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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20 minors registered as CEOs making over 100 million won
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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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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Man killed by fellow hunter who mistook him for wild boar
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Samsung joins Russia sanctions, donates $6m to Ukraine
Samsung Electronics has suspended its shipments to Russia and donated $6 million to Ukraine, according to industry sources Sunday. The South Korean tech giant has become the latest multinational firm to join comprehensive sanctions against Russia, where the market has crashed and the value of the ruble has plummeted. Despite its export embargo on Russia, Samsung Electronics will still operate its local factories there. “Shipments to Russia have been suspended due to the current geopol
March 6, 2022
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Hyundai Engineering wins used plastic processing plant deal in US
Hyundai Engineering Co. said Sunday it has received a front-end engineering and design (FEED) deal to build a plastic waste processing plant in the United States. Hyundai Engineering obtained the FEED deal from Encina Development Group to process plastic waste into 150,000 tons of circular chemicals products a year, the company said in a statement. Hyundai Engineering aims to win more deals from Encina as the US company plans to push more plastic waste processing plant projects in the US, Latin
March 6, 2022
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Samsung Electronics allegedly hacked by foreign entity, confidential data leaked
Samsung Electronics has allegedly been hacked by a foreign hacking group, which breached its confidential source code and other classified data, industry sources and media reports said Saturday. Data extortion entity Lapsus$ has claimed that it hacked the system of the South Korean tech giant and leaked up to 190 gigabytes of its data and source code online, according to the sources. It also said that it uploaded the leaked data for download via torrent. Samsung officials said they are
March 5, 2022
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[Eye Plus] Meet servants, suppliers for Joseon royal families in Wonseo-dong
In Jongno-gu, central Seoul, one of the most historical districts in the city, lies a town that preserves the culture and art from the Joseon era. Walking alongside the town offers a glimpse of how low-level officials who worked for kings and queens of the Joseon Dynasty lived. Located between Bukchon Hanok Village and the Changdeok Palace, the town is called Wonseo-dong, meaning the western part of the palace’s backyard. Crossing a small road from the palace, visitors are welcomed by
March 5, 2022
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[Newsmaker] K-drama filming locations among most popular attractions in Seoul: report
Foreigners flocked to famous K-drama filming sites in Seoul last year, propelled by a rising global popularity for Korean TV series, a report showed Friday. Among some 80 tourist attractions visited by 1.6 million foreigners last year, 57.6 percent were filming locations of Netflix-aired Korean dramas, a LG Uplus report showed. Milal Fine Art Museum in Gangnam-gu, the filming site of “Guardian: The Lonely and Great God,” saw a 195 percent surge -- the highest figure -- in the num
March 4, 2022
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Blockchain experts call for government support in fostering digital asset businesses
The Korea Digital Asset Industry Committee highlighted the need to create a government organization committed to fostering blockchain businesses. On Thursday, stakeholders in the blockchain industry and academia gathered to debate on how to better capitalize on the emerging opportunities of digital assets. The panel stressed the importance of fostering digital economy -- as in, cashing in on digital technologies -- in order for Korea to grow into the fifth-largest economy. “In the era o
March 4, 2022
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Fuel tax cuts extended until July amid oil price surge
The South Korean government decided to keep the current fuel tax cuts for another three months until July amid concerns that the war in Ukraine could propel energy prices. In November last year, the government lowered fuel taxes by a record 20 percent in a bid to tame inflationary pressure. The measure was set to expire at the end of April. A 20 percent cut equals to a reduction of 164 won per liter of gasoline and 116 won per liter of diesel. In a meeting on product price and in
March 4, 2022
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CJ delivery workers to resume work next week, ending two-month strike
A labor union strike at CJ Logistics has finally come to an end, after causing delays and disruptions in parcel deliveries across the nation for nearly two months. Unionized members will return to work Monday, after signing a new employment contract Saturday that reflects measures on improving working conditions, the firm’s labor union announced Thursday. CJ delivery workers that participated in the industrial action, which began Dec. 28, demanded that management implement previously a
March 3, 2022
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[Market Eye] Shinsegae-Lotte rivalry heads to winemaking
The old rivalry between Shinsegae and Lotte looks set to head to winemaking. The nation’s top two retail giants who also are the major importers of cheaper casual wines are gearing up to produce high-priced premium wines on their own. Shinsegae Property, the group’s property development arm, acquired US winery Shafer Vineyards for 299.6 billion won ($250.3 million) last month. The 80-hectare vineyard is known for luxury wines like Hillside Select, whose price tag is around 860,000
March 3, 2022
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Coupang posts record sales, but also higher operating losses
