Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Kia, labor union reach tentative wage deal
South Korean automaker Kia Corp. and its labor union on Tuesday reached a tentative wage deal without strikes for the first time in a decade amid the extended COVID-19 pandemic. The deal includes an increase of 75,000 won ($64.30) in monthly base pay, a bonus of 200 percent of monthly salary plus 3.5 million won, and a one-off special bonus of 2.3 million won. The wage agreement is subject to a vote by union members on Friday, the union said. Last month, its bigger affiliate Hyundai Motor
Aug. 24, 2021
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Labor strike looms at HMM, sparking logistics concerns
South Korea’s largest shipper HMM may be headed for its first labor strike, stoking fears of a major disruption in maritime shipping. Following a vote by longshore workers in favor of a walkout on Tuesday, remaining staff at the company will decide whether to join the collective action in a poll next Monday. Demanding steeper pay raises, the unionized workers say they will not just stay away from work, but may just quit the company en masse if their demands are not met. On Tues
Aug. 24, 2021
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HanmiGlobal among world’s top 10 construction project management firms: survey
HanmiGlobal, a South Korean construction project management service provider, has been named one of the world’s top 10 players in the field in a global survey, the company said Tuesday. It ranked 10th in the top 20 non-US firms in total global CM/PM fees in the 2021 ENR Top International Survey, released by Engineering News Record. CM refers to construction management and PM, project management. It climbed up a notch in the ranking from the previous year, as it achieved a combined $24
Aug. 24, 2021
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Korea to launch new mining agency on Sept. 10
South Korea will launch a new public agency to oversee metals, minerals and mining affairs next month, amid growing concerns over the future availability of raw materials critical to the country’s backbone industries, the government said Tuesday. The new entity, Korea Mine Rehabilitation & Mineral Resources Corp., will be officially formed on Sept. 10 by combining two existing bodies -- Korea Resources Corp. and Mine Reclamation Corp. Its launch received final approval from the Ca
Aug. 24, 2021
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Conditional approval given to KT Skylife's takeover of cable TV operator
South Korea's antitrust regulator said Tuesday it has granted conditional approval for a deal by KT Skylife Co. to buy cable TV operator Hyundai HCN Co. on concerns that the takeover could partially hamper market competition. In October last year, KT Skylife Co., a satellite broadcasting affiliate of local telecom giant KT Corp., signed a deal to acquire Hyundai HCN Co.'s broadcasting business for 491.1 billion won ($420 million). The Korea Fair Trade Commission (KFTC) said it has given the gr
Aug. 24, 2021
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Samsung, LG to showcase advanced OLED display tech at IMID 2021
South Korea's two largest display makers -- Samsung Display Co. and LG Display Co. -- on Tuesday said they will showcase their latest innovations at the country's leading exhibition for display panels this week. The two companies will take part in the International Meeting on Information Display (IMID) 2021, which runs from Wednesday to Friday in Seoul. Samsung Display, the world's top mobile display panel maker, said its exhibitions will focus on OLED technologies used in Samsung Electronics
Aug. 24, 2021
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Preorders for Samsung's new foldable smartphones top 800,000 units
Preorders for Samsung Electronics Co.'s new foldable smartphones have topped 800,000 units in South Korea, industry sources Tuesday, as the tech giant eyes to mainstream the foldable category with lower prices. An estimated 600,000 units of the Galaxy Z Fold3 and the Galaxy Z Flip3 were preordered through local mobile carriers, while some 200,000 units of unlocked third-generation Galaxy Z foldable devices were purchased by consumers during the one-week preorder period that ended Monday, the s
Aug. 24, 2021
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Samsung expands lead in DRAM market in Q2: report
Samsung Electronics Co. expanded its dominance in the global DRAM market in the second quarter of the year, a report showed Tuesday, thanks to bullish demand and chip price hikes. The South Korean tech giant registered a 43.6 percent share of the global DRAM flash market in terms of revenue in the April-June period, up 1.6 percentage points from a quarter earlier, according to market tracker TrendForce. Samsung's revenue came to $10.51 billion in the second quarter, up 30.2 percent from a qua
Aug. 24, 2021
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[Herald Interview] Korea Forest Service on keeping the country green
Forestry body chief talks multiple green projects and goals during his tenure Amid the prolonged coronavirus pandemic, more South Koreans are rediscovering the joy of immersing themselves in nature, heading out to rugged mountains away from crowded cities. With some 63 percent of its land covered in forest, as opposed to the global average of 30 percent, Korea is indeed a country for hikers, with mountaineering being one of the favorite hobbies of many. While more people are reconnecting
Aug. 24, 2021
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[Newsmaker] HMM workers vote for strike; governments drawing up measures
The South Korean government said Monday that it was taking measures to cope with any potential disruptions in maritime shipping as a labor strike loomed at the country’s largest shipper, HMM. Earlier in the day, nearly 88 percent of the 453 unionized longshore workers at HMM voted in favor of the collective action, as their wage negotiations with the company management remained deadlocked. If realized, it would be the first labor strike at the company. It is unclear when the union pl
