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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Korea unveils 10-year blueprint for chip supremacy
South Korea on Tuesday introduced its first blueprint on research and development of the chip industry, aimed at fostering next-generation memory and logic chips amid rising global competition. Under the 10-year R&D road map, the Ministry of Science and ICT outlined its pursuit of technological advancement in three areas of next-generation memory and logic chips, and advanced packaging. The ministry vowed to support the semiconductor industry to produce faster, more energy efficient and higher c
May 9, 2023
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[Photo News] Burger-making Hanwha heir
Kim Dong-seon, head of strategic management at Hanwha Galleria and the third son of Hanwha Group Chairman Kim Seung-youn, participates in an on-site cooking training session held at a Five Guys store in Hong Kong. Under the leadership of the Hanwha heir, Hanwha Galleria, the retail arm of the nation’s seventh-largest conglomerate, is launching the first Five Guys outlet next month in Gangnam, southern Seoul.
May 9, 2023
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[Graphic News] S. Korean carmakers’ global market share falls to 7.3% in 2022
South Korean carmakers’ global market share inched down in 2022 from a year earlier due largely to weaker sales in China and Russia, industry data showed. Local automakers accounted for 7.3 percent of vehicle sales in the world’s eight major markets last year, down from 7.7 percent in 2021, according to the data from the Korea Automobile Manufacturers Association. Their share was the fifth-largest in the world. The eight markets are the United States, Europe, China, India, Mexico, Br
May 9, 2023
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Businesses seek Kishida’s support for tech, supply chain partnership
South Korea's business lobby groups asked Japanese Prime Minister Fumio Kishida to support their budding efforts to boost cooperation with Japan, especially in the fields of advanced technology and resource development in third countries, in a closed-door meeting in Seoul on Monday. Meeting with the chiefs of Korea's six major business lobby groups on the second day of his two-day trip, Kishida expressed hopes for businesses to lead the effort to achieve the shared goal of bolstering i
May 8, 2023
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Amorepacific, LG H&H face contrasting outlooks for Q2
Amid the generally sluggish business results of the Korean beauty industry during the first quarter, market analysts provided contrasting second quarter expectations for leading beauty giants LG Household & Health Care and Amorepacific. While the former's prospects appear dim, the latter is expected to rebound with the company's aggressive expansion of sales of its flagship brand Sulwhasoo, said stock market observers Monday. According to financial market tracker FN Guide, LG H&
May 8, 2023
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KB Financial bolsters ties with global financial firms
KB Financial Group hosted its "Cocktail Reception" on Thursday at the Sheraton Grand Incheon with key players in the global financial industry. The event showcased the Korean company's businesses and growth strategies while exploring potential opportunities for collaboration. The reception also served to commemorate the 56th Annual Meeting of the Asian Development Bank, which took place in Incheon last week. Seventy KB Financial Group executives, including Chairman Yoon Jong-kyoo
May 8, 2023
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Hana, Taiwan’s CTBC bank ink partnership for business expansion
Hana Financial Group said Monday it has signed a memorandum of understanding with Taiwan’s banking giant, CTBC Bank, to seek business expansion in overseas markets. Under the new partnership, Hana and CTBC plan to support their overseas branches to expand businesses and optimize profits, as well as to discover new business opportunities together in various fields, including corporate finance and investment banking. They also agreed to share business know-how to increase their assets furthe
May 8, 2023
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Naver Q1 net income down 71.2% on accounting loss
South Korean internet portal giant Naver Corp. said Monday its net profit plunged 71.2 percent in the first quarter from a year earlier due to an accounting loss stemming from an economic slowdown. Its net income reached 43.7 billion won ($33 million) on a consolidated basis in the January-March period from 151.4 billion won during the same period of last year, the company said in a regulatory filing. Operating profit stood at 330.5 billion won for the first quarter, up 9.5 percent from a year a
May 8, 2023
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Kishida confirms Japan working to put S. Korea back on export ‘white list’
South Korean President Yoon Suk Yeol and his Japanese counterpart Fumio Kishida confirmed Japan is in the process of reinstating South Korea to its “white list” of trusted trading partners amid joint efforts to improve bilateral economic ties, the leaders said Sunday. In a joint press conference following their summit in Seoul, the two leaders also said they agreed to bolster cooperation in industries including semiconductors, materials, parts and equipment. “Government talks
May 7, 2023
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Employment of women in 30s hits all-time high
The number of female employees who are in their 30s has increased by around 110,000 from a year ago, while that of male workers in the same age group has declined by some 80,000, according to government data, Sunday. According to Statistics Korea and Microdata Integrated Service, the number of female workers who are aged 30-39 reached 2.17 million, up 108,000 from a year ago. The figure for male workers in the age group reached 3.12 million, down 84,000 on-year. In total, the number of employed
May 7, 2023
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Samsung chief vows to repeat chip success story in biopharma
Samsung Electronics Chairman Lee Jae-yong, the de facto leader of Samsung Group, vowed to boost the nation’s largest conglomerate’s burgeoning biopharma business to "repeat the success story of semiconductors," as he met with heads of major biopharmaceutical companies in the United States, the company said Sunday. Traveling to the US' East Coast, home to the world’s leading biopharma clusters, Lee met with the heads of global biopharmaceutical and venture incubat
May 7, 2023
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[Photo News] Promoting Busan's Expo bid in Germany
Pedestrians walk past Samsung Electronics’ digital screen promoting Busan's bid to host the 2030 World Expo in Hamburg, Germany, in this photo provided by the tech giant on Sunday. Samsung took part in this year's Hamburg Port Anniversary, the world's biggest port festival, held last week.