South Korea’s e-commerce giant Coupang said Thursday that it posted $18.4 billion (22.1 trillion won) in sales last year, a record not just for the company, but also for a local e-commerce operator. The figure jumped 54 percent from a year ago. In the fourth quarter alone, its sales soared to $5 billion. Coupang said its record has surpassed the sales of the country’ top retailer Shinsegae and its subsidiaries -– Emart, SSG.com, eBay Korea, and G Market -– whose sale
March 3, 2022
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Pokemon Bread stages strong comeback
Pokemon Bread, an iconic pastry series with kids of the 1990s, has been flying off the shelves since its return last week. Manufacturer SPC Samlip said Thursday, it had sold 1.5 million of the rolls over the previous week, six times more than the first week sales of the company’s average for a new product. The key to success lies in tapping into millennials’ nostalgic tendencies. Released in 1999, Pokemon Bread took the youth of the time by storm. The roll wasn’t the main
March 3, 2022
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Samsung Electronics memory chip fastest in the world
Samsung Electronics said Thursday that its next-generation memory chip set a world record on speed. According to the South Korean tech giant, its LPDDR5X memory chip operated at 7.5 gigabits per second, the fastest speed among memory chips in the market. Short for low power double data rate 5X, the LPDDR5X chip performed at the record speed on Qualcomm’s latest Snapdragon mobile platform. Unveiled in November, the chip was manufactured with 14-nanometer technology. Compared to the prev
March 3, 2022
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[MWC 2022] LG U+ CEO pledges to export XR content to Middle East
BARCELONA, Spain -- LG U+ will export virtual reality content to Zain Group, a mobile carrier in the Middle East with more than 50 million users, in its effort to take initiative in the burgeoning global XR market. During a press conference held at the Mobile World Congress 2022 in Barcelona on Wednesday, local time, LG U+ CEO Hwang Hyun-sik said the South Korean telco will aim to sell content to Zain Group, Oman’s No. 1 mobile carrier Omantel and Malaysia’s No. 3 player Celcom. &l
March 3, 2022
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Samsung's presence in smartphone chipset market drops in Q4: report
Samsung Electronics Co.'s share in the smartphone chipset market dropped in the fourth quarter, research showed Thursday, amid efforts to restructure the company's smartphone portfolio strategy. The South Korean tech giant, which makes Exynos chipsets, accounted for four percent of the global shipments of smartphone application processor (AP) and system-on-chip (SoC) in the October-December period, down three percent from a year ago, according to a report from industry tracker Counterpoint Resea
March 3, 2022
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Korea Shipbuilding wins W1.56tr ship orders
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has received 1.56 trillion won ($1.29 billion) worth of ship orders in Europe and Latin America. Korea Shipbuilding obtained orders to build three liquefied natural gas carriers by 2025 for a European shipper and to build six container ships by 2024 for a Latin American shipper, the company said in a statement. Hyundai Heavy Industries Holdings has KSOE as a subholding company under its wing. KSOE has three affiliates -- H
March 3, 2022
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KT signs MOU with Turkish telecom operator on 5G, AI services
KT Corp., a South Korean major wireless carrier, said Thursday it has signed a pact with a leading Turkish telecom operator for cooperation in 5G and artificial intelligence services. At the Mobile World Congress (MWC) 2022 in Barcelona, the South Korean operator signed a memorandum of understanding with Turk Telekom to expand cooperation in robots, smart cities and self-driving cars based on 5G, big data and cloud services, the company said. "We plan to cooperate with Turk Telecom to devel
March 3, 2022
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Hana Bank offers facial verification service round the clock
Hana Bank said on Wednesday it has begun offering its facial verification service round the clock, allowing customers to open accounts any time day or night. Using artificial intelligence and big data, the facial recognition solution verifies users by comparing their faces to their ID photos within one second. It was chosen as an innovative financial service by the Financial Services Commission in April last year. Previously, customers opening their first accounts at Hana Bank online were req
March 2, 2022
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Jungheung chairman vows to nurture Daewoo E&C into top builder
Jungheung Group Chairman Jung Chang-sun vowed Wednesday he would nurture Daewoo Engineering & Construction to become a top builder, as the acquisition process has recently been successfully completed. “We finalized the M&A process on Feb. 28 and this day will become a historic day for Daewoo E&C to start anew,” Jung said in his message to employees. “Now, as a family of Jungheung Group, we will take another big leap forward together.” In December last year,
March 2, 2022
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Hyundai's Feb. sales rise 1.4% despite chip shortage
Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales rose 1.4 percent last month from a year earlier despite global chip shortages. Hyundai Motor sold 304,613 vehicles in February, up from 300,514 units a year earlier, the company said in a statement. Domestic sales climbed 1.7 percent to 53,010 units from 52,102 during the period, while overseas sales were also up 1.3 percent to 251,603 from 248,412, the statement said. From January to February, sales fell 5.5 percent to
March 2, 2022
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SsangYong's Feb. sales more than double on exports
SsangYong Motor Co. said Wednesday its sales more than doubled last month from a year earlier on sharply increased exports of its SUV models. SsangYong Motor sold 7,052 vehicles in February, up from 2,789 units a year earlier, the company said in a statement. Domestic sales jumped 70 percent to 4,540 units last month from 2,673 a year ago, while exports soared to 2,542 units from 116 during the same period, it said. SsangYong's lineup consists of the Tivoli, Korando, and Rexton and Rexton Sports
March 2, 2022