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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LGES to source 50,000 tons of lithium from Australian mineral company
The world’s leading lithium-ion battery manufacturer LG Energy Solution on Tuesday signed a non-binding agreement with Australian mineral firm Infinity Lithium to source lithium hydroxide, a key material for high-nickel electric vehicle batteries. Under the agreement, LGES gains priority access to 10,000 metric tons of lithium hydroxide each year from Infinity’s San Jose lithium project in Spain for an initial five years. LGES also has the option to offtake additional volumes for
June 29, 2021
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Expert says US likely to renegotiate terms if it rejoins CPTPP
The United States will not accept the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as it is and will try to renegotiate the terms of the trade pact if it decides to rejoin, an international trade expert told a forum in Seoul on Thursday. Simon Lester, associate director of the Center for Trade Policy Studies at the Washington-based CATO Institute, said traditional supporters of the Democratic Party in the US are “generally opposed to trade liberalization,”
June 29, 2021
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Samsung Heavy to lease drill ship to Italy's Saipem
Samsung Heavy Industries Co. has signed a deal to lease its drill ship to Italian oilfield services company Saipem for two years, the shipbuilder said Tuesday. The deal to be effective from November 2021 to August 2023 has an option for Saipem to purchase the leased drill ship, it added. But the company did not reveal the value of the deal. The drill ship is one of two drill ships that Swiss-based offshore driller Transocean Ltd. relinquished without specifying the reason in September 2019.
June 29, 2021
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Kia to vaccinate its workers from late July
Kia Corp., South Korea's No. 2 automaker, will begin an in-house COVID-19 vaccination program for its workers next month as part of antivirus measures for its factories, company officials said Tuesday. Kia plans to start inoculating employees with Moderna shots at in-house clinics of its plants in Gwangmyeong, Hwaseong and Jeonju on July 30, a company spokesperson said. The automaker will accept reservations from its 23,000 employees working at production lines, the spokesperson said. Kia
June 29, 2021
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Airlines urge govt. to expand travel bubble to individual tourists
South Korean airlines called on the government Tuesday to implement a travel bubble as early as possible and to expand it to individual overseas tourists. The request was made at a meeting between Vice Culture, Sports and Tourism Minister Kim Jeong-base and tourism industry people, which was organized by the Korea Chamber of Commerce and Industry. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. South
June 29, 2021
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KNJ Bio blends Eastern, Western medicine
HEALTH FUNCTIONAL FOOD KNJ Bio KNJ Bio is a local provider of health supplements that incorporate both Asian herbs and modern Western medicine. The firm was established in 1978 by Kim Nam-joo, a certified doctor of pharmacy in South Korea and a doctor of Asian medicine in China and the US. Since the company was founded, KNJ Bio has endeavored to introduce novel health supplement products by marrying natural substances with traditional medicinal ingredients. Using this approach, KNJ Bi
June 29, 2021
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Posco E&C to start sales of the Sharp Gwangyang Bay Cent in July
Posco Engineering & Construction will start pre-sales of its premium The Sharp brand apartments in Gwangyang, South Jeolla Province, in July, the company said Monday. The construction firm said it will begin receiving orders for 727 units of The Sharp Gwangyang Bay Cent, an apartment complex comprising of five apartment buildings in Hwanggeum-dong in Gwangyang. The buildings are as high as 33 stories, according to the company. The available apartments range in size from 84 square meters
June 28, 2021
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Spy agency conducts special examination against cyber attack
The National Intelligence Service is conducting a review of cyber terrorism preparedness on the country’s energy infrastructures including electricity, gas and water supply networks, the agency announced Monday. The measure comes after the recent cyber attacks in the United States that targeted the data of the energy infrastructures and demanded payment in cryptocurrency. The NIS has already looked into the nation’s control system of water purification plants with the Ministry of
June 28, 2021
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Samsung Electronics' tax payments up 14.4% in 2020: report
Samsung Electronics Co. paid a total of 11.1 trillion won ($9.8 billion) in taxes and dues last year, up 14.4 percent from a year ago, its report showed Monday, with the majority going to its homeland. The tech giant paid 8.1 trillion won, or 73 percent of its total tax bills, to the South Korean government in 2020, according to its 2021 sustainability report. The Americas and Europe followed with 14 percent and Asia with 11 percent. South Korea collected 86 percent of Samsung's tax payments i
June 28, 2021
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[AUTO & MOBILITY] Flying taxi promises to change urban travel
South Korean conglomerates Hanwha Group and Hyundai Motor Group are in a tight race to develop flying cars, with an aim to launch a commercial air taxi service in the next four to five years. If realized, the service would address many urban problems like traffic congestion and air pollution. It could fundamentally change the way people commute, work and live, the companies say. Technology-wise, the firms are not far off from building a passenger craft that takes off and lands vertically.
