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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Posco Holdings mulls relocating to Pohang
Posco Holdings, the holding unit of South Korean steel giant Posco Group, may be relocating its headquarters to Pohang, North Gyeongsang Province, as its board of directors is set to discuss the issue at the upcoming shareholders’ meeting next month. The conflict between Posco and the residents of Pohang, however, is expected to continue because it is uncertain if employees working in the current headquarters in Seoul will also move to the industrial city some 375 kilometers southeast of
Feb. 21, 2023
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Ssangyong E&C completes $1.2b UAE landmark project
South Korean builder Ssangyong Engineering & Construction said Tuesday it has completed the construction of Atlantis the Royal, a $1.2 billion ultraluxury resort complex, after almost seven years of work. Atlantis the Royal, set on the crescent of the human-made island Palm Jumeirah in Dubai of the United Arab Emirates, comprises three 44-story five-star hotels and three residence hotels. The hotel buildings consist of 791 rooms, 94 pools and penthouses with their own private infinity pools,
Feb. 21, 2023
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LG Energy Solution seeks shared growth with employees
The fast-changing job industry in Korea has been showing a shift in work culture with a rising inclination toward catering to individual growth and self-improvement, away from a focus simply on boosting corporate growth. The country’s leading battery maker LG Energy Solution is making strides to invest more in their employees. Under the philosophy that corporate growth is achievable when employees truly want to work in their positions, the company aims to move away from the increasingly ob
Feb. 21, 2023
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Local banks cut lending rates amid rising criticism
Top commercial Korean banks are moving to lower their lending rates further amid backlash from financial authorities and the public against its presentation of a social contribution plan that was deemed inadequate for easing pressing burdens from high rates. Many have demanded South Korean banks share their profits with society after they enjoyed a bumper year on last year's interest rate hikes. The top four Korean financial groups -- Shinhan, KB, Hana and Woori -- saw their combined ne
Feb. 21, 2023
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Exports fall 2.3 percent during first 20 days of February on weak chip demand
South Korea's exports fell 2.3 percent on-year in the first 20 days of February, data showed Tuesday, as the sluggish global demand for chips offset strong shipments of automobiles. The country's outbound shipments stood at $33.5 billion in the Feb. 1-20 period, compared with $34.3 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 9.3 percent on-year to $39.5 billion during the cited period, resulting in a trade deficit of $5.9 billion. The de
Feb. 21, 2023
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KB Financial pledges W50b for child day care programs
KB Financial Group on Monday pledged to donate 50 billion won ($38.5 million) in donations over the course of five years from this year to 2027 to add forces to the Ministry of Education’s plans to advance the nation’s elementary care system. KB’s donation will be used mainly to support the Neulbom School service, an edu-care service operated by the Education Ministry that simultaneously cares for and offers diverse and flexible after-school activity programs for elementary sch
Feb. 20, 2023
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SK Signet Europe wins first W10b order in UK
SK Signet, a South Korean manufacturer of electric vehicle chargers, said Monday it had recently won its first supply deal in Europe, worth 10 billion won ($7.7 million), through a regional subsidiary. The establishment of SK Signet’s European subsidiary, SK Signet Europe, was announced at the CES trade show in January. Based in Germany, the local office aims to create sales and partnership opportunities in the region’s top five EV markets, Germany, the UK, Italy, France and Spain. T
Feb. 20, 2023
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Innocean names ex-Meta exec as new creative chief of US office
Innocean Worldwide, a South Korean marketing communications agency under Hyundai Motor Group, said Monday that Jason Sperling, a former executive creative director of Meta's Reality Labs, has joined the agency as chief creative officer of its US office. An industry veteran with more than 20 years of experience, Sperling has worked for many international brands, including Apple, Meta, TikTok, Amazon, Disney Pixar, Honda and UNICEF. Most recently, he served as global executive creative direct
Feb. 20, 2023
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South Korea’s life satisfaction among lowest in OECD
South Korea ranked near the bottom on reported levels of life satisfaction among member countries of the Organization for Economic Cooperation and Development, according to a report released this month. Statistics Korea's report Quality of Life Indicators in 2022 showed that South Korea ranked 36th among 38 OECD countries in terms of life satisfaction, based on data collected from 2019 to 2021. The country had a score of 5.9 out of 10, substantially lower than the OECD average of 6.7. Thi
Feb. 20, 2023
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Auto exports up 21.9% in Jan. on record sales of eco-friendly cars
South Korea's car exports jumped 21.9 percent in January on-year, driven by record-high global sales of eco-friendly cars, data showed Monday. The value of outbound shipments of automobiles came to $4.98 billion last month, up from 4.09 billion a year earlier, according to the data from the Ministry of Trade, Industry and Energy. It is the highest figure for any January, the ministry noted. The previous record was set in January 2013, when exports stood at $4.2 billion. In terms of volume,
Feb. 20, 2023
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[Graphic News] S. Korean oil refiners’ exports hit fresh high in 2022
South Korean oil refiners’ exports hit a record-high in 2022, data showed, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine. The combined exports of local oil refiners reached $57 billion in 2022, up 71.2 percent from a year earlier, according to the data compiled by the Korea Petroleum Association. It marked the highest level since $53.2 billion posted in 2012. By destination, South Korea shipped petroleum products to 64 countries last y
Feb. 20, 2023
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FSS urges tougher regulations for big tech's finance biz
South Korea’s financial watchdog emphasized the need for a stronger regulatory system to prepare for new risks that might arise as big tech companies expand their finance business. “There should be in-depth discussion and research on introducing entity-centered regulations for big tech,” Lee Bok-hyun, chief of the Financial Supervisory Service, said during a speech at the Diagnosis and Future Tasks of Big Tech's Financial Industry seminar held in Myeong-dong, Seoul, Fr
Feb. 19, 2023
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KCCI donates $100,000 in aid to quake-hit Turkey
The Korea Chamber of Commerce and Industry said Friday it had given $100,000 in aid to Turkey, which is suffering from untold casualties and destruction after a 7.8 magnitude earthquake hit the country on Feb. 6. Woo Tae-hee, executive vice chairman of the largest business lobby in Korea, visited the Turkish Embassy in Seoul on Friday to pay tribute to the victims of the tragedy, according to the KCCI. There, Woo met with Turkish Ambassador to Korea, Salih Murat Tamer, and donated the $100,000.
