaissance
The Korea Forest Service has said it will step up efforts to promote the role of forests in improving the environment, economy and quality of people’s lives by pursuing sustainable forest management. Under its slogan “forest renaissance,” the KFS seeks a balance between development and conservation to secure a sustainable future. “In the forest-driven renaissance, we will make good use of forests to tackle climate change, preserve biodiversity and develop them in a sust
July 13, 2022
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[Herald Interview] Korea steps up for sustainable forest management around the world
Having succeeded in reforestation through nationwide tree-planting campaigns in the 1970s, South Korea has been a role model in forest restoration for many developing nations, and is now internationally recognized for sustainable forest management. In a 2020 study by the UN Food and Agriculture Organization’s Committee on Forestry that compared nations’ growth of forest resources per hectare between 1990 and 2015, South Korea showed the highest growth among countries in the Asia-Pa
July 13, 2022
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Korea to change expiration date labeling system
South Korea’s food expiration labeling system is set to change for the first time in 38 years, starting January, under a new policy measure to reduce food waste. The revised bill on the food labeling and advertising act that passed last August replaces the current “sell-by” dates with “use-by” dates. Sell-by dates denote the time period in which a retailer must get its products off the shelves, while use-by dates tell consumers up to what point a product can be sa
July 13, 2022
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US Treasury Secretary's Seoul visit raises expectation on currency swap
United States Treasury Secretary Janet Yellen is poised to hold talks with South Korea‘s key financial policymakers, raising market expectations of a possible currency swap amid the growing strength of the US dollar against the local currency. Her two-day visit to Korea on July 19-20 will take place immediately after the Group of 20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, scheduled from Friday to Saturday. During her visit, the secretary will also visit L
July 13, 2022
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LG Chem reaches out to society as ‘Green Connector’
Under a new vision called “Green Connector,” South Korea’s leading chemicals maker LG Chem is expanding activities to help resolve environmental and social problems. To raise awareness of the importance of biodiversity, the company has refurbished the Bamseom Ecological Experience Center on Mapo Bridge over the Han River, which it built with the Seoul city government in December 2018. LG Chem also began an online mentoring program, “Like Green,” with college
July 13, 2022
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SK Innovation invests $20m in Fulcrum BioEnergy
South Korean chemical firm SK Innovation said Wednesday it has made a $20 million equity investment in US renewable fuels firm Fulcrum BioEnergy. Fulcrum has commercialized a process to produce synthetic oil for transportation by gasifying household waste. With the fresh capital, Fulcrum is expected to reach Asian markets, including Korea, under an exclusive licensing agreement with SK Innovation. Fulcrum began its initial operations of its inaugural biorefinery, the Sierra BioFuels Plant l
July 13, 2022
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Antitrust watchdog probing Naver, Coupang over alleged misleading advertising: sources
South Korea's antitrust regulator has conducted an on-site probe into internet giant Naver and e-commerce firm Coupang over their allegedly exaggerated or deceptive advertising practices, industry sources said Tuesday. The Fair Trade Commission (FTC) recently sent staff to the headquarters of the two companies located in Seongnam, south of Seoul, and Seoul's eastern ward of Songpa, respectively, to investigate the allegations that they engaged in illegal advertising practices. Naver is suspec
July 12, 2022
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Hyundai Motor, labor union reach tentative wage deal
Management and unionized workers of South Korea's top automaker Hyundai Motor Co. reached a tentative wage deal on Tuesday, averting a labor strike for the fourth consecutive year. The two sides agreed to a 98,000 won ($74.80) increase in basic monthly pay, the construction of a new electric vehicle (EV) factory in South Korea and more new hires, among other things, during their 16th round of negotiations held in Ulsan, some 310 kilometers southeast of Seoul. It marked the fourth consecutive
July 12, 2022
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Logistics venture DSF signed MOU to support Ukraine
Korean logistics venture DSF L&I has signed a memorandum of understanding with a non-profit organization Eurasian Business Association to implement relief and restoration projects in Ukraine, the company said Tuesday. The signing ceremony was held last month during a seminar on humanitarian aid and post-war recovery in Ukraine that took place in On General Hospital, Busan, it added. The seminar was co-hosted by the Ukraine Support Joint Task Force, Green Doctors Foundation and Eurasian Bu
July 12, 2022
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Dunamu to invest W500b for 5 years to create 10,000 jobs
Dunamu, the operator of local crypto exchange Upbit, will invest 500 billion won ($380 million) to create 10,000 new jobs for the next five years. The blockchain company plans to nurture 500 promising startups and create around 8,000 new jobs to operate startup counseling programs, according to Dunamu on Tuesday. Startup counseling programs include “UP Start Incubator” to help those working with Web 3.0, a decentralized online system based on blockchain technology, and “UP St
July 12, 2022
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Digital health care for seniors blue ocean in S. Korea: report
With the emerging digital health care market sparked by the coronavirus pandemic, demand for digital health care services for seniors is continuing to grow in South Korea, a report showed Tuesday. According to Samjong KPMG, a Seoul-based consulting firm, the digital literacy level of the elderly here has surged by 4.8 percentage points to 69.1 percent last year, compared to 2019. The report said seniors are emerging as key customer base for digital health care, noting that one out of three Ko
July 12, 2022
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Mercedes-Benz CSR donates W530m to support underprivileged kids
The Mercedes-Benz CSR Committee donated 530 million won ($403,000) raised through the ninth Mercedes-Benz Give ’N’ Race to provide medical and education expenses to underprivileged children and teenagers. The donation will be delivered to Gangnam Severance Hospital’s Rare Incurable Disease project, the Kids & Future Foundation’s Children and Youth Welfare project, the SeungIl Hope Foundation’s Lou Gehrig Disease project and Wild Flower Youth Center’s Grou
July 12, 2022
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HanmiGlobal acquires UK consultancy Walker Sime
Korean construction management firm Hanmi Global said Tuesday that it has acquired Manchester, England-based construction consultancy Walker Sime. Walker Sime, established in Manchester in 1999, provides specialist services including quantity surveying, project management, employer agents and commercial consultancy. It also has talented employees with diverse consulting experience in the field of construction. Walker Sime has recently been expanding its portfolio by carrying out projects in
July 12, 2022