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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Land Ministry says plans ready to make Korea among world's top 4 builders
South Korea’s Ministry of Land, Infrastructure and Transport will soon announce plans to make the country one of the world's top four in overseas construction capable of winning $50 billion in overseas deals per year by 2027, officials said Monday. Land Minister Won Hee-ryong is expected to emphasize active support in winning big overseas projects by working with the private sector and also support the technological development of the construction and equipment sectors. The government
Oct. 31, 2022
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Naver, Kakao open online spaces for mourning
Naver Corp. and Kakao Corp. opened online spaces to mourn the deaths of more than 150 people in a crowd crush that occurred Saturday evening in Itaewon, central Seoul, as some 100,000 people packed the nightlife district to celebrate Halloween. Naver placed an “Itaewon accident” tab next to the search box of its main page, where people can access related news, report missing persons or express condolences by clicking on a “black ribbon” button. Users cannot leave any mess
Oct. 31, 2022
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Korea to launch 1st institute on nuclear plant dismantlement
South Korea’s Ministry of Energy said on Monday it would establish the nation’s first research institute dedicated to dismantling nuclear power plants, for the safe disposal of nuclear power plants whose operations have been permanently suspended. In a groundbreaking ceremony held in Ulju-gun, located on the border between the southeastern port cities Busan and Ulsan, the Ministry of Trade, Industry and Energy said that construction of the institute is expected to be completed by the
Oct. 31, 2022
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Hyundai Oilbank expands cooperation to bolster ESG management
Hyundai Oilbank has been cooperating across industries to improve its environmental impact, the company said in a statement Monday. The South Korean oil company said it has signed a business agreement with petrochemcial firm Lotte Chemical and retailer LG Household & Health Care on Oct. 17 to kick off its joint ecofriendly plastic project. According to the agreement, the three companies will jointly launch plastic products created solely from materials derived from pyrolysis of waste plastic
Oct. 31, 2022
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Exports of passenger cars up 30% in Q3
Exports of passenger cars advanced 30.1 percent in the third quarter of the year from a year earlier, data showed Monday, on the back of growing demand for eco-friendly vehicles. Carmakers here shipped passenger cars worth a combined $12.6 billion during the July-September period, up from $9.7 billion a year earlier, according to the data compiled by the Korea Customs Service. The number of cars shipped came to 590,000, also up 26.8 percent over the period. South Korea's imports of passenge
Oct. 31, 2022
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Industrial output falls for 3rd month; retail sales, facility investment retreat in Sept.
South Korea's industrial output fell in September for the third month in a row, data showed Monday, with retail sales and facility investment also losing ground, hinting the country's economic recovery may be losing steam. Industrial production declined 0.6 percent on-month in September, following a 0.1 percent on-month decrease the previous month, according to the data from Statistics Korea. From a year earlier, however, the output rose 3.1 percent. Output in the mining, manufacturing
Oct. 31, 2022
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Biz groups express condolences to Halloween victims, urge to rebuild safety system
South Korea’s major business groups on Sunday offered condolences to victims and their families following an overnight crowd surge that killed more than 150 people celebrating Halloween in the bustling district of Itaewon in Seoul on Saturday, also calling for the reestablishment of the public safety system. The Korea Chamber of Commerce and Industry, the largest business lobby here, representing some 180,000 large and small companies, released a statement saying it shares the same view
Oct. 30, 2022
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Apologizing CEOs: New law that holds chiefs accountable for accidents has become biggest fear
Bowed heads, a mumbled apology and camera flashlights. The public apology issued last week by the head of South Korean food and beverage giant SPC was any businessperson's worst nightmare. Chairman Hur Young-in of the food and bakery giant apologized for the death of a 23-year-old worker who was crushed by a sauce mixing machine at a factory affiliated with SPC during an overnight shift. The chairman does not just face public humiliation and a nationwide boycott of his company’s product
Oct. 30, 2022
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Budweiser to hold World Cup festival in November
US beer brand and official sponsor of the FIFA Qatar World Cup Budweiser is hosting a World Cup viewing event in Seongsu-dong, eastern Seoul, in November, Korea distributor Oriental Brewery said Friday. Attendees can watch South Korea’s national football team play its group matches against Uruguay, Ghana and Portugal on Nov. 24, Nov. 28 and Dec. 2, respectively. The game will be streamed on a large screen, and cultural events including music and dance performances will be held on the sidel
Oct. 30, 2022
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Nexon's Dungeon & Fighter Mobile: unique but true to original PC version
South Korean game developer Nexon's mobile game Dungeon & Fighter Mobile has been ranked within the top 10 for sales in the country’s two largest application markets -- Google Play and Apple’s Appstore -- for seven consecutive months since its launch in March. The game is a mobile adaptation of the company’s hit PC game released 17 years ago that recorded 850 million registered users worldwide and $18 billion in accumulative sales. The PC version also became the only S