May 7, 2023
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S. Korea's Japanese beer imports more than doubled in Q1
South Korea's imports of Japanese beer more than doubled on-year in the January-March period, data showed Sunday, marking the highest amount since Tokyo's export curbs against the Asian neighbor in 2019. Japanese beer imports came to $6.62 million in the first quarter, soaring from $2.66 million tallied a year earlier, according to the data compiled by the Korea Customs Service. The figure was the highest since the $19 million posted in the second quarter of 2019, just before Tokyo ann
May 7, 2023
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US could become S. Korea’s top trading partner, replacing China
The United States is expected to become South Korea’s top trading partner for the first time in 20 years, replacing China, Korea’s current top export destination, government data showed Friday. According to the Trade Ministry's latest data, South Korea’s exports to China in April decreased by 26.5 percent on-year to $9.52 billion. The country's exports to the US, on the other hand, reached $9.18 billion. The gap between South Korea’s exports to China and the US
May 5, 2023
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LowCarbon strikes partnership with Florida for hydrogen energy biz
A South Korean climate tech company LowCarbon said Friday it struck up a partnership with the state of Florida in a bid to ramp up its efforts to construct research hubs for clean hydrogen technology in the United States and expand its presence in the US hydrogen market. Via a memorandum of agreement signed at a hotel in Seoul on April 26, LowCarbon said it is expected to participate in the $8 billion clean hydrogen hub project sought by the US Department of Energy and the Floridian government.
May 5, 2023
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[Herald Interview] Fila looks to long-term growth through ESG efforts
The century-old Italian-South Korean sportswear brand Fila is vying for long-term growth by establishing global consistency in its businesses, chiefly by incorporating ESG values into its operations across the world, according to the firm's chairman. Gene Yoon, chairman of Fila Holdings & Acushnet Holdings, said during an online interview Thursday that Fila will be putting in all efforts to prepare a solid foundation for the company's long-term growth by undertaking more concrete E
May 4, 2023
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Daewoo E&C eyes North American prime real estate market
Daewoo Engineering & Construction is exploring opportunities to enter the North American real estate development market with support from its majority shareholder Jungheung Group. Along with a team from Daewoo E&C's overseas business unit, Jungheung Group Vice Chairman Jung Won-ju visited Toronto and New York from April 27 to Wednesday to assess the local real estate market and discuss potential projects with major developers. "We plan to enter advanced real estate development
May 4, 2023
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Korea, US should strengthen ties to counter China-Russia dominance in nuclear energy trade: FKI
South Korea and the United States should strengthen cooperation in nuclear energy trade to counter Russia and China’s dominance of the global market, the Federation of Korean Industries suggested in a report on Wednesday. The FKI said strengthening the bilateral partnership would promote South Korea's advanced nuclear reactor exports and secure a robust nuclear fuel supply chain for the country. The business agency made the proposal based in a report titled the "Korea-US Nuclear
May 3, 2023
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[KH Explains] Global fast food franchises fail to find local buyers
Korean people love burgers, but potential buyers hesitate to snap up deals tied to global burger franchises like McDonald's due to rigorous headquarter policies that often spark conflict and hinder growth. McDonald's Korea has been struggling to find a buyer since it has been put up for sale in June last year despite double-digit growth of Korea's hamburger market in recent years. According to market research firm Euromonitor, the hamburger market here was valued at 4 trillion won ($2.9 billion)
May 3, 2023
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Samsung bans AI chatbots after leak
Samsung Electronics joined other tech companies in banning the use of ChatGPT and other AI-powered chatbots by its employees, after discovering leaks of sensitive internal codes by its engineers. Taking measures to ban access of generative AI tools on company-owned computers, tablets and phones, Samsung is also reportedly creating its own service tools to support translation and the summarizing of documents, as well as software development. The tech giant confirmed Wednesday it issued a memo las
May 3, 2023