Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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Sharing Korea's experience in forest restoration
June 17 marks the United Nations' World Day to Combat Desertification and Drought, commemorating the adoption of the United Nations Convention to Combat Desertification in 1994. The spread of desertification in Northeast Asia is not only a significant cause of springtime fine dust pollution in Korea but also a transborder issue affecting neighboring countries. In recent years, the incidence and scale of fine dust storms have been increasing due to climate change, desertification and drought
June 15, 2023
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[From the scene] Is investment drought near end for Korean biotech?
Over 500 Korean companies and institutions gathered in Boston to take part in the BIO International Convention 2023 last week to discover new partnerships and to negotiate potential licensing deals. The number of participating Korean biotech and pharmaceutical firms and agencies doubled this year from a year ago, the largest after those from the United States, raising anticipation for the industry which experienced investment drought last year. “During this year’s event, multinatio
June 14, 2023
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South Gyeongsang governor will head to Europe to promote Korea’s space vision
In the region's first attempt to initiate a global economic diplomacy, Governor of South Gyeongsang Province Park Wan-soo will make his first overseas business trip to Spain and France in a bid to support local companies' foray into the European markets and attract investments for Korea's aerospace industries, said Gyeongsang Province's investment agency on Wednesday. The trip, which will start in Spain, will see the Korean delegation meet with the Ambassador of Spain to Kore
June 14, 2023
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US likely to extend exemptions for Korean chip production in China
South Korean chipmakers would be able to continue operating and upgrading their chip manufacturing plants in China, as the US is reportedly considering to extend the exemption on export controls against China. US Undersecretary of Commerce for Industry and Security Alan Estevez told an audience at an industry gathering last week that the government aims to extend exemptions for South Korean and Taiwanese chip suppliers with their facilities in China, according to a report by the Wall Street Jour
June 14, 2023
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Korean biz leaders join forces for hydrogen leadership
South Korean business leaders on Wednesday reaffirmed their will to lead the global hydrogen economy and accelerate the hydrogen transformation in the country as they announced a set of initiatives to create and bolster the hydrogen ecosystem at the second general assembly of the Korea H2 Business Summit held in Seoul. The participants from the 17 members of the Korea H2 Business Summit, a corporate-led hydrogen alliance that kicked off in September 2021, underlined the country's transforma
June 14, 2023
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Korea adds 351,000 jobs in May to post record employment rate
Total employment in South Korea reached 28.83 million in May, up 351,000 from a year earlier, data from Statistics Korea showed Wednesday. It was the second consecutive month that the nation’s on-year job growth increased, though the growth rate slowed slightly. Since the beginning of this year, the on-year monthly employment rate has been fluctuating in the range of about 300,000 to 400,000 individuals. In February, there were 312,000 more on-year employed individuals, and the figure peak
June 14, 2023
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Samsung Electronics students' most favored employer for 1st time in decade
Samsung Electronics has been picked as the most desirable company to work for among college students here this year, occupying the top spot for the first time in a decade, a tally from a job portal showed Wednesday. Incruit surveyed 872 job-seeking university students nationwide and the results showed 8.1 percent of them chose the tech giant out of 130 listed companies by market capitalization on South Korea’s benchmark Kospi and secondary Kosdaq. Those who picked Samsung cited the company
June 14, 2023
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Daesang begins production of bioplastic ingredient
South Korean food company Daesang said Wednesday it had completed a sample production of cadaverine, a biologically derived chemical that can replace petroleum-based substances in the production of nylon and other polymers. This comes in an effort to expand its business in white biotechnology -- a process that uses living cells from plants, enzymes and microorganisms to produce value-added chemicals, materials and fuel at a lower carbon cost. "We are conducting research and development of v
June 14, 2023
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Hyundai Vietnam Shipbuilding wins order for 2 oil and chemical tankers
Hyundai Vietnam Shipbuilding Co., a unit of South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai, said Wednesday it has recently clinched an order to build two oil and chemical tankers for an African shipping company. The latest order raises its cumulative orders to 199 vessels, a feat achieved 15 years after its entry into the new business area of shipbuilding, the company said, without providing any details on the financial terms of the latest deal. Hyundai Vietnam Shi
June 14, 2023
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More flexible workweeks at Samsung, large firms
Samsung Electronics said Tuesday it is introducing more flexible working hours by allowing employees to take one Friday off per month. Keen attention is being paid to the brand new working hour scheme launched by the nation’s largest company by sales, renewing discussions about the idea of a four-day workweek, two decades after a five-day workweek was introduced back in 2002. Samsung’s new policy will be applied to all employees who fulfill the required work hours of 160 to 168 hours
June 13, 2023
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Celltrion aims to gain approvals for 5 biosimilars this year
South Korea's biopharmaceutical firm Celltrion said Tuesday it aims to have five additional biosimilars approved by the end of this year in a bid to dominate the global market worth 100 trillion won ($78.5 billion), along with its existing six products. According to Celltrion, the firm plans to obtain approval for the global licenses of five of its biosimilar products by the end of 2023 to hit the market by 2025. The company has six of its biosimilar drugs currently being sold abroad. The b
June 13, 2023
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[Photo News] Handshake for expo
Lotte Group Chairman Shin Dong-bin (right) shakes hands with Egypt's Ambassador to South Korea Khaled Abdelrahman Hassan Abdelrahman during an event promoting Busan’s bid to host the 2030 World Expo held at the Signiel Busan in the port city on Monday. During the event organized by Asia Society Korea, a private diplomatic organization established by the Lotte chief to network with embassies in Korea, Shin inspected Busan North Port, the potential expo site together with ambassadors to
June 13, 2023
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[Photo News] Life's Good
LG Electronics CEO Cho Joo-wan (front row, 7th from left) and company employees join a promotional event for the tech giant’s new corporate slogan, “Life’s Good,” in front of the company’s headquarters in Yeouido, western Seoul, on Tuesday. LG is carrying out diverse activities to publicize its new brand identity as part of its Reinvent program launched in April.
