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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Imports of party supplies hit record high through November
South Korea's imports of party supplies, such as decorations and balloons, hit a record-high through November this year, customs data showed Thursday, as the country has lifted social-distancing rules. The combined imports of party supplies over the January-November period came to $64 million, up 31.7 percent from a year earlier, according to the data compiled by the Korea Customs Service. The amount far exceeds $56 million tallied for all of 2021. The growth came as people hosted various p
Dec. 29, 2022
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S. Korean shipbuilders rank second in new global orders this year
South Korean shipbuilders lagged behind their Chinese rivals in terms of new global orders in 2022 to take the No. 2 spot in the world for the second straight year, industry data showed Thursday. Local shipbuilders clinched a combined 15.64 million compensated gross tons in new orders this year, accounting for 37 percent of the 41.93 million global total, according to the data provided by global market researcher Clarkson Research Service. It was down 11 percent from a year earlier. The global t
Dec. 29, 2022
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Industrial output rebounds 0.1 % in November; retail sales down for third month
South Korea's industrial output rebounded for the first time in five months in November, data showed Thursday, while retail sales extended losses for the third consecutive month amid economic concerns. Industrial production edged up 0.1 percent on-month last month, turning around from a 1.7 percent decrease posted in October, according to the data from Statistics Korea. The rebound came as the output in the mining, manufacturing, gas and electricity industries advanced 0.4 percent on-month
Dec. 29, 2022
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S. Korean tech firms to show off latest innovations at CES 2023
South Korean tech companies are ready to showcase their latest products and innovative technologies at CES 2023, the world's largest consumer electronics show slated to open in Las Vegas next week. CES will be held in a bigger and more fully in-person fashion this time, with global tech giants like Google, Meta and Microsoft physically returning to the global stage for innovation after missing the previous one due to the fast spreading omicron variant. CES 2021 was held entirely online. The
Dec. 29, 2022
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KT CEO seeks second term on upbeat sales
South Korean telecom giant KT Corp. said Wednesday it has appointed its incumbent CEO, Ku Hyeon-mo, as the final candidate to take the helm at the company. The company’s CEO candidate review committee on the same day assessed whether Ku was eligible for a second three-year term. After conducting preferential reviews for seven times, the committee informed the company’s board of directors that Ku is qualified. The KT CEO will be elected at the regular general meeting of shareholders
Dec. 28, 2022
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Inappropriate senior management practices surge among firms
The inappropriate behavior of senior management and a lack of financial control saw the largest increases among causes of Korean companies' internal control problems in 2022, according to the K SOX Audit Review published by Samjong KPMG, a Seoul-based consulting firm, Wednesday. A total of 46 cases of inappropriate behavior or negligence of senior management were spotted among Korean companies, surging from 18 cases last year, the report said. Companies that did not have proper financial co
Dec. 28, 2022
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[Best Brand] Eco Farm City innovates farming with integrated system
South Korean agricultural corporation Eco Farm City has developed what it calls “KDS convergence farming,” which systematizes the cultivation, production, processing, manufacture, sales and retail process of farming into a collective “one-stop system.” KDS convergence farming combines primary industries, such as agriculture, livestock and fisheries, with the secondary industries of manufacturing and processing, as well as the tertiary service industries. This integration
Dec. 28, 2022
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[Best Brand] Come In Wash eyes overseas markets with car wash machines
Automatic car wash system company Come In Wash has recently completed the construction of a new factory in Yongin, Gyeonggi Province, to produce automotive washing machines and export them. Over 10 billion won ($7.82 million) has been injected into the project to acquire and renovate a 3,3000-square-meter plot in the city. The company said it will manufacturer automatic car washing machines at the new plant with an aim to export them to North America, Europe and the Middle East. The product line
Dec. 28, 2022
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[Best Brand] KYE Dermatology Clinic, a pioneer in Korea's dermatology treatments
Celebrating its 61st anniversary this year, KYE Dermatology Clinic said it has treated over 8 million patients since it opened in 1961. The clinic started out as a one-office hospital, operated by one doctor in 1961, about a decade after the Korean War, in Yeongdeungpo-gu, western Seoul. Pioneering the field of dermatology in Korea, the clinic was refurbished in 1981, growing from its original one-doctor, one-office system to a facility with nine-doctors and seven offices and over 30 employees.
