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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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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Korea added to key bond index
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Tax, interest repayments make up 27% of households’ spending
South Korean households used a record high portion of their spending on non-consumption expenditures such as interest repayments and tax, according to data released on Monday by the Korean Statistical Information Service. Household non-consumption expenditure includes money spent on tax payments, insurance payments, and interest payments on borrowed money, among other expenditures. As non-consumption expenditures increase, disposable income used for the personal consumption of goods and serv
Feb. 27, 2023
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Hankyoreh sees no direct influence of ex-reporter's transaction with key figure in development scandal
The Hankyoreh newspaper said Monday it could not confirm any direct influence on its articles by a financial transaction that one of its senior reporters had with a key culprit in a high-profile development scandal. Announcing the result of its nearly two months of internal probe into the case, the daily said it reached the conclusion after fully examining its news coverage on the development scandal, including columns and other stories that had been written by the senior reporter since 2019. Se
Feb. 27, 2023
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Woori Financial wins climate award from parliament
Woori Financial Group said Friday its sustainable management efforts have won recognition at the 2023 Korea Green and Climate Award hosted by the National Assembly Forum on Climate Change. The award, which marks its 13th anniversary this year, is one of the highest honors given to organizations or individuals that make a meaningful contribution to creating a sustainable society by setting an exemplary case. Under the slogan “Good Finance for the Next,” Woori Financial has set net-zer
Feb. 26, 2023
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Telecom carriers to show off future tech in Barcelona
South Korea’s top mobile service and device suppliers are set to introduce their latest future technologies involving advanced artificial intelligence and next-generation networks at the world's largest mobile tech show, slated to kick off Monday. At this year's Mobile World Congress taking place in Barcelona, Spain through Thursday, leading telecommunications firms SK Telecom and KT will put up exhibitions focused on their latest AI technologies, enabling various services to boo
Feb. 26, 2023
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Ferry services reopen between Busan, Japan's Tsushima
Ferry services between South Korea's Busan and Japan's Tsushima Island resumed Saturday after a three-year suspension due to the COVID-19 pandemic. The Busan Port Authority said two ferry vessels departed from a port in the southeastern city at 8:30 a.m. and 10:10 a.m., and arrived at Hitakatsu Port on the southwestern Japanese island 1 1/2 hours later. Tsushima is the closest Japanese island to the Korean Peninsula. With the resumption, Busan has now reopened all four sea routes with Japan that
Feb. 25, 2023
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Security token guideline aims to 'allow issuance,' not just to regulate: FSC
Making blockchain-based tokens operational here is a part of South Korea's "serious" efforts in adopting regulatory changes to make its capital market more attractive to foreign investors, the top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young stressed that recently released guidelines on security tokens were created to “allow issuance of blockchain-powered digital tokens," during a press conference with foreign media outlets h
Feb. 24, 2023
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Posco International, Daesang team up to accelerate overseas food biz
South Korean commodities trader Posco International said Friday it will strengthen its food business overseas by cooperating with Korean food giant Daesang. The two companies signed a memorandum of understanding to review joint investments in new overseas starch sugar businesses on Thursday. "We hope that this cooperation with Daesang, who conducts the largest starch business in the country, provides us with the opportunity to expand the value chain of the food business," said Lee Sang
Feb. 24, 2023
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LG Innotek promotes shared growth with partners
LG Innotek said on Friday it had signed agreements with more than 100 partner companies to cooperate for fair trade and shared growth in a bid to create a sustainable business environment. In accordance with the contract, the company plans to promote joint cooperation in various fields such as finance, technology, management and education. The agreement was inked as a part of LG Innotek’s 2023 Shared Growth Win-Win Day event held at the LG Sciencepark headquarters in Seoul on Thursday. &ld
Feb. 24, 2023
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Hybe warns SM Entertainment of legal actions over deal with Kakao
Hybe, the K-pop powerhouse behind BTS and the largest shareholder of SM Entertainment, said Friday it will take all necessary legal measures against a recent contract that SM struck with its alliance partner Kakao Entertainment in defiance of Hybe's takeover bid. The contract, which gives Kakao the exclusive right to circulate SM's albums and music as well as the preemptive right to purchase new shares in SM, was made known Thursday amid Hybe's ongoing bid to take over SM after be
Feb. 24, 2023
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KT CEO not to seek second term
KT Corp. said Thursday that its incumbent CEO Ku Hyeon-mo has decided not to seek a second term, publicizing his official withdrawal from the ongoing review process to pick a leader of the nation’s second-largest telecom company in terms of subscribers. The company said its board of directors accepted Ku’s decision and the recruiting for a new CEO will continue as planned. Ku’s withdrawal comes as he faced an intensifying conflict with the company’s largest shareholder Na