June 13, 2023
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Posco to build plant producing lithium using Argentina salt water
South Korean steelmaker Posco Holdings said Tuesday that it will produce lithium hydroxide for secondary battery materials using lithium reserves from Argentina’s salt lake, making it the first domestic company to do so. The groundbreaking ceremony for the lithium hydroxide production facility for secondary batteries took place at Yulchon 1st Industrial Complex in South Jeolla Province on Tuesday. The event was attended by the National Assembly's Special Committee on Advanced Strategy
June 13, 2023
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[KH Explains] Why is Samsung's Monimo losing in financial app game?
More than a year has passed since Samsung's financial affiliates launched the comprehensive service app Monimo together, but unfortunately, it has fallen short of market expectations. Under the brand Samsung Financial Networks, Monimo offers services from four Samsung financial affiliates: Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card. With these affiliates' apps having a total user base of over 25 million — estimated without ove
June 13, 2023
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SK hynix generates W7.5tr in social impact in 2022
South Korean chips giant SK hynix said Monday that the total social value generated by the company last year was 7.5 trillion won ($5.8 billion), down from the previous year by 1.9 trillion won, or 20 percent. Social value refers to the degree to which companies have contributed to solving or alleviating social problems facing stakeholders. Economic contributions of the company under SK Group accounted for the bulk of it positive social value at 7.7 trillion won, despite a downturn in the semico
June 12, 2023
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Listed firms' profits drop, debt costs rise in 2022
South Korean companies faced higher borrowing costs and weaker earnings by about a third in 2022 from a year earlier, prompting the country’s major business lobby group to call for monetary easing policies. The Korea Chamber of Commerce and Industry on Monday released a report analyzing 2022 financial statements of 1,612 companies listed on the Korean bourse, including 159 conglomerates and 679 small and midsized firms. "Operating profits have been greatly reduced and corporate debt
June 12, 2023
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[KH explains] K-beauty's US gambit pays off amid sagging China sales
Amid dwindling sales in China, South Korean beauty companies are pivoting away from the lucrative market and decamping for greener pastures in the US. Industry watchers say the strategic shift in K-beauty companies comes due to a slew of reasons -- the rising demand for K-beauty products in the US, growth in China’s own cosmetics industry and increasingly nationalist consumers in China. But they also agree China is still “too big to ditch.” Stellar growth in US Korea is one
June 12, 2023
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Ex-Samsung exec arrested for leaking chip tech to China
A former executive of Samsung Electronics has been taken into custody for leaking the tech giant’s confidential business information to build a copycat semiconductor manufacturing plant in China, a local prosecutor’s office said Monday. In a press conference, the Suwon District Prosecutors’ Office revealed it has arrested the 65-year-old former executive of Samsung for violating the Prevention of Divulgence and Protection of Industrial Technology Act and the Unfair Competition
June 12, 2023
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[Photo News] Sharjah crown prince at Naver
A reception robot greets a UAE delegation, led by Sheikh Saud Sultan bin Mohammed Al Qasimi (left), crown prince and digital authority of the city of Sharjah, at Naver 1784, the Internet giant’s second headquarters in Seongnam, Gyeonggi Province, on Monday. The visit was part of the UAE city’s efforts to seek cooperation with Korea on digital innovation and infrastructure development. The crown prince was said to have discussed diverse issues, including a generative artificial intell
June 12, 2023