Aug. 23, 2021
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China surpasses Korea in major economic figures: FKI
China has been outperforming South Korea in several competitiveness rankings, a report published by the Federation of Korea Industries showed Monday, having already overtaken its neighbor in several other measures. In the 2021 IMD Competitiveness Ranking. South Korea rose nine ranks from 32nd place in 1994 to 23rd in 2021, while China shot up from 34th in 1994 to 16th this year. In the Competitive Industrial Performance list, created by the United Nations Industrial Development Organization
Aug. 23, 2021
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Forestry agency earns carbon credits from overseas efforts
As climate change requires attention both locally and globally, green and healthy forests have proven to be beneficial not just in the immediate areas where they are located, but also entire regions and across the whole planet. The Korea Forest Service’s work, therefore, goes beyond the country’s borders. It has for years been making efforts to enhance sustainable management of forests in developing countries, the state-run agency said Monday. Such efforts are in line with the
Aug. 23, 2021
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HMM's sailors vote in favor of first-ever strike
Unionized sailors and other sea-based workers of South Korea's largest shipper HMM Co. have voted in favor of staging their first-ever strike after wage negotiations with the company reached a deadlock, industry sources said Monday. Around 92 percent of the seafarers who have participated in the vote supported the proposed walkout, and they plan to hand in letters of resignation to the management Wednesday, according to the sources. The union added it is still open to reach a last-minute agree
Aug. 23, 2021
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Workforce aging could hurt Korea’s manufacturing: report
A rapidly aging population is a cause of great concern for South Korea already, but a report released Monday gave another reason to worry about: It would hurt the locomotive of the local economy -- manufacturing. According to the Seoul-based Korea Economic Research Institute, the sector will suffer a severe blow from the graying of the workforce. Its analysis of the demographic trends of the manufacturing workforce over the last 10 years shows that the proportion of workers in their 50s and a
Aug. 23, 2021
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Samsung Bioepis gets nod for sale of ophthalmology biosimilar drug in Europe
South Korean biopharmaceutical firm Samsung Bioepis Co. said Monday it has won approval from European authorities for the sale of its ophthalmology biosimilar, Byooviz. The European Commission granted the marketing authorization on ranibizumab biosimilar, previously known as SB11, which references Swiss pharmaceutical giant Novartis' blockbuster medication Lucentis. It is the first biosimilar referencing Lucentis to be commercialized in the European Union. The Novartis product registered $1.93
Aug. 23, 2021
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LG Chem's shares tumble on GM EV recall
Shares of South Korean chemical firm LG Chem Ltd. plunged in the Seoul bourse Monday, following American automaker General Motors' decision to additionally recall Bolt electric vehicles equipped with its subsidiary's batteries over fire risks. LG Chem, which wholly owns battery maker LG Energy Solution Ltd., saw its shares tumble about 10 percent as of 2 p.m., after GM said Friday it will recall about 73,000 Bolt EVs from model years 2019 through 2022, which is expected to cost about US$1 billi
Aug. 23, 2021
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Yanolja wins suit against rival over data theft
Accommodation booking app Yanolja won a compensation suit it filed against a local rival for stealing confidential company information, according to a regional court Monday. The Seoul Central District Court ordered Good Choice Company, the firm behind the accommodation booking platform of the same name, to pay 1 billion won ($852,300) to Yanolja as compensation for its theft of Yanolja’s business data. The court said Good Choice gained profit from using information gathered from Yanol
Aug. 23, 2021
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Google or Apple? ONE Store emerges as cheaper 3rd option
South Korea’s own app market operator ONE Store said Monday it will go global in 2022 and challenge the dual hegemony of Google and Apple by charging commissions up to one-third cheaper. During an online press conference, CEO Lee Jae-hwan announced that the firm has teamed up with Blizzard, Microsoft and Tencent to expand beyond the Korean market and launch a global version of the ONE Store in 2022. “Due to the recent monopoly issue in the app market, ONE Store is getting incre
Aug. 23, 2021
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Samsung Electro-Mechanics retries to sell Wi-Fi module biz
Samsung Electro-Mechanics Co., a major electronics parts maker in South Korea, is seeking to sell its Wi-Fi module business again, a company official said Monday, after its previous deal collapsed in May. "We are in talks with a potential buyer over the sale of our Wi-Fi module business," the official said on condition of anonymity. "The Wi-Fi module business is operating normally. So far, nothing has been confirmed about the deal." Samsung Electro-Mechanics reportedly put
Aug. 23, 2021
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Hyundai slips to 6th place in global EV market in H1: data
South Korean automaker Hyundai Motor Co.'s electric vehicle (EV) sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed Monday. Hyundai Motor was in sixth place in terms of global EVs sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research. The automaker's global EV sales jumped 75.
Aug. 23, 2021