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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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Ikea Korea's sales fall for 1st time since its entry
Ikea Korea saw its sales falling this fiscal year for the first time since its entry in 2014, the company said Wednesday, citing the lift of social regulations as a key reason for Koreans' reduced spending on home furnishing products. During a media conference, the South Korean branch of the Swedish furniture giant said it had recorded sales of 618 billion won ($444 million) between September 2021 and August 2022, marking a 10 percent decrease from the previous fiscal year. Ikea Korea has shown
Sept. 14, 2022
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SK to invest W67tr to spur provincial economy
SK Group on Wednesday announced new plans to invest 67 trillion won ($48 billion) in provincial areas, including a cutting-edge semiconductor plant, for the next five years as part of efforts to expand production facilities at home and facilitate local economies. Earlier this year, the nation’s second-largest conglomerate had pledged to invest a combined 247 trillion won by 2026, with 179 trillion won of them being poured at home. The new announcement is part of the domestic investment pla
Sept. 14, 2022
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SKT-led consortium to commercialize Jeju UAM route for tourism
By 2025, tourists visiting Jeju Island will be able to hop on Urban Air Mobility or air taxis to head to major tourism spots, a consortium comprising Hanwha Systems, SK Telecom and Korea Airports Corp. said Wednesday. At an agreement signing ceremony with Jeju Special Self-Governing Province Wednesday, the firms announced that they would work together to make the resort island the country’s first municipality to have commercial routes for flying cars. The news confirms a report by&n
Sept. 14, 2022
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Shipyard KSOE bags W331.8w order for 2 vehicle carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE), a major South Korean shipyard, said Wednesday it has clinched a 331.8 billion-won ($239 million) order to build two vehicle carriers for a Middle East-based shipper. Hyundai Samho Heavy Industries Co., a KSOE affiliate, will construct the pure car & truck carriers powered by liquefied natural gas at its shipyard in Yeongam on the southwest coast, KSOE said in a regulatory filing. The vehicle carriers will be delivered to the undisclosed shipp
Sept. 14, 2022
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Hyundai Glovis wins W2.2t vehicle delivery deal
Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Wednesday it has received a record 2.2 trillion-won ($1.6 billion) vehicle delivery deal from a global carmaker. Under the deal, Hyundai Glovis will deliver the unidentified carmaker's vehicles to Europe, the United States and Asia for three years from 2023, the company said in a statement. In 2020, the company signed a five-year vehicle delivery deal with Volkswagen Group and has strengthened its status in the vehicle ship
Sept. 14, 2022
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Apple to open 4th retail store in S. Korea this month
US tech giant Apple Inc. said Wednesday it plans to open its fourth retail store in South Korea later this month, expanding its presence in the country to compete with local rival Samsung Electronics Co. Named "Apple Jamsil," the store will open at Lotte World Mall in Seoul's southeastern neighborhood of Jamsil on Sept. 24, the company said. Apple's Korean website opened a special menu announcing the store's opening. Apple opened its first South Korean store in Seoul
Sept. 14, 2022
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SK Telecom, Hanwha consortium partners with Jeju Province for air taxi project
An urban air mobility consortium led by SK Telecom and Hanwha Systems said Wednesday it has partnered with the Jeju Special Self-Governing Province to launch an air taxi pilot program on South Korea's southern resort island. The K-UAM Dream Team Consortium, comprising the two companies and the Korea Airports Corp., the Korea Meteorological Institute and LX, a state-run land information provider, signed an agreement to launch the commercial pilot project on Jeju Island in 2025. A signing cer
Sept. 14, 2022
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Coupang denies local reports on selling Coupang Eats
South Korean e-commerce giant Coupang released a statement on Tuesday dismissing local reports that it was planning on selling its food delivery service Coupang Eats. “The rumor that we are selling Coupang Eats is groundless, and we have taken no measures to sell the service,” the company said in the statement. Coupang “will respond firmly against the industry and press concerning the spread of any rumors and falsehood, taking legal action (if necessary),” it added. The s
Sept. 13, 2022
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Should it be illegal to send work-related messages after hours?
