Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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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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Korea added to key bond index
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[KH Explains] Why are banks cutting staff amid record profits?
The notion that South Korea’s banking sector guarantees “lifetime” job security is becoming a thing of the past. All four top commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank and Hana Bank -- are in process of conducting voluntary retirement schemes, with aims to shed some 3,000 workers combined by the end of this month. Up to 500 million won ($398,000) is being offered as lump-sum severance pay, while relatively younger employees in their 40s are allowed to ap
Jan. 8, 2023
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Hana Financial chief attends CES for inspiration
Hana Financial Group said Sunday that Chairman Ham Young-joo took time to look around different booths at the Consumer Electronics Show 2023 in Las Vegas on Thursday. Along with more than 20 young managers from the group’s affiliates, Ham tried out different products at booths of local conglomerates such as SK and LG Electronics, as well as global firms, according to Hana Financial Group. “It is meaningful to be able to attend the world's largest innovative future technology e
Jan. 8, 2023
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[NCSI] Samsung C&T, Samsung Fire & Marine, Kumkang Shoe, Lotte Duty Free top customer satisfaction rankings
Korean companies have achieved a higher level of customer satisfaction despite the lingering impact of the COVID-19 pandemic that placed a prolonged drag on economic activity and daily lives in 2022, according to an annual survey by the Korea Productivity Center. The KPC’s National Customer Satisfaction Index, or NCSI, for 2022 logged 78.4 points, up 0.3 point from 2021 and the highest since the survey began in 1998. The survey was conducted on 91,556 customers in Seoul, Busan, Daegu, Daej
Jan. 8, 2023
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[NCSI] S. Korea outranks rival countries in consumer satisfaction
South Korean customers were more satisfied with their goods and services in 2022, compared to those in the US, Japan and Singapore, according to the National Consumer Satisfaction Index published annually by the Korea Productivity Center. The index is not only a measure of consumer satisfaction, but an indicator of the economic performance by companies, government agencies, and the macroeconomy as a whole. Similar standards are adopted by over 30 countries worldwide which use the same metrics
Jan. 8, 2023
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[CES 2023] LG CEO seeks breakthrough with car tech
LAS VEGAS -- LG Electronics CEO Cho Joo-wan pinned high hopes on the South Korean tech giant’s burgeoning automotive solutions business, pledging to diversify its business portfolio to tackle challenges this year. “Our automotive solutions business has made a turnaround 10 years since the launch. Now that the business is on the highway, what is left to do is to step on the accelerator,” Cho said during a press conference held Friday on the sidelines of the CES trade show in Las
Jan. 8, 2023
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[CES 2023] Samsung CEO braces for rough year
LAS VEGAS – Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said the South Korean tech giant was bracing for a rough year ahead, renewing his commitment to seeking new growth drivers in futuristic technologies such as robots and the metaverse. “Overlapping crises, including the prolonged economic recession, geopolitical tension, supply chain risks and climate change, have drastically increased uncertainty in the market,” Han said at a press conference Friday held on
Jan. 8, 2023
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CheongKwanJang tops global ginseng sales for 10 years straight
Sales of red ginseng health supplement brand CheongKwanJang held the largest market share in the global ginseng market for 10 years in a row, Korea Ginseng Corp. said Sunday. According a report published by market research firm Euromonitor International, the global ginseng retail market was valued at about 3.13 trillion won ($2.5 billion) last year. Among them, sales of CheongKwanJang, a brand under KGC, logged 1.31 trillion won with a 41.9 percent market share. It is the 10th year in a row that
Jan. 8, 2023
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Jeju Air's int'l flights back to 70% of pre-pandemic levels
Jeju Air Co., South Korea's leading budget carrier, said Sunday the number of its flights on international routes bounced back to 70 percent of pre-pandemic levels last month. Jeju Air offered 3,057 flights on its international routes to carry 485,000 passengers in December, accounting for 70 percent of the 4,362 flights and 694,016 passengers in December 2019, the company said in a statement. Airlines were hit hard by the COVID-19 pandemic as many countries shut down their borders or adopt
Jan. 8, 2023
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[Weekender] Still looking for a calendar? Don't bank on it
Kim Min-ju, a woman living in Mapo-gu, Seoul, visited two local banks -- KB Kookmin Bank and Woori Bank -- for a printed calendar in mid-December, but she could not find one. "I should have lined up at a bank on Dec. 1 when they started distributing them,” Kim said. Kim is among those who regret their hesitation. Many people on Naver's blogs have shared a similar experience of leaving banks empty-handed and also asked for information on local banks with calendars in stock. &l
Jan. 7, 2023
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[CES 2023] SK hynix chief says merger of Western Digital, Kioxia will 'not be easy'
LAS VEGAS -- SK hynix Vice Chairman Park Jung-ho said Thursday the merger of two memory competitors -- US’ Western Digital Corp. and Japan’s Kioxia Holdings Corp. -- "will not be easy," shrugging off the possibility of the two chipmakers' tie-up that could transform the business landscape. Earlier in the day, Bloomberg reported that Western Digital and Kioxia are considering merging into one publicly traded company, citing unnamed sources. The structure of the potent