June 28, 2021
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Google’s app billing plan continues to backfire
Google‘s plan to force all in-app purchases made through its independent billing system faces an uphill battle in South Korea, with local lawmakers considering a legislative bill to prevent “unilateral” pricing policy changes of major platform business operators. The National Assembly‘s Science, ICT, Broadcasting and Communications Committee on Monday held a meeting to decide whether they should table the anti-Google bill. The committee’s six lawmakers held an a
June 28, 2021
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Kakao Bank seeks to raise as much as W2tr via IPO
Kakao Bank, South Korea's largest internet-only bank, said Monday that it plans to raise 2 trillion won ($1.76 billion) through an initial public offering (IPO). The company plans to sell 65.45 million shares and has set its IPO price range between 33,000 won to 39,000 won per share, according to a regulatory filing. Kakao Bank's value is estimated to be as much as 18.5 trillion won following its IPO scheduled for early August. Kakao Bank, led by Kakao Corp., the operator of the country's dom
June 28, 2021
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Korean Air to resume flights to Guam amid vaccination drive
Korean Air Co., South Korea's biggest airline, will resume flights to Guam in August as it expects pent-up demand for the tourism spot that welcomes inoculated travelers without a quarantine, company officials said Monday. Korean Air will provide one flight a week on the Incheon-Guam route beginning Aug. 5 following permission from the transport ministry, a company spokesperson said. "The flight schedule can be adjusted depending on the number of vaccinated people and travel demand,"
June 28, 2021
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Samsung joins hands with KEPCO to develop home energy solutions
Samsung Electronics Co. on Monday said it has signed a partnership with the Korea Electric Power Corp. (KEPCO) to develop home energy solutions that can help users reduce electricity costs. Under the deal with the state-run utility firm, Samsung will use KEPCO's electricity data to upgrade its SmartThings Energy service. SmartThings Energy, introduced in May 2019, monitors energy use of Samsung's home appliances connected with its Internet of Things (IoT) platform and analyzes consumers' use p
June 28, 2021
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[Herald Interview] South Korean startup AweXomeRay develops next-generation X-ray technology for fresh, healthy air
For decades, X-rays have been mostly used for medical purposes such as checking for bone fractures, pneumonia and breast cancer. South Korean entrepreneur Gihm Se Hoon, however, uses the extreme ultraviolet (EUV) for air purification and sterilization, which has become an important technology amid worries over particulate pollution, and of course, floating bacteria and viruses, such as the coronavirus. The founder and CEO of aweXome Ray and his fellow scientists have commercialized
June 28, 2021
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[News Focus] Krafton’s valuation questioned ahead of IPO
Krafton, a South Korean game maker seeking an initial public offering in the country’s main stock market, faces delay in its listing plan amid ongoing scrutiny from both regulators and the market over its ‘overrated’ valuation. On Friday, the Financial Supervisory Service, the country’s financial regulator, ordered the game developer to correct its registration statement. The move is likely to delay the firm’s debut on the Kospi bourse, initially set for July
June 27, 2021
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S. Korean firms donate to Vietnam’s vaccine fund
South Korean firms operating large-scale factories in Vietnam have forked out tens of billions of won for the Southeast Asian country’s COVID-19 vaccines procurement plan, Korean media outlets reported said Sunday. To date, Samsung Electronics has offered 2 billion won ($1.7 million) to Vietnam’s central government and 770 million won to local governments. The amount is the largest donation made by a multinational company operating in Vietnam to the country’s vaccine supply
June 27, 2021
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Big manufacturers to give Moderna shots to workers from July
South Korean conglomerates that operate large manufacturing facilities will start vaccinating their workers in line with the government’s efforts to boost the nationwide COVID-19 inoculation drive. Samsung Electronics will start the administration of Moderna‘s COVID-19 vaccine to its workers at its in-house clinics from July 27, according to industry sources Sunday. The firm notified its employees of the plan Friday, asking employees aged 18 to 59 at its plants and research faci
June 27, 2021
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US auto brands rank No. 2 in imported car sales in S. Korea in 2020: data
US automakers overtook Japanese brands to take the No. 2 spot in the imported car market in South Korea last year, a report showed Sunday, taking advantage of local consumers' boycott of Japanese products over trade and wartime legacy disputes. A total of 46,000 cars from US automakers were sold in South Korea last year, accounting for 15.2 percent of the overall imported car sales, according to data by the Korean Automobile Manufacturers Association (KAMA). German brands topped the ranking w
June 27, 2021
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S. Korea's No. 2 travel agency offers voluntary retirement program
Modetour Network Inc., South Korea's second-largest travel service provider, has offered a voluntary retirement program for the first time in the company's history after suffering from the prolonged novel coronavirus pandemic, industry insiders said Sunday. All of the travel agency's 990 employees will be eligible to apply for the program, according to the sources. High-ranking executives have already tendered their resignations for the company's worsened business conditions. Earlier this mo
June 27, 2021