Feb. 17, 2023
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SK geo centric to build S. Korea's first plastic recycling plant in France
SK geo centric, a chemical business subsidiary of SK Innovation, announced Friday it will build a plastic recycling plant jointly with French partners in Saint-Avold, northeastern France. The SK subsidiary said it has selected the plant site together with Suez, a French water and waste management company, and Loop Industries, a Canadian plastic recycling technology company. "We are happy to achieve a meaningful milestone in selecting a site for our first plastic recycling plant in Europe,&q
Feb. 17, 2023
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LG Chem invests $75M in US lithium firm for car battery business
LG Chem Ltd., South Korea's leading chemical firm, said Friday it has invested $75 million to acquire a stake in US-based Piedmont Lithium Inc. for a stable supply of the key material for electric vehicle batteries. With the equity investment, LG Chem owns about 6 percent of Piedmont common shares, LG Chem said in a statement. LG Chem also signed a deal to receive a total of 200,000 metric tons of spodumene concentrate from Piedmont's jointly-owned North American Lithium for four years
Feb. 17, 2023
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LG Uplus CEO apologizes for data breach, vows to triple security budget
LG Uplus Chief Executive Officer Hwang Hyeon-sik apologized Thursday over the recent controversy surrounding the company’s data breaches and the internet connection failure caused by cyberattacks, pledging to beef up information security capabilities. “We sincerely apologize to our customers for the inconvenience caused by the data leakage incident and internet connection failure,” Hwang said in a press conference at the company’s headquarters in Yongsan, central Seoul. &
Feb. 16, 2023
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Posco International reaps profit with Sudan biopharmaceutical biz
Posco International's pharmaceutical joint venture in Sudan reported a profit in 2022, logging sales of 30.1 billion won ($23 million), up 36 percent increase from the year earlier, the firm said Thursday. In its earnings report, the company said General Medicines Co., the Sudanese joint venture it established with Shinpoong Pharmaceutical recorded an operating profit of 10.3 billion won, a 42 percent increase on-year. According to Posco International, its sales were buoyed by GMC's sa
Feb. 16, 2023
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Startups Ministry to carry out tech mediation on Lotte, Algocare
South Korea’s Ministry of SMEs and Startups said Wednesday it will carry out a mediation on a technological theft dispute between Lotte Healthcare and Algocare. The ministry plans to form a coordination group composed of three to five lawyers and other experts as early as this week to hold a technological dispute resolution proceeding for the two companies. Algocare, a local health care startup, recently raised suspicions over Lotte Healthcare’s showcase of an automatic nutrition
Feb. 16, 2023
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High energy prices, weak chip demand, China slump behind export fall: finance minister
South Korea's extended export slump is attributable to higher energy prices, falling chip shipments and lower demand from China, the finance minister said Thursday. "When we analyze the latest trade deficits, most of them, roughly 95 percent, are attributable to three elements, namely energy, chips and China," Finance Minister Choo Kyung-ho said ahead of a closed-door meeting with economy-related ministers. In January, Asia's fourth-largest economy suffered an all-time monthl
Feb. 16, 2023
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US agricultural exports to S. Korea reach all-time high in 2022: U.S. data
WASHINGTON-- Shipments of American agricultural products to South Korea reached a record high of over $10 billion last year, US data showed Wednesday. US exports of agricultural products to South Korea came to $10.05 billion in 2022, up 2 percent from $9.85 billion a year before, according to the data from the US Department of Agriculture. The 2022 total also marks a whopping 67.3 percent spike from $5.97 billion in 2013. The top 10 export items to South Korea included dairy products, corn, wh
Feb. 16, 2023