Feb. 23, 2023
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LG Chem pins flexible corporate culture as key to growth
To foster a pleasant and fair work environment that promotes productivity, South Korea’s leading chemical firm LG Chem said Thursday it is taking measures to expand the avenues for communication and debate so employees can have more say. The company introduced the "CEO Discussion Table" this year, a program in which Shin Hak-cheol, LG Chem's CEO and vice chairman, and other workers can participate together in the decision-making process for the company’s main strategie
Feb. 23, 2023
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European businesses in Korea offer mixed outlook this year: survey
A majority of European companies doing business in Korea posted robust sales last year, but offered a mixed outlook for 2023, a business confidence survey conducted by the European Chamber of Commerce in Korea showed Thursday. The business lobby conducted the survey together with the Korea-German Chamber of Commerce and Industry and nine other European national chambers and business councils supported by consultancy Roland Berger Seoul. A total of 184 companies, representing over 60,000 employ
Feb. 23, 2023
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AmCham Korea calls for extension to foreign workers’ tax benefit
The chairman of the American Chamber of Commerce in Korea called on the Korean government to offer flat income tax benefits for foreign workers on a permanent basis. During a press conference held at the IFC Forum in Seoul to commemorate the 70th anniversary of the US-Korea alliance and the founding of AmCham Korea on Thursday, AmCham Korea CEO James Kim said the 20-year flat income tax benefit for foreign workers should be extended further, citing other countries who offer them on a permanent
Feb. 23, 2023
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Posco International wins exploring rights for Indonesian gas mines
South Korean commodities trader Posco International said Thursday that it has won gas mine exploration rights in Indonesia as part of efforts to beef up energy and resource businesses. A consortium involving the Korean firm and Indonesia’s state-owned Pertamina Hulu Energy gained the rights to explore and operate the Bunga gas block off the eastern Java island. The two will each own a 50 percent stake in the project, while Posco International will hold the operational rights. The Bunga gas
Feb. 23, 2023
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S. Korea vows more incentives for foreign investment in key areas
South Korea's trade minister said Thursday the government will provide more incentives to overseas businesses investing in high-end industries playing key roles in the supply chain, as the country aims to attract more investment amid economic uncertainties. Trade Minister Ahn Duk-geun made the remark in a statement released ahead of his planned meeting with foreign business organizations later in the day, where the country plans to share its vision to become a "global hub of innovation
Feb. 23, 2023
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SK Networks' global investments hit $176m
SK Networks said Wednesday it has invested an accumulative $176 million in some 20 global projects as of 2023, disclosing its global investment performance for the first time at an investment briefing session. “Based on our investment experiences in Silicon Valley, we will play a gate-keeper role in global innovation,” said SK Networks General Executive Director & President Choi Sung-hwan in his opening remarks at the event held in Seoul. “We will use our influence not just
Feb. 22, 2023
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[Newsmaker] Korean banks’ oligopoly hinders global competitiveness: FSS chief
The head of Korea’s top financial watchdog criticized the current oligopolistic system dominated by five major commercial lenders, which hinders them from sharpening their global competitiveness. “If (Korean banks) stay the way they are now, they will likely have a hard time gaining an edge in the global market,” Financial Supervisory Service Chief Lee Bok-hyun said during a meeting with foreign investors in Seoul on Wednesday. This meeting was organized by the FSS to provide i
Feb. 22, 2023
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Average pay at Samsung estimated at W130m: report
The average annual compensation for Samsung Electronics’ employees and executives last year was over 130 million won ($99,700), data showed Wednesday. According to market tracker Korea CXO Institute, the estimated annual salary that Samsung’s 113,604 employees and executives received in 2022 was between 133 million won and 138 million on average. This was about 8 million won lower than the 144.6 million won posted in 2021, but about 10 million won higher than the 127 million won in 2
Feb. 22, 2023
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New compound knocks out sperm for hours, research shows
Vasectomies are often topics of conversation among couples who have already had enough children or for those who do not want any in the first place. Condoms or abstinence are the only other options for male contraception, while there are several available to women, including hormonal pills, IUD implants, vaginal rings and diaphragms. Recent research results suggest that an on-demand, non-hormonal male contraceptive pill might someday become a reality, as scientists have found a cell pathway, or
Feb. 22, 2023
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Posco International ready to help rebuild Ukraine
Posco International, a commodities trader affiliated with South Korean steel giant Posco Holdings, said Tuesday that it is eager to take part in reconstruction projects in Ukraine after the war to help the country rebuild. The Posco unit is the only Korean company that has maintained its business operations in the war-torn country since the onset of Russia’s invasion on Feb. 24 last year. It operates a grain terminal in the southern city of Mykolaiv, about 480 kilometers away from the Ukra
Feb. 21, 2023