Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Telcos establish 5G networks on nine subway lines nationwide
South Korea's three major telecom operators said Thursday that they completed establishment of 5G networks on nine subway lines across the country as they look to accelerate the rollout of the latest generation network amid the government's digital New Deal drive. SK Telecom Co., KT Corp. and LG Uplus Corp. said in a joint statement that they established 5G networks in the capital region's subway Line No. 9 and eight other subway lines in four major cities -- the southern port city of Busan, t
July 23, 2020
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[Monitor] Apartment prices in Seoul continue to surge despite state curbs
Taming soaring house prices in Seoul has always been a popular policy goal of almost all governments in South Korea. With the Moon Jae-in administration’s latest string of strict curbs stoking controversies, a civic group released data showing that the apartment prices in Seoul have continued to soar for long, except during the Lee Myung-bak administration, and the increase has been the sharpest under Moon’s rule. According to the Citizens’ Coalition for Economic Justice that
July 23, 2020
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[Green Paradox] Korea’s renewable energy subsidies eclipse solar power
Even the best of intentions can fall flat without full attention to vital details. The Korea Herald looks into flaws and shortcomings of Korea’s green policies. – Ed. The definition of a government subsidy is simple: public funds granted to a domestic industry to maintain price competitiveness. However, the South Korean government’s renewable energy subsidy program launched in 2012 is doing just the opposite. Last month, the country’s largest solar power plan
July 22, 2020
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Hanwha Energy, Korea Midland Power win mega solar power deal in Nevada
Hanwha Energy and Korea Midland Power (Komipo) said Wednesday they signed a deal in Nevada to supply electricity generated by solar power to 36,000 households. According to the energy affiliate of Hanwha Group and the state-run utility, they signed a solar power purchase agreement with a local public utility NV Energy. Under the deal, Hanwha Energy and Komipo will generate electricity from solar power plants of 128-megawatt capacity linked to an energy storage systems of 233-megawatt-hour
July 22, 2020
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Game festival kicks off in virtual space for first time in Korea
Due to coronavirus setback, a game festival kicked off Wednesday in virtual space for the first time in South Korea. According to industry sources, “2020 Indie Craft K-Game Festival” will be held for five days until Sunday in a virtual space created by a game engine as holding the event offline was unviable due to concerns over the COVID-19 outbreak. Visitors can enter the virtual festival after creating their own 3D avatars. Then, they can visit booths, have conversations with
July 22, 2020
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LG International to support SMEs in global market
LG International said Wednesday it has been selected as a “decent company” by the Ministry of SMEs and Startups to support small and medium-sized companies advancing into global markets. The commodity trading and mining affiliate of LG Group signed an agreement with the Startups Ministry and the Korea International Trade Association in Seoul at a ceremony attended by CEO Yoon Chun-sung, Minister Park Young-sun and KITA Chairman Kim Young-ju. The “decent company” pr
July 22, 2020
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NPS invests more in bio, pharmaceutical in H2
The National Pension Service was found to have expanded their investment in bio and pharmaceuticals in the first half of this year in the wake of the pandemic, data showed Wednesday. Local corporate tracker CEOScore recently surveyed 302 listed companies that the NPS holds more than five percent stake in -- with the total value of their shares standing at 127 trillion won ($106 billion). The survey showed the NPS increased investment in non-face-to-face services, pharmaceuticals, bio techno
July 22, 2020
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[Monitor] Incheon Airport hit hard due to pandemic
Incheon International Airport was hit hard due to the prolonged outbreak of COVID-19, data showed Tuesday. The number of passengers at the airport from Jan. 1 to July 16 is about 10.89 million, according to the Incheon International Airport Corp. -- a sharp decline from 38.67 million in the same period last year. By Shin Ji-hye (shinjh@heraldcorp.com)
July 22, 2020
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Korea's chipmaking equipment spending likely to be 3rd largest this year: report
South Korea's spending on chipmaking equipment is likely to be the third largest of any country this year, industry data showed Wednesday, amid solid global chip demand sparked by the pandemic-driven stay-at-home economy. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., is estimated to invest $12.3 billion in chipmaking equipment this year, according to a report from SEMI, a global industry association representing companies in the electronics design
July 22, 2020
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Amazon Korea pays W150b in corporate tax: sources
The South Korean unit of Amazon Web Services paid 150 billion won ($125.42 million) in a back corporate tax to a local tax office, sources said Tuesday. The National Tax Service slapped the corporate tax on the company last year after carrying out a tax probe. Amazon made the payment in November without taking any legal steps against the decision, according to industry sources. Google Korea has filed a complaint with the Tax Tribunal over the 600 billion won the NTS levied in a back corporat
July 21, 2020
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SK Bioscience to contract manufacture AstraZeneca’s COVID-19 vaccine in Korea
SK Bioscience, the vaccines business unit of SK Group, signed a trilateral memorandum of understanding with Korea’s Health Ministry and global biopharma AstraZeneca, to contract manufacture the latter’s COVID-19 vaccine candidate. AstraZeneca Global CEO Pascal Soriot said that the company considers it vital to establish a global distribution channel that can quickly deliver vaccines across the world, for widespread and fair access. “SK’s cutting-edge expertise and abil
July 21, 2020
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Samsung Biologics sets own earnings record in 2020 H1
Samsung Biologics reached a milestone in the first half of the year by clocking the biggest revenue and operating profit in the January-June period since it was founded in 2011. The contract development and manufacturing organization posted its second quarter earnings report Tuesday showing a revenue of 307.7 billion won ($256.8 million) and operating profit of 81.1 billion won. Combined with the first-quarter earnings, Samsung Biologics posted revenue of 514.9 billion won and operating prof
July 21, 2020
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[Contribution] What comes after COVID-19 and what to do about it?