South Koreans are debating whether it is necessary to ban giving work instructions via Kakao Talk or other means of communication outside work hours after a relevant bill was submitted last week. Rep. Noh Woong-rae of the main opposition Democratic Party proposed the revised bill that prohibits making repeated or constant work-related instructions via phone calls, emails, text messages or social media after statutory working hours. Large companies have banned sending work-related messages after
Sept. 13, 2022
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After weeklong repair, Posco resumes production at typhoon-hit plant
South Korean steel giant Posco said Tuesday that it has resumed operation of steel production at its manufacturing plant in Pohang, North Gyeongsang Province, a week after the factory had been stalled due to heavy rain on Sept. 6 linked to Typhoon Hinnamnor. Over the four-day national Chuseok holiday that wrapped up Monday, an accumulated 30,000 employees and subcontractors worked around the clock to fully repair the facilities, Posco said. Key facilities at the plant, including all three blast
Sept. 13, 2022
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LG selects 9 startups for future growth engine
LG Electronics Inc. said Tuesday it has chosen nine startups that could lead the tech company's future growth in digital health, metaverse and electric mobility. LG's San Francisco-based North American Innovation Center wrapped up its two-day Fall Innovation Festival last week, where it announced nine most-promising startups in the three sectors, with entrepreneurs, investors and influencers in attendance. The nine winners for the Mission for the Future program were chosen from approxi
Sept. 13, 2022
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SK hynix to run overseas working program for employees
SK hynix Inc. said Tuesday it will start an overseas working and training program to help its employees have a broader perspective of the global semiconductor industry. The Global eXperience Program (GXP) will run for five weeks from the end of October at SK hynix's overseas branches as well as at the offices of other chip companies, including Dutch semiconductor equipment maker ASML, the world's second-largest memory chip maker said. Employees can pick their destination from the list
Sept. 13, 2022
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Number of 'marginal firms' jumps nearly 24% in 2 years
The number of South Korean firms unable to service their debts with earnings soared nearly 24 percent in 2021 from two years earlier amid the prolonged coronavirus outbreak, a report showed Tuesday. Asia's fourth-largest economy had 2,823 "marginal companies" last year, up 23.7 percent from 2019 before the COVID-19 outbreak in the country, according to the report by the Korea Economic Research Institute (KERI). Marginal companies refer to corporations whose interest coverage ratio
Sept. 13, 2022
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Jeju Air raises W320b to modernize fleet
Jeju Air, South Korea’s leading budget carrier, said Monday it has raised a combined 320 billion won ($232 million) as part of a new fleet modernization plan. The airliner said it secured the funds by selling 273 million new common shares starting Aug. 26. This paid-in capital increase will be used to boost the company's facility budget, it added. AK Holdings, Jeju Air’s largest stakeholder, issued 130 billion won-worth of exchangeable bonds to partake in the paid-in capital increase
Sept. 12, 2022
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Samsung Electronics likely to announce carbon neutrality road map this week
Samsung Electronics Co. is expected to announce its road map this week to achieve carbon neutrality by 2050, sources said Monday, as the tech behemoth bolsters its net zero transition in line with the global industrywide trend. The company is also likely to declare a plan to join the RE100, a global corporate initiative designed to shift energy use to renewable sources as a way to respond to climate change and other environmental issues, according to industry sources familiar with the matter. Sa
Sept. 12, 2022
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Naver indicted for allegedly violating fair trade law
Internet portal giant Naver Corp. was indicted Thursday for allegedly violating fair trade law by abusing its market dominant position in dealing with a real estate market information partner. The Seoul Central District Prosecutors Office charged Naver over allegations that it blocked the unspecified market information provider from selling data to Kakao Corp., Naver‘s main rival, between May 2015 and September 2017. The case was launched following a criminal complaint filed by the
Sept. 8, 2022
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Big firms join forces to help Busan host World Expo
South Korea’s business giants have joined hands in a nationwide campaign to promote Busan’s bid to host the 2030 World Expo. The government formally submitted Busan’s bid to host the expo in 2030 to the Bureau International des Exposition (BIE) in Paris, the international body with 170 member states that coordinates the hosting of world expos. Rome, Riyadh and Ukraine’s Odesa have also made bids to host the event. Samsung, SK, Hyundai Motor, LG and other conglomerates hav
Sept. 8, 2022
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[Breaking] Posco to resume blast furnace at Pohang plant from Saturday
South Korea’s steel giant Posco said Thursday it would resume the operation of its blast furnaces in Pohang, North Gyeongsang Province, in two days, which had been stalled due to heavy rain Tuesday caused by Typhoon Hinnamnor. The company said in a statement that it has been accelerating repair work at its steel manufacturing plant in the southeastern industrial city. Its key facilities at the plant, including all three blast furnaces, had been halted Wednesday over a flood-induced
Sept. 8, 2022
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Hyundai Motor Group, KT exchange W750b in shares for future mobility cooperation
Hyundai Motor Group and KT have decided to exchange shares worth about 750 billion won ($541 million) to strengthen their partnership in the future mobility sector, officials said Wednesday. According to the two companies, Hyundai Motor Group will acquire 7.7 percent of KT’s treasury stock while KT will acquire 1.04 percent of Hyundai Motor Group’s treasury stock and 1.46 percent of Hyundai Mobis’ shares. The two companies decided to join hands in upgrading future mobility te
Sept. 7, 2022
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Korea submits bid to host Busan Expo 2030
SEJONG -- South Korea on Wednesday turned in a formal bid to host the World Expo 2030 in its second-largest city of Busan to the Bureau International des Expositions. A Korean delegation, led by First Vice Minister of Industry Jang Young-jin, stressed the distinctive merits of Korea and Busan, as well as the government’s strong will, during a meeting with BIE Secretary-General Dimitri Kerkentzes at the organization’s headquarters in Paris. The bid details that Busan had successfull
Sept. 7, 2022