Oct. 30, 2022
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Hyundai Motor chief asks Czech PM to support Busan 2030 Expo
Chung Euisun, chairman of Hyundai Motor Group, visited the Czech Republic to ask for the country's support for Busan’s bid to host the 2030 World Expo, according to the carmaker on Friday. In the meeting with Czech Prime Minister Petr Fiala, Chung explained Busan’s competitiveness and the port city’s future vision for hosting the global event. “Busan Expo seeks nature-friendly life and technology innovation to prepare for a sustainable future and resolve global issue
Oct. 28, 2022
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Daewoo E&C breaks ground for $500m commercial project in Vietnam
South Korean builder Daewoo E&C held a ground-breaking ceremony of Vietnam Hanoi Starlake B3CC1 Complex, a $500 million development project that involves two multipurpose 35-story buildings in the Vietnamese capital, on Wednesday. Spanning over 211,462 square meters of floor space, the complex will comprise a hotel and offices. Korean hotel chain Hotel Shilla will be responsible for the operations of the envisioned hotel. Dignitaries including Daewoo E&C CEO Baek Jung-wan and Hanoi Peopl
Oct. 28, 2022
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Daewoo E&C submits letter of intent to acquire Kaduna refinery rehabilitation project in Nigeria
South Korean builder Daewoo E&C and its Nigerian counterpart signed a letter of intent to rehabilitate an oil refinery in the African country with Nigerian President Muhammadu Buhari in attendance. The letter of intent signed by the Daewoo E&C CEO Baek Jung-wan and the Group CEO of Nigerian National Petroleum Corporation Mele Kyari is aimed at reoperating the Kaduna refinery located at Chikun, Kaduna, Nigeria, capable of producing up to 110,000 barrels of petroleum per day. The plant h
Oct. 27, 2022
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Lee Jae-yong’s succession completes generational shift in Korea's chaebol circle
Samsung Electronics chief Lee Jae-yong’s promotion to executive chairman on Thursday completes the generational power shift among South Korea’s four major chaebols. Lee, 54, is a third-generation chaebol scion, like Hyundai Motor's Chung Euisun who is two years younger. SK's Chey Tae-won is the eldest son of the group founder's brother, while LG's Koo Kwang-mor is a fourth-generation chaebol leader. Chey, 61, assumed the top position at the relatively early age of 38, after his fath
Oct. 27, 2022
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Why Poland is buying S. Korean jets, tanks, howitzers
The South Korean defense industry sold over 21 trillion won ($14.7 billion) worth of defense systems and weapons to Poland this year, double that of Seoul's total defense exports in last year alone. The value of the deals clinched by top defense companies Hanwha Defense, Korea Aerospace Industries (KAI) and Hyundai Rotem this year was two times more than the $7.2 billion in weapons South Korea exported globally in 2021, according to market data and news reports. The order list includes 4
Oct. 27, 2022
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Kakao Bank beefs up banking services for self-employed
Kakao Bank, the internet-only bank under mobile platform service provider Kakao Corp., on Thursday said it plans to enhance its banking services for the self-employed business, seeking to expand its customer base. The lender has posted fast growth with a focus on household banking since its launch of banking operations in 2017. According to the tax agency's data, more than 1 million individuals launch independent businesses every year as of end-2021. As of end-September, loans for individua
Oct. 27, 2022
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Samsung's Q3 profit sinks on weak chip demand
Samsung Electronics Co. on Thursday posted a sharp drop in profits for the third quarter, as its main semiconductor business faced major headwinds from weakening memory chip prices and demand. The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 percent from a year earlier to 9.38 trillion won ($6.6 billion). Its operating profit for the July-September period fell 31.4 percent on-year to 10.85 trillion won. Revenue i
Oct. 27, 2022
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SK Broadband expands ESG activities
As part of its ESG drive, South Korean internet service provider SK Broadband said Wednesday it has been bolstering eco-friendly corporate culture and media campaigns. The company has been seeking to lower carbon emissions and power consumption in the company by streamlining and replacing old equipment. It has also reduced the use of paper by adopting electronic bills. Under an in-house campaign titled "net zero life practice" to foster environment-friendly corporate culture, SK Broadb
Oct. 26, 2022
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Naver says it's first internet firm to join both EV100, RE100
Naver said on Wednesday it has joined EV100, an initiative to electrify a firm's vehicle fleet, becoming the first internet platform company in the world to join both RE100 and EV100. Naver was the first internet company in Korea to join RE100 last August. RE100 is a coalition comprising 380 global enterprises that are committed to becoming 100 percent renewable. EV100 urges businesses to replace all corporate vehicles with electric ones by 2030. By joining EV100, Naver will have all of its regi
Oct. 26, 2022
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Ratio of young workers at manufacturing halved over 20 years: FKI
The working population of the manufacturing industry in South Korea is aging faster than those in the US and Japan, showed research published Wednesday by the Federation of Korean Industries (FKI), a local organization representing businesses. According to the research of Korean manufacturing industry workers from 2001 to 2021, the ratio of young workers, aged 15 to 29, dropped from 29.7 percent in 2011 to 14.8 percent in 2021. Also, the ratio of workers in their 30s decreased from 33.9 percent
Oct. 26, 2022