The author is president of Novartis Korea. His comments are his own. -- Ed. We were duly warned of a pandemic. This warning did not come in some obscure academic journals. Blockbuster movies such as “Contagion,” TED Talks viewed by millions and bestselling books and magazines had laid out ample forewarnings before us. How this will play out -- including shortages of incubators and NF-95 masks -- was described with astounding accuracy. Still, we ended up being underprepared. Why? H
July 21, 2020
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KAI inks $754m deal to supply wing parts to Boeing’s Dreamliner
Korea Aerospace Industries said Tuesday it signed an exclusive supply contract worth $754 million to supply wing parts to Boeing 787 aircraft from 2022 to 2038. South Korea’s sole aircraft manufacturer extended its exclusive supply contract with Japanese transportation conglomerate Subaru to supply wing parts called “center wing box” for the B787 aircraft. The contract will remain valid until Boeing stops making the aircraft, according to the company. A wing box is a stru
July 21, 2020
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Korean consumers rush to get reward items at Starbucks, crashing website
South Korean consumers are demonstrating their unusually strong appetite for something other than coffee at Starbucks: promotional gifts. Starbucks Korea is stirring up the coffee franchise market here with its promotional e-frequency reward event, which allows those who have purchased a total of 17 drinks including seasonal beverages to pick one item out of five options. The reward items include two types of “summer ready bag” and three types of “summer chair&rdquo
July 21, 2020
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COVID-19 test kit company Seegene soars to Kosdaq No. 2
Seegene, a Korean diagnostics company acclaimed for having preemptively developed COVID-19 test kits before the pandemic even reached Korea, has since risen to the second rank on the Kosdaq bourse. The ongoing coronavirus threat has shifted the market positions of companies across industries, with businesses relevant to COVID-19 especially gaining an edge. On Tuesday, Seegene ranked second only to Celltrion Healthcare on the Kosdaq with a market capitalization of 4.84 trillion won ($4.04 bil
July 21, 2020
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GC strategically offloads North American unit to Grifols
Offshore North American business units had become a burden for GC Holdings amid the COVID-19 pandemic that has, for instance, made it difficult for the Korean pharma to bring its workforce back and forth to focus on advancing into the region. The company’s decision to offload Green Cross BioTherapeutics for $460 million to Grifols was a timely and strategic way out, a GC official told The Korea Herald on Tuesday. GC Holdings on Monday notified its shareholders that it intended to sell t
July 21, 2020
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LS Cable launches next-generation network product
LS Cable & System said Tuesday it has launched a local area network cable that can send data and power as far as 200 meters at the same time. The cable called SimpleWide is double the limits of current LAN cables in the market that can only transmit about 100 meters, the company said. LS C&S said SimpleWide is intended to be used mostly for connecting internet protocol cameras, phones, CCTVs and internet of things devices. No separate power cables and electrical outlets are required.
July 21, 2020
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Posco’s quarterly earnings plunge as steel demand falls
South Korea’s largest steelmaker Posco disclosed Tuesday that its sales declined by 15.9 percent on-year to 13.72 trillion won ($11.44 billion) with operating profit plunging 84.3 percent to 13.72 trillion won in the second quarter. “The sales volume of steel products and prices have fallen due to sluggish global demand and worsening market conditions caused by the coronavirus outbreak,” the company said. The firm’s other affiliates in the global infrastructure sector,
July 21, 2020
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Naver newly invests in 2 data-related startups
An accelerator for tech startups operated by Naver Inc., South Korea's largest internet portal operator, said Tuesday it has made new investments in two promising tech startups. Naver's D2 Startup Factory, also known as D2SF, said it has selected the two startups that have expertise in developing solutions that are essential in data processing. "The amount of data processing is increasing 61 percent every year globally," said Yang Sang-whan, an official in charge of D2SF, adding tha
July 21, 2020