Jan. 6, 2023
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[CES 2023] HD Hyundai vows to lead 'ocean transformation' for sustainable future
LAS VEGAS -- HD Hyundai on Wednesday pledged to transform how people see and use the ocean in order to build a sustainable future. “To solve the most pressing challenges faced by mankind today, including the global energy crisis and climate change, we must capitalize on the infinite potential of the sea,” said Chung Ki-sun, CEO of HD Hyundai, in a press conference held a day ahead of CES 2023 in Las Vegas. “As a future builder, HD Hyundai will take lead in driving a historic ex
Jan. 5, 2023
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[CES 2023] Samsung pins high hopes on heightened connectivity among devices
LAS VEGAS -- Samsung Electronics Vice Chairman Han Jong-hee shared a detailed vision to create "calmer" connected world to heighten connectivity among devices, and reiterated the company's pursuit of net-zero emissions at the world's largest home appliance convention, Wednesday. In a press conference held on the sidelines of the CES in Las Vegas, Han, who is also the chief executive officer and the head of the Device eXperience overseeing home appliances and mobile devices
Jan. 5, 2023
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SK Ecoplant partners with CSCEC to expand business in Egypt, China
SK Ecoplant said Thursday it struck up a partnership with world-class builder China State Construction Engineering Corp. in a bid to ramp up their joint efforts for further attracting overseas renewable energy projects. Under a memorandum of understanding, the construction unit under SK Group and CSCEC said they will be working together to target unexplored renewable energy markets overseas. For the partnership, SK Ecoplant will attract project financing loans and provide green hydrogen and rene
Jan. 5, 2023
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Hyundai, Kia US sales fall 1 % amid chip shortage in 2022
Hyundai Motor Co. and its affiliate Kia Corp. said Thursday their combined sales in the United States fell 1 % in 2022 from a year earlier amid a prolonged chip shortage. Hyundai and Kia sold a total of 1.47 million vehicles in the world's most important automobile market last year, down from 1.49 million units the previous year, according to the companies' sales data. Hyundai's US sales declined 0.9 percent on-year to 780,675 units and Kia's dropped 1.1 percent to 693,549 la
Jan. 5, 2023
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[KH Explains] Will hefty tax breaks be Korean chipmakers’ savior?
The South Korean Finance Ministry on Tuesday proposed a plan to further expand tax breaks for the semiconductor industry to the world’s highest level amid escalating competition among chip powerhouses globally. The local industry hailed the decision as indicating the government’s renewed commitment to boosting the crucial chip industry, but uncertainties remain about its effectiveness, and whether it will be approved in parliament. “It is true that the revision comes belatedly,
Jan. 4, 2023
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[Photo News] Heightened connectivity
Employees pose at the exhibition booth for Samsung Electronics at the CES trade show that kicks off Thursday in Las Vegas. The South Korean tech giant plans to unveil futuristic technologies, especially its upgraded smart home platform SmartThings that boasts heightened connectivity among devices, even among different brands.
Jan. 4, 2023
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[Photo News] Net-zero solutions
An SK Group official introduces future traffic solutions equipped with emissions-reducing technologies to visitors at the conglomerate’s exhibition booth at the CES trade show in Las Vegas, during media events held Tuesday. Eight SK companies, along with their 10 global partners, are showcasing their eco-friendly technologies and products, from advanced batteries to urban air mobility solutions and sustainable foods, during the four-day event.
Jan. 4, 2023
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Celltrion to launch Avastin biosimilar in Middle East
Celltrion Healthcare, the marketing unit of Korea's drug developer Celltrion, said on Wednesday that the company inked a partnership with Hikma Pharmaceuticals to launch its biosimilar version of metastatic colorectal cancer treatment Avastin in the Middle East and North Africa region. “The pharmaceutical market, especially the need for biomedicine, is continuously growing in the MENA region. This first step we are taking is a meaningful one, and we will strive to continue providing s
Jan. 4, 2023
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Celltrion's Remsima gets regulatory nod in 100 countries
South Korean drug maker Celltrion said Tuesday its antibody biosimilar Remsima has received authorization from 100 countries worldwide, a feat achieved almost 10 years after its getting approval at home. Remsima is a TNF-α inhibiting antibody biosimilar used to treat autoimmune diseases such as rheumatoid arthritis, ulcerative colitis, and Crohn’s disease. The drug got its first approval from Korea’s Ministry of Food and Drug Safety in 2012. Since then, the biosimilar received
Jan. 3, 2023
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Ministry plans to boost tax breaks for chip, battery, vaccine makers
The government seeks to sharply raise tax incentives for semiconductor manufacturing facilities days after President Yoon expressed dissatisfaction over smaller-than-envisioned tax cut that lags behind subsidy plans offered by other countries racing to bolster their chip industries. The tax code revision plan proposed by the Ministry of Economy and Finance, big corporations that make investment into “national strategic technologies” such as semiconductors, secondary batteries, and
Jan. 3, 2023