Dec. 28, 2022
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[Best Brand] The IB Korea expands cocktail lineup
Beer and liquor importer The IB Korea is extending its product lineup by launching US cocktail brand Uptown’s Blue Hawaiian cocktail drinks, together with Texas-based distillery Southern Champion. Uptown's Blue Hawaiian lineup consists of two cocktail drinks, pineapple and citrus-flavored, as well as gluten free. Pre-orders for retailers have been made since June, the importer said. Premixed and bottled in a 1.5-liter liquor bottle, the drink garnered a lot of interest at a tasting ev
Dec. 28, 2022
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[Best Brand] Coway Mine aims to reignite competition in massage chair market
South Korean home appliance maker Coway is renewing its push for growth in the expanding domestic massage chair market with its brand-new massage chair "Mine." The chair, despite being 47 percent smaller than the company’s previous models, features several innovative functions. The Mine, equipped with a 180-degree rotational module, can change into a full-flat recliner. The chair offers multiple options, with five automatic massage modes and five manual massage modes that can be
Dec. 28, 2022
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[Best Brand] Victorinox expands presence in collaboration with Korean fashion brands
Swiss knife and watch manufacturer Victorinox is increasingly collaborating with South Korean companies to expand its presence in the Korean fashion market. The Swiss toolmaker launched a limited edition huntsman knife with Korean fashion design firm IAB Studio in May. Released as part of the “IAB at Home” collection, the knife has a wooden frame with the knife maker’s iconic cross logo carved in the middle. More recently, Victorinox partnered with Italian street fashion brand
Dec. 28, 2022
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[Best Brand] Samsung C&T to host Moomin exhibition at Raemian Gallery
Samsung Group’s construction arm Samsung C&T is hosting an exhibition titled “Moomin Family’s Winter House” at Raemian Gallery in Songpa-gu, Seoul, for two months starting Dec. 15. The temporary exhibition featuring Moomins will be held at the gallery’s main hall and residential exhibition hall "Residential Island," the construction company said. Moomins are characters created by Finnish artist Tove Marika Jansson, based on trolls that frequently appea
Dec. 28, 2022
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Posco delays leadership reshuffle amid recovery efforts at steel mills
South Korean steel giant Posco Group’s year-end executive reshuffle is expected to be delayed to next year, possibly later in January, amid the still ongoing efforts to normalize its typhoon-hit steel mills, industry sources said Wednesday. In September, Posco had to suspend the operation of its Pohang steel plants after key facilities were hit hard by a power outage caused by typhoon Hinnamnor. Considering the recovery work is speeding up to be completed by the end of January, sources sai
Dec. 28, 2022
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Hana Financial to strengthen digital, global sectors with revamped leadership
Hana Financial Group said Monday it is revamping its organization under three vice chairmen in a move to strengthen its competitiveness in the digital and global sectors, as well as its core financial business. The group appointed two vice chairmen -- Park sung-ho and Kang Seong-muk -- while retaining Vice Chairman Lee Eun-hyung. Park, 58, joined Hana Bank back in 1987. He will focus on the group’s digital sector and will also be responsible for finding and developing new business opportu
Dec. 27, 2022
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Fintech firms to set up disaster response centers
South Korea's Financial Services Commission on Monday announced that it will mandate big tech companies with financial services to establish disaster recovery centers. The new regulation plan came in the wake of Kakao’s extensive internet, banking and messenger service disruption caused by a fire at SK C&C’s data center in October. During the FSC’s fifth financial regulatory innovation meeting, it decided to establish a new task force during the first half of next year
Dec. 27, 2022
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Bold goals set to tackle trade loss next year
South Korea on Tuesday laid out a set of bold goals to support private-sector-led growth in 2023, promising financial aid to achieve a trade surplus and attract foreign investment in a bid to minimize the impacts of a global economic slowdown. While 2023 is expected to be challenging for the economy amid growing uncertainties in the global market, the government said it will achieve $680 billion in exports and attract more than $30 billion of foreign investment, while investing some 100 trillion
Dec. 27, 2022
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[KH Explains] Why are whiskey prices so high in Korea?
Whiskey in South Korea is notoriously expensive. Prices may have fallen slightly over the decades, but whiskey is still considered to be pricey here. For example, the retail price of Jack Daniels Whiskey in a 750-milliliter bottle on Amazon in the US is $24.99, whereas the same whiskey is priced at 60,000 won, or around $47, on SSG.com, an e-commerce platform owned by retail giant Shinsegae Group. There could be many variables to decide the retail prices of distilled spirits. Price policies are
Dec. 27, 2022
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NCSoft CEO voices confidence in first console title
NCSoft’s first console title “Throne and Liberty” will be a “play for all” title that can revive the authentic feel of a massively multiplayer online role-playing game, or MMORPG, the South Korean game maker’s CEO said Tuesday. “Throne and Liberty has been developed as a ‘play for all’ game that everyone can enjoy. The PC and console platforms can express the characteristics of TL and make it fun. The value and feel of an MMO that can’t
Dec. 27, 2022
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SK Inc. wins top grade in MSCI ESG ratings
SK Inc., the investment arm of SK Group, said Tuesday it received an AAA rating from the Morgan Stanley Capital International ESG Ratings. The MSCI ESG Ratings assess 3,077 firms globally and ranks them based on their ability to manage environmental, social and corporate governance risks. It groups the firms into three categories: leader, firms with AAA and AA ratings; average, A, BBB and BB; and laggard, B, CCC. SK Inc. became one of only two South Korean companies in 2022 to receive the highes
Dec. 27, 2022